Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 226

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 226
---
 had cash and cash equivalents of $366.1 million and $332.4 million as of December 29, 2024 and December 31, 2023, respectively. For fiscal 2024, our operations were funded from cash flows from operations. Our principal uses of liquidity for fiscal 2024 were to fund new restaurant openings, working capital needs, and the finalization of construction of our new production facility in Verona, Virginia.

Cash Flows

The following table summarizes our cash flows for the fiscal years indicated:

Change($ in thousands)20242023$%Net cash provided by operating activities$161,027 $97,101 $63,926 65.8 %Net cash used in investing activities(108,131)(138,806)30,675 (22.1)%Net cash (used in) provided by financing activities(19,204)335,008 (354,212)(105.7)%Net change in cash and cash equivalents$33,692 $293,303 $(259,611)(88.5)%

Operating Activities

The increase in net cash provided by operating activities was primarily due to improved operating performance and interest income associated with an increase in short-term investments as a result of proceeds from the IPO.

Investing Activities

The decrease in net cash used in investing activities was primarily due to higher capital expenditures in the prior year related to the construction of our new production facility and the volume and timing of new CAVA restaurant openings.

Financing Activities

The change in net cash (used in) provided by financing activities was primarily due to proceeds from the IPO in the prior year and higher tax withholding obligations arising from the vesting of RSUs in fiscal 2024 compared with the prior year.

Material Cash Commitments

The following table summarizes current and long-term material cash requirements as of December 29, 2024, which we expect to fund primarily with operating cash flows: 

Payments Due by Fiscal Year(in thousands)Total20252026-20272028-2029ThereafterOperating leases1$496,144 $59,936 $128,612 $112,777 $194,819 Purchase obligations220,780 20,752 28 — — 

__________________

1    Refer to Item 8. “Financial Statements and Supplementary Data,” Note 8 (Leases) for more information on our operating leases. 

2    Purchase obligations include agreements to purchase goods or services that are