Shake shack inc. (SHAK)
CashFlow / TTM
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

19,442

24,128

25,653

21,176

20,576

21,948

11,464

12,388

10,001

8,884

25,373

24,292

22,657

22,146

19,735

19,139

17,735

3,124

-1,349

-7,038

-10,234

2,118

0

0

0

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

43,194

40,392

37,334

34,299

31,468

29,000

26,999

25,164

23,454

21,704

19,883

17,998

16,144

14,502

13,177

12,094

11,137

10,222

9,016

7,882

6,769

5,809

0

0

0

Capitalized Computer Software, Amortization

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash operating lease cost

41,899

40,068

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Noncontrolling Interest, Weighted Average Ownership Percentage

8.40%

-

0.00%

0.00%

20.30%

-

0.00%

0.00%

26.50%

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity-based compensation

7,113

7,505

7,424

7,181

6,398

6,143

6,270

5,923

5,811

5,623

5,360

5,648

5,573

5,354

4,989

4,584

4,552

16,681

15,550

14,419

13,283

165

0

0

0

Deferred income taxes

-2,384

-6,064

-2,360

300

1,188

788

145,274

144,578

147,038

146,334

2,412

2,059

-1,535

-523

-613

-755

-731

-734

0

0

0

-

-

-

0

Non-cash interest expense

239

170

85

0

0

72

144

235

318

317

338

317

305

304

281

279

277

273

320

280

245

192

0

0

0

(Gain) loss on sale of marketable securities

101

22

22

22

0

-16

6

-6

-18

-5

-42

-33

-21

-18

0

0

0

-

-

-

-

-

-

-

-

Excess tax benefits on equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

33

35

35

28

0

0

0

0

-

-

-

-

Gain (Loss) on Disposition of Property Plant Equipment

-3,089

-1,352

-1,405

-1,259

-1,078

-917

-834

-881

-785

-608

-351

-147

-47

-34

0

0

0

-

-

-

-

-105

0

0

0

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

-319

194

169

231

134

-61

1

-61

-38

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Other non-cash expense (income)

157

338

76

76

76

78

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net loss on sublease

-

-

-

-

-

672

672

672

672

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Changes in operating assets and liabilities:
Accounts receivable

-7,900

-10,726

-10,835

-11,005

-8,395

-5,530

-3,808

-4,234

-7,220

-6,421

-7,237

-5,198

-4,267

-2,974

-1,997

-3,155

-1,358

-775

822

1,885

1,418

1,751

0

0

0

Inventories

289

472

404

454

451

491

251

270

272

452

299

333

282

263

221

153

217

14

250

170

89

198

0

0

0

Prepaid expenses and other current assets

-169

-134

-535

4,283

634

270

140

-39

-2,639

-2,244

-892

-1,385

1,606

756

-40

-16

14

958

1,932

1,985

1,700

1,168

0

0

0

Other assets

6,949

8,245

8,566

7,593

5,267

2,726

825

300

-280

446

570

963

1,108

822

906

856

895

-1,293

-90

780

506

2,461

0

0

0

Accounts payable

-140

4,248

6,757

-2,234

3,095

3,156

1,136

399

835

1,235

1,428

1,516

678

839

388

356

1,017

201

1,174

245

1,004

1,210

0

0

0

Accrued expenses

2,646

9,856

6,960

9,259

7,682

7,979

3,793

5,654

4,536

4,388

5,512

4,387

6,678

5,560

5,791

5,662

4,809

2,548

2,542

2,939

1,549

3,349

0

0

0

Accrued wages and related liabilities

-1,289

799

1,741

2,566

1,899

4,424

2,869

2,057

1,701

144

-184

357

309

280

559

685

1,135

3,394

2,805

1,900

1,195

416

0

0

0

Other current liabilities

748

1,438

1,409

2,383

2,351

860

645

-259

-1,578

-988

-862

331

1,990

2,130

1,284

211

118

257

911

859

1,243

420

0

0

0

Deferred rent

-

-

-

-

-

1,247

1,092

334

1,135

1,008

254

1,250

2,225

3,415

4,509

3,783

4,320

4,363

5,088

6,251

5,957

5,206

0

0

0

Long-term operating lease liabilities

-37,739

-37,308

-26,932

-17,408

-8,324

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term liabilities

1,860

1,372

4,208

3,263

4,411

6,208

3,136

3,447

2,922

1,070

1,253

643

-184

-186

-141

-120

-30

-184

-50

71

44

265

0

0

0

NET CASH PROVIDED BY OPERATING ACTIVITIES

80,142

89,857

95,653

80,412

83,461

85,395

79,692

78,022

80,332

70,878

67,734

63,579

55,486

54,285

50,837

48,062

44,560

41,258

33,094

22,982

17,349

13,584

0

0

0

INVESTING ACTIVITIES
Purchases of property and equipment

100,681

106,507

108,285

107,159

94,792

87,525

80,498

72,911

66,119

61,533

56,344

52,871

53,437

54,433

46,058

41,736

37,687

32,117

35,957

34,093

35,313

28,515

0

0

0

Purchases of marketable securities

982

1,179

1,283

1,368

1,335

1,223

2,096

2,438

7,813

7,861

7,375

66,881

61,591

61,266

0

0

0

-

-

-

-

-

-

-

-

Sales of marketable securities

32,000

27,000

27,000

27,000

15,000

2,144

3,196

3,967

4,440

7,451

6,839

6,244

6,093

938

0

0

0

-

-

-

-

-

-

-

-

NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES

-69,663

-80,686

-82,568

-81,527

-81,127

-86,604

-79,398

-71,382

-69,492

-61,943

-56,880

-113,508

-108,935

-114,761

-108,523

-44,189

-40,084

-34,514

-35,957

-34,093

-35,313

-28,515

0

0

0

FINANCING ACTIVITIES
Payments on Revolving Credit Facility

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

36,000

36,000

36,000

36,000

0

0

0

0

Proceeds from revolving credit facility

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

4,000

31,000

36,000

36,000

32,000

0

0

0

Deferred financing costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

103

203

193

197

398

0

0

0

Payments on principal of finance leases

2,202

1,926

1,433

912

339

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from deemed landlord financing

-

-

-

-

-

1,382

1,446

1,212

1,411

1,183

595

595

358

65

0

0

0

-

-

-

-

-

-

-

-

Payments on deemed landlord financing

-

-

-

-

-

702

454

332

309

266

154

101

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

109,262

109,362

109,362

109,362

0

0

0

0

Proceeds from issuance of Class B common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30

30

30

30

0

0

0

0

Distributions paid to non-controlling interest holders

1,904

1,708

1,765

1,748

777

751

679

670

2,107

2,379

2,535

2,522

2,100

1,745

0

0

0

-

-

-

-

-

-

-

-

Payments under tax receivable agreement

0

-

0

0

0

-

0

0

0

-

0

0

0

-

0

0

0

-

-

-

-

-

-

-

-

Distributions paid to members prior to the initial public offering

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,125

32,976

34,376

36,101

27,070

0

0

0

Proceeds from stock option exercises

8,781

9,201

7,458

5,333

5,448

5,472

6,121

4,964

4,765

7,585

7,689

7,811

6,862

3,194

2,072

1,570

628

0

0

0

0

-

-

-

-

Payment, Tax Withholding, Share-based Payment Arrangement

2,390

1,396

1,371

2,285

924

949

0

0

0

-

-

-

-

-

-

-

-

4,636

4,636

4,636

4,636

0

0

0

0

Excess tax benefits from equity-based compensation

-

-

-

-

-

-

-

-

-

-

-

-

-

33

35

35

28

0

0

0

0

-

-

-

-

NET CASH PROVIDED BY FINANCING ACTIVITIES

45,430

3,178

2,125

-31

2,939

4,452

2,114

1,803

73

965

3,806

3,994

3,305

1,234

92

-421

545

61,428

66,577

70,187

68,458

4,532

0

0

0

NET INCREASE IN CASH AND CASH EQUIVALENTS

55,909

12,349

15,210

-1,146

5,273

3,243

2,408

8,443

10,913

9,900

14,660

-45,935

-50,144

-59,242

-57,594

3,452

5,021

68,172

63,714

59,076

50,494

-10,399

0

0

0