BJ’s Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2024 Results
BJ's Restaurants (BJRI) reported its Q4 and fiscal 2024 results, showing notable growth in key metrics. Q4 total revenue increased 6.4% to $344.3 million, with comparable restaurant sales up 5.5%. The company reported a Q4 diluted net loss per share of $0.23, compared to net income of $0.34 in Q4 2023, though adjusted diluted net income per share rose 5.1% to $0.47.
For fiscal 2024, total revenues grew 1.8% to $1.4 billion with comparable sales up 1.2%. Restaurant level operating profit increased 10% to $195.6 million, while Adjusted EBITDA rose 12.8% to $117.1 million. The company repurchased approximately 757,000 shares for $25.1 million during 2024.
Looking ahead to 2025, BJ's projects comparable restaurant sales growth of 2-3%, restaurant level operating profit of $205-215 million, and Adjusted EBITDA of $127-137 million. The Board approved a $50 million increase to the share repurchase program, with $83 million now available.
I ristoranti BJ (BJRI) hanno pubblicato i risultati del quarto trimestre e dell'anno fiscale 2024, mostrando una crescita notevole in metriche chiave. Nel quarto trimestre, il fatturato totale è aumentato del 6,4% a 344,3 milioni di dollari, con vendite di ristoranti comparabili in crescita del 5,5%. L'azienda ha riportato una perdita netta diluita per azione di 0,23 dollari nel quarto trimestre, rispetto a un utile netto di 0,34 dollari nel quarto trimestre 2023, sebbene l'utile netto diluito rettificato per azione sia aumentato del 5,1% a 0,47 dollari.
Per l'anno fiscale 2024, i ricavi totali sono cresciuti dell'1,8% a 1,4 miliardi di dollari, con vendite comparabili in aumento dell'1,2%. L'utile operativo a livello di ristorante è aumentato del 10% a 195,6 milioni di dollari, mentre l'EBITDA rettificato è salito del 12,8% a 117,1 milioni di dollari. L'azienda ha riacquistato circa 757.000 azioni per 25,1 milioni di dollari durante il 2024.
Guardando al 2025, BJ's prevede una crescita delle vendite comparabili dei ristoranti del 2-3%, un utile operativo a livello di ristorante di 205-215 milioni di dollari e un EBITDA rettificato di 127-137 milioni di dollari. Il Consiglio ha approvato un aumento di 50 milioni di dollari al programma di riacquisto di azioni, con 83 milioni di dollari ora disponibili.
Los restaurantes BJ (BJRI) informaron sus resultados del cuarto trimestre y del año fiscal 2024, mostrando un crecimiento notable en métricas clave. En el cuarto trimestre, los ingresos totales aumentaron un 6.4% a 344.3 millones de dólares, con ventas de restaurantes comparables en aumento del 5.5%. La compañía reportó una pérdida neta diluida por acción de 0.23 dólares en el cuarto trimestre, en comparación con un ingreso neto de 0.34 dólares en el cuarto trimestre de 2023, aunque el ingreso neto diluido ajustado por acción aumentó un 5.1% a 0.47 dólares.
Para el año fiscal 2024, los ingresos totales crecieron un 1.8% a 1.4 mil millones de dólares, con ventas comparables en aumento del 1.2%. El beneficio operativo a nivel de restaurante aumentó un 10% a 195.6 millones de dólares, mientras que el EBITDA ajustado creció un 12.8% a 117.1 millones de dólares. La compañía recompró aproximadamente 757,000 acciones por 25.1 millones de dólares durante 2024.
De cara a 2025, BJ's proyecta un crecimiento de ventas de restaurantes comparables del 2-3%, un beneficio operativo a nivel de restaurante de 205-215 millones de dólares y un EBITDA ajustado de 127-137 millones de dólares. La Junta aprobó un aumento de 50 millones de dólares en el programa de recompra de acciones, con 83 millones de dólares ahora disponibles.
BJ's 레스토랑 (BJRI)는 4분기 및 2024 회계 연도 결과를 발표하며 주요 지표에서 눈에 띄는 성장을 보여주었습니다. 4분기 총 수익은 6.4% 증가하여 3억 4,430만 달러에 달했으며, 비교 가능한 레스토랑 매출은 5.5% 증가했습니다. 회사는 4분기에 주당 희석 순손실이 0.23달러로 보고했으며, 이는 2023년 4분기 순익 0.34달러와 비교됩니다. 하지만 조정된 희석 순익은 주당 0.47달러로 5.1% 증가했습니다.
2024 회계 연도 동안 총 수익은 1.8% 증가하여 14억 달러에 달했으며, 비교 가능한 매출은 1.2% 증가했습니다. 레스토랑 수준의 운영 이익은 10% 증가하여 1억 9,560만 달러에 이르렀고, 조정된 EBITDA는 12.8% 증가하여 1억 1,710만 달러에 달했습니다. 회사는 2024년 동안 약 757,000주를 2,510만 달러에 재매입했습니다.
2025년을 바라보며 BJ's는 비교 가능한 레스토랑 매출 성장률을 2-3%, 레스토랑 수준의 운영 이익을 2억 5백만 ~ 2억 1천 5백만 달러, 조정된 EBITDA를 1억 2천 7백만 ~ 1억 3천 7백만 달러로 예상하고 있습니다. 이사회는 주식 재매입 프로그램에 5천만 달러를 추가 승인했으며, 현재 8천 3백만 달러가 사용 가능합니다.
Les Restaurants BJ (BJRI) ont publié leurs résultats du quatrième trimestre et de l'exercice fiscal 2024, montrant une croissance notable dans des indicateurs clés. Au quatrième trimestre, le chiffre d'affaires total a augmenté de 6,4 % pour atteindre 344,3 millions de dollars, avec des ventes de restaurants comparables en hausse de 5,5 %. L'entreprise a signalé une perte nette diluée par action de 0,23 dollar au quatrième trimestre, contre un bénéfice net de 0,34 dollar au quatrième trimestre 2023, bien que le bénéfice net dilué ajusté par action ait augmenté de 5,1 % pour atteindre 0,47 dollar.
Pour l'exercice fiscal 2024, les revenus totaux ont augmenté de 1,8 % pour atteindre 1,4 milliard de dollars, avec des ventes comparables en hausse de 1,2 %. Le bénéfice d'exploitation au niveau des restaurants a augmenté de 10 % pour atteindre 195,6 millions de dollars, tandis que l'EBITDA ajusté a augmenté de 12,8 % pour atteindre 117,1 millions de dollars. L'entreprise a racheté environ 757 000 actions pour 25,1 millions de dollars au cours de l'année 2024.
En se projetant vers 2025, BJ's prévoit une croissance des ventes comparables des restaurants de 2 à 3 %, un bénéfice d'exploitation au niveau des restaurants de 205 à 215 millions de dollars et un EBITDA ajusté de 127 à 137 millions de dollars. Le Conseil a approuvé une augmentation de 50 millions de dollars du programme de rachat d'actions, avec maintenant 83 millions de dollars disponibles.
BJ's Restaurants (BJRI) hat die Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht und dabei ein bemerkenswertes Wachstum in den wichtigsten Kennzahlen gezeigt. Der Gesamtumsatz im vierten Quartal stieg um 6,4% auf 344,3 Millionen Dollar, während die vergleichbaren Restaurantumsätze um 5,5% zunahmen. Das Unternehmen berichtete von einem verwässerten Nettoverlust pro Aktie von 0,23 Dollar im vierten Quartal, verglichen mit einem Nettogewinn von 0,34 Dollar im vierten Quartal 2023, obwohl der angepasste verwässerte Nettoertrag pro Aktie um 5,1% auf 0,47 Dollar anstieg.
Im Geschäftsjahr 2024 wuchsen die Gesamterlöse um 1,8% auf 1,4 Milliarden Dollar, während die vergleichbaren Umsätze um 1,2% stiegen. Der operative Gewinn auf Restaurantebene stieg um 10% auf 195,6 Millionen Dollar, während das angepasste EBITDA um 12,8% auf 117,1 Millionen Dollar zulegte. Das Unternehmen hat im Jahr 2024 etwa 757.000 Aktien für 25,1 Millionen Dollar zurückgekauft.
Für 2025 prognostiziert BJ's ein Wachstum der vergleichbaren Restaurantumsätze von 2-3%, einen operativen Gewinn auf Restaurantebene von 205-215 Millionen Dollar und ein angepasstes EBITDA von 127-137 Millionen Dollar. Der Vorstand genehmigte eine Erhöhung des Aktienrückkaufprogramms um 50 Millionen Dollar, wobei jetzt 83 Millionen Dollar verfügbar sind.
- Q4 revenue increased 6.4% to $344.3 million
- Q4 comparable restaurant sales grew 5.5%
- Restaurant level operating profit margin improved 100 basis points to 15.4%
- Adjusted EBITDA increased 21.1% to $33.1 million in Q4
- Board approved $50 million increase in share repurchase authorization
- Positive guest traffic across all dayparts and channels
- Q4 diluted net loss per share of $0.23 vs income of $0.34 in prior year
- FY2024 diluted net income per share decreased 14.6% to $0.70
- Modest FY2024 comparable sales growth of only 1.2%
Insights
BJ's Restaurants' Q4 2024 results reveal a compelling turnaround story, with the 5.5% comparable sales growth particularly noteworthy as it was driven by genuine traffic increases across all dayparts - a rare achievement in today's casual dining landscape where many peers rely on pricing to drive sales growth. The company's successful execution of the Pizookie Meal Deal promotion demonstrates effective value positioning without sacrificing margins, as evidenced by the 100 basis point expansion in restaurant-level operating margins to 15.4%.
The operational improvements are particularly impressive when considering the broader context. The 21.1% growth in Adjusted EBITDA to $33.1M while simultaneously investing in brand-building initiatives suggests sustainable efficiency gains rather than short-term cost-cutting. The company's ability to drive both traffic and profitability improvements simultaneously indicates strong execution of its operational strategies.
Looking ahead, the 2025 guidance reflects a balanced approach between growth and profitability. The projected restaurant-level operating profit of $205-215M represents continued margin expansion, while the planned $65-75M in capital expenditures shows commitment to growth investments. The increased share repurchase authorization to $83M available, combined with planned buybacks of $40-50M in 2025, is particularly significant as it's supported by improving cash flows rather than leverage.
The leadership transition appears to be driving positive changes, with new management focusing on both near-term execution and long-term strategic positioning. The emphasis on reducing complexity while strengthening core brand equities suggests potential for further margin improvements and enhanced guest experience, which could drive sustainable competitive advantages in the casual dining segment.
Provides 2025 Financial Outlook; Announces
HUNTINGTON BEACH, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2024 fourth quarter and year ended Tuesday, December 31, 2024.
Fiscal Fourth Quarter 2024 Compared to Fourth Quarter 2023, as applicable
- Total revenue increased
6.4% to$344.3 million - Comparable restaurant sales increased
5.5% - Diluted net loss per share was
$0.23 , a decrease from diluted net income per share of$0.34 - Adjusted diluted net income per share(1) was
$0.47 , an increase of5.1% from$0.45 - Restaurant level operating profit(1) was
$52.9 million , an increase of13.8% , with restaurant level operating profit margin of15.4% , an increase of 100 basis points - Adjusted EBITDA(1) was
$33.1 million , an increase of21.1% from$27.3 million - The Company repurchased and retired approximately 234,000 shares of its common stock at a cost of approximately
$8.0 million
Fiscal 2024 Compared to Fiscal 2023, as applicable
- Total revenues increased
1.8% to$1.4 billion - Comparable restaurant sales increased
1.2% - Diluted net income per share was
$0.70 , a14.6% decrease from$0.82 - Adjusted diluted net income per share(1) was
$1.47 , a36.5% increase from$1.08 - Restaurant level operating profit(1) was
$195.6 million , an increase of10.0% , with restaurant level operating profit margin of14.4% , an increase of 110 basis points - Adjusted EBITDA(1) was
$117.1 million , an increase of12.8% from$103.8 million - The Company repurchased and retired approximately 757,000 shares of its common stock at a cost of approximately
$25.1 million
(1) Adjusted diluted net income per share, restaurant level operating profit and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.
“Our fourth quarter results reflect significant progress in our efforts to drive sales and improve margins,” commented Brad Richmond, Interim Chief Executive Officer. “We achieved a
“I am pleased with the progress we made in the fourth quarter, focusing on core sales and profit driving initiatives that we believe we can build upon in the near team,” said Lyle Tick, President and Chief Concept Officer. “At the same time, we are actively working to sharpen our brand positioning and define the best strategies to position BJ’s for sustainable long-term success. The preliminary insights underline a set of core equities we can strengthen to further differentiate our concept as well as opportunities to reduce complexity, which we believe will allow us to significantly enhance the guest experience. My confidence grows daily that BJ’s future is exceptionally bright as we begin to execute on these strategies and position the brand for accelerated growth. With strong and improving cash flow, expanding margins, and a healthy balance sheet, we are well positioned to execute multiple initiatives aimed at enhancing shareholder value,” added Tick.
Share Repurchase Program
During the fourth quarter of 2024, the Company repurchased and retired approximately 234,000 shares of its common stock at a cost of approximately
2025 Financial Outlook
For fiscal 2025, management is anticipating the following:
- Comparable restaurant sales growth of
2% to3% - Restaurant level operating profit of
$205 million to$215 million - Adjusted EBITDA of
$127 million to$137 million - Capital expenditures of
$65 million to$75 million - Share repurchases of
$40 million to$50 million
Actual results may differ materially from the 2025 guidance set forth above as a result of, among other things, the factors described under "Forward-Looking Statements Disclaimer" below.
Investor Conference Call and Webcast
BJ’s Restaurants, Inc. will conduct a conference call on its fourth quarter and fiscal year 2024 earnings release today, February 20, 2025, at 1:30 p.m. Pacific Time (4:30 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. is a national brand with brewhouse roots 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. The winner of the 2024 Vibe Vista Award for Best Overall Beverage Program for Multi-Unit Chain Restaurants and the most decorated restaurant-brewery in the country, 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 four 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 over 200 casual dining restaurants in 31 states. All restaurants offer dine-in, take-out, delivery and large party catering. For more BJ’s information, visit http://www.bjsrestaurants.com.
Forward-Looking Statements Disclaimer
Certain 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 our anticipated fiscal 2025 comparable restaurant sales, restaurant level operating profit, Adjusted EBITDA, capital expenditures and share repurchases, as well as the success of various sales-building and productivity initiatives, future guest traffic trends, on and off-premise sales trends, 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) any inability or failure to successfully and sufficiently raise menu prices to offset rising costs, (ii) any inability to manage new restaurant openings, (iii) construction delays, (iv) wage inflation and competitive labor market conditions which may result in staffing shortages, (v) the impact of any union organizing efforts at our restaurants and our responses to such efforts, (vi) 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, (vii) the effect of credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (viii) 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 illnesses or other reasons, whether or not accurate, (ix) factors that impact California, Texas and Florida, where a substantial number of our restaurants are located, (x) restaurant and brewery industry competition, (xi) impact of certain brewing business considerations, including without limitation, dependence upon suppliers, third party contractors and distributors, and related hazards, (xii) consumer spending trends in general for casual dining occasions, (xiii) potential uninsured losses and liabilities due to limitations on insurance coverage, (xiv) fluctuating commodity costs and availability of food in general and certain raw materials related to the brewing of our craft beers and energy requirements, (xv) trademark and service-mark risks, (xvi) government regulations and licensing costs, including beer and liquor regulations, (xvii) loss of key personnel, (xviii) inability to secure acceptable sites, (xix) legal proceedings, (xx) the success of our key sales-building and related operational initiatives, (xxi) any failure of our information technology or security breaches with respect to our electronic systems and data, and (xxii) numerous other matters discussed in the Company’s filings with the Securities and Exchange Commission, including its recent reports on Forms 10-K, 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 Tom Houdek 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 Operations | |||||||||||||||||||
| (Dollars in thousands except for per share data) | |||||||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||||||
| December 31, 2024 (unaudited) | January 2, 2024 (unaudited) | December 31, 2024 (unaudited) | January 2, 2024 | ||||||||||||||||
| Revenues | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
| Restaurant operating costs (excluding depreciation and amortization): | |||||||||||||||||||
| Cost of sales | 89,098 | 25.9 | 82,426 | 25.5 | 350,560 | 25.8 | 346,569 | 26.0 | |||||||||||
| Labor and benefits | 123,418 | 35.8 | 118,261 | 36.5 | 495,466 | 36.5 | 491,314 | 36.9 | |||||||||||
| Occupancy and operating | 78,937 | 22.9 | 76,481 | 23.6 | 315,683 | 23.3 | 317,559 | 23.8 | |||||||||||
| General and administrative | 23,711 | 6.9 | 21,730 | 6.7 | 88,272 | 6.5 | 82,103 | 6.2 | |||||||||||
| Depreciation and amortization | 18,516 | 5.4 | 17,793 | 5.5 | 72,745 | 5.4 | 70,992 | 5.3 | |||||||||||
| Restaurant opening | 77 | - | 207 | 0.1 | 2,082 | 0.2 | 2,808 | 0.2 | |||||||||||
| Loss on disposal and impairment of assets, net | 15,373 | 4.5 | 3,419 | 1.1 | 18,414 | 1.4 | 8,125 | 0.6 | |||||||||||
| Total costs and expenses | 349,130 | 101.4 | 320,317 | 99.0 | 1,343,222 | 99.0 | 1,319,470 | 99.0 | |||||||||||
| (Loss) income from operations | (4,791 | ) | (1.4 | ) | 3,318 | 1.0 | 14,080 | 1.0 | 13,759 | 1.0 | |||||||||
| Other (expense) income: | |||||||||||||||||||
| Interest expense, net | (1,472 | ) | (0.4 | ) | (1,673 | ) | (0.5 | ) | (5,484 | ) | (0.4 | ) | (4,915 | ) | (0.4 | ) | |||
| Other income, net | (4,562 | ) | (1.3 | ) | 441 | 0.1 | (331 | ) | - | 1,256 | 0.1 | ||||||||
| Total other (expense) income | (6,034 | ) | (1.8 | ) | (1,232 | ) | (0.4 | ) | (5,815 | ) | (0.4 | ) | (3,659 | ) | (0.3 | ) | |||
| (Loss) income before income taxes | (10,825 | ) | (3.1 | ) | 2,086 | 0.6 | 8,265 | 0.6 | 10,100 | 0.8 | |||||||||
| Income tax benefit | (5,559 | ) | (1.6 | ) | (5,965 | ) | (1.8 | ) | (8,422 | ) | (0.6 | ) | (9,560 | ) | (0.7 | ) | |||
| Net (loss) income | ) | (1.5 | )% | 2.5 | % | 1.2 | % | 1.5 | % | ||||||||||
| Net (loss) income per share: | |||||||||||||||||||
| Basic | ) | ||||||||||||||||||
| Diluted | ) | ||||||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||
| Basic | 22,789 | 23,245 | 23,132 | 23,452 | |||||||||||||||
| Diluted | 22,789 | 23,722 | 23,768 | 23,923 | |||||||||||||||
Percentages reflected above may not reconcile due to rounding.
| BJ’s Restaurants, Inc. | |||||||
| Selected Consolidated Balance Sheet Information | |||||||
| (Dollars in thousands) | |||||||
| December 31, 2024 (unaudited) | January 2, 2024 | ||||||
| Cash and cash equivalents | $ | 26,096 | $ | 29,070 | |||
| Total assets | $ | 1,041,064 | $ | 1,058,454 | |||
| Total debt | $ | 66,500 | $ | 68,000 | |||
| Shareholders’ equity | $ | 370,017 | $ | 365,761 | |||
| BJ’s Restaurants, Inc. | |||||||||||||||||||||
| Unaudited Supplemental Information | |||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||
| December 31, 2024 | January 2, 2024 | December 31, 2024 | January 2, 2024 | ||||||||||||||||||
| Stock-based compensation (1) | |||||||||||||||||||||
| Labor and benefits | $ | 689 | 0.2 | % | $ | 730 | 0.2 | % | $ | 2,452 | 0.2 | % | $ | 2,583 | 0.2 | % | |||||
| General and administrative | 1,785 | 0.5 | 2,083 | 0.6 | 6,177 | 0.5 | 8,319 | 0.6 | |||||||||||||
| Total stock-based compensation | $ | 2,474 | 0.7 | % | $ | 2,813 | 0.9 | % | $ | 8,629 | 0.6 | % | $ | 10,902 | 0.8 | % | |||||
| Operating Data | |||||||||||||||||||||
| Comparable restaurant sales % change | |||||||||||||||||||||
| Restaurants opened during period | - | - | 3 | 5 | |||||||||||||||||
| Restaurants open at period-end | 218 | 216 (2) | 218 (2) | 216 (3) | |||||||||||||||||
| Restaurant operating weeks | 2,834 | 2,821 | 11,274 | 11,242 | |||||||||||||||||
(1) Percentages represent percent of total revenues and may not reconcile due to rounding.
(2) During the period, one restaurant was permanently closed.
(3) During the period, five restaurants were permanently closed.
Reconciliation of Non-GAAP Financial Measures
The Company is reporting 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.
Adjusted diluted net income per share is a non-GAAP financial measure that represents net (loss) income excluding net loss on disposal and impairment of assets, net leadership transition expenses and the related stock-based compensation credit, and charges associated with the extension of an outstanding warrant held by Act III. These adjustments are intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management.
Restaurant level operating profit 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 profit as a supplemental measure of restaurant performance. Management believes restaurant level operating profit 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.
Adjusted EBITDA is a non-GAAP financial measure that represents the sum of net 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.
The following tables provide a reconciliation of non-GAAP financial measures, presented in this release, to the most directly comparable financial measures calculated and presented in accordance with GAAP for the fourth quarter and fiscal year ended December 31, 2024, and January 2, 2024, are set forth below:
| Supplemental Financial Information – Adjusted Diluted Net Income Per Share | |||||||||||||||||||||
| (Unaudited, dollars in thousands) | |||||||||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||
| December 31, 2024 | January 2, 2024 | December 31, 2024 | January 2, 2024 | ||||||||||||||||||
| Net (loss) income | $ | (5,266 | ) | (1.5 | )% | $ | 8,051 | 2.5 | % | $ | 16,687 | 1.2 | % | $ | 19,660 | 1.5 | % | ||||
| Loss on disposal and impairment of assets, net | 15,373 | 4.5 | 3,419 | 1.1 | 18,414 | 1.4 | 8,125 | 0.6 | |||||||||||||
| Leadership transition expenses, net | 1,543 | 0.4 | - | - | 3,231 | 0.2 | - | - | |||||||||||||
| Stock-based compensation credit (1) | - | - | - | - | (2,093 | ) | (0.2 | ) | - | - | |||||||||||
| Warrant extension | 4,622 | 1.3 | - | - | 4,622 | 0.3 | - | - | |||||||||||||
| Total adjustments | 21,538 | 6.3 | 3,419 | 1.1 | 24,174 | 1.8 | 8,125 | 0.6 | |||||||||||||
| Tax effect of adjustments (2) | (5,212 | ) | (1.5 | ) | (827 | ) | (0.3 | ) | (5,850 | ) | (0.4 | ) | (1,966 | ) | (0.1 | ) | |||||
| After tax effect of adjustments | 16,326 | 4.7 | 2,592 | 0.8 | 18,324 | 1.4 | 6,159 | 0.5 | |||||||||||||
| Adjusted net income | $ | 11,060 | 3.2 | % | $ | 10,643 | 3.3 | % | $ | 35,011 | 2.6 | % | $ | 25,819 | 1.9 | % | |||||
| Diluted weighted average number of shares outstanding: | 23,455(3) | 23,722 | 23,768 | 23,923 | |||||||||||||||||
| Diluted net (loss) income per share (as reported) | $ | (0.23 | ) | $ | 0.34 | $ | 0.70 | $ | 0.82 | ||||||||||||
| Adjusted diluted net income per share | $ | 0.47 | $ | 0.45 | $ | 1.47 | $ | 1.08 | |||||||||||||
Percentages above represent percent of total revenues and may not reconcile due to rounding.
(1) Amount relates to stock-based compensation forfeited due to leadership transition.
(2) The tax effect is based on the Company’s annual statutory tax rate of
(3) To include potentially dilutive shares in the computation of diluted net income per share, the number of shares noted differs from the number reported on the Unaudited Consolidated Statements of Operations.
| Supplemental Financial Information – Restaurant Level Operating Profit | |||||||||||||||||||||
| (Unaudited, dollars in thousands) | |||||||||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||
| December 31, 2024 | January 2, 2024 | December 31, 2024 | January 2, 2024 | ||||||||||||||||||
| (Loss) income from operations | $ | (4,791 | ) | (1.4 | )% | $ | 3,318 | 1.0 | % | $ | 14,080 | 1.0 | % | $ | 13,759 | 1.0 | % | ||||
| General and administrative | 23,711 | 6.9 | 21,730 | 6.7 | 88,272 | 6.5 | 82,103 | 6.2 | |||||||||||||
| Depreciation and amortization | 18,516 | 5.4 | 17,793 | 5.5 | 72,745 | 5.4 | 70,992 | 5.3 | |||||||||||||
| Restaurant opening | 77 | - | 207 | 0.1 | 2,082 | 0.2 | 2,808 | 0.2 | |||||||||||||
| Loss on disposal and impairment of assets, net | 15,373 | 4.5 | 3,419 | 1.1 | 18,414 | 1.4 | 8,125 | 0.6 | |||||||||||||
| Restaurant level operating profit | $ | 52,886 | 15.4 | % | $ | 46,467 | 14.4 | % | $ | 195,593 | 14.4 | % | $ | 177,787 | 13.3 | % | |||||
Percentages above represent percent of total revenues and may not reconcile due to rounding.
| Supplemental Financial Information – Net Income to Adjusted EBITDA | |||||||||||||||||||||
| (Unaudited, dollars in thousands) | |||||||||||||||||||||
| Fourth Quarter Ended | Fiscal Year Ended | ||||||||||||||||||||
| December 31, 2024 | January 2, 2024 | December 31, 2024 | January 2, 2024 | ||||||||||||||||||
| Net (loss) income | $ | (5,266 | ) | (1.5 | )% | $ | 8,051 | 2.5 | % | $ | 16,687 | 1.2 | % | $ | 19,660 | 1.5 | % | ||||
| Interest expense, net | 1,472 | 0.4 | 1,673 | 0.5 | 5,484 | 0.4 | 4,915 | 0.4 | |||||||||||||
| Income tax benefit | (5,559 | ) | (1.6 | ) | (5,965 | ) | (1.8 | ) | (8,422 | ) | (0.6 | ) | (9,560 | ) | (0.7 | ) | |||||
| Depreciation and amortization | 18,516 | 5.4 | 17,793 | 5.5 | 72,745 | 5.4 | 70,992 | 5.3 | |||||||||||||
| Leadership transition expenses, net | 1,543 | 0.4 | - | - | 3,231 | 0.2 | - | - | |||||||||||||
| Stock-based compensation expense | 2,474 | 0.7 | 2,813 | 0.9 | 10,722 | 0.8 | 10,902 | 0.8 | |||||||||||||
| Stock-based compensation credit (1) | - | - | - | - | (2,093 | ) | (0.2 | ) | - | - | |||||||||||
| Other expense (income), net | 4,562 | 1.3 | (441 | ) | (0.1 | ) | 331 | - | (1,256 | ) | (0.1 | ) | |||||||||
| Loss on disposal and impairment of assets, net | 15,373 | 4.5 | 3,419 | 1.1 | 18,414 | 1.4 | 8,125 | 0.6 | |||||||||||||
| Adjusted EBITDA | $ | 33,115 | 9.6 | % | $ | 27,343 | 8.4 | % | $ | 117,099 | 8.6 | % | $ | 103,778 | 7.8 | % | |||||
Percentages above represent percent of total revenues and may not reconcile due to rounding.
(1) Amount relates to stock-based compensation forfeited due to leadership transition.
FAQ
What was BJ's Restaurants (BJRI) Q4 2024 revenue growth?
How much did BJRI's comparable restaurant sales increase in Q4 2024?
What is BJRI's projected comparable sales growth for 2025?
How many shares did BJRI repurchase in Q4 2024?
What is the new share repurchase authorization amount for BJRI in 2025?
