| Schedule of segment information |
Certain financial information relating to the years ended December 31, 2024 and 2023 for each segment is provided below (in thousands).
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STK |
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Benihana |
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Grill Concepts |
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Other(1) |
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Total |
For the year ended December 31, 2024 |
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Owned restaurant net revenues |
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$ |
204,713 |
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$ |
296,847 |
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$ |
155,851 |
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$ |
1,504 |
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$ |
658,915 |
Owned restaurant cost of sales |
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(49,250) |
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(56,191) |
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(33,309) |
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(44) |
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(138,794) |
Owned restaurant operating expenses |
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(117,357) |
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(181,059) |
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(113,126) |
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(256) |
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(411,798) |
Restaurant operating profit |
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38,106 |
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|
59,597 |
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|
9,416 |
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|
1,204 |
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|
108,323 |
Management, license, franchise and incentive fee revenue |
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12,516 |
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|
1,595 |
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— |
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|
318 |
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14,429 |
General and administrative expenses |
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(38,153) |
Stock based compensation |
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(6,017) |
Depreciation and amortization |
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(34,096) |
Transition and integration expenses |
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(13,681) |
Pre-opening expenses |
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(9,488) |
Transaction and exit costs |
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(9,326) |
Lease termination expenses |
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(1,096) |
Other expenses |
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(124) |
Interest expense, net of interest income |
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(31,109) |
Loss on early debt extinguishment |
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(4,149) |
Loss before benefit for income taxes |
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(24,487) |
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Reconciliation of total revenues |
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Owned restaurant net revenues |
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|
658,915 |
Management, license, franchise, and incentive fee revenue |
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14,429 |
Total revenues |
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$ |
673,344 |
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STK |
|
Benihana |
|
Grill Concepts |
|
Other(1) |
|
Total |
For the year ended December 31, 2023 |
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Owned restaurant net revenues |
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$ |
185,475 |
|
$ |
— |
|
$ |
131,716 |
|
$ |
175 |
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$ |
317,366 |
Owned restaurant cost of sales |
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(44,656) |
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— |
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(31,026) |
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(45) |
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(75,727) |
Owned restaurant operating expenses |
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(102,796) |
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— |
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(88,385) |
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(69) |
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(191,250) |
Restaurant operating profit |
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38,023 |
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— |
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|
12,305 |
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|
61 |
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|
50,389 |
Management, license, franchise and incentive fee revenue |
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|
15,202 |
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— |
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— |
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|
201 |
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|
15,403 |
General and administrative expenses |
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(25,719) |
Stock based compensation |
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(5,032) |
Depreciation and amortization |
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(15,664) |
Pre-opening expenses |
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(8,855) |
Transaction and exit costs |
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(207) |
Other expenses |
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(1,021) |
Interest expense, net of interest income |
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(7,028) |
Income before benefit for income taxes |
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2,266 |
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Reconciliation of total revenues |
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Owned restaurant net revenues |
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317,366 |
Management, license, franchise, and incentive fee revenue |
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|
15,403 |
Total revenues |
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$ |
332,769 |
| (1) |
Other includes sales and expenses that relate to STK Meat Market, an e-commerce platform that offers signature steak cuts nationwide, the Company’s major off-site events group, which supports all brands and venue concepts, and revenue generated from gift card programs. |
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