Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 159

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 159
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 a per restaurant basis in fiscal 2024 were higher than fiscal 2023, and will continue to be higher in future periods.

We believe that cash provided by operating activities and existing cash on hand, together with amounts available under our 2022 Credit Facility, will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future, including our expected capital expenditures for expansion of our CAVA restaurant base, operating lease obligations, and other working capital obligations. See Item 8. “Financial Statements and Supplementary Data,” Note 6 (Debt) and Note 8 (Leases) to our consolidated financial statements for more information. Our sources of liquidity could be affected by factors described Part I, Item 1A. “Risk Factors.” Depending on the severity and direct impact of these factors on us, we may not be able to secure additional financing on acceptable terms, or at all.

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Cash Overview

We 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