Shake shack inc. (SHAK)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14
OPERATING ACTIVITIES
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest

-1,079

-2,073

11,423

11,171

3,607

-548

6,946

10,571

4,979

-11,032

7,870

8,184

3,862

5,457

6,789

6,549

3,351

3,046

6,193

5,145

-11,260

-1,427

504

1,949

1,092

Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation expense

11,768

11,153

10,474

9,799

8,966

8,095

7,439

6,968

6,498

6,094

5,604

5,258

4,748

4,273

3,719

3,404

3,106

2,948

2,636

2,447

2,191

1,742

1,502

1,334

1,231

Capitalized Computer Software, Amortization

260

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash operating lease cost

10,742

10,739

10,564

9,854

8,911

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncontrolling Interest, Weighted Average Ownership Percentage

8.40%

-

0.00%

0.00%

20.30%

-

0.00%

0.00%

26.50%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity-based compensation

1,300

1,754

1,879

2,180

1,692

1,673

1,636

1,397

1,437

1,800

1,289

1,285

1,249

1,537

1,577

1,210

1,030

1,172

1,172

1,178

13,159

41

41

42

41

Deferred income taxes

3,775

-4,912

-1,469

222

95

-1,208

1,191

1,110

-305

143,278

495

3,570

-1,009

-644

142

-24

3

-734

0

0

0

-

-

-

0

Non-cash interest expense

69

85

85

0

0

0

0

0

72

72

91

83

71

93

70

71

70

70

68

69

66

117

28

34

13

(Gain) loss on sale of marketable securities

79

0

0

22

0

0

0

0

-16

22

-12

-12

-3

-15

-3

0

0

-

-

-

-

-

-

-

-

Excess tax benefits on equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-2

0

7

28

0

0

0

0

-

-

-

-

Gain (Loss) on Disposition of Property Plant Equipment

-2,088

-321

-303

-377

-351

-374

-157

-196

-190

-291

-204

-100

-13

-34

0

0

0

-

-

-

-

-77

-10

-13

-5

Unrealized (gain) loss on available-for-sale securities

-356

-37

0

74

157

-62

62

-23

-38

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash expense (income)

-183

340

0

0

-2

78

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss on sublease

-

-

-

-

-

0

0

0

672

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

-3,150

-2,406

-1,068

-1,276

-5,976

-2,515

-1,238

1,334

-3,111

-793

-1,664

-1,652

-2,312

-1,609

375

-721

-1,019

-632

-783

1,076

-436

965

280

609

-103

Inventories

-306

439

90

66

-123

371

140

63

-83

131

159

65

97

-22

193

14

78

-64

125

78

-125

172

45

-3

-16

Prepaid expenses and other current assets

439

131

-4,173

3,434

474

-270

645

-215

110

-400

466

-2,815

505

952

-27

176

-345

156

-3

206

599

1,130

50

-79

67

Other assets

1,039

1,510

1,381

3,019

2,335

1,831

408

693

-206

-70

-117

113

520

54

276

258

234

138

226

297

-1,954

1,341

1,096

23

1

Accounts payable

-4,449

210

9,240

-5,141

-61

2,719

249

188

0

699

-488

624

400

892

-400

-214

561

441

-432

447

-255

1,414

-1,361

1,206

-49

Accrued expenses

-6,330

7,015

-1,029

2,990

880

4,119

1,270

1,413

1,177

-67

3,131

295

1,029

1,057

2,006

2,586

-89

1,288

1,877

1,733

-2,350

1,282

2,274

343

-550

Accrued wages and related liabilities

-5,113

1,714

356

1,754

-3,025

2,656

1,181

1,087

-500

1,101

369

731

-2,057

773

910

683

-2,086

1,052

1,036

1,133

173

463

131

428

-606

Other current liabilities

273

800

-224

-101

963

771

750

-133

-528

556

-154

-1,452

62

682

1,039

207

202

-164

-34

114

341

490

-86

498

-482

Deferred rent

-

-

-

-

-

461

857

-362

291

306

99

439

164

-448

1,095

1,414

1,354

646

369

1,951

1,397

1,371

1,532

1,657

646

Long-term operating lease liabilities

-8,755

-10,376

-9,524

-9,084

-8,324

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term liabilities

497

156

1,197

10

9

2,992

252

1,158

1,806

-80

563

633

-46

103

-47

-194

-48

148

-26

-104

-202

282

95

-131

19

NET CASH PROVIDED BY OPERATING ACTIVITIES

7,484

16,814

37,152

18,692

17,199

22,610

21,911

21,741

19,133

16,907

20,241

24,051

9,679

13,763

16,086

15,958

8,478

10,315

13,311

12,456

5,176

2,151

3,199

6,823

1,411

INVESTING ACTIVITIES
Purchases of property and equipment

19,159

25,603

24,906

31,013

24,985

27,381

23,780

18,646

17,718

20,354

16,193

11,854

13,132

15,165

12,720

12,420

14,128

6,790

8,398

8,371

8,558

10,630

6,534

9,591

1,760

Purchases of marketable securities

192

209

255

326

389

313

340

293

277

1,186

682

5,668

325

700

60,188

378

0

-

-

-

-

-

-

-

-

Sales of marketable securities

20,000

0

0

12,000

15,000

0

0

0

2,144

1,052

771

473

5,155

440

176

322

0

-

-

-

-

-

-

-

-

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

649

-25,812

-25,161

-19,339

-10,374

-27,694

-24,120

-18,939

-15,851

-20,488

-16,104

-17,049

-8,302

-15,425

-72,732

-12,476

-14,128

-9,187

-8,398

-8,371

-8,558

-10,630

-6,534

-9,591

-1,760

FINANCING ACTIVITIES
Payments on Revolving Credit Facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

36,000

0

0

0

0

Proceeds from revolving credit facility

50,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,000

27,000

5,000

0

0

Deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

11

0

92

100

1

4

293

Payments on principal of finance leases

615

493

521

573

339

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from deemed landlord financing

-

-

-

-

-

589

234

38

521

653

0

237

293

65

0

0

0

-

-

-

-

-

-

-

-

Payments on deemed landlord financing

-

-

-

-

-

360

175

88

79

112

53

65

36

0

0

0

0

-

-

-

-

-

-

-

-

Proceeds from issuance of Class A common stock sold in initial public offering, net of underwriting discounts, commissions and offering costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-100

0

0

109,362

0

0

0

0

Proceeds from issuance of Class B common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

30

0

0

0

0

Distributions paid to non-controlling interest holders

305

2

39

1,558

109

59

22

587

83

-13

13

2,024

355

143

0

1,602

0

-

-

-

-

-

-

-

-

Payments under tax receivable agreement

6,569

-

0

0

707

-

0

0

0

-

0

0

1,471

-

0

0

0

-

-

-

-

-

-

-

-

Distributions paid to members prior to the initial public offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

11,125

21,851

1,400

1,725

2,094

Proceeds from stock option exercises

1,032

2,112

3,662

1,975

1,452

369

1,537

2,090

1,476

1,018

380

1,891

4,296

1,122

502

942

628

0

0

0

0

-

-

-

-

Payment, Tax Withholding, Share-based Payment Arrangement

969

25

35

1,361

-25

0

949

0

0

-

-

-

-

-

-

-

-

0

0

0

4,636

0

0

0

0

Excess tax benefits from equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

-2

0

7

28

0

0

0

0

-

-

-

-

NET CASH PROVIDED BY FINANCING ACTIVITIES

42,574

1,592

2,781

-1,517

322

539

625

1,453

1,835

-1,799

314

-277

2,727

1,042

502

-966

656

-100

-11

0

61,539

5,049

3,599

-1,729

-2,387

NET INCREASE IN CASH AND CASH EQUIVALENTS

50,707

-7,406

14,772

-2,164

7,147

-4,545

-1,584

4,255

5,117

-5,380

4,451

6,725

4,104

-620

-56,144

2,516

-4,994

1,028

4,902

4,085

58,157

-3,430

264

-4,497

-2,736