BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for its 2020 second quarter ended June 30, 2020 and
provided a business update given the continued impact of the
COVID-19 pandemic.
Second Quarter 2020 Highlights Compared to Second
Quarter 2019
- Total revenues decreased 57.5% to $128.0 million
- Total restaurant operating weeks increased approximately
1.3%
- Comparable restaurant sales declined 57.2%
- Net loss of $29.0 million compared to net income of $14.2
million
- Second quarter 2020 was impacted by a pretax impairment charge
of $9.7 million for three restaurants, and a pretax charge of $1.2
million to reserve for beer spoilage due to the sudden decrease in
draft beer sales caused by the pandemic.
- Diluted net loss per share of $1.38 compared to diluted net
income per share of $0.68
- Second quarter 2020 was impacted by a $0.35 per share
impairment charge for three restaurants, and a $0.05 per share
charge to reserve for beer spoilage due to the sudden decrease in
draft beer sales caused by the pandemic.
“The character and talent of our restaurant
teams continue to amaze me as our team members remain flexible and
committed to building sales and taking care of our guests
throughout this unprecedented time,” commented Greg Trojan, BJ’s
Chief Executive Officer. “Since the COVID-19 outbreak began in
March, we have taken active measures to ensure the safety of our
guests and team members. Beginning in late March and in April, we
closed our dining rooms and transitioned to a take-out and delivery
only operating model. During that period, we expanded our average
weekly off-premise sales per restaurant to more than $30,000 a week
by late April, a threefold increase from pre-COVID levels.
Throughout May and June, we reopened the majority of our dining
rooms with capacity limitations for social distancing. By late
June, our weekly sales average per restaurant improved to
approximately $75,000, and we generated restaurant level cash flow
margin percentages in the mid-teens range. Though below historical
levels, these sales volumes and margins demonstrate the strength of
the BJ’s brand and operating model, including our ability to drive
efficiencies in our restaurants.”
Beginning the first week in July, certain
counties throughout California and elsewhere ordered rollbacks of
their dine-in re-opening plans. As a result, approximately 70% of
our restaurant dining rooms are open today, in a limited capacity,
compared to 95% in late June. “The entrepreneurial spirit of our
restaurant operators was on full display as teams acted swiftly to
create welcoming and comfortable outdoor seating areas around the
perimeter of our restaurants as well as under large and lighted
tents in our parking lots. These efforts have allowed us to
continue to serve our guests in locations where indoor dining is
not currently permitted and to expand our seating where dine-in
capacity is limited. As a result, our restaurants are currently
maintaining approximately 60% of historical business volumes
compared to June when our restaurants recaptured more than 70% of
historical business volumes,” added Trojan.
Trojan further noted, “We have recalled
approximately 10,000 of our team members as we welcomed our guests
back to our dining rooms and patios. We look forward to welcoming
more team members back as we are solidly positioned to recapture
our historical sales, margins and cash flow as the nation overcomes
the pandemic and our restaurants return to more normal
operations.”
The Company expects to open one more restaurant,
in Orange Village, Ohio during the fourth quarter of this year.
“While we have canceled or delayed all but one of our remaining new
restaurant openings for fiscal 2020 due to the effects of the
COVID-19 pandemic, we remain confident in the long-term opportunity
to expand the BJ’s concept to at least 425 restaurants nationally.
Our balanced approach between new restaurant growth and overall
quality and hospitality, coupled with the strength of our balance
sheet, positions us to resume our restaurant expansion program at
the appropriate time,” concluded Trojan.
Investor Conference Call and
WebcastBJ’s Restaurants, Inc. will conduct a conference
call on its second quarter 2020 earnings release on Thursday, July
23, 2020, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).
Senior 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. (“BJ’s”) is a national brand
with brewhouse roots and a menu where craft matters. BJ’s broad
menu with over 140 offerings 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. 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 five 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 209 casual dining restaurants in 29
states: Alabama, Arizona, Arkansas, California, Colorado,
Connecticut, Florida, Indiana, Kansas, Kentucky, Louisiana,
Maryland, Massachusetts, Michigan, Nevada, New Jersey, New Mexico,
New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania,
Rhode Island, South Carolina, Tennessee, Texas, Virginia and
Washington. All restaurants offer dine-in, take-out, delivery and
large party catering. Due to the COVID-19 pandemic, one of our
restaurants remains temporarily closed, and dine-in service is
currently limited or not available and menu offerings and hours are
limited in our remaining 208 restaurants. For more BJ’s
information, visit http://www.bjsrestaurants.com.
Forward-Looking Statements
DisclaimerCertain 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, the percentage of restaurants open and
the timing of the re-opening of our restaurants for on premise
dining, construction 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 effect of the COVID-19 pandemic on our
restaurant sales and operations, labor and staffing, customer
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) our ability to manage new restaurant openings,
(iii) construction delays, (iv) labor shortages, (v) 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, (vi) the
effect of credit and equity market disruptions on our ability to
finance our continued expansion on acceptable terms, (vii) 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, (viii) factors that impact California,
Texas and Florida, where a substantial number of our restaurants
are located, (ix) restaurant and brewery industry competition,
(x) impact of certain brewing business considerations,
including without limitation, dependence upon suppliers, third
party contractors and distributors, and related hazards, (xi)
consumer spending trends in general for casual dining occasions,
(xii) potential uninsured losses and liabilities due to limitations
on insurance coverage, (xiii) fluctuating commodity costs and
availability of food in general and certain raw materials related
to the brewing of our craft beers and energy requirements, (xiv)
trademark and service-mark risks, (xv) government regulations and
licensing costs, (xvi) beer and liquor regulations, (xvii) loss of
key personnel, (xviii) inability to secure acceptable sites, (xix)
legal proceedings, (xx) other general economic and regulatory
conditions and requirements, (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, as amended, 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 Greg
Levin of BJ’s Restaurants, Inc. at (714) 500-2400 or JCIR at (212)
835-8500 or at bjri@jcir.com.
BJ’s Restaurants, Inc. |
Unaudited Consolidated Statements of (Loss)
Income |
(Dollars in thousands except for per share
data) |
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
June 30, 2020 |
July 2, 2019 |
|
June 30, 2020 |
July 2, 2019 |
Revenues |
$ |
128,024 |
|
100.0 |
% |
$ |
301,090 |
|
100.0 |
% |
|
$ |
382,619 |
|
100.0 |
% |
$ |
591,644 |
|
100.0 |
% |
Restaurant operating costs (excluding depreciation and
amortization): |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
31,988 |
|
25.0 |
|
|
76,861 |
|
25.5 |
|
|
|
95,794 |
|
25.0 |
|
|
150,187 |
|
25.4 |
|
Labor and benefits |
|
51,524 |
|
40.2 |
|
|
108,505 |
|
36.0 |
|
|
|
155,353 |
|
40.6 |
|
|
213,726 |
|
36.1 |
|
Occupancy and operating |
|
45,848 |
|
35.8 |
|
|
64,493 |
|
21.4 |
|
|
|
107,112 |
|
28.0 |
|
|
126,084 |
|
21.3 |
|
General and administrative |
|
14,472 |
|
11.3 |
|
|
15,985 |
|
5.3 |
|
|
|
26,080 |
|
6.8 |
|
|
32,881 |
|
5.6 |
|
Depreciation and amortization |
|
18,353 |
|
14.3 |
|
|
17,839 |
|
5.9 |
|
|
|
36,698 |
|
9.6 |
|
|
35,481 |
|
6.0 |
|
Restaurant opening |
|
152 |
|
0.1 |
|
|
610 |
|
0.2 |
|
|
|
695 |
|
0.2 |
|
|
1,058 |
|
0.2 |
|
Loss on disposal and impairment of assets |
|
11,420 |
|
8.9 |
|
|
1,042 |
|
0.3 |
|
|
|
14,325 |
|
3.7 |
|
|
2,687 |
|
0.5 |
|
Total costs and expenses |
|
173,757 |
|
135.7 |
|
|
285,335 |
|
94.8 |
|
|
|
436,057 |
|
114.0 |
|
|
562,104 |
|
95.0 |
|
(Loss) income from operations |
|
(45,733 |
) |
(35.7 |
) |
|
15,755 |
|
5.2 |
|
|
|
(53,438 |
) |
(14.0 |
) |
|
29,540 |
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1,942 |
) |
(1.5 |
) |
|
(1,066 |
) |
(0.4 |
) |
|
|
(3,413 |
) |
(0.9 |
) |
|
(2,136 |
) |
(0.4 |
) |
Other income (expense), net |
|
1,661 |
|
1.3 |
|
|
141 |
|
- |
|
|
|
(44 |
) |
- |
|
|
1,238 |
|
0.2 |
|
Total other (expense) income |
|
(281 |
) |
(0.2 |
) |
|
(925 |
) |
(0.3 |
) |
|
|
(3,457 |
) |
(0.9 |
) |
|
(898 |
) |
(0.2 |
) |
(Loss) income before income taxes |
|
(46,014 |
) |
(35.9 |
) |
|
14,830 |
|
4.9 |
|
|
|
(56,895 |
) |
(14.9 |
) |
|
28,642 |
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit) expense |
|
(17,064 |
) |
(13.3 |
) |
|
638 |
|
0.2 |
|
|
|
(23,678 |
) |
(6.2 |
) |
|
1,586 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
$ |
(28,950 |
) |
(22.6 |
)% |
$ |
14,192 |
|
4.7 |
% |
|
$ |
(33,217 |
) |
(8.7 |
)% |
$ |
27,056 |
|
4.6 |
% |
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
(1.38 |
) |
|
$ |
0.69 |
|
|
|
$ |
(1.66 |
) |
|
$ |
1.30 |
|
|
Diluted |
$ |
(1.38 |
) |
|
$ |
0.68 |
|
|
|
$ |
(1.66 |
) |
|
$ |
1.27 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
20,951 |
|
|
|
20,692 |
|
|
|
|
20,026 |
|
|
|
20,874 |
|
|
Diluted |
|
20,951 |
|
|
|
20,999 |
|
|
|
|
20,026 |
|
|
|
21,232 |
|
|
Percentages reflected above may not reconcile due
to rounding.
BJ’s Restaurants, Inc. |
Selected Consolidated Balance Sheet
Information |
(Dollars in thousands) |
|
|
June 30, 2020(unaudited) |
|
December 31, 2019 |
Cash and cash equivalents |
$ |
86,741 |
|
$ |
22,394 |
Total assets |
$ |
1,098,870 |
|
$ |
1,072,084 |
Total debt |
$ |
166,800 |
|
$ |
143,000 |
Shareholders’ equity |
$ |
312,594 |
|
$ |
290,287 |
BJ’s Restaurants, Inc. |
Unaudited Supplemental Information |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
June 30, 2020 |
July 2, 2019 |
|
June 30, 2020 |
July 2, 2019 |
Stock-based
compensation (1) |
|
|
|
|
|
|
|
|
|
Labor and benefits |
$ |
692 |
|
0.5 |
% |
$ |
556 |
|
0.2 |
% |
|
$ |
1,321 |
|
0.3 |
% |
$ |
1,014 |
|
0.2 |
% |
General and
administrative |
|
1,547 |
|
1.2 |
|
|
1,739 |
|
0.6 |
|
|
|
2,462 |
|
0.6 |
|
|
3,365 |
|
0.6 |
|
Total stock-based
compensation |
$ |
2,239 |
|
1.7 |
% |
$ |
2,295 |
|
0.8 |
% |
|
$ |
3,783 |
|
1.0 |
% |
$ |
4,379 |
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
Operating
Data |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales %
change |
|
(57.2 |
)% |
|
|
2.0 |
% |
|
|
|
(36.5 |
)% |
|
|
2.0 |
% |
|
Restaurants opened during
period |
|
- |
|
|
|
2 |
|
|
|
|
1 |
|
|
|
3 |
|
|
Restaurants open at period-end
(2) |
|
208 |
|
|
|
205 |
|
|
|
|
208 |
|
|
|
205 |
|
|
Restaurant operating
weeks |
|
2,684 |
|
|
|
2,651 |
|
|
|
|
5,393 |
|
|
|
5,277 |
|
|
(1) |
Percentages represent percent of total revenues. |
(2) |
The Company owns and operates 209 restaurants, of which one is
temporarily closed due to the COVID-19 pandemic. |
Note Regarding Non-GAAP Financial MeasuresThe
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 MeasuresTo 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 second quarter 2020 which may be accessed via the
Company’s website at http://www.bjsrestaurants.com: (i) non-GAAP
adjusted net (loss) income and (ii) non-GAAP adjusted diluted net
(loss) income per share. Each of these non-GAAP adjusted financial
measures is adjusted from results based on GAAP to exclude certain
expenses. 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 second quarter and six months ended June
30, 2020 and July 2, 2019, non-GAAP adjusted net (loss) income and
non-GAAP adjusted diluted net (loss) income per share excludes
restaurant impairment charges as well as the charge to reserve for
beer spoilage.
Reconciliation of Non-GAAP Adjusted Financial
Measures |
(Unaudited, dollars in thousands except for per share
data) |
|
|
|
|
|
|
Second Quarter Ended |
|
June 30, 2020 |
July 2, 2019 |
|
$ |
% |
PerShare |
$ |
% |
PerShare |
Net (loss) income &
diluted net (loss) income per share, as reported |
$ |
(28,950 |
) |
(22.6 |
)% |
$ |
(1.38 |
) |
14,192 |
4.7 |
% |
$ |
0.68 |
Impairment charge
related to three restaurants (1) |
|
9,701 |
|
7.6 |
|
|
0.46 |
|
- |
- |
|
|
- |
Reserve for beer
spoilage (1) |
|
1,182 |
|
0.9 |
|
|
0.06 |
|
- |
- |
|
|
- |
Tax effect –
Impairment charge related to three restaurants (2) |
|
(2,386 |
) |
(1.9 |
) |
|
(0.11 |
) |
- |
- |
|
|
- |
Tax effect –
Reserve for beer spoilage (2) |
|
(291 |
) |
(0.2 |
) |
|
(0.01 |
) |
- |
- |
|
|
- |
Non-GAAP adjusted net (loss)
income & diluted net (loss) income per share |
$ |
(20,744 |
) |
(16.2 |
)% |
$ |
(0.99 |
) |
14,192 |
4.7 |
% |
$ |
0.68 |
|
|
|
Six Months Ended |
|
June 30, 2020 |
July 2, 2019 |
|
$ |
% |
PerShare |
$ |
% |
PerShare |
Net (loss) income &
diluted net (loss) income per share, as reported |
$ |
(33,217 |
) |
(8.7 |
)% |
$ |
(1.66 |
) |
27,056 |
4.6 |
% |
$ |
1.27 |
Impairment charge
related to three restaurants (1) |
|
12,009 |
|
3.1 |
|
|
0.60 |
|
- |
- |
|
|
- |
Reserve for beer
spoilage (1) |
|
1,182 |
|
0.3 |
|
|
0.06 |
|
- |
- |
|
|
- |
Tax effect –
Impairment charge related to three restaurants (2) |
|
(2,954 |
) |
(0.8 |
) |
|
(0.15 |
) |
- |
- |
|
|
- |
Tax effect –
Reserve for beer spoilage (2) |
|
(291 |
) |
(0.1 |
) |
|
(0.01 |
) |
- |
- |
|
|
- |
Non-GAAP adjusted net (loss)
income & diluted net (loss) income per share |
$ |
(23,271 |
) |
(6.1 |
)% |
$ |
(1.16 |
) |
27,056 |
4.6 |
% |
$ |
1.27 |
Per share amounts and percentages reflected above
may not reconcile due to rounding. Percentages represent percent of
total revenues.
(1) |
Included in “Loss on disposal and impairment of assets” on the
Consolidated Statements of (Loss) Income. |
(2) |
The tax effect is based on the Company’s annual effective tax rate
of 24.6% for the six months ended June 30, 2020. |
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 includes only 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 (loss) income from
operations to restaurant level operating margin for the second
quarter ended June 30, 2020 and July 2, 2019 is set forth
below:
Supplemental Financial Information – Restaurant Level
Operating Margin |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
June 30, 2020 |
July 2, 2019 |
|
June 30, 2020 |
July 2, 2019 |
(Loss) income from operations |
$ |
(45,733 |
) |
(35.7 |
)% |
$ |
15,755 |
5.2 |
% |
|
$ |
(53,438 |
) |
(14.0 |
)% |
$ |
29,540 |
5.0 |
% |
General and
administrative |
|
14,472 |
|
11.3 |
|
|
15,985 |
5.3 |
|
|
|
26,080 |
|
6.8 |
|
|
32,881 |
5.6 |
|
Depreciation and
amortization |
|
18,353 |
|
14.3 |
|
|
17,839 |
5.9 |
|
|
|
36,698 |
|
9.6 |
|
|
35,481 |
6.0 |
|
Restaurant opening |
|
152 |
|
0.1 |
|
|
610 |
0.2 |
|
|
|
695 |
|
0.2 |
|
|
1,058 |
0.2 |
|
Loss on disposal and
impairment of assets |
|
11,420 |
|
8.9 |
|
|
1,042 |
0.3 |
|
|
|
14,325 |
|
3.7 |
|
|
2,687 |
0.5 |
|
Restaurant level operating
margin |
$ |
(1,336 |
) |
(1.0 |
)% |
$ |
51,231 |
17.0 |
% |
|
$ |
24,360 |
|
6.4 |
% |
$ |
101,647 |
17.2 |
% |
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
Adjusted Earnings Before Interest, Taxes, Depreciation
and Amortization (“Adjusted EBITDA”)
Adjusted EBITDA is a non-GAAP financial measure that represents
the sum of net (loss) income, interest expense, income tax
(benefit) expense, depreciation and amortization, stock-based
compensation expense, other expense (income), and loss on disposal
and impairment of assets 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.
Supplemental Financial Information – Net (Loss) Income to
Adjusted EBITDA |
(Unaudited, dollars in thousands) |
|
|
|
|
|
Second Quarter Ended |
|
Six Months Ended |
|
June 30, 2020 |
July 2, 2019 |
|
June 30, 2020 |
July 2, 2019 |
Net (loss) income |
$ |
(28,950 |
) |
(22.6 |
)% |
$ |
14,192 |
|
4.7 |
% |
|
$ |
(33,217 |
) |
(8.7 |
)% |
$ |
27,056 |
|
4.6 |
% |
Interest expense,
net |
|
1,942 |
|
1.5 |
|
|
1,066 |
|
0.4 |
|
|
|
3,413 |
|
0.9 |
|
|
2,136 |
|
0.4 |
|
Income tax (benefit)
expense |
|
(17,064 |
) |
(13.3 |
) |
|
638 |
|
0.2 |
|
|
|
(23,678 |
) |
(6.2 |
) |
|
1,586 |
|
0.3 |
|
Depreciation and
amortization |
|
18,353 |
|
14.3 |
|
|
17,839 |
|
5.9 |
|
|
|
36,698 |
|
9.6 |
|
|
35,481 |
|
6.0 |
|
Stock-based
compensation expense |
|
2,239 |
|
1.7 |
|
|
2,295 |
|
0.8 |
|
|
|
3,783 |
|
1.0 |
|
|
4,379 |
|
0.7 |
|
Other (income) expense,
net |
|
(1,661 |
) |
(1.3 |
) |
|
(141 |
) |
- |
|
|
|
44 |
|
- |
|
|
(1,238 |
) |
(0.2 |
) |
Loss on disposal and
impairment of assets |
|
11,420 |
|
8.9 |
|
|
1,042 |
|
0.3 |
|
|
|
14,325 |
|
3.7 |
|
|
2,687 |
|
0.5 |
|
Adjusted EBITDA |
$ |
(13,721 |
) |
(10.7 |
)% |
$ |
36,931 |
|
12.3 |
% |
|
$ |
1,368 |
|
0.4 |
% |
$ |
72,087 |
|
12.2 |
% |
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
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