BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial
results for its fiscal 2020 third quarter ended September 29,
2020.
Third Quarter 2020 Highlights Compared
to Third Quarter
2019
- Total revenues decreased 28.6% to $198.9 million
- Total restaurant operating weeks increased 0.9%
- Comparable restaurant sales declined 30.2%
- Net loss of $6.6 million compared
to net income of $3.7 million
- Third quarter 2020 net loss
includes a $1.9 million pretax gain related to a sale-leaseback
transaction and a $2.3 million pretax gain related to a settlement
with credit card providers pertaining to interchange fees and a
settlement related to the repair of handheld tablets.
- Diluted net loss per share of $0.30
compared to diluted net income per share of $0.18
- Third quarter 2020 net loss per
share includes a $0.07 gain related to a sale-leaseback transaction
and a $0.07 gain related to the settlements described above.
- Adjusted EBITDA of $6.6
million
“The continued commitment and creativity from
our team members to drive sales and take care of our guests during
this challenging time for our country resulted in significantly
improved third quarter performance, over the prior quarter, that
exceeded our expectations,” commented Greg Trojan, Chief Executive
Officer. “Early in the third quarter we were operating with less
than 70% of our restaurant dining rooms open and subject to indoor
seating capacity limitations. In response, our teams quickly
mobilized to build approximately 100 temporary outdoor patios to
provide guests with a safe, comfortable and enjoyable dining
experience. These new patios, combined with our continued take-out
and delivery focus and certain dining rooms re-opening, helped
drive weekly sequential sales increases throughout the quarter.
Reflecting these initiatives, our weekly sales average improved
from the mid-$60,000 range per restaurant in July to approximately
$80,000 per restaurant in the last weeks of September. The
improvements in our sales trends, coupled with our productivity and
efficiency initiatives implemented since the start of the pandemic,
allowed us to return to generating positive cash flow for the
quarter. Importantly, our growing sales trends have continued as
October weekly sales per restaurant are currently averaging in the
low $80,000 range.
“The pandemic has underscored the resilience of
our concept and the strength of our brand. Consumers still consider
dining at or ordering take-out and delivery from BJ’s an important
part of their social lives and overall lifestyle,” continued
Trojan. “We presently have 87% of our dining rooms open, albeit in
limited capacities, and we are continuing to install glass dividers
in our restaurants to enable more guests to enjoy dining at BJ’s in
a safe and socially distanced manner. Lastly, I am delighted to
announce that to-date, we have welcomed back over 10,000 team
members, and we look forward to welcoming more team members back as
our restaurants return to normal operations.”
The Company opened its second and last new
restaurant for fiscal 2020 earlier this week in Orange Village,
Ohio. “We remain committed to our long term national expansion plan
to operate at least 425 BJ’s restaurants while continuing to
balance new restaurant growth and overall quality and hospitality.
While we are currently in the process of finalizing our 2021
business plan, we expect to announce a modest increase in the
number of planned new restaurant openings for next year. BJ’s
continues to be a preferred tenant for developers, and our
development pipeline is in excellent shape reflecting the
opportunities we have to expand the BJ’s concept,” concluded
Trojan.
Investor Conference Call and Webcast
BJ’s Restaurants, Inc. will conduct a conference
call on its third quarter 2020 earnings release on Thursday,
October 22, 2020, 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. (“BJ’s”) is a national brand
with brewhouse roots and a menu 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. 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
210 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 hours are limited in our remaining 209 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) |
|
|
|
|
|
Third Quarter Ended |
|
Nine Months
Ended |
|
September 29,
2020 |
October 1, 2019 |
|
September 29,
2020 |
October 1, 2019 |
Revenues |
$198,887 |
|
100.0% |
|
$278,739 |
|
100.0% |
|
|
$581,506 |
|
100.0% |
|
$870,383 |
|
100.0% |
|
Restaurant operating costs
(excluding depreciation and amortization): |
|
|
|
|
|
|
|
|
|
Cost of sales |
|
48,938 |
|
24.6 |
|
|
71,552 |
|
25.7 |
|
|
|
144,732 |
|
24.9 |
|
|
221,739 |
|
25.5 |
|
Labor and benefits |
|
74,576 |
|
37.5 |
|
|
104,660 |
|
37.5 |
|
|
|
229,929 |
|
39.5 |
|
|
318,386 |
|
36.6 |
|
Occupancy and operating |
|
56,401 |
|
28.4 |
|
|
64,921 |
|
23.3 |
|
|
|
163,513 |
|
28.1 |
|
|
191,005 |
|
21.9 |
|
General and
administrative |
|
15,250 |
|
7.7 |
|
|
14,272 |
|
5.1 |
|
|
|
41,330 |
|
7.1 |
|
|
47,153 |
|
5.4 |
|
Depreciation and
amortization |
|
18,037 |
|
9.1 |
|
|
18,163 |
|
6.5 |
|
|
|
54,735 |
|
9.4 |
|
|
53,644 |
|
6.2 |
|
Restaurant opening |
|
128 |
|
0.1 |
|
|
970 |
|
0.3 |
|
|
|
823 |
|
0.1 |
|
|
2,028 |
|
0.2 |
|
Loss on disposal and
impairment of assets |
|
177 |
|
0.1 |
|
|
931 |
|
0.3 |
|
|
|
14,502 |
|
2.5 |
|
|
3,618 |
|
0.4 |
|
Gain on lease transactions,
net |
|
(1,940) |
|
(1.0) |
|
|
- |
|
- |
|
|
|
(1,940) |
|
(0.3) |
|
|
- |
|
- |
|
Total costs and expenses |
|
211,567 |
|
106.4 |
|
|
275,469 |
|
98.8 |
|
|
|
647,624 |
|
111.4 |
|
|
837,573 |
|
96.2 |
|
(Loss) income from operations |
|
(12,680) |
|
(6.4) |
|
|
3,270 |
|
1.2 |
|
|
|
(66,118) |
|
(11.4) |
|
|
32,810 |
|
3.8 |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1,639) |
|
(0.8) |
|
|
(1,174) |
|
(0.4) |
|
|
|
(5,052) |
|
(0.9) |
|
|
(3,310) |
|
(0.4) |
|
Gain from legal
settlements |
|
2,284 |
|
1.1 |
|
|
- |
|
- |
|
|
|
2,284 |
|
0.4 |
|
|
- |
|
- |
|
Other income, net |
|
624 |
|
0.3 |
|
|
125 |
|
- |
|
|
|
580 |
|
0.1 |
|
|
1,363 |
|
0.2 |
|
Total other income
(expense) |
|
1,269 |
|
0.6 |
|
|
(1,049) |
|
(0.4) |
|
|
|
(2,188) |
|
(0.4) |
|
|
(1,947) |
|
(0.2) |
|
(Loss) income before income taxes |
|
(11,411) |
|
(5.7) |
|
|
2,221 |
|
0.8 |
|
|
|
(68,306) |
|
(11.7) |
|
|
30,863 |
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
Income tax (benefit)
expense |
|
(4,827) |
|
(2.4) |
|
|
(1,450) |
|
(0.5) |
|
|
|
(28,505) |
|
(4.9) |
|
|
136 |
|
- |
|
Net (loss) income |
$(6,584) |
|
(3.3)% |
|
$3,671 |
|
1.3% |
|
|
$(39,801) |
|
(6.8)% |
|
$30,727 |
|
3.5% |
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$(0.30) |
|
|
$0.18 |
|
|
|
$(1.92) |
|
|
$1.49 |
|
|
Diluted |
$(0.30) |
|
|
$0.18 |
|
|
|
$(1.92) |
|
|
$1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
22,280 |
|
|
|
20,191 |
|
|
|
|
20,777 |
|
|
|
20,646 |
|
|
Diluted |
|
22,280 |
|
|
|
20,441 |
|
|
|
|
20,777 |
|
|
|
20,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages reflected above may not reconcile due
to rounding.
BJ’s Restaurants, Inc. |
|
Selected Consolidated Balance Sheet
Information |
|
(Dollars in thousands) |
|
|
September 29,
2020(unaudited) |
|
December 31, 2019 |
|
Cash and cash equivalents |
$ |
64,924 |
|
$ |
22,394 |
|
Total assets |
$ |
1,066,750 |
|
$ |
1,072,084 |
|
Total debt |
$ |
126,800 |
|
$ |
143,000 |
|
Shareholders’ equity |
$ |
308,911 |
|
$ |
290,287 |
|
|
BJ’s Restaurants, Inc. |
Unaudited Supplemental Information |
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Nine Months Ended |
|
September 29, 2020 |
October 1, 2019 |
|
September 29, 2020 |
October 1, 2019 |
Stock-based
compensation (1) |
|
|
|
|
|
|
|
|
|
Labor and benefits |
$707 |
|
0.4% |
|
$685 |
|
0.2% |
|
|
$2,028 |
|
0.3% |
|
$1,698 |
|
0.2% |
|
General and administrative |
|
2,312 |
|
1.2 |
|
|
1,476 |
|
0.5 |
|
|
|
4,774 |
|
0.8 |
|
|
4,841 |
|
0.6 |
|
Total stock-based
compensation |
$3,019 |
|
1.5% |
|
$2,161 |
|
0.8% |
|
|
$6,802 |
|
1.2% |
|
$6,539 |
|
0.8% |
|
|
|
|
|
|
|
|
|
|
|
Operating
Data |
|
|
|
|
|
|
|
|
|
Comparable restaurant sales %
change |
|
(30.2)% |
|
|
|
(0.3)% |
|
|
|
|
(34.5)% |
|
|
|
1.3% |
|
|
Restaurants opened during
period |
|
- |
|
|
|
2 |
|
|
|
|
1 |
|
|
|
5 |
|
|
Restaurants open at period-end
(2) |
|
208 |
|
|
|
207 |
|
|
|
|
208 |
|
|
|
207 |
|
|
Restaurant operating
weeks |
|
2,704 |
|
|
|
2,681 |
|
|
|
|
8,097 |
|
|
|
7,957 |
|
|
(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 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 third 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 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 third quarter ended September 29, 2020
and October 1, 2019, non-GAAP adjusted net (loss) income and
non-GAAP adjusted diluted net (loss) income per share excludes the
net gain on lease transactions and the gain related to legal
settlements.
For the nine months ended September 29, 2020 and
October 1, 2019, non-GAAP adjusted net (loss) income and non-GAAP
adjusted diluted net (loss) income per share excludes the net gain
on lease transactions and the gain related to legal settlements,
restaurant impairment charges and the charge to reserve for beer
spoilage.
Reconciliation of Non-GAAP Adjusted Financial
Measures |
(Unaudited, dollars in thousands except for per share
data) |
|
|
|
Third Quarter Ended |
|
September 29, 2020 |
October 1, 2019 |
|
$ |
% |
Per Share |
$ |
% |
PerShare |
Net (loss) income & diluted net (loss) income per share, as
reported |
$(6,584) |
|
(3.3)% |
|
$(0.30) |
|
$3,671 |
1.3% |
|
$0.18 |
Gain on lease transactions, net |
|
(1,940) |
|
(1.0) |
|
|
(0.09) |
|
|
- |
- |
|
|
- |
Gain from legal settlements |
|
(2,284) |
|
(1.1) |
|
|
(0.10) |
|
|
- |
- |
|
|
- |
Tax effect – Gain on lease transactions, net (2) |
|
477 |
|
0.2 |
|
|
0.02 |
|
|
- |
- |
|
|
- |
Tax effect – Gain from legal settlements (2) |
|
562 |
|
0.3 |
|
|
0.03 |
|
|
- |
- |
|
|
- |
Non-GAAP adjusted net (loss)
income & diluted net (loss) income per share |
$(9,769) |
|
(4.9)% |
|
$(0.44) |
|
$3,671 |
1.3% |
|
$0.18 |
|
|
|
Nine Months Ended |
|
September 29, 2020 |
October 1, 2019 |
|
$ |
% |
Per Share |
$ |
% |
PerShare |
Net (loss) income &
diluted net (loss) income per share, as reported |
$(39,801) |
|
(6.8)% |
|
$(1.92) |
|
$30,727 |
3.5% |
|
$1.47 |
Gain on lease transactions, net |
|
(1,940) |
|
(0.3) |
|
|
(0.09) |
|
|
- |
- |
|
|
- |
Gain from legal settlements |
|
(2,284) |
|
(0.4) |
|
|
(0.11) |
|
|
- |
- |
|
|
- |
Impairment charge related to three restaurants (1) |
|
12,009 |
|
2.1 |
|
|
0.58 |
|
|
- |
- |
|
|
- |
Reserve for beer spoilage (1) |
|
1,182 |
|
0.2 |
|
|
0.06 |
|
|
- |
- |
|
|
- |
Tax effect – Gain on lease transactions, net (2) |
|
477 |
|
0.1 |
|
|
0.02 |
|
|
- |
- |
|
|
- |
Tax effect – Gain from legal settlements (2) |
|
562 |
|
0.1 |
|
|
0.03 |
|
|
- |
- |
|
|
- |
Tax effect – Impairment charge related to three restaurants
(2) |
|
(2,954) |
|
(0.5) |
|
|
(0.14) |
|
|
- |
- |
|
|
- |
Tax effect – Reserve for beer spoilage (2) |
|
(291) |
|
(0.1) |
|
|
(0.01) |
|
|
- |
- |
|
|
- |
Non-GAAP adjusted net (loss)
income & diluted net (loss) income per share |
$(33,040) |
|
(5.7)% |
|
$(1.59) |
|
$30,727 |
3.5% |
|
$1.47 |
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 nine months ended September 29, 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 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 (loss) income from
operations to restaurant level operating margin for the third
quarter and nine months ended September 29, 2020 and October 1,
2019 is set forth below:
Supplemental Financial Information – Restaurant
Level Operating Margin |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
Third Quarter Ended |
|
Nine Months
Ended |
|
September 29, 2020 |
October 1, 2019 |
|
September 29, 2020 |
October 1, 2019 |
(Loss) income from operations |
$(12,680) |
|
(6.4)% |
|
$3,270 |
1.2% |
|
|
$(66,118) |
|
(11.4)% |
|
$32,810 |
3.8% |
|
General and administrative |
|
15,250 |
|
7.7 |
|
|
14,272 |
5.1 |
|
|
|
41,330 |
|
7.1 |
|
|
47,153 |
5.4 |
|
Depreciation and amortization |
|
18,037 |
|
9.1 |
|
|
18,163 |
6.5 |
|
|
|
54,735 |
|
9.4 |
|
|
53,644 |
6.2 |
|
Restaurant opening |
|
128 |
|
0.1 |
|
|
970 |
0.3 |
|
|
|
823 |
|
0.1 |
|
|
2,028 |
0.2 |
|
Loss on disposal and impairment of assets |
|
177 |
|
0.1 |
|
|
931 |
0.3 |
|
|
|
14,502 |
|
2.5 |
|
|
3,618 |
0.4 |
|
Gain on lease transactions, net |
|
(1,940) |
|
(1.0) |
|
|
- |
- |
|
|
|
(1,940) |
|
(0.3) |
|
|
- |
- |
|
Restaurant level operating
margin |
$18,972 |
|
9.5% |
|
$37,606 |
13.5% |
|
|
$43,332 |
|
7.5% |
|
$139,253 |
16.0% |
|
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 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.
Supplemental Financial Information – Net
(Loss) Income to Adjusted
EBITDA |
(Unaudited, dollars in
thousands) |
|
|
|
|
|
Third Quarter Ended |
|
Nine Months
Ended |
|
September 29, 2020 |
October 1, 2019 |
|
September 29, 2020 |
October 1, 2019 |
Net (loss) income |
$(6,584) |
|
(3.3)% |
|
$3,671 |
|
1.3% |
|
|
$(39,801) |
|
(6.8)% |
|
$30,727 |
|
3.5% |
|
Interest expense, net |
|
1,639 |
|
0.8 |
|
|
1,174 |
|
0.4 |
|
|
|
5,052 |
|
0.9 |
|
|
3,310 |
|
0.4 |
|
Income tax (benefit) expense |
|
(4,827) |
|
(2.4) |
|
|
(1,450) |
|
(0.5) |
|
|
|
(28,505) |
|
(4.9) |
|
|
136 |
|
- |
|
Depreciation and amortization |
|
18,037 |
|
9.1 |
|
|
18,163 |
|
6.5 |
|
|
|
54,735 |
|
9.4 |
|
|
53,644 |
|
6.2 |
|
Stock-based compensation expense |
|
3,019 |
|
1.5 |
|
|
2,161 |
|
0.8 |
|
|
|
6,802 |
|
1.2 |
|
|
6,539 |
|
0.8 |
|
Other income, net |
|
(624) |
|
(0.3) |
|
|
(125) |
|
- |
|
|
|
(580) |
|
(0.1) |
|
|
(1,363) |
|
(0.2) |
|
Loss on disposal and impairment of assets |
|
177 |
|
0.1 |
|
|
931 |
|
0.3 |
|
|
|
14,502 |
|
2.5 |
|
|
3,618 |
|
0.4 |
|
Gain from legal settlements |
|
(2,284) |
|
(1.1) |
|
|
- |
|
- |
|
|
|
(2,284) |
|
(0.4) |
|
|
- |
|
- |
|
Gain on lease transactions, net |
|
(1,940) |
|
(1.0) |
|
|
- |
|
- |
|
|
|
(1,940) |
|
(0.3) |
|
|
- |
|
- |
|
Adjusted EBITDA |
$6,613 |
|
3.3% |
|
$24,525 |
|
8.8% |
|
|
$7,981 |
|
1.4% |
|
$96,611 |
|
11.1% |
|
Percentages above represent percent of total
revenues and may not reconcile due to rounding.
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