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Mar 31, 2023
One Group Hospitality Q1 2023 Earnings Report
The ONE Group's financial performance for Q1 2023, marked by revenue increase and reaffirmed 2023 targets.
Key Takeaways
The ONE Group reported an 11.3% increase in total GAAP revenues, reaching $82.6 million, and reaffirmed its 2023 targets, including opening eight to twelve new venues.
Total GAAP revenues increased by 11.3% to $82.6 million.
Comparable sales increased by 1.6%.
GAAP net income attributable to The ONE Group was $2.6 million, or $0.08 per share ($0.10 adjusted net income per share).
Adjusted EBITDA increased 1.0% to $10.9 million.
One Group Hospitality
One Group Hospitality
One Group Hospitality Revenue by Segment
Revenue by Segment
Owned Restaurant Net Revenue
CapyFin.comManagement, License, and Incentive Fee Revenue
CapyFin.com Forward Guidance
The Company is reiterating the following targets for 2023:
Positive Outlook
- Total GAAP revenues $360M to $380M
- Managed, license and incentive fee revenues $17.0M to $17.5M
- Total owned operating expenses as a percentage of owned restaurant net revenue 82.5% to 82.0%
- Total G&A excluding stock-based compensation $27M to $29M
- Consolidated Adjusted EBITDA $50M to $54M
Challenges Ahead
- Restaurant pre-opening expenses $5.5M to $6.5M
- Operating income $25.5M to $28.5M
- Effective income tax rate 5% to 10%
- Total capital expenditures, net of allowances received by landlords 2% of Company-owned revenue and $3.0M to $3.5M per new Company-owned venue
- Number of new system-wide venues Eight to Twelve
Revenue & Expenses
Visualization of income flow from segment revenue to net income