CAVA (CAVA) - 2024 Q4 - Annual Results

Revenue Growth - CAVA revenue grew 33.1% to $954.3 million compared to$ 717.1 million in the prior year, with a 35.1% increase excluding the 53rd week of fiscal 2023[10] - Revenue for the twelve weeks ended December 29, 2024, was $227,395,000, a 28.4% increase from$ 177,170,000 for the same period in 2023[27] - The company opened 15 new CAVA restaurants in the thirteen weeks ended December 29, 2024, compared to 19 in the same period of 2023[32] Same Restaurant Sales - CAVA same restaurant sales growth was 13.4%, driven by 8.7% from guest traffic and 4.7% from menu price and product mix[11] - CAVA's same restaurant sales growth for Q4 2024 was 21.2%, up from 11.4% in Q4 2023[29] Restaurant Openings - CAVA opened 58 net new restaurants during fiscal 2024, bringing the total to 367, an 18.8% year-over-year increase[5] - CAVA anticipates 62 to 66 net new restaurant openings for fiscal 2025, with same restaurant sales growth projected at 6.0% to 8.0%[15] - CAVA opened 15 new restaurants in Q4 2024, bringing the total to 367 locations[29] Profitability and Margins - CAVA restaurant-level profit margin was 25.0%, a 20 basis point increase over the prior year, attributed to higher sales and increased input costs[12] - The restaurant-level profit margin for CAVA in Q4 2024 was 22.4%, consistent with the previous year[29] Income and Earnings - CAVA group net income reached $130.3 million, compared to$ 13.3 million in the prior year, with adjusted net income of $50.2 million excluding the VA release[13] - CAVA's net income for the twelve weeks ended December 29, 2024, was$ 78,619,000, compared to $2,049,000 for the same period in 2023[27] - Adjusted Diluted Earnings Per Share for the fiscal year ended December 29, 2024, was$ 0.42, compared to $0.11 in 2023, representing a 281.8% increase[35] EBITDA - CAVA adjusted EBITDA was$ 126.2 million, a 71.0% increase compared to the prior year, representing 13.1% of revenue[13] - Adjusted EBITDA for the fiscal year ended December 29, 2024, was $130,319,000, compared to$ 13,280,000 for the fiscal year ended December 31, 2023[27] - Adjusted EBITDA for the fiscal year ended December 29, 2024, reached $126,248 thousand, compared to$ 73,825 thousand in 2023, marking a 71.2% increase[33] Expenses - General and administrative expenses were $120.5 million, or 12.5% of revenue, down from 13.9% in the prior year, reflecting operational leverage[13] - General and administrative expenses for the fiscal year ended December 29, 2024, were$ 120,500,000, compared to $101,491,000 in the prior year, representing an increase of 18.8%[27] - General and administrative expenses as a percentage of revenue decreased to 12.6% for the twelve weeks ended December 29, 2024, from 13.9% in 2023[34] Cash Flow and Assets - Cash and cash equivalents increased to$ 366,120 thousand in 2024 from $332,428 thousand in 2023, representing a growth of 10.1%[32] - Total assets grew to$ 1,169,669 thousand in 2024, up from $983,757 thousand in 2023, indicating a 19.0% increase[32] - Free Cash Flow for the fiscal year ended December 29, 2024, was$ 52,896 thousand, a turnaround from a negative $41,705 thousand in 2023[38] Other Highlights - The company highlighted the successful conversion and winding down of Zoes Kitchen operations, with the last conversion restaurant opening on October 20, 2023[27] - The total stockholders' equity increased to$ 695,566 thousand in 2024 from $570,802 thousand in 2023, showing a growth of 21.9%[32]