Del Frisco's Restaurant Group, Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2019 10-Q, filed Aug 5, 2019. Its latest SEC filing is a 15-12B from Oct 7, 2019.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Operates fine-dining steakhouses, an American-style grill, and Spanish- and coastal-inspired restaurants for business diners, local diners, and neighborhood guests.

How Did They Make Money?

Diners pay when they buy food and drinks; gift-card buyers pay at purchase, with the card value counted as restaurant revenue when redeemed.

FY2018 revenue by reportable segment revenue

Segment	Share	How money arrives
Double Eagle Sold outright	48% FY2015: 49%	Sold outright
Barcelona Wine Bar Sold outright	9.0%	Sold outright
bartaco Sold outright	11%	Sold outright
Grille Sold outright	32% FY2015: 27%	Sold outright

Who Were Their Customers?

Guests dine directly at the company’s restaurants. Double Eagle targets business and local diners, while Barcelona and bartaco are designed for neighborhood and broad guest audiences.

Did Revenues Turn Into Profits?

No. It lost $76.3M in FY2018.

Operating income, FY2018

−6% of revenue

▲ +89% (Loss) vs FY2017 (−$11.9M, −3%)

Net income, FY2018

−20% of revenue

▲ +566% (Loss) vs FY2017 (−$11.5M, −3%)

Free cash flow, FY2018

−20% of revenue

▲ +5226% (Loss) vs FY2017 (−$1.4M, 0%)

How Were They Changing?

Since the FY2018 annual report

Latest quarter: Q2 FY2019, the three months to Jun 25, 2019

Revenue: ▲ +74%; vs $75.7M in Q2 FY2018
Net income: ▲ +310% (Loss); vs −$1.6M in Q2 FY2018

Double Eagle share of revenue vs 48.3% in Q2 FY2018

Sep 25, 2019 L Catterton acquired Del Frisco’s and agreed to sell its steak-and-grill assets The merger closed; bartaco and Barcelona Wine Bar were set to operate separately, while the sale of the steak-and-grill assets to Landry’s was subject to approvals and closing conditions.

Grew. Revenue grew 25% in 4 years, from $301.8M in FY2014 to $378.2M in FY2018, about 6% a year.

Restaurant portfolio The portfolio added Barcelona and bartaco through the Barteca acquisition, while Sullivan’s was sold and is no longer among the concepts listed.

Revenue over time

Double Eagle Barcelona Wine Bar bartaco Grille Del Frisco's Sullivan's

$500M$250M$0

FY2014 FY2015 FY2016 FY2017 FY2018

Who Did They Compete With?

Competes with Mastro’s Steakhouse, Fleming’s Prime Steakhouse and Wine Bar, The Capital Grille, Smith & Wollensky, The Palm, Ruth’s Chris Steak House, Morton’s The Steakhouse, Toro, Jaleo, North Italia, Eureka!, Tupelo Honey Café, Velvet Taco, Tortas Frontera, Superica, Xoco, True Food Kitchen, Sweetgreen, Hillstone, and Seasons 52

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