Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 1

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 1
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 the right Team Members;

•Our success depends on our ability to attract, develop, and retain our management team and key Team Members;

•Security breaches of our electronic processing of credit and debit card transactions, the CAVA app, or confidential guest or Team Member information (including personal information) may adversely affect our business; 

•Our business is subject to complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; 

•We rely heavily on information technology systems, and failures of, or interruptions in, or not effectively scaling and adapting, our information technology systems could harm our business;

•We are subject to evolving rules and regulations with respect to environmental, social, and governance (“ESG”) matters; and

•Climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations.

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Table of Contents

Glossary

The following definitions apply to these terms as used in this Annual Report on Form 10-K:

“Adjusted EBITDA” is defined as net income adjusted to exclude interest income, net, (benefit from) provision for income taxes, and depreciation and amortization, further adjusted to exclude equity-based compensation, other income, net, impairment and asset disposal costs, restructuring and other costs, and certain non-recurring public company costs in each case, to the extent applicable in a given fiscal year. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted EBITDA for fiscal 2024 and 2023;

“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a percentage of revenue;

“Adjusted Net Income” is defined as net income adjusted to exclude the net benefit associated with the release of a valuation allowance previously recorded against deferred tax assets. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted Net Income for fiscal 2024 and 2023;

“Adjusted Net Income Margin” is defined as Adjusted Net Income as a percentage of revenue;

“CAVA Average Unit Volume” or “CAVA AUV” represents total revenue of operating CAVA Restaurants that were open for the entire trailing thirteen periods, and digital kitchens’ sales for such period, divided by the number of operating CAVA Restaurants that were open for the entire trailing thirteen periods;

“CAVA digital kitchen” is defined to include kitchens used for third-party marketplace and native delivery, digital order pickup, and/or centralized catering production, and that has neither in-restaurant dining nor customer-facing make lines;

“CAVA