The ONE Group Reports Third Quarter 2024 Financial Results
The ONE Group reported its Q3 2024 financial results, highlighting a 152% increase in revenue to $194 million compared to the same quarter in 2023. This growth is attributed to the acquisition of Benihana and RA Sushi, effective cost management, and new restaurant openings.
However, comparable sales decreased by 8.8%, and the company recorded an operating loss of $3 million, including $7.1 million in acquisition-related expenses. Despite this, restaurant operating profit rose by 175.6% to $25.1 million, and the operating profit margin improved to 13.2%.
The company implemented $19 million in annual savings, with a total of $20 million expected over two years. Looking ahead, The ONE Group plans to open 5-6 company-owned locations annually while focusing on asset-light development. Liquidity remains strong with over $70 million available. The company also updated its 2024 targets, projecting total revenues of $660-$680 million and adjusted EBITDA of $71-$76 million.
Il ONE Group ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando un aumento del 152% dei ricavi, raggiungendo $194 milioni rispetto allo stesso trimestre del 2023. Questa crescita è attribuita all'acquisizione di Benihana e RA Sushi, a una gestione costi efficace e all'apertura di nuovi ristoranti.
Tuttavia, le vendite comparabili sono diminuite dell'8,8% e l'azienda ha registrato una perdita operativa di $3 milioni, inclusi $7,1 milioni di spese legate alle acquisizioni. Nonostante ciò, il profitto operativo dei ristoranti è aumentato del 175,6%, raggiungendo i $25,1 milioni, e il margine di profitto operativo è migliorato al 13,2%.
L'azienda ha implementato risparmi annuali pari a $19 milioni, con un totale previsto di $20 milioni nei prossimi due anni. Guardando avanti, The ONE Group prevede di aprire annualmente 5-6 sedi di proprietà, concentrandosi su sviluppi leggeri in termini di beni. La liquidità rimane forte con oltre $70 milioni disponibili. L'azienda ha anche aggiornato i suoi obiettivi per il 2024, prevedendo ricavi totali di $660-$680 milioni e un EBITDA rettificato di $71-$76 milioni.
The ONE Group reportó sus resultados financieros del tercer trimestre de 2024, destacando un aumento del 152% en los ingresos, alcanzando $194 millones en comparación con el mismo trimestre de 2023. Este crecimiento se atribuye a la adquisición de Benihana y RA Sushi, a una gestión eficiente de costos y a la apertura de nuevos restaurantes.
Sin embargo, las ventas comparables disminuyeron un 8.8%, y la compañía registró una pérdida operativa de $3 millones, incluyendo $7.1 millones en gastos relacionados con adquisiciones. A pesar de esto, el beneficio operativo de los restaurantes aumentó un 175.6% hasta $25.1 millones, y el margen de beneficio operativo mejoró al 13.2%.
La compañía implementó ahorros anuales de $19 millones, con un total proyectado de $20 millones durante dos años. Mirando hacia el futuro, The ONE Group planea abrir de 5 a 6 locales de propiedad cada año, mientras se enfoca en un desarrollo ligero en activos. La liquidez sigue siendo fuerte con más de $70 millones disponibles. La compañía también actualizó sus objetivos para 2024, proyectando ingresos totales de $660-$680 millones y un EBITDA ajustado de $71-$76 millones.
더 원 그룹은 2024년 3분기 재무 결과를 보고하며 152%의 매출 증가를 강조했습니다. 이는 2023년 같은 분기와 비교하여 1억 9400만 달러에 해당합니다. 이러한 성장은 베니하나 및 RA 스시 인수, 효과적인 비용 관리 및 새로운 레스토랑 개장에 기인합니다.
그러나 동일 매장 매출은 8.8% 감소하였고, 회사는 310만 달러의 영업 손실을 기록하며, 여기에는 710만 달러의 인수 관련 비용이 포함됩니다. 그럼에도 불구하고 레스토랑 영업 이익은 175.6% 상승하여 2천510만 달러에 도달했으며, 운영 이익률도 13.2%로 개선되었습니다.
회사는 연간 1900만 달러의 절감을 시행하였으며, 향후 2년 간 총 2000만 달러를 예상하고 있습니다. 앞으로 더 원 그룹은 매년 5-6개의 회사 소유 장소를 열 계획이며, 자산 경량 개발에 집중합니다. 유동성은 7천만 달러 이상으로 여전히 강합니다. 또한 회사는 2024년 목표를 업데이트하여 총 수익을 6억6600만~6억8000만 달러, 조정된 EBITDA를 7100만~7600만 달러로 예상하고 있습니다.
The ONE Group a publié ses résultats financiers du troisième trimestre 2024, mettant en avant une augmentation de 152 % des revenus, atteignant 194 millions de dollars par rapport au même trimestre de 2023. Cette croissance est attribuée à l'acquisition de Benihana et RA Sushi, à une gestion efficace des coûts et à l'ouverture de nouveaux restaurants.
Cependant, les ventes comparables ont diminué de 8,8 % et l'entreprise a enregistré une perte opérationnelle de 3 millions de dollars, y compris 7,1 millions de dollars de dépenses liées à l'acquisition. Malgré cela, le bénéfice opérationnel des restaurants a augmenté de 175,6 % pour atteindre 25,1 millions de dollars, et la marge de bénéfice opérationnel s'est améliorée à 13,2 %.
L'entreprise a mis en œuvre des économies annuelles de 19 millions de dollars, avec un total de 20 millions de dollars prévu sur deux ans. En perspective, The ONE Group prévoit d'ouvrir 5 à 6 emplacements appartenant à l'entreprise chaque année tout en se concentrant sur un développement léger. La liquidité reste solide avec plus de 70 millions de dollars disponibles. L'entreprise a également mis à jour ses objectifs pour 2024, projetant des revenus totaux de 660 à 680 millions de dollars et un EBITDA ajusté de 71 à 76 millions de dollars.
The ONE Group hat seine Finanzergebnisse für das dritte Quartal 2024 veröffentlicht und hebt einen Umsatzanstieg von 152% auf 194 Millionen Dollar im Vergleich zum gleichen Quartal 2023 hervor. Dieses Wachstum wird auf die Akquisition von Benihana und RA Sushi, effektives Kostenmanagement und die Eröffnung neuer Restaurants zurückgeführt.
Allerdings sanken die vergleichbaren Verkäufe um 8,8 % und das Unternehmen verzeichnete einen operativen Verlust von 3 Millionen Dollar, einschließlich 7,1 Millionen Dollar an akquisitionsbezogenen Ausgaben. Trotz dessen stieg der operative Gewinn der Restaurants um 175,6 % auf 25,1 Millionen Dollar und die operative Gewinnmarge verbesserte sich auf 13,2 %.
Das Unternehmen hat jährliche Einsparungen von 19 Millionen Dollar umgesetzt, wobei in den nächsten zwei Jahren insgesamt 20 Millionen Dollar erwartet werden. Ausblickend plant The ONE Group, jährlich 5–6 eigene Standorte zu eröffnen und sich auf eine leichte Entwicklungsstrategie zu konzentrieren. Die Liquidität bleibt mit über 70 Millionen Dollar stark. Das Unternehmen hat auch seine Ziele für 2024 aktualisiert und rechnet mit Gesamteinnahmen von 660–680 Millionen Dollar und einem bereinigten EBITDA von 71–76 Millionen Dollar.
- Revenue increased by 152% to $194 million.
- Restaurant operating profit rose by 175.6% to $25.1 million.
- Implemented $19 million in annual savings, with $20 million expected over two years.
- Strong liquidity with over $70 million available.
- Updated 2024 targets project total revenues of $660-$680 million.
- Comparable sales decreased by 8.8%.
- Operating loss of $3 million, including $7.1 million in acquisition-related expenses.
Increased Revenue by
Implemented
Focused on Next Phase of Company-Owned Growth and Asset Light Development
Prioritizing Free Cash Flow Generation, Balance Sheet Flexibility, and Maximizing Shareholder Returns
Highlights for the third quarter 2024 compared to the same quarter in 2023 are as follows (the prior year quarter excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):
-
Total GAAP revenues increased
152.3% to from$194.0 million ;$76.9 million -
Comparable sales* decreased
8.8% ; -
Operating loss was
vs.$3.0 million and includes$2.0 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;$7.1 million -
Restaurant Operating Profit** increased
175.6% to from$25.1 million ; and$9.1 million -
Restaurant Operating Profit Margin** increased 90 basis points to
13.2% from12.3%
“With the addition of Benihana and RA Sushi, we increased our revenue
“We are pleased with our progress in integrating Benihana and RA Sushi and have already implemented
“We are laser focused on our balance sheet, finishing the quarter with strong liquidity of over
*Comparable sales represent total
**We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses. Restaurant Operating Profit has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Operating income to Restaurant Operating Profit in this press release.
Restaurant Development
So far this year, we have opened five new Company-owned restaurants consisting of two STKs, one Kona Grill, one RA Sushi and one Salt Water Social.
As of the date of this report, the following restaurants have opened this year:
Owned STK restaurant in |
March 2024 |
Owned RA Sushi restaurant in |
July 2024 |
Owned Kona Grill restaurant in |
September 2024 |
Owned STK restaurant in |
October 2024 |
Owned Salt Water Social restaurant in |
November 2024 |
For the remainder of the fourth quarter of 2024, we expect to open a managed STK in Niagara Falls.
There are currently two Company-owned STK restaurants and one Company-owned Benihana restaurant under construction that are expected to open in 2025. They are located in the following cities:
-
Owned STK restaurant in
Topanga, California -
Owned STK restaurant in
Westwood, California (relocation of the existing STK) -
Owned Benihana restaurant in
San Mateo, California
As part of the integration process between Kona Grill and RA Sushi, we are realizing synergies by optimizing the restaurant portfolio and closed four RA Sushi locations in October, three of which were in markets with existing Kona Grills. We expect to retain a significant portion of the delivery and takeout business these restaurants generated through our nearby Kona Grill locations, supporting improved margins in our grill segment.
Liquidity and Share Repurchase Program
We ended the quarter with
In March 2024, our Board of Directors authorized a
2024 Targets
We are updating our 2024 targets, which are inclusive of the acquisition of Benihana.
Financial Results and Other Select Data US$s in millions |
|
2024 Guidance 1/1/2024-12/31/2024 |
2024 Run Rate |
|
Total GAAP revenues |
|
|
||
Consolidated comparable sales for the fourth quarter |
|
- |
|
|
Managed, license and franchise fee revenues |
|
|
|
|
Total owned operating expenses as a percentage of owned restaurant net revenue |
|
|
|
|
Consolidated total G&A, excluding stock-based compensation |
|
Approx. |
|
|
Consolidated Adjusted EBITDA* |
|
|
||
Consolidated Adjusted EBITDA* without pre-opening expenses |
|
|
|
|
Consolidated restaurant pre-opening expenses |
|
|
|
|
Consolidated effective income tax rate |
|
Approx. |
|
|
Consolidated total capital expenditures, net of allowances received by landlords |
|
|
||
Consolidated number of new system-wide venues |
|
Six |
|
Detail of 2024 Run Rate Revenue US$s in millions |
|
2024 Run Rate |
Total GAAP revenues guidance |
|
|
Benihana and RA Sushi revenue (January 1, 2024 – April 30, 2024) |
|
|
New venue openings (208 store operating weeks)(1) |
|
|
Closed RA Sushi locations |
|
( |
Run rate revenue |
|
|
Detail of 2024 Run Rate Adjusted EBITDA US$s in millions |
|
2024 Run Rate |
Total Adjusted EBITDA guidance |
|
|
Benihana and RA Sushi pro forma Adjusted EBITDA (January 1, 2024 – April 30, 2024) |
|
|
New venue openings (208 store operating weeks)(1) |
|
|
Closed RA Sushi locations |
|
|
Captured synergies to be realized in the next 12 months |
|
|
Run rate Adjusted EBITDA** |
|
|
Pre-opening expenses |
|
|
Run rate Adjusted EBITDA** without pre-opening expenses |
|
|
_______________________ | ||
(1) |
Includes one managed location opening in the fourth quarter of 2024 |
*We have not reconciled guidance for Consolidated Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.
**We define Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, non-recurring gains and losses, stock-based compensation, transaction and exit costs and transition and integration expenses. Starting in Q3 2024, pre-opening expenses will no longer be deducted from Adjusted EBITDA. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net Income to Adjusted EBITDA in this press release.
Conference Call and Webcast
Emanuel “Manny” Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast today at 4:30 PM Eastern Time.
The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10192106. The replay will be available until Thursday, November 21, 2024.
The webcast can be accessed from the Investor Relations tab of The ONE Group’s website at www.togrp.com under “News / Events.”
About The ONE Group
The ONE Group Hospitality, Inc. (Nasdaq: STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the
-
STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the
U.S. ,Europe and theMiddle East , featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere. -
Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the
U.S. ,Caribbean ,Central America , andSouth America . -
Kona Grill, a polished casual, bar-centric grill concept with restaurants in the
U.S. , featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere. -
RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the
U.S. anchored by creative sushi, inventive drinks, and outstanding service. -
ONE Hospitality, The ONE Group’s food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the
U.S. andEurope .
Additional information about The ONE Group can be found at www.togrp.com.
Non-GAAP Definition Changes
We have evolved our definition of non-GAAP financial measures starting in Q3 2024. We use certain non-GAAP measures in analyzing operating performance and believe that the presentation of these measures provides investors and analysts with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP.
We exclude items management does not consider in the evaluation of its ongoing core operating performance from adjusted net income, adjusted net income per share, and Adjusted EBITDA.
Starting in Q3 2024, we will no longer deduct pre-opening expenses from Adjusted EBITDA.
Reconciliations of these non-GAAP measures are included under “Reconciliation of Non-GAAP Measures” in this press release.
Cautionary Statement on Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to the impact of the Benihana acquisition, restaurant openings and 2024 financial targets. Forward-looking statements may be identified by the use of words such as “target,” “intend,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1) our ability to integrate the new or acquired restaurants into our operations without disruptions to operations; (2) our ability to capture anticipated synergies; (3) our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain employees; (4)factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (5) our ability to successfully improve performance and cost, realize the benefits of our marketing efforts and achieve improved results as we focus on developing new management and license deals; (6) changes in applicable laws or regulations; (7) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors; and (8) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q.
Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
THE ONE GROUP HOSPITALITY, INC. |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
(in thousands, except earnings per share and related share information) |
||||||||||||||||
|
|
For the three months ended
|
|
For the nine months ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owned restaurant net revenue |
|
$ |
190,587 |
|
|
$ |
73,700 |
|
|
$ |
441,116 |
|
|
$ |
232,202 |
|
Management, license, franchise and incentive fee revenue |
|
|
3,388 |
|
|
|
3,184 |
|
|
|
10,348 |
|
|
|
10,631 |
|
Total revenues |
|
|
193,975 |
|
|
|
76,884 |
|
|
|
451,464 |
|
|
|
242,833 |
|
Cost and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owned operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owned restaurant cost of sales |
|
|
39,880 |
|
|
|
18,230 |
|
|
|
94,471 |
|
|
|
56,300 |
|
Owned restaurant operating expenses |
|
|
125,634 |
|
|
|
46,372 |
|
|
|
278,464 |
|
|
|
141,983 |
|
Total owned operating expenses |
|
|
165,514 |
|
|
|
64,602 |
|
|
|
372,935 |
|
|
|
198,283 |
|
General and administrative (including stock-based compensation of |
|
|
12,785 |
|
|
|
7,280 |
|
|
|
30,941 |
|
|
|
22,803 |
|
Depreciation and amortization |
|
|
9,416 |
|
|
|
3,732 |
|
|
|
22,701 |
|
|
|
10,894 |
|
Transaction and exit costs |
|
|
850 |
|
|
|
— |
|
|
|
9,199 |
|
|
|
— |
|
Transition and integration expenses |
|
|
6,274 |
|
|
|
— |
|
|
|
10,068 |
|
|
|
— |
|
Pre-opening expenses |
|
|
2,110 |
|
|
|
3,097 |
|
|
|
7,528 |
|
|
|
6,005 |
|
Other expenses |
|
|
46 |
|
|
|
128 |
|
|
|
78 |
|
|
|
480 |
|
Total costs and expenses |
|
|
196,995 |
|
|
|
78,839 |
|
|
|
453,450 |
|
|
|
238,465 |
|
Operating (loss) income |
|
|
(3,020 |
) |
|
|
(1,955 |
) |
|
|
(1,986 |
) |
|
|
4,368 |
|
Other expenses, net: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense, net of interest income |
|
|
10,679 |
|
|
|
1,673 |
|
|
|
20,622 |
|
|
|
5,102 |
|
Loss on early debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
4,149 |
|
|
|
— |
|
Total other expenses, net |
|
|
10,679 |
|
|
|
1,673 |
|
|
|
24,771 |
|
|
|
5,102 |
|
Loss before provision for income taxes |
|
|
(13,699 |
) |
|
|
(3,628 |
) |
|
|
(26,757 |
) |
|
|
(734 |
) |
Benefit for income taxes |
|
|
(4,644 |
) |
|
|
(375 |
) |
|
|
(8,180 |
) |
|
|
(227 |
) |
Net loss |
|
|
(9,055 |
) |
|
|
(3,253 |
) |
|
|
(18,577 |
) |
|
|
(507 |
) |
Less: net loss attributable to noncontrolling interest |
|
|
(165 |
) |
|
|
(155 |
) |
|
|
(689 |
) |
|
|
(583 |
) |
Net (loss) income attributable to The ONE Group Hospitality, Inc. |
|
$ |
(8,890 |
) |
|
$ |
(3,098 |
) |
|
$ |
(17,888 |
) |
|
$ |
76 |
|
Series A Preferred Stock paid-in-kind dividend and accretion |
|
|
(7,125 |
) |
|
|
— |
|
|
|
(11,663 |
) |
|
|
— |
|
Net (loss) income available to common stockholders |
|
$ |
(16,015 |
) |
|
$ |
(3,098 |
) |
|
$ |
(29,551 |
) |
|
$ |
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.52 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.95 |
) |
|
$ |
— |
|
Diluted |
|
$ |
(0.52 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.95 |
) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
31,008,275 |
|
|
|
31,515,011 |
|
|
|
31,256,946 |
|
|
|
31,657,761 |
|
Diluted |
|
|
31,008,275 |
|
|
|
31,515,011 |
|
|
|
31,256,946 |
|
|
|
32,537,572 |
|
The following table sets forth certain statements of operations data as a percentage of total revenues for the periods indicated. Certain percentage amounts may not sum to total due to rounding.
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
|||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Revenues: |
|
|
|
|
|
|
|
|
||||
Owned restaurant net revenue |
|
98.3 |
% |
|
95.9 |
% |
|
97.7 |
% |
|
95.6 |
% |
Management, license, franchise and incentive fee revenue |
|
1.7 |
% |
|
4.1 |
% |
|
2.3 |
% |
|
4.4 |
% |
Total revenues |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
Cost and expenses: |
|
|
|
|
|
|
|
|
||||
Owned operating expenses: |
|
|
|
|
|
|
|
|
||||
Owned restaurant cost of sales (1) |
|
20.9 |
% |
|
24.7 |
% |
|
21.4 |
% |
|
24.2 |
% |
Owned restaurant operating expenses (1) |
|
65.9 |
% |
|
62.9 |
% |
|
63.1 |
% |
|
61.1 |
% |
Total owned operating expenses (1) |
|
86.8 |
% |
|
87.7 |
% |
|
84.5 |
% |
|
85.4 |
% |
General and administrative (including stock-based compensation of |
|
6.6 |
% |
|
9.5 |
% |
|
6.9 |
% |
|
9.4 |
% |
Depreciation and amortization |
|
4.9 |
% |
|
4.9 |
% |
|
5.0 |
% |
|
4.5 |
% |
Transaction and exit costs |
|
0.4 |
% |
|
— |
% |
|
2.0 |
% |
|
— |
% |
Transition and integration expenses |
|
3.2 |
% |
|
— |
% |
|
2.2 |
% |
|
— |
% |
Pre-opening expenses |
|
1.1 |
% |
|
4.0 |
% |
|
1.7 |
% |
|
2.5 |
% |
Other expenses |
|
— |
% |
|
0.2 |
% |
|
— |
% |
|
0.2 |
% |
Total costs and expenses |
|
101.6 |
% |
|
102.5 |
% |
|
100.4 |
% |
|
98.2 |
% |
Operating (loss) income |
|
(1.6 |
)% |
|
(2.5 |
)% |
|
(0.4 |
)% |
|
1.8 |
% |
Other expenses, net: |
|
|
|
|
|
|
|
|
||||
Interest expense, net of interest income |
|
5.5 |
% |
|
2.2 |
% |
|
4.6 |
% |
|
2.1 |
% |
Loss on early debt extinguishment |
|
— |
% |
|
— |
% |
|
0.9 |
% |
|
— |
% |
Total other expenses, net |
|
5.5 |
% |
|
2.2 |
% |
|
5.5 |
% |
|
2.1 |
% |
Loss before provision for income taxes |
|
(7.1 |
)% |
|
(4.7 |
)% |
|
(5.9 |
)% |
|
(0.3 |
)% |
Benefit for income taxes |
|
(2.4 |
)% |
|
(0.5 |
)% |
|
(1.8 |
)% |
|
(0.1 |
)% |
Net loss |
|
(4.7 |
)% |
|
(4.2 |
)% |
|
(4.1 |
)% |
|
(0.2 |
)% |
Less: net loss attributable to noncontrolling interest |
|
(0.1 |
)% |
|
(0.2 |
)% |
|
(0.2 |
)% |
|
(0.2 |
)% |
Net (loss) income attributable to The ONE Group Hospitality, Inc. |
|
(4.6 |
)% |
|
(4.0 |
)% |
|
(4.0 |
)% |
|
— |
% |
_______________________ | ||
(1) |
These expenses are being shown as a percentage of owned restaurant net revenue. |
THE ONE GROUP HOSPITALITY, INC. |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands, except share information) |
||||||||
|
|
September 30, |
|
December 31, |
||||
|
|
2024 |
|
2023 |
||||
ASSETS |
|
(Unaudited) |
|
|
|
|||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
28,185 |
|
|
$ |
21,047 |
|
Credit card receivable |
|
|
8,013 |
|
|
|
7,234 |
|
Restricted cash and cash equivalents |
|
|
499 |
|
|
|
— |
|
Accounts receivable |
|
|
9,211 |
|
|
|
10,030 |
|
Inventory |
|
|
9,047 |
|
|
|
6,184 |
|
Other current assets |
|
|
8,141 |
|
|
|
1,809 |
|
Due from related parties |
|
|
376 |
|
|
|
376 |
|
Total current assets |
|
|
63,472 |
|
|
|
46,680 |
|
|
|
|
|
|
|
|
||
Operating lease right-of-use assets |
|
|
267,610 |
|
|
|
95,075 |
|
Property and equipment, net |
|
|
270,444 |
|
|
|
139,908 |
|
Goodwill |
|
|
155,331 |
|
|
|
— |
|
Intangibles, net |
|
|
133,076 |
|
|
|
15,306 |
|
Deferred tax assets, net |
|
|
53,124 |
|
|
|
14,757 |
|
Other assets |
|
|
8,779 |
|
|
|
4,636 |
|
Security deposits |
|
|
1,635 |
|
|
|
883 |
|
Total assets |
|
$ |
953,471 |
|
|
$ |
317,245 |
|
|
|
|
|
|
|
|
||
LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
31,110 |
|
|
$ |
19,089 |
|
Accrued expenses |
|
|
67,014 |
|
|
|
28,333 |
|
Current portion of operating lease liabilities |
|
|
15,757 |
|
|
|
6,897 |
|
Deferred gift card revenue and other |
|
|
4,032 |
|
|
|
2,077 |
|
Current portion of long-term debt |
|
|
4,812 |
|
|
|
1,500 |
|
Other current liabilities |
|
|
295 |
|
|
|
266 |
|
Total current liabilities |
|
|
123,020 |
|
|
|
58,162 |
|
|
|
|
|
|
|
|
||
Long-term debt, net of current portion, unamortized discount and debt issuance costs |
|
|
329,489 |
|
|
|
70,410 |
|
Operating lease liabilities, net of current portion |
|
|
296,163 |
|
|
|
120,481 |
|
Other long-term liabilities |
|
|
5,256 |
|
|
|
832 |
|
Total liabilities |
|
|
753,928 |
|
|
|
249,885 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies (Note 17) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Series A preferred stock, |
|
|
150,606 |
|
|
|
— |
|
|
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock, |
|
|
3 |
|
|
|
3 |
|
Preferred stock, other than Series A preferred stock, |
|
|
— |
|
|
|
— |
|
Treasury stock, at cost, 3,019,654 shares at September 30, 2024 and 2,276,453 shares at December 31, 2023 |
|
|
(18,202 |
) |
|
|
(15,051 |
) |
Additional paid-in capital |
|
|
72,554 |
|
|
|
58,270 |
|
Retained earnings |
|
|
— |
|
|
|
28,884 |
|
Accumulated other comprehensive loss |
|
|
(2,913 |
) |
|
|
(2,930 |
) |
Total stockholders’ equity |
|
|
51,442 |
|
|
|
69,176 |
|
Noncontrolling interests |
|
|
(2,505 |
) |
|
|
(1,816 |
) |
Total stockholder's equity |
|
|
48,937 |
|
|
|
67,360 |
|
Total liabilities, Series A preferred stock and stockholders' equity |
|
$ |
953,471 |
|
|
$ |
317,245 |
|
Reconciliation of Non-GAAP Measures
We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). In this press release, we also make references to the following non-GAAP financial measures: total food and beverage sales at owned and managed units, Adjusted EBITDA, Restaurant Operating Profit and Adjusted Net Income (Loss).
Total food and beverage sales at owned and managed units. Total food and beverage sales at owned and managed units represents our total revenue from our owned operations as well as the revenue reported to us with respect to sales at our managed locations, where we earn management and incentive fees at these locations. We believe that this measure represents a useful internal measure of performance as it identifies total sales associated with our brands and hospitality services that we provide. Accordingly, we include this non-GAAP measure so that investors can review financial data that management uses in evaluating performance, and we believe that it will assist the investment community in assessing performance of restaurants and other services we operate, whether or not the operation is owned by us. However, because this measure is not determined in accordance with GAAP, it is susceptible to varying calculations and not all companies calculate these measures in the same manner. As a result, this measure as presented may not be directly comparable to a similarly titled measure presented by other companies. This non-GAAP measure is presented as supplemental information and not as an alternative to any GAAP measurements. The following table includes a reconciliation of our GAAP revenue to total food and beverage sales at our owned and managed units (in thousands):
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||
Owned restaurant net revenue (1) |
|
$ |
190,587 |
|
$ |
73,700 |
|
$ |
441,116 |
|
$ |
232,202 |
Management, license, franchise and incentive fee revenue |
|
|
3,388 |
|
|
3,184 |
|
|
10,348 |
|
|
10,631 |
GAAP revenues |
|
$ |
193,975 |
|
$ |
76,884 |
|
$ |
451,464 |
|
$ |
242,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Food and beverage sales from managed units (1) |
|
|
32,282 |
|
|
28,513 |
|
|
92,476 |
|
|
89,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total food and beverage sales at owned and managed units |
|
$ |
222,869 |
|
$ |
102,213 |
|
$ |
533,592 |
|
$ |
321,421 |
_______________________ | ||
(1) |
Components of total food and beverage sales at owned and managed units. |
The following table presents the elements of the quarterly and annual Same Store Sales measure for 2023 and 2024:
|
2023 vs. 2022 |
2024 vs. 2023 |
||||||||||||||||||||||
|
Q1 |
Q2 |
Q3 |
Q4 |
YTD |
Q1 |
Q2 |
Q3 |
||||||||||||||||
US STK Owned Restaurants |
1.0 |
% |
(10.1 |
)% |
(7.8 |
)% |
(6.5 |
)% |
(6.0 |
)% |
(6.0 |
)% |
(11.9 |
)% |
(11.4 |
)% |
||||||||
US STK Managed Restaurants |
15.4 |
% |
2.5 |
% |
0.7 |
% |
0.7 |
% |
4.9 |
% |
(8.6 |
)% |
(7.4 |
)% |
(10.3 |
)% |
||||||||
US STK Total Restaurants |
5.3 |
% |
(6.8 |
)% |
(5.5 |
)% |
(4.6 |
)% |
(3.0 |
)% |
(6.8 |
)% |
(10.6 |
)% |
(11.1 |
)% |
||||||||
Benihana Owned Restaurants |
|
|
|
|
|
|
(1.0 |
)% |
(4.2 |
)% |
||||||||||||||
Grill Concept Owned Restaurants |
(4.3 |
%) |
(1.5 |
)% |
1.1 |
% |
(3.9 |
)% |
(2.2 |
)% |
(9.7 |
)% |
(13.0 |
)% |
(17.0 |
)% |
||||||||
Combined Same Store Sales |
1.6 |
% |
(4.7 |
)% |
(3.0 |
)% |
(4.3 |
)% |
(2.7 |
)% |
(7.9 |
)% |
(7.0 |
)% |
(8.8 |
)% |
Adjusted EBITDA. We define Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, non-recurring gains and losses, stock-based compensation, certain transactional and exit costs and transition and integration expenses. Not all the aforementioned items defining Adjusted EBITDA occur in each reporting period but have been included in our definitions of terms based on our historical activity. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP.
The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net (loss) income attributable to The ONE Group Hospitality, Inc. |
|
$ |
(8,890 |
) |
|
$ |
(3,098 |
) |
|
$ |
(17,888 |
) |
|
$ |
76 |
|
Net loss attributable to noncontrolling interest |
|
|
(165 |
) |
|
|
(155 |
) |
|
|
(689 |
) |
|
|
(583 |
) |
Net loss |
|
|
(9,055 |
) |
|
|
(3,253 |
) |
|
|
(18,577 |
) |
|
|
(507 |
) |
Interest expense, net |
|
|
10,679 |
|
|
|
1,673 |
|
|
|
20,622 |
|
|
|
5,102 |
|
Benefit for income taxes |
|
|
(4,644 |
) |
|
|
(375 |
) |
|
|
(8,180 |
) |
|
|
(227 |
) |
Depreciation and amortization |
|
|
9,416 |
|
|
|
3,732 |
|
|
|
22,701 |
|
|
|
10,894 |
|
EBITDA |
|
|
6,396 |
|
|
|
1,777 |
|
|
|
16,566 |
|
|
|
15,262 |
|
Stock-based compensation |
|
|
1,580 |
|
|
|
1,244 |
|
|
|
4,433 |
|
|
|
3,798 |
|
Transaction and exit costs |
|
|
850 |
|
|
|
— |
|
|
|
9,199 |
|
|
|
— |
|
Transition and integration expenses |
|
|
6,274 |
|
|
|
— |
|
|
|
10,068 |
|
|
|
— |
|
Non-cash rent expense (1) |
|
|
(343 |
) |
|
|
(126 |
) |
|
|
(1,034 |
) |
|
|
(279 |
) |
Loss on early debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
4,149 |
|
|
|
— |
|
Other expenses |
|
|
46 |
|
|
|
128 |
|
|
|
78 |
|
|
|
480 |
|
Adjusted EBITDA |
|
|
14,803 |
|
|
|
3,023 |
|
|
|
43,459 |
|
|
|
19,261 |
|
Adjusted EBITDA attributable to noncontrolling interest |
|
|
(54 |
) |
|
|
(72 |
) |
|
|
(387 |
) |
|
|
(326 |
) |
Adjusted EBITDA attributable to The ONE Group Hospitality, Inc. |
|
$ |
14,857 |
|
|
$ |
3,096 |
|
|
$ |
43,846 |
|
|
$ |
19,588 |
|
_______________________ | ||
(1) |
Non-cash rent expense is included in owned restaurant operating expenses and general and administrative expense on the consolidated statements of operations and comprehensive income. |
The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
|||||||||||||||||||
Net (loss) income attributable to The ONE Group Hospitality, Inc. |
$ |
2,606 |
|
$ |
568 |
|
$ |
(3,098 |
) |
$ |
4,643 |
|
$ |
(2,069 |
) |
$ |
(6,929 |
) |
||||||
Net loss attributable to noncontrolling interest |
(276 |
) |
(152 |
) |
(155 |
) |
(109 |
) |
(361 |
) |
(163 |
) |
||||||||||||
Net loss |
|
2,330 |
|
|
416 |
|
|
(3,253 |
) |
|
4,534 |
|
|
(2,430 |
) |
|
(7,092 |
) |
||||||
Interest expense, net |
1,787 |
|
1,642 |
|
1,673 |
|
1,927 |
|
2,078 |
|
7,865 |
|
||||||||||||
Benefit for income taxes |
|
161 |
|
|
(13 |
) |
|
(375 |
) |
|
(1,533 |
) |
|
(268 |
) |
|
(3,268 |
) |
||||||
Depreciation and amortization |
3,656 |
|
3,506 |
|
3,732 |
|
4,770 |
|
5,260 |
|
8,025 |
|
||||||||||||
EBITDA |
|
7,934 |
|
|
5,551 |
|
|
1,777 |
|
|
9,698 |
|
|
4,640 |
|
|
5,530 |
|
||||||
Stock-based compensation |
1,320 |
|
1,234 |
|
1,244 |
|
1,234 |
|
1,358 |
|
1,495 |
|
||||||||||||
Transaction and exit costs |
|
— |
|
|
— |
|
|
— |
|
|
207 |
|
|
1,523 |
|
|
6,826 |
|
||||||
Transition and integration expenses |
— |
|
— |
|
— |
|
— |
|
— |
|
3,794 |
|
||||||||||||
Non-cash rent expense (1) |
|
(31 |
) |
|
(123 |
) |
|
(126 |
) |
|
(61 |
) |
|
(248 |
) |
|
(429 |
) |
||||||
Loss on early debt extinguishment |
— |
|
— |
|
— |
|
— |
|
— |
|
4,149 |
|
||||||||||||
Other expenses |
|
157 |
|
|
195 |
|
|
128 |
|
|
543 |
|
|
32 |
|
|
0 |
|
||||||
Adjusted EBITDA |
|
9,380 |
|
|
6,857 |
|
|
3,023 |
|
|
11,621 |
|
|
7,305 |
|
|
21,365 |
|
||||||
Adjusted EBITDA attributable to noncontrolling interest |
|
(189 |
) |
|
(65 |
) |
|
(72 |
) |
|
(13 |
) |
|
(262 |
) |
|
(71 |
) |
||||||
Adjusted EBITDA attributable to The ONE Group Hospitality, Inc. |
$ |
9,569 |
|
$ |
6,922 |
|
$ |
3,096 |
|
$ |
11,634 |
|
$ |
7,567 |
|
$ |
21,436 |
|
_______________________ | ||
(1) |
Non-cash rent expense is included in owned restaurant operating expenses and general and administrative expense on the consolidated statements of operations and comprehensive income. |
The following table presents a reconciliation of pro forma combined net income after management’s adjustments to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):
|
Year ended
|
|||
|
||||
Pro forma combined net income after management's adjustments |
$ |
21,928 |
|
|
Net loss attributable to noncontrolling interest |
|
(692 |
) |
|
Net income |
|
21,236 |
|
|
Interest expense, net of interest income |
|
37,800 |
|
|
Provision for income taxes |
|
683 |
|
|
Depreciation and amortization |
|
31,872 |
|
|
EBITDA |
|
91,591 |
|
|
Stock-based compensation |
|
5,065 |
|
|
Transaction costs |
|
1,955 |
|
|
Impairment charges |
|
8,946 |
|
|
Non-cash rent |
|
214 |
|
|
Other expenses |
|
2,908 |
|
|
Adjusted EBITDA |
|
110,679 |
|
|
Adjusted EBITDA attributable to noncontrolling interest |
|
(339 |
) |
|
Adjusted EBITDA attributable to The ONE Group Hospitality, Inc. |
$ |
111,018 |
|
_______________________ | ||
(1) |
From the Company’s 8-K/A filed on July 17, 2024, revised for the Company’s definition of Adjusted EBITDA. |
Restaurant Operating Profit. We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses.
We believe Restaurant Operating Profit is an important component of financial results because: (i) it is a widely used metric within the restaurant industry to evaluate restaurant-level productivity, efficiency, and performance, and (ii) we use Restaurant Operating Profit as a key metric to evaluate our restaurant financial performance compared to our competitors. We use these metrics to facilitate a comparison of our operating performance on a consistent basis from period to period, to analyze the factors and trends affecting our business and to evaluate the performance of our restaurants.
The following table presents a reconciliation of Operating income to Restaurant Operating Profit for the periods indicated (in thousands):
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Operating income as reported |
|
$ |
(3,020 |
) |
|
$ |
(1,955 |
) |
|
$ |
(1,986 |
) |
|
$ |
4,368 |
|
Management, license and incentive fee revenue |
|
|
(3,388 |
) |
|
|
(3,184 |
) |
|
|
(10,348 |
) |
|
|
(10,631 |
) |
General and administrative |
|
|
12,785 |
|
|
|
7,280 |
|
|
|
30,941 |
|
|
|
22,803 |
|
Depreciation and amortization |
|
|
9,416 |
|
|
|
3,732 |
|
|
|
22,701 |
|
|
|
10,894 |
|
Transaction and exit costs |
|
|
850 |
|
|
|
— |
|
|
|
9,199 |
|
|
|
— |
|
Transition and integration expenses |
|
|
6,274 |
|
|
|
— |
|
|
|
10,068 |
|
|
|
— |
|
Pre-opening expenses |
|
|
2,110 |
|
|
|
3,097 |
|
|
|
7,528 |
|
|
|
6,005 |
|
Other expenses |
|
|
46 |
|
|
|
128 |
|
|
|
78 |
|
|
|
480 |
|
Restaurant Operating Profit |
|
$ |
25,073 |
|
|
$ |
9,098 |
|
|
$ |
68,181 |
|
|
$ |
33,919 |
|
Restaurant Operating Profit as a percentage of owned restaurant net revenue |
|
|
13.2 |
% |
|
|
12.3 |
% |
|
|
15.5 |
% |
|
|
14.6 |
% |
Restaurant Operating Profit by component is as follows (in thousands):
|
|
For the three months ended
|
|
For the nine months ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
STK restaurant operating profit (Company owned) |
|
$ |
6,547 |
|
|
$ |
6,796 |
|
|
$ |
26,769 |
|
|
$ |
25,050 |
|
STK restaurant operating profit (Company owned) as a percentage of STK revenue (Company owned) |
|
|
14.6 |
% |
|
|
16.6 |
% |
|
|
18.4 |
% |
|
|
18.8 |
% |
Benihana restaurant operating profit (Company owned) |
|
$ |
17,708 |
|
|
$ |
— |
|
|
$ |
34,442 |
|
|
$ |
— |
|
Benihana restaurant operating profit (Company owned) as a percentage of Benihana revenue (Company owned) (1) |
|
|
17.0 |
% |
|
|
— |
|
|
|
18.9 |
% |
|
|
— |
|
Grill Concepts restaurant operating profit |
|
$ |
1,602 |
|
|
$ |
2,254 |
|
|
$ |
8,271 |
|
|
$ |
8,149 |
|
Grill Concepts restaurant operating profit as a percentage of Grill Concepts revenue |
|
|
4.4 |
% |
|
|
10.7 |
% |
|
|
8.3 |
% |
|
|
9.4 |
% |
Non-core restaurant operating profit |
|
$ |
(783 |
) |
|
$ |
39 |
|
|
$ |
(1,291 |
) |
|
$ |
39 |
|
Non-core restaurant operating profit as a percentage of Non-core revenue |
|
|
(15.0 |
)% |
|
|
0.3 |
% |
|
|
(9.8 |
)% |
|
|
0.3 |
% |
_______________________ | ||
(1) |
When adjusted for non-cash rent of |
Adjusted Net Income. We define Adjusted Net Income as net income before transaction and exit costs, transition and integration expenses, lease termination expenses, one-time stock-based compensation, non-recurring costs and the income tax effect of any adjustments.
We believe that Adjusted Net Income is an appropriate measure of operating performance, as it provides a clear picture of our operating results by eliminating certain one-time expenses that are not reflective of the underlying business performance. Adjusted Net Income is included in this press release because it is a key metric used by management, and we believe that it provides useful information facilitating performance comparisons from period to period. Adjusted Net Income has limitations as an analytical tool and our calculation thereof may not be comparable to that reported by other companies; accordingly, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.
|
|
For the three months ended September 30, |
|
For the nine months ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net (loss) income available to common stockholders as reported |
|
$ |
(16,015 |
) |
|
$ |
(3,098 |
) |
|
$ |
(29,551 |
) |
|
$ |
76 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transaction and exit costs |
|
|
850 |
|
|
|
— |
|
|
|
9,199 |
|
|
|
— |
|
Transition and integration expenses |
|
|
6,274 |
|
|
|
— |
|
|
|
10,068 |
|
|
|
— |
|
Loss on early debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
4,149 |
|
|
|
— |
|
Other expenses |
|
|
46 |
|
|
|
128 |
|
|
|
78 |
|
|
|
480 |
|
Adjusted net income before income taxes |
|
|
(8,845 |
) |
|
|
(2,971 |
) |
|
|
(76,057 |
) |
|
|
555 |
|
Income tax effect on adjustments(1) |
|
|
(538 |
) |
|
|
(6 |
) |
|
|
(1,762 |
) |
|
|
(24 |
) |
Adjusted net (loss) income available to common stockholders as reported |
|
$ |
(9,383 |
) |
|
$ |
(2,977 |
) |
|
$ |
(7,819 |
) |
|
$ |
531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net income per share: Basic |
|
$ |
(0.30 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
Adjusted net income per share: Diluted |
|
$ |
(0.30 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Shares used in computing basic income per share |
|
|
31,008,275 |
|
|
|
31,515,011 |
|
|
|
31,256,946 |
|
|
|
31,657,761 |
|
Shares used in computing diluted income per share |
|
|
31,008,275 |
|
|
|
31,515,011 |
|
|
|
31,256,946 |
|
|
|
32,537,572 |
|
_______________________ | ||
(1) |
Reflects the tax expense associated with the adjustments for the three and nine months ended September 30, 2024, and September 30, 2023. The Company uses its estimated normalized annual tax rate. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107820696/en/
Investors:
ICR
Michelle Michalski or Raphael Gross
(646) 277-1224
Michelle.Michalski@icrinc.com
Media:
ICR
Seth Grugle
(646) 277-1272
seth.grugle@icrinc.com
Source: The ONE Group Hospitality, Inc.
FAQ
What were The ONE Group's Q3 2024 financial results?
How much did The ONE Group's revenue increase in Q3 2024?
What is the updated 2024 revenue guidance for The ONE Group?
What are The ONE Group's liquidity levels as of Q3 2024?