Provides Update on Impact of COVID-19 34 of 36
Domestic Restaurants Have Resumed In-Person Dining; 6 of 8
International STKs Have Resumed In-Person Dining
The ONE Group Hospitality, Inc. (“The ONE Group” or the
“Company”) (Nasdaq: STKS) today reported its financial results for
the second quarter ended June 30, 2020 and provided an update
related to COVID-19.
Highlights for the second quarter ended June 30, 2020
compared to the same period last year are as follows:
- Total GAAP revenues decreased 29.4% to $16.7 million
from $23.6 million;
- Consolidated comparable sales* decreased 66.7% but
improved sequentially through the quarter
- Comparable sales decreased 40.1% in June, 70.2% in May, and
90.2% in April
- Comparable sales* for STK decreased 81.4% but improved
sequentially through the quarter
- Comparable sales decreased 59.9% in June, 88.1% in May, and
95.6% in April
- Comparable sales* for Kona Grill decreased 52.8% but
improved sequentially through the quarter
- Comparable sales decreased 21.9% in June, 52.5% in May, and
85.2% in April
- GAAP net loss attributable to The ONE Group was $2.9
million, or $0.10 net loss per share, compared to GAAP net loss of
$0.3 million, or $0.01 net loss per share. GAAP net loss
attributable to The ONE Group during the second quarter 2020
includes $0.7 million of incremental costs related to
COVID-19;
- Adjusted EBITDA** decreased to ($0.8) million compared
to $2.1 million.
For July 2020, consolidated comparable sales* decreased 25%. STK
comparable sales* decreased 36% and for Kona Grill comparable
sales* decreased 16%. Take-out and delivery sales were 13.7% of
total company-owned revenues for the month.
*Comparable sales represent total U.S. food and beverage sales
at owned and managed units opened for at least a full 18-month
period. This measure includes total revenue from our owned and
managed locations. Revenues from locations where we do not directly
control the event sales force (The W Hotel Westwood, CA) are
excluded from this measure.
** Adjusted EBITDA. We define Adjusted EBITDA as net income
before interest expense, provision for income taxes, depreciation
and amortization, non-cash impairment loss, non-cash rent expense,
pre-opening expenses, non-recurring gains and losses, stock-based
compensation and certain transactional costs. Adjusted EBITDA has
been presented in this press release and is a supplemental measure
of financial performance that is not required by, or presented in
accordance with, GAAP. Refer to the reconciliation of Adjusted
EBITDA to Net Income in this release.
“The health, safety and well-being of our employees and guests
is critically important to us as we have welcomed guests back for
in-person dining at 94% of our domestic STK and Kona Grill
restaurants, providing them with the unique dining experiences they
have been patiently waiting for. We are very pleased and most proud
of having returned almost 3,000 teammates to the workforce in this
very unique and challenging economic environment,” said Emanuel
“Manny” Hilario, President and CEO of The ONE Group.
“We are encouraged by the continued sequential improvement in
our comparable sales results, which includes our curbside and
delivery business, as trends have strengthened month over month
through July. Kona Grill has rebounded extremely well from the
effects of COVID-19 shutdowns, driven by strong operations and
marketing and aided by its suburban footprint; July comparable
sales decreased 16% year over year and are tracking closer to
normal levels as we quickly approach the holiday season. Excluding
New York, Miami, and Las Vegas, our mainland domestic STK locations
July’s comparable sales decreased 17%. Las Vegas, our STK brand
flagship, July’s comparable sales decreased 34%, only limited by
50% occupancy leaving much unfulfilled customer demand. New York
and Miami are our most challenged STK markets where July comparable
sales decreased 54% because we currently do not have access to
approximately 80% of our seating capacity in those markets.
However, thanks to the relentless work and commitment of our team
members, we were still able to achieve positive restaurant-level
margins during the second quarter despite the challenges brought on
by the pandemic,” continued Hilario.
“We continue to be encouraged by consumer interest in STK Meat
Market, an e-commerce platform we launched in April that allows
guests to purchase a wide array of signature Choice, Prime, and
Waygu steak cuts for home delivery nationwide. It represents an
additive layer to our business that we will leverage even after the
pandemic subsides,” concluded Hilario.
Second Quarter 2020 Financial Results
Total GAAP revenues decreased 29.4% to $16.7 million in the
second quarter of 2020 from $23.6 million in the second quarter of
2019. The decrease was primarily driven by the temporarily closures
of some of the Company’s restaurants, occupancy limitations in
locations resuming in person dining, and a shift to
delivery/take-out business due to state and local mandates as a
result of COVID-19. This was partially offset by approximately
$12.4 million in sales from the Kona Grill restaurants, which the
Company acquired on October 4, 2019.
Total owned restaurant net revenues decreased 21.1% to $16.5
million in the second quarter of 2020 from $20.9 million in the
second quarter of 2019. Management, license and incentive fee
revenues were $0.1 million in the second quarter of 2020 compared
to $2.7 million in the second quarter of 2019. The decrease was
primarily due to temporary closures of the Company’s managed and
licensed locations due to COVID-19.
GAAP net loss attributable to The ONE Group Hospitality, Inc. in
the second quarter of 2020 was $2.9 million, or $0.10 net loss per
share, compared to GAAP net loss of $0.3 million, or $0.01 net loss
per share, in the second quarter of 2019. Second quarter 2020 net
income includes $0.7 million of incremental costs related to
COVID-19.
Adjusted EBITDA** decreased to ($0.8) million in the second
quarter of 2020 from $2.1 million in the second quarter of
2019.
COVID-19 Update
Starting in May 2020, state and local governments began easing
restrictions on stay-at-home orders and certain Company restaurants
were allowed to open for in-person dining with seating capacity
restrictions, which resulted in increased revenues in May and June
compared to April 2020.
Out of concern for its customers and partners, the Company
implemented enhanced safety measures and sanitation procedures to
allow for in-person dining at its restaurants. The Company incurred
$0.7 million and $2.0 million of costs related to COVID-19 in the
three and six months ended June 30, 2020, respectively, composed
primarily of payments to employees for paid-time off during
restaurant closures, inventory waste, rent and rent related costs
for closed and limited-operations restaurants from the day that the
dining room closed, sanitation supplies and safety precautions
taken to prevent the spread of COVID-19.
The Company implemented measures to reduce its costs during the
COVID-19 pandemic beginning in March 2020, including the furlough
of employees, deferral of capital projects, and negotiations with
suppliers and landlords regarding deferral or abatement of
payments. As of June 30, 2020, the Company had $23.5 million in
cash and cash equivalents.
Restaurant Re-Openings and Return to In-Person Dining
As of August 12, 2020, the Company has resumed in-person dining
at 34 of 36 domestic restaurants and will resume in-person dining
at its Miami STK restaurant and re-open its San Juan STK restaurant
as soon as conditions permit. The Company has also resumed
in-person dining at 6 of 8 international STK restaurants in
conjunction with the increase in its restaurant activity. The
Company has recalled approximately 3,000 furloughed employees.
One Hospitality - F&B Venues
The Company continues to resume F&B operations with its
partners where demand makes it appropriate. As of August 12, 2020,
the Company has resumed F&B operations for the following six
venues:
United Kingdom (London) – Radio
Rooftop, ME Hotel F&B, and Marconi Italy – Radio Rooftop
(Milan), ME Hotel F&B (Milan), and Angel Rooftop (Florence)
2020 Targets Suspended
On March 17, 2020, the Company suspended guidance for 2020 due
to the negative effect COVID-19 is having on its operations and
financial performance, the extent of which is not currently
known.
Conference Call and Webcast
Emanuel “Manny” Hilario, President and Chief Executive Officer,
and Tyler Loy, Chief Financial Officer, will host a conference call
and webcast today at 4:30PM Eastern Time.
The conference call can be accessed live over the phone by
dialing 1-201-493-6780. A replay will be available after the call
and can be accessed by dialing 1-412-317-6671; the passcode is
13705484. The replay will be available until August 20, 2020.
The webcast can be accessed from the Investor Relations tab of
The ONE Group’s website at www.togrp.com under “News / Events”.
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is a global
hospitality company that develops and operates upscale and polished
casual, high-energy restaurants and lounges and provides
hospitality management services for hotels, casinos and other
high-end venues both nationally and internationally. The ONE
Group’s focus is to be the global leader in Vibe Dining, and its
primary restaurant brands are:
- STK, a modern twist on the American steakhouse concept with 20
restaurants in major metropolitan cities in the U.S., Europe and
the Middle East; and,
- Kona Grill, a polished casual, bar-centric grill brand with 24
restaurants in the U.S., features American favorites, award-winning
sushi, and specialty cocktails in an upscale casual
atmosphere.
ONE Hospitality, The ONE Group’s food and beverage hospitality
services business, develops, manages and operates premier
restaurants and turnkey food and beverage services within high-end
hotels and casinos. Additional information about The ONE Group can
be found at www.togrp.com.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,”
and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. A number of factors could cause actual results
or outcomes to differ materially from those indicated by such
forward-looking statements, including but not limited to: (1) the
effects of the COVID-19 pandemic on our business, including
government restrictions on our ability to operate our restaurants
and changes in customer behavior, and our ability to re-hire
employees; (2) our ability to open new restaurants and food and
beverage locations in current and additional markets, grow and
manage growth profitably, maintain relationships with suppliers and
obtain adequate supply of products and retain our key employees;
(3) factors beyond our control that affect the number and timing of
new restaurant openings, including weather conditions and factors
under the control of landlords, contractors and regulatory and/or
licensing authorities; (4) our ability to successfully improve
performance and cost, realize the benefits of our marketing efforts
and achieve improved results as we focus on developing new
management and license deals; (5) changes in applicable laws or
regulations; (6) the possibility that The ONE Group may be
adversely affected by other economic, business, and/or competitive
factors; (7) our ability to efficiently integrate Kona Grill
restaurants, and our ability to improve performance and cost at the
restaurants and to realize synergies; and (8) other risks and
uncertainties indicated from time to time in our filings with the
SEC, including our Annual Report on Form 10-K filed for the year
ended December 31, 2019.
Investors are referred to the most recent reports filed with the
Securities and Exchange Commission by The ONE Group Hospitality,
Inc. Investors are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made,
and we undertake no obligation to update or revise the
forward-looking statements, whether as a result of new information,
future events or otherwise.
THE ONE GROUP HOSPITALITY,
INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(Unaudited, in thousands,
except (loss) earnings per share and related share
information)
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
Revenues:
Owned restaurant net revenue
$
16,529
$
20,943
$
55,086
$
41,036
Management, license and incentive fee
revenue
135
2,656
2,297
5,339
Total revenues
16,664
23,599
57,383
46,375
Cost and expenses:
Owned operating expenses:
Owned restaurant cost of sales
4,174
5,519
14,287
10,545
Owned restaurant operating expenses
12,038
13,630
38,537
26,347
Total owned operating expenses
16,212
19,149
52,824
36,892
General and administrative (including
stock-based compensation of $482, $456, $820, and $637 for the
three and six months ended June 30, 2020 and 2019 respectively)
2,438
2,704
5,835
5,354
Depreciation and amortization
2,510
1,004
4,950
1,946
Transaction and integration costs
14
152
1,109
152
COVID-19 related expenses
695
—
2,043
—
Lease termination expenses
89
141
268
141
Pre-opening expenses
—
63
—
545
Other income, net
(11
)
(91
)
(12
)
(266
)
Total costs and expenses
21,947
23,122
67,017
44,764
Operating (loss) income
(5,283
)
477
(9,634
)
1,611
Other expenses, net:
Interest expense, net of interest
income
1,195
218
2,370
487
Loss on early debt extinguishment
—
437
—
437
Total other expenses, net
1,195
655
2,370
924
(Loss) income before (benefit) provision
for income taxes
(6,478
)
(178
)
(12,004
)
687
(Benefit) provision for income taxes
(3,228
)
(15
)
(3,881
)
81
Net (loss) income
(3,250
)
(163
)
(8,123
)
606
Less: net (loss) income attributable to
noncontrolling interest
(378
)
159
(652
)
74
Net (loss) income attributable to The ONE
Group Hospitality, Inc.
$
(2,872
)
$
(322
)
$
(7,471
)
$
532
Currency translation gain (loss)
2
(120
)
(42
)
(280
)
Comprehensive (loss) income attributable
to The ONE Group Hospitality, Inc.
$
(2,870
)
$
(442
)
$
(7,513
)
$
252
Net (loss) income attributable to The ONE
Group Hospitality, Inc. per share:
Basic net (loss) earnings per share
$
(0.10
)
$
(0.01
)
$
(0.26
)
$
0.02
Diluted net (loss) earnings per share
$
(0.10
)
$
(0.01
)
$
(0.26
)
$
0.02
Shares used in computing basic (loss)
earnings per share
28,907,568
28,432,510
28,778,544
28,373,974
Shares used in computing diluted (loss)
earnings per share
28,907,568
28,432,510
28,778,544
29,456,764
The following table sets forth certain statements of operations
data as a percentage of total revenues for the periods indicated.
Certain percentage amounts may not sum to total due to
rounding.
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
Revenues:
Owned restaurant net revenue
99.2 %
88.7 %
96.0 %
88.5 %
Management, license and incentive fee
revenue
0.8 %
11.3 %
4.0 %
11.5 %
Total revenues
100.0 %
100.0 %
100.0 %
100.0 %
Cost and expenses:
Owned operating expenses:
Owned restaurant cost of sales (1)
25.3 %
26.4 %
25.9 %
25.7 %
Owned restaurant operating expenses
(1)
72.8 %
65.1 %
70.0 %
64.2 %
Total owned operating expenses (1)
98.1 %
91.4 %
95.8 %
89.9 %
General and administrative (including
stock-based compensation of 2.9%, 1.9%, 1.4%, and 1.4% for the
three and six months ended June 30, 2020 and 2019 respectively)
14.6 %
11.5 %
10.2 %
11.5 %
Depreciation and amortization
15.1 %
4.3 %
8.6 %
4.2 %
Transaction and integration costs
0.1 %
0.6 %
1.9 %
0.3 %
COVID-19 related expenses
4.2 %
—%
3.6 %
—%
Lease termination expenses
0.5 %
0.6 %
0.5 %
0.3 %
Pre-opening expenses
—%
0.3 %
—%
1.2 %
Other income, net
(0.1)%
(0.4)%
—%
(0.6)%
Total costs and expenses
131.7 %
98.0 %
116.8 %
96.5 %
Operating (loss) income
(31.7)%
2.0 %
(16.8)%
3.5 %
Other expenses, net:
Interest expense, net of interest
income
7.2 %
0.9 %
4.1 %
1.1 %
Loss on early debt extinguishment
—%
1.9 %
—%
0.9 %
Total other expenses, net
7.2 %
2.8 %
4.1 %
2.0 %
(Loss) income before (benefit) provision
for income taxes
(38.9)%
(0.8)%
(20.9)%
1.5 %
(Benefit) provision for income taxes
(19.4)%
(0.1)%
(6.8)%
0.2 %
Net (loss) income
(19.5)%
(0.7)%
(14.2)%
1.3 %
Less: net (loss) income attributable to
noncontrolling interest
(2.3)%
0.7 %
(1.1)%
0.2 %
Net (loss) income attributable to The ONE
Group Hospitality, Inc.
(17.2)%
(1.4)%
(13.0)%
1.1 %
(1)
These expenses are being shown as a percentage of owned
restaurant net revenue.
THE ONE GROUP HOSPITALITY,
INC.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
information)
June 30,
December 31,
2020
2019
ASSETS
(Unaudited)
Current assets:
Cash and cash equivalents
$
23,460
$
12,344
Accounts receivable
4,066
10,351
Inventory
2,310
3,058
Other current assets
1,470
1,047
Due from related parties
376
341
Total current assets
31,682
27,141
Property and equipment, net
67,873
70,483
Operating lease right-of-use assets
78,735
81,097
Deferred tax assets, net
11,650
7,751
Intangibles, net
16,748
17,183
Other assets
2,479
1,622
Security deposits
990
1,308
Total assets
$
210,157
$
206,585
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities:
Accounts payable
$
6,544
$
8,274
Accrued expenses
8,599
11,198
Deferred license revenue
208
332
Deferred gift card revenue and other
2,343
3,183
Current portion of operating lease
liabilities
4,524
4,397
Current portion of long-term debt
640
749
Total current liabilities
22,858
28,133
Deferred license revenue, long-term
1,058
1,036
Operating lease liabilities, net of
current portion
96,328
98,278
CARES Act Loans
18,314
—
Long-term debt, net of current portion
45,084
45,226
Total liabilities
183,642
172,673
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value,
75,000,000 shares authorized; 28,960,147 and 28,603,829 shares
issued and outstanding at June 30, 2020 and December 31, 2019,
respectively
3
3
Preferred stock, $0.0001 par value,
10,000,000 shares authorized; no shares issued and outstanding at
June 30, 2020 and December 31, 2019, respectively
—
—
Additional paid-in capital
45,621
44,853
Accumulated deficit
(15,362
)
(7,891
)
Accumulated other comprehensive loss
(2,693
)
(2,651
)
Total stockholders’ equity
27,569
34,314
Noncontrolling interests
(1,054
)
(402
)
Total equity
26,515
33,912
Total liabilities and equity
$
210,157
$
206,585
Reconciliation of Non-GAAP Measures
We prepare our financial statements in accordance with generally
accepted accounting principles (GAAP). In this press release, we
also make references to the following non-GAAP financial measures:
total food and beverage sales at owned and managed units and
Adjusted EBITDA.
Total food and beverage sales at owned and managed units. Total
food and beverage sales at owned and managed units represents our
total revenue from our owned operations as well as the revenue
reported to us with respect to sales at our managed locations,
where we earn management and incentive fees at these locations. We
believe that this measure represents a useful internal measure of
performance as it identifies total sales associated with our brands
and hospitality services that we provide. Accordingly, we include
this non-GAAP measure so that investors can review financial data
that management uses in evaluating performance, and we believe that
it will assist the investment community in assessing performance of
restaurants and other services we operate, whether or not the
operation is owned by us. However, because this measure is not
determined in accordance with GAAP, it is susceptible to varying
calculations and not all companies calculate these measures in the
same manner. As a result, this measure as presented may not be
directly comparable to a similarly titled measure presented by
other companies. This non-GAAP measure is presented as supplemental
information and not as an alternative to any GAAP measurements. The
following table includes a reconciliation of our GAAP revenue to
total food and beverage sales at our owned and managed units (in
thousands):
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Owned restaurant net revenue(1)
$
16,529
$
20,943
$
55,086
$
41,036
Management, license and incentive fee
revenue
135
2,656
2,297
5,339
GAAP revenues
$
16,664
$
23,599
$
57,383
$
46,375
Food and beverage sales from managed units
(1)
1,544
26,497
23,092
51,631
Total food and beverage sales at owned and
managed units
$
18,073
$
47,441
$
78,178
$
92,667
________________________________________
(1)
Components of total food and beverage sales at owned and managed
units.
The following table presents the elements of the quarterly Same
Store Sales measure for 2018, 2019 and 2020:
2018
2019
2020
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
US STK Owned Restaurants
8.7%
6.2%
7.7%
14.9%
10.4%
7.8%
8.1%
7.6%
-12.9%
-79.7%
US STK Managed Restaurants
4.9%
10.1%
5.4%
15.6%
5.0%
3.6%
12.2%
12.6%
-12.5%
-85.3%
US STK Total Restaurants
7.3%
7.5%
6.9%
15.0%
8.6%
6.4%
9.3%
8.9%
-12.8%
-81.4%
Kona Grill Total Restaurants
-
-
-
-
-
-
-
3.9%
-15.5%
-52.8%
Combined Same Store Sales
7.3%
7.5%
6.9%
15.0%
8.6%
6.4%
9.3%
6.5%
-14.1%
-66.7%
Adjusted EBITDA. We define Adjusted EBITDA as net income before
interest expense, provision for income taxes, depreciation and
amortization, non-cash impairment loss, non-cash rent expense,
pre-opening expenses, non-recurring gains and losses, stock-based
compensation and certain transactional costs. Not all the
aforementioned items defining Adjusted EBITDA occur in each
reporting period but have been included in our definitions of terms
based on our historical activity. Adjusted EBITDA has been
presented in this press release and is a supplemental measure of
financial performance that is not required by, or presented in
accordance with, GAAP.
We believe that adjusted EBITDA is an appropriate measure of
operating performance, as it provides a clear picture of our
operating results by eliminating certain non-cash expenses that are
not reflective of the underlying business performance. We use this
metric to facilitate a comparison of our operating performance on a
consistent basis from period to period and to analyze the factors
and trends affecting our business as well as evaluate the
performance of our units. Adjusted EBITDA has limitations as an
analytical tool and our calculation thereof may not be comparable
to that reported by other companies; accordingly, you should not
consider it in isolation or as a substitute for analysis of our
results as reported under GAAP. Adjusted EBITDA is included in this
press release because it is a key metric used by management.
Additionally, Adjusted EBITDA is frequently used by analysts,
investors and other interested parties to evaluate companies in our
industry. We use Adjusted EBITDA, alongside other GAAP measures
such as net income, to measure profitability, as a key
profitability target in our annual and other budgets, and to
compare our performance against that of peer companies. We believe
that Adjusted EBITDA provides useful information facilitating
operating performance comparisons from period to period.
The following table presents a reconciliation of net income to
EBITDA and Adjusted EBITDA for the periods indicated (in
thousands):
For the three months ended
June 30,
For the six months ended June
30,
2020
2019
2020
2019
Net (loss) income attributable to The ONE
Group Hospitality, Inc.
$
(2,872
)
$
(322
)
$
(7,471
)
$
532
Net (loss) income attributable to
noncontrolling interest
(378
)
159
(652
)
74
Net (loss) income
(3,250
)
(163
)
(8,123
)
606
Interest expense, net of interest
income
1,195
218
2,370
487
(Benefit) provision for income taxes
(3,228
)
(15
)
(3,881
)
81
Depreciation and amortization
2,510
1,004
4,950
1,946
EBITDA
(2,773
)
1,044
(4,684
)
3,120
COVID-19 related expenses
695
—
2,043
—
Transaction and integration costs (1)
14
152
1,109
152
Stock-based compensation
482
456
820
637
Lease termination expense (2)
89
141
268
141
Non-cash rent expense (3)
74
(2
)
210
(91
)
Pre-opening expenses
—
63
—
545
Loss on debt extinguishment
—
437
—
437
Adjusted EBITDA
(1,419
)
2,291
(234
)
4,941
Adjusted EBITDA attributable to
noncontrolling interest
(595
)
205
(986
)
169
Adjusted EBITDA attributable to The ONE
Group Hospitality, Inc.
$
(824
)
$
2,086
$
752
$
4,772
(1)
Primarily transaction and integration costs incurred with the
Kona Grill acquisition and subsequent integration activities and
internal costs associated with capital raising activities, most
recently the Goldman Sachs Credit Agreement.
(2)
Lease termination expense are costs associated with closed,
abandoned and disputed locations or leases.
(3)
Non-cash rent expense is included in owned restaurant operating
expenses and general and administrative expense on the consolidated
statements of operations and comprehensive (loss) income.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200812005679/en/
Investors: ICR Michelle Michalski or Raphael Gross (646)
277-1224 Michelle.Michalski@icrinc.com
Media: ICR Kate Ottavio Kent (203) 682-8276
Kate.OttavioKent@icrinc.com
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