Slide 1: Q4 2023 Earnings Supplemental Materials
Q4 2023 EARNINGS SUPPLEMENTAL MATERIALS February 26, 2024
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, our operations and financial performance. F
Slide 3: Our Mission
OUR MISSION To bring heart, health, and humanity to food. WE BELIEVE IN: Serving delicious food that helps more people eat well and live well. Taking care of the people and things that feed us: the earth, farmers, purveyors, and team members. Food as a unifier, for a more diverse yet inclusive world
Slide 4: Our 2023 Strategic Pillars
OUR 2023 STRATEGIC PILLARS Solidify Our Category Defining Mediterranean Brand Develop a Modern, Best in Class Organization to Support $1B+ in Revenue Build the Infrastructure to Successfully Scale and Grow Our Business
Slide 5: Q4 2023 Results
Q4 2023 RESULTS CAVA Revenue $175.5M 52.5% versus 2022 CAVA Same Restaurant Sales Growth (SRS%) 1 11.4% CAVA Restaurant Level Profit Margin 22.4% $39.3M CAVA Restaurant Level Profit Total Company Adjusted EBITDA 2 $15.7M 8.9% of Total Company Revenue Total Company Net Income $2.0M 1.2% of Total Comp
Slide 6: FY 2023 Results
FY 2023 RESULTS CAVA Revenue $717.1M +59.8% versus 2022 CAVA Same Restaurant Sales Growth (SRS%) 1 17.9% CAVA Restaurant Level Profit Margin 24.8% $177.5M CAVA Restaurant Level Profit Total Company Adjusted EBITDA 2 $73.8M 10.1% of Total Company Revenue Total Company Net Income $13.3M 1.8% of Total
Slide 7: Q4 Business Highlights
Q4 BUSINESS HIGHLIGHTS CAVA Revenue (in millions) CAVA Same Restaurant Sales (SRS%) Growth 2 SRS% 2-Year SRS% $197 • CAVA Revenue up 52.5% YoY $171 $174 $175 50.0% 50.0% • 11.4% CAVA SRS% growth 47.6% 48.3% $115 40.0% 40.0% • 6.2% from traffic growth 30.0% 28.4% 31.5% 30.0% 23.3% 26.2% 20.0% 14.8% 1
Slide 8: CAVA Has Proven Portability Across Diverse Market Types and Geographies
CAVA HAS PROVEN PORTABILITY ACROSS DIVERSE MARKET TYPES AND GEOGRAPHIES Northeast $3.5M Q4 AUV 27 Restaurants West $3.3M Q4 AUV 16 Restaurants Mid-Atlantic $2.7M Q4 AUV 62 Restaurants Total CAVA Southeast Q4 AUV $2.3M Q4 AUV $2.6M Southwest 67 Restaurants $2.4M Q4 AUV 236 Restaurants 64 Restaurants
Slide 9: Recently Launched Our Revamped Loyalty Program Pilot
RECENTLY LAUNCHED OUR REVAMPED LOYALTY PROGRAM PILOT Building an emotional connection with our guests through a more personalized experience and unexpected moments HIGHLIGHTS New, more attainable bankable points program Reward choices, ranging from pita chips to entrees Seamless in-restaurant integr
Slide 10: Primed for the Next Stage
PRIMED FOR THE NEXT STAGE Kicked off our steak market tests in the Boston & DFW metroplexes! A few guest feelings… “Please bring ur steak protein to Jacksonville CAVA locations “ “I could really eat CAVA everyday…that new steak bowl? Flames” “Reporting live from CAVA & that steak pita is the GOODS!”
Slide 11: 2024 Full Year Outlook
2024 FULL YEAR OUTLOOK Net New Restaurant Openings: 48 - 52 CAVA Same Restaurant Sales Growth: 3.0% - 5.0% CAVA Restaurant Level Profit Margin: 22.7% - 23.3% Pre-Opening Costs: $11.5M - $12.5M Adjusted EBITDA1: $86.0M - $92.0M Actual results may differ materially from CAVA Group's fiscal 2024 guidan
Slide 12: Our 2024 Strategic Pillars
OUR 2024 STRATEGIC PILLARS Expand Our Mediterranean Way in Communities Across The Country Develop Personal Relationships with Guests, Even As We Scale Run Great Restaurants, Every Location, Every Shift Operate as a High-Performing Team
Slide 13: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Q4 Q3 Q2 Q1 Q4 $000s FY2023 2023 2023 2023 2023 2022 Net income (loss) $13,280 $2,049 $6,833 $ 6,539 $ (2,141) $ (18,846) Interest (income) expense, net (8,852) (4,222) (3,956) (699) 25 (215) Provision for income taxes 768 652 38 40 38 26 Depreciation and amortization