Shake Shack Inc-A 2024年度报告

2024 Annual Report F U L L Y E A R 2 0 2 4 R E S U L T S Total Revenue $1,252.6M$1,922.7M Shack System-wide Sales1+ 13.0% growth year-over-year FY 2024 Total Revenue+ 15.2% growth year-over-year GAAP Profitability Metrics: $10.8MNetIncome $3.0MOperatingIncome Shack System-wide Sales Non-GAAP Profitability Metrics: $175.6M $257.9M Restaurant-levelProfit221.4% of Shack Sales+ 23.8% growth year-over-year AdjustedEBITDA314.0% of Total Revenue+ 33.2% growth year-over-year 2 0 2 4 B U S I N E S S H I G H L I G H T S AWS grew 1.3% in 2024 versus2023. We achieved the highestAWS since 2019, supported by ourmarketing initiatives and culinaryinnovation. Same-Shack sales (SSS) grew 3.6% in2024 versus 2023 driven by ourmarketing and sales-drivingstrategies and success of our limited-time offerings including Summer BBQand Black Truffle. System-wide Shack Count grew11.8% in 2024 versus 2023.Weopened 43 new Company-operatedShacks, marking our largest class on record.We opened 33 new licensed Shacks withour partners, including three new markets –Canada, Israel, and Malaysia. W E S TA N DF O RS O M E T H I N GG O O D This year, we will be sharing ourprogress and what's ahead in our2024 Stand For SomethingGood Summary. It will be madeavailable at investor.shakeshack.comin the Corporate Governancesection. We will share our statusagainst our commitments, from socialimpact to environmental responsibilityand governance. In creating thissummary, we will engagestakeholders, collect impact data,work with our leadership team toensure alignment, highlight suppliers’focus on quality ingredients, andidentify areas for progress in thefuture. - Dear Valued Shareholders, 2024 marked the 20th anniversary of Shake Shack, which began as a hot dog cart in New York’s Madison Square Park.Over two decades, we've grown into a global brand with over 575 Shacks across 20 countries. In 2024, we achieved arecord $1.3 billion in total revenue and $176 million in Adjusted EBITDA. We are incredibly proud of our accomplishments and believe we are just getting started. With our strong financialperformance through 2024 and confidence in our strategy, we now aim to expand to at least 1,500 Company-operatedShacks in the US, more than four times our current size. Our business performance in 2024 set the stage for continued profitable growth: •We grew system-wide sales by 13.0% year-over-year to a record $1.9 billion and Total revenue of $1.3 billion. •Our same-Shack sales grew 3.6% year-over-year, generating strong returns in our sales driving strategies andadvertising.•We opened 76 Shacks globally, increasing system-wide Shack count by 11.8% , including 43 Company-operatedShacks (our largest class on record), and 33 new licensed Shacks.•We achieved operating income of $3.0 million and a Restaurant-level profit of $257.9 million, representing 21.4% ofShack sales and 150 basis point improvement year-over-year. Our stronger profitability is a direct result of ourongoing operational improvements.•Net income was $10.8 million. We generated Adjusted EBITDA of $175.6 million, a 33.2% increase year-over-year.•We ended the year with Cash and cash equivalents of $320.7 million and generated a record $35.7 million in freecash flow, marking the first time we have generated positive free cash flow on the year since 2017. Shake Shackisfine casual dining, founded by an acclaimed fine dining company, and it is why we are different. We aspireevery day to deliver quality ingredients and hospitality expected in such settings. At the same time, we were born in a publicpark, which meant we brought this elevated food and experience to all. Our mission –to bring the best fine casualexperience to as many guests, team members, and communities as possible– is rooted in this intersection and we haveoutlined our strategic priorities to accomplish it. Our 2025 Strategic Priorities: •Build a Culture of Leaders– Our team members are the heart of our success, driving our Enlightened Hospitalitymodel and commensurately, our strong results. As we aim to grow to 1,500+ locations, building the right teams iscrucial. In 2025, we're enhancing professional development and performance management, keeping our people atthe core of our growth and success. •Optimize Restaurant Operations– In 2024, we achieved record performance in guest service times, orderaccuracy, and expanded Restaurant-level profit marginfor the fourth consecutive year. Our 2025 Strategic Prioritiesare designed to drive further improvements in 2025. Our new standard operations scorecard system targetsenhancements in People, Performance, and Profit KPIs. Additionally, we introduced an activity-based labor model,using time-motion studies to optimize staffing and schedules across different formats, menu mixes, and sales channels.•Drive Comp Sales by Increasing Guest Frequency– The Shake Shack brand transcends cultures across theUnited States and the globe, yet we have an opportunity to turn that love and