Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven,
next generation restaurant and lifestyle brand that serves healthy
food at scale, today announced financial results for its second
fiscal quarter ended June 25, 2023.
Second quarter 2023 financial
highlights
For the second quarter of fiscal year 2023, compared to the
second quarter of fiscal year 2022:
- Total revenue was $152.5 million, versus $124.9 million in the
prior year period, an increase of 22%.
- Same-Store Sales Change of 3%, versus Same-Store Sales Change
of 16% in the prior year period.
- AUV of $2.9 million was consistent with the prior year
period.
- Total Digital Revenue Percentage of 59% and Owned Digital
Revenue Percentage of 37%, versus Total Digital Revenue Percentage
of 62% and Owned Digital Revenue Percentage of 40% in the prior
year period.
- Loss from operations was $(31.2) million and loss from
operations margin was (20)%, versus loss from operations of $(42.7)
million and loss from operations margin of (34)% in the prior year
period.
- Restaurant-Level Profit(1) was $31.1 million and
Restaurant-Level Profit Margin was 20%, versus Restaurant-Level
Profit of $23.1 million and Restaurant-Level Profit Margin of 19%
in the prior year period.
- Net loss was $(27.3) million, versus net loss of $(40.5)
million in the prior year period.
- Adjusted EBITDA(1) was $3.3 million, versus Adjusted EBITDA of
$(7.8) million in the prior year period; and Adjusted EBITDA Margin
was 2%, versus (6)% in the prior year period.
- 10 Net New Restaurant Openings, versus 8 Net New Restaurant
Opening in the prior year period.
(1) Restaurant-Level Profit, Restaurant-Level Profit Margin,
Adjusted EBITDA, and Adjusted EBITDA Margin are non-GAAP measures.
Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit
Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most
directly comparable financial measures presented in accordance with
GAAP, are set forth in the schedules accompanying this release. See
“Reconciliation of GAAP to Non-GAAP Measures.”
“As we entered 2023, we doubled down on our commitment to
durability – balancing high growth and profitability – and our
second quarter performance put that commitment into action,” said
Jonathan Neman, Co-Founder and Chief Executive Officer. “In the
second quarter, we recorded our ninth consecutive quarter of over
20% sales growth year over year. We delivered a restaurant level
margin of over 20% as well as achieved Adjusted EBITDA
profitability of $3.3 million. I could not be more optimistic about
the future of Sweetgreen as we continue to execute on our mission
and invest in profitable growth.”
“The investments we’ve made in adapting our operating model to
this new environment resulted in positive Adjusted EBITDA for the
first time as a public company,” said Mitch Reback, Chief Financial
Officer. “We believe the changes we have made will continue to
drive improvements in our model well into the future.”
Results for the second quarter ended
June 25, 2023:
Total revenue in the second quarter of 2023 was $152.5 million,
an increase of 22% versus the prior year period, primarily due to
an increase in incremental revenue associated with 47 Net New
Restaurant Openings during or subsequent to the second fiscal
quarter of 2022 through the end of the second fiscal quarter of
2023 and Same-Store Sales Change of 3%. These increases were
partially offset by the negative impact from restaurant closures
and remodels that occurred subsequent to prior year period. The
Same-Store Sales Change of 3% consisted of a 4% benefit from menu
price increases that were implemented subsequent to the prior year
period, partially offset by a 1% decrease from traffic/mix.
Our loss from operations margin was (20)% for the second quarter
of 2023 versus (34)% in the prior year period. Restaurant-Level
Profit Margin was 20%, an increase of 186 basis points versus the
prior year period, due to the impact of menu price increases, labor
optimization, and improvements in supply chain sourcing.
General and administrative expense was $40.4 million, or 26% of
revenue for the second quarter of 2023, as compared to $51.8
million, or 41% of revenue in the prior year period. The decrease
in general and administrative expense was primarily due to an $8.8
million decrease in stock-based compensation expense. Additionally,
we experienced a decline in marketing and advertising costs, rent
and related costs, liability insurance costs, travel related
expenses, legal costs, and research and prototyping costs. These
decreases were partially offset by an increase in management
salaries and benefits and expenses related to the amortization of
costs associated with the implementation of our cloud computing
arrangements in relation to our new ERP.
Net loss for the second quarter of 2023 was $(27.3) million, as
compared to $(40.5) million in the prior year period. The decrease
in net loss was primarily due to an $8.8 million decrease in
stock-based compensation expense, as well as a $7.9 million
increase in our Restaurant-Level Profit and a $2.7 million increase
in interest income. The decrease in net loss was partially offset
by a non-cash restructuring charge associated with our former
Sweetgreen Support Center and an increase in depreciation and
amortization associated with additional restaurants. Adjusted
EBITDA, which excludes stock-based compensation and certain other
adjustments, was $3.3 million for the second quarter of 2023, as
compared to $(7.8) million in the prior year period. This
improvement was primarily due to an increase in Restaurant-Level
Profit and a decrease in general and administrative expenses, as
described above.
2023 Outlook
For the fiscal year 2023, we are updating our fiscal year 2023
guidance to reflect a higher Restaurant-Level Profit Margin and a
lower Adjusted EBITDA loss. We now anticipate:
- 30-35 Net New Restaurant openings
- Revenue ranging from $575 million to $595 million
- Same-Store Sales between 2% and 6%
- Restaurant-Level Profit Margin between 16% and 18%
- Adjusted EBITDA between $(10) million and $(0) million
We have not reconciled our expectations as to Restaurant-Level
Profit Margin and Adjusted EBITDA to their most directly comparable
GAAP measures as a result of uncertainty regarding, and the
potential variability of, reconciling items. Accordingly,
reconciliation is not available without unreasonable effort,
although it is important to note that these factors could be
material to our results computed in accordance with GAAP.
Conference Call
Sweetgreen will host a conference call to discuss its financial
results and financial outlook today, July 27, 2023, at 2:00 p.m.
Pacific Time. A live webcast of the call can be accessed from
Sweetgreen’s Investor Relations website at investor.sweetgreen.com.
An archived version of the webcast will be available from the same
website after the call.
Forward-Looking
Statements
This press release and the related conference call, webcast and
presentation contain forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These statements may relate to, but are not limited to, statements
regarding our financial outlook for the full fiscal year 2023,
including the expected number of Net New Restaurant Openings,
expected revenue, expected Same-Store Sales Change, expected
Restaurant-Level Profit Margin and expected Adjusted EBITDA; our
expectations regarding our future Adjusted EBITDA profitability;
our expectations regarding the success of our loyalty program and
broadened menu offerings and their impact on our balances
throughout the year; operational changes and the expected benefit
thereof; our growth strategy and business aspirations; our
expectations regarding the impact of automation on our operating
model; our ability to achieve or maintain profitability; our vision
of being as ubiquitous as traditional fast food, but with the
transparency and quality that consumers increasingly expect; and
management’s plans, priorities, initiatives, and strategies.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified. In
some cases, you can identify forward-looking statements because
they contain words such as “anticipate,” “believe,” “contemplate,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “should,” “target,” “toward,”
“will,” or “would,” or the negative of these words or other similar
terms or expressions. You should not put undue reliance on any
forward-looking statements. Forward-looking statements should not
be read as a guarantee of future performance or results and will
not necessarily be accurate indications of the times at, or by,
which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at
the time those statements are made and are based on current
expectations, estimates, forecasts, and projections as well as the
beliefs and assumptions of management as of that time with respect
to future events. These statements are subject to risks and
uncertainties, many of which involve factors or circumstances that
are beyond our control, that could cause actual performance or
results to differ materially from those expressed in or suggested
by the forward-looking statements. In light of these risks and
uncertainties, the forward-looking events and circumstances
discussed in this press release and the related conference call may
not occur and actual results could differ materially from those
anticipated or implied in the forward-looking statements. These
risks and uncertainties include our ability to compete effectively,
the impact of pandemics or disease outbreaks, such as the COVID-19
pandemic, uncertainties regarding changes in economic conditions
and the customer behavior trends they drive, including long-term
customer behavior trends during and following the COVID-19
pandemic, our ability to open new restaurants, our ability to
effectively identify and secure appropriate sites for new
restaurants, our ability to expand into new markets and the risks
such expansion presents, the profitability of new restaurants we
may open, and the impact of any such openings on sales at our
existing restaurants, our ability to preserve the value of our
brand, food safety and foodborne illness concerns, the effect on
our business of increases in labor costs, labor shortages, and
difficulties in hiring, training, rewarding, and retaining a
qualified workforce, our ability to achieve profitability in the
future, our ability to identify, complete, and integrate
acquisitions, the effect on our business of governmental regulation
and changes in employment laws, the effect on our business of
expenses and potential management distraction associated with
litigation, potential privacy and cybersecurity incidents, the
effect on our business of restrictions and costs imposed by
privacy, data protection, and data security laws, regulations, and
industry standards, and our ability to enforce our rights in our
intellectual property. Additional information regarding these and
other risks and uncertainties that could cause actual results to
differ materially from the Company's expectations is included in
our SEC reports, including our Annual Report on Form 10-K for the
fiscal year ended December 25, 2022 and subsequently filed
quarterly reports on Form 10-Q. Except as required by law, we do
not undertake any obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments, or otherwise.
Additional information regarding these and other factors that
could affect the Company’s results is included in the Company’s SEC
filings, which may be obtained by visiting the SEC's website at
www.sec.gov. Information contained on, or that is referenced or can
be accessed through, our website does not constitute part of this
document and inclusions of any website addresses herein are
inactive textual references only.
Glossary
- Average Unit Volume (“AUV”) - AUV is defined as
the average trailing revenue for the prior four fiscal quarters for
all restaurants in the Comparable Restaurant Base.
- Comparable Restaurant Base - Comparable
Restaurant Base for any measurement period is defined as all
restaurants that have operated for at least twelve full months as
of the end of such measurement period, other than any restaurants
that had a material, temporary closure during the relevant
measurement period. A restaurant is considered to have had a
material, temporary closure if it had no operations for a
consecutive period of at least 30 days.
- Net New Restaurant Openings - Net New Restaurant
Openings reflect the number of new Sweetgreen restaurant openings
during a given reporting period, net of any permanent Sweetgreen
restaurant closures during the same period.
- Same-Store Sales Change - Same-Store Sales Change
reflects the percentage change in year-over-year revenue for the
relevant fiscal period for all restaurants that have operated for
at least 13 full fiscal months as of the end of such fiscal period;
provided, that for any restaurant that has had a temporary closure
(which historically has been defined as a closure of at least five
days during which the restaurant would have otherwise been open)
during any prior or current fiscal month, such fiscal month, as
well as the corresponding fiscal month for the prior or current
fiscal year, as applicable, will be excluded when calculating
Same-Store Sales Change for that restaurant. During the thirteen
and twenty-six weeks ended June 25, 2023, one and two restaurants
were excluded from the calculation of Same-Store Sales Change,
respectively. Such adjustments did not result in a material change
to Same-Store Sales Change.
- Total Digital Revenue Percentage and Owned Digital Revenue
Percentage - Our Total Digital Revenue Percentage is the
percentage of our revenue attributed to purchases made through our
total digital channels (which includes our owned digital channels
and our marketplace channel). Our Owned Digital Revenue Percentage
is the percentage of our revenue attributed to purchases made
through our owned digital channels (which includes our pick-up
channel, native delivery channel, and outpost and catering channel,
as well as purchases made in our in-store channel via digital
scan-to-pay).
Non-GAAP Financial
Measures
In addition to our consolidated financial statements, which are
presented in accordance with GAAP, we present certain non-GAAP
financial measures, including Restaurant-Level Profit,
Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted
EBITDA Margin. We believe these measures are useful to investors
and others in evaluating our performance because these
measures:
- facilitate operating performance comparisons from period to
period by isolating the effects of some items that vary from period
to period without any correlation to core operating performance or
that vary widely among similar companies. These potential
differences may be caused by variations in capital structures
(affecting interest expense), tax positions (such as the impact on
periods or companies of changes in effective tax rates or NOL), and
the age and book depreciation of facilities and equipment
(affecting relative depreciation expense);
- are widely used by analysts, investors, and competitors to
measure a company’s operating performance; are used by our
management and board of directors for various purposes, including
as measures of performance, and as a basis for strategic planning
and forecasting; and
- are used internally for a number of benchmarks, including to
compare our performance to that of our competitors.
We define Restaurant-Level Profit as loss from operations
adjusted to exclude general and administrative expense,
depreciation and amortization, pre-opening costs, loss on disposal
of property and equipment, and, in certain periods, impairment and
closure costs and restructuring charges. Restaurant-Level Profit
Margin is Restaurant-Level Profit as a percentage of revenue. As it
excludes general and administrative expense, which is primarily
attributable to our Sweetgreen Support Center, we evaluate
Restaurant-Level Profit and Restaurant-Level Profit Margin as a
measure of profitability of our restaurants.
We define Adjusted EBITDA as net loss adjusted to exclude income
tax expense, interest income, interest expense, depreciation and
amortization, stock-based compensation expense, loss on disposal of
property and equipment, other (income) expense, Spyce acquisition
costs, ERP implementation and related costs, legal settlements,
and, in certain periods, impairment and closure costs and
restructuring charges. Adjusted EBITDA Margin is Adjusted EBITDA as
a percentage of revenue.
Restaurant-Level Profit, Restaurant-Level Profit Margin,
Adjusted EBITDA, and Adjusted EBITDA Margin have limitations as
analytical tools, and you should not consider them in isolation or
as substitutes for analysis of our results as reported under GAAP.
In particular, Restaurant-Level Profit and Adjusted EBITDA should
not be viewed as substitutes for, or superior to, loss from
operations or net loss prepared in accordance with GAAP as a
measure of profitability. Some of these limitations are:
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future, and Restaurant-Level Profit and Adjusted EBITDA do
not reflect all cash capital expenditure requirements for such
replacements or for new capital expenditure requirements;
- Restaurant-Level Profit and Adjusted EBITDA do not reflect
changes in, or cash requirements for, our working capital
needs;
- Restaurant-Level Profit and Adjusted EBITDA do not reflect the
impact of the recording or release of valuation allowances or tax
payments that may represent a reduction in cash available to
us;
- Restaurant-Level Profit and Adjusted EBITDA do not consider the
potentially dilutive impact of stock-based compensation;
- Restaurant-Level Profit is not indicative of overall results of
the Company and does not accrue directly to the benefit of
stockholders, as corporate-level expenses are excluded;
- Adjusted EBITDA does not take into account any income or costs
that management determines are not indicative of ongoing operating
performance, such as stock-based compensation, loss on disposal of
property and equipment, certain other expenses, Spyce acquisition
costs, ERP implementation and related costs, legal settlements,
and, in certain periods, impairment and closure costs and
restructuring charges; and
- other companies, including those in our industry, may calculate
Restaurant-Level Profit and Adjusted EBITDA differently, which
reduces their usefulness as comparative measures.
Because of these limitations, you should consider
Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted
EBITDA and Adjusted EBITDA Margin alongside other financial
performance measures, loss from operations, net loss, and our other
GAAP results.
About Sweetgreen
Sweetgreen (NYSE: SG) passionately believes that real food
should be convenient and accessible to everyone. Every day, across
its 200+ restaurants, their team members create plant-forward,
seasonal, and earth-friendly meals from fresh ingredients and
produce that prioritizes organic, regenerative, and local sourcing.
Sweetgreen strongly believes in harnessing the power of technology
to enhance the customer experience, and leverages their app to
create an omnichannel experience to meet their customers where they
are. Sweetgreen’s strong food ethos and investment in local
communities have enabled them to grow into a national brand with a
mission to build healthier communities by connecting people to real
food.
SWEETGREEN, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share and
per share amounts)
(unaudited)
Thirteen Weeks Ended
June 25, 2023
June 26, 2022
Revenue
$
152,525
100
%
$
124,918
100
%
Restaurant operating costs (exclusive of
depreciation and amortization presented separately below):
Food, beverage, and packaging
40,992
27
%
33,897
27
%
Labor and related expenses
43,513
29
%
37,013
30
%
Occupancy and related expenses
13,526
9
%
11,150
9
%
Other restaurant operating costs
23,405
15
%
19,715
16
%
Total restaurant operating costs
121,436
80
%
101,775
81
%
Operating expenses:
General and administrative
40,350
26
%
51,798
41
%
Depreciation and amortization
14,518
10
%
11,305
9
%
Pre-opening costs
2,302
2
%
2,520
2
%
Impairment and closure costs
157
—
%
182
—
%
Loss on disposal of property and
equipment
10
—
%
11
—
%
Restructuring charges
4,998
3
%
—
—
%
Total operating expenses
62,335
41
%
65,816
53
%
Loss from operations
(31,246
)
(20
)%
(42,673
)
(34
)%
Interest income
(3,251
)
(2
)%
(593
)
—
%
Interest expense
18
—
%
22
—
%
Other income
(1,073
)
(1
)%
(1,618
)
(1
)%
Net loss before income taxes
(26,940
)
(18
)%
(40,484
)
(32
)%
Income tax expense
318
—
%
20
—
%
Net loss
$
(27,258
)
(18
)%
$
(40,504
)
(32
)%
Earnings per share:
Net loss per share basic and diluted
$
(0.24
)
$
(0.37
)
Weighted average shares used in computing
net loss per share, basic and diluted
111,585,282
109,679,467
SWEETGREEN, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share and
per share amounts)
(unaudited)
Twenty-Six Weeks Ended
June 25, 2023
June 26, 2022
Revenue
$
277,587
100
%
$
227,509
100
%
Restaurant operating costs (exclusive of
depreciation and amortization presented separately below):
Food, beverage, and packaging
76,579
28
%
61,003
27
%
Labor and related expenses
82,756
30
%
71,315
31
%
Occupancy and related expenses
26,156
9
%
21,667
10
%
Other restaurant operating costs
44,070
16
%
36,990
16
%
Total restaurant operating costs
229,561
83
%
190,975
84
%
Operating expenses:
General and administrative
75,257
27
%
101,997
45
%
Depreciation and amortization
27,628
10
%
21,982
10
%
Pre-opening costs
5,668
2
%
5,032
2
%
Impairment and closure costs
347
—
%
199
—
%
Loss on disposal of property and
equipment
58
—
%
19
—
%
Restructuring charges
5,636
2
%
—
—
%
Total operating expenses
114,594
41
%
129,229
57
%
Loss from operations
(66,568
)
(24
)%
(92,695
)
(41
)%
Interest income
(6,313
)
(2
)%
(761
)
—
%
Interest expense
39
—
%
45
—
%
Other income
(15
)
—
%
(1,863
)
(1
)%
Net loss before income taxes
(60,279
)
(22
)%
(90,116
)
(40
)%
Income tax expense
636
—
%
40
—
%
Net loss
$
(60,915
)
(22
)%
$
(90,156
)
(40
)%
Earnings per share:
Net loss per share basic and diluted
$
(0.55
)
$
(0.82
)
Weighted average shares used in computing
net loss per share, basic and diluted
111,441,435
109,575,841
SWEETGREEN INC. AND
SUBSIDIARIES
SELECTED BALANCE SHEET, CASH
FLOW AND OPERATING DATA
(dollars in thousands)
(unaudited)
As of June 25,
2023
As of December 25,
2022
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents
$
280,333
$
331,614
Total assets
$
887,375
$
908,935
Total liabilities
$
376,051
$
367,709
Total stockholders’ equity
$
511,324
$
541,226
Twenty-six weeks ended
June 25, 2023
June 26, 2022
SELECTED CASH FLOW:
Net cash provided by (used in) operating
activities
4,821
(19,004
)
Net cash used in investing activities
(58,448
)
(49,027
)
Net cash provided by financing
activities
2,346
2,927
Net (decrease) in cash and cash
equivalents and restricted cash
$
(51,281
)
$
(65,104
)
Thirteen weeks ended
Twenty-six weeks ended
June 25, 2023
June 26, 2022
June 25, 2023
June 26, 2022
SELECTED OPERATING DATA:
Net New Restaurant Openings
10
8
19
16
Average Unit Volume (as adjusted)(1)
$
2,920
$
2,881
$
2,920
$
2,881
Same-Store Sales Change (%)
3
%
16
%
4
%
24
%
Total Digital Revenue Percentage
59
%
62
%
59
%
64
%
Owned Digital Revenue Percentage
37
%
40
%
38
%
41
%
(1)
Our results for the thirteen and
twenty-six weeks ended June 25, 2023 have been adjusted to reflect
the temporary closures of one and two restaurants, respectively,
which were excluded from the calculation of Same-Store Sales
Change. Such adjustments did not result in a material change to
Same-Store Sales Change. No restaurants were excluded from the
calculation of Same-Store Sales Change for the thirteen and
twenty-six weeks ended June 26, 2022.
SWEETGREEN, INC. AND
SUBSIDIARIES
Reconciliation of GAAP to
Non-GAAP Measures
(dollars in thousands)
(unaudited)
The following table sets forth a
reconciliation of our loss from operations to Restaurant-Level
Profit, as well as the calculation of loss from operations margin
and Restaurant-Level Profit Margin for each of the periods
indicated:
Thirteen weeks ended
Twenty-six weeks ended
June 25, 2023
June 26, 2022
June 25, 2023
June 26, 2022
Loss from operations
(31,246
)
$
(42,673
)
$
(66,568
)
$
(92,695
)
Add back:
General and administrative
40,350
51,798
75,257
101,997
Depreciation and amortization
14,518
11,305
27,628
21,982
Pre-opening costs
2,302
2,520
5,668
5,032
Impairment and closure costs
157
182
347
199
Loss on disposal of property and
equipment(1)
10
11
58
19
Restructuring charges(2)
4,998
—
5,636
—
Restaurant-Level Profit
$
31,089
$
23,143
$
48,026
$
36,534
Loss from operations margin
(20
)%
(34
)%
(24
)%
(41
)%
Restaurant-Level Profit Margin
20
%
19
%
17
%
16
%
(1)
Loss on disposal of property and
equipment includes the loss on disposal of assets related to
retirements and replacement or write-off of leasehold improvements
or equipment.
(2)
Restructuring charges are
expenses that are paid in connection with reorganization of our
operations. These costs primarily include lease and related costs
associated with our vacated former Sweetgreen Support Center,
including the impairment and the amortization of the operating
lease asset.
The following table sets forth a
reconciliation of our net loss to Adjusted EBITDA, as well as the
calculation of net loss margin and Adjusted EBITDA Margin for each
of the periods indicated:
Thirteen weeks ended
Twenty-six weeks ended
June 25, 2023
June 26, 2022
June 25, 2023
June 26, 2022
Net loss
$
(27,258
)
$
(40,504
)
$
(60,915
)
$
(90,156
)
Non-GAAP adjustments:
Income tax expense
318
20
636
40
Interest income
(3,251
)
(593
)
(6,313
)
(761
)
Interest expense
18
22
39
45
Depreciation and amortization
14,518
11,305
27,628
21,982
Stock-based compensation(1)
14,402
23,207
28,667
45,372
Loss on disposal of property and
equipment(2)
10
11
58
19
Impairment and closure costs(3)
157
182
347
199
Other expense/(income)(4)
(1,073
)
(1,618
)
(15
)
(1,863
)
Spyce acquisition costs(5)
161
161
322
340
Restructuring charges(6)
4,998
—
$
5,636
$
—
ERP implementation and related
costs(7)
219
—
$
435
$
—
Legal Settlements(8)
$
50
$
—
$
50
$
—
Adjusted EBITDA
$
3,269
$
(7,807
)
$
(3,425
)
$
(24,783
)
Net loss margin
(18
)%
(32
)%
(22
)%
(40
)%
Adjusted EBITDA Margin
2
%
(6
)%
(1
)%
(11
)%
(1)
Includes non-cash, stock-based
compensation.
(2)
Loss on disposal of property and
equipment includes the loss on disposal of assets related to
retirements and replacement or write-off of leasehold improvements
or equipment.
(3)
Includes costs related to
impairment of long-lived assets and store closures.
(4)
Other expense/(income) includes
the change in fair value of the contingent consideration and the
change in fair value of the warrant liability. See Notes 1 and 3 to
our condensed consolidated financial statements included elsewhere
in this Quarterly Report.
(5)
Spyce acquisition costs includes
one-time costs we incurred in order to acquire Spyce including,
severance payments, retention bonuses, and valuation and legal
expenses.
(6)
Restructuring charges are
expenses that are paid in connection with reorganization of our
operations. These costs primarily include lease and related costs
associated with the vacated Sweetgreen Support Center, including
the impairment and the amortization of the operating lease
asset.
(7)
Represents the amortization costs
associated with the implementation of our cloud computing
arrangements in relation to our new ERP.
(8)
Expenses incurred to establish
accruals related to the settlements of legal matters.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230727382524/en/
Sweetgreen Contact, Investor Relations:
Rebecca Nounou ir@sweetgreen.com
Sweetgreen Contact, Media:
press@sweetgreen.com
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