$GENK
GEN Restaurant Group, Inc.

2023 Q4 Form 10-K Financial Statement

#000095017024027323 Filed on March 06, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $45.11M $181.0M $163.7M
YoY Change 10.42% 10.57% 16.43%
Cost Of Revenue $14.71M $58.32M $54.40M
YoY Change 9.84% 7.21% 21.7%
Gross Profit $30.40M $122.7M $109.4M
YoY Change 10.71% 12.14% 14.08%
Gross Profit Margin 67.39% 67.78% 66.83%
Selling, General & Admin $23.37M $87.98M $76.20M
YoY Change 25.3% 15.46% 22.31%
% of Gross Profit 76.87% 71.71% 69.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.358M $4.892M $4.350M
YoY Change -58.72% 12.46% -0.23%
% of Gross Profit 4.47% 3.99% 3.98%
Operating Expenses $29.76M $172.9M $95.50M
YoY Change 26.17% 81.06% 20.58%
Operating Profit $637.0K $8.090M $13.90M
YoY Change -83.54% -41.8% -16.77%
Interest Expense $568.0K $617.0K $300.0K
YoY Change -478.67% 105.67% -66.67%
% of Operating Profit 89.17% 7.63% 2.16%
Other Income/Expense, Net $7.000K $2.483M -$1.300M
YoY Change -100.23% -291.0% -110.0%
Pretax Income -$345.0K $11.46M $11.70M
YoY Change -291.67% -2.09% -77.84%
Income Tax -$150.0K $21.00K
% Of Pretax Income 0.18%
Net Earnings -$25.00K $8.406M $10.30M
YoY Change -88.1% -18.39% -79.36%
Net Earnings / Revenue -0.06% 4.64% 6.29%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share -$0.01 $0.08 $0.32
COMMON SHARES
Basic Shares Outstanding 4.140M
Diluted Shares Outstanding 4.233M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.63M $32.63M $11.20M
YoY Change 191.35% 191.35% 13.13%
Cash & Equivalents $32.63M $32.63M $11.20M
Short-Term Investments
Other Short-Term Assets $3.726M $3.726M $1.000M
YoY Change 272.6% 272.6% -37.5%
Inventory $461.0K $461.0K $2.500M
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $36.82M $36.82M $14.70M
YoY Change 149.94% 150.46% -43.46%
LONG-TERM ASSETS
Property, Plant & Equipment $33.91M $133.2M $112.0M
YoY Change 59.31% 18.89% 554.97%
Goodwill $0.00
YoY Change
Intangibles
YoY Change
Long-Term Investments $523.0K $523.0K $600.0K
YoY Change -15.37% -12.83% 200.0%
Other Assets $749.0K $13.37M $700.0K
YoY Change 9.66% 1809.57% -69.57%
Total Long-Term Assets $147.1M $147.1M $124.2M
YoY Change 18.45% 18.4% 346.76%
TOTAL ASSETS
Total Short-Term Assets $36.82M $36.82M $14.70M
Total Long-Term Assets $147.1M $147.1M $124.2M
Total Assets $183.9M $183.9M $138.9M
YoY Change 32.4% 32.38% 158.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.70M $10.70M $7.500M
YoY Change 43.22% 42.72% 47.06%
Accrued Expenses $12.48M $12.48M $10.90M
YoY Change 14.48% 14.48% 131.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $6.900M
YoY Change -100.0% -100.0%
Long-Term Debt Due $165.0K $1.486M $3.800M
YoY Change -95.66% -60.89% -32.14%
Total Short-Term Liabilities $31.30M $31.30M $37.30M
YoY Change -16.0% -16.08% 58.72%
LONG-TERM LIABILITIES
Long-Term Debt $4.547M $4.548M $6.000M
YoY Change -24.22% -24.2% -17.81%
Other Long-Term Liabilities $110.5M $110.5M $100.9M
YoY Change 9.52% 9.52% 825.69%
Total Long-Term Liabilities $4.547M $115.0M $106.9M
YoY Change -95.75% 7.62% 487.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.30M $31.30M $37.30M
Total Long-Term Liabilities $4.547M $115.0M $106.9M
Total Liabilities $146.4M $174.9M $147.4M
YoY Change 1.54% 18.66% 239.63%
SHAREHOLDERS EQUITY
Retained Earnings $322.0K
YoY Change -103.22%
Common Stock $7.112M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.966M $8.966M -$8.500M
YoY Change
Total Liabilities & Shareholders Equity $183.9M $183.9M $138.9M
YoY Change 32.4% 32.38% 158.18%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$25.00K $8.406M $10.30M
YoY Change -88.1% -18.39% -79.36%
Depreciation, Depletion And Amortization $1.358M $4.892M $4.350M
YoY Change -58.72% 12.46% -0.23%
Cash From Operating Activities $8.678M $22.16M $23.40M
YoY Change -57.77% -5.28% -41.21%
INVESTING ACTIVITIES
Capital Expenditures $7.695M $17.16M $8.100M
YoY Change 20.23% 111.81% 527.91%
Acquisitions
YoY Change
Other Investing Activities $0.00 $10.85M $10.68M
YoY Change -100.0% 1.59% -161.95%
Cash From Investing Activities -$7.695M -$6.307M $2.570M
YoY Change -15.25% -345.41% -113.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -501.0K 5.579M -24.67M
YoY Change -96.01% -122.61% 33.06%
NET CHANGE
Cash From Operating Activities 8.678M 22.16M 23.40M
Cash From Investing Activities -7.695M -6.307M 2.570M
Cash From Financing Activities -501.0K 5.579M -24.67M
Net Change In Cash 482.0K 21.44M 1.300M
YoY Change -144.22% 1548.92% -52.38%
FREE CASH FLOW
Cash From Operating Activities $8.678M $22.16M $23.40M
Capital Expenditures $7.695M $17.16M $8.100M
Free Cash Flow $983.0K $5.007M $15.30M
YoY Change -93.05% -67.27% -60.27%

Facts In Submission

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NetCashProvidedByUsedInOperatingActivities
22164000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23399000
CY2023 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
12950000
CY2022 us-gaap Repayment Of Notes Receivable From Related Parties
RepaymentOfNotesReceivableFromRelatedParties
13325000
CY2023 genk Advances Made To Related Party
AdvancesMadeToRelatedParty
2100000
CY2022 genk Advances Made To Related Party
AdvancesMadeToRelatedParty
2650000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
17157000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8104000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6307000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2571000
CY2023 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
46167000
CY2023 genk Payments To Members For Advances
PaymentsToMembersForAdvances
2000000
CY2023 genk Advances From Members
AdvancesFromMembers
262000
CY2022 genk Advances From Members
AdvancesFromMembers
2442000
CY2023 genk Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
2479000
CY2022 genk Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
2420000
CY2022 genk Proceeds From Ppp And Eidl Loans
ProceedsFromPppAndEidlLoans
2700000
CY2023 genk Payments On Ppp And Eidl Loans
PaymentsOnPppAndEidlLoans
87000
CY2022 genk Payments On Ppp And Eidl Loans
PaymentsOnPppAndEidlLoans
213000
CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
194000
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
207000
CY2023 genk Payments On Third Party Loans
PaymentsOnThirdPartyLoans
2440000
CY2022 genk Payments On Third Party Loans
PaymentsOnThirdPartyLoans
509000
CY2023 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
2088000
CY2022 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
7684000
CY2023 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
7993000
CY2022 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1000000
CY2023 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1100000
CY2022 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
7893000
CY2023 genk Proceeds From Third Party Loans
ProceedsFromThirdPartyLoans
1300000
CY2023 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
500000
CY2022 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
3518000
CY2023 genk Distributions To Member Partners
DistributionsToMemberPartners
26469000
CY2022 genk Distributions To Member Partners
DistributionsToMemberPartners
29185000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5579000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-24665000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
21436000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
1305000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11195000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
9890000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
32631000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11195000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
195000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
736000
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
175000
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
927000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
568000
CY2022 genk Receivable For Member Contributions
ReceivableForMemberContributions
60000
CY2023 genk Unpaid Deferred Offering Cost
UnpaidDeferredOfferingCost
125000
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13355000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
92281000
CY2022 genk Purchase Of Ppe Through Finance Lease
PurchaseOfPpeThroughFinanceLease
15000
CY2023 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
871000
CY2023Q4 us-gaap Number Of Restaurants
NumberOfRestaurants
37
CY2022Q4 us-gaap Number Of Restaurants
NumberOfRestaurants
31
CY2023 genk Percentage Of Operating Outstanding Common Units After The Ipo
PercentageOfOperatingOutstandingCommonUnitsAfterTheIpo
0.128
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-left:6.667%;display:flex;margin-top:18pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.86108878960282%;display:inline-flex;justify-content:flex-start;">(c)</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities in the accompanying consolidated financial statements of the Company. The accompanying consolidated financial statements have been prepared in conformity with GAAP and applicable rules, and regulations of the SEC.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 genk Deposits In Excess Of Federally Insured Amounts
DepositsInExcessOfFederallyInsuredAmounts
8800000
CY2022Q4 genk Deposits In Excess Of Federally Insured Amounts
DepositsInExcessOfFederallyInsuredAmounts
3500000
CY2023Q4 us-gaap Held To Maturity Securities
HeldToMaturitySecurities
29079000
CY2023Q4 us-gaap Held To Maturity Securities Accumulated Unrecognized Holding Gain
HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain
322000
CY2023Q4 us-gaap Held To Maturity Securities Fair Value
HeldToMaturitySecuritiesFairValue
29401000
CY2023Q4 genk Cash And Cash Equivalents Of Money Market Accounts
CashAndCashEquivalentsOfMoneyMarketAccounts
2500000
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-left:6.667%;display:flex;margin-top:8pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:4.86108878960282%;display:inline-flex;justify-content:flex-start;">(f)</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration Risk</span></div></div><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on third parties for specified food products and supplies. In instances where these parties fail to perform their obligation, the Company may be unable to find alternative suppliers.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the year ended December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, Sysco accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">15.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food costs.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on U.S. Foods, an unrelated third-party for a significant portion of its food products. For the year ended December 31, 2023 and 2022, U.S. Foods accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">36.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">57.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food costs, respectively.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company relies on Pacific Global Distribution, Inc. (“PGD”), which provides restaurant supplies such as tableware, napkins, soda, and sauces. PGD is owned by a related party. For the year ended December 31, 2023 and December 31, 2022, PGD accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">16.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total operating expenses, respectively.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company also relies on Wise Universal, Inc. (“Wise”), an entity </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">60</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% owned by a related party, which provides food products for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> restaurants. For the year ended December 31, 2023 and December 31, 2022, Wise accounted for approximately </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21.3</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">32.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total food costs, respectively.</span></p>
CY2023 genk Related Party Ownership Percent
RelatedPartyOwnershipPercent
0.60
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
749000
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
683000
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
5366000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4624000
CY2023Q4 genk Advance From Members
AdvanceFromMembers
7500000
CY2023Q4 genk Advances From Members Repaid
AdvancesFromMembersRepaid
4800000
CY2022Q4 genk Advance From Members
AdvanceFromMembers
4400000
CY2023 us-gaap Pre Opening Costs
PreOpeningCosts
3700000
CY2022 us-gaap Pre Opening Costs
PreOpeningCosts
1500000
CY2023Q4 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2023 us-gaap Interest Expense
InterestExpense
617000
CY2022 us-gaap Interest Expense
InterestExpense
817000
CY2022 genk Pay Check Protection Program Interest Expense Forgiven
PayCheckProtectionProgramInterestExpenseForgiven
-4000
CY2023 us-gaap Interest Income Operating
InterestIncomeOperating
964000
CY2022 us-gaap Interest Income Operating
InterestIncomeOperating
179000
CY2023 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
347000
CY2022 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-634000
CY2023 us-gaap Advertising Expense
AdvertisingExpense
187000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
169000
genk Restaurant Revitalization Fund Received
RestaurantRevitalizationFundReceived
16800000
CY2021 genk Restaurant Revitalization Fund Grant Income
RestaurantRevitalizationFundGrantIncome
13000000
CY2021 genk Restaurant Revitalization Fund Grant Income Deferred
RestaurantRevitalizationFundGrantIncomeDeferred
3800000
CY2023 genk Restaurant Revitalization Fund Grant Income
RestaurantRevitalizationFundGrantIncome
0
CY2022 genk Restaurant Revitalization Fund Grant Income
RestaurantRevitalizationFundGrantIncome
0
CY2023 genk Employee Retention Credits
EmployeeRetentionCredits
2500000
CY2022 genk Employee Retention Credits
EmployeeRetentionCredits
3500000
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2022Q1 genk Capital Contribution Partners Paid
CapitalContributionPartnersPaid
320000
CY2023Q2 genk Additional Loans To Related Party
AdditionalLoansToRelatedParty
2100000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
66184000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48668000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32277000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
27385000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
33907000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21283000
CY2023 genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
4900000
CY2022 genk Depreciation And Amortization And Depreciation And Amortization Corporate
DepreciationAndAmortizationAndDepreciationAndAmortizationCorporate
4400000
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
147000
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
179000
CY2023 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2023-09-03
CY2023Q3 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.1025
CY2023 us-gaap Line Of Credit Facility Frequency Of Payments
LineOfCreditFacilityFrequencyOfPayments
Only interest payments were due monthly with the principal balance to be paid in one payment at the maturity date.
CY2023Q3 genk Repayments Of Lines Of Credit With Accrued Interest
RepaymentsOfLinesOfCreditWithAccruedInterest
29000
CY2023Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0
CY2022Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
6900000
CY2023Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2024-09-25
CY2023Q3 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0875
CY2023Q4 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
0
CY2023Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
20000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
165000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
179000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
189000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
163000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
117000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
3899000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
4712000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
165000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
4547000
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
14958000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
12110000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
99255000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
90713000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4535000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4096000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
110501000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
100872000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
115036000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
104968000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
902000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
905000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
861000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
714000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
41000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
191000
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
124000
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
134000
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
185000
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
125000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
319000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y4M24D
CY2023Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0599
CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0748
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10850000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
126000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11282000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
11486000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11684000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
11844000
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
117967000
CY2023Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
175113000
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
128000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
60077000
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
3000
CY2023Q4 genk Operating Lease Liability Discounted By Present Value Of Interest Rate
OperatingLeaseLiabilityDiscountedByPresentValueOfInterestRate
115036000
CY2023Q4 genk Finance Lease Liability Discounted By Present Value Of Interest Rate
FinanceLeaseLiabilityDiscountedByPresentValueOfInterestRate
125000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4535000
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
124000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
110501000
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
-47000
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
1000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
115036000
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
125000
CY2023Q4 genk Additional Operating Leases Future Payments
AdditionalOperatingLeasesFuturePayments
44500000
CY2023Q4 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P2Y
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
902000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
905000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
861000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
714000
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
41000
CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
191000
CY2022 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
850000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0
CY2023 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-61000
CY2023 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
-108000
CY2023 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
71000
CY2023 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
16000
CY2023 us-gaap Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
87000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
21000
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0019
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0022
CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0002
CY2023 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
-0.2044
CY2023 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0061
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0019
CY2023Q4 genk Deferred Tax Assets Outside Basis Differences
DeferredTaxAssetsOutsideBasisDifferences
12608000
CY2023Q4 us-gaap Deferred Tax Assets State Taxes
DeferredTaxAssetsStateTaxes
10000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
12618000
CY2023Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
12618000
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
12618000
CY2023Q4 genk Taxreceivableagreementpercentageoftaxbenefitsduetoequityowners
Taxreceivableagreementpercentageoftaxbenefitsduetoequityowners
0.85
CY2023 genk Tax Receivable Agreement Percentage Of Tax Benefits Remaining Realize
TaxReceivableAgreementPercentageOfTaxBenefitsRemainingRealize
0.15
CY2023Q4 genk Liability Related To Projected Obligations
LiabilityRelatedToProjectedObligations
0
CY2023 genk Tax Receivable Agreement Payments To Relatedparties
TaxReceivableAgreementPaymentsToRelatedparties
0
CY2022Q4 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
353000
CY2023 genk Payment Towards Accounts Payable
PaymentTowardsAccountsPayable
201000
CY2021 genk Advanced Cash For Pending Ipo Transaction
AdvancedCashForPendingIpoTransaction
2000000
CY2022 genk Advanced Cash For Pending Ipo Transaction
AdvancedCashForPendingIpoTransaction
2400000
CY2022 genk Aborted Deferred Offering Costs
AbortedDeferredOfferingCosts
4000000
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0

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