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Dec 31, 2023
One Group Hospitality Q4 2023 Earnings Report
The ONE Group demonstrated growth in revenue and adjusted EBITDA, opened four restaurants, and introduced 2024 targets.
Key Takeaways
The ONE Group reported a 1.8% increase in total GAAP revenues to $89.9 million and an 11.3% increase in adjusted EBITDA to $14.5 million for the fourth quarter of 2023. The company opened four new restaurants during the quarter and provided financial targets for 2024.
Total GAAP revenues increased 1.8% to $89.9 million.
Comparable sales decreased 4.3% compared to 2022 but increased 40.1% compared to 2019.
GAAP net income attributable to The ONE Group was $4.6 million, or $0.15 per share ($0.17 adjusted net income per share).
Adjusted EBITDA increased 11.3% to $14.5 million.
Revenue by Segment
Forward Guidance
The Company provided the following targets for 2024: Total GAAP revenues between $360M to $380M, Managed, license and incentive fee revenues between $15M to $16M, Total owned operating expenses as a percentage of owned restaurant net revenue approximately 83.0%, Total G&A excluding stock-based compensation approximately $30M, Consolidated Adjusted EBITDA approximately $45M, Restaurant pre-opening expenses between $4M to $5M, Operating income between $13M to $15M, Effective income tax rate between 5% to 10%, Total capital expenditures, net of allowances received by landlords between $30M to $35M, Number of new system-wide venues between Six to Eight.
Positive Outlook
- Total GAAP revenues between $360M to $380M
- Managed, license and incentive fee revenues between $15M to $16M
- Total G&A excluding stock-based compensation approximately $30M
- Consolidated Adjusted EBITDA approximately $45M
- Operating income between $13M to $15M
Challenges Ahead
- Total owned operating expenses as a percentage of owned restaurant net revenue approximately 83.0%
- Restaurant pre-opening expenses between $4M to $5M
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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