BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for its fiscal 2023 fourth quarter and year ended
Tuesday, January 2, 2024.
Fiscal Fourth Quarter 2023 Compared to
Fourth Quarter 2022
- Total revenues decreased 6.0% to
$323.6 million (13 weeks vs. 14 weeks)
- Excluding the extra operating week
in fiscal 2022, fourth quarter 2023 revenues increased 0.9%
compared to the same quarter in the prior year
- Comparable restaurant sales
increased 0.6% (13 weeks vs. 13 weeks)
- Total restaurant operating weeks
decreased 6.1% (13 weeks vs. 14 weeks)
- Net income of $8.1 million,
compared to $4.0 million; diluted net income per share of $0.34,
compared to $0.17 (13 weeks vs. 14 weeks)
- Adjusted EBITDA of $27.3 million,
compared to $26.1 million, as described below in the reconciliation
between GAAP and non-GAAP adjusted financial measures (13 weeks vs.
14 weeks)
Fourth quarter 2022
includes gift card breakage revenue of $3.2 million, or a diluted
net benefit of $0.10 per share, as a result of the Company's
re-evaluation of its estimated redemption pattern resulting from
the COVID-19 pandemic.
Fiscal 2023 Compared to Fiscal
2022
- Total revenues increased 3.8% to
$1.3 billion (52 weeks vs. 53 weeks)
- Excluding the extra operating week,
fiscal 2023 total revenues increased 5.5% compared to the prior
year
- Comparable restaurant sales
increased 3.7% (52 weeks vs. 52 weeks)
- Total restaurant operating weeks
decreased 0.5% (52 weeks vs. 53 weeks)
- Net income of $19.7 million,
compared to $4.1 million; diluted net income per share of $0.82,
compared to $0.17 (52 weeks vs. 53 weeks)
- Adjusted EBITDA of $103.8 million,
compared to $77.9 million, as described below in the reconciliation
between GAAP and non-GAAP adjusted financial measures (52 weeks vs.
53 weeks)
Fiscal 2022 includes
gift card breakage revenue of $3.2 million, or a diluted net
benefit of $0.10 per share, due to the re-evaluation noted
above.
“BJ’s solid fourth quarter results demonstrate
the operational excellence being delivered in our restaurants and
the significant progress we are making with productivity and margin
enhancement initiatives,” commented Greg Levin, Chief Executive
Officer and President. “Restaurant margins improved by 150 basis
points year-over-year to 14.4% in the fourth quarter, despite
industry-wide consumer softness beginning in November. Our menu
simplification is delivering its anticipated benefits of improved
labor efficiencies and higher team member retention. Moreover, BJ’s
positive third-party service and food sentiment scores improved
meaningfully in the fourth quarter, demonstrating that we are
delivering tangible benefits to our guests’ experience with our
simplified menu, more tenured restaurant team members, and our
relentless drive to provide an unmatched level of gracious
hospitality. We continue to focus on a variety of initiatives aimed
at increasing guest traffic and driving sales, as well as realizing
benefits from our cross-functional cost savings initiatives, which
are improving operating margins without compromising the gold
standard of operational excellence for which BJ’s has come to be
known,” continued Levin.
In fiscal 2023, BJ’s opened five new
restaurants, including its first in the state of Illinois. The
Company closed five underperforming restaurants during the year as
part of its portfolio review process. “The new restaurants we have
opened over the last three years continue to generate strong
returns with higher sales compared to our existing restaurants and
average run-rate restaurant level margins in the mid- to
high-teens,” added Levin.
Capital Expenditures, Capital Allocation and Share
Repurchases
The Company is focused on delivering value to
its shareholders through its disciplined approach to capital
allocation, new restaurant growth, restaurant remodels, and sales
and productivity initiatives. “Consistent with the strategy
outlined during our November Investor Day, we continue to take a
disciplined approach to capital allocation, including new
restaurant growth relative to new restaurant costs, with our
overall restaurant economics guiding the timing for accelerated
growth and related capital expenditures. This approach serves BJ’s,
our guests and shareholders well while allowing us to use our
growing cash flows to enhance shareholder value through share
repurchases and debt reduction,” continued Levin.
“During 2024, we expect total capital
expenditures of approximately $70 million, net of tenant
improvement allowances, which includes three new restaurants and 20
existing restaurant remodels. The first new restaurant is scheduled
to open during April in Brookfield, Wisconsin, marking the first
BJ’s restaurant in the state. Following the Brookfield, Wisconsin
opening, the two additional new restaurants planned for 2024 will
be our new prototype which is designed to cost approximately $1
million less to build than recent new restaurants. By the end of
2024, we expect about half of BJ’s restaurants to either be the
most recent prototype or have been refreshed in the past three
years as part of our remodel initiative. With significant and
improving cash flow from operations, expanding margins and a
healthy balance sheet, we have the financial flexibility to execute
multiple initiatives to enhance shareholder value,” Levin
concluded.
During the fourth quarter of 2023, the Company
repurchased and retired approximately 0.3 million shares of its
common stock at a cost of approximately $6.7 million. Reflecting
the Company’s increasing operating cash flow, in February 2024, the
Company’s Board of Directors approved an increase in the share
repurchase program by $50 million. As a result, the Company
currently has approximately $61 million available under its
authorized $550 million share repurchase program.
Investor Conference Call and Webcast
BJ’s Restaurants, Inc. will conduct a conference
call on its fourth quarter and fiscal year 2023 earnings release
today, February 15, 2024, at 2:00 p.m. Pacific Time (5:00 p.m.
Eastern Time). Management will discuss the financial results and
host a question and answer session. In addition, a live audio
webcast of the call will be accessible to the public on the
“Investors” page of the Company’s website located at
http://www.bjsrestaurants.com, and a recording of the webcast will
be archived on the site for 30 days following the live event.
Please allow 15 minutes to register and download and install any
necessary software.
About BJ’s Restaurants,
Inc.
BJ’s Restaurants, Inc. is a national brand with
brewhouse roots where Craft Matters®. BJ’s broad menu has something
for everyone: slow-roasted entrees, like prime rib, BJ’s
EnLIGHTened Entrees® including Cherry Chipotle Glazed Salmon,
signature deep-dish pizza and the often imitated, but never
replicated world-famous Pizookie® dessert. A winner of the 2023
Vibe Vista Award in the Best Spirits Program category and the most
decorated restaurant-brewery in the country, BJ’s has been a
pioneer in the craft brewing world since 1996 and takes pride in
serving BJ’s award-winning proprietary handcrafted beers, brewed at
its brewing operations in four states and by independent
third-party craft brewers. The BJ’s experience offers high-quality
ingredients, bold flavors, moderate prices, sincere service, and a
cool, contemporary atmosphere. Founded in 1978, BJ’s owns and
operates over 200 casual dining restaurants in 30 states. All
restaurants offer dine-in, take-out, delivery and large party
catering. For more BJ’s information, visit
http://www.bjsrestaurants.com.
Forward-Looking Statements
Disclaimer
Certain statements in the preceding paragraphs
and all other statements that are not purely historical constitute
“forward-looking” statements for purposes of the Securities Act of
1933 and the Securities Exchange Act of 1934, as amended, and are
intended to be covered by the safe harbors created thereby. Such
statements include, but are not limited to, those regarding
expected comparable restaurant sales and margins, total potential
domestic capacity, the success of various sales-building and
productivity initiatives, future guest traffic trends, on and
off-premise sales trends, cost savings initiatives and the number
and timing of new restaurants expected to be opened in future
periods. These “forward-looking” statements involve known and
unknown risks, uncertainties and other factors which may cause
actual results to be materially different from those projected or
anticipated. Factors that might cause such differences include, but
are not limited to: (i) the effects of another pandemic on our
operations, labor and staffing, guest traffic, our supply chain and
the ability of our suppliers to continue to timely deliver food and
other supplies necessary for the operation of our restaurants, the
ability to manage costs and reduce expenditures and the
availability of additional financing, (ii) any inability or failure
to successfully and sufficiently raise menu prices to offset rising
costs, (iii) any inability to manage new restaurant openings,
(iv) construction delays, (v) wage inflation and competitive
labor market conditions which may result in staffing shortages,
(vi) the impact of any union organizing efforts at our restaurants
and our responses to such efforts, (vii) increases in minimum wage
and other employment related costs, including compliance with the
Patient Protection and Affordable Care Act and minimum salary
requirements for exempt team members, (viii) the effect of credit
and equity market disruptions on our ability to finance our
continued expansion on acceptable terms, (ix) food quality and
health concerns and the effect of negative publicity about us, our
restaurants, other restaurants, or others across the food supply
chain, due to food borne illness or other reasons, whether or not
accurate, (x) factors that impact California, Texas and Florida,
where a substantial number of our restaurants are located, (xi)
restaurant and brewery industry competition, (xii) impact of
certain brewing business considerations, including without
limitation, dependence upon suppliers, third party contractors and
distributors, and related hazards, (xiii) consumer spending trends
in general for casual dining occasions, (xiv) potential uninsured
losses and liabilities due to limitations on insurance coverage,
(xv) fluctuating commodity costs and availability of food in
general and certain raw materials related to the brewing of our
craft beers and energy requirements, (xvi) trademark and
service-mark risks, (xvii) government regulations and licensing
costs, including beer and liquor regulations, (xviii) loss of key
personnel, (xix) inability to secure acceptable sites, (xx) legal
proceedings, (xxi) the success of our key sales-building and
related operational initiatives, (xxii) any failure of our
information technology or security breaches with respect to our
electronic systems and data, and (xxiii) numerous other matters
discussed in the Company’s filings with the Securities and Exchange
Commission, including its recent reports on Forms 10-K, 10-Q and
8-K. The “forward-looking” statements contained in this press
release are based on current assumptions and expectations, and BJ’s
Restaurants, Inc. undertakes no obligation to update or alter its
“forward-looking” statements whether as a result of new
information, future events or otherwise.
For further information, please contact Tom
Houdek of BJ’s Restaurants, Inc. at (714) 500-2400 or JCIR at (212)
835-8500 or at bjri@jcir.com.
BJ’s Restaurants, Inc. |
Consolidated Statements of Operations |
(Dollars in thousands except for per share
data) |
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
January 2, 2024(unaudited) |
January 3, 2023(unaudited) |
|
January 2, 2024(unaudited) |
January 3, 2023 |
Revenues |
$ |
323,635 |
|
100.0 |
% |
$ |
344,152 |
|
100.0 |
% |
|
$ |
1,333,229 |
|
100.0 |
% |
$ |
1,283,926 |
|
100.0 |
% |
Restaurant operating costs
(excluding depreciation and amortization): |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
82,426 |
|
25.5 |
|
|
92,241 |
|
26.8 |
|
|
|
346,569 |
|
26.0 |
|
|
349,645 |
|
27.2 |
|
Labor and benefits |
|
118,261 |
|
36.5 |
|
|
126,494 |
|
36.8 |
|
|
|
491,314 |
|
36.9 |
|
|
483,367 |
|
37.6 |
|
Occupancy and operating |
|
76,481 |
|
23.6 |
|
|
80,958 |
|
23.5 |
|
|
|
317,559 |
|
23.8 |
|
|
306,150 |
|
23.8 |
|
General and
administrative |
|
21,730 |
|
6.7 |
|
|
19,290 |
|
5.6 |
|
|
|
82,103 |
|
6.2 |
|
|
73,333 |
|
5.7 |
|
Depreciation and
amortization |
|
17,793 |
|
5.5 |
|
|
17,488 |
|
5.1 |
|
|
|
70,992 |
|
5.3 |
|
|
70,385 |
|
5.5 |
|
Restaurant opening |
|
207 |
|
0.1 |
|
|
1,534 |
|
0.4 |
|
|
|
2,808 |
|
0.2 |
|
|
3,644 |
|
0.3 |
|
Loss on disposal and
impairment of assets, net |
|
3,419 |
|
1.1 |
|
|
5,226 |
|
1.5 |
|
|
|
8,125 |
|
0.6 |
|
|
6,200 |
|
0.5 |
|
Gain on lease transactions,
net |
|
- |
|
- |
|
|
(3,318) |
|
(1.0) |
|
|
|
- |
|
- |
|
|
(3,318) |
|
(0.3) |
|
Total costs and expenses |
|
320,317 |
|
99.0 |
|
|
339,913 |
|
98.8 |
|
|
|
1,319,470 |
|
99.0 |
|
|
1,289,406 |
|
100.4 |
|
Income (loss) from operations |
|
3,318 |
|
1.0 |
|
|
4,239 |
|
1.2 |
|
|
|
13,759 |
|
1.0 |
|
|
(5,480) |
|
(0.4) |
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1,673) |
|
(0.5) |
|
|
(1,173) |
|
(0.3) |
|
|
|
(4,915) |
|
(0.4) |
|
|
(2,888) |
|
(0.2) |
|
Other income, net |
|
441 |
|
0.1 |
|
|
578 |
|
0.2 |
|
|
|
1,256 |
|
0.1 |
|
|
60 |
|
- |
|
Total other expense |
|
(1,232) |
|
(0.4) |
|
|
(595) |
|
(0.2) |
|
|
|
(3,659) |
|
(0.3) |
|
|
(2,828) |
|
(0.2) |
|
Income (loss) before income taxes |
|
2,086 |
|
0.6 |
|
|
3,644 |
|
1.1 |
|
|
|
10,100 |
|
0.8 |
|
|
(8,308) |
|
(0.6) |
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
(5,965) |
|
(1.8) |
|
|
(317) |
|
(0.1) |
|
|
|
(9,560) |
|
(0.7) |
|
|
(12,384) |
|
(1.0) |
|
Net income |
$ |
8,051 |
|
2.5 |
% |
$ |
3,961 |
|
1.2 |
% |
|
$ |
19,660 |
|
1.5 |
% |
$ |
4,076 |
|
0.3 |
% |
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.35 |
|
|
$ |
0.17 |
|
|
|
$ |
0.84 |
|
|
$ |
0.17 |
|
|
Diluted |
$ |
0.34 |
|
|
$ |
0.17 |
|
|
|
$ |
0.82 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
23,245 |
|
|
|
23,386 |
|
|
|
|
23,452 |
|
|
|
23,405 |
|
|
Diluted |
|
23,722 |
|
|
|
23,762 |
|
|
|
|
23,923 |
|
|
|
23,662 |
|
|
Percentages reflected above may not reconcile due
to rounding.
BJ’s Restaurants, Inc. |
Selected Consolidated Balance Sheet
Information |
(Dollars in thousands) |
|
January 2, 2024(unaudited) |
|
January 3, 2023 |
Cash and cash equivalents |
$ |
29,070 |
|
$ |
24,873 |
Total assets |
$ |
1,058,454 |
|
$ |
1,045,922 |
Total debt |
$ |
68,000 |
|
$ |
60,000 |
Shareholders’ equity |
$ |
365,761 |
|
$ |
345,515 |
|
BJ’s Restaurants, Inc. |
Unaudited Supplemental Information |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
January 2, 2024 |
January 3, 2023 |
|
January 2, 2024 |
January 3, 2023 |
Stock-based
compensation (1) |
|
|
|
|
|
|
|
|
|
Labor and benefits |
$ |
730 |
0.2 |
% |
$ |
842 |
0.2 |
% |
|
$ |
2,583 |
0.2 |
% |
$ |
2,886 |
0.2 |
% |
General and
administrative |
|
2,083 |
0.6 |
|
|
1,647 |
0.5 |
|
|
|
8,319 |
0.6 |
|
|
7,212 |
0.6 |
|
Total stock-based
compensation |
$ |
2,813 |
0.9 |
% |
$ |
2,489 |
0.7 |
% |
|
$ |
10,902 |
0.8 |
% |
$ |
10,098 |
0.8 |
% |
Operating
Data |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales %
change |
0.6% (2) |
|
6.6% (2) |
|
|
3.7% (2) |
|
14.0% (2) |
|
Restaurants opened during
period |
|
- |
|
|
3 |
|
|
|
5 |
|
6 |
|
Restaurants open at
period-end |
216 (3) |
|
216 (3) |
|
|
216 (4) |
|
216 (5) |
|
Restaurant operating
weeks |
2,821 (6) |
|
3,004 (6) |
|
|
11,242 (6) |
|
11,295 (6) |
|
|
(1) |
Percentages represent percent of total revenues. |
|
(2) |
Comparable restaurant sales are
presented on a 13-week vs. 13-week and 52-week vs. 52-week
basis. |
|
(3) |
During the period, one restaurant
was permanently closed. |
|
(4) |
During the period, five
restaurants were permanently closed. |
|
(5) |
During the period, two
restaurants were permanently closed. |
|
(6) |
Fourth quarter and fiscal year
ended January 2, 2024, are on a 13-week and 52-week basis,
respectively, as compared to fourth quarter and fiscal year ended
January 3, 2023, which are on a 14-week and 53-week basis,
respectively. |
Note Regarding Non-GAAP Financial Measures
The Company is reporting below certain non-GAAP
financial results and related reconciliations to the corresponding
GAAP financial measures. These non-GAAP measures are not in
accordance with, or a substitute for, measures prepared in
accordance with GAAP, and may be different from non-GAAP measures
used by other companies. These measures should only be used to
evaluate the Company’s results of operations in conjunction with
corresponding GAAP measures.
Reconciliation of Selected GAAP Financial Measures to
Non-GAAP Adjusted Financial Measures
To supplement the consolidated financial
statements presented in accordance with U.S. generally accepted
accounting principles (“GAAP”), the Company has included the
following non-GAAP adjusted financial measures in this press
release or in the webcast to discuss the Company’s financial
results for fourth quarter 2023, which may be accessed via the
Company’s website at http://www.bjsrestaurants.com: (i) non-GAAP
adjusted net income and (ii) non-GAAP adjusted diluted net income
per share. Each of these non-GAAP adjusted financial measures is
adjusted from results based on GAAP to exclude certain expenses or
gains. As a general matter, the Company uses these non-GAAP
adjusted financial measures in addition to and in conjunction with
results presented in accordance with GAAP to help analyze the
performance of its core business. The Company believes that such
non-GAAP adjusted financial information is used by analysts and
others in the investment community to analyze the Company’s results
and in formulating estimates of future performance and that failure
to report these non-GAAP adjusted measures may result in confusion
among analysts and others and a misplaced perception that the
Company’s results have underperformed or exceeded expectations.
For the fourth quarter and fiscal year ended
January 3, 2023, adjusted net income and non-GAAP adjusted diluted
net income per share excludes the additional gift card breakage
revenue resulting from the change in estimate.
Reconciliation of Non-GAAP Adjusted Financial
Measures |
|
(Unaudited, dollars in thousands except for per share
data) |
|
|
|
|
|
|
|
Fourth Quarter Ended |
|
January 2, 2024 |
January 3, 2023 |
|
$ |
% |
Per Share |
$ |
% |
PerShare |
Net income & diluted net income share, as reported |
$ |
8,051 |
2.5 |
% |
$ |
0.34 |
$ |
3,961 |
|
1.2 |
% |
$ |
0.17 |
|
Gift card breakage estimate change (1) |
|
- |
- |
|
|
- |
|
(3,186 |
) |
(0.9 |
) |
|
(0.13 |
) |
Tax effect – Gift card breakage estimate change (2) |
|
- |
- |
|
|
- |
|
771 |
|
0.2 |
|
|
0.03 |
|
Non-GAAP adjusted net income
& diluted net income per share |
$ |
8,051 |
2.5 |
% |
$ |
0.34 |
$ |
1,546 |
|
0.4 |
% |
$ |
0.07 |
|
|
|
|
Fiscal Year Ended |
|
January 2, 2024 |
January 3, 2023 |
|
$ |
% |
Per Share |
$ |
% |
PerShare |
Net income & diluted net
income per share, as reported |
$ |
19,660 |
1.5 |
% |
$ |
0.82 |
$ |
4,076 |
|
0.3 |
|
$ |
0.17 |
|
Gift card breakage estimate change (1) |
|
- |
- |
|
|
- |
|
(3,186 |
) |
(0.2 |
) |
|
(0.13 |
) |
Tax effect – Gift card breakage estimate change (2) |
|
- |
- |
|
|
- |
|
771 |
|
0.1 |
|
|
0.03 |
|
Non-GAAP adjusted net income
& diluted net income per share |
$ |
19,660 |
1.5 |
% |
$ |
0.82 |
$ |
1,661 |
|
0.1 |
% |
$ |
0.07 |
|
Per share amounts and percentages reflected above
may not reconcile due to rounding. Percentages represent percent of
total revenues.
|
(1) |
Included in “Revenues” on the Consolidated Statements of
Operations. |
|
(2) |
The tax effect is based on the
Company’s annual effective tax rate of 24.2% for fiscal year ending
January 3, 2023. |
Restaurant Level Operating Margin
Restaurant level operating margin, a non-GAAP
financial measure, is equal to the revenues generated by our
restaurants less their direct operating costs which consist of cost
of sales, labor and benefits, and occupancy and operating costs.
This performance measure primarily includes the costs that
restaurant level managers can directly control and excludes other
operating costs that are essential to conduct the Company’s
business, as detailed in the table below. Management uses
restaurant level operating margin as a supplemental measure of
restaurant performance. Management believes restaurant level
operating margin is useful to investors in that it highlights
trends in our core business that may not otherwise be apparent to
investors when relying solely on GAAP financial measures. Because
other companies may calculate restaurant level operating margin
differently than we do, restaurant level operating margin as
presented herein may not be comparable to similarly titled measures
reported by other companies.
A reconciliation of income (loss) from
operations to restaurant level operating margin for the fourth
quarter and fiscal year ended January 2, 2024, and January 3, 2023,
is set forth below:
Supplemental Financial Information – Restaurant Level
Operating Margin |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
January 2, 2024 |
January 3, 2023 |
|
January 2, 2024 |
January 3, 2023 |
Income (loss) from operations |
$ |
3,318 |
1.0 |
% |
$ |
4,239 |
|
1.2 |
% |
|
$ |
13,759 |
1.0 |
% |
$ |
(5,480 |
) |
(0.4 |
)% |
General and administrative |
|
21,730 |
6.7 |
|
|
19,290 |
|
5.6 |
|
|
|
82,103 |
6.2 |
|
|
73,333 |
|
5.7 |
|
Depreciation and amortization |
|
17,793 |
5.5 |
|
|
17,488 |
|
5.1 |
|
|
|
70,992 |
5.3 |
|
|
70,385 |
|
5.5 |
|
Restaurant opening |
|
207 |
0.1 |
|
|
1,534 |
|
0.4 |
|
|
|
2,808 |
0.2 |
|
|
3,644 |
|
0.3 |
|
Loss on disposal and impairment of assets, net |
|
3,419 |
1.1 |
|
|
5,226 |
|
1.5 |
|
|
|
8,125 |
0.6 |
|
|
6,200 |
|
0.5 |
|
Gain on lease transactions, net |
|
- |
- |
|
|
(3,318 |
) |
(1.0 |
) |
|
|
- |
- |
|
|
(3,318 |
) |
(0.3 |
) |
Restaurant level operating
margin (1) |
$ |
46,467 |
14.4 |
% |
|
44,459 |
|
12.9 |
% |
|
$ |
177,787 |
13.3 |
% |
$ |
144,764 |
|
11.3 |
% |
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
|
(1) |
The fourth quarter and fiscal year ended January 3, 2023, include
gift card breakage revenue of $3.2 million as a result of the
Company's re-evaluation of its estimated redemption pattern
resulting from the COVID-19 pandemic. Excluding this benefit from
both revenues and income from operations, restaurant level
operating margin would be 12.1% and 11.1%, respectively. |
Adjusted Earnings Before Interest,
Taxes, Depreciation and Amortization (“Adjusted
EBITDA”)
Adjusted EBITDA is a non-GAAP financial measure
that represents the sum of net income adjusted for certain expenses
and gains/losses detailed within the reconciliation below.
Management uses Adjusted EBITDA as a supplemental measure of our
performance. Management believes these measures are useful to
investors in that they highlight cash flow and trends in our core
business that may not otherwise be apparent to investors when
relying solely on GAAP financial measures. Because other companies
may calculate these measures differently than we do, Adjusted
EBITDA as presented herein may not be comparable to similarly
titled measures reported by other companies.
A reconciliation of
net income to Adjusted EBITDA for the fourth quarter and fiscal
year ended January 2, 2024, and January 3, 2023, is set forth
below:
Supplemental Financial Information – Net Income to Adjusted
EBITDA |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Fourth Quarter Ended |
|
Fiscal Year Ended |
|
January 2, 2024 |
January 3, 2023 |
|
January 2, 2024 |
January 3, 2023 |
Net income (1) |
$ |
8,051 |
|
2.5 |
% |
$ |
3,961 |
|
1.2 |
% |
|
$ |
19,660 |
|
1.5 |
% |
$ |
4,076 |
|
0.3 |
% |
Interest expense, net |
|
1,673 |
|
0.5 |
|
|
1,173 |
|
0.3 |
|
|
|
4,915 |
|
0.4 |
|
|
2,888 |
|
0.2 |
|
Income tax benefit |
|
(5,965) |
|
(1.8) |
|
|
(317) |
|
(0.1) |
|
|
|
(9,560) |
|
(0.7) |
|
|
(12,384) |
|
(1.0) |
|
Depreciation and amortization |
|
17,793 |
|
5.5 |
|
|
17,488 |
|
5.1 |
|
|
|
70,992 |
|
5.3 |
|
|
70,385 |
|
5.5 |
|
Stock-based compensation expense |
|
2,813 |
|
0.9 |
|
|
2,489 |
|
0.7 |
|
|
|
10,902 |
|
0.8 |
|
|
10,098 |
|
0.8 |
|
Other income, net |
|
(441) |
|
(0.1) |
|
|
(578) |
|
(0.2) |
|
|
|
(1,256) |
|
(0.1) |
|
|
(60) |
|
- |
|
Loss on disposal and impairment of assets, net |
|
3,419 |
|
1.1 |
|
|
5,226 |
|
1.5 |
|
|
|
8,125 |
|
0.6 |
|
|
6,200 |
|
0.5 |
|
Gain on lease transactions, net |
|
- |
|
- |
|
|
(3,318) |
|
(1.0) |
|
|
|
- |
|
- |
|
|
(3,318) |
|
(0.3) |
|
Adjusted EBITDA |
$ |
27,343 |
|
8.4 |
% |
$ |
26,124 |
|
7.6 |
% |
|
$ |
103,778 |
|
7.8 |
% |
$ |
77,885 |
|
6.1 |
% |
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
|
(1) |
The fourth quarter and fiscal year ended January 3, 2023 include
gift card breakage revenue of $3.2 million as a result of the
Company's re-evaluation of its estimated redemption pattern
resulting from the COVID-19 pandemic. |
BJs Restaurants (NASDAQ:BJRI)
過去 株価チャート
から 8 2024 まで 9 2024
BJs Restaurants (NASDAQ:BJRI)
過去 株価チャート
から 9 2023 まで 9 2024