Wingstop Inc. Reports Fiscal Fourth Quarter and Full Year 2023 Financial Results
- System-wide sales increased by 24.5% to $965.9 million in Q4 2023.
- Domestic same store sales grew by 21.2% in Q4 2023, driven by an increase in transactions.
- Total revenue increased by 21.2% to $127.1 million in Q4 2023.
- Net income increased by 6.9% to $18.8 million in Q4 2023.
- Adjusted EBITDA increased by 13.2% to $39.1 million in Q4 2023.
- For FY 2023, Wingstop reported a 27.1% increase in system-wide sales to $3.5 billion and a 18.3% domestic same store sales growth.
- Net income for FY 2023 increased by 32.5% to $70.2 million.
- Adjusted EBITDA for FY 2023 increased by 36.1% to $146.5 million.
- Wingstop expects mid-single digit domestic same store sales growth and approximately 270 global net new units for fiscal 2024.
- The company repurchased $125.0 million of its common stock under the share repurchase program.
- A quarterly dividend of $0.22 per share was approved for Wingstop stockholders.
- Conference call to discuss financial results scheduled for 10:00 AM Eastern Time.
- None.
Insights
Wingstop Inc.'s report of a 13.0% increase in unit count and an 18.3% growth in domestic same store sales for 2023 is a robust indicator of expansion and operational efficiency. The company's strategic growth is evident in the significant addition of 255 net new openings, contributing to a system-wide sales increase of 27.1% to $3.5 billion. This expansion strategy not only capitalizes on market demand but also fortifies the brand's presence, potentially outpacing competitors. The focus on digital sales, which now constitute 67.0% of system-wide sales, underscores the company's successful adaptation to consumer preferences towards online ordering, a trend accelerated by the pandemic and now a staple in the restaurant industry. This digital shift is likely to enhance customer convenience, retention and operational efficiencies.
However, it is important to monitor the cost implications of rapid expansion, including the potential for cannibalization of sales in existing markets and the challenges of maintaining quality and service standards across a rapidly growing network. Additionally, the reported increase in SG&A expenses, driven by strategic initiatives and performance-based compensation, suggests investment in future growth but also necessitates careful management to maintain profitability. Investors should consider these factors when assessing the company's long-term growth trajectory and potential for sustained profitability.
The financial results of Wingstop Inc. for the fiscal year 2023, particularly the 32.5% increase in net income and a 36.1% rise in adjusted EBITDA, reflect strong operational performance and effective cost management. The adjusted EBITDA margin improvement indicates the company's ability to scale operations while controlling costs, a positive sign for investors looking at profitability metrics. Moreover, the repurchase of $125.0 million worth of stock under the Share Repurchase Program signals management's confidence in the company's valuation and future prospects, potentially leading to earnings per share accretion.
It is also notable that the company has managed to decrease cost of sales as a percentage of company-owned restaurant sales, suggesting improvements in supply chain efficiency or menu pricing strategies. However, investors should be cautious about the sustainability of such margins, especially in an environment with fluctuating commodity prices and potential wage inflation. The company's forward-looking statements, including expectations for mid-single digit domestic same store sales growth and approximately 270 global net new units, provide a positive outlook for 2024, yet it's crucial to be vigilant about the broader economic conditions that might affect consumer spending.
Wingstop Inc.'s performance can be viewed within the broader context of the economy and consumer behavior. The reported 18.3% domestic same store sales growth, primarily driven by an increase in transactions, suggests that consumer demand for Wingstop's offerings remains robust despite any broader economic headwinds such as inflation or economic slowdowns. This resilience might be attributed to the brand's value proposition or effective marketing strategies.
Additionally, the company's growth trajectory and expansion plans are aligned with the trend of increasing demand for convenience and fast-casual dining experiences. However, it is crucial to consider the potential impact of economic factors such as disposable income levels, employment rates and consumer confidence on future sales and expansion success. With these economic indicators in mind, stakeholders should remain attentive to shifts in the economy that could influence consumer spending patterns and, consequently, Wingstop's performance.
Highlights for the 13-week fiscal fourth quarter 2023 compared to the 14-week fiscal fourth quarter 2022:*
- System-wide sales increased
24.5% to$965.9 million - 115 net new openings in the fiscal fourth quarter 2023
- Domestic same store sales increased
21.2% ** - Domestic restaurant AUV increased to
$1.8 million - Digital sales increased to
67.0% of system-wide sales - Total revenue increased
21.2% to$127.1 million - Net income increased
6.9% to$18.8 million $0.64 - Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures increased
4.9% to$18.8 million $0.64 - Adjusted EBITDA, a non-GAAP measure, increased
13.2% to$39.1 million
Highlights for the 52-week fiscal year 2023 compared to the 53-week fiscal year 2022:*
- System-wide sales increased
27.1% to$3.5 billion - 255 net new openings in fiscal year 2023
- System-wide restaurant count increased
13.0% to 2,214 worldwide locations - Domestic same store sales increased
18.3% ** - Total revenue increased
28.7% to$460.1 million - Net income increased
32.5% to$70.2 million $2.35 - Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased
36.0% to$74.1 million $2.48 - Adjusted EBITDA, a non-GAAP measure, increased
36.1% to$146.5 million
*Fiscal year 2022 contained an extra week in the fourth quarter, which resulted in incremental system-wide sales of
**Same store sales percentages were calculated excluding the 53rd week in 2022.
Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. Reconciliations of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in
"2023 marked the strongest year on record for Wingstop where we achieved
Key operating metrics for the fiscal fourth quarter 2023 compared to the fiscal fourth quarter 2022:
Fiscal Quarter Ended | |||
December 30, 2023 | December 31, 2022 | ||
Number of system-wide restaurants open at end of period | 2,214 | 1,959 | |
Number of domestic franchise restaurants open at end of period | 1,877 | 1,678 | |
Number of international franchise restaurants open at end of period(1) | 288 | 238 | |
System-wide sales (in millions) | $ 966 | $ 776 | |
Domestic AUV (in thousands) | $ 1,827 | $ 1,606 | |
Domestic same store sales growth(2) | 21.2 % | 8.7 % | |
Company-owned domestic same store sales growth(2) | 10.8 % | 2.6 % | |
Net income (in thousands) | $ 18,814 | $ 17,596 | |
Adjusted net income (in thousands) | $ 18,814 | $ 17,938 | |
Adjusted EBITDA (in thousands) | $ 39,067 | $ 34,500 | |
_____________________________ | |
(1) | Including |
(2) | Fiscal 2022 included a 53rd week; same store sales percentages were calculated excluding the 53rd week. |
Fiscal fourth quarter 2023 financial results
Total revenue for the fiscal fourth quarter 2023 increased to
Cost of sales was
Selling, general & administrative ("SG&A") increased
Key Operating Metrics for the fiscal year 2023 compared to the fiscal year 2022:
Fiscal Year Ended | |||
December 30, 2023 | December 31, 2022 | ||
Number of system-wide restaurants open at end of period | 2,214 | 1,959 | |
Number of domestic franchise restaurants open at end of period | 1,877 | 1,678 | |
Number of international franchise restaurants open at end of period(1) | 288 | 238 | |
System-wide sales (in millions) | $ 3,482 | $ 2,739 | |
Domestic AUV (in thousands) | $ 1,827 | $ 1,606 | |
Domestic same store sales growth(2) | 18.3 % | 3.4 % | |
Company-owned domestic same store sales growth(2) | 8.2 % | 1.0 % | |
Net income (in thousands) | $ 70,175 | $ 52,947 | |
Adjusted net income (in thousands) | $ 74,089 | $ 54,466 | |
Adjusted EBITDA (in thousands) | $ 146,484 | $ 107,644 | |
________________________ | |
(1) | Including |
(2) | Fiscal 2022 included a 53rd week; same store sales percentages were calculated excluding the 53rd week. |
Fiscal year 2023 financial results
Total revenue for fiscal year 2023 increased to
Cost of sales was
SG&A increased to
Interest expense, net decreased
Financial Outlook
The Company expects the following for fiscal 2024:
- Mid-single digit domestic same store sales growth;
- Approximately 270 global net new units;
- SG&A of approximately
$108 million - Stock-based compensation expense of approximately
$19 million - Depreciation and amortization of between
$18 $19 million
Restaurant Development
As of December 30, 2023, there were 2,214 Wingstop restaurants system-wide. This included 1,926 restaurants in
Share Repurchase Program
As previously announced, during the fiscal third quarter of 2023, our board of directors approved a share repurchase program with authorization to purchase up to
Final settlement of the ASR Agreement occurred on December 21, 2023. In connection with the ASR Agreement, the Company received and retired a total of 645,952 shares of common stock at an average share price of
Quarterly Dividend
In recognition of the Company's strong cash flow generation and our commitment to returning value to stockholders, on February 20, 2024, our board of directors approved a quarterly dividend payable to Wingstop stockholders of
The following definitions apply to these terms as used in this release:
Domestic average unit volume ("AUV") consists of the average annual sales of all restaurants that have been open for a trailing 52-week period or longer. This measure is calculated by dividing sales during the applicable period for all restaurants being measured by the number of restaurants being measured. Domestic AUV includes revenue from both company-owned and franchised restaurants. Domestic AUV allows management to assess our domestic company-owned and franchised restaurant economics. Changes in domestic AUV are primarily driven by increases in same store sales and are also influenced by opening new restaurants.
Domestic same store sales reflects the change in year-over-year sales for the same store restaurant base. We define the same store restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and permanent closures. We review same store sales for domestic company-owned restaurants as well as system-wide domestic restaurants. Domestic same store sales growth is driven by increases in transactions and average transaction size. Transaction size increases are driven by price increases or favorable mix shift from either an increase in items purchased or shifts into higher priced items.
System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees. This measure allows management to better assess changes in our royalty revenue, our overall store performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales.
Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, and stock-based compensation expense. Beginning in the first quarter of 2023, gains and losses on disposal of assets are no longer presented as an adjustment to EBITDA, in our calculation of Adjusted EBITDA. Prior period amounts have been excluded from EBITDA adjustments to conform to the current presentation.
Adjusted net income is defined as net income adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, and related tax adjustments that management believes are not indicative of the Company's core operating results or business outlook over the long-term. Beginning in the first quarter of 2023, gains and losses on disposal of assets are no longer presented as an adjustment to net income, in our calculation of Adjusted net income. Prior period amounts have been excluded from net income adjustments to conform to the current presentation.
Adjusted earnings per diluted share is defined as adjusted net income divided by weighted average diluted share count.
We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measurements in the same manner.
Conference Call and Webcast
The Company will host a conference call today to discuss the fiscal fourth quarter and year end 2023 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 (international), then entering the replay code 4399370. The replay will be available through Wednesday, February 28, 2024.
The conference call will also be webcast live and later archived on the investor relations section of Wingstop's corporate website at ir.wingstop.com under the 'News & Events' section.
About Wingstop
Founded in 1994 and headquartered in
In fiscal year 2023, Wingstop's system-wide sales increased
A key to this business success and consumer fandom stems from The Wingstop Way, which includes a core value system of being Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop Way extends to the brand's environmental, social and governance platform as Wingstop seeks to provide value to all guests.
In 2023, Wingstop earned its "Best Places to Work" certification. The Company landed on Entrepreneur Magazine's "Fastest-Growing Franchises" list and ranked #16 on "Franchise 500." Wingstop was listed on Technomic's "Top 500 Chain Restaurant Report," QSR Magazine's "2023 QSR 50" and Franchise Time's "40 Smartest-Growing Franchises."
For more information visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on Twitter, Instagram, Facebook, and TikTok. Learn more about Wingstop's involvement in its local communities at www.wingstopcharities.org. Unless specifically noted otherwise, references to our website addresses or the website addresses of third parties in this press release do not constitute incorporation by reference of the information contained on such website and should not be considered part of this release.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the "SEC") concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.
Forward-looking Statements
This news release includes statements of our expectations, intentions, plans and beliefs that constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms "may," "will," "should," "expect," "intend," "plan," "outlook," "guidance," "anticipate," "believe," "think," "estimate," "seek," "predict," "can," "could," "project," "potential" or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2024 fiscal year outlook for domestic same store sales growth, global net new units, SG&A expense, stock-based compensation expense, and depreciation and amortization. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC's website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Media Contact
Maddie Lupori
Media@wingstop.com
Investor Contact
Kristen Thomas
IR@wingstop.com
WINGSTOP INC. AND SUBSIDIARIES | |||
December 30, | December 31, | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | $ 90,216 | $ 184,496 | |
Restricted cash | 11,444 | 13,296 | |
Accounts receivable, net | 12,408 | 9,461 | |
Prepaid expenses and other current assets | 4,948 | 4,252 | |
Advertising fund assets, restricted | 25,328 | 15,167 | |
Total current assets | 144,344 | 226,672 | |
Property and equipment, net | 91,292 | 66,851 | |
Goodwill | 67,708 | 62,514 | |
Trademarks | 32,700 | 32,700 | |
Customer relationships, net | 7,740 | 9,015 | |
Other non-current assets | 34,041 | 26,438 | |
Total assets | $ 377,825 | $ 424,190 | |
Liabilities and stockholders' deficit | |||
Current liabilities | |||
Accounts payable | $ 4,725 | $ 5,219 | |
Other current liabilities | 40,951 | 34,726 | |
Current portion of debt | — | 7,300 | |
Advertising fund liabilities | 25,328 | 15,167 | |
Total current liabilities | 71,004 | 62,412 | |
Long-term debt, net | 712,327 | 706,846 | |
Deferred revenues, net of current | 30,145 | 27,052 | |
Deferred income tax liabilities, net | 3,721 | 4,180 | |
Other non-current liabilities | 17,994 | 14,561 | |
Total liabilities | 835,191 | 815,051 | |
Commitments and contingencies | |||
Stockholders' deficit | |||
Common stock, | 293 | 300 | |
Additional paid-in-capital | 2,676 | 2,797 | |
Retained deficit | (459,994) | (393,321) | |
Accumulated other comprehensive loss | (341) | (637) | |
Total stockholders' deficit | (457,366) | (390,861) | |
Total liabilities and stockholders' deficit | $ 377,825 | $ 424,190 | |
WINGSTOP INC. AND SUBSIDIARIES | |||||||
Fiscal Quarter Ended | Fiscal Year Ended | ||||||
December 30, | December 31, | December 30, | December 31, | ||||
(Unaudited) | (Unaudited) | ||||||
Revenue: | |||||||
Royalty revenue, franchise fees and other | $ 57,705 | $ 47,137 | $ 207,077 | $ 158,614 | |||
Advertising fees | 43,128 | 35,339 | 157,138 | 119,011 | |||
Company-owned restaurant sales | 26,224 | 22,391 | 95,840 | 79,896 | |||
Total revenue | 127,057 | 104,867 | 460,055 | 357,521 | |||
Costs and expenses: | |||||||
Cost of sales (1) | 19,687 | 17,098 | 70,646 | 63,395 | |||
Advertising expenses | 45,830 | 37,111 | 166,583 | 123,069 | |||
Selling, general and administrative | 28,078 | 18,339 | 96,898 | 67,061 | |||
Depreciation and amortization | 3,648 | 3,289 | 13,239 | 10,899 | |||
Loss on disposal of assets | — | 159 | 95 | 1,164 | |||
Total costs and expenses | 97,243 | 75,996 | 347,461 | 265,588 | |||
Operating income | 29,814 | 28,871 | 112,594 | 91,933 | |||
Interest expense, net | 4,890 | 5,310 | 18,227 | 21,230 | |||
Loss on debt extinguishment and financing | — | — | — | 814 | |||
Other (income) expense | (66) | 192 | 57 | 573 | |||
Income before income tax expense | 24,990 | 23,369 | 94,310 | 69,316 | |||
Income tax expense | 6,176 | 5,773 | 24,135 | 16,369 | |||
Net income | $ 18,814 | $ 17,596 | $ 70,175 | $ 52,947 | |||
Earnings per share | |||||||
Basic | $ 0.64 | $ 0.59 | $ 2.36 | $ 1.77 | |||
Diluted | $ 0.64 | $ 0.59 | $ 2.35 | $ 1.77 | |||
Weighted average shares outstanding | |||||||
Basic | 29,407 | 29,924 | 29,769 | 29,893 | |||
Diluted | 29,508 | 30,003 | 29,856 | 29,963 | |||
Dividends per share | $ 0.22 | $ 0.19 | $ 0.82 | $ 4.72 | |||
_______________________________ | |
(1) | Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, but excludes depreciation and amortization, which are presented separately. |
WINGSTOP INC. AND SUBSIDIARIES | |||||||
Fiscal Quarter Ended | |||||||
December 30, 2023 | December 31, 2022 | ||||||
In dollars | As a % of | In dollars | As a % of | ||||
Cost of sales: | |||||||
Food, beverage and packaging costs | $ 9,037 | 34.5 % | $ 7,732 | 34.5 % | |||
Labor costs | 6,279 | 23.9 % | 5,447 | 24.3 % | |||
Other restaurant operating expenses | 5,035 | 19.2 % | 4,457 | 19.9 % | |||
Vendor rebates | (664) | (2.5) % | (538) | (2.4) % | |||
Total cost of sales | $ 19,687 | 75.1 % | $ 17,098 | 76.4 % | |||
Fiscal Year Ended | |||||||
December 30, 2023 | December 31, 2022 | ||||||
In dollars | As a % of | In dollars | As a % of | ||||
Cost of sales: | |||||||
Food, beverage and packaging costs | 31,697 | 33.1 % | 30,579 | 38.3 % | |||
Labor costs | 22,963 | 24.0 % | 19,234 | 24.1 % | |||
Other restaurant operating expenses | 18,314 | 19.1 % | 15,380 | 19.3 % | |||
Vendor rebates | (2,328) | (2.4) % | (1,798) | (2.3) % | |||
Total cost of sales | $ 70,646 | 73.7 % | $ 63,395 | 79.3 % | |||
WINGSTOP INC. AND SUBSIDIARIES | |||||||
Fiscal Quarter Ended | Fiscal Year Ended | ||||||
December 30, | December 31, | December 30, | December 31, | ||||
Domestic Franchised Activity | |||||||
Beginning of period | 1,791 | 1,631 | 1,678 | 1,498 | |||
Openings | 86 | 50 | 202 | 187 | |||
Closures | — | (1) | (1) | (4) | |||
Acquired by Company | (1) | (2) | (3) | (3) | |||
Re-franchised by Company | 1 | — | 1 | — | |||
Restaurants end of period | 1,877 | 1,678 | 1,877 | 1,678 | |||
Domestic Company-Owned Activity | |||||||
Beginning of period | 46 | 42 | 43 | 36 | |||
Openings | 3 | — | 4 | 5 | |||
Closures | — | (1) | — | (1) | |||
Acquired by Company | 1 | 2 | 3 | 3 | |||
Re-franchised to franchisees | (1) | — | (1) | — | |||
Restaurants end of period | 49 | 43 | 49 | 43 | |||
Total Domestic Restaurants | 1,926 | 1,721 | 1,926 | 1,721 | |||
International Franchised Activity(1) | |||||||
Beginning of period | 262 | 225 | 238 | 197 | |||
Openings | 29 | 13 | 59 | 45 | |||
Closures | (3) | — | (9) | (4) | |||
Restaurants end of period | 288 | 238 | 288 | 238 | |||
Total System-wide Restaurants | 2,214 | 1,959 | 2,214 | 1,959 | |||
__________________________ |
(1) Includes |
WINGSTOP INC. AND SUBSIDIARIES | |||||||
Fiscal Quarter Ended | Fiscal Year Ended | ||||||
December 30, | December 31, | December 30, | December 31, | ||||
Net income | $ 18,814 | $ 17,596 | $ 70,175 | $ 52,947 | |||
Interest expense, net | 4,890 | 5,310 | 18,227 | 21,230 | |||
Income tax expense | 6,176 | 5,773 | 24,135 | 16,369 | |||
Depreciation and amortization | 3,648 | 3,289 | 13,239 | 10,899 | |||
EBITDA | $ 33,528 | $ 31,968 | $ 125,776 | $ 101,445 | |||
Additional adjustments: | |||||||
Loss on debt extinguishment and financing | — | — | — | 1,124 | |||
Consulting fees (b) | — | 450 | 5,150 | 875 | |||
Stock-based compensation expense (c) | 5,539 | 2,082 | 15,558 | 4,200 | |||
Adjusted EBITDA | $ 39,067 | $ 34,500 | $ 146,484 | $ 107,644 | |||
Impact of the 53rd week | — | (2,637) | — | (2,637) | |||
Adjusted EBITDA, excluding impact of the 53rd week | $ 39,067 | $ 31,863 | $ 146,484 | $ 105,007 | |||
_______________________________ | |
(a) | Represents costs and expenses related to our 2022 securitized financing facility and payment of a special dividend; all transaction costs are included in Loss on debt extinguishment and financing transactions during the fiscal year ended December 31, 2022, with the exception of |
(b) | Represents non-recurring consulting fees that are not part of our ongoing operations and are incurred to execute discrete, project-based strategic initiatives, which are included in Selling, general and administrative on the Consolidated Statements of Operations. Fiscal year 2022 includes approximately |
(c) | Includes non-cash, stock-based compensation, net of forfeitures. |
WINGSTOP INC. AND SUBSIDIARIES | |||||||
Fiscal Quarter Ended | Fiscal Year Ended | ||||||
December 30, | December 31, | December 30, | December 31, | ||||
Numerator: | |||||||
Net income | $ 18,814 | $ 17,596 | $ 70,175 | $ 52,947 | |||
Adjustments: | |||||||
Loss on debt extinguishment and financing | — | — | — | 1,124 | |||
Consulting fees (b) | — | 450 | 5,150 | 875 | |||
Tax effect of adjustments (c) | — | (108) | (1,236) | (480) | |||
Adjusted net income | $ 18,814 | $ 17,938 | $ 74,089 | $ 54,466 | |||
Impact of the 53rd week | — | (1,167) | — | (1,167) | |||
Adjusted net income, excluding impact of the 53rd week | $ 18,814 | $ 16,771 | $ 74,089 | $ 53,299 | |||
Denominator: | |||||||
Weighted-average shares outstanding - diluted | 29,508 | 30,003 | 29,856 | 29,963 | |||
Adjusted earnings per diluted share | $ 0.64 | $ 0.60 | $ 2.48 | $ 1.82 | |||
Adjusted earnings per diluted share, excluding impact of | $ 0.64 | $ 0.56 | $ 2.48 | $ 1.78 | |||
_______________________________ | |
(a) | Represents costs and expenses related to our 2022 securitized financing facility and payment of a special dividend; all transaction costs are included in Loss on debt extinguishment and financing transactions during the fiscal year ended December 31, 2022, with the exception of |
(b) | Represents non-recurring consulting fees that are not part of our ongoing operations and are incurred to execute discrete, project-based strategic initiatives, which are included in Selling, general and administrative on the Consolidated Statements of Operations. Fiscal year 2022 includes approximately |
(c) | Represents the tax effect of the aforementioned adjustments to reflect corporate income taxes at an assumed effective tax rate of |
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SOURCE Wingstop
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