Systemwide sales growth of +0.6%
Same store sales growth of +1.2% for Q1 2022, +13.7% on a two-year basis
26 development agreements signed for 98 restaurants, bringing total restaurants in the development pipeline to 201
SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the first quarter ended January 23, 2022, comprised of growth in systemwide sales and same-store sales.
“We began fiscal 2022 with solid results, including comps on a two-year basis of +13.7%, despite a challenging operating environment for the entire industry,” said Darin Harris, Jack in the Box Chief Executive Officer. “I am proud of the resilience demonstrated by our franchisees, operators and corporate team members in delivering for our guests during a difficult period. We remain highly focused on fundamentals, franchisee health and showing progress on our long-term restaurant growth goals.”
Systemwide sales for the first quarter increased 0.6% driven by positive results in same store sales and partially offset by a slight decline in net restaurants.
System same-store sales increased 1.2%, comprised of franchise same-store sales of 1.4%, with increases in average check partially offset by a decrease in traffic; and Company-operated same-store sales, which declined 0.3% in the first quarter, with decreases in traffic partially offset by increases in average check.
In the first quarter, there were 26 development agreements signed for 98 future restaurants, bringing total agreements to 50 and future restaurant commitments to 201 since the franchise development program launched in mid-2021 — the highest level of restaurant commitments in company history. The company had a first quarter net restaurant decline of ten restaurants, comprised of two openings and twelve closures. The twelve restaurant closures included two company-operated, six related to early terminations and four agreement expirations.
Same-Store Sales: |
||||
|
|
16 Weeks Ended |
||
|
|
January 23, 2022 |
|
January 17, 2021 |
Company |
(0.3)% |
|
7.5% |
|
Franchise |
1.4% |
|
13.0% |
|
System |
1.2% |
|
12.5% |
Restaurant Counts: |
||||||||||||
|
2022 |
|
2021 |
|||||||||
|
Company |
|
Franchise |
|
Total |
|
Company |
|
Franchise |
|
Total |
|
Restaurant count at beginning of Q1 |
163 |
|
2,055 |
|
2,218 |
|
144 |
|
2,097 |
|
2,241 |
|
New |
— |
|
2 |
|
2 |
|
— |
|
3 |
|
3 |
|
Acquired from franchisees |
4 |
|
(4) |
|
— |
|
4 |
|
(4) |
|
— |
|
Closed |
(2) |
|
(10) |
|
(12) |
|
— |
|
(7) |
|
(7) |
|
Restaurant count at end of Q1 |
165 |
|
2,043 |
|
2,208 |
|
148 |
|
2,089 |
|
2,237 |
|
Q1 Net Restaurant Increase/(Decrease) |
2 |
|
(12) |
|
(10) |
|
|
|
|
|
|
|
Q1 2022 vs. Q1 2021 Restaurant % Increase/(Decrease) |
11.5% |
|
(2.2)% |
|
(1.3)% |
|
|
|
|
|
|
First quarter diluted earnings per share was $1.85. Operating Earnings Per Share (1), a non-GAAP measure, was $1.97 in the first quarter of fiscal 2021 compared with $1.98 in the prior year quarter. Total revenues increased 1.8% to $344.7 million, compared to $338.5 million in the prior year quarter. Net earnings decreased to $39.3 million for the first quarter of fiscal 2022, compared with $50.9 million for the first quarter of fiscal 2021. Adjusted EBITDA(2), a non-GAAP measure, was $91.2 million in the first quarter of fiscal 2022 compared with $102.4 million for the prior year quarter.
Restaurant-Level Margin(3), a non-GAAP measure, was 18.3%, driven by increases in food and packaging costs; wage inflation of 10.9%; and increases in utilities and maintenance and repair costs, partially offset by lower incentive-based compensation and menu price increases. Commodity costs increased in the quarter by approximately 10.5%, primarily due to increases in the price of beef, pork, sauces and oil.
Additionally, restaurants the company has reacquired from franchisees during the last 24 months, referred to as our 'Evolving Markets' further described below, negatively impacted restaurant-level margin by 2.3 percentage points.
The 'Evolving Markets' consist of 30 Company-operated restaurants located in the Oregon, Oklahoma City, and Kansas City areas which we reacquired with the intent to refranchise. Subsequent to the first quarter, we have also reacquired 9 franchise restaurants in the Nashville area. We anticipate these ‘Evolving Markets’ will have a 2 to 2.5 percentage points temporary drag on overall company-owned restaurant level margin until they are refranchised. As a reminder, company-operated locations make up 9.7% of the company's total systemwide sales.
Franchise-Level Margin(3), a non-GAAP measure, increased by $0.3 million, or 0.4% from the first quarter a year ago, driven by higher sales.
SG&A expense for the first quarter was $25.3 million, an increase of $4.8 million compared to the prior year quarter, driven primarily by; mark-to-market changes in the cash surrender value of company owned life insurance ("COLI") policies, net of changes in our deferred compensation obligation supported by these policies, resulting in a year-over-year increase of $5.2 million; partially offset by a decrease in incentive compensation.
(1) Operating Earnings Per Share represents diluted earnings per share on a GAAP basis of $1.85 excluding acquisition, integration, and restructuring costs of $0.11; COLI (losses) gains, net of $0.02; gains on the sale of company-operated restaurants; and the excess tax benefit or tax deficiency from share-based compensation arrangements. See "Reconciliation of Non-GAAP Measurements to GAAP Results." Operating earnings per share may not add due to rounding. |
(2) Adjusted EBITDA represents net earnings on a GAAP basis excluding income taxes, interest expense, net, gains or losses on the sale of company-operated restaurants, other operating expenses (income), net, depreciation and amortization, and the amortization of franchise tenant improvement allowances and incentives. See "Reconciliation of Non-GAAP Measurements to GAAP Results." |
(3) Restaurant-Level Margin and Franchise-Level Margin are non-GAAP measures. These non-GAAP measures are reconciled to earnings from operations, the most comparable GAAP measure, in the attachment to this release. See "Reconciliation of Non-GAAP Measurements to GAAP Results." |
Capital Allocation
On November 19, 2021, the Board of Directors authorized a $200.0 million stock buy-back program that expires on November 20, 2023. The Company did not repurchase any shares in the first quarter of 2022.
On February 18, 2022, the Board of Directors declared a cash dividend of $0.44 per common share, to be paid on March 22, 2022, to shareholders of record as of the close of business on March 9, 2022.
On February 14, 2022, subsequent to the end of the first quarter, Jack in the Box announced the completion of a $1.1 billion financing facility through the sale of $550 million of Series 2022-1 3.445% Fixed Rate Senior Secured Notes, Class A-2-I and $550 million of Series 2022-1 4.136% Fixed Rate Senior Secured Notes, Class A-2-II (together, the “2022 Notes”). The net proceeds of the sale of the 2022 Notes were used to repay in full the Company’s existing Series 2019-1 3.982% Fixed Rate Senior Secured Notes, Class A-2-I and to fund a portion of Jack in the Box’s acquisition of Del Taco Restaurants, Inc.
Conference Call
The company will host a conference call for analysts and investors on Wednesday, February 23, 2022, beginning at 7:30 a.m. PT (10:30 a.m. ET). The call will be webcast live via the Investors section of the Jack in the Box company website at http://investors.jackinthebox.com. A replay of the call will be available through the Jack in the Box Inc. corporate website for 21 days. The call can be accessed via phone by dialing (833) 513-0565 and using ID 4376117.
About Jack in the Box Inc.
Jack in the Box Inc. (NASDAQ: JACK), founded and headquartered in San Diego, California, is a restaurant company that operates and franchises Jack in the Box® restaurants, one of the nation’s largest hamburger chains, with more than 2,200 restaurants in 21 states and Guam. For more information on Jack in the Box, including franchising opportunities, visit www.jackinthebox.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goals,” “guidance,” “intend,” “plan,” “project,” “may,” “will,” “would” and similar expressions. These statements are based on management’s current expectations, estimates, forecasts and projections about our business and the industry in which we operate. These estimates and assumptions involve known and unknown risks, uncertainties, and other factors that are in some cases beyond our control. Factors that may cause our actual results to differ materially from any forward-looking statements include, but are not limited to: the potential impacts to our business and operations resulting from the coronavirus COVID-19 pandemic, the success of new products, marketing initiatives and restaurant remodels and drive-thru enhancements; the impact of competition, unemployment, trends in consumer spending patterns and commodity costs; the company’s ability to achieve and manage its planned growth, which is affected by the availability of a sufficient number of suitable new restaurant sites, the performance of new restaurants, risks relating to expansion into new markets and successful franchise development; the ability to attract, train and retain top-performing personnel, litigation risks; risks associated with disagreements with franchisees; supply chain disruption; food-safety incidents or negative publicity impacting the reputation of the company's brand; increased regulatory and legal complexities, including federal, state and local policies regarding mitigation strategies for controlling the coronavirus COVID-19 pandemic, risks associated with the amount and terms of the securitized debt issued by certain of our wholly owned subsidiaries; and stock market volatility. These and other factors are discussed in the company’s annual report on Form 10-K and its periodic reports on Form 10-Q filed with the Securities and Exchange Commission, which are available online at http://investors.jackinthebox.com or in hard copy upon request. The company undertakes no obligation to update or revise any forward-looking statement, whether as the result of new information or otherwise.
JACK IN THE BOX INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Revenues: |
|
|
|
|||||
Company restaurant sales |
$ |
120,056 |
|
|
$ |
114,278 |
|
|
Franchise rental revenues |
|
103,099 |
|
|
|
103,749 |
|
|
Franchise royalties and other |
|
60,755 |
|
|
|
59,648 |
|
|
Franchise contributions for advertising and other services |
|
60,801 |
|
|
|
60,866 |
|
|
|
|
344,711 |
|
|
|
338,541 |
|
|
Operating costs and expenses, net: |
|
|
|
|||||
Food and packaging |
|
37,537 |
|
|
|
32,377 |
|
|
Payroll and employee benefits |
|
39,725 |
|
|
|
34,931 |
|
|
Occupancy and other |
|
20,877 |
|
|
|
17,835 |
|
|
Franchise occupancy expenses |
|
63,983 |
|
|
|
65,169 |
|
|
Franchise support and other costs |
|
3,911 |
|
|
|
3,273 |
|
|
Franchise advertising and other services expenses |
|
63,308 |
|
|
|
62,695 |
|
|
Selling, general and administrative expenses |
|
25,339 |
|
|
|
20,499 |
|
|
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Other operating expenses (income), net |
|
3,843 |
|
|
|
(452 |
) |
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
|
|
270,971 |
|
|
|
249,615 |
|
|
Earnings from operations |
|
73,740 |
|
|
|
88,926 |
|
|
Other pension and post-retirement expenses, net |
|
93 |
|
|
|
271 |
|
|
Interest expense, net |
|
20,187 |
|
|
|
20,735 |
|
|
Earnings before income taxes |
|
53,460 |
|
|
|
67,920 |
|
|
Income taxes |
|
14,190 |
|
|
|
17,061 |
|
|
Net earnings |
$ |
39,270 |
|
|
$ |
50,859 |
|
|
|
|
|
|
|||||
Net earnings per share: |
|
|
|
|||||
Basic |
$ |
1.85 |
|
|
$ |
2.21 |
|
|
Diluted |
$ |
1.85 |
|
|
$ |
2.21 |
|
|
|
|
|
|
|||||
Weighted-average shares outstanding: |
|
|
|
|||||
Basic |
|
21,205 |
|
|
|
22,968 |
|
|
Diluted |
|
21,247 |
|
|
|
23,029 |
|
|
|
|
|
|
|||||
Dividends declared per common share |
$ |
0.44 |
|
|
$ |
0.40 |
|
JACK IN THE BOX INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except share and per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|||||
|
January 23,
|
|
October 3,
|
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash |
$ |
70,207 |
|
|
$ |
55,346 |
|
|
Restricted cash |
|
18,259 |
|
|
|
18,222 |
|
|
Accounts and other receivables, net |
|
55,220 |
|
|
|
74,335 |
|
|
Inventories |
|
2,686 |
|
|
|
2,335 |
|
|
Prepaid expenses |
|
10,073 |
|
|
|
12,682 |
|
|
Current assets held for sale |
|
1,881 |
|
|
|
1,692 |
|
|
Other current assets |
|
4,230 |
|
|
|
4,346 |
|
|
Total current assets |
|
162,556 |
|
|
|
168,958 |
|
|
Property and equipment: |
|
|
|
|||||
Property and equipment, at cost |
|
1,127,989 |
|
|
|
1,133,038 |
|
|
Less accumulated depreciation and amortization |
|
(813,346 |
) |
|
|
(810,124 |
) |
|
Property and equipment, net |
|
314,643 |
|
|
|
322,914 |
|
|
Other assets: |
|
|
|
|||||
Operating lease right-of-use assets |
|
956,068 |
|
|
|
934,066 |
|
|
Intangible assets, net |
|
403 |
|
|
|
470 |
|
|
Goodwill |
|
48,047 |
|
|
|
47,774 |
|
|
Deferred tax assets |
|
48,339 |
|
|
|
51,517 |
|
|
Other assets, net |
|
228,540 |
|
|
|
224,438 |
|
|
Total other assets |
|
1,281,397 |
|
|
|
1,258,265 |
|
|
|
$ |
1,758,596 |
|
|
$ |
1,750,137 |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Current maturities of long-term debt |
$ |
914 |
|
|
$ |
894 |
|
|
Current operating lease liabilities |
|
150,089 |
|
|
|
150,636 |
|
|
Accounts payable |
|
22,461 |
|
|
|
29,119 |
|
|
Accrued liabilities |
|
104,450 |
|
|
|
148,417 |
|
|
Total current liabilities |
|
277,914 |
|
|
|
329,066 |
|
|
Long-term liabilities: |
|
|
|
|||||
Long-term debt, net of current maturities |
|
1,274,772 |
|
|
|
1,273,420 |
|
|
Long-term operating lease liabilities, net of current portion |
|
841,957 |
|
|
|
809,191 |
|
|
Other long-term liabilities |
|
150,017 |
|
|
|
156,342 |
|
|
Total long-term liabilities |
|
2,266,746 |
|
|
|
2,238,953 |
|
|
Stockholders’ deficit: |
|
|
|
|||||
Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
|
Common stock $0.01 par value, 175,000,000 shares authorized, 82,563,579 and 82,536,059 issued, respectively |
|
826 |
|
|
|
825 |
|
|
Capital in excess of par value |
|
501,570 |
|
|
|
500,441 |
|
|
Retained earnings |
|
1,794,362 |
|
|
|
1,764,412 |
|
|
Accumulated other comprehensive loss |
|
(73,516 |
) |
|
|
(74,254 |
) |
|
Treasury stock, at cost, 61,523,475 shares |
|
(3,009,306 |
) |
|
|
(3,009,306 |
) |
|
Total stockholders’ deficit |
|
(786,064 |
) |
|
|
(817,882 |
) |
|
|
$ |
1,758,596 |
|
|
$ |
1,750,137 |
|
JACK IN THE BOX INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) (Unaudited) |
||||||||
|
|
|||||||
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net earnings |
$ |
39,270 |
|
|
$ |
50,859 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Amortization of franchise tenant improvement allowances and incentives |
|
1,234 |
|
|
|
861 |
|
|
Deferred finance cost amortization |
|
1,722 |
|
|
|
1,722 |
|
|
(Excess tax benefit) tax deficiency from share-based compensation arrangements |
|
38 |
|
|
|
(58 |
) |
|
Deferred income taxes |
|
2,317 |
|
|
|
2,452 |
|
|
Share-based compensation expense |
|
1,018 |
|
|
|
1,231 |
|
|
Pension and post-retirement expense |
|
93 |
|
|
|
271 |
|
|
Losses (gains) on cash surrender value of company-owned life insurance |
|
579 |
|
|
|
(7,042 |
) |
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
Gains on the disposition of property and equipment, net |
|
(617 |
) |
|
|
(2,160 |
) |
|
Impairment charges and other |
|
919 |
|
|
|
546 |
|
|
Changes in assets and liabilities, excluding acquisitions: |
|
|
|
|||||
Accounts and other receivables |
|
19,910 |
|
|
|
24,805 |
|
|
Inventories |
|
(351 |
) |
|
|
(133 |
) |
|
Prepaid expenses and other current assets |
|
2,720 |
|
|
|
2,595 |
|
|
Operating lease right-of-use assets and lease liabilities |
|
10,218 |
|
|
|
(14,441 |
) |
|
Accounts payable |
|
(5,218 |
) |
|
|
(15,078 |
) |
|
Accrued liabilities |
|
(47,849 |
) |
|
|
8,791 |
|
|
Pension and post-retirement contributions |
|
(2,075 |
) |
|
|
(2,061 |
) |
|
Franchise tenant improvement allowance and incentive disbursements |
|
(1,166 |
) |
|
|
(813 |
) |
|
Other |
|
(1,159 |
) |
|
|
(3,384 |
) |
|
Cash flows provided by operating activities |
|
34,051 |
|
|
|
62,251 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(9,401 |
) |
|
|
(7,076 |
) |
|
Proceeds from the sale of property and equipment |
|
2,245 |
|
|
|
3,629 |
|
|
Proceeds from the sale and leaseback of assets |
|
1,576 |
|
|
|
— |
|
|
Proceeds from the sale of company-operated restaurants |
|
48 |
|
|
|
133 |
|
|
Other |
|
(1,305 |
) |
|
|
2,677 |
|
|
Cash flows used in investing activities |
|
(6,837 |
) |
|
|
(637 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Principal repayments on debt |
|
(223 |
) |
|
|
(211 |
) |
|
Debt issuance costs |
|
(2,090 |
) |
|
|
— |
|
|
Dividends paid on common stock |
|
(9,257 |
) |
|
|
(9,089 |
) |
|
Proceeds from issuance of common stock |
|
49 |
|
|
|
114 |
|
|
Payroll tax payments for equity award issuances |
|
(795 |
) |
|
|
(773 |
) |
|
Cash flows used in financing activities |
|
(12,316 |
) |
|
|
(9,959 |
) |
|
Net increase in cash and restricted cash |
|
14,898 |
|
|
|
51,655 |
|
|
Cash and restricted cash at beginning of period |
|
73,568 |
|
|
|
236,920 |
|
|
Cash and restricted cash at end of period |
$ |
88,466 |
|
|
$ |
288,575 |
|
JACK IN THE BOX INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION
The following table presents certain income and expense items included in our condensed consolidated statements of earnings as a percentage of total revenues, unless otherwise indicated. Percentages may not add due to rounding.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS DATA |
||||||
(Unaudited) |
||||||
|
|
|||||
|
16 Weeks Ended |
|||||
|
January 23, 2022 |
|
January 17, 2021 |
|||
Revenues: |
|
|
|
|||
Company restaurant sales |
34.8 |
% |
|
33.8 |
% |
|
Franchise rental revenues |
29.9 |
% |
|
30.6 |
% |
|
Franchise royalties and other |
17.6 |
% |
|
17.6 |
% |
|
Franchise contributions for advertising and other services |
17.6 |
% |
|
18.0 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
|
Operating costs and expenses, net: |
|
|
|
|||
Food and packaging (1) |
31.3 |
% |
|
28.3 |
% |
|
Payroll and employee benefits (1) |
33.1 |
% |
|
30.6 |
% |
|
Occupancy and other (1) |
17.4 |
% |
|
15.6 |
% |
|
Franchise occupancy expenses (excluding depreciation and amortization) (2) |
62.1 |
% |
|
62.8 |
% |
|
Franchise support and other costs (3) |
6.4 |
% |
|
5.5 |
% |
|
Franchise advertising and other services expenses (4) |
104.1 |
% |
|
103.0 |
% |
|
Selling, general and administrative expenses |
7.4 |
% |
|
6.1 |
% |
|
Depreciation and amortization |
3.6 |
% |
|
4.3 |
% |
|
Other operating expenses (income), net |
1.1 |
% |
|
(0.1 |
)% |
|
Gains on the sale of company-operated restaurants |
— |
% |
|
(0.4 |
)% |
|
Earnings from operations |
21.4 |
% |
|
26.3 |
% |
|
Income tax rate (5) |
26.5 |
% |
|
25.1 |
% |
____________________________ |
||
(1) |
As a percentage of company restaurant sales. |
|
(2) |
As a percentage of franchise rental revenues. |
|
(3) |
As a percentage of franchise royalties and other. |
|
(4) |
As a percentage of franchise contributions for advertising and other services. |
|
(5) |
As a percentage of earnings from operations and before income taxes. |
Jack in the Box systemwide sales (in thousands): |
||||||
|
16 Weeks Ended |
|||||
|
January 23, 2022 |
|
January 17, 2021 |
|||
Company-operated restaurant sales |
$ |
120,056 |
|
$ |
114,278 |
|
Franchised restaurant sales (1) |
|
1,117,676 |
|
|
1,115,826 |
|
Systemwide sales (1) |
$ |
1,237,732 |
|
$ |
1,230,104 |
____________________________ |
||
(1) |
Franchised restaurant sales represent sales at franchised restaurants and are revenues of our franchisees. Systemwide sales include company and franchised restaurant sales. We do not record franchised sales as revenues; however, our royalty revenues, marketing fees and percentage rent revenues are calculated based on a percentage of franchised sales. We believe franchised and systemwide restaurant sales information is useful to investors as they have a direct effect on the company's profitability. |
The following table summarizes the year-to-date changes in the number and mix of Jack in the Box company and franchise restaurants:
SUPPLEMENTAL RESTAURANT ACTIVITY INFORMATION |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||
|
|
Company |
|
Franchise |
|
Total |
|
Company |
|
Franchise |
|
Total |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning of year |
163 |
|
|
2,055 |
|
|
2,218 |
|
|
144 |
|
|
2,097 |
|
|
2,241 |
|
|
New |
— |
|
|
2 |
|
|
2 |
|
|
— |
|
|
3 |
|
|
3 |
|
|
Acquired from franchisees |
4 |
|
|
(4 |
) |
|
— |
|
|
4 |
|
|
(4 |
) |
|
— |
|
|
Closed |
(2 |
) |
|
(10 |
) |
|
(12 |
) |
|
— |
|
|
(7 |
) |
|
(7 |
) |
|
End of period |
165 |
|
|
2,043 |
|
|
2,208 |
|
|
148 |
|
|
2,089 |
|
|
2,237 |
|
|
% of system |
7 |
% |
|
93 |
% |
|
100 |
% |
|
7 |
% |
|
93 |
% |
|
100 |
% |
JACK IN THE BOX INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASUREMENTS TO GAAP RESULTS (Unaudited)
To supplement the condensed consolidated financial statements, which are presented in accordance with GAAP, the company uses the following non-GAAP measures: Operating Earnings Per Share, Adjusted EBITDA, Restaurant-Level Margin and Franchise-Level Margin. Management believes that these measurements, when viewed with the company's results of operations in accordance with GAAP and the accompanying reconciliations in the tables below, provide useful information about operating performance and period-over-period changes, and provide additional information that is useful for evaluating the operating performance of the company's core business without regard to potential distortions.
Operating Earnings Per Share
Operating Earnings Per Share represents diluted earnings per share on a GAAP basis excluding acquisition, integration, and restructuring costs; COLI losses (gains), net; gains on the sale of company-operated restaurants; and the excess tax benefit or tax deficiency from share-based compensation arrangements. Operating Earnings Per Share should be considered as a supplement to, not as a substitute for, analysis of results as reported under U.S. GAAP or other similarly titled measures of other companies. Management believes Operating Earnings Per Share provides investors with a meaningful supplement of the company’s operating performance and period-over-period changes without regard to potential distortions.
Below is a reconciliation of non-GAAP Operating Earnings Per Share to the most directly comparable GAAP measure, diluted earnings per share. Figures may not add due to rounding.
|
|
16 Weeks Ended |
|||||
|
|
January 23, 2022 |
|
January 17, 2021 (2) |
|||
Diluted earnings per share – GAAP |
|
$ |
1.85 |
|
$ |
2.21 |
|
Acquisition, integration, and restructuring costs |
|
|
0.11 |
|
|
— |
|
Net COLI losses (gains) |
|
|
0.02 |
|
|
(0.19 |
) |
Gains on the sale of company-operated restaurants |
|
|
— |
|
|
(0.04 |
) |
Excess tax benefits from share-based compensation arrangements |
|
|
— |
|
|
— |
|
Operating Earnings Per Share – non-GAAP (1) |
|
$ |
1.97 |
|
$ |
1.98 |
|
____________________ |
||
(1) |
Operating Earnings Per Share may not add due to rounding. |
|
(2) |
Beginning in the first quarter of 2022, we exclude gains and losses driven by mark-to-market changes in the cash surrender value of COLI policies, net of a deferred compensation obligation supported by these policies. The prior period has been recast to conform to the current year presentation. |
Adjusted EBITDA
Adjusted EBITDA represents net earnings on a GAAP basis excluding income taxes, interest expense, net, gains or losses on the sale of company-operated restaurants, other operating expenses (income), net, depreciation and amortization, and the amortization of franchise tenant improvement allowances and other. Adjusted EBITDA should be considered as a supplement to, not as a substitute for, analysis of results as reported under U.S. GAAP or other similarly titled measures of other companies. Management believes Adjusted EBITDA is useful to investors to gain an understanding of the factors and trends affecting the company's ongoing cash earnings, from which capital investments are made and debt is serviced.
Below is a reconciliation of non-GAAP Adjusted EBITDA to the most directly comparable GAAP measure, net earnings (in thousands).
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Net earnings - GAAP |
$ |
39,270 |
|
|
$ |
50,859 |
|
|
Income taxes |
|
14,190 |
|
|
|
17,061 |
|
|
Interest expense, net |
|
20,187 |
|
|
|
20,735 |
|
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
Other operating expenses (income), net |
|
3,843 |
|
|
|
(452 |
) |
|
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Amortization of franchise tenant improvement allowances and other |
|
1,234 |
|
|
|
861 |
|
|
Adjusted EBITDA – non-GAAP |
$ |
91,172 |
|
|
$ |
102,352 |
|
Restaurant-Level Margin
Restaurant-Level Margin is defined as company restaurant sales less restaurant operating costs (food and packaging, labor, and occupancy costs) and is neither required by, nor presented in accordance with GAAP. Restaurant-Level Margin excludes revenues and expenses of our franchise operations and certain costs, such as selling, general, and administrative expenses, depreciation and amortization, other operating expenses (income), net, gains or losses on the sale of company-operated restaurants, and other costs that are considered normal operating costs. As such, Restaurant-Level Margin is not indicative of the overall results of the company and does not accrue directly to the benefit of shareholders because of the exclusion of corporate-level expenses. Restaurant-Level Margin should be considered as a supplement to, not as a substitute for, analysis of results as reported under GAAP or other similarly titled measures of other companies. The company is presenting Restaurant-Level Margin because it believes that it provides a meaningful supplement to net earnings of the company's core business operating results, as well as a comparison to those of other similar companies. Management utilizes Restaurant-Level Margin as a key performance indicator to evaluate the profitability of company-operated restaurants.
Below is a reconciliation of non-GAAP Restaurant-Level Margin to the most directly comparable GAAP measure, earnings from operations (in thousands):
|
|
16 Weeks Ended |
||||||
|
|
January 23, 2022 |
|
January 17, 2021 |
||||
Earnings from operations - GAAP |
|
$ |
73,740 |
|
|
$ |
88,926 |
|
Franchise rental revenues |
|
|
(103,099 |
) |
|
|
(103,749 |
) |
Franchise royalties and other |
|
|
(60,755 |
) |
|
|
(59,648 |
) |
Franchise contributions for advertising and other services |
|
|
(60,801 |
) |
|
|
(60,866 |
) |
Franchise occupancy expenses |
|
|
63,983 |
|
|
|
65,169 |
|
Franchise support and other costs |
|
|
3,911 |
|
|
|
3,273 |
|
Franchise advertising and other services expenses |
|
|
63,308 |
|
|
|
62,695 |
|
Selling, general and administrative expenses |
|
|
25,339 |
|
|
|
20,499 |
|
Other operating expenses (income), net |
|
|
3,843 |
|
|
|
(452 |
) |
Gains on the sale of company-operated restaurants |
|
|
(48 |
) |
|
|
(1,283 |
) |
Depreciation and amortization |
|
|
12,496 |
|
|
|
14,571 |
|
Restaurant-Level Margin- Non-GAAP |
|
$ |
21,917 |
|
|
$ |
29,135 |
|
|
|
|
|
|
||||
Company restaurant sales |
|
$ |
120,056 |
|
|
$ |
114,278 |
|
|
|
|
|
|
||||
Restaurant-Level Margin % - Non-GAAP |
|
|
18.3 |
% |
|
|
25.5 |
% |
Franchise-Level Margin
Franchise-Level Margin is defined as franchise revenues less franchise operating costs (occupancy expenses, advertising contributions, and franchise support and other costs) and is neither required by, nor presented in accordance with GAAP. Franchise-Level Margin excludes revenue and expenses of our company-operated restaurants and certain costs, such as selling, general, and administrative expenses, depreciation and amortization, other operating expenses (income), net, and other costs that are considered normal operating costs. As such, Franchise-Level Margin is not indicative of the overall results of the company and does not accrue directly to the benefit of shareholders because of the exclusion of corporate-level expenses. Franchise-Level Margin should be considered as a supplement to, not as a substitute for, analysis of results as reported under GAAP or other similarly titled measures of other companies. The company is presenting Franchise-Level Margin because it believes that it provides a meaningful supplement to net earnings of the company's core business operating results, as well as a comparison to those of other similar companies. Management utilizes Franchise-Level Margin as a key performance indicator to evaluate the profitability of our franchise operations.
Below is a reconciliation of non-GAAP Franchise-Level Margin to the most directly comparable GAAP measure, earnings from operations (in thousands):
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Earnings from operations - GAAP |
$ |
73,740 |
|
|
$ |
88,926 |
|
|
Company restaurant sales |
|
(120,056 |
) |
|
|
(114,278 |
) |
|
Food and packaging |
|
37,537 |
|
|
|
32,377 |
|
|
Payroll and employee benefits |
|
39,725 |
|
|
|
34,931 |
|
|
Occupancy and other |
|
20,877 |
|
|
|
17,835 |
|
|
Selling, general and administrative expenses |
|
25,339 |
|
|
|
20,499 |
|
|
Other operating expenses (income), net |
|
3,843 |
|
|
|
(452 |
) |
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Franchise-Level Margin - Non-GAAP |
$ |
93,453 |
|
|
$ |
93,126 |
|
|
|
|
|
|
|||||
Franchise rental revenues |
$ |
103,099 |
|
|
$ |
103,749 |
|
|
Franchise royalties and other |
|
60,755 |
|
|
|
59,648 |
|
|
Franchise contributions for advertising and other services |
|
60,801 |
|
|
|
60,866 |
|
|
Total franchise revenues |
$ |
224,655 |
|
|
$ |
224,263 |
|
|
|
|
|
|
|||||
Franchise-Level Margin % - Non-GAAP |
|
41.6 |
% |
|
|
41.5 |
% |
Общесистемный рост продаж +0,6%
Рост продаж в том же магазине +1,2% в первом квартале 2022 года, +13,7% за два года.
Подписано 26 соглашений о развитии 98 ресторанов, в результате чего общее количество ресторанов, находящихся в стадии разработки, достигло 201.
САН-ДИЕГО – (BUSINESS WIRE) – Jack in the Box Inc. (NASDAQ: JACK) объявила финансовые результаты за первый квартал, закончившийся 23 января 2022 г., включающие рост общесистемных продаж и продаж в одних и тех же магазинах.
«Мы начали 2022 финансовый год с солидных результатов, в том числе за два года +13,7%, несмотря на сложную операционную среду для всей отрасли», — сказал Дарин Харрис, главный исполнительный директор Jack in the Box. «Я горжусь стойкостью, продемонстрированной нашими франчайзи, операторами и членами корпоративной команды при оказании услуг нашим гостям в трудный период. Мы по-прежнему уделяем большое внимание основам, здоровью франчайзи и демонстрируем прогресс в достижении наших долгосрочных целей роста ресторана».
Общесистемные продажи за первый квартал выросли на 0,6% за счет положительных результатов продаж в тех же магазинах и частично компенсированы небольшим снижением в сети ресторанов.
Системные продажи в одном магазине выросли на 1,2%, в том числе франчайзинговые продажи в том же магазине на 1,4%, при этом увеличение среднего чека частично компенсируется снижением трафика; и продажи в одном и том же магазине, управляемые Компанией, которые снизились на 0,3% в первом квартале, при этом снижение трафика частично компенсируется увеличением среднего чека.
В первом квартале было подписано 26 соглашений о развитии 98 будущих ресторанов, в результате чего общее количество соглашений достигло 50, а будущих обязательств по ресторанам — 201 с момента запуска программы развития франшизы в середине 2021 года — это самый высокий уровень обязательств по ресторанам в истории компании. Чистый спад в ресторанах компании в первом квартале составил десять ресторанов, из которых два открылись и двенадцать закрылись. Двенадцать закрытых ресторанов включали два, управляемых компанией, шесть в связи с досрочным расторжением и четыре истечения срока действия соглашения.
Same-Store Sales: |
||||
|
|
16 Weeks Ended |
||
|
|
January 23, 2022 |
|
January 17, 2021 |
Company |
(0.3)% |
|
7.5% |
|
Franchise |
1.4% |
|
13.0% |
|
System |
1.2% |
|
12.5% |
Restaurant Counts: |
||||||||||||
|
2022 |
|
2021 |
|||||||||
|
Company |
|
Franchise |
|
Total |
|
Company |
|
Franchise |
|
Total |
|
Restaurant count at beginning of Q1 |
163 |
|
2,055 |
|
2,218 |
|
144 |
|
2,097 |
|
2,241 |
|
New |
— |
|
2 |
|
2 |
|
— |
|
3 |
|
3 |
|
Acquired from franchisees |
4 |
|
(4) |
|
— |
|
4 |
|
(4) |
|
— |
|
Closed |
(2) |
|
(10) |
|
(12) |
|
— |
|
(7) |
|
(7) |
|
Restaurant count at end of Q1 |
165 |
|
2,043 |
|
2,208 |
|
148 |
|
2,089 |
|
2,237 |
|
Q1 Net Restaurant Increase/(Decrease) |
2 |
|
(12) |
|
(10) |
|
|
|
|
|
|
|
Q1 2022 vs. Q1 2021 Restaurant % Increase/(Decrease) |
11.5% |
|
(2.2)% |
|
(1.3)% |
|
|
|
|
|
|
Разводненная прибыль на акцию в первом квартале составила $1,85. Операционная прибыль на акцию (1), показатель не по GAAP, составила 1,97 доллара в первом квартале 2021 финансового года по сравнению с 1,98 доллара в квартале предыдущего года. Общая выручка увеличилась на 1,8% до 344,7 млн долларов по сравнению с 338,5 млн долларов в квартале предыдущего года. Чистая прибыль снизилась до 39,3 млн долларов США в первом квартале 2022 финансового года по сравнению с 50,9 млн долларов США в первом квартале 2021 финансового года. $102,4 млн за квартал предыдущего года.
Маржа на уровне ресторана(3), показатель, не предусмотренный GAAP, составила 18,3%, что обусловлено ростом затрат на продукты питания и упаковку; инфляция заработной платы 10,9%; и увеличение расходов на коммунальные услуги, техническое обслуживание и ремонт, что частично компенсируется более низкой компенсацией на основе стимулов и повышением цен в меню. Затраты на сырьевые товары увеличились за квартал примерно на 10,5%, в основном из-за роста цен на говядину, свинину, соусы и масло.
Кроме того, рестораны, которые компания выкупила у франчайзи за последние 24 месяца, называемые нашими «развивающимися рынками», более подробно описанные ниже, отрицательно повлияли на маржу ресторанного уровня на 2,3 процентных пункта.
«Развивающиеся рынки» состоят из 30 ресторанов, управляемых Компанией, расположенных в районах Орегона, Оклахома-Сити и Канзас-Сити, которые мы повторно приобрели с намерением передать франшизу. После первого квартала мы также выкупили 9 франчайзинговых ресторанов в районе Нэшвилла. Мы ожидаем, что эти «развивающиеся рынки» будут иметь временное сопротивление от 2 до 2,5 процентных пунктов общей маржи на уровне ресторанов, принадлежащих компании, до тех пор, пока они не будут повторно предоставлены. Напоминаем, что локации, управляемые компанией, составляют 9,7% от общего объема продаж компании.
Маржа на уровне франшизы(3), показатель, не предусмотренный GAAP, увеличилась на 0,3 млн долл. США, или на 0,4%, по сравнению с первым кварталом прошлого года благодаря росту продаж.
Общие и административные расходы за первый квартал составили 25,3 млн долларов США, что на 4,8 млн долларов США больше, чем в предыдущем квартале, в основном за счет; рыночные изменения выкупной стоимости полисов страхования жизни, принадлежащих компании («COLI»), за вычетом изменений в наших обязательствах по отсроченной компенсации, поддерживаемых этими полисами, что привело к увеличению по сравнению с прошлым годом на 5,2 миллиона долларов США; частично компенсируется уменьшением поощрительного вознаграждения.
(1) Operating Earnings Per Share represents diluted earnings per share on a GAAP basis of $1.85 excluding acquisition, integration, and restructuring costs of $0.11; COLI (losses) gains, net of $0.02; gains on the sale of company-operated restaurants; and the excess tax benefit or tax deficiency from share-based compensation arrangements. See "Reconciliation of Non-GAAP Measurements to GAAP Results." Operating earnings per share may not add due to rounding. |
(2) Adjusted EBITDA represents net earnings on a GAAP basis excluding income taxes, interest expense, net, gains or losses on the sale of company-operated restaurants, other operating expenses (income), net, depreciation and amortization, and the amortization of franchise tenant improvement allowances and incentives. See "Reconciliation of Non-GAAP Measurements to GAAP Results." |
(3) Restaurant-Level Margin and Franchise-Level Margin are non-GAAP measures. These non-GAAP measures are reconciled to earnings from operations, the most comparable GAAP measure, in the attachment to this release. See "Reconciliation of Non-GAAP Measurements to GAAP Results." |
Распределение капитала
19 ноября 2021 г. Совет директоров санкционировал программу обратного выкупа акций на сумму 200,0 млн долларов США, срок действия которой истекает 20 ноября 2023 г. Компания не выкупала акции в первом квартале 2022 г.
18 февраля 2022 г. Совет директоров объявил дивиденды в денежной форме в размере 0,44 долл. США на одну обыкновенную акцию, которые должны быть выплачены 22 марта 2022 г. акционерам, зарегистрированным на момент закрытия рабочего дня 9 марта 2022 г.
14 февраля 2022 г., после окончания первого квартала, Jack in the Box объявила о завершении кредитной линии на сумму 1,1 млрд долларов США путем продажи старших обеспеченных облигаций серии 2022-1 с фиксированной ставкой 3,445% на сумму 550 млн долларов США, класса A-2-I. и Старшие обеспеченные облигации серии 2022-1 с фиксированной процентной ставкой 4,136% на сумму 550 млн долларов США, класс A-2-II (вместе именуемые «Облигации 2022 года»). Чистая выручка от продажи Облигаций 2022 года была использована для полного погашения существующих Старших обеспеченных облигаций Компании серии 2019-1 с фиксированной ставкой 3,982%, Класс A-2-I, а также для финансирования части приобретения Jack in the Box компании Del Taco Restaurants, Инк.
Групповой звонок
Компания проведет телеконференцию для аналитиков и инвесторов в среду, 23 февраля 2022 г., начало в 7:30 по тихоокеанскому времени (10:30 по восточному времени). Конференция будет транслироваться в прямом эфире через раздел «Инвесторы» на веб-сайте компании Jack in the Box по адресу http://investors.jackinthebox.com. Повтор звонка будет доступен на корпоративном веб-сайте Jack in the Box Inc. в течение 21 дня. Доступ к вызову можно получить по телефону, набрав (833) 513-0565 и используя идентификатор 4376117.
О Jack in the Box Inc.
Jack in the Box Inc. (NASDAQ: JACK), основанная и имеющая штаб-квартиру в Сан-Диего, Калифорния, является ресторанной компанией, которая управляет ресторанами Jack in the Box®, одной из крупнейших в стране сетей гамбургеров, насчитывающей более 2200 ресторанов в 21 штате и на Гуаме. Для получения дополнительной информации об Jack in the Box, в том числе о возможностях франчайзинга, посетите сайт www.jackinthebox.com.
Заявление о безопасной гавани
Настоящий пресс-релиз содержит заявления прогнозного характера по смыслу федерального законодательства о ценных бумагах. Прогнозные заявления могут обозначаться такими словами, как «предполагать», «полагать», «оценивать», «ожидать», «прогнозировать», «цели», «руководство», «намереваться», «планировать», «проектировать, «может», «будет», «будет» и тому подобные выражения. Эти заявления основаны на текущих ожиданиях, оценках, прогнозах и планах руководства в отношении нашего бизнеса и отрасли, в которой мы работаем. Эти оценки и допущения связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые в некоторых случаях находятся вне нашего контроля. Факторы, которые могут привести к тому, что наши фактические результаты могут существенно отличаться от любых прогнозных заявлений, включают, помимо прочего: потенциальное воздействие на наш бизнес и операции в результате пандемии коронавируса COVID-19, успех новых продуктов, маркетинговые инициативы и реконструкция ресторана и усовершенствование проезда; влияние конкуренции, безработицы, тенденций в структуре потребительских расходов и стоимости товаров; способность компании достичь запланированного роста и управлять им, на что влияет наличие достаточного количества подходящих новых площадок для ресторанов, эффективность новых ресторанов, риски, связанные с выходом на новые рынки и успешным развитием франшизы; способность привлекать, обучать и удерживать высокоэффективный персонал, судебные риски; риски, связанные с разногласиями с франчайзи; нарушение цепочки поставок; инциденты, связанные с безопасностью пищевых продуктов, или негативная огласка, влияющая на репутацию бренда компании; возросшие нормативные и юридические сложности, включая федеральную, государственную и местную политику в отношении стратегий смягчения последствий для борьбы с пандемией коронавируса COVID-19, риски, связанные с суммой и условиями секьюритизированного долга, выпущенного некоторыми из наших дочерних компаний, находящихся в полной собственности; и волатильность фондового рынка. Эти и другие факторы обсуждаются в годовом отчете компании по форме 10-K и ее периодических отчетах по форме 10-Q, подаваемых в Комиссию по ценным бумагам и биржам, которые доступны в Интернете по адресу http://investors.jackinthebox.com или на жестком копия по запросу. Компания не берет на себя никаких обязательств обновлять или пересматривать какие-либо прогнозные заявления, будь то в результате получения новой информации или иным образом.
Jack in the Box INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Revenues: |
|
|
|
|||||
Company restaurant sales |
$ |
120,056 |
|
|
$ |
114,278 |
|
|
Franchise rental revenues |
|
103,099 |
|
|
|
103,749 |
|
|
Franchise royalties and other |
|
60,755 |
|
|
|
59,648 |
|
|
Franchise contributions for advertising and other services |
|
60,801 |
|
|
|
60,866 |
|
|
|
|
344,711 |
|
|
|
338,541 |
|
|
Operating costs and expenses, net: |
|
|
|
|||||
Food and packaging |
|
37,537 |
|
|
|
32,377 |
|
|
Payroll and employee benefits |
|
39,725 |
|
|
|
34,931 |
|
|
Occupancy and other |
|
20,877 |
|
|
|
17,835 |
|
|
Franchise occupancy expenses |
|
63,983 |
|
|
|
65,169 |
|
|
Franchise support and other costs |
|
3,911 |
|
|
|
3,273 |
|
|
Franchise advertising and other services expenses |
|
63,308 |
|
|
|
62,695 |
|
|
Selling, general and administrative expenses |
|
25,339 |
|
|
|
20,499 |
|
|
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Other operating expenses (income), net |
|
3,843 |
|
|
|
(452 |
) |
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
|
|
270,971 |
|
|
|
249,615 |
|
|
Earnings from operations |
|
73,740 |
|
|
|
88,926 |
|
|
Other pension and post-retirement expenses, net |
|
93 |
|
|
|
271 |
|
|
Interest expense, net |
|
20,187 |
|
|
|
20,735 |
|
|
Earnings before income taxes |
|
53,460 |
|
|
|
67,920 |
|
|
Income taxes |
|
14,190 |
|
|
|
17,061 |
|
|
Net earnings |
$ |
39,270 |
|
|
$ |
50,859 |
|
|
|
|
|
|
|||||
Net earnings per share: |
|
|
|
|||||
Basic |
$ |
1.85 |
|
|
$ |
2.21 |
|
|
Diluted |
$ |
1.85 |
|
|
$ |
2.21 |
|
|
|
|
|
|
|||||
Weighted-average shares outstanding: |
|
|
|
|||||
Basic |
|
21,205 |
|
|
|
22,968 |
|
|
Diluted |
|
21,247 |
|
|
|
23,029 |
|
|
|
|
|
|
|||||
Dividends declared per common share |
$ |
0.44 |
|
|
$ |
0.40 |
|
Jack in the Box INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(In thousands, except share and per share data) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|||||
|
January 23,
|
|
October 3,
|
|||||
ASSETS |
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash |
$ |
70,207 |
|
|
$ |
55,346 |
|
|
Restricted cash |
|
18,259 |
|
|
|
18,222 |
|
|
Accounts and other receivables, net |
|
55,220 |
|
|
|
74,335 |
|
|
Inventories |
|
2,686 |
|
|
|
2,335 |
|
|
Prepaid expenses |
|
10,073 |
|
|
|
12,682 |
|
|
Current assets held for sale |
|
1,881 |
|
|
|
1,692 |
|
|
Other current assets |
|
4,230 |
|
|
|
4,346 |
|
|
Total current assets |
|
162,556 |
|
|
|
168,958 |
|
|
Property and equipment: |
|
|
|
|||||
Property and equipment, at cost |
|
1,127,989 |
|
|
|
1,133,038 |
|
|
Less accumulated depreciation and amortization |
|
(813,346 |
) |
|
|
(810,124 |
) |
|
Property and equipment, net |
|
314,643 |
|
|
|
322,914 |
|
|
Other assets: |
|
|
|
|||||
Operating lease right-of-use assets |
|
956,068 |
|
|
|
934,066 |
|
|
Intangible assets, net |
|
403 |
|
|
|
470 |
|
|
Goodwill |
|
48,047 |
|
|
|
47,774 |
|
|
Deferred tax assets |
|
48,339 |
|
|
|
51,517 |
|
|
Other assets, net |
|
228,540 |
|
|
|
224,438 |
|
|
Total other assets |
|
1,281,397 |
|
|
|
1,258,265 |
|
|
|
$ |
1,758,596 |
|
|
$ |
1,750,137 |
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Current maturities of long-term debt |
$ |
914 |
|
|
$ |
894 |
|
|
Current operating lease liabilities |
|
150,089 |
|
|
|
150,636 |
|
|
Accounts payable |
|
22,461 |
|
|
|
29,119 |
|
|
Accrued liabilities |
|
104,450 |
|
|
|
148,417 |
|
|
Total current liabilities |
|
277,914 |
|
|
|
329,066 |
|
|
Long-term liabilities: |
|
|
|
|||||
Long-term debt, net of current maturities |
|
1,274,772 |
|
|
|
1,273,420 |
|
|
Long-term operating lease liabilities, net of current portion |
|
841,957 |
|
|
|
809,191 |
|
|
Other long-term liabilities |
|
150,017 |
|
|
|
156,342 |
|
|
Total long-term liabilities |
|
2,266,746 |
|
|
|
2,238,953 |
|
|
Stockholders’ deficit: |
|
|
|
|||||
Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued |
|
— |
|
|
|
— |
|
|
Common stock $0.01 par value, 175,000,000 shares authorized, 82,563,579 and 82,536,059 issued, respectively |
|
826 |
|
|
|
825 |
|
|
Capital in excess of par value |
|
501,570 |
|
|
|
500,441 |
|
|
Retained earnings |
|
1,794,362 |
|
|
|
1,764,412 |
|
|
Accumulated other comprehensive loss |
|
(73,516 |
) |
|
|
(74,254 |
) |
|
Treasury stock, at cost, 61,523,475 shares |
|
(3,009,306 |
) |
|
|
(3,009,306 |
) |
|
Total stockholders’ deficit |
|
(786,064 |
) |
|
|
(817,882 |
) |
|
|
$ |
1,758,596 |
|
|
$ |
1,750,137 |
|
Jack in the Box INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(In thousands) (Unaudited) |
||||||||
|
|
|||||||
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Cash flows from operating activities: |
|
|
|
|||||
Net earnings |
$ |
39,270 |
|
|
$ |
50,859 |
|
|
Adjustments to reconcile net earnings to net cash provided by operating activities: |
|
|
|
|||||
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Amortization of franchise tenant improvement allowances and incentives |
|
1,234 |
|
|
|
861 |
|
|
Deferred finance cost amortization |
|
1,722 |
|
|
|
1,722 |
|
|
(Excess tax benefit) tax deficiency from share-based compensation arrangements |
|
38 |
|
|
|
(58 |
) |
|
Deferred income taxes |
|
2,317 |
|
|
|
2,452 |
|
|
Share-based compensation expense |
|
1,018 |
|
|
|
1,231 |
|
|
Pension and post-retirement expense |
|
93 |
|
|
|
271 |
|
|
Losses (gains) on cash surrender value of company-owned life insurance |
|
579 |
|
|
|
(7,042 |
) |
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
Gains on the disposition of property and equipment, net |
|
(617 |
) |
|
|
(2,160 |
) |
|
Impairment charges and other |
|
919 |
|
|
|
546 |
|
|
Changes in assets and liabilities, excluding acquisitions: |
|
|
|
|||||
Accounts and other receivables |
|
19,910 |
|
|
|
24,805 |
|
|
Inventories |
|
(351 |
) |
|
|
(133 |
) |
|
Prepaid expenses and other current assets |
|
2,720 |
|
|
|
2,595 |
|
|
Operating lease right-of-use assets and lease liabilities |
|
10,218 |
|
|
|
(14,441 |
) |
|
Accounts payable |
|
(5,218 |
) |
|
|
(15,078 |
) |
|
Accrued liabilities |
|
(47,849 |
) |
|
|
8,791 |
|
|
Pension and post-retirement contributions |
|
(2,075 |
) |
|
|
(2,061 |
) |
|
Franchise tenant improvement allowance and incentive disbursements |
|
(1,166 |
) |
|
|
(813 |
) |
|
Other |
|
(1,159 |
) |
|
|
(3,384 |
) |
|
Cash flows provided by operating activities |
|
34,051 |
|
|
|
62,251 |
|
|
Cash flows from investing activities: |
|
|
|
|||||
Purchases of property and equipment |
|
(9,401 |
) |
|
|
(7,076 |
) |
|
Proceeds from the sale of property and equipment |
|
2,245 |
|
|
|
3,629 |
|
|
Proceeds from the sale and leaseback of assets |
|
1,576 |
|
|
|
— |
|
|
Proceeds from the sale of company-operated restaurants |
|
48 |
|
|
|
133 |
|
|
Other |
|
(1,305 |
) |
|
|
2,677 |
|
|
Cash flows used in investing activities |
|
(6,837 |
) |
|
|
(637 |
) |
|
Cash flows from financing activities: |
|
|
|
|||||
Principal repayments on debt |
|
(223 |
) |
|
|
(211 |
) |
|
Debt issuance costs |
|
(2,090 |
) |
|
|
— |
|
|
Dividends paid on common stock |
|
(9,257 |
) |
|
|
(9,089 |
) |
|
Proceeds from issuance of common stock |
|
49 |
|
|
|
114 |
|
|
Payroll tax payments for equity award issuances |
|
(795 |
) |
|
|
(773 |
) |
|
Cash flows used in financing activities |
|
(12,316 |
) |
|
|
(9,959 |
) |
|
Net increase in cash and restricted cash |
|
14,898 |
|
|
|
51,655 |
|
|
Cash and restricted cash at beginning of period |
|
73,568 |
|
|
|
236,920 |
|
|
Cash and restricted cash at end of period |
$ |
88,466 |
|
|
$ |
288,575 |
|
Jack in the Box вкл. и дочерние компании дополнительная информация
В следующей таблице представлены некоторые статьи доходов и расходов, включенные в наши сокращенные консолидированные отчеты о прибылях и убытках, в процентах от общей суммы доходов, если не указано иное. Проценты могут не складываться из-за округления.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS DATA |
||||||
(Unaudited) |
||||||
|
|
|||||
|
16 Weeks Ended |
|||||
|
January 23, 2022 |
|
January 17, 2021 |
|||
Revenues: |
|
|
|
|||
Company restaurant sales |
34.8 |
% |
|
33.8 |
% |
|
Franchise rental revenues |
29.9 |
% |
|
30.6 |
% |
|
Franchise royalties and other |
17.6 |
% |
|
17.6 |
% |
|
Franchise contributions for advertising and other services |
17.6 |
% |
|
18.0 |
% |
|
|
100.0 |
% |
|
100.0 |
% |
|
Operating costs and expenses, net: |
|
|
|
|||
Food and packaging (1) |
31.3 |
% |
|
28.3 |
% |
|
Payroll and employee benefits (1) |
33.1 |
% |
|
30.6 |
% |
|
Occupancy and other (1) |
17.4 |
% |
|
15.6 |
% |
|
Franchise occupancy expenses (excluding depreciation and amortization) (2) |
62.1 |
% |
|
62.8 |
% |
|
Franchise support and other costs (3) |
6.4 |
% |
|
5.5 |
% |
|
Franchise advertising and other services expenses (4) |
104.1 |
% |
|
103.0 |
% |
|
Selling, general and administrative expenses |
7.4 |
% |
|
6.1 |
% |
|
Depreciation and amortization |
3.6 |
% |
|
4.3 |
% |
|
Other operating expenses (income), net |
1.1 |
% |
|
(0.1 |
)% |
|
Gains on the sale of company-operated restaurants |
— |
% |
|
(0.4 |
)% |
|
Earnings from operations |
21.4 |
% |
|
26.3 |
% |
|
Income tax rate (5) |
26.5 |
% |
|
25.1 |
% |
____________________________ |
||
(1) |
As a percentage of company restaurant sales. |
|
(2) |
As a percentage of franchise rental revenues. |
|
(3) |
As a percentage of franchise royalties and other. |
|
(4) |
As a percentage of franchise contributions for advertising and other services. |
|
(5) |
As a percentage of earnings from operations and before income taxes. |
Jack in the Box systemwide sales (in thousands): |
||||||
|
16 Weeks Ended |
|||||
|
January 23, 2022 |
|
January 17, 2021 |
|||
Company-operated restaurant sales |
$ |
120,056 |
|
$ |
114,278 |
|
Franchised restaurant sales (1) |
|
1,117,676 |
|
|
1,115,826 |
|
Systemwide sales (1) |
$ |
1,237,732 |
|
$ |
1,230,104 |
____________________________ |
||
(1) |
Franchised restaurant sales represent sales at franchised restaurants and are revenues of our franchisees. Systemwide sales include company and franchised restaurant sales. We do not record franchised sales as revenues; however, our royalty revenues, marketing fees and percentage rent revenues are calculated based on a percentage of franchised sales. We believe franchised and systemwide restaurant sales information is useful to investors as they have a direct effect on the company's profitability. |
В следующей таблице представлены изменения с начала года по количеству и сочетанию корпоративных и франчайзинговых ресторанов Jack in the Box:
SUPPLEMENTAL RESTAURANT ACTIVITY INFORMATION |
||||||||||||||||||
(Unaudited) |
||||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
2022 |
|
2021 |
||||||||||||||
|
|
Company |
|
Franchise |
|
Total |
|
Company |
|
Franchise |
|
Total |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning of year |
163 |
|
|
2,055 |
|
|
2,218 |
|
|
144 |
|
|
2,097 |
|
|
2,241 |
|
|
New |
— |
|
|
2 |
|
|
2 |
|
|
— |
|
|
3 |
|
|
3 |
|
|
Acquired from franchisees |
4 |
|
|
(4 |
) |
|
— |
|
|
4 |
|
|
(4 |
) |
|
— |
|
|
Closed |
(2 |
) |
|
(10 |
) |
|
(12 |
) |
|
— |
|
|
(7 |
) |
|
(7 |
) |
|
End of period |
165 |
|
|
2,043 |
|
|
2,208 |
|
|
148 |
|
|
2,089 |
|
|
2,237 |
|
|
% of system |
7 |
% |
|
93 |
% |
|
100 |
% |
|
7 |
% |
|
93 |
% |
|
100 |
% |
Jack in the Box INC. И ДОЧЕРНИХ КОМПАНИЙ СВЕРКА ПОКАЗАТЕЛЕЙ НЕ GAAP С РЕЗУЛЬТАТАМИ GAAP (непроверено)
В дополнение к сокращенной консолидированной финансовой отчетности, которая представлена в соответствии с GAAP, компания использует следующие показатели, не относящиеся к GAAP: операционная прибыль на акцию, скорректированная EBITDA, маржа на уровне ресторана и маржа на уровне франшизы. Руководство полагает, что эти показатели, если рассматривать их с результатами деятельности компании в соответствии с GAAP и сопутствующими сверками в таблицах ниже, предоставляют полезную информацию об операционных результатах и изменениях за период, а также предоставляют дополнительную информацию, полезную для оценки операционные показатели основной деятельности компании без учета возможных искажений.
Операционная прибыль на акцию
Операционная прибыль на акцию представляет собой разводненную прибыль на акцию по GAAP без учета затрат на приобретение, интеграцию и реструктуризацию; убытки (прибыль) ИСЖ, нетто; прибыль от продажи ресторанов, управляемых компанией; а также избыточная налоговая выгода или налоговый дефицит в результате компенсационных соглашений, основанных на акциях. Операционная прибыль на акцию следует рассматривать как дополнение, а не как замену анализа результатов, представленных в соответствии с ОПБУ США, или другими аналогичными показателями других компаний. Руководство считает, что операционная прибыль на акцию предоставляет инвесторам значимую дополнительную информацию об операционных результатах компании и изменениях за период без учета потенциальных искажений.
Ниже приведена сверка операционной прибыли на акцию не по GAAP с наиболее сопоставимым показателем GAAP — разводненной прибылью на акцию. Цифры могут не складываться из-за округления.
|
|
16 Weeks Ended |
|||||
|
|
January 23, 2022 |
|
January 17, 2021 (2) |
|||
Diluted earnings per share – GAAP |
|
$ |
1.85 |
|
$ |
2.21 |
|
Acquisition, integration, and restructuring costs |
|
|
0.11 |
|
|
— |
|
Net COLI losses (gains) |
|
|
0.02 |
|
|
(0.19 |
) |
Gains on the sale of company-operated restaurants |
|
|
— |
|
|
(0.04 |
) |
Excess tax benefits from share-based compensation arrangements |
|
|
— |
|
|
— |
|
Operating Earnings Per Share – non-GAAP (1) |
|
$ |
1.97 |
|
$ |
1.98 |
|
____________________ |
||
(1) |
Operating Earnings Per Share may not add due to rounding. |
|
(2) |
Beginning in the first quarter of 2022, we exclude gains and losses driven by mark-to-market changes in the cash surrender value of COLI policies, net of a deferred compensation obligation supported by these policies. The prior period has been recast to conform to the current year presentation. |
Скорректированная EBITDA
Скорректированный показатель EBITDA представляет собой чистую прибыль на основе GAAP без учета налогов на прибыль, процентных расходов, чистых прибылей или убытков от продажи ресторанов, находящихся в управлении компании, прочих операционных расходов (доходов), чистых расходов, износа и амортизации, а также амортизации улучшения франшизы арендатора. надбавки и прочее. Скорректированный показатель EBITDA следует рассматривать как дополнение, а не как замену анализа результатов, представленных в соответствии с ОПБУ США, или другими аналогичными показателями других компаний. Руководство полагает, что скорректированный показатель EBITDA полезен для инвесторов, поскольку позволяет понять факторы и тенденции, влияющие на текущие денежные доходы компании, за счет которых осуществляются капитальные вложения и обслуживаются долги.
Ниже приведена сверка скорректированной EBITDA, не соответствующей GAAP, с наиболее сопоставимым показателем GAAP — чистой прибылью (в тысячах).
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Net earnings - GAAP |
$ |
39,270 |
|
|
$ |
50,859 |
|
|
Income taxes |
|
14,190 |
|
|
|
17,061 |
|
|
Interest expense, net |
|
20,187 |
|
|
|
20,735 |
|
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
Other operating expenses (income), net |
|
3,843 |
|
|
|
(452 |
) |
|
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Amortization of franchise tenant improvement allowances and other |
|
1,234 |
|
|
|
861 |
|
|
Adjusted EBITDA – non-GAAP |
$ |
91,172 |
|
|
$ |
102,352 |
|
Маржа на уровне ресторана
Маржа на уровне ресторана определяется как продажи компании в ресторане за вычетом эксплуатационных расходов ресторана (продукты питания и упаковка, рабочая сила и затраты на размещение) и не требуется и не представляется в соответствии с GAAP. Маржа на уровне ресторана не включает доходы и расходы от нашей франчайзинговой деятельности и определенные затраты, такие как коммерческие, общие и административные расходы, амортизация и другие операционные расходы (доходы), чистые прибыли или убытки от продажи ресторанов, управляемых компанией. и другие расходы, которые считаются нормальными операционными расходами. Таким образом, маржа на уровне ресторана не отражает общих результатов компании и не начисляется непосредственно в пользу акционеров из-за исключения расходов на корпоративном уровне. Маржу на уровне ресторана следует рассматривать как дополнение, а не как замену анализа результатов, представленных в соответствии с GAAP, или другими аналогичными показателями других компаний. Компания представляет маржу на уровне ресторана, потому что считает, что она обеспечивает значимое дополнение к чистой прибыли результатов основной деятельности компании, а также сравнение с результатами других подобных компаний. Руководство использует маржу на уровне ресторана в качестве ключевого показателя эффективности для оценки прибыльности ресторанов, находящихся в управлении компании.
Ниже приведена сверка маржи на уровне ресторана не по GAAP с наиболее сопоставимым показателем GAAP, прибылью от операций (в тысячах):
|
|
16 Weeks Ended |
||||||
|
|
January 23, 2022 |
|
January 17, 2021 |
||||
Earnings from operations - GAAP |
|
$ |
73,740 |
|
|
$ |
88,926 |
|
Franchise rental revenues |
|
|
(103,099 |
) |
|
|
(103,749 |
) |
Franchise royalties and other |
|
|
(60,755 |
) |
|
|
(59,648 |
) |
Franchise contributions for advertising and other services |
|
|
(60,801 |
) |
|
|
(60,866 |
) |
Franchise occupancy expenses |
|
|
63,983 |
|
|
|
65,169 |
|
Franchise support and other costs |
|
|
3,911 |
|
|
|
3,273 |
|
Franchise advertising and other services expenses |
|
|
63,308 |
|
|
|
62,695 |
|
Selling, general and administrative expenses |
|
|
25,339 |
|
|
|
20,499 |
|
Other operating expenses (income), net |
|
|
3,843 |
|
|
|
(452 |
) |
Gains on the sale of company-operated restaurants |
|
|
(48 |
) |
|
|
(1,283 |
) |
Depreciation and amortization |
|
|
12,496 |
|
|
|
14,571 |
|
Restaurant-Level Margin- Non-GAAP |
|
$ |
21,917 |
|
|
$ |
29,135 |
|
|
|
|
|
|
||||
Company restaurant sales |
|
$ |
120,056 |
|
|
$ |
114,278 |
|
|
|
|
|
|
||||
Restaurant-Level Margin % - Non-GAAP |
|
|
18.3 |
% |
|
|
25.5 |
% |
Маржа на уровне франшизы
Маржа на уровне франшизы определяется как доходы от франшизы за вычетом операционных расходов по франшизе (расходы на проживание, взносы на рекламу, поддержку франшизы и другие расходы) и не требуется и не представляется в соответствии с GAAP. Маржа на уровне франшизы не включает доходы и расходы ресторанов, управляемых нашей компанией, а также определенные расходы, такие как коммерческие, общие и административные расходы, износ и амортизация, другие операционные расходы (доходы), чистые и другие расходы, которые считаются обычными операционными расходами. . Таким образом, маржа на уровне франшизы не отражает общих результатов компании и не начисляется непосредственно в пользу акционеров из-за исключения расходов на корпоративном уровне. Маржу на уровне франшизы следует рассматривать как дополнение, а не как замену анализа результатов, представленных в соответствии с GAAP, или другими аналогичными показателями других компаний. Компания представляет маржу на уровне франшизы, потому что считает, что она обеспечивает значимое дополнение к чистой прибыли результатов основной деятельности компании, а также сравнение с результатами других подобных компаний. Руководство использует маржу на уровне франшизы в качестве ключевого показателя эффективности для оценки прибыльности наших франчайзинговых операций.
Ниже приведена сверка маржи на уровне франшизы не по GAAP с наиболее сопоставимым показателем GAAP, прибылью от операций (в тысячах):
|
16 Weeks Ended |
|||||||
|
January 23, 2022 |
|
January 17, 2021 |
|||||
Earnings from operations - GAAP |
$ |
73,740 |
|
|
$ |
88,926 |
|
|
Company restaurant sales |
|
(120,056 |
) |
|
|
(114,278 |
) |
|
Food and packaging |
|
37,537 |
|
|
|
32,377 |
|
|
Payroll and employee benefits |
|
39,725 |
|
|
|
34,931 |
|
|
Occupancy and other |
|
20,877 |
|
|
|
17,835 |
|
|
Selling, general and administrative expenses |
|
25,339 |
|
|
|
20,499 |
|
|
Other operating expenses (income), net |
|
3,843 |
|
|
|
(452 |
) |
|
Gains on the sale of company-operated restaurants |
|
(48 |
) |
|
|
(1,283 |
) |
|
Depreciation and amortization |
|
12,496 |
|
|
|
14,571 |
|
|
Franchise-Level Margin - Non-GAAP |
$ |
93,453 |
|
|
$ |
93,126 |
|
|
|
|
|
|
|||||
Franchise rental revenues |
$ |
103,099 |
|
|
$ |
103,749 |
|
|
Franchise royalties and other |
|
60,755 |
|
|
|
59,648 |
|
|
Franchise contributions for advertising and other services |
|
60,801 |
|
|
|
60,866 |
|
|
Total franchise revenues |
$ |
224,655 |
|
|
$ |
224,263 |
|
|
|
|
|
|
|||||
Franchise-Level Margin % - Non-GAAP |
|
41.6 |
% |
|
|
41.5 |
% |