– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
DALLAS, May 4, 2022 /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) today announced results for the third quarter of fiscal 2022 ended March 30, 2022 and provided a financial update for fiscal 2022.
"Brinker's strong brands and industry-leading value proposition helped deliver another solid quarter, all while continuing to navigate some of the most challenging commodity and labor cycles many of us have ever seen," said Wyman Roberts, Chief Executive Officer and President. "Despite these near-term obstacles, we are well positioned to increase our investment in both Chili's and Maggiano's, significantly expanding our restaurant development while leaning further into technology to improve our performance and guest experience."
Fiscal 2022 Highlights - Third Quarter
For comparable restaurant sales details and non-GAAP reconciliations, please refer to the Non-GAAP Information and Reconciliations section of this release.
Comparable Restaurant Sales(1)
Fiscal 22 vs Fiscal 21 |
|
Q3 |
|
Brinker |
13.5 % |
Chili's |
10.3 % |
Maggiano's |
50.5 % |
(1) |
Comparable Restaurant Sales include restaurants that have been in operation for more than 18 months, except acquired restaurants which are included after 12 months of ownership. Restaurants temporarily closed 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
Average Weekly Sales
The following table consists of average weekly Company sales per restaurant for all Company-owned restaurants. The amounts are presented in thousands:
Third Quarter |
|||||||
2022 |
2021 |
2020 |
2019 |
||||
Brinker |
$ 62.5 |
$ 56.1 |
$ 57.8 |
$ 62.6 |
|||
Chili's |
$ 58.7 |
$ 54.2 |
$ 54.0 |
$ 57.8 |
|||
Maggiano's |
$ 143.8 |
$ 95.6 |
$ 135.7 |
$ 150.7 |
|||
Financial Metrics
Third Quarter |
|||||
2022 |
2021 |
2020 |
|||
Company sales |
$ 960.6 |
$ 813.7 |
$ 840.4 |
||
Total revenues |
$ 980.4 |
$ 828.4 |
$ 860.0 |
||
Operating income |
$ 49.4 |
$ 52.2 |
$ 41.1 |
||
Operating income as a percentage of Total revenues |
5.0 % |
6.3 % |
4.8 % |
||
Restaurant operating margin, non-GAAP(1) |
$ 117.1 |
$ 112.9 |
$ 107.6 |
||
Restaurant operating margin as a percentage of Company sales, non-GAAP(1) |
12.2 % |
13.9 % |
12.8 % |
||
Adjusted EBITDA, non-GAAP(1) |
$ 97.7 |
$ 93.9 |
$ 103.9 |
||
Net income per diluted share |
$ 0.81 |
$ 0.73 |
$ 0.81 |
||
Net income per diluted share, excluding special items, non-GAAP(1) |
$ 0.92 |
$ 0.78 |
$ 1.28 |
||
(1) |
See Non-GAAP Information and Reconciliations section below for more details. |
Full Year Fiscal 2022 Guidance
We are providing the following updates to our full year fiscal 2022 financial outlook. The uncertainties created by current macroeconomic conditions and the ongoing COVID-19 pandemic could cause actual results to differ materially from those projected.
Third Quarter of Fiscal 2022 Operating Performance
Segment Performance
The table below presents selected financial information (in millions, except as noted) related to our segments' operational performance for the thirteen week periods ended March 30, 2022 and March 24, 2021:
Chili's |
Maggiano's |
||||||||||
Third Quarter |
Variance |
Third Quarter |
Variance |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Company sales |
$ 863.3 |
$ 749.0 |
$ 114.3 |
$ 97.3 |
$ 64.7 |
$ 32.6 |
|||||
Franchise and other revenues |
16.3 |
14.0 |
2.3 |
3.5 |
0.7 |
2.8 |
|||||
Total revenues |
$ 879.6 |
$ 763.0 |
$ 116.6 |
$ 100.8 |
$ 65.4 |
$ 35.4 |
|||||
Company restaurant expenses(1) |
$ 755.8 |
$ 641.6 |
$ 114.2 |
$ 87.5 |
$ 59.0 |
$ 28.5 |
|||||
Company restaurant expenses as a % of Company sales |
87.5 % |
85.7 % |
1.8 % |
89.9 % |
91.2 % |
(1.3) % |
|||||
Operating income (loss) |
$ 73.2 |
$ 80.3 |
$ (7.1) |
$ 7.6 |
$ 1.4 |
$ 6.2 |
|||||
Operating income (loss) as a % of Total revenues |
8.3 % |
10.5 % |
(2.2) % |
7.5 % |
2.1 % |
5.4 % |
|||||
Restaurant operating margin - non-GAAP(2) |
$ 107.5 |
$ 107.4 |
$ 0.1 |
$ 9.8 |
$ 5.7 |
$ 4.1 |
|||||
Restaurant operating margin as a % of Company sales - non-GAAP(2) |
12.5 % |
14.3 % |
(1.8) % |
10.1 % |
8.8 % |
1.3 % |
|||||
(1) |
Company restaurant expenses includes Food and beverage costs, Restaurant labor and Restaurant expenses, and excludes Depreciation and amortization, General and administrative and Other (gains) and charges. |
(2) |
See Non-GAAP Information and Reconciliations section below for more details. |
Webcast Information
Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter and business updates. The call will be broadcast live on Brinker's website today, May 4, 2022 at 9 a.m. CDT:
http://investors.brinker.com/events/event-details/q3-2022-brinker-international-earnings-conference-call
For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on Brinker's website until at least the end of the day May 18, 2022.
Additional financial information, including statements of income which detail operations excluding special items, franchise and other revenues, and comparable restaurant sales trends by brand, is also available on Brinker's website under the Financial Information section of the Investor tab.
Forward Calendar
Non-GAAP Measures
Brinker management uses certain non-GAAP measures in analyzing operating performance and believes that the presentation of these measures in this release provides investors with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in the tables below.
Brinker International, Inc. is one of the world's leading casual dining restaurant companies and home of Chili's® Grill & Bar, Maggiano's Little Italy® and two virtual brands: It's Just Wings® and Maggiano's Italian Classics™. Founded by Norman Brinker in Dallas, Texas, we've ventured far from home, but stayed true to our roots. Brinker owns, operates or franchises more than 1,600 restaurants in 29 countries and two U.S. territories. Our passion is making people feel special, and we hope you feel that passion each time you visit one of our restaurants or invite us into your home through takeout or delivery. Learn more about Brinker and its brands at brinker.com.
Forward-Looking Statements
The statements and tables contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only based on our current plans and expectations as of the date such statements are made, and we undertake no obligation to update forward-looking statements to reflect events or circumstances arising after the date such statements are made. Forward-looking statements are neither predictions nor guarantees of future events or performance and are subject to risks and uncertainties which could cause actual results to differ materially from our historical results or from those projected in forward-looking statements. Such risks and uncertainties include, among other things, uncertainty of the magnitude, duration, geographic reach and impact of the coronavirus ("COVID-19") pandemic on local, national and global economies; the current, and uncertain future, impact of the COVID-19 pandemic and governments' responses to it on our industry, business, growth, reputation, projections, prospects, financial condition, operations, cash flows, and liquidity; the impact of competition; changes in consumer preferences; consumer perception of food safety; reduced disposable income; unfavorable publicity; increased minimum wages; governmental regulations; the impact of mergers, acquisitions, divestitures and other strategic transactions; the Company's ability to meet its business strategy plan; loss of key management personnel; failure to hire and retain high-quality restaurant management; the impact of social media; failure to protect the security of data of our guests and team members; product availability; regional business and economic conditions; litigation; franchisee success; inflation; changes in the retail industry; technology failures; failure to protect our intellectual property; outsourcing; impairment of goodwill or assets; failure to maintain effective internal control over financial reporting; actions of activist shareholders; adverse weather conditions; terrorist acts; health epidemics or pandemics (such as COVID-19); and tax reform; as well as the risks and uncertainties described in "Risk Factors" in our Annual Report on Form 10-K and future filings with the Securities and Exchange Commission.
BRINKER INTERNATIONAL, INC. Consolidated Statements of Comprehensive Income (Unaudited) (In millions, except per share amounts) |
|||||||
Thirteen Week Periods Ended |
Thirty-Nine Week Periods Ended |
||||||
March 30, 2022 |
March 24, 2021 |
March 30, 2022 |
March 24, 2021 |
||||
Revenues |
|||||||
Company sales |
$ 960.6 |
$ 813.7 |
$ 2,724.7 |
$ 2,288.1 |
|||
Franchise and other revenues(1) |
19.8 |
14.7 |
57.9 |
41.1 |
|||
Total revenues |
980.4 |
828.4 |
2,782.6 |
2,329.2 |
|||
Operating costs and expenses |
|||||||
Food and beverage costs |
270.3 |
213.9 |
757.4 |
606.3 |
|||
Restaurant labor |
329.1 |
270.8 |
949.4 |
774.6 |
|||
Restaurant expenses |
244.1 |
216.1 |
712.1 |
629.9 |
|||
Depreciation and amortization |
42.2 |
37.4 |
123.1 |
112.0 |
|||
General and administrative |
39.2 |
33.7 |
108.8 |
94.2 |
|||
Other (gains) and charges(2) |
6.1 |
4.3 |
17.0 |
13.5 |
|||
Total operating costs and expenses |
931.0 |
776.2 |
2,667.8 |
2,230.5 |
|||
Operating income |
49.4 |
52.2 |
114.8 |
98.7 |
|||
Interest expenses |
11.1 |
14.1 |
34.8 |
43.1 |
|||
Other income, net |
(0.4) |
(0.3) |
(1.2) |
(1.2) |
|||
Income before income taxes |
38.7 |
38.4 |
81.2 |
56.8 |
|||
Provision for income taxes |
2.1 |
4.5 |
3.8 |
0.2 |
|||
Net income |
$ 36.6 |
$ 33.9 |
$ 77.4 |
$ 56.6 |
|||
Basic net income per share |
$ 0.82 |
$ 0.74 |
$ 1.71 |
$ 1.25 |
|||
Diluted net income per share |
$ 0.81 |
$ 0.73 |
$ 1.68 |
$ 1.22 |
|||
Basic weighted average shares outstanding |
44.4 |
45.5 |
45.2 |
45.3 |
|||
Diluted weighted average shares outstanding |
45.1 |
46.7 |
46.0 |
46.2 |
|||
Other comprehensive income (loss) |
|||||||
Foreign currency translation adjustments(3) |
$ 0.4 |
$ 0.3 |
$ (0.1) |
$ 1.1 |
|||
Other comprehensive income (loss) |
0.4 |
0.3 |
(0.1) |
1.1 |
|||
Comprehensive income |
$ 37.0 |
$ 34.2 |
$ 77.3 |
$ 57.7 |
|||
(1) |
Franchise and other revenues include franchise royalties, gift card breakage, delivery income, Maggiano's banquet service charge income, digital entertainment revenue, franchise advertising fees, franchise and development fees, gift card equalization and gift card discount costs from third-party gift card sales. |
(2) |
Other (gains) and charges included in the Consolidated Statements of Comprehensive Income (Unaudited) included (in millions): |
Thirteen Week Periods Ended |
Thirty-Nine Week Periods Ended |
||||||
March 30, 2022 |
March 24, 2021 |
March 30, 2022 |
March 24, 2021 |
||||
Restaurant closure charges |
$ 1.2 |
$ 0.3 |
$ 1.7 |
$ 2.2 |
|||
Remodel-related costs |
0.9 |
0.9 |
4.0 |
1.8 |
|||
COVID-19 related charges |
0.7 |
0.9 |
0.2 |
3.1 |
|||
Acquisition-related costs, net |
0.6 |
— |
1.5 |
— |
|||
Enterprise system implementation costs |
0.5 |
— |
1.4 |
— |
|||
Loss from natural disasters, net of (insurance recoveries) |
— |
1.8 |
0.8 |
2.0 |
|||
Lease contingencies |
— |
— |
2.9 |
— |
|||
Restaurant impairment charges |
— |
— |
— |
2.5 |
|||
Other |
2.2 |
0.4 |
4.5 |
1.9 |
|||
$ 6.1 |
$ 4.3 |
$ 17.0 |
$ 13.5 |
||||
(3) |
Represents the unrealized impact of translating the financial statements of our Canadian restaurants from Canadian dollars to U.S. dollars. This amount is not included in Net income and would only be realized upon disposition of these restaurants. |
BRINKER INTERNATIONAL, INC. Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
|||
March 30, |
June 30, |
||
ASSETS |
|||
Total current assets |
$ 188.0 |
$ 207.2 |
|
Net property and equipment |
818.4 |
774.8 |
|
Operating lease assets |
1,152.9 |
1,007.4 |
|
Deferred income taxes, net |
54.4 |
50.9 |
|
Other assets |
245.1 |
234.6 |
|
Total assets |
$ 2,458.8 |
$ 2,274.9 |
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|||
Total current liabilities |
$ 583.1 |
$ 571.6 |
|
Long-term debt and finance leases, less current installments |
987.9 |
917.9 |
|
Long-term operating lease liabilities, less current portion |
1,143.3 |
1,006.7 |
|
Other liabilities |
55.7 |
82.0 |
|
Total shareholders' deficit |
(311.2) |
(303.3) |
|
Total liabilities and shareholders' deficit |
$ 2,458.8 |
$ 2,274.9 |
|
BRINKER INTERNATIONAL, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||
Thirty-Nine Week Periods Ended |
|||
March 30, 2022 |
March 24, 2021 |
||
Cash flows from operating activities |
|||
Net income |
$ 77.4 |
$ 56.6 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|||
Depreciation and amortization |
123.1 |
112.0 |
|
Stock-based compensation |
15.2 |
11.3 |
|
Restructure and impairment charges |
8.7 |
6.5 |
|
Net loss on disposal of assets |
2.3 |
1.1 |
|
Other |
2.6 |
2.7 |
|
Changes in assets and liabilities |
(17.7) |
78.4 |
|
Net cash provided by operating activities |
211.6 |
268.6 |
|
Cash flows from investing activities |
|||
Payments for property and equipment |
(109.0) |
(62.4) |
|
Payments for franchise restaurant acquisitions |
(106.0) |
— |
|
Proceeds from sale leaseback transactions, net of related expenses |
20.5 |
— |
|
Proceeds from note receivable |
1.0 |
1.5 |
|
Proceeds from sale of assets |
0.1 |
1.6 |
|
Net cash used in investing activities |
(193.4) |
(59.3) |
|
Cash flows from financing activities |
|||
Borrowings on revolving credit facility |
595.5 |
28.4 |
|
Payments on revolving credit facility |
(502.5) |
(210.0) |
|
Purchases of treasury stock |
(100.8) |
(4.1) |
|
Payments on long-term debt |
(17.6) |
(14.3) |
|
Payments for debt issuance costs |
(3.1) |
(2.2) |
|
Payments of dividends |
(1.1) |
(1.5) |
|
Proceeds from issuance of treasury stock |
0.4 |
14.1 |
|
Net cash used in financing activities |
(29.2) |
(189.6) |
|
Net change in cash and cash equivalents |
(11.0) |
19.7 |
|
Cash and cash equivalents at beginning of period |
23.9 |
43.9 |
|
Cash and cash equivalents at end of period |
$ 12.9 |
$ 63.6 |
|
BRINKER INTERNATIONAL, INC. Restaurant Summary |
|||||||||
Fiscal 2022 New Openings |
|||||||||
Total Restaurants |
Total Restaurants |
Third Quarter |
Fiscal Year |
Full Year |
|||||
Company-owned restaurants |
|||||||||
Chili's domestic |
1,130 |
1,063 |
1 |
3 |
5 |
||||
Chili's international |
5 |
5 |
— |
— |
— |
||||
Maggiano's domestic |
52 |
52 |
— |
— |
— |
||||
Total Company-owned |
1,187 |
1,120 |
1 |
3 |
5 |
||||
Franchise restaurants |
|||||||||
Chili's domestic |
103 |
172 |
— |
1 |
1 |
||||
Chili's international |
358 |
363 |
1 |
9 |
13-15 |
||||
Maggiano's domestic |
2 |
2 |
— |
— |
— |
||||
Total franchise |
463 |
537 |
1 |
10 |
14-16 |
||||
Total Company-owned and franchise |
|||||||||
Chili's domestic |
1,233 |
1,235 |
1 |
4 |
6 |
||||
Chili's international |
363 |
368 |
1 |
9 |
13-15 |
||||
Maggiano's domestic |
54 |
54 |
— |
— |
— |
||||
Total |
1,650 |
1,657 |
2 |
13 |
19-21 |
||||
NON-GAAP INFORMATION AND RECONCILIATIONS Comparable Restaurant Sales Q3 22 and Q3 21 |
|||||||||||||||
Comparable Restaurant |
Price Impact |
Mix-Shift(2) |
Traffic |
||||||||||||
Q3:22 vs 21 |
Q3:21 vs 20 |
Q3:22 vs 21 |
Q3:21 vs 20 |
Q3:22 vs 21 |
Q3:21 vs 20 |
Q3:22 vs 21 |
Q3:21 vs 20 |
||||||||
Company-owned |
13.5 % |
(3.3) % |
4.3 % |
0.6 % |
5.7 % |
(6.2) % |
3.5 % |
2.3 % |
|||||||
Chili's |
10.3 % |
0.0 % |
4.3 % |
0.5 % |
3.9 % |
(4.5) % |
2.1 % |
4.0 % |
|||||||
Maggiano's |
50.5 % |
(29.6) % |
4.8 % |
1.2 % |
16.8 % |
(9.2) % |
28.9 % |
(21.6) % |
|||||||
Franchise(3) |
20.3 % |
0.2 % |
|||||||||||||
U.S. |
9.0 % |
5.2 % |
|||||||||||||
International |
28.4 % |
(8.8) % |
|||||||||||||
Chili's domestic(4) |
9.9 % |
0.6 % |
|||||||||||||
Maggiano's domestic(4) |
50.7 % |
||||||||||||||
System-wide(5) |
14.5 % |
(2.8) % |
|||||||||||||
(1) |
Comparable Restaurant Sales include all restaurants that have been in operation for more than 18 months except acquired restaurants which are included after 12 months of ownership. Restaurants temporarily closed 14 days or more are excluded from Comparable Restaurant Sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
(2) |
Mix-Shift is calculated as the year-over-year percentage change in Company sales resulting from the change in menu items ordered by guests. |
(3) |
Chili's and Maggiano's franchise sales generated by franchisees are not included in Total revenues in the Consolidated Statements of Comprehensive Income (Unaudited); however, we generate royalty revenues and advertising fees based on franchisee revenues, where applicable. We believe presenting Franchise Comparable Restaurant Sales provides investors relevant information regarding total brand performance. |
(4) |
Chili's and Maggiano's domestic Comparable Restaurant Sales percentages are derived from sales generated by Company-owned and franchise-operated Chili's and Maggiano's restaurants in the United States. Beginning in the third quarter of fiscal 2022, the Maggiano's franchise restaurant has been in operation for more than 18 months and is therefore included in the calculation of Comparable Restaurant Sales. |
(5) |
System-wide Comparable Restaurant Sales are derived from sales generated by Chili's and Maggiano's Company-owned and franchise-operated restaurants. |
Reconciliation of Net Income Excluding Special Items (in millions, except per share amounts)
Brinker believes excluding special items from its financial results provides investors with a clearer perspective of the Company's ongoing operating performance and a more relevant comparison to prior period results.
Q3 22 |
EPS Q3 22 |
Q3 21 |
EPS Q3 21 |
||||
Net income - GAAP |
$ 36.6 |
$ 0.81 |
$ 33.9 |
$ 0.73 |
|||
Special items - Other (gains) and charges(1) |
6.1 |
0.13 |
4.3 |
0.09 |
|||
Special items - Depreciation |
0.1 |
0.00 |
0.1 |
0.00 |
|||
Income tax effect related to special items(2) |
(1.5) |
(0.02) |
(1.1) |
(0.02) |
|||
Special items, net of taxes |
4.7 |
0.11 |
3.3 |
0.07 |
|||
Adjustment for special tax items(3) |
0.1 |
0.00 |
(0.8) |
(0.02) |
|||
Net income, excluding special items - Non-GAAP |
$ 41.4 |
$ 0.92 |
$ 36.4 |
$ 0.78 |
(1) |
Special items - Other (gains) and charges represents Other (gains) and charges for each period presented. See Footnote "(2)" to the Consolidated Statements of Comprehensive Income (Unaudited) for additional details on the composition of Other (gains) and charges. |
(2) |
Income tax effect related to special items is based on the statutory tax rate in effect at the end of each period presented. |
(3) |
Adjustment for special tax items in the third quarter of fiscal 2021 primarily related to excess tax windfalls associated with stock-based compensation. |
Reconciliation of Restaurant Operating Margin (in millions, except percentages)
Chili's |
Maggiano's |
Brinker |
|||||||||
Q3 22 |
Q3 21 |
Q3 22 |
Q3 21 |
Q3 22 |
Q3 21 |
||||||
Operating income - GAAP |
$ 73.2 |
$ 80.3 |
$ 7.6 |
$ 1.4 |
$ 49.4 |
$ 52.2 |
|||||
Operating income as a percentage of Total revenues |
8.3 % |
10.5 % |
7.5 % |
2.1 % |
5.0 % |
6.3 % |
|||||
Operating income - GAAP |
$ 73.2 |
$ 80.3 |
$ 7.6 |
$ 1.4 |
$ 49.4 |
$ 52.2 |
|||||
Less: Franchise and other revenues |
(16.3) |
(14.0) |
(3.5) |
(0.7) |
(19.8) |
(14.7) |
|||||
Plus: Depreciation and amortization |
35.9 |
31.0 |
3.4 |
3.4 |
42.2 |
37.4 |
|||||
General and administrative |
9.5 |
7.0 |
2.3 |
1.3 |
39.2 |
33.7 |
|||||
Other (gains) and charges |
5.2 |
3.1 |
0.0 |
0.3 |
6.1 |
4.3 |
|||||
Restaurant operating margin - non-GAAP |
$ 107.5 |
$ 107.4 |
$ 9.8 |
$ 5.7 |
$ 117.1 |
$ 112.9 |
|||||
Restaurant operating margin as a percentage of Company sales |
12.5 % |
14.3 % |
10.1 % |
8.8 % |
12.2 % |
13.9 % |
|||||
Restaurant operating margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to operating income as an indicator of financial performance. Restaurant operating margin is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations. This non-GAAP measure is not indicative of overall Company performance and profitability because this measure does not directly accrue benefit to the shareholders due to the nature of costs excluded.
We define Restaurant operating margin as Company sales less Food and beverage costs, Restaurant labor and Restaurant expenses. We believe this metric provides a more useful comparison between periods and enables investors to focus on the performance of restaurant-level operations by excluding revenues not related to food and beverage sales at Company-owned restaurants, corporate General and administrative expenses, Depreciation and amortization, and Other (gains) and charges. Restaurant operating margin as presented may not be comparable to other similarly titled measures of other companies in our industry.
Reconciliation of Adjusted EBITDA (in millions)
Brinker believes presenting Adjusted EBITDA provides a useful measure of our operating performance, excluding the impacts of financing costs, capital expenditures and special items. Adjusted EBITDA is not a measurement determined in accordance with GAAP and should not be considered in isolation. We define Adjusted EBITDA as Operating income before Depreciation and amortization and Other (gains) and charges.
Third Quarter |
Fiscal Year |
||||||||
Q3 22 |
Q3 21 |
Q3 20 |
Q3 22 |
Q3 21 |
|||||
Operating income - GAAP |
$ 49.4 |
$ 52.2 |
$ 41.1 |
$ 114.8 |
$ 98.7 |
||||
Depreciation and amortization |
42.2 |
37.4 |
43.5 |
123.1 |
112.0 |
||||
Other (gains) and charges |
6.1 |
4.3 |
19.3 |
17.0 |
13.5 |
||||
Adjusted EBITDA, non-GAAP |
$ 97.7 |
$ 93.9 |
$ 103.9 |
$ 254.9 |
$ 224.2 |
||||
Reconciliation of Free Cash Flow (in millions)
Brinker believes presenting free cash flow provides a useful measure to evaluate the cash flow available for reinvestment after considering the capital requirements and expenditures of our business operations.
Thirty-Nine Week |
|
Cash flows provided by operating activities - GAAP |
$ 211.6 |
Capital expenditures |
(109.0) |
Free cash flow - non-GAAP |
$ 102.6 |
Fiscal 2020 Non-GAAP Reconciliations
For the third quarter of fiscal 2020 non-GAAP reconciliations not provided above, please refer to the Current Report on Form 8-K dated April 28, 2021.
SOURCE Brinker International, Inc.
ДАЛЛАС, 4 мая 2022 года /PRNewswire/ -- Brinker International, Inc. (NYSE: EAT) сегодня объявила результаты за третий квартал 2022 финансового года, закончившийся 30 марта 2022 года, и представила обновленную финансовую информацию за 2022 финансовый год.
"Сильные бренды Brinker и ведущее в отрасли ценностное предложение помогли обеспечить еще один солидный квартал, продолжая при этом ориентироваться в самых сложных товарных и трудовых циклах, которые многие из нас когда-либо видели", - сказал Вайман Робертс, главный исполнительный директор и президент. "Несмотря на эти краткосрочные препятствия, у нас есть все возможности для увеличения наших инвестиций как в Chili's, так и в Maggiano's, значительно расширяя развитие наших ресторанов, одновременно углубляясь в технологии, чтобы улучшить нашу производительность и качество обслуживания гостей".
Основные события 2022 финансового года - Третий квартал
Для получения сопоставимых сведений о продажах в ресторанах и выверках, не относящихся к GAAP, пожалуйста, обратитесь к разделу "Информация и выверки, не относящиеся к GAAP" этого выпуска.
Сопоставимые Продажи в ресторанах(1)
Fiscal 22 vs Fiscal 21 |
|
Q3 |
|
Brinker |
13.5 % |
Chili's |
10.3 % |
Maggiano's |
50.5 % |
(1) |
Comparable Restaurant Sales include restaurants that have been in operation for more than 18 months, except acquired restaurants which are included after 12 months of ownership. Restaurants temporarily closed 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
Средние Еженедельные Продажи
Следующая таблица состоит из средних еженедельных продаж Компании на ресторан для всех ресторанов, принадлежащих Компании. Суммы представлены в тысячах:
Third Quarter |
|||||||
2022 |
2021 |
2020 |
2019 |
||||
Brinker |
$ 62.5 |
$ 56.1 |
$ 57.8 |
$ 62.6 |
|||
Chili's |
$ 58.7 |
$ 54.2 |
$ 54.0 |
$ 57.8 |
|||
Maggiano's |
$ 143.8 |
$ 95.6 |
$ 135.7 |
$ 150.7 |
|||
Финансовые показатели
Third Quarter |
|||||
2022 |
2021 |
2020 |
|||
Company sales |
$ 960.6 |
$ 813.7 |
$ 840.4 |
||
Total revenues |
$ 980.4 |
$ 828.4 |
$ 860.0 |
||
Operating income |
$ 49.4 |
$ 52.2 |
$ 41.1 |
||
Operating income as a percentage of Total revenues |
5.0 % |
6.3 % |
4.8 % |
||
Restaurant operating margin, non-GAAP(1) |
$ 117.1 |
$ 112.9 |
$ 107.6 |
||
Restaurant operating margin as a percentage of Company sales, non-GAAP(1) |
12.2 % |
13.9 % |
12.8 % |
||
Adjusted EBITDA, non-GAAP(1) |
$ 97.7 |
$ 93.9 |
$ 103.9 |
||
Net income per diluted share |
$ 0.81 |
$ 0.73 |
$ 0.81 |
||
Net income per diluted share, excluding special items, non-GAAP(1) |
$ 0.92 |
$ 0.78 |
$ 1.28 |
||
(1) |
See Non-GAAP Information and Reconciliations section below for more details. |
Руководство на Весь 2022 финансовый год
Мы предоставляем следующие обновления нашего финансового прогноза на весь 2022 финансовый год. Неопределенность, вызванная текущими макроэкономическими условиями и продолжающейся пандемией COVID-19, может привести к тому, что фактические результаты будут существенно отличаться от прогнозируемых.
Операционные показатели за третий квартал 2022 финансового года
Показатели сегмента
В таблице ниже представлена избранная финансовая информация (в миллионах, за исключением отмеченных случаев), относящаяся к операционной деятельности наших сегментов за тринадцатинедельные периоды, закончившиеся 30 марта 2022 года и 24 марта 2021 года:
Chili's |
Maggiano's |
||||||||||
Third Quarter |
Variance |
Third Quarter |
Variance |
||||||||
2022 |
2021 |
2022 |
2021 |
||||||||
Company sales |
$ 863.3 |
$ 749.0 |
$ 114.3 |
$ 97.3 |
$ 64.7 |
$ 32.6 |
|||||
Franchise and other revenues |
16.3 |
14.0 |
2.3 |
3.5 |
0.7 |
2.8 |
|||||
Total revenues |
$ 879.6 |
$ 763.0 |
$ 116.6 |
$ 100.8 |
$ 65.4 |
$ 35.4 |
|||||
Company restaurant expenses(1) |
$ 755.8 |
$ 641.6 |
$ 114.2 |
$ 87.5 |
$ 59.0 |
$ 28.5 |
|||||
Company restaurant expenses as a % of Company sales |
87.5 % |
85.7 % |
1.8 % |
89.9 % |
91.2 % |
(1.3) % |
|||||
Operating income (loss) |
$ 73.2 |
$ 80.3 |
$ (7.1) |
$ 7.6 |
$ 1.4 |
$ 6.2 |
|||||
Operating income (loss) as a % of Total revenues |
8.3 % |
10.5 % |
(2.2) % |
7.5 % |
2.1 % |
5.4 % |
|||||
Restaurant operating margin - non-GAAP(2) |
$ 107.5 |
$ 107.4 |
$ 0.1 |
$ 9.8 |
$ 5.7 |
$ 4.1 |
|||||
Restaurant operating margin as a % of Company sales - non-GAAP(2) |
12.5 % |
14.3 % |
(1.8) % |
10.1 % |
8.8 % |
1.3 % |
|||||
(1) |
Company restaurant expenses includes Food and beverage costs, Restaurant labor and Restaurant expenses, and excludes Depreciation and amortization, General and administrative and Other (gains) and charges. |
(2) |
See Non-GAAP Information and Reconciliations section below for more details. |
Информация о веб-трансляции
Инвесторам и заинтересованным сторонам предлагается послушать сегодняшнюю телефонную конференцию, поскольку руководство предоставит более подробную информацию о квартале и обновлениях бизнеса. Звонок будет транслироваться в прямом эфире на веб-сайте Бринкера сегодня, 4 мая 2022 года, в 9 утра по Гринвичу:
http://investors.brinker.com/events/event-details/q3-2022-brinker-international-earnings-conference-call
Для тех, кто не сможет прослушать прямую трансляцию, повтор звонка будет доступен вскоре после этого и останется на веб-сайте Brinker по крайней мере до конца дня 18 мая 2022 года.
Дополнительная финансовая информация, включая отчеты о доходах, в которых подробно описываются операции, за исключением специальных статей, франчайзинговых и других доходов, а также сопоставимые тенденции продаж ресторанов по брендам, также доступна на веб-сайте Brinker в разделе "Финансовая информация" вкладки "Инвестор".
Календарь на будущее
Показатели, не относящиеся к GAAP
Руководство Brinker использует определенные показатели, не относящиеся к GAAP, при анализе операционных показателей и считает, что представление этих показателей в этом выпуске предоставляет инвесторам информацию, которая полезна для понимания финансовых результатов Компании. Раскрытие информации, не относящейся к GAAP, не следует рассматривать как замену финансовых результатов, определенных в соответствии с GAAP, и при этом они не обязательно сопоставимы с показателями эффективности, не относящимися к GAAP, которые могут быть представлены другими компаниями. Выверка этих показателей, не относящихся к ОПБУ, включена в таблицы ниже.
Brinker International, Inc. - одна из ведущих мировых ресторанных компаний, специализирующаяся на непринужденной еде, и родина Chili's® Grill & Bar, Maggiano's Little Italy® и двух виртуальных брендов: It's Just Wings® и Maggiano's Italian Classics™. Основанная Норманом Бринкером в Далласе, штат Техас, мы отважились уехать далеко от дома, но остались верны своим корням. Brinker владеет, управляет или предоставляет франшизы более чем 1600 ресторанам в 29 странах и на двух территориях США. Наша страсть - заставлять людей чувствовать себя особенными, и мы надеемся, что вы испытываете эту страсть каждый раз, когда посещаете один из наших ресторанов или приглашаете нас к себе домой с помощью еды на вынос или доставки. Узнайте больше о Brinker и ее брендах на сайте brinker.com .
Прогнозные заявления
Заявления и таблицы, содержащиеся в этом выпуске, которые не являются историческими фактами, являются прогнозными заявлениями по смыслу раздела 27A Закона о ценных бумагах 1933 года и раздела 21E Закона о ценных бумагах и биржах 1934 года. Мы намерены, чтобы все прогнозные заявления подпадали под действие положений о безопасной гавани Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Все прогнозные заявления сделаны только на основе наших текущих планов и ожиданий на дату таких заявлений, и мы не берем на себя никаких обязательств по обновлению прогнозных заявлений, чтобы отразить события или обстоятельства, возникшие после даты таких заявлений. Прогнозные заявления не являются ни прогнозами, ни гарантиями будущих событий или результатов и подвержены рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от наших исторических результатов или от прогнозируемых в прогнозных заявлениях. Такие риски и неопределенности включают, помимо прочего, неопределенности, масштабы, длительность, географический охват и влияние коронавируса ("COVID-19") пандемии на местном, национальном и глобальном уровнях; в настоящее время, и неопределенное будущее, влияние COVID-19 пандемией и меры, принятые правительствами на нашу промышленность, бизнес, рост, репутация, прогнозы, перспективы, финансовое состояние, операциями, денежными потоками и ликвидностью; влияние конкуренции, изменения в предпочтениях потребителей; мнение потребителей о безопасности пищевых продуктов; снижение располагаемого дохода; в невыгодном; увеличение минимальной заработной платы; государственных норм; влияние слияний, поглощений, продажи активов и другие стратегические операции; способность предприятия выполнить свои бизнес-стратегии, плана; потеря ключевого управленческого персонала; отказ в найме и удержании высокого качества ресторанного менеджмента; влияние социальных медиа; неспособность защищать безопасность данных наших гостей и членов команды; товар в наличии; регионального бизнеса и экономических условий; судебные споры; франчайзи успех; инфляции; изменения в сфере розничной торговли; технологии неудач; неспособность защитить нашу интеллектуальную собственность; - аутсорсинг; обесценение деловой репутации или имущества; неспособность поддерживать эффективную систему внутреннего контроля за подготовкой финансовой отчетности; действия активиста акционеров; неблагоприятные погодные условия; террористические акты; здоровье эпидемий или пандемий (такой как COVID-19); налоговых реформ; а также риски и неопределенности, указанные в разделе "Факторы риска" в годовом отчете по форме 10-K и будущее заявок по ценным бумагам и биржам.
Brinker International, INC. Consolidated Statements of Comprehensive Income (Unaudited) (In millions, except per share amounts) |
|||||||
Thirteen Week Periods Ended |
Thirty-Nine Week Periods Ended |
||||||
March 30, 2022 |
March 24, 2021 |
March 30, 2022 |
March 24, 2021 |
||||
Revenues |
|||||||
Company sales |
$ 960.6 |
$ 813.7 |
$ 2,724.7 |
$ 2,288.1 |
|||
Franchise and other revenues(1) |
19.8 |
14.7 |
57.9 |
41.1 |
|||
Total revenues |
980.4 |
828.4 |
2,782.6 |
2,329.2 |
|||
Operating costs and expenses |
|||||||
Food and beverage costs |
270.3 |
213.9 |
757.4 |
606.3 |
|||
Restaurant labor |
329.1 |
270.8 |
949.4 |
774.6 |
|||
Restaurant expenses |
244.1 |
216.1 |
712.1 |
629.9 |
|||
Depreciation and amortization |
42.2 |
37.4 |
123.1 |
112.0 |
|||
General and administrative |
39.2 |
33.7 |
108.8 |
94.2 |
|||
Other (gains) and charges(2) |
6.1 |
4.3 |
17.0 |
13.5 |
|||
Total operating costs and expenses |
931.0 |
776.2 |
2,667.8 |
2,230.5 |
|||
Operating income |
49.4 |
52.2 |
114.8 |
98.7 |
|||
Interest expenses |
11.1 |
14.1 |
34.8 |
43.1 |
|||
Other income, net |
(0.4) |
(0.3) |
(1.2) |
(1.2) |
|||
Income before income taxes |
38.7 |
38.4 |
81.2 |
56.8 |
|||
Provision for income taxes |
2.1 |
4.5 |
3.8 |
0.2 |
|||
Net income |
$ 36.6 |
$ 33.9 |
$ 77.4 |
$ 56.6 |
|||
Basic net income per share |
$ 0.82 |
$ 0.74 |
$ 1.71 |
$ 1.25 |
|||
Diluted net income per share |
$ 0.81 |
$ 0.73 |
$ 1.68 |
$ 1.22 |
|||
Basic weighted average shares outstanding |
44.4 |
45.5 |
45.2 |
45.3 |
|||
Diluted weighted average shares outstanding |
45.1 |
46.7 |
46.0 |
46.2 |
|||
Other comprehensive income (loss) |
|||||||
Foreign currency translation adjustments(3) |
$ 0.4 |
$ 0.3 |
$ (0.1) |
$ 1.1 |
|||
Other comprehensive income (loss) |
0.4 |
0.3 |
(0.1) |
1.1 |
|||
Comprehensive income |
$ 37.0 |
$ 34.2 |
$ 77.3 |
$ 57.7 |
|||
(1) |
Franchise and other revenues include franchise royalties, gift card breakage, delivery income, Maggiano's banquet service charge income, digital entertainment revenue, franchise advertising fees, franchise and development fees, gift card equalization and gift card discount costs from third-party gift card sales. |
(2) |
Other (gains) and charges included in the Consolidated Statements of Comprehensive Income (Unaudited) included (in millions): |
Thirteen Week Periods Ended |
Thirty-Nine Week Periods Ended |
||||||
March 30, 2022 |
March 24, 2021 |
March 30, 2022 |
March 24, 2021 |
||||
Restaurant closure charges |
$ 1.2 |
$ 0.3 |
$ 1.7 |
$ 2.2 |
|||
Remodel-related costs |
0.9 |
0.9 |
4.0 |
1.8 |
|||
COVID-19 related charges |
0.7 |
0.9 |
0.2 |
3.1 |
|||
Acquisition-related costs, net |
0.6 |
— |
1.5 |
— |
|||
Enterprise system implementation costs |
0.5 |
— |
1.4 |
— |
|||
Loss from natural disasters, net of (insurance recoveries) |
— |
1.8 |
0.8 |
2.0 |
|||
Lease contingencies |
— |
— |
2.9 |
— |
|||
Restaurant impairment charges |
— |
— |
— |
2.5 |
|||
Other |
2.2 |
0.4 |
4.5 |
1.9 |
|||
$ 6.1 |
$ 4.3 |
$ 17.0 |
$ 13.5 |
||||
(3) |
Represents the unrealized impact of translating the financial statements of our Canadian restaurants from Canadian dollars to U.S. dollars. This amount is not included in Net income and would only be realized upon disposition of these restaurants. |
Brinker International, INC. Condensed Consolidated Balance Sheets (Unaudited) (In millions) |
|||
March 30, |
June 30, |
||
ASSETS |
|||
Total current assets |
$ 188.0 |
$ 207.2 |
|
Net property and equipment |
818.4 |
774.8 |
|
Operating lease assets |
1,152.9 |
1,007.4 |
|
Deferred income taxes, net |
54.4 |
50.9 |
|
Other assets |
245.1 |
234.6 |
|
Total assets |
$ 2,458.8 |
$ 2,274.9 |
|
LIABILITIES AND SHAREHOLDERS' DEFICIT |
|||
Total current liabilities |
$ 583.1 |
$ 571.6 |
|
Long-term debt and finance leases, less current installments |
987.9 |
917.9 |
|
Long-term operating lease liabilities, less current portion |
1,143.3 |
1,006.7 |
|
Other liabilities |
55.7 |
82.0 |
|
Total shareholders' deficit |
(311.2) |
(303.3) |
|
Total liabilities and shareholders' deficit |
$ 2,458.8 |
$ 2,274.9 |
|
Brinker International, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) |
|||
Thirty-Nine Week Periods Ended |
|||
March 30, 2022 |
March 24, 2021 |
||
Cash flows from operating activities |
|||
Net income |
$ 77.4 |
$ 56.6 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|||
Depreciation and amortization |
123.1 |
112.0 |
|
Stock-based compensation |
15.2 |
11.3 |
|
Restructure and impairment charges |
8.7 |
6.5 |
|
Net loss on disposal of assets |
2.3 |
1.1 |
|
Other |
2.6 |
2.7 |
|
Changes in assets and liabilities |
(17.7) |
78.4 |
|
Net cash provided by operating activities |
211.6 |
268.6 |
|
Cash flows from investing activities |
|||
Payments for property and equipment |
(109.0) |
(62.4) |
|
Payments for franchise restaurant acquisitions |
(106.0) |
— |
|
Proceeds from sale leaseback transactions, net of related expenses |
20.5 |
— |
|
Proceeds from note receivable |
1.0 |
1.5 |
|
Proceeds from sale of assets |
0.1 |
1.6 |
|
Net cash used in investing activities |
(193.4) |
(59.3) |
|
Cash flows from financing activities |
|||
Borrowings on revolving credit facility |
595.5 |
28.4 |
|
Payments on revolving credit facility |
(502.5) |
(210.0) |
|
Purchases of treasury stock |
(100.8) |
(4.1) |
|
Payments on long-term debt |
(17.6) |
(14.3) |
|
Payments for debt issuance costs |
(3.1) |
(2.2) |
|
Payments of dividends |
(1.1) |
(1.5) |
|
Proceeds from issuance of treasury stock |
0.4 |
14.1 |
|
Net cash used in financing activities |
(29.2) |
(189.6) |
|
Net change in cash and cash equivalents |
(11.0) |
19.7 |
|
Cash and cash equivalents at beginning of period |
23.9 |
43.9 |
|
Cash and cash equivalents at end of period |
$ 12.9 |
$ 63.6 |
|
Brinker International, INC. Restaurant Summary |
|||||||||
Fiscal 2022 New Openings |
|||||||||
Total Restaurants |
Total Restaurants |
Third Quarter |
Fiscal Year |
Full Year |
|||||
Company-owned restaurants |
|||||||||
Chili's domestic |
1,130 |
1,063 |
1 |
3 |
5 |
||||
Chili's international |
5 |
5 |
— |
— |
— |
||||
Maggiano's domestic |
52 |
52 |
— |
— |
— |
||||
Total Company-owned |
1,187 |
1,120 |
1 |
3 |
5 |
||||
Franchise restaurants |
|||||||||
Chili's domestic |
103 |
172 |
— |
1 |
1 |
||||
Chili's international |
358 |
363 |
1 |
9 |
13-15 |
||||
Maggiano's domestic |
2 |
2 |
— |
— |
— |
||||
Total franchise |
463 |
537 |
1 |
10 |
14-16 |
||||
Total Company-owned and franchise |
|||||||||
Chili's domestic |
1,233 |
1,235 |
1 |
4 |
6 |
||||
Chili's international |
363 |
368 |
1 |
9 |
13-15 |
||||
Maggiano's domestic |
54 |
54 |
— |
— |
— |
||||
Total |
1,650 |
1,657 |
2 |
13 |
19-21 |
||||
NON-GAAP INFORMATION AND RECONCILIATIONS Comparable Restaurant Sales Q3 22 and Q3 21 |
|||||||||||||||
Comparable Restaurant |
Price Impact |
Mix-Shift(2) |
Traffic |
||||||||||||
Q3:22 vs 21 |
Q3:21 vs 20 |
Q3:22 vs 21 |
Q3:21 vs 20 |
Q3:22 vs 21 |
Q3:21 vs 20 |
Q3:22 vs 21 |
Q3:21 vs 20 |
||||||||
Company-owned |
13.5 % |
(3.3) % |
4.3 % |
0.6 % |
5.7 % |
(6.2) % |
3.5 % |
2.3 % |
|||||||
Chili's |
10.3 % |
0.0 % |
4.3 % |
0.5 % |
3.9 % |
(4.5) % |
2.1 % |
4.0 % |
|||||||
Maggiano's |
50.5 % |
(29.6) % |
4.8 % |
1.2 % |
16.8 % |
(9.2) % |
28.9 % |
(21.6) % |
|||||||
Franchise(3) |
20.3 % |
0.2 % |
|||||||||||||
U.S. |
9.0 % |
5.2 % |
|||||||||||||
International |
28.4 % |
(8.8) % |
|||||||||||||
Chili's domestic(4) |
9.9 % |
0.6 % |
|||||||||||||
Maggiano's domestic(4) |
50.7 % |
||||||||||||||
System-wide(5) |
14.5 % |
(2.8) % |
|||||||||||||
(1) |
Comparable Restaurant Sales include all restaurants that have been in operation for more than 18 months except acquired restaurants which are included after 12 months of ownership. Restaurants temporarily closed 14 days or more are excluded from Comparable Restaurant Sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
(2) |
Mix-Shift is calculated as the year-over-year percentage change in Company sales resulting from the change in menu items ordered by guests. |
(3) |
Chili's and Maggiano's franchise sales generated by franchisees are not included in Total revenues in the Consolidated Statements of Comprehensive Income (Unaudited); however, we generate royalty revenues and advertising fees based on franchisee revenues, where applicable. We believe presenting Franchise Comparable Restaurant Sales provides investors relevant information regarding total brand performance. |
(4) |
Chili's and Maggiano's domestic Comparable Restaurant Sales percentages are derived from sales generated by Company-owned and franchise-operated Chili's and Maggiano's restaurants in the United States. Beginning in the third quarter of fiscal 2022, the Maggiano's franchise restaurant has been in operation for more than 18 months and is therefore included in the calculation of Comparable Restaurant Sales. |
(5) |
System-wide Comparable Restaurant Sales are derived from sales generated by Chili's and Maggiano's Company-owned and franchise-operated restaurants. |
Сверка Чистой прибыли без учета специальных статей (в миллионах, за исключением сумм на акцию)
Бринкер считает, что исключение особых статей из финансовых результатов Компании дает инвесторам более четкое представление о текущих операционных показателях Компании и более уместное сравнение с результатами предыдущего периода.
Q3 22 |
EPS Q3 22 |
Q3 21 |
EPS Q3 21 |
||||
Net income - GAAP |
$ 36.6 |
$ 0.81 |
$ 33.9 |
$ 0.73 |
|||
Special items - Other (gains) and charges(1) |
6.1 |
0.13 |
4.3 |
0.09 |
|||
Special items - Depreciation |
0.1 |
0.00 |
0.1 |
0.00 |
|||
Income tax effect related to special items(2) |
(1.5) |
(0.02) |
(1.1) |
(0.02) |
|||
Special items, net of taxes |
4.7 |
0.11 |
3.3 |
0.07 |
|||
Adjustment for special tax items(3) |
0.1 |
0.00 |
(0.8) |
(0.02) |
|||
Net income, excluding special items - Non-GAAP |
$ 41.4 |
$ 0.92 |
$ 36.4 |
$ 0.78 |
(1) |
Special items - Other (gains) and charges represents Other (gains) and charges for each period presented. See Footnote "(2)" to the Consolidated Statements of Comprehensive Income (Unaudited) for additional details on the composition of Other (gains) and charges. |
(2) |
Income tax effect related to special items is based on the statutory tax rate in effect at the end of each period presented. |
(3) |
Adjustment for special tax items in the third quarter of fiscal 2021 primarily related to excess tax windfalls associated with stock-based compensation. |
Сверка операционной прибыли ресторана (в миллионах, за исключением процентов)
Chili's |
Maggiano's |
Brinker |
|||||||||
Q3 22 |
Q3 21 |
Q3 22 |
Q3 21 |
Q3 22 |
Q3 21 |
||||||
Operating income - GAAP |
$ 73.2 |
$ 80.3 |
$ 7.6 |
$ 1.4 |
$ 49.4 |
$ 52.2 |
|||||
Operating income as a percentage of Total revenues |
8.3 % |
10.5 % |
7.5 % |
2.1 % |
5.0 % |
6.3 % |
|||||
Operating income - GAAP |
$ 73.2 |
$ 80.3 |
$ 7.6 |
$ 1.4 |
$ 49.4 |
$ 52.2 |
|||||
Less: Franchise and other revenues |
(16.3) |
(14.0) |
(3.5) |
(0.7) |
(19.8) |
(14.7) |
|||||
Plus: Depreciation and amortization |
35.9 |
31.0 |
3.4 |
3.4 |
42.2 |
37.4 |
|||||
General and administrative |
9.5 |
7.0 |
2.3 |
1.3 |
39.2 |
33.7 |
|||||
Other (gains) and charges |
5.2 |
3.1 |
0.0 |
0.3 |
6.1 |
4.3 |
|||||
Restaurant operating margin - non-GAAP |
$ 107.5 |
$ 107.4 |
$ 9.8 |
$ 5.7 |
$ 117.1 |
$ 112.9 |
|||||
Restaurant operating margin as a percentage of Company sales |
12.5 % |
14.3 % |
10.1 % |
8.8 % |
12.2 % |
13.9 % |
|||||
Операционная маржа ресторана не является показателем, определяемым в соответствии с GAAP, и ее не следует рассматривать изолированно или в качестве альтернативы операционному доходу в качестве показателя финансовых результатов. Операционная маржа ресторана широко рассматривается в ресторанной индустрии как полезный показатель, с помощью которого можно оценить операционную эффективность на уровне ресторана и эффективность текущих операций на уровне ресторана. Этот показатель, не относящийся к GAAP, не является показателем общей эффективности и прибыльности Компании, поскольку этот показатель не приносит прямой выгоды акционерам из-за характера исключенных затрат.
Мы определяем операционную маржу Ресторана как продажи Компании за вычетом затрат на продукты питания и напитки, оплату труда Ресторана и ресторанные расходы. Мы считаем, что этот показатель обеспечивает более полезное сравнение между периодами и позволяет инвесторам сосредоточиться на результатах деятельности на уровне ресторанов, исключая доходы, не связанные с продажей продуктов питания и напитков в ресторанах, принадлежащих Компании, корпоративные общие и административные расходы, Износ и амортизацию, а также прочие (доходы) и расходы. Представленная операционная маржа ресторана может быть несопоставима с другими аналогичными показателями других компаний в нашей отрасли.
Сверка скорректированной EBITDA (в миллионах)
Бринкер считает, что представление скорректированной EBITDA обеспечивает полезную оценку наших операционных показателей, исключая влияние финансовых затрат, капитальных затрат и специальных статей. Скорректированный показатель EBITDA не является показателем, определяемым в соответствии с GAAP, и его не следует рассматривать изолированно. Мы определяем Скорректированный показатель EBITDA как операционный доход до вычета износа и амортизации, а также прочих (прибылей) и расходов.
Third Quarter |
Fiscal Year |
||||||||
Q3 22 |
Q3 21 |
Q3 20 |
Q3 22 |
Q3 21 |
|||||
Operating income - GAAP |
$ 49.4 |
$ 52.2 |
$ 41.1 |
$ 114.8 |
$ 98.7 |
||||
Depreciation and amortization |
42.2 |
37.4 |
43.5 |
123.1 |
112.0 |
||||
Other (gains) and charges |
6.1 |
4.3 |
19.3 |
17.0 |
13.5 |
||||
Adjusted EBITDA, non-GAAP |
$ 97.7 |
$ 93.9 |
$ 103.9 |
$ 254.9 |
$ 224.2 |
||||
Сверка свободного денежного потока (в миллионах)
Бринкер считает, что представление свободного денежного потока обеспечивает полезную меру для оценки денежного потока, доступного для реинвестирования, после рассмотрения требований к капиталу и затрат на наши бизнес-операции.
Thirty-Nine Week |
|
Cash flows provided by operating activities - GAAP |
$ 211.6 |
Capital expenditures |
(109.0) |
Free cash flow - non-GAAP |
$ 102.6 |
Выверка не по ОПБУ на 2020 финансовый год
Для третьего квартала 2020 финансового года выверки, не связанные с GAAP, не представленные выше, пожалуйста, обратитесь к Текущему Отчету по форме 8-K от 28 апреля 2021 года.
ИСТОЧНИК Brinker International, Inc.
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