- Total revenues of
$891.6 million , up 22.1% and System-wide sales of$1.1 billion , up 20.6% - Same-restaurant sales growth of 7.6%* with positive same-restaurant traffic growth
- Income from operations margin of 4.7% and Restaurant level operating profit margin of 20.0%
- Net income of
$25.4 million and Adjusted EBITDA of$99.5 million - 51 system-wide restaurants opened across 19 states
“First Watch achieved a number of significant milestones in 2023 including essentially doubling system-wide sales to more than
Highlights for Q4 2023 (14-week quarter) compared to Q4 2022 (13-week quarter)
- Total revenues increased 31.7% to
$244.6 million in Q4 2023 from$185.7 million in Q4 2022 - System-wide sales increased 26.6% to
$296.5 million in Q4 2023 from$234.2 million in Q4 2022 - Same-restaurant sales growth of 5.0%* (up 35.2% relative to Q4 2019**)
- Same-restaurant traffic growth of (1.3)%* (up 6.2% relative to Q4 2019**)
- Income from operations increased to
$6.9 million in Q4 2023 from$1.5 million in Q4 2022 - Income from operations margin increased to 2.8% in Q4 2023 from 0.8% in Q4 2022
- Restaurant level operating profit*** increased to
$46.8 million in Q4 2023 from$30.5 million in Q4 2022 - Restaurant level operating profit margin*** increased to 19.4% in Q4 2023 from 16.7% in Q4 2022
- Net income of
$2.6 million in Q4 2023 compared to Net loss of$(0.5) million in Q4 2022 - Adjusted EBITDA*** increased to
$24.6 million in Q4 2023 from$15.1 million in Q4 2022 - Opened 19 system-wide restaurants (17 company-owned and 2 franchise-owned) across 15 states
- Acquired 6 operating franchise restaurants
Highlights for 2023 (53-week fiscal year) compared to 2022 (52-week fiscal year):
- Total revenues increased 22.1% to
$891.6 million from$730.2 million in 2022 - System-wide sales increased 20.6% to
$1.1 billion from$914.8 million in 2022 - Same-restaurant sales growth of 7.6%* (38.9% relative to 2019**)
- Same-restaurant traffic growth of 0.2%* (7.5% relative to 2019**)
- Income from operations increased to
$41.3 million from$16.9 million in 2022 - Income from operations margin increased to 4.7% from 2.4% in 2022
- Restaurant level operating profit*** increased to
$175.7 million from$128.9 million in 2022 - Restaurant level operating profit margin*** increased to 20.0% from 17.9% in 2022
- Net income of
$25.4 million compared to$6.9 million in 2022 - Adjusted EBITDA*** increased to
$99.5 million from$69.3 million in 2022 - Opened 51 system-wide restaurants (37 company-owned and 14 franchise-owned) across 19 states resulting in a total of 524 system-wide restaurants (425 company-owned and 99 franchise-owned) across 29 states
- Acquired 23 operating franchise restaurants
________________________
*Comparison to the fourteen weeks ended
**Comparison to the fourteen weeks ended
*** See Non-GAAP Financial Measures Reconciliations section below.
Outlook Fiscal Year 2024
The Company provides the following outlook for the 52-week fiscal year ended
- Same-restaurant sales growth of 1.0% to 3.0% with flat-to-negative same-restaurant traffic growth
- Total revenue growth in the range of 18.0% to 20.0%(1)
- Adjusted EBITDA* in the range of
$106.0 million to$112.0 million (1) - Blended tax rate in the range of 27.0% to 29.0%
- Total of 51 to 57 new system-wide restaurants, net of 1 company-owned restaurant closure (43 to 47 new company-owned restaurants and 9 to 11 new franchise-owned restaurants)
- Capital expenditures in the range of
$125.0 million to$135.0 million invested primarily in new restaurant projects and planned remodels(2)
The Company reiterates its long-term annual financial targets as follows:
- Percentage unit growth in the low double digits
- Same-restaurant sales growth of ~3.5%
- Restaurant sales growth in the mid-teens
- Adjusted EBITDA percentage growth in the mid-teens
The Company also believes that the brand has the potential for more than 2,200 restaurants in
______________________
(1) Includes approximately 7.0% in total revenue growth and approximately
(2) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants
*We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.
Q4 2023 Financial Results
Total revenues increased 31.7% to
Income from operations increased to
The increase was partially offset by (i) higher food and beverage costs, restaurant-level wages and staffing levels, other operating expenses and occupancy expenses primarily driven by restaurant unit growth, (ii) the increase in pre-opening expenses as a result of the increase in the number of new restaurant openings and restaurants expected to open, (iii) higher general and administrative expenses mainly due to the increase in staffing levels and performance-based compensation, as well as
Income from operations margin of 2.8% in Q4 2023 compared to 0.8% in Q4 2022 was primarily due to (i) leveraging restaurant sales, (ii) lower costs of to-go supplies and (iii) lower labor costs attributable to improved labor scheduling and lower insurance costs. This increase was partially offset by (i) commodity inflation primarily related to the cost of potatoes and eggs, (ii) additional management headcount at restaurant-level in preparation for planned new restaurant openings and (iii) higher general and administrative expenses mainly due to the increase in staffing levels and performance-based compensation, the impact of the 53rd week, as well as
Restaurant level operating profit increased to
Restaurant level operating profit margin increased to 19.4% in Q4 2023 from 16.7% in Q4 2022 primarily due to (i) leveraging restaurant sales, (ii) lower costs of to-go supplies and (iii) improved labor costs mainly attributable to improved labor scheduling and lower insurance costs. The increase was partially offset by commodity inflation primarily related to the cost of potatoes and eggs.
Net income of
Adjusted EBITDA in Q4 2023 increased to
For additional financial information related to the fiscal year ended
Conference Call and Webcast
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Definitions
The following definitions apply to these terms as used in this release:
System-wide restaurants: the total number of restaurants, including all company-owned and franchise- owned restaurants.
System-wide sales: consists of restaurant sales from our company-owned restaurants and franchise-owned restaurants. We do not recognize the restaurant sales from our franchise-owned restaurants as revenue.
Same-restaurant sales growth: the percentage change in year-over-year restaurant sales (excluding gift card breakage) for the comparable restaurant base, which is defined as the number of company-owned First Watch branded restaurants open for 18 months or longer as of the beginning of the fiscal year (“Comparable Restaurant Base”). At
Same-restaurant traffic growth: the percentage change in traffic counts as compared to the same period in the prior year using the Comparable Restaurant Base. At
Adjusted EBITDA: a non-GAAP measure, is defined as net income (loss) before depreciation and amortization, interest expense, income taxes and items that the Company does not consider in the evaluation of its ongoing core operating performance.
Adjusted EBITDA margin: a non-GAAP measure, is defined as Adjusted EBITDA as a percentage of total revenues.
Restaurant level operating profit: a non-GAAP measure, is defined as restaurant sales, less restaurant operating expenses, which include food and beverage costs, labor and other related expenses, other restaurant operating expenses, pre-opening expenses and occupancy expenses. In addition, Restaurant level operating profit excludes corporate-level expenses and items that are not considered in the Company’s evaluation of its ongoing core operating performance.
Restaurant level operating profit margin: a non-GAAP measure, is defined as Restaurant level operating profit as a percentage of restaurant sales.
About First Watch
First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients across its network of neighborhood restaurants. A recipient of hundreds of local “Best Breakfast” and “Best Brunch” accolades, First Watch's chef-driven menu includes elevated executions of classic favorites along with specialties such as the Quinoa Power Bowl®, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation, Spiked Lavender Lemonade and its signature
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to any historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “outlook,” “potential,” “project,” “projection,” “plan,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other similar expressions. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed herein, in our Annual Report on Form 10-K, including “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our other filings with the
Investor Relations Contact
941-500-1918
investors@firstwatch.com
Media Relations Contact
407-864-5823
jglester@firstwatch.com
Non-GAAP Financial Measures (Unaudited)
To supplement the consolidated financial statements, which are prepared in accordance with
Adjusted EBITDA and Adjusted EBITDA Margin
Management uses Adjusted EBITDA and Adjusted EBITDA margin (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the Company’s operating results and the effectiveness of our business strategies, (iii) internally as benchmarks to compare the Company’s performance to that of its competitors and (iv) to provide investors with additional transparency of the Company’s operations. The use of Adjusted EBITDA and Adjusted EBITDA margin as performance measures permit a comparative assessment of the Company’s operating performance relative to the Company’s performance based on the Company’s GAAP results, while isolating the effects of some items that are either nonrecurring in nature or vary from period to period without any correlation to the Company’s ongoing core operating performance.
The following tables reconcile Net income (loss) and Net income (loss) margin, the most directly comparable GAAP measures, to Adjusted EBITDA and Adjusted EBITDA margin for the periods indicated:
FOURTH QUARTER | |||||||||||
(in thousands) | 2023 | 2022 | 2021 | ||||||||
Net income (loss) | $ | 2,648 | $ | (486 | ) | $ | (4,653 | ) | |||
Depreciation and amortization | 12,231 | 8,928 | 8,414 | ||||||||
Interest expense | 2,271 | 1,738 | 1,443 | ||||||||
Income taxes | 2,857 | 742 | (167 | ) | |||||||
EBITDA | 20,007 | 10,922 | 5,037 | ||||||||
Stock-based compensation (1) | 2,218 | 2,553 | 7,850 | ||||||||
Transaction expenses (income), net (2) | 604 | 537 | (1,908 | ) | |||||||
Strategic transition costs (3) | 211 | 367 | 647 | ||||||||
Impairments and loss on disposal of assets (4) | 741 | 348 | 120 | ||||||||
Delaware Voluntary Disclosure Agreement Program (5) | 794 | 149 | — | ||||||||
Recruiting and relocation costs (6) | 50 | 111 | 18 | ||||||||
Severance costs (7) | — | — | — | ||||||||
Costs in connection with natural disasters, net of insurance recoveries (8) | — | 115 | — | ||||||||
Loss on extinguishment of debt | — | — | 2,403 | ||||||||
COVID-19 related charges (9) | — | — | — | ||||||||
Adjusted EBITDA | $ | 24,625 | $ | 15,102 | $ | 14,167 | |||||
Total revenues | $ | 244,633 | $ | 185,745 | $ | 162,620 | |||||
Net income (loss) margin | 1.1 | % | (0.3 | )% | (2.9 | )% | |||||
Adjusted EBITDA margin | 10.1 | % | 8.1 | % | 8.7 | % | |||||
Additional information | |||||||||||
Deferred rent expense (income) (10) | $ | 515 | $ | 507 | $ | (48 | ) |
FISCAL YEAR | |||||||||||
(in thousands) | 2023 | 2022 | 2021 | ||||||||
Net income (loss) | $ | 25,385 | $ | 6,907 | $ | (2,107 | ) | ||||
Depreciation and amortization | 41,223 | 34,230 | 32,379 | ||||||||
Interest expense | 8,063 | 5,232 | 20,099 | ||||||||
Income taxes | 10,690 | 5,684 | 2,477 | ||||||||
EBITDA | 85,361 | 52,053 | 52,848 | ||||||||
Stock-based compensation (1) | 7,604 | 10,374 | 8,596 | ||||||||
Transaction expenses (income), net (2) | 3,147 | 2,513 | (1,156 | ) | |||||||
Strategic transition costs (3) | 892 | 2,318 | 2,402 | ||||||||
Impairments and loss on disposal of assets (4) | 1,359 | 920 | 381 | ||||||||
Delaware Voluntary Disclosure Agreement Program (5) | 1,250 | 149 | — | ||||||||
Recruiting and relocation costs (6) | 465 | 681 | 351 | ||||||||
Severance costs (7) | 26 | 155 | 265 | ||||||||
Insurance proceeds in connection with natural disasters, net (8) | (621 | ) | 115 | — | |||||||
Loss on extinguishment of debt | — | — | 2,403 | ||||||||
COVID-19 related charges (9) | — | — | 211 | ||||||||
Adjusted EBITDA | $ | 99,483 | $ | 69,278 | $ | 66,301 | |||||
Total revenues | $ | 891,551 | $ | 730,162 | $ | 601,193 | |||||
Net income (loss) margin | 2.8 | % | 0.9 | % | (0.4 | )% | |||||
Adjusted EBITDA margin | 11.2 | % | 9.5 | % | 11.0 | % | |||||
Additional information | |||||||||||
Deferred rent expense (income) (10) | $ | 2,090 | $ | 2,418 | $ | (2,011 | ) |
___________________________
(1) Represents non-cash, stock-based compensation expense which is recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(2) Represents (i) costs incurred in connection with the acquisition of franchise-owned restaurants, (ii) costs related to certain equity offerings, (iii) costs related to restaurant closures, (iv) gains or losses associated with lease or contract terminations and (v) revaluations of contingent consideration payable to previous stockholders for tax savings generated through the use of federal and state loss carryforwards and general business credits that had been accumulated from operations prior to
(3) Represents costs related to process improvements and strategic initiatives. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(4) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements, restaurant closures and natural disasters.
(5) Represents estimated probable loss and professional service costs incurred in connection with the Delaware Voluntary Disclosure Agreement Program related to unclaimed or abandoned property. These costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(6) Represents costs incurred for hiring qualified individuals as we assessed the redesign of our systems and processes. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(7) Severance costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(8) Represents insurance recoveries, net of costs incurred, in connection with Hurricane Ian, which were recorded in Other income, net on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(9) Represents costs incurred in connection with the economic impact of the COVID-19 pandemic.
(10) Represents the non-cash portion of straight-line rent expense recorded within both Occupancy expenses and General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
Restaurant level operating profit and Restaurant level operating profit margin
Restaurant level operating profit and Restaurant level operating profit margin are not indicative of our overall results, and because they exclude corporate-level expenses, do not accrue directly to the benefit of our stockholders. We will continue to incur such expenses in the future. Restaurant level operating profit and Restaurant level operating profit margin are important measures we use to evaluate the performance and profitability of each operating restaurant, individually and in the aggregate and to make decisions regarding future spending and other operational decisions. We believe that Restaurant level operating profit and Restaurant level operating profit margin provide useful information about our operating results, identify operational trends and allow for transparency with respect to key metrics used by us in our financial and operational decision-making.
The following tables reconcile Income from operations and Income from operations margin, the most directly comparable GAAP financial measures, to Restaurant level operating profit and Restaurant level operating profit margin for the periods indicated:
FOURTH QUARTER | |||||||||||
(in thousands) | 2023 | 2022 | 2021 | ||||||||
Income (Loss) from operations | $ | 6,855 | $ | 1,479 | $ | (1,067 | ) | ||||
Less: Franchise revenues | (3,591 | ) | (2,893 | ) | (2,413 | ) | |||||
Add: | |||||||||||
General and administrative expenses | 29,953 | 21,765 | 26,028 | ||||||||
Depreciation and amortization | 12,231 | 8,928 | 8,414 | ||||||||
Transaction expenses (income), net (1) | 604 | 537 | (1,908 | ) | |||||||
Impairments and loss on disposal of assets (2) | 741 | 348 | 120 | ||||||||
Costs in connection with natural disasters (3) | — | 382 | — | ||||||||
COVID-19 related charges (4) | — | — | — | ||||||||
Restaurant level operating profit | $ | 46,793 | $ | 30,546 | $ | 29,174 | |||||
Restaurant sales | $ | 241,042 | $ | 182,852 | $ | 160,207 | |||||
Income (Loss) from operations margin | 2.8 | % | 0.8 | % | (0.7 | )% | |||||
Restaurant level operating profit margin | 19.4 | % | 16.7 | % | 18.2 | % | |||||
Additional information | |||||||||||
Deferred rent expense (5) | $ | 466 | $ | 457 | $ | (97 | ) |
FISCAL YEAR | |||||||||||
(in thousands) | 2023 | 2022 | 2021 | ||||||||
Income from operations | $ | 41,267 | $ | 16,913 | $ | 22,243 | |||||
Less: Franchise revenues | (14,459 | ) | (10,981 | ) | (8,850 | ) | |||||
Add: | |||||||||||
General and administrative expenses | 103,121 | 84,959 | 70,388 | ||||||||
Depreciation and amortization | 41,223 | 34,230 | 32,379 | ||||||||
Transaction expenses (income), net (1) | 3,147 | 2,513 | (1,156 | ) | |||||||
Impairments and loss on disposal of assets (2) | 1,359 | 920 | 381 | ||||||||
Costs in connection with natural disasters (3) | — | 382 | — | ||||||||
COVID-19 related charges (4) | — | — | 19 | ||||||||
Restaurant level operating profit | $ | 175,658 | $ | 128,936 | $ | 115,404 | |||||
Restaurant sales | $ | 877,092 | $ | 719,181 | $ | 592,343 | |||||
Income from operations margin | 4.7 | % | 2.4 | % | 3.8 | % | |||||
Restaurant level operating profit margin | 20.0 | % | 17.9 | % | 19.5 | % | |||||
Additional information | |||||||||||
Deferred rent expense (income) (5) | $ | 1,891 | $ | 2,219 | $ | (2,075 | ) |
____________________________
(1) Represents (i) costs incurred in connection with the acquisition of franchise-owned restaurants, (ii) costs related to certain equity offerings, (iii) costs related to restaurant closures, (iv) gains or losses associated with lease or contract terminations and (v) revaluations of contingent consideration payable to previous stockholders for tax savings generated through the use of federal and state loss carryforwards and general business credits that had been accumulated from operations prior to
(2) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements, certain restaurant closures and natural disasters.
(3) Represents costs incurred in connection with Hurricane Ian. The costs include inventory obsolescence and spoilage as well as compensation for employees, which were recorded in Food and beverage costs and Labor and other expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
(4) Represents costs incurred in connection with the economic impact of the COVID-19 pandemic.
(5) Represents the non-cash portion of straight-line rent expense recorded within Occupancy expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) (Unaudited) | |||||||||||
Fourth Quarter | |||||||||||
2023 | 2022 | 2021 | |||||||||
Revenues: | |||||||||||
Restaurant sales | $ | 241,042 | $ | 182,852 | $ | 160,207 | |||||
Franchise revenues | 3,591 | 2,893 | 2,413 | ||||||||
Total revenues | 244,633 | 185,745 | 162,620 | ||||||||
Operating costs and expenses: | |||||||||||
Restaurant operating expenses (exclusive of depreciation and amortization shown below): | |||||||||||
Food and beverage costs | 54,346 | 43,361 | 37,818 | ||||||||
Labor and other related expenses | 81,698 | 63,166 | 52,581 | ||||||||
Other restaurant operating expenses | 36,905 | 28,715 | 25,500 | ||||||||
Occupancy expenses | 18,450 | 15,601 | 14,397 | ||||||||
Pre-opening expenses | 2,850 | 1,845 | 737 | ||||||||
General and administrative expenses | 29,953 | 21,765 | 26,028 | ||||||||
Depreciation and amortization | 12,231 | 8,928 | 8,414 | ||||||||
Impairments and loss on disposal of assets | 741 | 348 | 120 | ||||||||
Transaction expenses (income), net | 604 | 537 | (1,908 | ) | |||||||
Total operating costs and expenses | 237,778 | 184,266 | 163,687 | ||||||||
Income (Loss) from operations | 6,855 | 1,479 | (1,067 | ) | |||||||
Interest expense | (2,271 | ) | (1,738 | ) | (1,443 | ) | |||||
Other income (expense), net | 921 | 515 | (2,310 | ) | |||||||
Income (Loss) before income taxes | 5,505 | 256 | (4,820 | ) | |||||||
Income tax (expense) benefit | (2,857 | ) | (742 | ) | 167 | ||||||
Net income (loss) | $ | 2,648 | $ | (486 | ) | $ | (4,653 | ) | |||
Net income (loss) | $ | 2,648 | $ | (486 | ) | $ | (4,653 | ) | |||
Other comprehensive loss: | |||||||||||
Unrealized loss on derivatives | (1,986 | ) | — | — | |||||||
Income tax related to other comprehensive loss | 494 | — | — | ||||||||
Other comprehensive loss | $ | (1,492 | ) | $ | — | $ | — | ||||
Net income (loss) and total comprehensive income (loss) | $ | 1,156 | $ | (486 | ) | $ | (4,653 | ) | |||
Net income (loss) per common share - basic | $ | 0.04 | $ | (0.01 | ) | $ | (0.08 | ) | |||
Net income (loss) per common share - diluted | $ | 0.04 | $ | (0.01 | ) | $ | (0.08 | ) | |||
Weighted average number of common shares outstanding - basic | 59,827,847 | 59,193,779 | 57,814,630 | ||||||||
Weighted average number of common shares outstanding - diluted | 61,688,871 | 59,193,779 | 57,814,630 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA) | ||||||||||||
FISCAL YEAR | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Revenues: | ||||||||||||
Restaurant sales | $ | 877,092 | $ | 719,181 | $ | 592,343 | ||||||
Franchise revenues | 14,459 | 10,981 | 8,850 | |||||||||
Total revenues | 891,551 | 730,162 | 601,193 | |||||||||
Operating costs and expenses: | ||||||||||||
Restaurant operating expenses (exclusive of depreciation and amortization shown below): | ||||||||||||
Food and beverage costs | 197,374 | 172,561 | 134,201 | |||||||||
Labor and other related expenses | 294,010 | 238,257 | 189,167 | |||||||||
Other restaurant operating expenses | 134,477 | 114,476 | 94,847 | |||||||||
Occupancy expenses | 68,400 | 59,919 | 55,433 | |||||||||
Pre-opening expenses | 7,173 | 5,414 | 3,310 | |||||||||
General and administrative expenses | 103,121 | 84,959 | 70,388 | |||||||||
Depreciation and amortization | 41,223 | 34,230 | 32,379 | |||||||||
Impairments and loss on disposal of assets | 1,359 | 920 | 381 | |||||||||
Transaction expenses (income), net | 3,147 | 2,513 | (1,156 | ) | ||||||||
Total operating costs and expenses | 850,284 | 713,249 | 578,950 | |||||||||
Income (Loss) from operations | 41,267 | 16,913 | 22,243 | |||||||||
Interest expense | (8,063 | ) | (5,232 | ) | (20,099 | ) | ||||||
Other income (expense), net | 2,871 | 910 | (1,774 | ) | ||||||||
Income before income taxes | 36,075 | 12,591 | 370 | |||||||||
Income tax expense | (10,690 | ) | (5,684 | ) | (2,477 | ) | ||||||
Net income (loss) | $ | 25,385 | $ | 6,907 | $ | (2,107 | ) | |||||
Net income (loss) | $ | 25,385 | $ | 6,907 | $ | (2,107 | ) | |||||
Other comprehensive loss: | ||||||||||||
Unrealized loss on derivatives | (889 | ) | — | — | ||||||||
Income tax related to other comprehensive loss | 222 | — | — | |||||||||
Other comprehensive loss | (667 | ) | — | — | ||||||||
Net income (loss) and total comprehensive income (loss) | $ | 24,718 | $ | 6,907 | $ | (2,107 | ) | |||||
Net income (loss) per common share - basic | $ | 0.43 | $ | 0.12 | $ | (0.04 | ) | |||||
Net income (loss) per common share - diluted | $ | 0.41 | $ | 0.11 | $ | (0.04 | ) | |||||
Weighted average number of common shares outstanding - basic | 59,531,404 | 59,097,512 | 48,213,995 | |||||||||
Weighted average number of common shares outstanding - diluted | 61,191,613 | 60,140,045 | 48,213,995 |
Same-Restaurant Sales Growth and Same-Restaurant Traffic Growth
THIRTEEN WEEKS ENDED | SAME-RESTAURANT SALES GROWTH | SAME-RESTAURANT TRAFFIC GROWTH | COMPARABLE RESTAURANT BASE | ||||||
‘December 31, 2023 | * | 5.0 | % | ** | (1.3 | )% | ** | 327 | |
7.7 | % | (0.6 | )% | 301 | |||||
36.7 | % | 31.9 | % | 269 |
___________________
*Fourteen weeks ended
**Comparison to the 14 weeks ended
Source:
2024 GlobeNewswire, Inc., source