$WING
Wingstop Inc.

2023 Q2 Form 10-Q Financial Statement

#000163622223000059 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q1
Revenue $108.7M $76.21M
YoY Change 29.77% 7.8%
Cost Of Revenue $16.70M $15.67M
YoY Change 12.05% 18.04%
Gross Profit $92.03M $60.53M
YoY Change 33.61% 5.43%
Gross Profit Margin 84.64% 79.43%
Selling, General & Admin $23.65M $18.09M
YoY Change 69.51% 31.19%
% of Gross Profit 25.69% 29.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.989M $2.227M
YoY Change 17.35% 24.07%
% of Gross Profit 3.25% 3.68%
Operating Expenses $23.65M $18.09M
YoY Change 69.51% 31.19%
Operating Profit $25.67M $16.61M
YoY Change 14.74% -16.14%
Interest Expense -$4.573M -$4.192M
YoY Change -23.61% 10.84%
% of Operating Profit -17.81% -25.24%
Other Income/Expense, Net -$188.0K -$65.00K
YoY Change 623.08%
Pretax Income $20.91M $11.54M
YoY Change 27.8% -27.99%
Income Tax $5.200M $2.900M
% Of Pretax Income 24.87% 25.14%
Net Earnings $15.67M $8.676M
YoY Change 17.75% -34.07%
Net Earnings / Revenue 14.41% 11.39%
Basic Earnings Per Share $0.52 $0.29
Diluted Earnings Per Share $0.52 $0.29
COMMON SHARES
Basic Shares Outstanding 29.95M shares 29.85M shares
Diluted Shares Outstanding 30.03M shares 29.97M shares

Balance Sheet

Concept 2023 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.2M $287.0M
YoY Change 18.32% 617.53%
Cash & Equivalents $196.2M $287.0M
Short-Term Investments
Other Short-Term Assets $43.07M $30.84M
YoY Change 18.25% -12.4%
Inventory
Prepaid Expenses
Receivables $10.14M $6.385M
Other Receivables $0.00 $0.00
Total Short-Term Assets $249.4M $324.2M
YoY Change 19.06% 299.58%
LONG-TERM ASSETS
Property, Plant & Equipment $71.52M $57.31M
YoY Change 17.52% 88.08%
Goodwill $62.51M $56.88M
YoY Change 9.91% 5.94%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.47M $26.19M
YoY Change 2.62% 208.57%
Total Long-Term Assets $201.9M $183.1M
YoY Change 8.61% 33.99%
TOTAL ASSETS
Total Short-Term Assets $249.4M $324.2M
Total Long-Term Assets $201.9M $183.1M
Total Assets $451.3M $507.3M
YoY Change 14.15% 132.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.848M $4.931M
YoY Change 119.42% 34.51%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.300M $4.850M
YoY Change 9.36% 1.04%
Total Short-Term Liabilities $79.31M $171.4M
YoY Change 50.6% 255.7%
LONG-TERM LIABILITIES
Long-Term Debt $705.5M $710.9M
YoY Change -0.57% 52.54%
Other Long-Term Liabilities $15.25M $15.40M
YoY Change -2.68% 233.23%
Total Long-Term Liabilities $720.7M $726.3M
YoY Change -0.62% 54.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $79.31M $171.4M
Total Long-Term Liabilities $720.7M $726.3M
Total Liabilities $831.1M $931.5M
YoY Change 2.5% 69.52%
SHAREHOLDERS EQUITY
Retained Earnings -$380.4M -$424.6M
YoY Change -8.52% 27.88%
Common Stock $300.0K $299.0K
YoY Change 0.33% 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$379.8M -$424.2M
YoY Change
Total Liabilities & Shareholders Equity $451.3M $507.3M
YoY Change 14.15% 132.95%

Cashflow Statement

Concept 2023 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $15.67M $8.676M
YoY Change 17.75% -34.07%
Depreciation, Depletion And Amortization $2.989M $2.227M
YoY Change 17.35% 24.07%
Cash From Operating Activities $35.70M $20.37M
YoY Change 292.37% 47.71%
INVESTING ACTIVITIES
Capital Expenditures $4.319M $6.293M
YoY Change -167.46% 121.51%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.479M
YoY Change -100.0%
Cash From Investing Activities -$4.319M -$4.814M
YoY Change 1.77% 69.45%
FINANCING ACTIVITIES
Cash Dividend Paid $6.081M $5.294M
YoY Change 13.56%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.825M $0.00
YoY Change
Cash From Financing Activities -$10.09M $239.1M
YoY Change -91.78% -3854.57%
NET CHANGE
Cash From Operating Activities $35.70M $20.37M
Cash From Investing Activities -$4.319M -$4.814M
Cash From Financing Activities -$10.09M $239.1M
Net Change In Cash $21.29M $254.6M
YoY Change -118.06% 5461.11%
FREE CASH FLOW
Cash From Operating Activities $35.70M $20.37M
Capital Expenditures $4.319M $6.293M
Free Cash Flow $31.38M $14.07M
YoY Change 102.45% 28.56%

Facts In Submission

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CY2023Q2 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
0 usd
CY2022Q1 us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
1479000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4319000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4814000 usd
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
111000 usd
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
125000 usd
CY2023Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
250000000 usd
CY2023Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1825000 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
CY2023Q2 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 usd
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5442000 usd
CY2023Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2292000 usd
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
298000 usd
CY2023Q2 us-gaap Payments Of Dividends
PaymentsOfDividends
6081000 usd
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
5294000 usd
CY2023Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-10087000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
239091000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
21292000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
254643000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
205715000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54906000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
227007000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
309549000 usd
CY2023Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6668000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5189000 usd
CY2023Q2 us-gaap Number Of Restaurants
NumberOfRestaurants
1996 restaurant
CY2023Q2 us-gaap Fiscal Period
FiscalPeriod
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Fiscal year.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company uses a 52- or 53-week fiscal year that ends on the last Saturday of the calendar year. Fiscal years 2023 and 2022 have 52 and 53 weeks, respectively.</span>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
196198000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184496000 usd
CY2023Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
13281000 usd
CY2022Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
13296000 usd
CY2023Q2 wing Restricted Cash Included In Advertising Fund Assets Restricted
RestrictedCashIncludedInAdvertisingFundAssetsRestricted
17528000 usd
CY2022Q4 wing Restricted Cash Included In Advertising Fund Assets Restricted
RestrictedCashIncludedInAdvertisingFundAssetsRestricted
7923000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
227007000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
205715000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29947000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29851000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
84000 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
123000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30031000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29974000 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8000 shares
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5200000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.251
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2900000 usd
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9967000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10429000 usd
CY2023Q2 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
712783000 usd
CY2022Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
714146000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
7300000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
7300000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
705483000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
706846000 usd
CY2023Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
200000000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3300000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2200000 usd
CY2023Q2 wing Franchise License Average Term
FranchiseLicenseAverageTerm
P10Y
CY2023Q2 wing Contract With Customer Portion Of Liability Not Yet Being Amortized
ContractWithCustomerPortionOfLiabilityNotYetBeingAmortized
8400000 usd
CY2022Q4 wing Contract With Customer Portion Of Liability Not Yet Being Amortized
ContractWithCustomerPortionOfLiabilityNotYetBeingAmortized
7700000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P7Y1M6D

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