2024-02-15 11:40:27 ET
Shake Shack Inc. (SHAK)
Q4 2023 Earnings Conference Call
February 15, 2024 08:00 AM ET
Company Participants
Michael Oriolo - Senior Director, FP&A & IR
Randy Garutti - CEO
Katie Fogertey - CFO
Conference Call Participants
Brian Vaccaro - Raymond James
Sharon Zackfia - William Blair
Brian Mullan - Piper Sandler
Sara Senatore - Bank of America
Michael Tamas - Oppenheimer
Andrew Charles - TD Cowen
Jake Bartlett - Truist Securities
Peter Saleh - BTIG
Brian Harper - Morgan Stanley
David Tarantino - Baird
Jeffrey Bernstein - Barclays
Jeff Farmer - Gordon Haskett
Andy Barish - Jefferies
Jim Sanderson - Northcoast Research
Presentation
Operator
Greetings, and welcome to the Shake Shack's Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Michael Oriolo, Senior Financial Planning and Analysis, Investor Relations. Thank you, sir. You may begin.
Michael Oriolo
Thank you, and good morning, everyone. Joining me for Shake Shack's conference call is our CEO, Randy Garutti, and CFO, Katie Fogertey. During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the Financial Details section of our shareholder letter.
Some of today's statements may be forward-looking and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K, filed on February 23, 2023, and our other filings with the SEC, including our Form 8-K filed this morning. Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements if our views change.
By now, you should have access to our fourth quarter 2023 shareholder letter, which can be found at investor.shakeshack.com in the quarterly results section or as an exhibit to our 8-K for the quarter. We filed an 8-K this morning related to a correction the company identified and brought to its auditors, primarily regarding how the company has accounted for elements of tax depreciation.
These errors led to overstatements of income tax expense and understatement of deferred tax assets during the impact of periods. The unaudited amount of the overstatement of prior year non-cash GAAP income tax expense for fiscal 2021 and 2022, as well as an opening adjustment to the retained earnings balance in fiscal 2021, that is related to prior periods to 2021, can be found in the 8-K. We will provide additional details in our upcoming 10-K filing, which we expect to be filed on time.
I will now turn the call over to Randy.
Randy Garutti
Thanks, Mike, and good morning, everyone. I want to congratulate our teams on an exceptional 2023. This year marked transformative milestones and substantial profitable growth, building upon our already solid foundation for the long-term opportunity ahead. We grew system wide sales by 24% year-over-year to a record $1.7 billion....
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Shake Shack Inc. (SHAK) Q4 2023 Earnings Call Transcript