Shake Shack Inc.

Previous wording

Same-Shack sales for the thirteen weeks ended March 26, 2025 increased 0.2% compared to the same period last year, driven by a 4.8% increase in price mix, partially offset by a 4.6% decline in guest traffic. The decline in guest traffic was primarily related to weather, the LA wildfires, and broader macroeconomic pressures. For the purpose of calculating same-Shack sales for the thirteen weeks ended March 26, 2025, Shack sales for 250 Shacks were included in the comparable Shack base.

Current wording

Same-Shack sales for the thirteen weeks ended June 25, 2025 increased 1.8% compared to the same period last year, driven by a 2.5% increase in price mix, partially offset by a 0.7% decline in guest traffic. Same-Shack sales for the twenty-six weeks ended June 25, 2025 increased 2.2% compared to the same period last year, driven by a 4.1% increase in price mix, partially offset by a 1.9% decline in guest traffic. For the purpose of calculating same-Shack sales for the thirteen and twenty-six weeks ended June 25, 2025, Shack sales for 257 Shacks were included in the comparable Shack base.

Previous wording

Average weekly sales were $72,000 for the thirteen weeks ended March 26, 2025, compared to $73,000 for the same period last year, primarily driven by a decline in guest traffic, partially offset by higher menu prices and the closure of nine underperforming Company-operated Shacks in the third quarter of fiscal 2024.

Current wording

Average weekly sales were $78,000 for the thirteen weeks ended June 25, 2025, compared to $77,000 for the same period last year, primarily driven by higher menu prices and the closure of nine underperforming Company-operated Shacks in the third quarter of fiscal 2024, partially offset by a decrease in guest traffic and items per check. Average weekly sales were $75,000 for the twenty-six weeks ended June 25, 2025, which was flat compared to the same period last year, primarily driven by higher menu prices and the closure of nine underperforming Company-operated Shacks in the third quarter of fiscal 2024, partially offset by a decline in guest traffic.

Previous wording

Digital sales for the thirteen weeks ended March 26, 2025 increased 14.3% to $118.0 million compared to the same period last year. Digital sales includes orders placed on the Shake Shack app, website and third-party delivery platforms, which represented 38.1% of Shack sales during the thirteen weeks ended March 26, 2025.

Current wording

Digital sales for the thirteen weeks ended June 25, 2025 increased 16.6% to $122.5 million compared to the same period last year. Digital sales for the twenty-six weeks ended June 25, 2025 increased 15.5% to $240.5 million compared to the same period last year. Digital sales includes orders placed on the Shake Shack app, website and third-party delivery platforms, which represented 35.7% and 36.8%, respectively, of Shack sales during the thirteen and twenty-six weeks ended June 25, 2025.

Previous wording

During the thirteen weeks ended March 26, 2025, we opened four new Company-operated Shacks and seven new licensed Shacks. There was one permanent licensed Shack closure in the first quarter of 2025.

Current wording

During the thirteen weeks ended June 25, 2025, we opened 13 new Company-operated Shacks and nine new licensed Shacks. There was one permanent licensed Shack closure in the second quarter of 2025.

Previous wording

As of March 26, 2025, there were 589 Shacks in operation system wide, of which 333 were Company-operated Shacks and 256 were licensed Shacks.

Current wording

As of June 25, 2025, there were 610 Shacks in operation system wide, of which 346 were Company-operated Shacks and 264 were licensed Shacks.

Previous wording

The following table summarizes our results of operations for the thirteen weeks ended March 26, 2025 and March 27, 2024:

Current wording

The following table summarizes our results of operations for the thirteen and twenty-six weeks ended June 25, 2025 and June 26, 2024:

Previous wording

28 |Shake Shack Inc. Form 10-Q

Current wording

28 |Shake Shack Inc. Form 10-Q which contributed $34.5 million, as well as increased menu prices, partially offset by the impact from the closure of nine Company-operated Shacks in fiscal 2024 and a decline in items per check.

Previous wording

Shack sales for the thirteen weeks ended March 26, 2025 increased 10.4% to $309.8 million versus the same period last year. The increase was primarily due to the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025 which contributed $36.0 million as well as increased menu prices, partially offset by a decline in guest traffic and the impact from the closure of nine Company-operated Shacks in fiscal 2024.

Current wording

Shack sales for the twenty-six weeks ended June 25, 2025 increased 11.4% to $653.1 million versus the same period last year. The increase was primarily due to the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025, which contributed $59.4 million, as well as increased menu prices, partially offset by the impact from the closure of nine Company-operated Shacks in fiscal 2024 and a decline in guest traffic.

Previous wording

Food and paper costs for the thirteen weeks ended March 26, 2025 increased 7.2% to $86.0 million versus the same period last year. The increase was primarily due to the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025, which contributed approximately $10.1 million, partially offset by the closure of nine Company-operated Shacks in fiscal 2024.

Current wording

Food and paper costs for the thirteen weeks ended June 25, 2025 increased 13.6% to $96.6 million versus the same period last year. Food and paper costs for the twenty-six weeks ended June 25, 2025 increased 10.5% to $182.7 million versus the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025, which contributed approximately $10.0 million and $17.1 million, respectively, partially offset by the closure of nine Company-operated Shacks in fiscal 2024.

Previous wording

As a percentage of Shack sales, the decrease in Food and paper costs for the thirteen weeks ended March 26, 2025 was primarily driven by increased menu prices partially offset by increased commodity costs, specifically beef.

Current wording

As a percentage of Shack sales, the increase in Food and paper costs for the thirteen weeks ended June 25, 2025 was primarily driven increased commodity costs, mainly beef, and marketing promotions, partially offset by increased menu prices. As a percentage of Shack sales, the decrease in Food and paper costs for the twenty-six weeks ended June 25, 2025 was primarily driven by increased menu prices and deflation of paper costs, partially offset by increased commodity costs, mainly beef and marketing promotions.

Previous wording

Labor and related expenses for the thirteen weeks ended March 26, 2025 increased 6.3% to $86.7 million versus the same period last year. The increase was primarily due to the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025, partially offset by labor efficiencies.

Current wording

Labor and related expenses for the thirteen weeks ended June 25, 2025 increased 1.7% to $88.1 million versus the same period last year. Labor and related expenses for the twenty-six weeks ended June 25, 2025 increased 3.9% to $174.7 million versus the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025, partially offset by labor efficiencies and the closure of nine Company-operated Shacks in fiscal 2024.

Previous wording

As a percentage of Shack sales, the decrease in Labor and related expenses for the thirteen weeks ended March 26, 2025 was primarily due to labor efficiencies partially offset by increased wages and incremental expenses from the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025.

Current wording

As a percentage of Shack sales, the decreases in Labor and related expenses for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to labor efficiencies, partially offset by increased wages and incremental expenses from the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025.

Previous wording

Other operating expenses for the thirteen weeks ended March 26, 2025 increased 15.3% to $48.3 million versus the same period last year. The increase was primarily driven by increased transaction costs associated with higher sales, increased marketing spend, as well as higher facilities costs, mainly professional services.

Current wording

Other operating expenses for the thirteen weeks ended June 25, 2025 increased 15.5% to $50.8 million versus the same period last year. Other operating expenses for the twenty-six weeks ended June 25, 2025 increased 15.4% to $99.0 million versus the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to increased transaction costs, mainly delivery commission, associated with higher sales, increased marketing spend, as well as higher facilities costs.

Previous wording

As a percentage of Shack sales, the increase in Other operating expenses for the thirteen weeks ended March 26, 2025 was primarily due to increased marketing spend and delivery commissions associated with higher delivery sales.

Current wording

As a percentage of Shack sales, the increases in Other operating expenses for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to increased marketing spend and delivery commission associated with higher delivery sales.

Previous wording

Occupancy and related expenses for the thirteen weeks ended March 26, 2025 increased 11.0% to $24.6 million versus the same period last year. The increase was primarily due to the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025, which contributed approximately $2.7 million, partially offset by the closure of nine Company-operated Shacks in fiscal 2024.

Current wording

Occupancy and related expenses for the thirteen weeks ended June 25, 2025 increased 10.2% to $25.6 million versus the same period last year. Occupancy and related expenses for the twenty-six weeks ended June 25, 2025 increased 10.6% to $50.2 million versus the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025, which contributed approximately $2.2 million and $4.0 million, respectively, partially offset by the closure of nine Company-operated Shacks in fiscal 2024.

Previous wording

As a percentage of Shack sales, Occupancy and related expenses was flat for the thirteen weeks ended March 26, 2025.

Current wording

As a percentage of Shack sales, the decrease in Occupancy and related expenses for the thirteen weeks ended June 25, 2025 was primarily driven by sales leverage. As a percentage of Shack sales, Occupancy and related expenses was flat for the twenty-six weeks ended June 25, 2025.

Previous wording

General and administrative expenses for the thirteen weeks ended March 26, 2025 increased 13.1% to $40.6 million versus the same period last year. The increase was primarily due to increased investments in marketing as well as increased wages and other team costs to support our Shack growth and strategic initiatives, partially offset by the absence of costs associated with the restatement of prior periods included in the fiscal 2023 Form 10-K and professional fees related to non-recurring matters.

Current wording

General and administrative expenses for the twenty-six weeks ended June 25, 2025 increased 12.5% to $81.3 million versus the same period last year. The increase was primarily due to increased wages and other team costs to support our Shack growth as well as increased investments in marketing and legal expenses, partially offset by a decrease in professional fees related to non-recurring matters and the absence of costs associated with the restatement of prior periods included in the fiscal 2023 Form 10-K. As a percentage of Total revenue, the increase in General and administrative expenses for the twenty-six weeks ended June 25, 2025 was primarily due to the aforementioned items, partially offset by sales leverage.

Previous wording

Depreciation and amortization expense for the thirteen weeks ended March 26, 2025 increased 4.3% to $26.5 million versus the same period last year. The increase was primarily due to incremental depreciation of capital expenditures related to the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025, partially offset by a reduction in depreciation expense due to fully depreciated technology projects and assets compared to the prior year period.

Current wording

Depreciation and amortization expense for the thirteen weeks ended June 25, 2025 increased 4.1% to $26.5 million versus the same period last year. Depreciation and amortization expense for the twenty-six weeks ended June 25, 2025 increased 4.2% to $53.1 million versus the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to incremental depreciation of capital expenditures related to the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025, partially offset by a reduction in depreciation expense due to fully depreciated technology projects and assets compared to the prior year period and the closure of nine Company-operated Shacks in fiscal 2024.

Previous wording

Pre-opening costs for the thirteen weeks ended March 26, 2025 increased 16.9% to $3.2 million versus the same period last year. The increase was primarily due to increased legal costs associated with accelerating development pipelines.

Current wording

Pre-opening costs for the twenty-six weeks ended June 25, 2025 increased 20.8% to $8.2 million versus the same period last year. The increase was primarily due to increased legal costs associated with accelerating the development pipeline, increased wages and team costs for our Shack teams related to the timing of Shack openings throughout the year, as well as increased utilities.

Previous wording

Impairments, loss on disposal of assets, and Shack closures for the thirteen weeks ended March 26, 2025 increased to $2.1 million versus the same period last year. The increase was primarily due to expenses related to the closure of nine Company-operated Shacks in fiscal 2024.

Current wording

Impairments, loss on disposal of assets, and Shack closures for the twenty-six weeks ended June 25, 2025 increased to $2.9 million. The increase was primarily due to expenses related to the closure of nine Company-operated Shacks in August 2024, partially offset by a decrease in the cost of abandoned projects.

Previous wording

Other income, net for the thirteen weeks ended March 26, 2025 decreased from $3.2 million to $3.0 million versus the same period last year. The decrease was primarily due to a change from investments in the prior year to cash equivalents in the current year, which have a lower interest rate.

Current wording

Other income, net for the thirteen weeks ended June 25, 2025 decreased from $3.3 million to $2.9 million versus the same period last year. Other income, net for the twenty-six weeks ended June 25, 2025 decreased from $6.5 million to $5.8 million versus the same period last year. The decreases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to a change from investments in the prior year to cash equivalents in the current year.

Previous wording

Interest expense for the thirteen weeks ended March 26, 2025 increased 10.8% to $0.6 million versus the same period last year. The increase was primarily due to increased finance lease charges from the opening of 43 new Company-operated Shacks between March 27, 2024 and March 26, 2025.

Current wording

Interest expense for the thirteen weeks ended June 25, 2025 increased 4.0% to $0.5 million versus the same period last year. Interest expense for the twenty-six weeks ended June 25, 2025 increased 7.3% to $1.1 million versus the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to increased finance lease charges from the opening of 44 new Company-operated Shacks between June 26, 2024 and June 25, 2025.

Previous wording

Our effective income tax rates for the thirteen weeks ended March 26, 2025 and March 27, 2024 were 14.0% and 19.0%, respectively. The decrease was primarily attributable to an increase in pre-tax income and the recognition of a windfall benefit related to equity-based compensation in the current quarter. Additionally, an increase in the Company's ownership interest in SSE Holdings increases its share of the taxable income of SSE Holdings. Our weighted-average ownership interest in SSE Holdings was 94.2% and 93.3%, respectively, for the thirteen weeks ended March 26, 2025 and March 27, 2024.

Current wording

Our effective income tax rates for the thirteen weeks ended June 25, 2025 and June 26, 2024 were 25.1% and 23.4%, respectively. Our effective income tax rates for the twenty-six weeks ended June 25, 2025 and June 26, 2024 were 23.2% and 22.7%, respectively. The increase in effective income tax rates were primarily driven by higher state income tax expense. The Company's ownership interest in SSE Holdings is directly related to its share of the taxable income of SSE Holdings. Our weighted average ownership interest in SSE Holdings was 94.3% and 93.7%, respectively, for the thirteen weeks ended June 25, 2025 and June 26, 2024, and 94.3% and 93.5%, respectively, for the twenty-six weeks ended June 25, 2025 and June 26, 2024. These increases in the Company's ownership interest in SSE Holdings LLC increased its share of the taxable income of SSE Holdings.

Previous wording

Net income attributable to non-controlling interests for the thirteen weeks ended March 26, 2025 increased to $0.3 million from $0.2 million in the same period last year. The increase was primarily due to increased net results compared to the same period last year, partially offset by a decrease in the non-controlling interest holders' weighted average ownership, which was 5.8% and 6.7%, respectively for the thirteen weeks ended March 26, 2025 and March 27, 2024.

Current wording

Net income attributable to non-controlling interests for the thirteen weeks ended June 25, 2025 increased to $1.3 million from $0.7 million in the same period last year. Net income attributable to non-controlling interests for the twenty-six weeks ended June 25, 2025 increased to $1.6 million from $0.9 million in the same period last year. The increases for the thirteen and twenty-six weeks ended June 25, 2025 were primarily due to increased net results compared to the same periods last year, partially offset by a decrease in the non-controlling interest holders' weighted average ownership, which was 5.7% for the thirteen and twenty-six weeks ended June 25, 2025 and 6.3% and 6.5%, respectively, for the thirteen and twenty-six weeks ended June 26, 2024.

Previous wording

34 |Shake Shack Inc. Form 10-Q understanding of the Net income attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with our GAAP financial results. A reconciliation of adjusted pro forma net income to Net income attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.

Current wording

34 |Shake Shack Inc. Form 10-Q

Previous wording

(3)Expenses incurred for professional fees related to non-recurring matters.

Current wording

(4)Expenses incurred for professional fees related to non-recurring matters.

Previous wording

(4)Calculated as a percentage of Total revenue, which was $320.9 million and $290.5 million for the thirteen weeks ended March 26, 2025 and March 27, 2024, respectively.

Current wording

(5)Calculated as a percentage of Total revenue, which was $356.5 million and $677.4 million for the thirteen and twenty-six weeks ended June 25, 2025, respectively, and $316.5 million and $607.0 million for the thirteen and twenty-six weeks ended June 26, 2024, respectively.

Previous wording

Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating our performance, they do not account for the earnings attributable to the non-controlling interest holders and therefore do not provide a complete

Current wording

Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share may differ from similarly titled measures used by other companies due to different methods of calculation. Presentation of adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should not be considered alternatives to Net income and earnings per share, as determined under GAAP. While these measures are useful in evaluating our performance, they do not account for the earnings attributable to the non-controlling interest holders and therefore do not provide a complete understanding of the Net income attributable to Shake Shack Inc. Adjusted pro forma net income and adjusted pro forma earnings per fully exchanged and diluted share should be evaluated in conjunction with our GAAP financial results. A reconciliation of adjusted pro forma net income to Net income attributable to Shake Shack Inc., the most directly comparable GAAP measure, and the computation of adjusted pro forma earnings per fully exchanged and diluted share are set forth below.

Previous wording

(1)Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests.

Current wording

(1)Assumes the exchange of all outstanding LLC Interests for shares of Class A common stock, resulting in the elimination of the non-controlling interest and recognition of the net income attributable to non-controlling interests. Refer to Note 11, Earnings per Share, in the accompanying Condensed Consolidated Financial Statements, for additional information.

Previous wording

(4)Expenses incurred to establish accruals related to the settlements of legal matters.

Current wording

(5)Expenses incurred to establish accruals related to the settlements of legal matters.

Previous wording

(5)Expenses incurred for professional fees related to non-recurring matters.

Current wording

(6)Expenses incurred for professional fees related to non-recurring matters.

Previous wording

(6)Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 21.3% and 2.8% for the thirteen weeks ended March 26, 2025 and March 27, 2024, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.

Current wording

(7)Represents the tax effect of the aforementioned adjustments and pro forma adjustments to reflect corporate income taxes at assumed effective tax rates of 23.6% and 23.1% for the thirteen and twenty-six weeks ended June 25, 2025, respectively, and 24.1% and 18.4% for the thirteen and twenty-six weeks ended June 26, 2024, respectively. Amounts include provisions for U.S. federal income taxes, certain LLC entity-level taxes and foreign withholding taxes, assuming the highest statutory rates apportioned to each applicable state, local and foreign jurisdiction.

Previous wording

(7)Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above for additional information.

Current wording

(8)Represents the per share impact of non-GAAP adjustments for each period. Refer to the reconciliation of Adjusted pro forma net income above, for additional information.

Previous wording

Our primary sources of liquidity are cash from operations, cash and cash equivalents on hand, and availability under our Revolving Credit Facility. As of March 26, 2025, we maintained a Cash and cash equivalents balance of $312.9 million. In March 2021, we issued 0% Convertible Senior Notes (“Convertible Notes”), and received $243.8 million of proceeds, net of discounts. Refer to Note 6, Debt, in the accompanying Condensed Consolidated Financial Statements, for additional information.

Current wording

Our primary sources of liquidity are cash from operations, cash and cash equivalents on hand, and availability under our Revolving Credit Facility. As of June 25, 2025, we maintained a Cash and cash equivalents balance of $336.8 million. In March 2021, we issued 0% Convertible Senior Notes (“Convertible Notes”), and received $243.8 million of proceeds, net of discounts. Refer to Note 6, Debt, in the accompanying Condensed Consolidated Financial Statements, for additional information.

Previous wording

In addition, we are obligated to make payments to certain members of SSE Holdings under the Tax Receivable Agreement. As of March 26, 2025, such obligations totaled $248.1 million. Amounts payable under the Tax Receivable Agreement are contingent upon, among other things, (i) generation of future taxable income over the term of the Tax Receivable Agreement and (ii) future changes in tax laws. If we do not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then we would not be required to make the related payments under the Tax Receivable Agreement. Although the amount of any payments that must be made under the Tax Receivable Agreement may be significant, the timing of these payments will vary and will generally be limited to one payment per member per year. The amount of such payments are also limited to the extent we utilize the related deferred tax assets. The payments that we are required to make will generally reduce the amount of overall cash flow that might have otherwise been available to us or to SSE Holdings, but we expect the cash tax savings we will realize from the utilization of the related deferred tax assets to fund the required payments.

Current wording

In addition, we are obligated to make payments to certain members of SSE Holdings under the Tax Receivable Agreement. As of June 25, 2025, such obligations totaled $248.3 million. Amounts payable under the Tax Receivable Agreement are contingent upon, among other things, (i) generation of future taxable income over the term of the Tax Receivable Agreement and (ii) future changes in tax laws. If we do not generate sufficient taxable income in the aggregate over the term of the Tax Receivable Agreement to utilize the tax benefits, then we would not be required to make the related payments under the Tax Receivable Agreement. Although the amount of any payments that must be made under the Tax Receivable Agreement may be significant, the timing of these payments will vary and will generally be limited to one payment per member per year. The amount of such payments are also limited to the extent we utilize the related deferred tax assets. The payments that we are required to make will generally reduce the amount of overall cash flow that might have otherwise been available to us or to SSE Holdings, but we expect the cash tax savings we will realize from the utilization of the related deferred tax assets to fund the required payments.

Previous wording

For the thirteen weeks ended March 26, 2025, net cash provided by operating activities was $31.2 million compared to $30.7 million for the thirteen weeks ended March 27, 2024, an increase of $0.5 million. The increase was primarily driven by an $8.2 million improvement in net results after excluding non-cash charges partially offset by changes in working capital of $7.7 million. The changes in working capital included an increase in payments on lease liabilities due to the opening of 34 net new Company-operated Shacks between March 27, 2024 and March 26, 2025 and an increase in bonus payments, partially offset by a change in the timing and payments related to general business accruals.

Current wording

For the twenty-six weeks ended June 25, 2025, net cash provided by operating activities was $96.2 million compared to $84.2 million for the twenty-six weeks ended June 26, 2024, an increase of $12.0 million. The increase was primarily driven by a $24.1 million improvement in net results after excluding non-cash charges, partially offset by changes in working capital of $12.1 million. The changes in working capital primarily included an increase in payments on lease liabilities due to the opening of 35 net new Company-operated Shacks between June 26, 2024 and June 25, 2025 and an increase in bonus payments, partially offset by a change in the timing and payments related to general business accruals.

Previous wording

For the thirteen weeks ended March 26, 2025, net cash used in investing activities was $29.4 million compared to net cash provided by investing activities of $11.3 million for the thirteen weeks ended March 27, 2024.The change was primarily driven by the absence of $44.4 million of proceeds from maturities of held-to-maturity marketable securities in the current period, compared to the prior year. This impact was partially offset by a $3.7 million reduction in capital expenditures.

Current wording

For the twenty-six weeks ended June 25, 2025, net cash used in investing activities was $67.4 million compared to net cash provided by investing activities of $0.4 million for the twenty-six weeks ended June 26, 2024. The change was primarily driven by the absence of $66.4 million of proceeds from maturities of held-to-maturity marketable securities in the current period, compared to the prior year.

Previous wording

For the thirteen weeks ended March 26, 2025, net cash used in financing activities was $9.7 million compared to $6.4 million for the thirteen weeks ended March 27, 2024, an increase of $3.3 million. This increase was primarily due to an increase in withholding taxes related to net settled equity awards.

Current wording

For the twenty-six weeks ended June 25, 2025, net cash used in financing activities was $12.7 million compared to $7.5 million for the twenty-six weeks ended June 26, 2024, an increase of $5.2 million. This increase was primarily due to an increase in withholding taxes related to net settled equity awards.

Previous wording

In August 2019, we entered into a Revolving Credit Facility, which matures in March 2026 and permits borrowings up to $50.0 million, with the ability to increase available borrowings up to an additional $100.0 million, subject to satisfaction of certain conditions. The Revolving Credit Facility also permits the issuance of letters of credit upon our request of up to $15.0 million.

Current wording

In August 2019, we entered into a Revolving Credit Facility, which permits borrowings up to $50.0 million, with the ability to increase available borrowings up to an additional $100.0 million, subject to satisfaction of certain conditions. The Revolving Credit Facility also permits the issuance of letters of credit upon our request of up to $15.0 million.

Previous wording

In June 2023, the Company entered into the fourth amendment to the Revolving Credit Facility ("Fourth Amendment"), which, among other things, modified the benchmark interest rate to either: (i) the base rate plus applicable margin ranging from 0.0% to 1.5% or (ii) the Secured Overnight Financing Rate (“SOFR”) plus applicable margin ranging from 1.0% to 2.5%, in each case depending on the net lease adjusted leverage ratio. As of March 26, 2025 and December 25, 2024, no amounts were outstanding under the Revolving Credit Facility.

Current wording

Outstanding borrowings under the Revolving Credit Facility bear interest at either: (i) the base rate plus applicable margin ranging from 0.0% to 1.5% or (ii) the Secured Overnight Financing Rate (“SOFR”) plus applicable margin ranging from 1.0% to 2.5%, in each case depending on the net lease adjusted leverage ratio. As of June 25, 2025 and December 25, 2024, no amounts were outstanding under the Revolving Credit Facility.