CAVA GROUP, INC., 10-Q filed on 5/29/2024
Quarterly Report
v3.24.1.1.u2
Cover - shares
 4 Months Ended
Apr. 21, 2024
May 22, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Apr. 21, 2024  
Document Transition Report false  
Entity File Number 001-41721  
Entity Registrant Name CAVA Group, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-3426661  
Entity Address, Address Line One 14 Ridge Square NW  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Washington  
Entity Address, State or Province DC  
Entity Address, Postal Zip Code 20016  
City Area Code 202  
Local Phone Number 400-2920  
Title of 12(b) Security Common Stock, par value $0.0001 per share  
Trading Symbol CAVA  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   114,028,233
Entity Central Index Key 0001639438  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-29  
Amendment Flag false  
v3.24.1.1.u2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Apr. 21, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 329,117 $ 332,428
Trade accounts receivable, net 5,511 3,662
Other accounts receivable 6,221 8,223
Inventories 6,304 5,637
Prepaid expenses and other 4,861 4,962
Total current assets 352,014 354,912
Property and equipment, net 345,695 330,730
Operating lease assets 298,798 289,451
Goodwill 1,944 1,944
Intangible assets, net 1,355 1,355
Other long-term assets 5,284 5,365
Total assets 1,005,090 983,757
Current liabilities:    
Accounts payable 19,353 17,234
Accrued expenses and other 53,960 59,219
Operating lease liabilities - current 37,995 32,583
Total current liabilities 111,308 109,036
Deferred income taxes 79 79
Operating lease liabilities 312,771 303,615
Other long-term liabilities 122 225
Total liabilities 424,280 412,955
Commitments and Contingencies (Note 9)
Stockholders' equity:    
Common stock, par value $0.0001 per share; 2,500,000 shares authorized; 114,009 and 113,708 issued and outstanding, respectively 11 11
Treasury stock, at cost; 1,271 shares and 1,086 shares, respectively (17,766) (9,727)
Additional paid-in capital 1,032,235 1,028,181
Accumulated deficit (433,670) (447,663)
Total stockholders’ equity 580,810 570,802
Total liabilities and stockholders' equity $ 1,005,090 $ 983,757
v3.24.1.1.u2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Apr. 21, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in usd per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,500,000,000 2,500,000,000
Common stock, shares issued (in shares) 114,009,000 113,708,000
Common stock, shares outstanding (in shares) 114,009,000 113,708,000
Treasury stock (in shares) 1,271,000 1,086,000
v3.24.1.1.u2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Income Statement [Abstract]    
Total revenue $ 259,006 $ 203,083
Restaurant operating expenses (excluding depreciation and amortization)    
Food, beverage, and packaging 73,947 59,118
Labor 66,513 52,154
Occupancy 20,422 16,599
Other operating expenses 32,758 24,648
Total restaurant operating expenses 193,640 152,519
General and administrative expenses 33,840 29,024
Depreciation and amortization 17,322 12,859
Restructuring and other costs 282 2,215
Pre-opening costs 3,379 5,999
Impairment and asset disposal costs 1,290 2,719
Total operating expenses 249,753 205,335
Income (loss) from operations 9,253 (2,252)
Other income (expense):    
Interest (income) expense, net (4,914) 25
Other income, net 78 174
Income (loss) before income taxes 14,245 (2,103)
Provision for income taxes 252 38
Net income (loss) $ 13,993 $ (2,141)
Earnings (loss) per share:    
Basic (in usd per share) $ 0.12 $ (1.30)
Diluted (in usd per share) $ 0.12 $ (1.30)
Weighted-average common shares outstanding:    
Basic (in shares) 113,972 1,647
Diluted (in shares) 117,936 1,647
v3.24.1.1.u2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid in Capital
Accumulated Deficit
Beginning Balance (in shares) at Dec. 25, 2022 95,204,000        
Beginning Balance at Dec. 25, 2022 $ 662,308        
Ending Balance (in shares) at Apr. 16, 2023 95,204,000        
Ending Balance at Apr. 16, 2023 $ 662,308        
Beginning balance (in shares) at Dec. 25, 2022   1,409,000      
Beginning balance at Dec. 25, 2022 (448,503) $ 0 $ (6,619) $ 19,059 $ (460,943)
Beginning balance (in shares) at Dec. 25, 2022     886,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Equity-based compensation 928     928  
Stock options exercised (in shares)   18,000      
Stock options exercised 43     43  
RSU vesting (in shares)   420,000      
RSU vesting 0        
Tax withholding on stock-based compensation awards (in shares)   (144,000) (144,000)    
Tax withholding on stock-based compensation awards (1,368)   $ (1,368)    
Net income (loss) (2,141)       (2,141)
Ending balance (in shares) at Apr. 16, 2023   1,703,000      
Ending balance at Apr. 16, 2023 $ (451,041) $ 0 $ (7,987) 20,030 (463,084)
Ending balance (in shares) at Apr. 16, 2023     1,030,000    
Beginning Balance (in shares) at Dec. 31, 2023 0        
Beginning Balance at Dec. 31, 2023 $ 0        
Ending Balance (in shares) at Apr. 21, 2024 0        
Ending Balance at Apr. 21, 2024 $ 0        
Beginning balance (in shares) at Dec. 31, 2023 113,708,000 113,708,000      
Beginning balance at Dec. 31, 2023 $ 570,802 $ 11 $ (9,727) 1,028,181 (447,663)
Beginning balance (in shares) at Dec. 31, 2023 1,086,000   1,086,000    
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Equity-based compensation $ 3,995     3,995  
Stock options exercised (in shares) 11,000 11,000      
Stock options exercised $ 59     59  
RSU vesting (in shares)   475,000      
RSU vesting 0        
Tax withholding on stock-based compensation awards (in shares)   (185,000) (185,000)    
Tax withholding on stock-based compensation awards (8,039)   $ (8,039)    
Net income (loss) $ 13,993       13,993
Ending balance (in shares) at Apr. 21, 2024 114,009,000 114,009,000      
Ending balance at Apr. 21, 2024 $ 580,810 $ 11 $ (17,766) $ 1,032,235 $ (433,670)
Ending balance (in shares) at Apr. 21, 2024 1,271,000   1,271,000    
v3.24.1.1.u2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Cash flows from operating activities:    
Net income (loss) $ 13,993 $ (2,141)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 17,322 12,832
Amortization of intangible assets 0 27
Equity-based compensation 3,995 928
Impairment and asset disposal costs 1,290 2,719
Changes in operating assets and liabilities:    
Trade accounts receivable (1,849) (1,815)
Other accounts receivable 2,002 (1,965)
Inventories (667) 799
Prepaid expenses and other 182 1,020
Operating lease assets (9,446) (5,036)
Accounts payable 2,199 2,234
Accrued expenses and other (5,086) 10,058
Operating lease liabilities 14,451 6,019
Net cash provided by operating activities 38,386 25,679
Cash flows from investing activities:    
Purchases of property and equipment (33,687) (39,097)
Net cash used in investing activities (33,687) (39,097)
Cash flows from financing activities:    
Tax withholding on stock-based compensation awards (8,039) (1,368)
Stock options exercised 59 43
Offering costs paid 0 (1,411)
Payment of loan acquisition fees 0 (226)
Payments on finance lease obligations (30) (29)
Net cash used in financing activities (8,010) (2,991)
Net change in cash and cash equivalents (3,311) (16,409)
Cash and cash equivalents - beginning of year 332,428 39,125
Cash and cash equivalents - end of period 329,117 22,716
Supplemental Disclosure of Cash Flow Information:    
Offering costs not yet paid 0 1,432
Cash paid for income taxes 814 42
Change in accrued purchases of property and equipment $ (327) $ 4,729
v3.24.1.1.u2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
 4 Months Ended
Apr. 21, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS AND BASIS OF PRESENTATION NATURE OF OPERATIONS AND BASIS OF PRESENTATION
CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the “Company”, “CAVA”, “we”, “us”, and “our” unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington D.C. and, as of April 21, 2024, the Company operated 323 fast-casual CAVA restaurants in 24 states and Washington D.C. The number of CAVA restaurants excludes two locations operating under a licensing arrangement and digital kitchens. The Company’s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. The Company’s dips, spreads, and dressings are centrally produced for use in our restaurants and to be sold in grocery stores.
The Company’s operations are conducted as two reportable segments: CAVA and Zoes Kitchen. These segments were determined on the same basis that the Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), manages, evaluates, and makes key decisions regarding the business. As of March 2, 2023, the Company no longer operates any Zoes Kitchen locations.
Initial Public Offering—On June 20, 2023, we completed an initial public offering (the “IPO”) of 16.6 million shares of common stock at a price of $22.00 per share, which included 2.2 million shares sold to the underwriters pursuant to their option to purchase additional shares. After underwriting discounts and commissions of $22.8 million and offering expenses of $6.5 million, we received net proceeds from the offering of $336.1 million. In connection with the IPO, 95.2 million outstanding shares of preferred stock were converted into an equivalent number of shares of common stock.
Interim Financial Statements—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included.
The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements included in our annual report on Form 10-K for the fiscal year ended December 31, 2023. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year.
Recently Issued Accounting Standards—In November 2023, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure through enhanced disclosures about significant segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal year beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves income tax disclosures through enhanced disaggregation within the rate reconciliation table and disaggregation of income taxes paid by jurisdiction. The amendment is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied on a prospective basis, however, retrospective application is permitted. We are currently evaluating the impact of adopting this ASU on our disclosures.
The Company reviewed all other recently issued accounting standards and determined they were either not applicable or not expected to have a material impact on our financial position or results from operations.
JOBS Act Election—In April 2012, the JOBS Act was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay adoption of certain accounting standards until those standards would apply to private companies. The Company has elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, the Company will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging
growth companies and, as a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
v3.24.1.1.u2
REVENUE
 4 Months Ended
Apr. 21, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Company’s revenue was as follows:
Sixteen Weeks Ended
(in thousands)April 21,
2024		April 16,
2023
Restaurant revenue$256,290 $200,628 
CPG revenue and other2,716 2,455 
Revenue$259,006 $203,083 
Revenue from the sale of the Company’s gift cards and loyalty program is included in restaurant revenue. Refer to Note 5 (Accrued Expenses and Other) for the Company’s gift card liability balances. Revenue recognized from the redemption of gift cards, that was included in the gift card liability at the beginning of the year was $0.9 million and $0.4 million during the sixteen weeks ended April 21, 2024 and April 16, 2023, respectively. The full amount of the outstanding loyalty liability as of April 21, 2024 is expected to be recognized within one year due to the expiration of loyalty rewards being less than one year.
v3.24.1.1.u2
FAIR VALUE
 4 Months Ended
Apr. 21, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Assets and Liabilities Measured at Fair Value on a Recurring Basis—The carrying amounts of our financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable, and other accrued expenses, approximate their fair values due to their short maturities.
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis—Assets recognized or disclosed at fair value in the accompanying unaudited condensed consolidated financial statements on a nonrecurring basis may include items such as property and equipment, net, operating lease assets, goodwill, and intangible assets, net. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Certain operating lease assets were measured at fair value, on a non-recurring basis, as of April 16, 2023, in connection with an impairment charge of $0.7 million, which is included within impairment and asset disposal costs in the accompanying unaudited condensed consolidated statements of operations for the sixteen weeks ended April 16, 2023. The fair value of these assets was concluded to be $0.4 million using an income approach (discounted cash flow method), which was measured using Level 3 inputs (unobservable inputs), including the discount rate and projected restaurant revenues and expenses.
v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET
 4 Months Ended
Apr. 21, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The following table presents the Company’s property and equipment, net:
($ in thousands)April 21,
2024		December 31,
2023
Land$600 $600 
Building24,149 — 
Leasehold improvements282,620 268,245 
Equipment95,214 78,760 
Furniture and fixtures19,979 19,694 
Computer hardware and software48,989 46,437 
Vehicles508 508 
Construction in progress30,863 58,501 
Total property and equipment, gross502,922 472,745 
Less accumulated depreciation(157,227)(142,015)
Total property and equipment, net$345,695 $330,730 
Construction in progress includes CAVA new restaurant openings and technology improvements as of both periods presented above. Building as of April 21, 2024 and construction in progress as of December 31, 2023, include the new production facility in Verona, Virginia, which commenced operations in the sixteen weeks ended April 21, 2024.
v3.24.1.1.u2
ACCRUED EXPENSES AND OTHER
 4 Months Ended
Apr. 21, 2024
Payables and Accruals [Abstract]  
ACCRUED EXPENSES AND OTHER ACCRUED EXPENSES AND OTHER
The following table presents the Company’s accrued expenses and other:
($ in thousands)April 21,
2024		December 31,
2023
Accrued payroll and payroll taxes$19,612 $23,370 
Accrued capital purchases7,689 7,935 
Sales and use tax payable3,548 3,807 
Gift card and loyalty liabilities3,750 4,096 
Other accrued expenses19,361 20,011 
Total accrued expenses and other$53,960 $59,219 
v3.24.1.1.u2
DEBT
 4 Months Ended
Apr. 21, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
As of April 21, 2024, we had a revolving loan commitment with available borrowing capacity of $74.3 million, net of $0.7 million of outstanding letters of credit (the “2022 Credit Facility”) with JP Morgan Chase Bank, N.A. as administrative agent. The 2022 Credit Facility has a five-year term and matures on March 11, 2027. The 2022 Credit Facility includes a delayed draw term loan facility (“DDTL”) of $24.0 million, which facility commitment terminates on August 15, 2024. Interest on loans under the 2022 Credit Facility are based on the one, three or six months Adjusted Term Secured Overnight Financing Rate (as described in the 2022 Credit Facility), as applicable, plus an applicable margin of 1.50% to 2.50% based on the Company’s Total Rent Adjusted Net Leverage Ratio (as defined in the 2022 Credit Facility). The Company is also required to pay a commitment fee for unused amounts under the 2022 Credit Facility (and a similar ticking fee with respect to undrawn loans under the DDTL), which ranges from 0.20% to 0.35% based on the Total Rent Adjusted Net Leverage Ratio. The 2022 Credit Facility is unconditionally guaranteed by certain of our domestic restricted subsidiaries and is secured, subject to permitted liens and other exceptions, by a first-priority security interest in and pledge of certain assets of the borrower and the guarantors. The 2022 Credit Facility includes customary restrictive covenants and covenants that require compliance with certain leverage ratios. As of April 21, 2024, the Company was in compliance with these financial and other covenants, and the Company had no borrowings under the 2022 Credit Facility.
v3.24.1.1.u2
INCOME TAXES
 4 Months Ended
Apr. 21, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESThe Company’s full pretax income (loss) for the sixteen weeks ended April 21, 2024 and April 16, 2023 was from U.S. domestic operations. Our effective tax rate was 1.8% and (1.8)% for the sixteen weeks ended April 21, 2024 and April 16, 2023, respectively. The Company’s effective tax rate differs from the statutory rate primarily due to the valuation allowance recorded against deferred tax assets.
v3.24.1.1.u2
LEASES
 4 Months Ended
Apr. 21, 2024
Leases [Abstract]  
LEASES LEASES
We lease all of our CAVA Restaurants, our digital kitchens, our production facility in Laurel, Maryland, our collaboration center in Washington D.C., and our support centers in Brooklyn, New York, and Plano, Texas. We determine if a contract contains a lease at inception, and determine classification of a lease, if necessary. Typically, restaurant leases have initial terms of 10 years and include five-year renewal options.
Supplemental disclosures of cash flow information related to leases were as follows:
Sixteen Weeks Ended
($ in thousands)April 21,
2024		April 16,
2023
Cash paid for operating lease liabilities$14,276 $11,464 
Operating lease assets obtained in exchange for operating lease liabilities19,531 13,833 
Derecognition of operating lease assets due to termination or impairment109 2,786 
v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
 4 Months Ended
Apr. 21, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Purchase Obligations—The Company enters into various purchase obligations in the ordinary course of business, generally of a short-term nature. Those that are binding primarily relate to amounts owed for produce and other ingredients and supplies, including supplies and materials used for new restaurant openings.
Letters of Credit—As of April 21, 2024 and December 31, 2023, the Company had four irrevocable letters of credit in favor of various landlords in the aggregate amount of $0.7 million. The letters of credit do not require a compensating balance and automatically renew in accordance with the terms of the underlying lease agreement.
Litigation—The Company is currently involved in various claims and legal actions that arise in the ordinary course of its business, including claims resulting from employment related matters. While the ultimate outcome and the costs associated with litigation are inherently uncertain and difficult to predict, as of the date hereof, the Company does not believe that any of its pending legal proceedings, most of which are covered by insurance, will have a material effect on the Company’s business, financial condition, results of operations, or cash flows. However, a significant increase in the number of these claims or an increase in uninsured amounts owed under successful claims could materially and adversely affect our business, financial condition, results of operations, or cash flows.
On April 27, 2022, the Company was named as a defendant in Hamman et al. v. Cava Group, Inc. in the U.S. District Court for the Southern District of California, which alleged that certain of our products were unfit for human consumption due to the packaging containing allegedly heightened levels of organic fluorine and unsafe per- and polyfluoroalkyl substances (“PFAS”), and that consumers were misled by certain marketing claims asserted by us regarding the health and sustainability of our products. Plaintiffs sought, among other relief, compensatory damages in an unspecified amount and medical monitoring. The Company settled the matter and the action was dismissed with prejudice on April 15, 2024.
On October 12, 2023, the Company was named as a defendant in GMO Free USA d/b/a Toxin Free USA v. Cava Group, Inc. in the Superior Court of the District of Columbia Civil Division, which alleged that we used unhealthy and unsustainable PFAS in our packaging, that our products contained synthetic biocides, and that our “healthy” and “sustainable” marketing claims constituted false and deceptive advertising. Plaintiffs sought declaratory and injunctive relief with respect to refraining from using or sourcing packaging containing PFAS and adding certain product warnings, as well as payment of the plaintiffs’ attorney’s fees. The Company settled the matter and the action was dismissed with prejudice on April 16, 2024.
In connection to the aforementioned Hamman matter, Travelers Property Casualty Company of America et al v. Cava Group, Inc. was filed on September 21, 2022 in the Superior Court of the State of California, County of Orange and subsequently transferred to the U.S. District Court for the District of Columbia on February 13, 2024. Plaintiff sought a declaratory judgment that it was not liable for insurance coverage in relation to the allegations asserted in the Hamman complaint related to PFAS, as well as recoupment of the Company’s legal costs in the Hamman action. The Company settled the matter and the action was dismissed with prejudice on April 17, 2024.
The accompanying unaudited condensed consolidated financial statements include an immaterial accrual for the matters above.
v3.24.1.1.u2
EQUITY-BASED COMPENSATION
 4 Months Ended
Apr. 21, 2024
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
The Company recognized equity-based compensation expense of $5.2 million and $1.2 million (including applicable payroll taxes) during the sixteen weeks ended April 21, 2024 and April 16, 2023, respectively, related to its equity incentive plans and employee stock purchase plan, recorded within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.
A summary of the Company’s stock option activity is as follows:
Weighted Average
(in thousands except per share amounts)Number Of OptionsExercise PriceRemaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding - December 31, 20233,078 $11.45 6.8$97,054 
Granted7 47.84 
Exercised(11)5.34 
Forfeited or expired(15)12.36 
Outstanding - April 21, 20243,059 $11.55 6.5$147,192 
Exercisable - April 21, 20241,586 $5.02 4.2
Vested and expected to vest - April 21, 20243,059 $11.55 6.5$147,192 
As of April 21, 2024, unrecognized compensation expense related to option awards was $11.4 million, which is expected to be recognized over a weighted-average period of 3.6 years.
A summary of the Company’s restricted stock unit activity is as follows:
(in thousands, except per share amounts)Number of UnitsWeighted-Average Grant Date Fair ValueAggregate Intrinsic Value
Non-vested - December 31, 20232,653 $12.69 $113,985 
Granted18 48.02 
Vested(475)5.88 
Forfeited(67)14.05 
Non-vested - April 21, 20242,129 $14.47 $127,025 
As of April 21, 2024, unrecognized compensation expense related to RSU awards was $24.6 million, which is expected to be recognized over a weighted-average period of 3.2 years.
v3.24.1.1.u2
EARNINGS (LOSS) PER SHARE
 4 Months Ended
Apr. 21, 2024
Earnings Per Share [Abstract]  
EARNINGS (LOSS) PER SHARE EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average shares outstanding during the period. Diluted earnings (loss) per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of outstanding equity awards for the period using the treasury-stock method.
The following table sets forth the computation of earnings (loss) per common share:
Sixteen Weeks Ended
(in thousands, except per share amounts)April 21,
2024		April 16,
2023
Net income (loss)$13,993 $(2,141)
Weighted-average shares outstanding:
Basic113,972 1,647 
Dilutive awards3,964 — 
Diluted117,936 1,647
Earnings (loss) per common share:
Basic$0.12 $(1.30)
Diluted$0.12 $(1.30)
The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted earnings (loss) per share as their impact would have been anti-dilutive:
Sixteen Weeks Ended
(in thousands)April 21,
2024		April 16,
2023
Options to purchase common stock4 2,067 
Time-based vesting restricted stock units1 1,776 
Preferred stock (as converted to common shares)— 95,204 
Total common stock equivalents5 99,047 
During the sixteen weeks ended April 16, 2023, the Company’s potentially dilutive securities have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive in a net loss position.
v3.24.1.1.u2
SEGMENT REPORTING
 4 Months Ended
Apr. 21, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The CODM reviews segment performance and allocates resources based upon restaurant level profit, which is defined as segment revenues less food, beverage, and packaging, labor, occupancy, and other operating expenses. All segment revenue is earned in the United States, and all intersegment revenues have been eliminated. Sales from external customers are derived principally from sales of food, beverage, and CPG. The Company does not rely on any major customers as sources of sales. As the CODM is not provided with asset information by segment, assets are reported only on a consolidated basis. As described in Note 1 (Nature of Operations and Basis of Presentation), the Company no longer operates any Zoes Kitchen locations as of March 2, 2023. Other includes the Company’s CPG sales from CAVA Foods.
Financial information for the Company’s reportable segments was as follows:
Sixteen Weeks Ended
($ in thousands)April 21,
2024		April 16,
2023
Revenue
CAVA$256,290 $196,761 
Zoes Kitchen— 3,867 
Other2,716 2,455 
Total revenue259,006 203,083 
Restaurant operating expenses (1)
CAVA191,674 146,778 
Zoes Kitchen— 4,044 
Other1,966 1,697 
Total restaurant operating expenses193,640 152,519 
Restaurant-level profit (loss)
CAVA64,616 49,983 
Zoes Kitchen— (177)
Other750 758 
Total restaurant-level profit65,366 50,564 
Reconciliation of restaurant-level profit to income (loss) before income taxes:
General and administrative expenses33,840 29,024 
Depreciation and amortization17,322 12,859 
Restructuring and other costs282 2,215 
Pre-opening costs3,379 5,999 
Impairment and asset disposal costs1,290 2,719 
Interest (income) expense, net(4,914)25 
Other income, net(78)(174)
Income (loss) before income taxes$14,245 $(2,103)
__________________
(1)    Restaurant operating expenses consist of food, beverage, and packaging (excluding depreciation and amortization), labor, occupancy, and other operating expenses.
v3.24.1.1.u2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 13,993 $ (2,141)
v3.24.1.1.u2
Insider Trading Arrangements
 4 Months Ended
Apr. 21, 2024
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the sixteen weeks ended April 21, 2024, the following directors and officers (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408(a) of Regulation S-K:
Name and Title
Action
Date of Action
Scheduled Termination of Trading Period(*)
Security Covered
Maximum Number of Securities to be Sold Pursuant to the Rule 10b5-1 Trading Plan
David Bosserman
Director
AdoptionMarch 19, 2024December 31, 2024Common Stock30,000 
Tricia Tolivar
Chief Financial Officer
AdoptionApril 1, 2024March 27, 2025Common Stock31,506 
__________________
* The Rule 10b5-1 trading arrangement may terminate earlier than the scheduled termination date if all transactions under the trading arrangement are completed.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
David Bosserman [Member]  
Trading Arrangements, by Individual  
Name David Bosserman
Title Director
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 19, 2024
Arrangement Duration 287 days
Aggregate Available 30,000
Tricia Tolivar [Member]  
Trading Arrangements, by Individual  
Name Tricia Tolivar
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date April 1, 2024
Arrangement Duration 360 days
Aggregate Available 31,506
v3.24.1.1.u2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Policies)
 4 Months Ended
Apr. 21, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Interim Financial Statements
Interim Financial Statements—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included.
The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements included in our annual report on Form 10-K for the fiscal year ended December 31, 2023. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year.
Recently Issued Accounting Standards
Recently Issued Accounting Standards—In November 2023, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure through enhanced disclosures about significant segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal year beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of adopting this ASU on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves income tax disclosures through enhanced disaggregation within the rate reconciliation table and disaggregation of income taxes paid by jurisdiction. The amendment is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied on a prospective basis, however, retrospective application is permitted. We are currently evaluating the impact of adopting this ASU on our disclosures.
The Company reviewed all other recently issued accounting standards and determined they were either not applicable or not expected to have a material impact on our financial position or results from operations.
JOBS Act Election
JOBS Act Election—In April 2012, the JOBS Act was enacted. Section 107(b) of the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an emerging growth company can delay adoption of certain accounting standards until those standards would apply to private companies. The Company has elected to take advantage of the extended transition period to comply with new or revised accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result of the accounting standards election, the Company will not be subject to the same implementation timing for new or revised accounting standards as other public companies that are not emerging
growth companies and, as a result, the Company’s financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.
Assets and Liabilities Measured at Fair Value on a Recurring Basis/Non-recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis—The carrying amounts of our financial instruments, which include cash and cash equivalents, accounts receivable, accounts payable, and other accrued expenses, approximate their fair values due to their short maturities.
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis—Assets recognized or disclosed at fair value in the accompanying unaudited condensed consolidated financial statements on a nonrecurring basis may include items such as property and equipment, net, operating lease assets, goodwill, and intangible assets, net. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
v3.24.1.1.u2
REVENUE (Tables)
 4 Months Ended
Apr. 21, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The Company’s revenue was as follows:
Sixteen Weeks Ended
(in thousands)April 21,
2024		April 16,
2023
Restaurant revenue$256,290 $200,628 
CPG revenue and other2,716 2,455 
Revenue$259,006 $203,083 
v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET (Tables)
 4 Months Ended
Apr. 21, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
The following table presents the Company’s property and equipment, net:
($ in thousands)April 21,
2024		December 31,
2023
Land$600 $600 
Building24,149 — 
Leasehold improvements282,620 268,245 
Equipment95,214 78,760 
Furniture and fixtures19,979 19,694 
Computer hardware and software48,989 46,437 
Vehicles508 508 
Construction in progress30,863 58,501 
Total property and equipment, gross502,922 472,745 
Less accumulated depreciation(157,227)(142,015)
Total property and equipment, net$345,695 $330,730 
v3.24.1.1.u2
ACCRUED EXPENSES AND OTHER (Tables)
 4 Months Ended
Apr. 21, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
The following table presents the Company’s accrued expenses and other:
($ in thousands)April 21,
2024		December 31,
2023
Accrued payroll and payroll taxes$19,612 $23,370 
Accrued capital purchases7,689 7,935 
Sales and use tax payable3,548 3,807 
Gift card and loyalty liabilities3,750 4,096 
Other accrued expenses19,361 20,011 
Total accrued expenses and other$53,960 $59,219 
v3.24.1.1.u2
LEASES (Tables)
 4 Months Ended
Apr. 21, 2024
Leases [Abstract]  
Supplemental cash flow information related to leases
Supplemental disclosures of cash flow information related to leases were as follows:
Sixteen Weeks Ended
($ in thousands)April 21,
2024		April 16,
2023
Cash paid for operating lease liabilities$14,276 $11,464 
Operating lease assets obtained in exchange for operating lease liabilities19,531 13,833 
Derecognition of operating lease assets due to termination or impairment109 2,786 
v3.24.1.1.u2
EQUITY-BASED COMPENSATION (Tables)
 4 Months Ended
Apr. 21, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Options Roll Forward
A summary of the Company’s stock option activity is as follows:
Weighted Average
(in thousands except per share amounts)Number Of OptionsExercise PriceRemaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding - December 31, 20233,078 $11.45 6.8$97,054 
Granted7 47.84 
Exercised(11)5.34 
Forfeited or expired(15)12.36 
Outstanding - April 21, 20243,059 $11.55 6.5$147,192 
Exercisable - April 21, 20241,586 $5.02 4.2
Vested and expected to vest - April 21, 20243,059 $11.55 6.5$147,192 
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
A summary of the Company’s restricted stock unit activity is as follows:
(in thousands, except per share amounts)Number of UnitsWeighted-Average Grant Date Fair ValueAggregate Intrinsic Value
Non-vested - December 31, 20232,653 $12.69 $113,985 
Granted18 48.02 
Vested(475)5.88 
Forfeited(67)14.05 
Non-vested - April 21, 20242,129 $14.47 $127,025 
v3.24.1.1.u2
EARNINGS (LOSS) PER SHARE (Tables)
 4 Months Ended
Apr. 21, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of earnings (loss) per common share:
Sixteen Weeks Ended
(in thousands, except per share amounts)April 21,
2024		April 16,
2023
Net income (loss)$13,993 $(2,141)
Weighted-average shares outstanding:
Basic113,972 1,647 
Dilutive awards3,964 — 
Diluted117,936 1,647
Earnings (loss) per common share:
Basic$0.12 $(1.30)
Diluted$0.12 $(1.30)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted earnings (loss) per share as their impact would have been anti-dilutive:
Sixteen Weeks Ended
(in thousands)April 21,
2024		April 16,
2023
Options to purchase common stock4 2,067 
Time-based vesting restricted stock units1 1,776 
Preferred stock (as converted to common shares)— 95,204 
Total common stock equivalents5 99,047 
v3.24.1.1.u2
SEGMENT REPORTING (Tables)
 4 Months Ended
Apr. 21, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Financial information for the Company’s reportable segments was as follows:
Sixteen Weeks Ended
($ in thousands)April 21,
2024		April 16,
2023
Revenue
CAVA$256,290 $196,761 
Zoes Kitchen— 3,867 
Other2,716 2,455 
Total revenue259,006 203,083 
Restaurant operating expenses (1)
CAVA191,674 146,778 
Zoes Kitchen— 4,044 
Other1,966 1,697 
Total restaurant operating expenses193,640 152,519 
Restaurant-level profit (loss)
CAVA64,616 49,983 
Zoes Kitchen— (177)
Other750 758 
Total restaurant-level profit65,366 50,564 
Reconciliation of restaurant-level profit to income (loss) before income taxes:
General and administrative expenses33,840 29,024 
Depreciation and amortization17,322 12,859 
Restructuring and other costs282 2,215 
Pre-opening costs3,379 5,999 
Impairment and asset disposal costs1,290 2,719 
Interest (income) expense, net(4,914)25 
Other income, net(78)(174)
Income (loss) before income taxes$14,245 $(2,103)
__________________
(1)    Restaurant operating expenses consist of food, beverage, and packaging (excluding depreciation and amortization), labor, occupancy, and other operating expenses.
v3.24.1.1.u2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details)
$ / shares in Units, $ in Thousands
 4 Months Ended
Jun. 20, 2023
USD ($)
$ / shares
shares
Apr. 21, 2024
USD ($)
restaurant
segment
state
Apr. 16, 2023
USD ($)
Description Of Business And Significant Accounting Policies [Line Items]      
Number of restaurants | restaurant   323  
Number of states in which entity operates | state   24  
Restaurants excluded from restaurant count | restaurant   2  
Number of reportable segments | segment   2  
Offering expenses   $ 0 $ 1,411
Conversion of preferred stock (in shares) | shares 95,200,000    
IPO      
Description Of Business And Significant Accounting Policies [Line Items]      
Number of shares issued in IPO (in shares) | shares 16,600,000    
Sale of stock (in usd per share) | $ / shares $ 22.00    
Underwriting discounts and commissions $ 22,800    
Offering expenses 6,500    
Proceeds from IPO $ 336,100    
Over-Allotment Option      
Description Of Business And Significant Accounting Policies [Line Items]      
Number of shares issued in IPO (in shares) | shares 2,200,000    
v3.24.1.1.u2
REVENUE - Schedule of Revenue (Details) - USD ($)
$ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Disaggregation of Revenue [Line Items]    
Total revenue $ 259,006 $ 203,083
Restaurant revenue    
Disaggregation of Revenue [Line Items]    
Total revenue 256,290 200,628
CPG revenue and other    
Disaggregation of Revenue [Line Items]    
Total revenue $ 2,716 $ 2,455
v3.24.1.1.u2
REVENUE - Narrative (Details) - USD ($)
$ in Millions
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Revenue from Contract with Customer [Abstract]    
Gift card revenue recognized $ 0.9 $ 0.4
v3.24.1.1.u2
FAIR VALUE (Details) - USD ($)
$ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Operating lease, impairment loss $ 109 $ 2,786  
Operating lease assets $ 298,798   $ 289,451
Fair Value, Nonrecurring | Fair Value, Inputs, Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Operating lease, impairment loss   700  
Operating lease assets   $ 400  
v3.24.1.1.u2
PROPERTY AND EQUIPMENT, NET - Schedule of PP&E (Details) - USD ($)
$ in Thousands
Apr. 21, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 502,922 $ 472,745
Less accumulated depreciation (157,227) (142,015)
Total property and equipment, net 345,695 330,730
Land    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 600 600
Building    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 24,149 0
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 282,620 268,245
Equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 95,214 78,760
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 19,979 19,694
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 48,989 46,437
Vehicles    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 508 508
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 30,863 $ 58,501
v3.24.1.1.u2
ACCRUED EXPENSES AND OTHER (Details) - USD ($)
$ in Thousands
Apr. 21, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accrued payroll and payroll taxes $ 19,612 $ 23,370
Accrued capital purchases 7,689 7,935
Sales and use tax payable 3,548 3,807
Gift card and loyalty liabilities 3,750 4,096
Other accrued expenses 19,361 20,011
Total accrued expenses and other $ 53,960 $ 59,219
v3.24.1.1.u2
DEBT - Narrative (Details)
 4 Months Ended
Apr. 21, 2024
USD ($)
2022 Credit Facility | Line of Credit  
Line of Credit Facility [Line Items]  
Debt instrument term (in years) 5 years
Borrowings outstanding $ 0
2022 Credit Facility | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR)  
Line of Credit Facility [Line Items]  
Basis spread (in percentage) 1.50%
2022 Credit Facility | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR)  
Line of Credit Facility [Line Items]  
Basis spread (in percentage) 2.50%
Revolving Credit Facility | 2022 Credit Facility | Line of Credit  
Line of Credit Facility [Line Items]  
Line of credit, maximum borrowing capacity $ 74,300,000
Letter of Credit  
Line of Credit Facility [Line Items]  
Aggregate amount of letters of credit 700,000
Secured Debt | Delayed Draw Facility | Line of Credit  
Line of Credit Facility [Line Items]  
Line of credit, maximum borrowing capacity $ 24,000,000
Secured Debt | Delayed Draw Facility | Line of Credit | Minimum  
Line of Credit Facility [Line Items]  
Ticking fee (in percent) 0.20%
Secured Debt | Delayed Draw Facility | Line of Credit | Maximum  
Line of Credit Facility [Line Items]  
Ticking fee (in percent) 0.35%
v3.24.1.1.u2
INCOME TAXES (Details)
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Income Tax Disclosure [Abstract]    
Effective tax rate (in percent) 1.80% (1.80%)
v3.24.1.1.u2
LEASES - Narrative (Details)
Apr. 21, 2024
Leases [Abstract]  
Term of contract (in years) 10 years
Renewal term (in years) 5 years
v3.24.1.1.u2
LEASES - Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Leases [Abstract]    
Cash paid for operating lease liabilities $ 14,276 $ 11,464
Operating lease assets obtained in exchange for operating lease liabilities 19,531 13,833
Derecognition of operating lease assets due to termination or impairment $ 109 $ 2,786
v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
Apr. 21, 2024
USD ($)
letters_of_credit
Dec. 31, 2023
letters_of_credit
Other Commitments [Line Items]    
Number of irrevocable letters of credit | letters_of_credit 4 4
Letter of Credit    
Other Commitments [Line Items]    
Aggregate amount of letters of credit | $ $ 0.7  
v3.24.1.1.u2
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Millions
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
2015 And 2023 Equity Incentive Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Compensation expense $ 5.2 $ 1.2
Options to purchase common stock    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Unrecognized compensation costs related to option awards $ 11.4  
Vesting period (in years) 3 years 7 months 6 days  
Time-based vesting restricted stock units    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Vesting period (in years) 3 years 2 months 12 days  
Unrecognized compensation expense related to RSUs $ 24.6  
v3.24.1.1.u2
EQUITY-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 4 Months Ended 12 Months Ended
Apr. 21, 2024
Dec. 31, 2023
Number Of Options    
Beginning Balance (in shares) 3,078,000  
Granted (in shares) 7,000  
Exercised (in shares) (11,000)  
Forfeited or expired (in shares) (15,000)  
Ending Balance (in shares) 3,059,000 3,078,000
Exercise Price    
Options outstanding, Weighted average exercise price per share - Beginning Balance (in $ per share) $ 11.45  
Options granted, Weighted average exercise price per share (in $ per share) 47.84  
Options exercised, Weighted average exercise price per share (in $ per share) 5.34  
Options forfeited or expired, Weighted average exercise price per share (in $ per share) 12.36  
Options outstanding, Weighted average exercise price per share - Ending Balance (in $ per share) $ 11.55 $ 11.45
Stock Options Additional Disclosures    
Options outstanding, Weighted average remaining contractual term (in years) 6 years 6 months 6 years 9 months 18 days
Options outstanding, Aggregate intrinsic value (in USD) $ 147,192 $ 97,054
Options exercisable, Number of options (in shares) 1,586,000  
Options exercisable, Weighted average exercise price per share (in $ per share) $ 5.02  
Options exercisable, Weighted average remaining contractual term (in years) 4 years 2 months 12 days  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest [Abstract]    
Options vested and expected to vest (in shares) 3,059,000  
Options vested and expected to vest, Weighted average exercise price per share (in $ per share) $ 11.55  
Options vested and expected to vest, Weighted average remaining contractual term (in years) 6 years 6 months  
Options vested and expected to vest, Aggregate intrinsic value (in USD) $ 147,192  
v3.24.1.1.u2
EQUITY-BASED COMPENSATION - Schedule of Restricted Stock (Details) - Time-based vesting restricted stock units - USD ($)
$ / shares in Units, $ in Thousands
 4 Months Ended
Apr. 21, 2024
Dec. 31, 2023
Unvested Restricted Stock Outstanding    
Beginning balance (in shares) 2,653,000  
Granted (in shares) 18,000  
Vested (in shares) (475,000)  
Forfeited (in shares) (67,000)  
Ending balance (in shares) 2,129,000  
Weighted Average Grant Date Fair Value    
Outstanding, Weighted average grant date fair value, Beginning Balance ($ per share) $ 12.69  
Granted, Weighted average grant date fair value ($ per share) 48.02  
Vested, Weighted average grant date fair value ($ per share) 5.88  
Forfeited, Weighted average grant date fair value ($ per share) 14.05  
Outstanding, Weighted average grant date fair value, Ending Balance ($ per share) $ 14.47  
Aggregate Intrinsic Value $ 127,025 $ 113,985
v3.24.1.1.u2
EARNINGS (LOSS) PER SHARE - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Earnings Per Share [Abstract]    
Net income (loss) $ 13,993 $ (2,141)
Weighted-average common shares outstanding:    
Basic 113,972 1,647
Dilutive awards 3,964 0
Diluted 117,936 1,647
Earnings (loss) per common share:    
Basic (in usd per share) $ 0.12 $ (1.30)
Diluted (in usd per share) $ 0.12 $ (1.30)
v3.24.1.1.u2
EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Shares (Details) - shares
shares in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total common stock equivalents 5 99,047
Options to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total common stock equivalents 4 2,067
Time-based vesting restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total common stock equivalents 1 1,776
Preferred stock (as converted to common shares)    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total common stock equivalents 0 95,204
v3.24.1.1.u2
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
 4 Months Ended
Apr. 21, 2024
Apr. 16, 2023
Segment Reporting Information [Line Items]    
Total revenue $ 259,006 $ 203,083
Total restaurant operating expenses 193,640 152,519
Total restaurant-level profit 65,366 50,564
Reconciliation of restaurant-level profit to income (loss) before income taxes:    
General and administrative expenses 33,840 29,024
Depreciation and amortization 17,322 12,859
Restructuring and other costs 282 2,215
Pre-opening costs 3,379 5,999
Impairment and asset disposal costs 1,290 2,719
Interest (income) expense, net (4,914) 25
Other income, net (78) (174)
Income (loss) before income taxes 14,245 (2,103)
Segment Reconciling Items    
Segment Reporting Information [Line Items]    
Total revenue 2,716 2,455
Total restaurant operating expenses 1,966 1,697
Total restaurant-level profit 750 758
CAVA | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 256,290 196,761
Total restaurant operating expenses 191,674 146,778
Total restaurant-level profit 64,616 49,983
Zoes Kitchen | Operating Segments    
Segment Reporting Information [Line Items]    
Total revenue 0 3,867
Total restaurant operating expenses 0 4,044
Total restaurant-level profit $ 0 $ (177)