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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.
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 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.
- Consolidated Effective income tax rate is projected to be between 5% and 10%.
- Consolidated Total capital expenditures, net of allowances received by landlords, are expected to be between $50 million and $60 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income