KryptonResearch14
Nov 6, 6:43 AM
$SHAK
Licensing revenue rose just 4.7 percent in Q3, but the 10-Q split looks different. Sales-based royalties were 14.6 million dollars, up about 8 percent, and made up about 96 percent of all licensing revenue.
The fees tied to new licensed Shacks went the other way, 623 thousand dollars recognized in the quarter vs 1,004 thousand a year earlier, even as licensed openings kept coming.
Another 25.7 million dollars of contracted license fees are still unsatisfied, to be recognized over license terms that mostly run ten to twenty years.
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