Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 185

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 185
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13 (Segment Reporting) in fiscal 2023 and 2022. 

5.    SUPPLEMENTAL BALANCE SHEET INFORMATION

The following table presents the Company’s property and equipment, net as of the periods indicated:(in thousands)December 29,2024December 31,2023Land$600 $600 Building24,042 — Leasehold improvements332,312 268,245 Equipment107,995 79,268 Furniture and fixtures20,860 19,694 Computer hardware and software54,217 46,437 Construction in progress27,725 58,501 Total property and equipment, gross567,751 472,745 Less accumulated depreciation(194,849)(142,015)Total property and equipment, net$372,902 $330,730 Construction in progress includes CAVA new restaurant openings and technology improvements. Building, as of December 29, 2024 and construction in progress as of December 31, 2023, include the new production facility in Verona, Virginia, which commenced operations in the first quarter of fiscal 2024. The following table presents the Company’s accrued expenses and other as of the periods indicated:(in thousands)December 29,2024December 31,2023Accrued payroll and payroll taxes$30,272 $23,370 Accrued capital purchases7,514 7,935 Sales and use tax payable4,024 3,807 Gift card and loyalty liabilities6,736 4,096 Other accrued expenses21,276 20,011 Total accrued expenses and other$69,822 $59,219 

6.    DEBT

JPMorgan Chase Bank Revolving Line of Credit—On February 15, 2023, the Company entered into a second amendment with respect to its revolving credit agreement with JP Morgan Chase Bank, N.A. as administrative agent dated March 11, 2022, collectively known as the “2022 Credit Facility.” 

74

The amendment provided for a $30.0 million delayed draw term loan facility (the “Delayed Draw Facility”) to finance construction and capital expenditures in respect of the Company’s production facility in Verona, Virginia. On May 31, 2023, the Company borrowed $6.0 million under the Delayed Draw Facility, which was repaid on July 6, 2023 (amounts repaid under the Delay