Sweetgreen(SG)2025-02-27 02:29Financial Performance - Revenue for the fiscal year ended December 29, 2024, was 584.041 million in 2023[478]. - Net loss for the fiscal year ended December 29, 2024, was 113.384 million in 2023, representing a reduction of about 20%[478]. - The company reported a basic and diluted net loss per share of 1.01 in 2023[478]. - Total revenue for the fiscal year ended December 29, 2024, was 584.0 million in 2023[553]. - The company recognized 480,000 in 2023[554]. - The net loss for the fiscal year ended December 31, 2023, was 1.01[612]. Cash and Liquidity - As of December 29, 2024, the company had 257.2 million as of December 31, 2023[461]. - Cash provided by operating activities increased to 26,480 thousand in fiscal year 2023[482]. - Cash and cash equivalents decreased to 257.230 million in 2023, a decline of approximately 16%[477]. - Total current assets decreased to 276.111 million in 2023, a decline of approximately 15%[477]. Expenses and Costs - The company incurred total restaurant operating costs of 482.121 million in 2023, an increase of approximately 13%[478]. - General and administrative expenses were 146.762 million in 2023, reflecting a marginal increase of about 1%[478]. - Marketing expenses for the fiscal year ended December 29, 2024, were 14.3 million in 2023[538]. - The company incurred restructuring charges of 7,400 thousand in fiscal year 2023[502]. Supply Chain and Operational Challenges - The company experienced supply chain disruptions for tomatoes and cucumbers in Q4 FY 2024 due to extreme weather conditions, leading to higher prices or temporary discontinuation of these products in certain markets[460]. - The company has been facing supply chain disruptions for bowls and plates since the beginning of 2023, resulting in the use of alternative packaging solutions[460]. - The company is exposed to commodity price risks, with potential adverse effects on results if ingredient prices increase and menu prices do not adjust accordingly[458]. Growth and Expansion - The company opened 25 net new restaurants in fiscal year 2024, bringing the total to 246 restaurants across 22 states and Washington, D.C.[483]. - The company’s future growth is highly dependent on its ability to open new restaurants, which is subject to unpredictable factors[33]. - The company’s long-term success relies on effectively identifying and securing appropriate sites for new restaurants[33]. Assets and Liabilities - Total liabilities increased to 373.960 million in 2023, an increase of approximately 10%[477]. - Operating lease liabilities, net of current portion, rose to 271.439 million in 2023, an increase of about 6%[477]. - Total stockholders' equity decreased to 482.597 million in 2023, a decline of about 8%[477]. - Total property and equipment increased from 535.90 million in 2024, with accumulated depreciation rising from 239.41 million[561]. Tax and Deferred Assets - The company had a net operating loss carryforward of 692.9 million eligible for indefinite carryforward[606]. - The total deferred tax assets, net of valuation allowance, amounted to (1.3) million for the fiscal year ended December 29, 2024[602]. Stock and Equity - The Company recognized stock-based compensation expense of 49.5 million in the previous year[601]. - The total intrinsic value of options exercised in fiscal year 2024 was 7.5 million in 2023[586]. - The Company issued 535,789 restricted stock units (RSUs) during the fiscal year ended December 29, 2024, with a weighted average grant date fair value of 9.88[586]. Legal and Regulatory Matters - The Company is subject to various claims and lawsuits, but does not anticipate a material effect on its financial position from these matters[616]. - The Company has various operating leases with contingent rent obligations based on sales exceeding specified thresholds[614].