| Schedule of segment information |
Certain financial information relating to the three and six periods ended June 29, 2025 and the three and six months ended June 30, 2024 for each segment is provided below (in thousands).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STK |
|
Benihana |
|
Grill Concepts |
|
Other(1) |
|
Total |
For the three periods ended June 29, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue |
|
$ |
51,319 |
|
$ |
115,400 |
|
$ |
37,020 |
|
$ |
168 |
|
$ |
203,907 |
Owned restaurant cost of sales |
|
|
(12,337) |
|
|
(22,832) |
|
|
(8,019) |
|
|
(2) |
|
|
(43,190) |
Owned restaurant operating expenses |
|
|
(30,726) |
|
|
(71,796) |
|
|
(26,807) |
|
|
(164) |
|
|
(129,493) |
Restaurant operating profit |
|
|
8,256 |
|
|
20,772 |
|
|
2,194 |
|
|
2 |
|
|
31,224 |
Management, license, franchise and incentive fee revenue |
|
|
2,844 |
|
|
553 |
|
|
— |
|
|
75 |
|
|
3,472 |
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,192) |
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,470) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,870) |
Transition and integration expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,949) |
Pre-opening expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,579) |
Transaction and exit costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(61) |
Lease termination and exit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,635) |
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(278) |
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,295) |
Loss before benefit for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,633) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
203,907 |
Management, license, franchise, and incentive fee revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,472 |
Total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
207,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STK |
|
Benihana |
|
Grill Concepts |
|
Other(1) |
|
Total |
For the three months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue |
|
$ |
49,690 |
|
$ |
77,885 |
|
$ |
41,303 |
|
$ |
143 |
|
$ |
169,021 |
Owned restaurant cost of sales |
|
|
(11,867) |
|
|
(15,254) |
|
|
(8,755) |
|
|
(1) |
|
|
(35,877) |
Owned restaurant operating expenses |
|
|
(28,708) |
|
|
(46,466) |
|
|
(28,569) |
|
|
(29) |
|
|
(103,772) |
Restaurant operating profit |
|
|
9,115 |
|
|
16,165 |
|
|
3,979 |
|
|
113 |
|
|
29,372 |
Management, license, franchise and incentive fee revenue |
|
|
2,960 |
|
|
421 |
|
|
— |
|
|
92 |
|
|
3,473 |
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,139) |
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,495) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,025) |
Pre-opening expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,516) |
Transition and integration expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,794) |
Transaction and exit costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,519) |
Lease termination and exit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(307) |
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,865) |
Loss on early debt extinguishment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,149) |
Loss before benefit for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,964) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
169,021 |
Management, license, franchise and incentive fee revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,473 |
Total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
172,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STK |
|
Benihana |
|
Grill Concepts |
|
Other(1) |
|
Total |
For the six periods ended June 29, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue |
|
$ |
106,185 |
|
$ |
230,741 |
|
$ |
74,106 |
|
$ |
273 |
|
$ |
411,305 |
Owned restaurant cost of sales |
|
|
(25,446) |
|
|
(44,928) |
|
|
(15,931) |
|
|
(5) |
|
|
(86,310) |
Owned restaurant operating expenses |
|
|
(62,347) |
|
|
(142,155) |
|
|
(53,556) |
|
|
(210) |
|
|
(258,268) |
Restaurant operating profit |
|
|
18,392 |
|
|
43,658 |
|
|
4,619 |
|
|
58 |
|
|
66,727 |
Management, license, franchise and incentive fee revenue |
|
|
6,037 |
|
|
1,022 |
|
|
— |
|
|
144 |
|
|
7,203 |
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21,651) |
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,102) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,699) |
Transition and integration expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,668) |
Pre-opening expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,260) |
Transaction and exit costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(130) |
Lease termination and exit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,706) |
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(323) |
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20,117) |
Loss before benefit for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,726) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
411,305 |
Management, license, franchise, and incentive fee revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,203 |
Total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
418,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STK |
|
Benihana |
|
Grill Concepts |
|
Other(1) |
|
Total |
For the six months ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue |
|
$ |
101,046 |
|
$ |
77,885 |
|
$ |
71,452 |
|
$ |
146 |
|
$ |
250,529 |
Owned restaurant cost of sales |
|
|
(24,220) |
|
|
(15,254) |
|
|
(15,110) |
|
|
(7) |
|
|
(54,591) |
Owned restaurant operating expenses |
|
|
(56,604) |
|
|
(46,466) |
|
|
(50,302) |
|
|
(38) |
|
|
(153,410) |
Restaurant operating profit |
|
|
20,222 |
|
|
16,165 |
|
|
6,040 |
|
|
101 |
|
|
42,528 |
Management, license, franchise and incentive fee revenue |
|
|
6,356 |
|
|
421 |
|
|
— |
|
|
183 |
|
|
6,960 |
General and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15,315) |
Stock based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,853) |
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,285) |
Pre-opening expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,430) |
Transition and integration expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,794) |
Transaction and exit costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,878) |
Lease termination and exit expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(471) |
Other expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(32) |
Interest expense, net of interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,943) |
Loss on early debt extinguishment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,149) |
Loss before benefit for income taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,662) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned restaurant net revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250,529 |
Management, license, franchise and incentive fee revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,960 |
Total revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
257,489 |
(1) Other includes sales and expenses that relate to STK Meat Market, an e-commerce platform that offers signature steak cuts nationwide; sales and expenses that relate to the Company’s major off-site events group, which supports all brands and venue concept, and revenue generated from gift card programs.
|