Quarterly report pursuant to Section 13 or 15(d)

Benihana Acquisition (Tables)

v3.24.3
Benihana Acquisition (Tables)
9 Months Ended
Sep. 30, 2024
Benihana Acquisition  
Schedule of assets and liabilities

Purchase consideration:

 

Contractual purchase price

$

365,000

Cash and cash equivalents, restricted cash and cash equivalents and credit card receivable

25,117

Working capital adjustment

1,151

Cash consideration paid

391,268

Net assets acquired:

Cash and cash equivalents

$

20,879

Restricted cash and cash equivalents

551

Credit card receivable

3,687

Inventory

4,405

Other current assets

7,471

Property and equipment

 

102,552

Operating lease right-of-use assets

 

182,346

Deferred tax assets, net

29,991

Intangible assets

 

117,800

Other assets

 

2,899

Accounts payable

 

(9,851)

Accrued expenses

(30,074)

Other current liabilities

 

(3,134)

Operating lease liabilities

 

(189,181)

Other long-term liabilities

(4,404)

Total net assets acquired

235,937

Goodwill

$

155,331

Schedule of information showing pro forma results of operations

The following unaudited pro forma results of operations for the three and nine months ended September 30, 2024 and 2023 give effect to the Benihana Acquisition as if it had occurred on January 1, 2023 (in thousands):

For the three months ended September 30, 

For the nine months ended September 30, 

    

2024

    

2023

    

2024

    

2023

Total Revenues

$

193,975

$

201,688

$

625,001

$

636,337

Net (loss) income as reported

$

(8,890)

$

(5,522)

$

30,990

$

3,055

Adjustments:

Transaction and exit costs

850

14,489

(14,489)

Transition and integration costs

6,274

10,068

(10,068)

Loss on early debt extinguishment

4,149

(4,149)

Purchase price accounting adjustments(1)

177

9,744

640

Change in interest expense

284

1,139

1,175

2,309

Pro forma net income (loss) before income taxes

(1,482)

(4,206)

70,615

(22,702)

Income tax effect of adjustments

(556)

436

(2,972)

1,932

Change in valuation allowance

(59,925)

Pro forma net income (loss)

$

(2,038)

$

(3,770)

$

7,718

$

(20,770)

(1) Purchase price accounting adjustments include the elimination of Benihana's impairment charges and changes to depreciation