CAVA Group Inc.(NYSE:CAVA) 
CAVA Group, Inc. owns and operates a chain of Mediterranean restaurants. The company offers salads, dips, spreads, toppings, and dressings. It sells its products through whole food markets and grocery stores. The company also provides online food ordering services. Cava Group, Inc. was founded in 20...
Website: https://cava.com/
Founded: 2011
IPO Price: $22 (Jun 15, 2023)
CEO: Brett Schulman
Sector: Consumer Cyclical
Industry: Restaurants
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At a glance:
- Strong Same-Restaurant Sales and Traffic Momentum: CAVA has been posting robust same-restaurant sales growth, supported by healthy guest traffic trends and continued brand awareness gains in its core markets.
- Unit Expansion Remains the Primary Growth Engine: New restaurant openings continue to drive revenue growth, with a sizable runway for expansion across underpenetrated U.S. geographies and a focus on disciplined site selection.
- Restaurant-Level Margins Sensitive to Labor and Food Costs: Profitability is supported by scale benefits and pricing, but margins remain exposed to labor inflation and food commodity volatility, making cost controls and operational efficiency key watch items.
- Digital and Loyalty Mix Supports Frequency and Throughput: Digital ordering and loyalty engagement help drive repeat visits and improve convenience, but the company must balance off-premise demand with in-store throughput and service times.
- Valuation Hinges on Sustained Growth and Execution: With a growth-oriented market narrative, shares can be sensitive to any deceleration in comps, slower-than-expected unit economics, or changes to the pace of new store development.
Bull Thesis:
- Strong Unit Economics & Expansion Potential: CAVA's existing restaurants demonstrate robust average unit volumes (AUVs) and healthy store-level profitability, providing a strong foundation for aggressive new unit expansion and market penetration across the U.S.
- Alignment with Health & Wellness Trends: The Mediterranean cuisine offered by CAVA aligns perfectly with growing consumer preferences for fresh, healthy, and customizable meal options, differentiating it in the competitive fast-casual landscape and appealing to a broad demographic.
- Robust Digital & Off-Premise Strategy: CAVA has successfully built a strong digital ordering platform and a significant portion of its sales come from off-premise channels (pickup, delivery), catering to modern consumer convenience and expanding reach beyond traditional dine-in.
- Strong Brand Loyalty & Customer Experience: High customer satisfaction, repeat visits, and a loyal customer base indicate effective brand building and a positive dining experience, which are crucial for sustainable long-term growth and resilience against competitors.
Bear Thesis:
- Elevated Valuation & Path to Profitability: CAVA's current market valuation appears to price in significant future growth and profitability, leaving little room for operational missteps or slower-than-expected expansion, and the company is still not consistently profitable on a GAAP basis.
- Intense Competition in Fast-Casual Segment: The fast-casual restaurant market is highly saturated and competitive, with numerous established players and emerging concepts vying for consumer dollars, potentially limiting CAVA's market share gains and pricing power.
- Execution Risk in Rapid Expansion: The company's ambitious expansion plans carry inherent execution risks, including securing prime real estate, effectively managing construction, hiring and training sufficient staff, and maintaining consistent food quality and service across a rapidly growing footprint.
- Inflationary Pressures on Costs: Rising costs for food ingredients, labor, and rent could put significant pressure on CAVA's profit margins. The ability to pass these costs onto consumers without impacting demand remains a key challenge in the current economic environment.
Main Competitors:
- Chipotle Mexican Grill ($CMG) (Burritos, bowls, tacos, salads), Competes directly for the fast-casual dining dollar with a highly successful 'build-your-own' model, emphasizing fresh ingredients and speed of service. While offering Mexican cuisine, it appeals to a similar demographic seeking quick, customizable, and perceived healthy meals, often serving as the benchmark for operational efficiency in the segment.
- Sweetgreen, Inc. ($SG) (Salads, warm bowls), A direct competitor in the 'healthy fast-casual' segment, offering customizable salads and warm bowls with a strong focus on fresh, seasonal, and locally sourced ingredients. Sweetgreen targets health-conscious consumers in urban and suburban markets, directly vying for the same customer base looking for nutritious and convenient meal options.
- Panera Bread (JAB Holding Company) (Salads, sandwiches, soups, bowls), A large, established fast-casual chain that competes for the same lunch and dinner occasions. Panera offers a broad menu including salads and bowls that appeal to consumers looking for convenient, fresh, and somewhat healthier options, despite having a less 'build-your-own' focus than CAVA. Its extensive footprint and loyalty program pose significant competition.
- Local & Regional Mediterranean Restaurants (Various Mediterranean dishes (gyros, kebabs, falafel, hummus, salads)), CAVA faces significant competition from numerous independent and smaller regional Mediterranean restaurants. These establishments often have established local followings, offer authentic flavors, and can sometimes provide a more traditional dining experience or lower price points, appealing to customers seeking specific cultural tastes or community-based dining.
Moat:
CAVA Group operates in a highly competitive and fragmented fast-casual dining market. Its primary moat lies in its strong brand recognition as a leading national Mediterranean concept, its scalable 'build-your-own' operational model, and its effective digital platform. CAVA benefits from the growing consumer demand for healthy, customizable, and convenient meal options. However, it faces intense competition from established fast-casual giants like Chipotle and Sweetgreen, which offer similar service models and target demographics, albeit with different cuisines. Additionally, CAVA competes with a multitude of local and regional Mediterranean eateries, as well as broader fast-casual chains like Panera Bread, and even prepared meal options from grocery stores. Its ability to maintain ingredient quality, operational efficiency, and a compelling value proposition while continuing its aggressive expansion will be crucial for sustained growth against these diverse competitive pressures.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-04-19 | 2025-12-28 | 2025-10-05 | 2025-07-13 | 2025-04-20 | 2024-12-29 | 2024-10-06 | 2024-07-14 | 2024-04-21 | 2023-12-31 | 2023-10-01 | 2023-07-09 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 438,270,000 | 274,985,000 | 292,238,000 | 280,615,000 | 331,826,000 | 227,395,000 | 243,817,000 | 233,495,000 | 259,006,000 | 177,170,000 | 175,553,000 | 172,894,000 |
yoy | 32.08% | 20.93% | 19.86% | 20.18% | 28.12% | 28.35% | 38.89% | 35.05% | ||||
qoq | 59.38% | -5.90% | 4.14% | -15.43% | 45.92% | -6.74% | 4.42% | -9.85% | 46.19% | 0.92% | 1.54% | |
operating expenses: | ||||||||||||
restaurant operating expenses | ||||||||||||
food, beverage, and packaging | 127,678,000 | 83,980,000 | 88,289,000 | 82,950,000 | 97,559,000 | 68,417,000 | 73,540,000 | 68,839,000 | 73,947,000 | 51,522,000 | 51,818,000 | 51,000,000 |
labor | 111,551,000 | 73,954,000 | 73,849,000 | 69,496,000 | 84,562,000 | 61,356,000 | 61,233,000 | 58,388,000 | 66,513,000 | 48,842,000 | 43,913,000 | 42,417,000 |
occupancy | 29,857,000 | 20,854,000 | 19,523,000 | 18,791,000 | 24,408,000 | 17,100,000 | 16,412,000 | 15,917,000 | 20,422,000 | 14,538,000 | 13,782,000 | 13,400,000 |
other operating expenses | 57,992,000 | 36,840,000 | 38,211,000 | 34,697,000 | 41,234,000 | 29,090,000 | 29,985,000 | 27,991,000 | 32,758,000 | 22,404,000 | 21,553,000 | 20,646,000 |
total restaurant operating expenses | 327,078,000 | 215,628,000 | 219,872,000 | 205,934,000 | 247,763,000 | 175,963,000 | 181,170,000 | 171,135,000 | 193,640,000 | 137,306,000 | 131,066,000 | 127,463,000 |
general and administrative expenses | 51,590,000 | 32,518,000 | 31,499,000 | 32,051,000 | 41,394,000 | 28,549,000 | 29,830,000 | 28,281,000 | 33,840,000 | 24,674,000 | 24,472,000 | 23,321,000 |
depreciation and amortization | 25,466,000 | 18,407,000 | 17,628,000 | 16,815,000 | 20,811,000 | 14,975,000 | 14,325,000 | 13,733,000 | 17,322,000 | 12,337,000 | 11,528,000 | 10,709,000 |
pre-opening costs | 6,161,000 | 4,615,000 | 4,942,000 | 5,096,000 | 4,481,000 | 2,697,000 | 2,819,000 | 3,302,000 | 3,379,000 | 2,909,000 | 3,410,000 | 3,400,000 |
impairment and asset disposal costs | 2,718,000 | 1,008,000 | 1,176,000 | 1,074,000 | 1,667,000 | 1,260,000 | 1,675,000 | 830,000 | 1,290,000 | 604,000 | 1,190,000 | 386,000 |
total operating expenses | 413,013,000 | 272,176,000 | 275,117,000 | 260,970,000 | 316,116,000 | 223,442,000 | 230,049,000 | 217,351,000 | 249,753,000 | 178,750,000 | 172,758,000 | 167,132,000 |
income from operations | 25,257,000 | 2,809,000 | 17,121,000 | 19,645,000 | 15,710,000 | 3,953,000 | 13,768,000 | 16,144,000 | 9,253,000 | -1,580,000 | 2,795,000 | 5,762,000 |
yoy | 60.77% | -28.94% | 24.35% | 21.69% | 69.78% | -350.19% | 392.59% | 180.18% | ||||
qoq | 799.15% | -83.59% | -12.85% | 25.05% | 297.42% | -71.29% | -14.72% | 74.47% | -685.63% | -156.53% | -51.49% | |
operating margin % | 5.76% | 1.02% | 5.86% | 7.00% | 4.73% | 1.74% | 5.65% | 6.91% | 3.57% | -0.89% | 1.59% | 3.33% |
interest income | -4,082,000 | -3,272,000 | -3,575,000 | -3,581,000 | -4,617,000 | -3,207,250 | -4,091,000 | -3,824,000 | ||||
other income | -700,000 | -474,000 | -27,000 | -130,000 | -50,000 | -60,000 | -78,000 | -59,000 | -120,000 | -118,000 | ||
income before taxes | 30,039,000 | 6,079,000 | 20,666,000 | 23,700,000 | 20,354,000 | 7,728,000 | 17,909,000 | |||||
provision for income taxes | 6,473,000 | 1,158,000 | 5,919,000 | 5,332,000 | -5,353,000 | -70,891,000 | -57,000 | 287,000 | 252,000 | 652,000 | 38,000 | 40,000 |
net income | 23,566,000 | 4,921,000 | 14,747,000 | 18,368,000 | 25,707,000 | 78,619,000 | 17,966,000 | 19,741,000 | 13,993,000 | 2,049,000 | 6,833,000 | 6,539,000 |
yoy | -8.33% | -93.74% | -17.92% | -6.96% | 83.71% | 3736.94% | 162.93% | 201.90% | ||||
qoq | 378.89% | -66.63% | -19.71% | -28.55% | -67.30% | 337.60% | -8.99% | 41.08% | 582.92% | -70.01% | 4.50% | |
net income margin % | 5.38% | 1.79% | 5.05% | 6.55% | 7.75% | 34.57% | 7.37% | 8.45% | 5.40% | 1.16% | 3.89% | 3.78% |
earnings per share: | ||||||||||||
basic | 0.2 | 0.04 | 0.13 | 0.16 | 0.22 | 0.69 | 0.16 | 0.17 | 0.12 | |||
diluted | 0.2 | 0.04 | 0.12 | 0.16 | 0.22 | 0.66 | 0.15 | 0.17 | 0.12 | |||
weighted-average common shares outstanding: | ||||||||||||
basic | 116,341 | 115,804 | 115,960 | 115,783 | 115,525 | 114,292 | 114,434 | 114,130 | 113,972 | 60,512 | ||
diluted | 118,316 | 118,278 | 118,271 | 118,334 | 118,437 | 118,273 | 118,430 | 118,291 | 117,936 | 63,448 | ||
the accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | ||||||||||||
restructuring and other costs | -2,000 | 230,000 | 70,000 | 282,000 | 920,000 | 1,092,000 | 1,853,000 | |||||
other expense | -117,750 | 30,000 | ||||||||||
income before income taxes | 20,028,000 | 14,245,000 | 2,701,000 | 6,871,000 | 6,579,000 | |||||||
interest expense | -4,914,000 | -4,222,000 | -3,956,000 | -699,000 | ||||||||
restaurant operating costs | ||||||||||||
earnings per common share: | ||||||||||||
net income per share | 0.065 | 0.06 | 0.23 | |||||||||
weighted-average shares outstanding, basic | 113,584 | 28,366 | ||||||||||
weighted-average shares outstanding, diluted | 117,713 | 31,279 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-04-19 | 2025-12-28 | 2025-10-05 | 2025-07-13 | 2025-04-20 | 2024-12-29 | 2024-10-06 | 2024-07-14 | 2024-04-21 | 2023-12-31 | 2023-10-01 | 2023-07-09 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | ||||||||||||
current assets: | ||||||||||||
cash and cash equivalents | 295,771,000 | 282,917,000 | 284,570,000 | 290,172,000 | 289,350,000 | 366,120,000 | 367,160,000 | 343,748,000 | 329,117,000 | 332,428,000 | 340,399,000 | 352,845,000 |
trade accounts receivable | 10,752,000 | 6,324,000 | 7,630,000 | 7,637,000 | 7,267,000 | 4,799,000 | 6,483,000 | 5,927,000 | 5,511,000 | 3,662,000 | 5,192,000 | 4,326,000 |
other accounts receivable | 9,949,000 | 12,664,000 | 9,580,000 | 8,902,000 | 8,650,000 | 8,197,000 | 6,717,000 | 7,962,000 | 6,221,000 | 8,223,000 | 7,500,000 | 7,552,000 |
investments at fair value | 107,189,000 | 110,112,000 | 103,115,000 | 95,611,000 | 79,917,000 | |||||||
inventories | 9,259,000 | 9,017,000 | 8,579,000 | 7,994,000 | 7,280,000 | 7,600,000 | 7,335,000 | 7,195,000 | 6,304,000 | 5,637,000 | 5,726,000 | 5,357,000 |
prepaid expenses and other | 11,780,000 | 10,039,000 | 11,651,000 | 8,221,000 | 10,561,000 | 7,438,000 | 5,565,000 | 4,934,000 | 4,861,000 | 4,962,000 | 4,832,000 | 4,534,000 |
total current assets | 444,700,000 | 431,073,000 | 425,125,000 | 418,537,000 | 403,025,000 | 394,154,000 | 393,260,000 | 369,766,000 | 352,014,000 | 354,912,000 | 363,649,000 | 374,614,000 |
property and equipment | 479,081,000 | 457,501,000 | 439,338,000 | 418,027,000 | 390,576,000 | 372,902,000 | 363,216,000 | 355,014,000 | 345,695,000 | 330,730,000 | 316,086,000 | 298,318,000 |
operating lease assets | 416,998,000 | 389,417,000 | 375,207,000 | 367,752,000 | 348,010,000 | 321,832,000 | 314,073,000 | 304,926,000 | 298,798,000 | 289,451,000 | 297,031,000 | 289,126,000 |
goodwill | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 | 1,944,000 |
intangible assets | 1,764,000 | 1,779,000 | 1,791,000 | 1,593,000 | 1,579,000 | 1,355,000 | 1,355,000 | 1,355,000 | 1,355,000 | 1,355,000 | 1,355,000 | 1,355,000 |
deferred income taxes | 59,087,000 | 65,393,000 | 65,768,000 | 71,562,000 | 76,915,000 | 71,537,000 | 79,000 | 79,000 | 79,000 | 79,000 | 28,000 | 28,000 |
other long-term assets | 19,360,000 | 12,920,000 | 12,806,000 | 12,219,000 | 6,314,000 | 5,945,000 | 5,691,000 | 5,537,000 | 5,284,000 | 5,365,000 | 4,909,000 | 5,018,000 |
total assets | 1,422,934,000 | 1,360,027,000 | 1,321,979,000 | 1,291,634,000 | 1,228,363,000 | 1,169,669,000 | 1,079,539,000 | 1,038,542,000 | 1,005,090,000 | 983,757,000 | 984,974,000 | 970,375,000 |
liabilities and stockholders’ equity | ||||||||||||
current liabilities: | ||||||||||||
accounts payable | 33,333,000 | 37,488,000 | 31,093,000 | 33,618,000 | 25,980,000 | 25,573,000 | 25,336,000 | 20,348,000 | 19,353,000 | 17,234,000 | 13,568,000 | 14,204,000 |
accrued expenses and other | 81,144,000 | 76,635,000 | 78,528,000 | 73,470,000 | 63,718,000 | 69,822,000 | 67,894,000 | 63,542,000 | 53,960,000 | 59,219,000 | 62,997,000 | 66,388,000 |
operating lease liabilities, current | 53,042,000 | 48,534,000 | 48,670,000 | 46,619,000 | 44,580,000 | 37,241,000 | 41,211,000 | 39,711,000 | ||||
total current liabilities | 167,519,000 | 162,657,000 | 158,291,000 | 153,707,000 | 134,278,000 | 132,636,000 | 134,441,000 | 123,601,000 | 111,308,000 | 109,036,000 | 112,931,000 | 114,698,000 |
operating lease liabilities | 445,445,000 | 417,714,000 | 394,674,000 | 387,218,000 | 367,911,000 | 341,467,000 | 328,582,000 | 319,425,000 | 312,771,000 | 303,615,000 | 305,993,000 | 299,473,000 |
total liabilities | 612,964,000 | 580,371,000 | 552,965,000 | 540,925,000 | 502,189,000 | 474,103,000 | 463,102,000 | 443,105,000 | 424,280,000 | 412,955,000 | 419,251,000 | 414,566,000 |
commitments and contingencies | ||||||||||||
stockholders’ equity: | ||||||||||||
common stock, par value 0.0001... | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 | 11,000 |
treasury stock | -34,377,000 | -34,377,000 | -34,377,000 | -34,377,000 | -34,377,000 | -34,377,000 | -27,563,000 | -27,066,000 | -17,766,000 | -9,727,000 | -8,190,000 | -8,085,000 |
additional paid-in capital | 1,074,392,000 | 1,067,504,000 | 1,061,776,000 | 1,058,356,000 | 1,052,247,000 | 1,047,275,000 | 1,039,952,000 | 1,036,421,000 | 1,032,235,000 | 1,028,181,000 | 1,023,614,000 | 1,020,428,000 |
accumulated deficit | -230,035,000 | -253,601,000 | -258,522,000 | -273,269,000 | -291,637,000 | -317,344,000 | -395,963,000 | -413,929,000 | -433,670,000 | -447,663,000 | -449,712,000 | -456,545,000 |
accumulated other comprehensive income | -22,000 | 118,000 | 125,000 | |||||||||
total stockholders’ equity | 809,970,000 | 779,656,000 | 769,014,000 | 750,709,000 | 726,174,000 | 695,566,000 | 616,437,000 | 595,437,000 | 580,810,000 | 570,802,000 | 565,723,000 | 555,809,000 |
total liabilities and stockholders’ equity | 1,422,934,000 | 1,360,027,000 | 1,321,979,000 | 1,291,634,000 | ||||||||
the accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | ||||||||||||
the accompanying notes are an integral part of these consolidated financial statements. | ||||||||||||
accumulated other comprehensive loss | -13,000 | -71,000 | ||||||||||
stockholders' equity: | ||||||||||||
total liabilities and stockholders' equity | 1,228,363,000 | 1,169,669,000 | 1,079,539,000 | 1,038,542,000 | 1,005,090,000 | |||||||
other long-term liabilities | 122,000 | 225,000 | 299,000 | 367,000 | ||||||||
operating lease liabilities - current | 37,995,000 | 32,583,000 | 36,366,000 | 34,106,000 | ||||||||
liabilities, preferred stock and stockholders’ equity | ||||||||||||
preferred stock: | ||||||||||||
redeemable preferred stock, par value 0.0001... | ||||||||||||
total liabilities, preferred stock and stockholders' equity | 983,757,000 | 984,974,000 | 970,375,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-04-19 | 2025-12-28 | 2025-10-05 | 2025-07-13 | 2025-04-20 | 2024-12-29 | 2024-10-06 | 2024-07-14 | 2024-04-21 | 2023-12-31 | 2023-10-01 |
|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||
net income | 23,566,000 | 4,921,000 | 14,747,000 | 18,368,000 | 25,707,000 | 78,619,000 | 17,966,000 | 19,741,000 | 13,993,000 | 2,049,000 | 6,833,000 |
adjustments to reconcile net income to net cash from operating activities: | |||||||||||
depreciation and amortization | 25,466,000 | 18,407,000 | 17,628,000 | 16,815,000 | 20,811,000 | ||||||
unrealized gain on convertible promissory note | -424,000 | 138,000 | 0 | ||||||||
equity-based compensation | 6,672,000 | 3,454,000 | 3,275,000 | 4,022,000 | 4,483,000 | 3,660,000 | 2,994,000 | 2,954,000 | 3,995,000 | 3,506,000 | 3,183,000 |
deferred income taxes | 6,356,000 | 377,000 | -5,353,000 | ||||||||
impairment and asset disposal costs | 2,718,000 | 1,008,000 | 1,176,000 | 1,074,000 | 1,667,000 | 1,260,000 | 1,675,000 | 830,000 | 1,290,000 | 604,000 | 1,190,000 |
changes in operating assets and liabilities: | |||||||||||
trade accounts receivable | -4,428,000 | 1,306,000 | 7,000 | -370,000 | -2,468,000 | 1,684,000 | -556,000 | -416,000 | -1,849,000 | 1,530,000 | -866,000 |
other accounts receivable | 2,715,000 | -3,170,000 | -678,000 | -252,000 | -367,000 | -1,480,000 | 1,245,000 | -1,741,000 | 2,002,000 | -724,000 | 53,000 |
inventories | -242,000 | -438,000 | -585,000 | -714,000 | 320,000 | -265,000 | -140,000 | -891,000 | -667,000 | 88,000 | -369,000 |
prepaid expenses and other | -2,178,000 | 1,150,000 | -4,216,000 | 1,713,000 | -3,648,000 | -2,433,000 | -786,000 | -325,000 | 182,000 | -583,000 | -728,000 |
operating lease assets | -28,414,000 | -14,210,000 | -7,544,000 | -19,741,000 | -26,481,000 | -7,759,000 | -9,147,000 | -6,142,000 | -9,446,000 | 5,656,000 | -8,142,000 |
accounts payable | -4,171,000 | 6,887,000 | -291,000 | 4,543,000 | -1,705,000 | 3,866,000 | 1,273,000 | 1,565,000 | 2,199,000 | 948,000 | 1,882,000 |
accrued expenses and other | 3,764,000 | -2,430,000 | 6,890,000 | 8,590,000 | -8,231,000 | 396,000 | 4,373,000 | 11,108,000 | -5,086,000 | 2,736,000 | 2,493,000 |
operating lease liabilities | 32,665,000 | 22,903,000 | 9,508,000 | 21,346,000 | 33,842,000 | 8,946,000 | 10,657,000 | 8,493,000 | 14,451,000 | -4,134,000 | 8,921,000 |
net cash from operating activities | 64,065,000 | 40,303,000 | 45,642,000 | 60,318,000 | 38,577,000 | 29,853,000 | 43,879,000 | 48,909,000 | 38,386,000 | 24,013,000 | 25,978,000 |
capital expenditures | -47,820,000 | -37,435,000 | -48,316,000 | -36,883,000 | -31,635,000 | -27,742,000 | -16,813,000 | -28,290,000 | -34,014,000 | -31,242,000 | -39,726,000 |
free cash flows | 16,245,000 | 2,868,000 | -2,674,000 | 23,435,000 | 6,942,000 | 2,111,000 | 27,066,000 | 20,619,000 | 4,372,000 | -7,229,000 | -13,748,000 |
cash flows from investing activities: | |||||||||||
purchases of property and equipment | -48,581,000 | -37,435,000 | -44,270,000 | -41,119,000 | -35,875,000 | -27,742,000 | -20,507,000 | -26,195,000 | -33,687,000 | -31,242,000 | -35,086,000 |
purchases of debt securities | -37,071,000 | -18,472,000 | -15,370,000 | -20,372,000 | -80,450,000 | ||||||
proceeds from principal payments on debt securities | 40,049,000 | 11,677,000 | 8,251,000 | 4,908,000 | 489,000 | ||||||
investment in convertible promissory note | -5,000,000 | 0 | 0 | ||||||||
net cash from investing activities | -50,603,000 | -44,230,000 | -51,389,000 | -61,583,000 | -115,836,000 | -27,742,000 | -20,507,000 | -26,195,000 | -33,687,000 | -31,242,000 | -35,086,000 |
cash flows from financing activities: | |||||||||||
shares purchased under equity plans | 216,000 | 2,274,000 | 145,000 | 2,087,000 | 489,000 | 3,663,000 | 537,000 | ||||
debt refinancing costs | -824,000 | ||||||||||
net cash from financing activities | -608,000 | 2,274,000 | 145,000 | 2,087,000 | 489,000 | -3,151,000 | 40,000 | -8,083,000 | -8,010,000 | -742,000 | -3,338,000 |
net change in cash and cash equivalents | 12,854,000 | -1,653,000 | -5,602,000 | 822,000 | -76,770,000 | -1,040,000 | 23,412,000 | 14,631,000 | -3,311,000 | -7,971,000 | -12,446,000 |
cash and cash equivalents - beginning of year | 282,917,000 | 0 | 0 | 0 | 366,120,000 | 0 | 0 | 0 | 332,428,000 | 0 | 0 |
cash and cash equivalents - end of period | 295,771,000 | -5,602,000 | 822,000 | 289,350,000 | 23,412,000 | 14,631,000 | 329,117,000 | -12,446,000 | |||
supplemental disclosure of cash flow information: | |||||||||||
cash paid for income taxes | 296,000 | 180,000 | 86,000 | 1,280,000 | 61,000 | 171,000 | 814,000 | 94,000 | |||
change in accrued purchases of property and equipment | 761,000 | -4,046,000 | 4,236,000 | 4,240,000 | 3,694,000 | -2,095,000 | -327,000 | -4,640,000 | |||
the accompanying notes are an integral part of these unaudited condensed consolidated financial statements. | |||||||||||
proceeds from long-term debt | 0 | ||||||||||
payments on long-term debt | 0 | ||||||||||
tax withholding on equity-based compensation awards | -6,814,000 | ||||||||||
proceeds from initial public offering, net of underwriting fees of 22.8 million | 0 | 0 | |||||||||
offering costs paid | -243,000 | -3,219,000 | |||||||||
payment of loan acquisition fees | -4,000 | -3,000 | |||||||||
payments on finance lease obligations | 0 | 0 | -15,000 | -30,000 | -14,000 | ||||||
cash and cash equivalents - end of year | |||||||||||
depreciation | 14,975,000 | 14,325,000 | 13,733,000 | 17,322,000 | 12,337,000 | 11,528,000 | |||||
amortization of intangible assets | 0 | 0 | |||||||||
offering costs not yet paid | -3,219,000 | ||||||||||
conversion of redeemable preferred stock into common stock in connection with initial public offering | |||||||||||
tax withholding on stock-based compensation awards | -9,300,000 | -8,039,000 | |||||||||
stock options exercised | 59,000 | 3,000 | |||||||||
the accompanying notes are an integral part of these consolidated financial statements. | |||||||||||
gain on extinguishment of debt | |||||||||||
deferred rent | |||||||||||
proceeds from series f convertible preferred stock, net of issuance costs 7.9 million | |||||||||||
proceeds from delayed draw term loan | |||||||||||
payments on delayed draw term loan | |||||||||||
payments on 2020 credit facility | |||||||||||
purchase of treasury stock | -1,537,000 | -105,000 | |||||||||
redemption of series a preferred stock | |||||||||||
redemption of series c preferred stock | |||||||||||
redemption of series d preferred stock | |||||||||||
proceeds from deemed landlord financing, net of financing lease payments | |||||||||||
cash paid for interest related to long-term debt | 2,000 | ||||||||||
conversion of redeemedable preferred stock into common stock in connection with initial public offering |