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Jun 30, 2024
One Group Hospitality Q2 2024 Earnings Report
Increased revenue and completed the acquisition of Benihana and RA Sushi
Key Takeaways
The ONE Group reported a significant increase in total GAAP revenues, driven by the acquisition of Benihana and RA Sushi. However, comparable sales decreased, and the company reported a net loss available to common stockholders. Restaurant Operating Profit and Adjusted EBITDA increased substantially.
Total GAAP revenues increased by 106.8% to $172.5 million.
Comparable sales decreased by 7.0%.
Restaurant Operating Profit increased by 151.3% to $30.0 million.
Adjusted EBITDA increased by 180.6% to $23.9 million.
Revenue by Segment
Forward Guidance
The Company reaffirmed its 2024 targets, which are inclusive of the acquisition of Benihana.
Positive Outlook
- Total GAAP revenues are expected to be between $700 million and $740 million.
- Managed, license, franchise and incentive fee revenues are projected to be between $17 million and $19 million.
- Consolidated Adjusted EBITDA is expected to be between $95 million and $100 million.
- The company plans to open eight to eleven new system-wide venues.
- The ONE Group Pre-acquisition consolidated Adjusted EBITDA is projected to be $45 million, a 12.2% growth.
Challenges Ahead
- Total owned operating expenses as a percentage of owned restaurant net revenue is expected to be approximately 83.0%.
- Consolidated Total G&A excluding stock-based compensation is expected to be approximately $40 million.
- Consolidated Restaurant pre-opening expenses are expected to be between $7 million and $9 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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