GEN Restaurant Group, Inc. Announces Second Quarter 2024 Financial Results
GEN Restaurant Group (Nasdaq: GENK) reported strong Q2 2024 financial results, with total revenue increasing 15.9% to $53.9 million compared to Q2 2023. Key highlights include:
- Income from operations: $1.6 million (3.0% of revenue)
- Restaurant-level adjusted EBITDA: $10.2 million (19.0% of revenue)
- Adjusted EBITDA: $4.9 million (9.1% of revenue)
- Net Income: $2.1 million (3.8% of revenue)
- Cash and cash equivalents: $29.2 million
The company opened one new location in Jacksonville, Florida, and began construction on seven additional stores. GEN now anticipates opening 10 to 11 new locations in 2024, up from previous guidance. Despite a broader pullback in consumer spending, GEN continues to see outperformance at new locations and profitability levels meeting or exceeding internal targets.
Il GEN Restaurant Group (Nasdaq: GENK) ha riportato risultati finanziari forti per il secondo trimestre del 2024, con un fatturato totale aumentato del 15,9% a 53,9 milioni di dollari rispetto al secondo trimestre del 2023. I punti salienti includono:
- Reddito operativo: 1,6 milioni di dollari (3,0% del fatturato)
- EBITDA rettificato a livello di ristorante: 10,2 milioni di dollari (19,0% del fatturato)
- EBITDA rettificato: 4,9 milioni di dollari (9,1% del fatturato)
- Reddito netto: 2,1 milioni di dollari (3,8% del fatturato)
- Liquidità e mezzi equivalenti: 29,2 milioni di dollari
La società ha aperto una nuova sede a Jacksonville, Florida, e ha avviato la costruzione di altri sette negozi. GEN prevede ora di aprire da 10 a 11 nuove sedi nel 2024, superando le previsioni precedenti. Nonostante un generale rallentamento della spesa dei consumatori, GEN continua a osservare prestazioni superiori nelle nuove sedi e livelli di redditività che soddisfano o superano gli obiettivi interni.
GEN Restaurant Group (Nasdaq: GENK) reportó sólidos resultados financieros para el segundo trimestre de 2024, con ingresos totales que aumentaron un 15.9% a 53.9 millones de dólares en comparación con el segundo trimestre de 2023. Los aspectos más destacados incluyen:
- Ingresos de operaciones: 1.6 millones de dólares (3.0% de los ingresos)
- EBITDA ajustado a nivel de restaurante: 10.2 millones de dólares (19.0% de los ingresos)
- EBITDA ajustado: 4.9 millones de dólares (9.1% de los ingresos)
- Ingreso neto: 2.1 millones de dólares (3.8% de los ingresos)
- Efectivo y equivalentes de efectivo: 29.2 millones de dólares
La compañía abrió una nueva ubicación en Jacksonville, Florida, y comenzó la construcción de siete tiendas adicionales. GEN ahora anticipa abrir de 10 a 11 nuevas ubicaciones en 2024, superando la orientación previa. A pesar de un retroceso más amplio en el gasto de los consumidores, GEN continúa viendo un rendimiento excepcional en las nuevas ubicaciones y niveles de rentabilidad que cumplen o superan las metas internas.
GEN 레스토랑 그룹 (Nasdaq: GENK)이 2024년 2분기 강력한 재무 결과를 발표했습니다. 총 수익이 15.9% 증가하여 5390만 달러에 달했습니다. 2023년 2분기와 비교할 때 주요 포인트는 다음과 같습니다:
- 운영 수익: 160만 달러 (수익의 3.0%)
- 레스토랑 수준 조정 EBITDA: 1020만 달러 (수익의 19.0%)
- 조정 EBITDA: 490만 달러 (수익의 9.1%)
- 순이익: 210만 달러 (수익의 3.8%)
- 현금 및 현금 등가물: 2920만 달러
회사는 플로리다주 잭슨빌에 새로운 매장을 하나 열었고, 추가로 일곱 개 매장 건축을 시작했습니다. GEN은 이제 2024년에 10개에서 11개의 새로운 매장을 열 것으로 예상하고 있으며, 이전의 가이던스를 초과합니다. 소비자 지출의 폭넓은 감소에도 불구하고 GEN은 새로운 위치에서 뛰어난 성과를 보이며, 수익성 수준이 내부 목표를 충족하거나 초과하고 있습니다.
Le GEN Restaurant Group (Nasdaq: GENK) a annoncé de solides résultats financiers pour le deuxième trimestre de 2024, avec des revenus totaux ayant augmenté de 15,9 % pour atteindre 53,9 millions de dollars par rapport au deuxième trimestre de 2023. Les points clés incluent :
- Revenu d'exploitation : 1,6 million de dollars (3,0 % des revenus)
- EBITDA ajusté au niveau des restaurants : 10,2 millions de dollars (19,0 % des revenus)
- EBITDA ajusté : 4,9 millions de dollars (9,1 % des revenus)
- Revenu net : 2,1 millions de dollars (3,8 % des revenus)
- Liquidités et équivalents de liquidités : 29,2 millions de dollars
L'entreprise a ouvert un nouveau site à Jacksonville, en Floride, et a commencé la construction de sept autres magasins. GEN prévoit maintenant d'ouvrir 10 à 11 nouveaux établissements en 2024, dépassant le guidage précédent. Malgré un recul général des dépenses des consommateurs, GEN continue d'observer une performance supérieure dans les nouveaux établissements et des niveaux de rentabilité atteignant ou dépassant les objectifs internes.
Die GEN Restaurant Group (Nasdaq: GENK) hat starke Finanzzahlen für das zweite Quartal 2024 veröffentlicht, mit einem Gesamtumsatz, der um 15,9 % auf 53,9 Millionen USD gestiegen ist im Vergleich zum zweiten Quartal 2023. Wichtige Punkte sind:
- Betriebseinkommen: 1,6 Millionen USD (3,0 % des Umsatzes)
- Angepasste EBITDA auf Restaurantebene: 10,2 Millionen USD (19,0 % des Umsatzes)
- Angepasstes EBITDA: 4,9 Millionen USD (9,1 % des Umsatzes)
- Nettogewinn: 2,1 Millionen USD (3,8 % des Umsatzes)
- Liquide Mittel und Zahlungsmitteläquivalente: 29,2 Millionen USD
Das Unternehmen hat einen neuen Standort in Jacksonville, Florida, eröffnet und mit dem Bau von sieben weiteren Filialen begonnen. GEN plant nun, 2024 zwischen 10 und 11 neue Standorte zu eröffnen, was die vorherige Prognose übertrifft. Trotz eines allgemeinen Rückgangs des Verbraucherverhaltens beobachtet GEN weiterhin eine überdurchschnittliche Leistung an neuen Standorten und eine Rentabilität, die interne Ziele erfüllt oder übertrifft.
- Total revenue increased 15.9% year-over-year to $53.9 million
- Restaurant-level adjusted EBITDA margin exceeded expectations at 19.0%
- Increased guidance for new location openings to 10-11 in 2024
- Strong balance sheet with $29.2 million in cash and cash equivalents
- Profitable operating model with positive free cash flow
- Comparable restaurant sales decreased 5.6% year-over-year
- Total restaurant operating expenses as a percentage of revenue increased 230 basis points year-over-year
- Net income decreased to $2.1 million (3.8% of revenue) from $4.5 million (9.6% of revenue) in Q2 2023
- Adjusted EBITDA margin decreased to 9.1% from 13.7% in Q2 2023
Insights
GEN Restaurant Group's Q2 2024 results paint a picture of growth amidst challenges. The 15.9% increase in total revenue to
The company's profitability metrics show mixed results. While the restaurant-level adjusted EBITDA of
GEN's expansion strategy is aggressive, with plans to open 10-11 new locations in 2024. This explains the high pre-opening expenses of
The company's balance sheet remains strong with
Overall, GEN's Q2 results show a company in growth mode, balancing expansion with profitability. The key challenge will be improving same-store sales while successfully integrating new locations.
GEN's Q2 performance offers intriguing insights into the casual dining sector. The
The introduction of a premium menu is a strategic move to enhance average check size and potentially offset traffic declines. This aligns with industry trends where restaurants are focusing on value-added offerings to maintain margins amidst rising costs.
GEN's aggressive expansion plan, now targeting 10-11 new locations in 2024, is bold given the current economic uncertainties. This suggests confidence in their concept and ability to capture market share. The company's claim of outperformance at new locations is particularly interesting and warrants monitoring.
The
In the context of the broader casual dining market, GEN's performance and strategy position it as an aggressive growth player. The success of their expansion and ability to improve same-store sales in the face of economic headwinds will be critical factors to watch in the coming quarters.
CERRITOS, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- GEN Restaurant Group, Inc. (“GEN” or the “Company”) (Nasdaq: GENK), owner of GEN Korean BBQ, a fast-growing casual dining concept with an extensive menu and signature “grill at your table” experience, is announcing financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial and Recent Operational Highlights
- Total revenue increased
15.9% to$53.9 million compared to the second quarter of 2023. - Income from operations was
$1.6 million and3.0% of revenue. - Restaurant-level adjusted EBITDA(1) was
$10.2 million and19.0% of revenue. - Adjusted EBITDA(1) was
$4.9 million and9.1% of revenue inclusive of pre-opening expense of approximately$1.6 million . - Net Income was
$2.1 million and3.8% of revenue. - Cash and cash equivalents at June 30, 2024 was
$29.2 million . - Opened one location in Jacksonville, Florida and began construction on seven additional stores during the second quarter. The Company now anticipates opening 10 to 11 total new locations in 2024.
(1) Adjusted EBITDA and restaurant-level adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and restaurant-level adjusted EBITDA to the most directly comparable GAAP measure see the accompanying financial tables. For definitions and a discussion of why we consider them useful, see “Non-GAAP Measures” below.
Management Commentary
“Our second-quarter results highlight our ongoing commitment to improving our operating margins, rapidly expanding GEN’s geographic footprint and increasing our market share,” said David Kim, Co-Chief Executive Officer of GEN. “We are pleased to report another strong quarter with a
“Our expansion efforts remain robust as we spent much of the quarter preparing for new restaurant openings later this year and beyond. In fact, we are increasing our guidance and now anticipate opening 10 to 11 new locations by the end of 2024, with three already complete and seven currently under construction. As we progress into the second half of the year, our focus remains steadfast on expansion while delivering an exceptional, value-focused dining experience. Initiatives like our recently introduced premium menu have performed well alongside some enhanced operational procedures, as we remain committed to keeping our customer at the forefront of everything we do. With a strong balance sheet and profitable operating model, we are confident in our ability to continue executing our growth strategy and delivering long-term value to our shareholders.”
Second Quarter 2024 Financial Results
Total revenue increased
Total restaurant operating expenses (excluding pre-opening expenses) as a percentage of revenue increased 230 basis points to
- Cost of goods sold increased year-over-year by 110 basis points largely due to additional restaurants in operation and the ongoing implementation and integration of the Company's new premium menu. On a sequential basis, cost of goods sold declined by 50 basis points compared to the first quarter of 2024.
- Payroll and benefits decreased 40 basis points year-over-year and 140 basis points sequentially compared to the first quarter of 2024, primarily due to the Company’s continued focus on optimizing costs and headcount.
- Occupancy costs increased 20 basis points primarily due to new restaurant openings over the last twelve months. On a sequential basis, occupancy costs declined by 40 basis points compared to the first quarter of 2024.
- Other operating costs increased 60 basis points. On a sequential basis, other operating costs decreased 10 basis points compared to the first quarter of 2024.
- Depreciation and amortization increased 80 basis points year-over-year and 20 basis points quarter-over-quarter.
- Restaurant pre-opening expenses increased to
$1.6 million for the second quarter of 2024 from$0.9 million in the second quarter of 2023 due to a larger number of new store openings in the works compared to the prior year. Compared to the first quarter of 2024, restaurant pre-opening expenses declined by13.5% .
General and administrative expenses increased to
Net income was
Adjusted EBITDA was
As of June 30, 2024, the Company had
Non-GAAP Measures
Restaurant-level adjusted EBITDA represents income (loss) from operations plus adjustments to add-back the following expenses: depreciation and amortization, pre-opening costs, general and administrative expenses, related party consulting fees, management fees and non-cash lease expense. Management believes that restaurant-level adjusted EBITDA is useful to investors because this measure highlights trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures and enabling investors to more effectively compare the Company’s performance to prior and future periods.
Adjusted EBITDA represents net income (loss) before net interest expense, income taxes, depreciation and amortization, and consulting fees paid to a related party and we also exclude non-recurring items, such as stock-based compensation expense, gain on extinguishment of debt, and Restaurant Revitalization Fund, or RRF, grants, employee retention credits, litigation accruals, aborted deferred IPO costs written off, non-cash lease expenses and non-cash lease expense related to pre-opening costs. Management believes that restaurant-level adjusted EBITDA is useful to investors because this measure highlights trends in our core business that may not otherwise be apparent to investors when relying solely on GAAP financial measures and enabling investors to more effectively compare the Company’s performance to prior and future periods.
Conference Call
GEN will conduct a conference call today at 5:00 p.m. Eastern time to discuss its results for the second quarter ended June 30, 2024.
David Kim, Co-Chief Executive Officer, and Tom Croal, Chief Financial Officer, will host the conference call, followed by a question-and-answer session.
Date: Wednesday, July 31, 2024
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Toll-free dial-in number: 1-877-407-0792
International dial-in number: 1-201-689-8263
Conference ID: 13747302
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.genkoreanbbq.com.
A telephonic replay of the conference call will also be available after 8:00 p.m. Eastern time on the same day through August 7, 2024.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13747302
About GEN Restaurant Group, Inc.
GEN Korean BBQ is one of the largest Asian casual dining restaurant concepts in the United States. Founded in 2011 by two Korean immigrants in Los Angeles, the brand has now grown to 40 company-owned locations where guests serve as their own chefs, preparing meals on embedded grills in the center of each table. The extensive menu consists of traditional Korean and Korean-American food, including high-quality meats, poultry, seafood and mixed vegetables. With its unique culinary experience alongside its modern décor and lively atmosphere, GEN Korean BBQ delivers an engaging and interactive dining experience that appeals to a vast segment of the population. For more information, visit GenKoreanBBQ.com and follow the brand on Facebook and Instagram.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as “believe,” “intend,” “expect”, “will,” “may”, and other similar words or expressions that predict or indicate future events. All statements that are not statements of historical fact are forward-looking statements, including any statements regarding our strategy, future operations, and growth prospects, any statements regarding future economic conditions or performance, any statements of belief or expectation, and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and in our subsequent filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
Investor Relations Contact:
Cody Slach and Cody Cree
Gateway Group, Inc.
1-949-574-3860
GENK@gateway-grp.com
Media Relations Contact:
Zach Kadletz and Anna Rutter
Gateway Group, Inc.
1-949-574-3860
GENK@gateway-grp.com
| GEN RESTAURANT GROUP Condensed Consolidated Income Statements (in thousands, except per share amounts) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| (in thousands, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenue | $ | 53,860 | $ | 46,473 | $ | 104,620 | $ | 90,335 | |||||||
| Restaurant operating expenses: | |||||||||||||||
| Food cost | 17,700 | 14,786 | 34,668 | 29,091 | |||||||||||
| Payroll and benefits | 16,362 | 14,323 | 32,514 | 27,975 | |||||||||||
| Occupancy expenses | 4,389 | 3,673 | 8,682 | 7,104 | |||||||||||
| Operating expenses | 5,358 | 4,299 | 10,457 | 8,425 | |||||||||||
| Depreciation and amortization | 1,706 | 1,131 | 3,243 | 2,244 | |||||||||||
| Pre-opening costs | 1,645 | 881 | 3,547 | 1,400 | |||||||||||
| Total restaurant operating expenses | 47,160 | 39,093 | 93,111 | 76,239 | |||||||||||
| General and administrative | 5,058 | 1,958 | 9,731 | 4,013 | |||||||||||
| Consulting fees - related party | — | 1,445 | — | 2,325 | |||||||||||
| Management fees | — | 589 | — | 1,176 | |||||||||||
| Depreciation and amortization - corporate | 29 | 18 | 57 | 37 | |||||||||||
| Total costs and expenses | 52,247 | 43,103 | 102,899 | 83,790 | |||||||||||
| Income from operations | 1,613 | 3,370 | 1,721 | 6,545 | |||||||||||
| Employee retention credits | 200 | 1,318 | 200 | 2,483 | |||||||||||
| Other income (loss) | — | (7 | ) | — | (7 | ) | |||||||||
| Gain on remeasurement of previously held interest | — | — | 3,402 | — | |||||||||||
| Interest income (expense), net | 262 | (207 | ) | 538 | (396 | ) | |||||||||
| Equity in income (loss) of equity method investee | — | 86 | (17 | ) | 467 | ||||||||||
| Net income before income taxes | 2,075 | 4,560 | 5,844 | 9,092 | |||||||||||
| Provision for income taxes | (11 | ) | (96 | ) | (83 | ) | (96 | ) | |||||||
| Net income | 2,064 | 4,464 | 5,761 | 8,996 | |||||||||||
| Less: Net income attributable to noncontrolling interest | 1,787 | 504 | 4,990 | 901 | |||||||||||
| Net income attributable to GEN Restaurant Group, Inc. | 277 | 3,960 | 771 | 8,095 | |||||||||||
| Net income attributable to Class A common stock per share - basic and diluted (1) | $ | 277 | — | $ | 771 | — | |||||||||
| Weighted-average shares of Class A common stock outstanding - basic (1) | 4,572 | 4,249 | 4,446 | 4,249 | |||||||||||
| Weighted-average shares of Class A common stock outstanding - diluted (2) | 4,572 | 4,249 | 4,446 | 4,249 | |||||||||||
| Net income per share of Class A common stock - basic | $ | 0.06 | — | $ | 0.17 | — | |||||||||
| Net income per share of Class A common stock - diluted | $ | 0.06 | — | $ | 0.17 | — | |||||||||
| (1) (2) Basic and diluted net income per share of Class A common stock is presented only for the period after the Company’s organization transactions. | |||||||||||||||
| GEN RESTAURANT GROUP Selected Balance Sheet Data and Selected Operating Data (in thousands, except restaurants and percentages) | |||||||
| For the period ending | |||||||
| 30-Jun-24 | 31-Dec-23 | ||||||
| (amounts in thousands) | |||||||
| Selected Balance Sheet Data: | |||||||
| Cash and cash equivalents | $ | 29,229 | $ | 32,631 | |||
| Total assets | $ | 218,805 | $ | 183,870 | |||
| Total liabilities | $ | 171,409 | $ | 146,352 | |||
| Total Stockholders' equity | $ | 45,896 | $ | 36,018 | |||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Selected Operating Data | |||||||||||||||
| Restaurants at end of period | 40 | 34 | 40 | 34 | |||||||||||
| Comparable restaurant sales performance | -5.6 | % | 1.4 | % | -3.8 | % | n/a | ||||||||
| Net income | 2,064 | 4,464 | 5,761 | 8,996 | |||||||||||
| Net income margin | 3.8 | % | 9.6 | % | 5.5 | % | 10.0 | % | |||||||
| Adjusted EBITDA | 4,875 | 6,348 | 11,241 | 12,196 | |||||||||||
| Adjusted EBITDA margin | 9.1 | % | 13.7 | % | 10.7 | % | 13.5 | % | |||||||
| Income from operations | 1,613 | 3,370 | 1,721 | 6,545 | |||||||||||
| Income from operations margin | 3.0 | % | 7.3 | % | 1.6 | % | 7.2 | % | |||||||
| Restaurant level Adjusted EBITDA | 10,243 | 9,491 | 18,675 | 17,899 | |||||||||||
| Restaurant level Adjusted EBITDA margin | 19.0 | % | 20.4 | % | 17.9 | % | 19.8 | % | |||||||
| GEN RESTAURANT GROUP Reconciliation of Net Income to EBITDA and Adjusted EBITDA (in thousands) | |||||||||||||||
| (amounts in thousands) | Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| EBITDA: | |||||||||||||||
| Net income | $ | 2,064 | $ | 4,464 | $ | 5,761 | $ | 8,996 | |||||||
| Net Income Margin | 3.8 | % | 9.6 | % | 5.5 | % | 10.0 | % | |||||||
| Interest income (expense), net | (262 | ) | 207 | (538 | ) | 396 | |||||||||
| Provision for income taxes | 11 | 96 | 83 | 96 | |||||||||||
| Depreciation and amortization | 1,735 | 1,149 | 3,300 | 2,281 | |||||||||||
| EBITDA | $ | 3,548 | $ | 5,916 | $ | 8,606 | $ | 11,769 | |||||||
| EBITDA Margin | 6.6 | % | 12.7 | % | 8.2 | % | 13.0 | % | |||||||
| Adjustments to EBITDA: | |||||||||||||||
| EBITDA | $ | 3,548 | $ | 5,916 | $ | 8,606 | $ | 11,769 | |||||||
| Stock-based compensation expense (1) | 759 | — | 1,518 | — | |||||||||||
| Consulting fees - related party (2) | — | 1,445 | — | 2,325 | |||||||||||
| Employee retention credits (3) | (200 | ) | (1,318 | ) | (200 | ) | (2,483 | ) | |||||||
| Non-cash lease expense (4) | 192 | 99 | 376 | 159 | |||||||||||
| Non-cash lease expense related to pre-opening costs (5) | 576 | 206 | 941 | 426 | |||||||||||
| Adjusted EBITDA | $ | 4,875 | $ | 6,348 | $ | 11,241 | $ | 12,196 | |||||||
| Adjusted EBITDA Margin | 9.1 | % | 13.7 | % | 10.7 | % | 13.5 | % | |||||||
| Reconciliation of Income from Operations to Restaurant-level Adjusted EBITDA (in thousands) | |||||||||||||||
| (amounts in thousands) | Three months ended June 30, | Six months ended June 30, | |||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Income from Operations | $ | 1,613 | $ | 3,370 | $ | 1,721 | $ | 6,545 | |||||||
| Income Margin from Operations | 3.0 | % | 7.3 | % | 1.6 | % | 7.2 | % | |||||||
| Depreciation and amortization | 1,735 | 1,149 | 3,300 | 2,281 | |||||||||||
| Pre-opening costs | 1,645 | 881 | 3,547 | 1,400 | |||||||||||
| General and administrative | 5,058 | 1,958 | 9,731 | 4,013 | |||||||||||
| Consulting fees - related party | — | 1,445 | — | 2,325 | |||||||||||
| Management Fees | — | 589 | — | 1,176 | |||||||||||
| Non-cash lease expense | 192 | 99 | 376 | 159 | |||||||||||
| Restaurant-Level Adjusted EBITDA | $ | 10,243 | $ | 9,491 | $ | 18,675 | $ | 17,899 | |||||||
| Restaurant-Level Adjusted EBITDA Margin | 19.0 | % | 20.4 | % | 17.9 | % | 19.8 | % | |||||||
| (1) | Stock-based compensation expense: During the first and second quarter of 2024, we incurred expenses related to the granting of Restricted Stock Units (“RSUs”") to employees. |
| (2) | Consulting fees—related party: These costs ended following the completion of the IPO. |
| (3) | Employee retention credits: These are refundable credits recognized under the provisions of the CARES Act. |
| (4) | Non-cash lease expense: This reflects the extent to which lease expense is greater than or less than contractual rent. |
| (5) | Non-cash lease expense related to pre-opening costs: Cost for stores in development in which the lease expense is greater than the contractual rent. |
FAQ
What was GEN Restaurant Group's (GENK) revenue growth in Q2 2024?
How many new locations does GEN Restaurant Group (GENK) plan to open in 2024?
What was GEN Restaurant Group's (GENK) net income for Q2 2024?
How did GEN Restaurant Group's (GENK) comparable restaurant sales perform in Q2 2024?
