Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 251

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 251
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, 2024 (our fiscal 2025) and early adoption is permitted. The amendment should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its disclosures.In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires disaggregation, in tabular presentation, of certain income statement expenses into different categories, such as purchases of inventory, employee compensation, and depreciation. The amendment is effective for fiscal years beginning after December 15, 2026 (our fiscal 2027) and early adoption is permitted. The amendment should be applied on a retrospective basis. The Company is currently evaluating the impact of adopting this ASU on its financial statements and disclosures. The Company reviewed all other recently issued accounting standards and determined they were either not applicable or are not expected to have a material impact on our consolidated financial statements.

3.    REVENUE

The Company’s revenue was as follows for the fiscal years indicated:(in thousands)202420232022Restaurant revenue$954,273 $720,927 $556,986 CPG revenue and other9,440 7,773 7,133 Revenue$963,713 $728,700 $564,119 Revenue from the redemption of the Company’s gift cards and loyalty program is included in restaurant revenue. Refer to Note 5 (Supplemental Balance Sheet Information) for the Company’s gift card and loyalty liabilities balances. Revenue recognized from the redemption of gift cards that was included in the gift card liability at the beginning of the year was $2.0 million, $1.0 million, and $0.6 million during fiscal 2024, 2023, and 2022, respectively. Changes in the CAVA Rewards liability, which is included in accrued expenses and other on the accompanying consolidated balance sheets, were as follows for the fiscal years indicated:(in thousands)202420232022CAVA Rewards liability, beginning balance$1,787 $1,255 $1,353 Revenue deferred10,718 8,627 6,794 Revenue recognized(8,727)(8,095)(6,892)CAVA Rewards liability, ending balance$3,778 $1,787 $1,255 

4.    FAIR VALUE

The following table summarizes certain assets