Shake Shack restates financials for FY2021-2022 due to deferred tax asset errors

Shake Shack Inc.

Non-reliance on previously issued financial statements for FY2021 and FY2022; will be restated in 2023 10-K.
Estimated favorable adjustments to income tax expense of ~$3.0M (FY2022) and ~$4.1M (FY2021); opening retained earnings adjustment of ~$10.1M.
Errors relate to incorrect state tax depreciation on investment in SSE Holdings; non-cash, no impact on revenue, Shack-level profit, or Adjusted EBITDA.
Audit Committee concluded filing after discussion with management and auditor Ernst & Young; 2023 10-K expected on time.

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