$NDLS
NOODLES & Co

2018 Q2 Form 10-Q Financial Statement

#000127515818000035 Filed on May 11, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $110.5M $116.7M
YoY Change -5.3% -3.86%
Cost Of Revenue $82.70M $88.80M
YoY Change -6.87% -1.44%
Gross Profit $27.80M $27.90M
YoY Change -0.36% -10.86%
Gross Profit Margin 25.15% 23.9%
Selling, General & Admin $23.10M $25.20M
YoY Change -8.33% 3.7%
% of Gross Profit 83.09% 90.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.820M $6.267M
YoY Change -7.13% -11.37%
% of Gross Profit 20.94% 22.46%
Operating Expenses $28.90M $31.50M
YoY Change -8.25% 0.32%
Operating Profit -$2.678M -$25.65M
YoY Change -89.56% 126.71%
Interest Expense $1.138M $1.008M
YoY Change 12.9% 68.56%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.816M -$26.65M
YoY Change -85.68% 123.8%
Income Tax -$241.0K $191.0K
% Of Pretax Income
Net Earnings -$3.575M -$26.85M
YoY Change -86.68% 90.57%
Net Earnings / Revenue -3.23% -23.0%
Basic Earnings Per Share -$0.09 -$0.99
Diluted Earnings Per Share -$0.09 -$0.99
COMMON SHARES
Basic Shares Outstanding 41.13M shares 28.07M shares
Diluted Shares Outstanding 41.13M shares 28.07M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.600M $3.200M
YoY Change -18.75% 68.42%
Cash & Equivalents $2.624M $3.248M
Short-Term Investments
Other Short-Term Assets $5.600M $7.200M
YoY Change -22.22% 140.0%
Inventory $9.948M $9.730M
Prepaid Expenses
Receivables $1.689M $3.442M
Other Receivables $100.0K $200.0K
Total Short-Term Assets $19.99M $23.82M
YoY Change -16.07% 8.57%
LONG-TERM ASSETS
Property, Plant & Equipment $148.8M $169.7M
YoY Change -12.29% -15.92%
Goodwill $6.400M $6.400M
YoY Change 0.0% 0.0%
Intangibles $1.521M $1.627M
YoY Change -6.52% -7.61%
Long-Term Investments
YoY Change
Other Assets $2.575M $2.045M
YoY Change 25.92% 4.44%
Total Long-Term Assets $159.3M $179.8M
YoY Change -11.36% -15.18%
TOTAL ASSETS
Total Short-Term Assets $19.99M $23.82M
Total Long-Term Assets $159.3M $179.8M
Total Assets $179.3M $203.6M
YoY Change -11.91% -12.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.664M $11.02M
YoY Change -12.28% 14.95%
Accrued Expenses $20.89M $30.73M
YoY Change -32.0% 170.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.56M $49.01M
YoY Change -21.32% 74.46%
LONG-TERM LIABILITIES
Long-Term Debt $62.87M $52.80M
YoY Change 19.07% -32.74%
Other Long-Term Liabilities $7.746M $18.01M
YoY Change -56.98% 248.89%
Total Long-Term Liabilities $70.62M $70.81M
YoY Change -0.27% -15.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.56M $49.01M
Total Long-Term Liabilities $70.62M $70.81M
Total Liabilities $147.9M $158.4M
YoY Change -6.6% 2.45%
SHAREHOLDERS EQUITY
Retained Earnings -$106.3M -$90.55M
YoY Change 17.36% 966.69%
Common Stock $436.0K $392.0K
YoY Change 11.22% 29.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.00M $35.00M
YoY Change 0.0% 0.0%
Treasury Stock Shares 2.424M shares 2.424M shares
Shareholders Equity $31.41M $33.70M
YoY Change
Total Liabilities & Shareholders Equity $179.3M $203.6M
YoY Change -11.91% -12.96%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$3.575M -$26.85M
YoY Change -86.68% 90.57%
Depreciation, Depletion And Amortization $5.820M $6.267M
YoY Change -7.13% -11.37%
Cash From Operating Activities -$1.004M -$8.076M
YoY Change -87.57% -222.36%
INVESTING ACTIVITIES
Capital Expenditures $4.805M $6.601M
YoY Change -27.21% -156.42%
Acquisitions $0.00
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.805M -$6.601M
YoY Change -27.21% -43.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $31.32M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.072M $16.09M
YoY Change -68.47% 217.94%
NET CHANGE
Cash From Operating Activities -$1.004M -$8.076M
Cash From Investing Activities -$4.805M -$6.601M
Cash From Financing Activities $5.072M $16.09M
Net Change In Cash -$737.0K $1.411M
YoY Change -152.23% -3627.5%
FREE CASH FLOW
Cash From Operating Activities -$1.004M -$8.076M
Capital Expenditures $4.805M $6.601M
Free Cash Flow -$5.809M -$14.68M
YoY Change -60.42% -180.2%

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CY2018Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-737000 USD
CY2017Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
1411000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3361000 USD
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1837000 USD
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2624000 USD
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3248000 USD
CY2018Q2 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
29 state
CY2018Q2 us-gaap Fiscal Period
FiscalPeriod
Fiscal Year<span style="font-family:inherit;font-size:10pt;">The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. Fiscal year </span><span style="font-family:inherit;font-size:10pt;">2018</span><span style="font-family:inherit;font-size:10pt;">, which ends on </span><span style="font-family:inherit;font-size:10pt;">January 1, 2019</span><span style="font-family:inherit;font-size:10pt;">, and fiscal year </span><span style="font-family:inherit;font-size:10pt;">2017</span><span style="font-family:inherit;font-size:10pt;">, which ended on </span><span style="font-family:inherit;font-size:10pt;">January 2, 2018</span><span style="font-family:inherit;font-size:10pt;">, both contain 52 weeks. The Company’s fiscal quarters each contain 13 operating weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains 14 operating weeks. The Company’s fiscal quarter that ended </span><span style="font-family:inherit;font-size:10pt;">April 3,</span><span style="font-family:inherit;font-size:10pt;"> 2018 is referred to as the </span><span style="font-family:inherit;font-size:10pt;">first</span><span style="font-family:inherit;font-size:10pt;"> quarter of 2018, and the fiscal quarter ended </span><span style="font-family:inherit;font-size:10pt;">April 4,</span><span style="font-family:inherit;font-size:10pt;"> 2017 is referred to as the </span><span style="font-family:inherit;font-size:10pt;">first</span> quarter of 2017.
CY2018Q2 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
322586000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
322037000 USD
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
173739000 USD
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
169444000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
148847000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
152593000 USD
CY2018Q2 ndls Accrued Occupancy Liability Current
AccruedOccupancyLiabilityCurrent
4342000 USD
CY2018Q1 ndls Accrued Occupancy Liability Current
AccruedOccupancyLiabilityCurrent
3733000 USD
CY2018Q2 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
1618000 USD
CY2018Q1 us-gaap Accrued Utilities Current
AccruedUtilitiesCurrent
1705000 USD
CY2018Q2 ndls Data Breach Liabilities
DataBreachLiabilities
7605000 USD
CY2018Q1 ndls Data Breach Liabilities
DataBreachLiabilities
7605000 USD
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3933000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4100000 USD
CY2018Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20893000 USD
CY2018Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
21221000 USD
CY2018Q2 us-gaap Line Of Credit
LineOfCredit
63900000 USD
CY2018Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3300000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-241000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
191000 USD
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.063
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.007
CY2018Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
598000 USD
CY2017Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1935000 USD
CY2018Q2 ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
554000 USD
CY2017Q2 ndls Costs Relatedto Closureof Restaurants
CostsRelatedtoClosureofRestaurants
19886000 USD
CY2018Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-428000 USD
CY2017Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-233000 USD
CY2018Q2 ndls Asset Disposals Closure Costsand Restaurant Impairments
AssetDisposalsClosureCostsandRestaurantImpairments
1580000 USD
CY2017Q2 ndls Asset Disposals Closure Costsand Restaurant Impairments
AssetDisposalsClosureCostsandRestaurantImpairments
22054000 USD
CY2018Q2 ndls Numberof Restaurants Impaired Duringthe Comparable Periods
NumberofRestaurantsImpairedDuringtheComparablePeriods
1 restaurant
CY2017Q2 ndls Numberof Restaurants Impaired Duringthe Comparable Periods
NumberofRestaurantsImpairedDuringtheComparablePeriods
4 restaurant
CY2018Q2 ndls Impairment Closure Costs And Other
ImpairmentClosureCostsAndOther
600000 USD
CY2017Q2 ndls Impairment Closure Costs And Other
ImpairmentClosureCostsAndOther
19900000 USD
CY2017Q2 ndls Number Of Restaurants Closed
NumberOfRestaurantsClosed
55 restaurant
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3575000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27810000 USD
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41128473 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28073333 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41128473 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28073333 shares
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.09
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3106710 shares
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7670529 shares
CY2018Q2 us-gaap Interest Paid Net
InterestPaidNet
1315000 USD
CY2017Q2 us-gaap Interest Paid Net
InterestPaidNet
1431000 USD
CY2018Q2 ndls Income Taxes Paid Refunded
IncomeTaxesPaidRefunded
29000 USD
CY2017Q2 ndls Income Taxes Paid Refunded
IncomeTaxesPaidRefunded
-68000 USD
CY2018Q2 ndls Change In Capital Expenditures Incurred But Not Yet Paid
ChangeInCapitalExpendituresIncurredButNotYetPaid
-1753000 USD
CY2017Q2 ndls Change In Capital Expenditures Incurred But Not Yet Paid
ChangeInCapitalExpendituresIncurredButNotYetPaid
-1034000 USD
CY2018Q2 ndls Revenue Recognition Gift Cards Expected Unredeemed Percent
RevenueRecognitionGiftCardsExpectedUnredeemedPercent
0.06
CY2018Q2 ndls Revenue Recognition Gift Cards Estimated Redemption Period
RevenueRecognitionGiftCardsEstimatedRedemptionPeriod
P18M
CY2018Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1800000 USD
CY2018Q2 ndls Contract With Customer Periodin Which Initial Fees Receivedfrom Franchiseeswillbe Recognizedas Revenue
ContractWithCustomerPeriodinWhichInitialFeesReceivedfromFranchiseeswillbeRecognizedasRevenue
P20Y
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
100000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
900000 USD

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