2022 Q1 Form 10-Q Financial Statement

#000163622222000072 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $76.21M $70.69M
YoY Change 7.8% 27.52%
Cost Of Revenue $15.67M $13.28M
YoY Change 18.04% 18.82%
Gross Profit $60.53M $57.41M
YoY Change 5.43% 29.71%
Gross Profit Margin 79.43% 81.22%
Selling, General & Admin $18.09M $13.79M
YoY Change 31.19% 12.64%
% of Gross Profit 29.88% 24.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.227M $1.795M
YoY Change 24.07% 15.43%
% of Gross Profit 3.68% 3.13%
Operating Expenses $18.09M $13.79M
YoY Change 31.19% 12.64%
Operating Profit $16.61M $19.80M
YoY Change -16.14% 47.0%
Interest Expense -$4.192M -$3.782M
YoY Change 10.84% -8.76%
% of Operating Profit -25.24% -19.1%
Other Income/Expense, Net -$65.00K
YoY Change
Pretax Income $11.54M $16.02M
YoY Change -27.99% 71.79%
Income Tax $2.900M $2.900M
% Of Pretax Income 25.14% 18.1%
Net Earnings $8.676M $13.16M
YoY Change -34.07% 62.55%
Net Earnings / Revenue 11.39% 18.62%
Basic Earnings Per Share $0.29 $0.44
Diluted Earnings Per Share $0.29 $0.44
COMMON SHARES
Basic Shares Outstanding 29.85M shares 29.71M shares
Diluted Shares Outstanding 29.97M shares 29.84M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $287.0M $40.00M
YoY Change 617.53% 29.03%
Cash & Equivalents $287.0M $39.99M
Short-Term Investments
Other Short-Term Assets $30.84M $35.20M
YoY Change -12.4% 110.78%
Inventory
Prepaid Expenses
Receivables $6.385M $5.950M
Other Receivables $0.00 $0.00
Total Short-Term Assets $324.2M $81.14M
YoY Change 299.58% 53.54%
LONG-TERM ASSETS
Property, Plant & Equipment $57.31M $30.47M
YoY Change 88.08% 7.17%
Goodwill $56.88M $53.69M
YoY Change 5.94% 6.98%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.19M $8.488M
YoY Change 208.57% -27.83%
Total Long-Term Assets $183.1M $136.6M
YoY Change 33.99% 0.71%
TOTAL ASSETS
Total Short-Term Assets $324.2M $81.14M
Total Long-Term Assets $183.1M $136.6M
Total Assets $507.3M $217.8M
YoY Change 132.95% 15.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.931M $3.666M
YoY Change 34.51% -5.54%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.850M $4.800M
YoY Change 1.04% -70.0%
Total Short-Term Liabilities $171.4M $48.18M
YoY Change 255.7% 6.37%
LONG-TERM LIABILITIES
Long-Term Debt $710.9M $466.1M
YoY Change 52.54% 50.12%
Other Long-Term Liabilities $15.40M $4.622M
YoY Change 233.23% -39.22%
Total Long-Term Liabilities $726.3M $470.7M
YoY Change 54.31% 47.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $171.4M $48.18M
Total Long-Term Liabilities $726.3M $470.7M
Total Liabilities $931.5M $549.5M
YoY Change 69.52% 40.37%
SHAREHOLDERS EQUITY
Retained Earnings -$424.6M -$332.1M
YoY Change 27.88% 63.2%
Common Stock $299.0K $298.0K
YoY Change 0.34% 0.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$424.2M -$331.7M
YoY Change
Total Liabilities & Shareholders Equity $507.3M $217.8M
YoY Change 132.95% 15.52%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $8.676M $13.16M
YoY Change -34.07% 62.55%
Depreciation, Depletion And Amortization $2.227M $1.795M
YoY Change 24.07% 15.43%
Cash From Operating Activities $20.37M $13.79M
YoY Change 47.71% 10.56%
INVESTING ACTIVITIES
Capital Expenditures $6.293M $2.841M
YoY Change 121.51% 79.92%
Acquisitions
YoY Change
Other Investing Activities $1.479M
YoY Change
Cash From Investing Activities -$4.814M -$2.841M
YoY Change 69.45% 79.92%
FINANCING ACTIVITIES
Cash Dividend Paid $5.294M $4.662M
YoY Change 13.56% 44.65%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities $239.1M -$6.368M
YoY Change -3854.57% -151.97%
NET CHANGE
Cash From Operating Activities $20.37M $13.79M
Cash From Investing Activities -$4.814M -$2.841M
Cash From Financing Activities $239.1M -$6.368M
Net Change In Cash $254.6M $4.579M
YoY Change 5461.11% -80.22%
FREE CASH FLOW
Cash From Operating Activities $20.37M $13.79M
Capital Expenditures $6.293M $2.841M
Free Cash Flow $14.07M $10.95M
YoY Change 28.56% 0.5%

Facts In Submission

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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2841000 USD
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
125000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
156000 USD
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5442000 USD
CY2021Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
298000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1862000 USD
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
5294000 USD
CY2021Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
4662000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
239091000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6368000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
254643000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4579000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54906000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59270000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
309549000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
63849000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5189000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2022Q1 us-gaap Number Of Restaurants
NumberOfRestaurants
1791 restaurant
CY2022Q1 us-gaap Fiscal Period
FiscalPeriod
Fiscal year. The Company uses a 52- or 53-week fiscal year that ends on the last Saturday of the calendar year. Fiscal years 2022 and 2021 have 53- and 52-weeks, respectively
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
287013000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
48583000 USD
CY2022Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
10257000 USD
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
3448000 USD
CY2022Q1 wing Restricted Cash Included In Advertising Fund Assets Restricted
RestrictedCashIncludedInAdvertisingFundAssetsRestricted
12279000 USD
CY2021Q4 wing Restricted Cash Included In Advertising Fund Assets Restricted
RestrictedCashIncludedInAdvertisingFundAssetsRestricted
2875000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
309549000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54906000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29851000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29706000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
123000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
139000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29974000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29844000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5000 shares
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.17
CY2022Q1 us-gaap Dividends Cash
DividendsCash
5100000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000 USD
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.179
CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
200000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1300000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11832000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
8206000 USD
CY2022Q1 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
715768000 USD
CY2021Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
469394000 USD
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
4850000 USD
CY2021Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
710918000 USD
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
469394000 USD
CY2022Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
200000000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2200000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000 USD
CY2022Q1 wing Franchise License Average Term
FranchiseLicenseAverageTerm
P10Y
CY2021 wing Franchise License Average Term
FranchiseLicenseAverageTerm
P10Y
CY2022Q1 wing Contract With Customer Portion Of Liability Not Yet Being Amortized
ContractWithCustomerPortionOfLiabilityNotYetBeingAmortized
9400000 USD
CY2021Q4 wing Contract With Customer Portion Of Liability Not Yet Being Amortized
ContractWithCustomerPortionOfLiabilityNotYetBeingAmortized
10400000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P7Y6M

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