Company: CAVA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049080
Chunk: 46

Company: CAVA GROUP, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 8
Chunk 46
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 in progress includes CAVA new restaurant openings and technology improvements. 

10

Intangible assets, netThe increase in intangible assets, net, during the forty weeks ended October 5, 2025, was due to three favorable lease assets recognized in connection with an asset acquisition supporting the Company’s new restaurant openings. Accrued expenses and otherThe Company’s accrued expenses and other were as follows:(in thousands)October 5,2025December 29,2024Accrued payroll and payroll taxes$27,815 $30,272 Accrued capital purchases8,971 7,514 Sales and use tax payable6,862 4,024 Gift card and loyalty liabilities5,911 6,736 Other accrued expenses28,969 21,276 Total accrued expenses and other$78,528 $69,822 

6.    DEBT

As of October 5, 2025, the Company had a revolving credit facility with available borrowing capacity of $74.1 million, net of $0.9 million of outstanding letters of credit (the “2022 Credit Facility”), with JPMorgan Chase Bank, N.A. as administrative agent. The 2022 Credit Facility has a five-year term and matures on March 11, 2027. Interest rates on loans under the 2022 Credit Facility are based on either: (i) the base rate plus applicable margin ranging from 0.50% to 1.50% or (ii) the Adjusted Term Secured Overnight Financing Rate (as described in the 2022 Credit Facility) plus applicable margin ranging from 1.50% to 2.50%. Applicable margin ranges are subject to change 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, 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 the Company’s 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 October 5,