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 third
fiscal quarter ended September 24, 2023.
Third quarter 2023 financial
highlights
For the third quarter of fiscal year 2023, compared to the third
quarter of fiscal year 2022:
- Total revenue was $153.4 million, versus $124.0 million in the
prior year period, an increase of 24%.
- Same-Store Sales Change of 4%, versus Same-Store Sales Change
of 6% in the prior year period.
- AUV of $2.9 million was consistent with the prior year
period.
- Total Digital Revenue Percentage of 58% and Owned Digital
Revenue Percentage of 37%, versus Total Digital Revenue Percentage
of 60% and Owned Digital Revenue Percentage of 40% in the prior
year period.
- Loss from operations was $(26.5) million and loss from
operations margin was (17)%, versus loss from operations of $(52.9)
million and loss from operations margin of (43)% in the prior year
period.
- Restaurant-Level Profit(1) was $29.1 million and
Restaurant-Level Profit Margin was 19%, versus Restaurant-Level
Profit of $19.9 million and Restaurant-Level Profit Margin of 16%
in the prior year period.
- Net loss was $(25.1) million and net loss margin was (16)%,
versus net loss of $(51.0) million and net loss margin of (41)% in
the prior year period.
- Adjusted EBITDA(1) was $2.5 million, versus Adjusted EBITDA of
$(7.2) million in the prior year period; and Adjusted EBITDA Margin
was 2%, versus (6)% in the prior year period.
- 15 Net New Restaurant Openings, versus 10 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.”
“We delivered another solid quarter that included 20%+ revenue
growth, 300 basis points of restaurant level margin expansion from
the prior year period, and positive Adjusted EBITDA,” said Jonathan
Neman, Co-Founder and Chief Executive Officer. “We are pleased with
our results and remain focused on driving long-term, profitable
growth so that we can capture a massive market opportunity. I could
not be more excited about the future of Sweetgreen and the progress
we are making to redefine fast food.”
Results for the third quarter ended
September 24, 2023:
Total revenue in the third quarter of 2023 was $153.4 million,
an increase of 24% versus the prior year period, primarily due to
an increase in incremental revenue associated with 54 Net New
Restaurant Openings during or subsequent to the third fiscal
quarter of 2022 through the end of the third fiscal quarter of 2023
and Same-Store Sales Change of 4%. The Same-Store Sales Change of
4% consisted of a 5% benefit from menu price increases that were
implemented subsequent to the prior year period, partially offset
by a 1% decline in traffic/mix. These increases were partially
offset by a $1.1 million negative impact from restaurant closures
and remodels that occurred subsequent to September 25, 2022, and an
increase in discounts.
Our loss from operations margin was (17)% for the third quarter
of 2023 versus (43)% in the prior year period. Restaurant-Level
Profit Margin was 19%, an increase of 300 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 $36.0 million, or 23% of
revenue for the third quarter of 2023, as compared to $41.9
million, or 34% of revenue in the prior year period. The decrease
in general and administrative expense was primarily due to an $6.1
million decrease in stock-based compensation expense. Additionally,
we experienced a decline in office systems costs, liability
insurance costs, research and prototyping costs, and rent and
related costs. These decreases were partially offset by an increase
in management salaries and benefits and marketing and advertising
costs.
Net loss for the third quarter of 2023 was $(25.1) million, as
compared to $(51.0) million in the prior year period. The decrease
in net loss was primarily due to a $15.0 million decrease in
non-cash restructuring and impairment charges, a $9.2 million
increase in our Restaurant-Level Profit, a $1.7 million increase in
interest income, as well as a decrease in general and
administrative expense as previously discussed. These decreases in
expenses were partially offset by an increase in other expenses
related to the change in fair value of our contingent consideration
from our acquisition of Spyce and an increase in depreciation and
amortization associated with additional restaurants. Adjusted
EBITDA, which excludes stock-based compensation and certain other
adjustments, was $2.5 million for the third quarter of 2023, as
compared to $(7.2) 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.
Fiscal Year 2023 Outlook
In light of our third quarter results, we anticipate finishing
2023 with:
- 35 Net New Restaurant openings
- Revenue ranging from $575 million to $585 million
- Same-Store Sales Change between 3% and 5%
- Restaurant-Level Profit Margin between 16.5% and 17.5% and
an
- Adjusted EBITDA between $(8) million and $(3) 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, November 2, 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 our market opportunity and our ability
to capture it; 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; 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, uncertainties
regarding changes in economic conditions and the customer behavior
trends they drive, including long-term customer behavior trends
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. No restaurants were
excluded from the Comparable Restaurant Base for the thirteen and
thirty-nine weeks ended September 24, 2023. One restaurant was
excluded from the Comparable Restaurant Base for the thirteen and
thirty-nine weeks ended September 25, 2022 due to temporary
closures.
- 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 thirty-nine weeks ended September 24, 2023, zero and two
restaurants were excluded from the calculation of Same-Store Sales
Change. During the thirteen and thirty-nine weeks ended September
25, 2022, four restaurants were excluded from the calculation of
Same-Store Sales Change. 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, prior to the elimination of digital scan-to-pay during
the thirteen weeks ended September 24, 2023).
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, and, in certain
periods, impairment and closure costs, restructuring charges and
legal settlements. 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 their
team members create delicious seasonal 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 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. To learn more about Sweetgreen and
its menu, visit www.Sweetgreen.com. Follow Sweetgreen on Instagram,
Facebook and Twitter @Sweetgreen.
SWEETGREEN, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share and
per share amounts)
(unaudited)
Thirteen Weeks Ended
September 24,
2023
September 25,
2022
Revenue
$
153,428
100
%
$
124,026
100
%
Restaurant operating costs (exclusive of
depreciation and amortization presented separately below):
Food, beverage, and packaging
41,754
27
%
34,474
28
%
Labor and related expenses
43,750
29
%
38,006
31
%
Occupancy and related expenses
13,961
9
%
11,504
9
%
Other restaurant operating costs
24,850
16
%
20,113
16
%
Total restaurant operating costs
124,315
81
%
104,097
84
%
Operating expenses:
General and administrative
35,963
23
%
41,903
34
%
Depreciation and amortization
15,682
10
%
11,887
10
%
Pre-opening costs
2,522
2
%
3,061
2
%
Impairment and closure costs
132
—
%
1,722
1
%
Loss on disposal of property and
equipment
489
—
%
21
—
%
Restructuring charges
812
1
%
14,266
12
%
Total operating expenses
55,600
36
%
72,860
59
%
Loss from operations
(26,487
)
(17
)%
(52,931
)
(43
)%
Interest income
(3,381
)
(2
)%
(1,644
)
(1
)%
Interest expense
19
—
%
23
—
%
Other income
1,612
1
%
(303
)
—
%
Net loss before income taxes
(24,737
)
(16
)%
(51,007
)
(41
)%
Income tax expense
318
—
%
20
—
%
Net loss
$
(25,055
)
(16
)%
$
(51,027
)
(41
)%
Earnings per share:
Net loss per share basic and diluted
$
(0.22
)
$
(0.46
)
Weighted average shares used in computing
net loss per share, basic and diluted
112,179,722
110,375,126
SWEETGREEN, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except share and
per share amounts)
(unaudited)
Thirty-Nine Weeks
Ended
September 24,
2023
September 25,
2022
Revenue
$
431,015
100
%
$
351,535
100
%
Restaurant operating costs (exclusive of
depreciation and amortization presented separately below):
Food, beverage, and packaging
118,333
27
%
95,477
27
%
Labor and related expenses
126,506
29
%
109,321
31
%
Occupancy and related expenses
40,117
9
%
33,171
9
%
Other restaurant operating costs
68,920
16
%
57,103
16
%
Total restaurant operating costs
353,876
82
%
295,072
84
%
Operating expenses:
General and administrative
111,220
26
%
143,900
41
%
Depreciation and amortization
43,310
10
%
33,869
10
%
Pre-opening costs
8,190
2
%
8,093
2
%
Impairment and closure costs
479
—
%
1,921
1
%
Loss on disposal of property and
equipment
547
—
%
40
—
%
Restructuring charges
6,448
1
%
14,266
4
%
Total operating expenses
170,194
39
%
202,089
57
%
Loss from operations
(93,055
)
(22
)%
(145,626
)
(41
)%
Interest income
(9,694
)
(2
)%
(2,405
)
(1
)%
Interest expense
58
—
%
68
—
%
Other income
1,597
—
%
(2,166
)
(1
)%
Net loss before income taxes
(85,016
)
(20
)%
(141,123
)
(40
)%
Income tax expense
954
—
%
60
—
%
Net loss
$
(85,970
)
(20
)%
$
(141,183
)
(40
)%
Earnings per share:
Net loss per share basic and diluted
$
(0.77
)
$
(1.29
)
Weighted average shares used in computing
net loss per share, basic and diluted
111,687,538
109,848,272
SWEETGREEN INC. AND
SUBSIDIARIES
SELECTED BALANCE SHEET, CASH
FLOW AND OPERATING DATA
(dollars in thousands)
(unaudited)
As of September 24,
2023
As of December 25,
2022
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents
$
274,743
$
331,614
Total assets
$
879,855
$
908,935
Total liabilities
$
379,521
$
367,709
Total stockholders’ equity
$
500,334
$
541,226
Thirty-nine weeks
ended
September 24,
2023
September 25,
2022
SELECTED CASH FLOW:
Net cash provided by (used in) operating
activities
17,556
(25,707
)
Net cash used in investing activities
(79,372
)
(69,369
)
Net cash provided by financing
activities
4,945
3,978
Net (decrease) in cash and cash
equivalents and restricted cash
$
(56,871
)
$
(91,098
)
Thirteen weeks ended
Thirty-nine weeks
ended
September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
SELECTED OPERATING DATA:
Net New Restaurant Openings
15
10
34
26
Average Unit Volume (as adjusted)(1)
$
2,905
$
2,892
$
2,905
$
2,892
Same-Store Sales Change (%) (as
adjusted)(2)
4
%
6
%
4
%
17
%
Total Digital Revenue Percentage
58
%
60
%
59
%
62
%
Owned Digital Revenue Percentage
37
%
40
%
37
%
41
%
(1)
Our results for the thirteen and
thirty-nine weeks ended September 25, 2022 have been adjusted to
reflect the temporary closures of one restaurant, which was
excluded from the Comparable Restaurant Base. This did not result
in a material change to AUV.
(2)
Our results for the thirteen and
thirty-nine weeks ended September 24, 2023 have been adjusted to
reflect the temporary closures of zero and two restaurants,
respectively, which were excluded from the calculation of
Same-Store Sales Change. Our results for the thirteen and
thirty-nine weeks ended September 25, 2022 have been adjusted to
reflect the temporary closure of four restaurants. Such adjustments
did not result in a material change to Same-Store Sales Change.
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
Thirty-nine weeks
ended
September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
Loss from operations
$
(26,487
)
$
(52,931
)
$
(93,055
)
$
(145,626
)
Add back:
General and administrative
35,963
41,903
111,220
143,900
Depreciation and amortization
15,682
11,887
43,310
33,869
Pre-opening costs
2,522
3,061
8,190
8,093
Impairment and closure costs
132
1,722
479
1,921
Loss on disposal of property and
equipment(1)
489
21
547
40
Restructuring charges(2)
812
14,266
6,448
14,266
Restaurant-Level Profit
$
29,113
$
19,929
$
77,139
$
56,463
Loss from operations margin
(17
)%
(43
)%
(22
)%
(41
)%
Restaurant-Level Profit Margin
19
%
16
%
18
%
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
Thirty-nine weeks
ended
September 24,
2023
September 25,
2022
September 24,
2023
September 25,
2022
Net loss
$
(25,055
)
$
(51,027
)
$
(85,970
)
$
(141,183
)
Non-GAAP adjustments:
Income tax expense
318
20
954
60
Interest income
(3,381
)
(1,644
)
(9,694
)
(2,405
)
Interest expense
19
23
58
68
Depreciation and amortization
15,682
11,887
43,310
33,869
Stock-based compensation(1)
11,466
17,601
40,133
62,973
Loss on disposal of property and
equipment(2)
489
21
547
40
Impairment and closure costs(3)
132
1,722
479
1,921
Other expense/(income)(4)
1,612
(303
)
1,597
(2,166
)
Spyce acquisition costs(5)
148
161
470
502
Restructuring charges(6)
812
14,266
6,448
14,266
ERP implementation and related
costs(7)
222
64
657
64
Legal Settlements(8)
15
—
65
—
Adjusted EBITDA
$
2,479
$
(7,209
)
$
(946
)
$
(31,991
)
Net loss margin
(16
)%
(41
)%
(20
)%
(40
)%
Adjusted EBITDA Margin
2
%
(6
)%
—
%
(9
)%
(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/20231102260360/en/
Sweetgreen Contact, Investor Relations: Rebecca Nounou
ir@sweetgreen.com Sweetgreen Contact, Media:
press@sweetgreen.com
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