CRACKER BARREL REPORTS SECOND QUARTER FISCAL 2025 RESULTS AND INCREASES GUIDANCE
Cracker Barrel (NASDAQ: CBRL) reported strong Q2 fiscal 2025 results, with total revenue increasing 1.5% to $949.4 million. Comparable store restaurant sales rose 4.7%, while retail sales increased 0.2%. The company's GAAP earnings per diluted share were $0.99, with adjusted earnings at $1.38.
Despite a 16.3% decrease in GAAP net income to $22.2 million, adjusted EBITDA increased 19.6% to $74.6 million. The Board declared a quarterly dividend of $0.25 per share, payable on May 14, 2025.
The company has raised its fiscal 2025 guidance, now expecting total revenue of $3.45-3.50 billion and adjusted EBITDA of $210-220 million. The outlook includes plans for 1-2 new Cracker Barrel stores and 4 new Maple Street Biscuit Company units, with commodity inflation projected at 2-3% and hourly wage inflation at approximately 3%.
Cracker Barrel (NASDAQ: CBRL) ha riportato risultati solidi per il secondo trimestre dell'anno fiscale 2025, con un aumento del fatturato totale dell'1,5% a $949,4 milioni. Le vendite nei ristoranti a parità di locale sono aumentate del 4,7%, mentre le vendite al dettaglio sono cresciute dello 0,2%. Gli utili per azione diluiti secondo i principi contabili GAAP sono stati di $0,99, con utili rettificati a $1,38.
Nonostante una diminuzione del 16,3% dell'utile netto GAAP a $22,2 milioni, l'EBITDA rettificato è aumentato del 19,6% a $74,6 milioni. Il Consiglio ha dichiarato un dividendo trimestrale di $0,25 per azione, pagabile il 14 maggio 2025.
L'azienda ha innalzato le previsioni per l'anno fiscale 2025, ora prevedendo un fatturato totale di $3,45-3,50 miliardi e un EBITDA rettificato di $210-220 milioni. Le prospettive includono piani per 1-2 nuovi ristoranti Cracker Barrel e 4 nuove unità della Maple Street Biscuit Company, con un'inflazione delle materie prime prevista tra il 2-3% e un'inflazione dei salari orari di circa il 3%.
Cracker Barrel (NASDAQ: CBRL) reportó resultados sólidos para el segundo trimestre del año fiscal 2025, con un aumento del ingreso total del 1.5% a $949.4 millones. Las ventas en restaurantes comparables aumentaron un 4.7%, mientras que las ventas minoristas crecieron un 0.2%. Las ganancias por acción diluida según GAAP fueron de $0.99, con ganancias ajustadas de $1.38.
A pesar de una disminución del 16.3% en la utilidad neta GAAP a $22.2 millones, el EBITDA ajustado aumentó un 19.6% a $74.6 millones. La Junta declaró un dividendo trimestral de $0.25 por acción, pagadero el 14 de mayo de 2025.
La compañía ha aumentado su guía fiscal 2025, ahora esperando ingresos totales de $3.45-3.50 mil millones y un EBITDA ajustado de $210-220 millones. La perspectiva incluye planes para 1-2 nuevas tiendas Cracker Barrel y 4 nuevas unidades de la Maple Street Biscuit Company, con una inflación de materias primas proyectada entre el 2-3% y una inflación salarial horaria de aproximadamente el 3%.
크래커 배럴 (NASDAQ: CBRL)는 2025 회계연도 2분기 실적이 강세를 보였으며, 총 수익이 1.5% 증가한 9억 4,940만 달러에 달했습니다. 동일 매장 레스토랑 매출은 4.7% 상승했고, 소매 매출은 0.2% 증가했습니다. 회사의 GAAP 기준 희석 주당 순익은 0.99달러였으며, 조정된 수익은 1.38달러였습니다.
GAAP 기준 순이익은 16.3% 감소하여 2,220만 달러에 이르렀지만, 조정된 EBITDA는 19.6% 증가하여 7,460만 달러에 달했습니다. 이사회는 주당 0.25달러의 분기 배당금을 선언했으며, 이는 2025년 5월 14일에 지급될 예정입니다.
회사는 2025 회계연도 가이던스를 상향 조정했습니다, 현재 총 수익이 34.5억-35억 달러, 조정된 EBITDA가 2.1억-2.2억 달러에 이를 것으로 예상하고 있습니다. 전망에는 1-2개의 새로운 크래커 배럴 매장과 4개의 새로운 메이플 스트리트 비스킷 컴퍼니 매장을 계획하고 있으며, 원자재 인플레이션은 2-3%, 시간당 임금 인플레이션은 약 3%로 예상하고 있습니다.
Cracker Barrel (NASDAQ: CBRL) a annoncé de solides résultats pour le deuxième trimestre de l'exercice fiscal 2025, avec un chiffre d'affaires total en hausse de 1,5 % à 949,4 millions de dollars. Les ventes de restaurants comparables ont augmenté de 4,7 %, tandis que les ventes au détail ont progressé de 0,2 %. Le bénéfice par action diluée selon les normes GAAP était de 0,99 dollar, avec un bénéfice ajusté de 1,38 dollar.
Malgré une diminution de 16,3 % du bénéfice net GAAP à 22,2 millions de dollars, l'EBITDA ajusté a augmenté de 19,6 % pour atteindre 74,6 millions de dollars. Le Conseil a déclaré un dividende trimestriel de 0,25 dollar par action, payable le 14 mai 2025.
L'entreprise a rehaussé ses prévisions pour l'exercice 2025, s'attendant désormais à un chiffre d'affaires total de 3,45 à 3,50 milliards de dollars et un EBITDA ajusté de 210 à 220 millions de dollars. Les perspectives incluent des plans pour 1 à 2 nouveaux restaurants Cracker Barrel et 4 nouvelles unités de la Maple Street Biscuit Company, avec une inflation des matières premières projetée entre 2 et 3 % et une inflation des salaires horaires d'environ 3 %.
Cracker Barrel (NASDAQ: CBRL) hat für das zweite Quartal des Geschäftsjahres 2025 starke Ergebnisse gemeldet, mit einem Anstieg des Gesamtumsatzes um 1,5% auf 949,4 Millionen Dollar. Die vergleichbaren Restaurantumsätze stiegen um 4,7%, während der Einzelhandelsumsatz um 0,2% zunahm. Der GAAP-Gewinn pro verwässerter Aktie betrug 0,99 Dollar, während der bereinigte Gewinn bei 1,38 Dollar lag.
Trotz eines Rückgangs des GAAP-Nettoeinkommens um 16,3% auf 22,2 Millionen Dollar stieg das bereinigte EBITDA um 19,6% auf 74,6 Millionen Dollar. Der Vorstand erklärte eine vierteljährliche Dividende von 0,25 Dollar pro Aktie, die am 14. Mai 2025 zahlbar ist.
Das Unternehmen hat seine Prognose für das Geschäftsjahr 2025 angehoben und erwartet nun einen Gesamtumsatz von 3,45-3,50 Milliarden Dollar und ein bereinigtes EBITDA von 210-220 Millionen Dollar. Der Ausblick umfasst Pläne für 1-2 neue Cracker Barrel-Filialen und 4 neue Einheiten der Maple Street Biscuit Company, wobei eine Inflation der Rohstoffe von 2-3% und eine Lohnerhöhung von etwa 3% prognostiziert wird.
- Revenue increased 1.5% to $949.4 million
- Comparable store restaurant sales up 4.7%
- Adjusted EBITDA increased 19.6% to $74.6 million
- Adjusted EPS grew 9.5% to $1.38
- Raised fiscal 2025 guidance for revenue and EBITDA
- GAAP net income decreased 16.3% to $22.2 million
- GAAP EPS declined 16.8% to $0.99
- Retail sales growth minimal at 0.2%
- Reduced new store opening target from 2 to 1-2 stores
Insights
Cracker Barrel's Q2 FY2025 results reveal a stronger-than-expected performance with important operational improvements despite mixed headline numbers. The company delivered
The divergence between GAAP and adjusted figures tells an important story. While GAAP net income declined
Most telling is management's decision to raise full-year guidance, particularly for adjusted EBITDA to
The company's pricing strategy bears watching, with menu pricing increases of
Company now expects fiscal 2025 adjusted EBITDA1 of
Second Quarter Fiscal 2025 Highlights
- Second quarter total revenue was
$949.4 million 1.5% .- Comparable store restaurant sales increased
4.7% over the prior year quarter, and comparable store retail sales increased0.2% .
- Comparable store restaurant sales increased
- GAAP earnings per diluted share were
$0.99 $1.38 - GAAP net income for the second quarter was
$22.2 million 16.3% decrease compared to the prior year quarter GAAP net income of$26.5 million $74.6 million 19.6% increase compared to the prior year quarter adjusted EBITDA1 of$62.4 million
Commenting on the second quarter results, Cracker Barrel President and Chief Executive Officer Julie Masino said, "Outstanding execution by our teams, coupled with our actions to improve the profitability of our off-premise channels during the high-volume holiday season, delivered strong second quarter results that exceeded our expectations. Despite some recent industry-wide softness, these results, together with the continued improvements in key guest and operational metrics and the initiatives we have planned for our important fourth quarter, make us confident in raising our financial outlook for the remainder of the year."
Second Quarter Fiscal 2025 Results
Revenue
The Company reported total revenue of
Cracker Barrel comparable store restaurant sales increased
Net Income, EBITDA, and Earnings per Diluted Share
GAAP net income for the second quarter was
GAAP earnings per diluted share for the second quarter were
Quarterly Dividend Declaration
The Company announced that its Board of Directors declared a quarterly dividend of
Fiscal 2025 Outlook
The Company updated its outlook and expects the following for fiscal 2025:
- Total revenue of
$3.45 billion $3.50 billion $3.4 billion $3.5 billion - Adjusted EBITDA1 of
$210 million $220 million $200 million $215 million - Commodity inflation of
2% to3% compared to the prior year (no change vs. previous outlook) - Hourly wage inflation of approximately
3% compared to the prior year (vs. previous outlook of3% to4% ) - Capital expenditures of
$160 million $180 million - 1 to 2 new Cracker Barrel stores (vs. previous outlook of 2), which includes 1 store opened fiscal year-to-date
- 4 new Maple Street Biscuit Company units (vs. previous outlook of 3 to 4), which includes 3 units opened fiscal year-to-date
The Company reminds investors that its outlook reflects a number of assumptions, many of which are outside the Company's control. In particular, uncertainties created by macroeconomic conditions, such as ongoing inflation, low consumer confidence and high interest rates may adversely affect consumer behavior and cause actual results to differ materially from those expected.
1 Adjusted net income, adjusted EBITDA, and adjusted earnings per diluted share are non-GAAP financial measures. For definitions of these non-GAAP measures and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release.
2 The Company has determined to provide guidance focused on adjusted EBITDA because the Company believes it will be more useful to investors to evaluate the Company's performance prior to the impact of depreciation (given the expected increase in investments and the resulting higher expected depreciation expense), taxes, impairment charges, and other items that management believes are not reflective of the Company's current operations. The Company is not able to reconcile the forward-looking estimate of adjusted EBITDA set forth above to a forward-looking estimate of net income, the most directly comparable estimated measure calculated in accordance with GAAP, without unreasonable efforts because the Company is unable to predict, forecast or determine the probable significance of certain items impacting these estimates, including interest expense, taxes, impairment charges and share-based compensation, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.
Fiscal 2025 Second Quarter Conference Call
As previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public online at investor.crackerbarrel.com today beginning at 11:00 a.m. (ET). The online replay will be available at 2:00 p.m. (ET) and continue through March 20, 2025.
About Cracker Barrel Old Country Store®
Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL) is on a mission to bring craveable, delicious homestyle food and unique retail products to all guests while serving up memorable, distinctive experiences that make everyone feel welcome. Established in 1969 in
CBRL-F
Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of items such as revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These and similar statements regarding events or results that the Company expects will or may occur in the future are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual results and performance of the Company to differ materially from those expressed or implied by such forward-looking statements. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these risks, uncertainties and other factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The Company believes that the assumptions underlying any forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in or implied by the forward-looking statements. In addition to the risks of ordinary business operations, factors and risks that may result in actual results differing from this forward-looking information include, but are not limited to risks and uncertainties associated with inflationary conditions with respect to the price of commodities, ingredients, transportation, distribution and labor; disruptions to the Company's restaurant or retail supply chain; the Company's ability to manage retail inventory and merchandise mix; the Company's ability to sustain or the effects of plans intended to improve operational or marketing execution and performance, including the Company's strategic transformation plan; the effects of increased competition at the Company's locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of the Company's food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease as well as the possible effects of such events on the price or availability of ingredients used in our restaurants; the effects of the Company's indebtedness and associated restrictions on the Company's financial and operating flexibility and ability to execute or pursue its operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting the Company's financing costs and ability to refinance its indebtedness, in whole or in part; the Company's reliance on a single distribution facility and certain significant vendors, particularly for foreign-sourced retail products; information technology disruptions and data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors or actions of third parties; the Company's compliance with privacy and data protection laws; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the actual results of pending, future or threatened litigation or governmental investigations; or the Company's ability to manage the impact of negative social media attention and the costs and effects of negative publicity; the impact of activist shareholders; the Company's ability to achieve aspirations, goals and projections related to its environmental, social and governance initiatives; the Company's ability to enter successfully into new geographic markets that may be less familiar to it; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and the Company's ability to identify those sites; the Company's ability to retain key personnel; the ability of and cost to the Company to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that the Company may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions and the weather impact on sales and customer travel; discretionary income or personal expenditure activity of the Company's customers; implementation of new or changes in interpretation of existing accounting principles generally accepted in
CRACKER BARREL OLD COUNTRY STORE, INC. | ||||||||||
CONDENSED CONSOLIDATED INCOME STATEMENT | ||||||||||
(Unaudited) | ||||||||||
(In thousands, except share and per share amounts, percentages and ratios) | ||||||||||
Second Quarter Ended | Six Months Ended | |||||||||
1/31/25 | 1/26/24 | Percentage | 1/31/25 | 1/26/24 | Percentage | |||||
Total revenue | 2 % | 2 % | ||||||||
Cost of goods sold (exclusive of depreciation & rent) | 309,832 | 314,851 | (2) | 568,733 | 570,410 | (0) | ||||
Labor and other related expenses | 326,336 | 323,196 | 1 | 633,561 | 627,643 | 1 | ||||
Other store operating expenses | 220,025 | 214,056 | 3 | 431,573 | 417,741 | 3 | ||||
General and administrative expenses | 61,672 | 52,536 | 17 | 121,316 | 101,271 | 20 | ||||
Impairment and store closing costs | 2,451 | 0 | 3,151 | 0 | ||||||
Operating income | 29,123 | 30,762 | (5) | 36,194 | 42,175 | (14) | ||||
Interest expense | 4,978 | 5,067 | (2) | 10,800 | 10,005 | 8 | ||||
Income before income taxes | 24,145 | 25,695 | (6) | 25,394 | 32,170 | (21) | ||||
Provision for income taxes (income tax benefit) | 1,938 | (839) | 331 | (1,657) | 180 | (1021) | ||||
Net income | (16) | (15) | ||||||||
Earnings per share – Basic: | (17) | (15) | ||||||||
Earnings per share – Diluted: | (17) | (16) | ||||||||
Weighted average shares: | ||||||||||
Basic | 22,258,289 | 22,196,758 | 0 | 22,238,013 | 22,181,305 | 0 | ||||
Diluted | 22,456,421 | 22,295,532 | 1 | 22,423,335 | 22,279,611 | 1 | ||||
Ratio Analysis | ||||||||||
Total revenue: | ||||||||||
Restaurant | 79.0 % | 78.1 % | 79.9 % | 79.1 % | ||||||
Retail | 21.0 | 21.9 | 20.1 | 20.9 | ||||||
Total revenue | 100.0 | 100.0 | 100.0 | 100.0 | ||||||
Cost of goods sold (exclusive of depreciation & rent) | 32.6 | 33.7 | 31.7 | 32.4 | ||||||
Labor and other related expenses | 34.4 | 34.5 | 35.3 | 35.7 | ||||||
Other store operating expenses | 23.2 | 22.9 | 24.0 | 23.7 | ||||||
General and administrative expenses | 6.5 | 5.6 | 6.8 | 5.8 | ||||||
Impairment and store closing costs | 0.2 | 0.0 | 0.2 | 0.0 | ||||||
Operating income | 3.1 | 3.3 | 2.0 | 2.4 | ||||||
Interest expense | 0.6 | 0.6 | 0.6 | 0.6 | ||||||
Income before income taxes | 2.5 | 2.7 | 1.4 | 1.8 | ||||||
Provision for income taxes (income tax benefit) | 0.2 | (0.1) | (0.1) | 0.0 | ||||||
Net income | 2.3 % | 2.8 % | 1.5 % | 1.8 % | ||||||
CRACKER BARREL OLD COUNTRY STORE, INC. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
(Unaudited and in thousands, except share amounts) | ||||
1/31/25 | 1/26/24 | |||
Assets | ||||
Cash and cash equivalents | ||||
Accounts receivable | 38,018 | 41,524 | ||
Inventories | 172,988 | 172,702 | ||
Prepaid expenses and other current assets | 58,906 | 40,972 | ||
Property and equipment, net | 969,790 | 965,667 | ||
Operating lease right-of-use assets, net | 829,146 | 877,580 | ||
Goodwill | 0 | 4,690 | ||
Intangible assets | 24,387 | 24,498 | ||
Other assets | 45,976 | 44,824 | ||
Total assets | ||||
Liabilities and Shareholders' Equity | ||||
Accounts payable | ||||
Other current liabilities | 311,079 | 322,449 | ||
Long-term debt | 471,465 | 452,278 | ||
Long-term operating lease liabilities | 655,669 | 689,499 | ||
Other long-term obligations | 107,268 | 122,478 | ||
Shareholders' equity, net | 460,915 | 461,967 | ||
Total liabilities and shareholders' equity | ||||
Common shares issued and outstanding | 22,263,481 | 22,201,086 | ||
CRACKER BARREL OLD COUNTRY STORE, INC. | |||
CONDENSED CONSOLIDATED CASH FLOW STATEMENT | |||
(Unaudited and in thousands) | |||
Six Months Ended | |||
1/31/25 | 1/26/24 | ||
Cash flows from operating activities: | |||
Net income | |||
Depreciation and amortization | 59,388 | 54,428 | |
Amortization of debt issuance costs | 884 | 874 | |
Loss on disposition of property and equipment | 4,246 | 2,898 | |
Impairment | 2,863 | 0 | |
Share-based compensation | 6,505 | 6,253 | |
Noncash lease expense | 30,436 | 30,162 | |
Amortization of asset recognized from gain on sale and leaseback transaction | 6,368 | 6,368 | |
Decrease in inventories | 7,970 | 16,662 | |
Decrease in accounts payable | (19,127) | (29,096) | |
Net changes in other assets and liabilities | (32,891) | (58,660) | |
Net cash provided by operating activities | 93,693 | 61,879 | |
Cash flows from investing activities: | |||
Purchase of property and equipment, net of insurance recoveries | (76,986) | (51,080) | |
Proceeds from sale of property and equipment | 894 | 91 | |
Net cash used in investing activities | (76,092) | (50,989) | |
Cash flows from financing activities: | |||
Net proceeds from/principal payments on long-term debt | (6,000) | 36,500 | |
Taxes withheld from issuance of share-based compensation awards | (1,379) | (1,597) | |
Dividends on common stock | (11,911) | (58,338) | |
Net cash used in financing activities | (19,290) | (23,435) | |
Net decrease in cash and cash equivalents | (1,689) | (12,545) | |
Cash and cash equivalents, beginning of period | 12,035 | 25,147 | |
Cash and cash equivalents, end of period | |||
Second Quarter Ended | ||||||||
1/31/25 | 1/26/24 | |||||||
Net Change in Company-Owned Units During Quarter: | ||||||||
Cracker Barrel | (1) | 1 | ||||||
Maple Street Biscuit Company | 0 | 3 | ||||||
Company-Owned Units in Operation at End of Quarter: | ||||||||
Cracker Barrel | 657 | 662 | ||||||
Maple Street Biscuit Company | 69 | 63 | ||||||
Second Quarter Ended | Six Months Ended | |||||||
1/31/25 | 1/26/24 | 1/31/25 | 1/26/24 | |||||
Total revenue*: (In thousands) | ||||||||
Restaurant | ||||||||
Retail | 198,757 | 204,517 | 360,357 | 367,551 | ||||
Total revenue | ||||||||
Cost of goods sold* (exclusive of depreciation and | ||||||||
Restaurant | ||||||||
Retail | 106,222 | 108,914 | 186,669 | 190,998 | ||||
Total cost of goods sold | ||||||||
Average unit volume*: (In thousands) | ||||||||
Restaurant | ||||||||
Retail | 302.5 | 309.0 | 548.0 | 555.7 | ||||
Total | ||||||||
Operating weeks*: | 8,541 | 8,606 | 17,095 | 17,199 | ||||
Note*: This information is for Cracker Barrel stores only and excludes Maple Street Biscuit Company |
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands, except per share amounts)
Adjusted Net Income and Earnings Per Share
In the accompanying press release, the Company makes reference to its second quarter fiscal 2024 and fiscal 2025 adjusted net income and earnings per share. The Company defines adjusted net income as net income, calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges, (ii) expenses related to the proxy contest in connection with the Company's 2024 annual meeting of shareholders, (iii) expenses related to the Company's CEO transition, (iv) expenses associated with the Company's strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, and (viii) the related tax impacts of the foregoing. The Company believes excluding these items from its financial results provides investors with an enhanced understanding of the Company's financial results and enhances comparability across periods. The Company calculates adjusted net income margin by dividing adjusted net income by consolidated GAAP revenue. Beginning with the Company's second quarter fiscal 2025, the Company is no longer adjusting its non-GAAP financial measures for store closing costs. The Company believes this modification to its adjusted net income definition will improve comparability period-to-period and with respect to similar measures presented by peers and enhance investors' understanding of the Company's operating performance. Prior period results presented below have been restated in accordance with this revised definition. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.
Second Quarter Ended | Six Months Ended | ||||||||||||||
1/31/25 | Margin | 1/26/24 | Margin | 1/31/25 | Margin | 1/26/24 | Margin | ||||||||
Revenue | 100 % | 100 % | 100 % | 100 % | |||||||||||
GAAP net income | 22,207 | 2.3 | 26,534 | 2.8 | 27,051 | 1.5 | 31,990 | 1.8 | |||||||
CEO transition expenses | 0 | 0.0 | 3,473 | 0.4 | 0 | 0.0 | 5,109 | 0.3 | |||||||
Strategic transformation initiative expenses | 3,965 | 0.4 | 3,815 | 0.4 | 7,263 | 0.4 | 4,956 | 0.3 | |||||||
Employee benefit adjustment | 0 | 0.0 | (5,284) | (0.6) | 0 | 0.0 | (5,284) | (0.3) | |||||||
Corporate restructuring charge | 0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 1,643 | 0.1 | |||||||
Proxy contest expenses | 5,263 | 0.6 | 0 | 0.0 | 8,220 | 0.5 | 0 | 0.0 | |||||||
Impairment | 2,163 | 0.2 | 0 | 0.0 | 2,863 | 0.2 | 0 | 0.0 | |||||||
Tax impacts of the foregoing | (2,677) | (0.3) | (471) | (0.1) | (4,311) | (0.2) | (1,510) | (0.1) | |||||||
Adjusted net income | 3.3 % | 3.0 % | 2.3 % | 2.1 % | |||||||||||
GAAP Earnings per share - basic | |||||||||||||||
GAAP Earnings per share - diluted | |||||||||||||||
Adjusted Earnings per share - basic | |||||||||||||||
Adjusted Earnings per share - diluted | |||||||||||||||
Weighted average shares - basic | 22,258,289 | 22,196,758 | 22,238,013 | 22,181,305 | |||||||||||
Weighted average shares - diluted | 22,456,421 | 22,295,532 | 22,423,335 | 22,279,611 | |||||||||||
CRACKER BARREL OLD COUNTRY STORE, INC.
Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results
(Unaudited and in thousands)
EBITDA/Adjusted EBITDA
In the accompanying press release and the below reconciliation tables, the Company makes reference to EBITDA and adjusted EBITDA. The Company defines EBITDA as net income, calculated in accordance with GAAP, excluding depreciation and amortization, interest expense and tax expense. The Company further adjusts EBITDA to exclude, to the extent the following items occurred during the periods presented: (i) expenses related to share-based compensation, (ii) impairment charges, (iii) the proxy contest in connection with the Company's 2024 annual meeting of shareholders, (iv) goodwill impairment charges, (v) the Company's CEO transition, (vi) expenses associated with the Company's strategic transformation initiative, (vii) a corporate restructuring charge, and (viii) an employee benefits policy change. The Company calculates EBITDA and adjusted EBITDA margin by dividing EBITDA and adjusted EBITDA by consolidated GAAP revenue. Beginning with the Company's second quarter fiscal 2025, the Company is no longer adjusting its non-GAAP financial measures for store closing costs. The Company believes this modification to its EBITDA definition will improve comparability period-to-period and with respect to similar measures presented by peers and enhance investors' understanding of the Company's operating performance. Prior period results presented below have been restated in accordance with this revised definition. The Company believes that presentation of EBITDA and adjusted EBITDA (together with related margin figures) provides investors with an enhanced understanding of the Company's operating performance and debt leverage metrics and enhances comparability with the Company's historical results, and that the presentation of this non-GAAP financial measure, when combined with the primary presentation of net income, is beneficial to an investor's complete understanding of the Company's operating performance. This information is not intended to be considered in isolation or as a substitute for net income or net income margin prepared in accordance with GAAP.
Second Quarter Ended 1/31/25 | Margin | Six Months Ended | Margin | |||||
Revenue | 100 % | 100 % | ||||||
GAAP Net income | 22,207 | 2.3 | 27,051 | 1.5 | ||||
(+) Depreciation & amortization | 30,234 | 3.2 | 59,388 | 3.3 | ||||
(+) Interest expense | 4,978 | 0.6 | 10,800 | 0.6 | ||||
(+) Tax expense (tax benefit) | 1,938 | 0.2 | (1,657) | (0.1) | ||||
EBITDA | 6.3 % | 5.3 % | ||||||
Adjustments | ||||||||
(+) Share-based compensation, net | 3,880 | 0.4 | 6,506 | 0.4 | ||||
(+) Strategic transformation initiative expenses | 3,965 | 0.4 | 7,263 | 0.4 | ||||
(+) Impairment | 2,163 | 0.2 | 2,863 | 0.2 | ||||
(+) Proxy contest expenses | 5,263 | 0.6 | 8,220 | 0.5 | ||||
Adjusted EBITDA | 7.9 % | 6.7 % | ||||||
Second Quarter Ended 1/26/24 | Margin | Six Months Ended | Margin | |||||
Revenue | 100 % | 100 % | ||||||
GAAP Net income | 26,534 | 2.8 | 31,990 | 1.8 | ||||
(+) Depreciation & amortization | 27,759 | 3.0 | 54,428 | 3.1 | ||||
(+) Interest expense | 5,067 | 0.6 | 10,005 | 0.6 | ||||
(+) Tax expense (tax benefit) | (839) | (0.1) | 180 | 0.0 | ||||
EBITDA | 58,521 | 6.3 % | 5.5 % | |||||
Adjustments | ||||||||
(+) Share-based compensation | 1,893 | 0.2 | 3,288 | 0.2 | ||||
(+) CEO transition expenses | 3,473 | 0.4 | 5,109 | 0.3 | ||||
(+) Strategic transformation initiative expenses | 3,815 | 0.4 | 4,956 | 0.3 | ||||
(+) Corporate restructuring charge | 0 | 0.0 | 1,643 | 0.1 | ||||
(-) Employee benefit adjustment | (5,284) | (0.6) | (5,284) | (0.3) | ||||
Adjusted EBITDA | 6.7 % | 6.0 % | ||||||
Investor Contact: | Adam Hanan | |
(615) 443-9887 | ||
Media Contact: | Heidi Pearce | |
(615) 235-4135 |
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SOURCE Cracker Barrel Old Country Store, Inc.
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