Company Operated and System-wide comparable
restaurant sales growth of 5.3% and 5.5%, respectively, in Fiscal
Fourth Quarter;
Provides Guidance for Fiscal Year 2017
Conference call and webcast will be held at
8:00 a.m. ET today
Del Taco Restaurants, Inc. (“Del Taco” or the “Company”),
(NASDAQ:TACO), the second largest Mexican-American QSR chain by
units in the United States, operating restaurants under the name
Del Taco, today announced fiscal fourth quarter and fiscal year
2016 financial results. The Company also provided guidance for
fiscal year 2017.
The fiscal fourth quarter and fiscal year 2016 ended January 3,
2017 consisted of a 17 and 53 week period, respectively. The fiscal
fourth quarter and fiscal year 2015 ended December 29, 2015
consisted of a 16 and 52 week period, respectively. Comparable
restaurant sales growth for the 17th and 53rd week in the fiscal
fourth quarter and fiscal year 2016 was calculated by comparing it
to the “like week” in the prior year.
Del Taco became a public company when it completed a business
combination with Levy Acquisition Corp. on June 30, 2015. This
resulted in a fiscal year 2015 financial statement presentation
that includes a predecessor period for the twenty-six weeks ended
June 30, 2015 followed by a successor period for the twenty-six
weeks ended December 29, 2015. The financial results for fiscal
year 2015 referenced herein have been aggregated to reflect, on a
pro forma basis, the combined successor and predecessor periods for
the fifty-two weeks ended December 29, 2015.
Fiscal Fourth Quarter 2016 Highlights
- System-wide comparable restaurant sales
growth of 5.5% and company-operated comparable restaurant sales
growth of 5.3%, marking the 13th and 18th consecutive quarter of
gains, respectively;
- Company-operated comparable restaurant
sales growth comprised average check growth of 3.3%, including
nearly 1% of menu mix growth, and a transaction increase of
2.0%;
- Total revenue of $150.2 million,
representing 12.6% growth from the fiscal fourth quarter 2015. On a
comparable 16-week basis, total revenue increased 6.4%;
- Company restaurant sales of $144.4
million, representing 12.8% growth from the fiscal fourth quarter
2015. On a comparable 16-week basis, restaurant sales increased
6.5%;
- Net income increased to $8.0 million,
representing diluted earnings per share of $0.20, compared to $4.8
million in the fiscal fourth quarter 2015, representing diluted
earnings per share of $0.12. Fiscal fourth quarter 2016 results
included an estimated $0.01 benefit to diluted earnings per share
from the additional operating week;
- Restaurant contribution margin, a
non-GAAP financial measure, of 21.5%, an improvement of
approximately 30 basis points from the fiscal fourth quarter
2015;
- Adjusted EBITDA, a non-GAAP financial
measure, increased to $25.3 million from $21.2 million in the
fiscal fourth quarter 2015, representing 19.4% growth. Adjusted
EBITDA in the fiscal fourth quarter 2016 included an estimated $1.1
million benefit from the additional operating week in the quarter.
On a comparable 16-week basis, Adjusted EBITDA increased 14.1%;
and
- The opening of seven restaurants system
wide, including five company-operated and two franchised
restaurants.
Fiscal Year 2016 Highlights
- System-wide comparable restaurant sales
growth of 4.8% and company-operated comparable restaurant sales
growth of 4.7%, marking the 4th consecutive year of gains;
- Company-operated comparable restaurant
sales growth comprised average check growth of 4.5%, including
approximately 1% of menu mix growth, and a transaction increase of
0.2%, marking the 4th consecutive fiscal year with transaction
growth;
- Total revenue of $452.1 million,
representing 6.6% growth from fiscal year 2015. On a comparable
52-week basis, total revenue increased 4.7%;
- Restaurant sales of $434.1 million,
representing 6.5% growth from fiscal year 2015. On a comparable
52-week basis, restaurant sales increased 4.5%;
- Net income increased to $20.9 million,
representing diluted earnings per share of $0.53, compared to $4.8
million in fiscal year 2015. Fiscal year 2016 results included an
estimated $0.01 benefit to diluted earnings per share from the
additional operating week;
- Restaurant contribution margin, a
non-GAAP financial measure, of 20.6%, an improvement of
approximately 60 basis points from fiscal year 2015;
- Adjusted EBITDA, a non-GAAP financial
measure, increased to $71.4 million from $65.0 million in fiscal
year 2015, representing 9.9% growth. Adjusted EBITDA in fiscal year
2016 included an estimated $1.1 million benefit from the additional
operating week in the year. On a comparable 52-week basis, adjusted
EBITDA increased 8.2%; and
- The opening of 13 restaurants system
wide, including 8 company-owned and 5 franchised restaurants.
Paul J.B. Murphy, III, Chief Executive Officer of Del Taco,
commented, “Our solid fourth quarter results capped another
successful year at Del Taco as we exceeded our annual guidance for
comparable restaurant sales, total revenue, restaurant contribution
margin and adjusted EBITDA, and delivered on our expectations for
diluted earnings per share. We believe that these achievements are
a testament to our brand strength, our diverse menu and marketing
capabilities, and our restaurant teams who deliver great guest
experiences.”
Murphy continued, “Our improving restaurant execution and
progress on strategic objectives underpins our journey to cement
Del Taco’s QSR+ value oriented positioning through Fresh Combined
Solutions. For 2017, we have established four key catalysts for
both sales and brand growth: 1) improving operational consistency
and ease of execution; 2) driving trial and awareness of The Del
Taco; 3) growing a new premium occasion with Platos; and 4)
delivering new product news to keep the brand fresh. We are
optimistic that these initiatives will enable us to take share from
QSR, grow share among fast casual occasions, and move closer to our
goal of $1.5 million in average unit volume by 2018.”
Murphy concluded, “Our development strategy is centered on
quality of growth, and is balanced between existing and emerging
markets, and across company restaurants as well as both established
and new franchise partners. We are open to accretive transactions
such as opportunistic franchise repurchases particularly when
coupled with a new unit growth opportunity, as well as strategic
refranchising paired with a franchise development opportunity. Our
development pipeline reinforces our path to mid-single-digit
restaurant growth in 2017 and paves the way towards
high-single-digit growth beyond 2018.”
Review of Fiscal Fourth Quarter 2016 Financial
Results
The Company's fiscal fourth quarter 2016 included 17 weeks
compared to 16 weeks in the fiscal fourth quarter 2015. Total
revenue was $150.2 million, an increase of 12.6% compared to $133.4
million in the fiscal fourth quarter 2015. The growth in revenue
was driven by a 12.8% increase in Company restaurant sales and a
9.7% increase in franchise revenue. Total revenue attributed to the
additional operating week was approximately $8.3 million. Total
company restaurant sales attributed to the additional operating
week was approximately $8.0 million.
Comparable restaurant sales increased 5.5% system-wide for the
fiscal fourth quarter 2016, resulting in an impressive 11.3%
increase on a two-year basis. The Del Taco system has now generated
comparable restaurant sales growth for 13 consecutive quarters.
Company-operated comparable restaurant sales increased 5.3%,
marking the 18th consecutive quarter of comparable restaurant sales
growth. Franchise comparable restaurant sales increased 5.8%.
Net income was $8.0 million, representing $0.20 per diluted
share, compared to $4.8 million in the fiscal fourth quarter 2015,
representing $0.12 per diluted share. Fiscal fourth quarter 2016
results included an estimated $0.01 benefit to diluted earnings per
share from the additional operating week.
Restaurant contribution, a non-GAAP financial measure, increased
14.6% year-over-year to $31.1 million. Fiscal fourth quarter 2016
results included an estimated $1.4 million benefit to restaurant
contribution from the additional operating week. On a comparable
16-week basis, restaurant contribution increased 9.4%.
As a percentage of Company restaurant sales, restaurant
contribution increased approximately 30 basis points year-over-year
to 21.5%. The increase was driven by an approximately 90 basis
point improvement in food and paper costs and an approximately 90
basis point improvement in occupancy and other operating expenses,
partially offset by an approximately 150 basis point increase in
labor and related expenses. A reconciliation between restaurant
contribution and the nearest GAAP financial measure is included in
the accompanying financial data.
Adjusted EBITDA, a non-GAAP financial measure, increased 19.4%
to $25.3 million compared to $21.2 million in the previous year’s
fiscal fourth quarter. Adjusted EBITDA in the fiscal fourth quarter
2016 included an estimated $1.1 million benefit from the additional
operating week. On a comparable 16-week basis, Adjusted EBITDA
increased 14.1%. A reconciliation between adjusted EBITDA and the
nearest GAAP financial measure is included in the accompanying
financial data.
Restaurant Portfolio
During the fiscal fourth quarter 2016, Del Taco opened five
company-operated and two franchised restaurants, and acquired five
franchised restaurants in and around Bakersfield, CA. Two
franchised restaurants were closed. For fiscal year 2016, Del Taco
opened a total of 13 system-wide restaurants.
During the fiscal first quarter 2017, Del Taco sold two
company-operated restaurants in San Diego, CA to a new franchisee
that had previously signed a development commitment in the San
Diego market. The Company also announced the signing of a new
franchise development agreement for West Palm Beach, FL. These
transactions reflect targeted and strategic opportunities to help
accelerate system development.
Repurchase Program for Common Stock and Warrants
During the fiscal fourth quarter 2016, the Company repurchased
212,510 shares at an average price per share of $11.16 and 222,201
warrants at an average price per warrant of $3.45 for an aggregate
of $3.1 million.
For fiscal year 2016, the Company repurchased 1,347,300 shares
at an average price per share of $10.00 and 699,007 warrants at an
average price per warrant of $2.54 for an aggregate of $15.2
million. As of the end of fiscal 2016 there was approximately $34.8
million remaining under the $50 million repurchase
authorization.
Fiscal Year 2017 Guidance
The Company is providing the following guidance for fiscal year
2017, the 52-week period ending January 2, 2018 and currently
expects the following for fiscal year 2017:
- System-wide same store sales growth of
approximately 2.0% to 4.0%;
- Total revenue between $466 million and
$476 million;
- Total company-operated restaurant sales
between $448 million and $458 million;
- Restaurant contribution margin between
19.8% and 20.3%;
- General and administrative expenses of
between approximately 8.1% and 8.5% of total revenue, including
incremental public company costs to support compliance with the
Sarbanes-Oxley Section 404(b) requirement during fiscal 2018;
- Effective tax rate of approximately
40.0%;
- Diluted earnings per share of
approximately $0.52 to $0.55;
- Adjusted EBITDA between $71.0 million
and $73.5 million;
- 23 to 26 new system-wide restaurant
openings; and
- Net capital expenditures totaling
approximately $43.0 million to $46.0 million including
approximately $16.0 to $17.0 million for new unit construction,
approximately $12.5 to $13.5 million for capitalized maintenance,
approximately $7.5 to $8.5 million for discretionary investment in
equipment, technology and remodels, and up to approximately $7.0
million for land acquisition for development after 2017.
We have not reconciled guidance for Adjusted EBITDA to the
corresponding GAAP financial measure because we do not provide
guidance for the various reconciling items. We are unable to
provide guidance for these reconciling items because we cannot
determine their probable significance, as certain items are outside
of our control and cannot be reasonably predicted due to the fact
that these items could vary significantly from period to period.
Accordingly, a reconciliation to the corresponding GAAP financial
measure is not available without unreasonable effort.
Conference Call
A conference call and webcast to discuss Del Taco’s financial
results is scheduled for 8:00 a.m. ET today. Hosting the conference
call and webcast will be Paul J.B. Murphy, III, Chief Executive
Officer; John D. Cappasola, Jr., President and Chief Brand Officer;
and Steven L. Brake, Executive Vice President and Chief Financial
Officer.
Interested parties may listen to the conference call via
telephone by dialing 1-201-689-8562. A telephone replay will be
available shortly after the call has concluded and can be accessed
by dialing 1-412-317-6671. The passcode is 13654200.
The webcast will be available at www.deltaco.com under the
investors section and will be archived on the site shortly after
the call has concluded.
Key Financial Definitions
Comparable restaurant sales growth reflects the change in
year-over-year sales for the comparable company, franchise and
total system restaurant base. Restaurants are included in the
comparable store base in the accounting period following its 18th
full month of operations and excludes restaurant closures.
Restaurant contribution is defined as company restaurant
sales less restaurant operating expenses, which are food and paper
costs, labor and related expenses and occupancy and other operating
expenses. Restaurant contribution margin is defined as
restaurant contribution as a percentage of company restaurant
sales. Restaurant contribution and restaurant contribution
margin are neither required by, nor presented in accordance
with, GAAP. Restaurant contribution and restaurant contribution
margin are supplemental measures of operating performance of
restaurants and the calculations thereof may not be comparable to
those reported by other companies. Restaurant contribution and
restaurant contribution margin have limitations as analytical
tools, and you should not consider them in isolation or as
substitutes for analysis of results as reported under U.S. GAAP.
Management believes that restaurant contribution and restaurant
contribution margin are important tools for investors because they
are widely-used metrics within the restaurant industry to evaluate
restaurant-level productivity, efficiency and performance.
Management uses restaurant contribution and restaurant contribution
margin as key performance indicators to evaluate the profitability
of incremental sales at Del Taco restaurants, to evaluate
restaurant performance across periods and to evaluate restaurant
financial performance compared with competitors. A reconciliation
between restaurant contribution and the nearest GAAP financial
measure is included in the accompanying financial data.
Adjusted EBITDA is defined as net income/loss prior to
interest expense, income taxes, and depreciation and amortization,
as adjusted to add back certain charges, such as stock-based
compensation expense and transaction-related costs, as these
expenses are not considered an indicator of ongoing company
performance. Adjusted EBITDA is a non-GAAP financial measure
and should not be considered as an alternative to operating income
or net income/loss as a measure of operating performance or cash
flows or as measures of liquidity. Non-GAAP financial measures are
not necessarily calculated the same way by different companies and
should not be considered a substitute for or superior to GAAP
results. We believe Adjusted EBITDA facilitates operating
performance comparisons from period to period by isolating the
effects of some items that vary from period to period without any
correlation to core operating performance or that vary widely among
similar companies. These potential differences may be caused by
variations in capital structures (affecting interest expense), tax
positions (such as the impact on periods or changes in effective
tax rates or net operating losses) and the age and book
depreciation of facilities and equipment (affecting relative
depreciation expense). We also present Adjusted EBITDA because (i)
we believe this measure is frequently used by securities analysts,
investors and other interested parties to evaluate companies in our
industry, (ii) we believe investors will find this measure useful
in assessing our ability to service or incur indebtedness, and
(iii) we use Adjusted EBITDA internally as a benchmark to compare
performance to that of competitors. A reconciliation between
Adjusted EBITDA and the nearest GAAP financial measure is included
in the accompanying financial data.
About Del Taco Restaurants, Inc.
Del Taco (NASDAQ: TACO) offers a unique variety of both Mexican
and American favorites such as burritos and fries, prepared fresh
in every restaurant’s working kitchen with the value and
convenience of a drive thru. Del Taco’s menu items taste better
because they are made with quality ingredients like freshly grated
cheddar, hand-chopped pico de gallo, sliced avocado, slow-cooked
beans made from scratch, and fresh-grilled marinated chicken and
carne asada. The brand’s UnFreshing Believable® campaign further
communicates Del Taco’s commitment to provide guests with the best
quality and value for their money. Founded in 1964, today Del Taco
serves more than three million guests each week at its more than
550 restaurants across 15 states. For more information,
visit www.deltaco.com.
Forward-Looking Statements
In addition to historical information, this release may contain
a number of “forward-looking statements” as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, information concerning Del
Taco’s possible or assumed future results of operations, business
strategies, competitive position, industry environment, potential
growth opportunities and the effects of regulation. These
statements are based Del Taco’s management’s current expectations
and beliefs, as well as a number of assumptions concerning future
events. When used in this press release, the words “estimates,”
“projected,” “expects,” “anticipates,” “forecasts,” “plans,”
“intends,” “believes,” “seeks,” “target,” “may,” “will,” “should,”
“future,” “propose,” “preliminary,” “guidance,” “on track” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements. Such forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside Del Taco’s
management’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks included, without limitation, consumer
demand, our inability to successfully open company-operated or
franchised restaurants or establish new markets, competition in our
markets, our inability to grow and manage growth profitably,
adverse changes in food and supply costs, our inability to access
additional capital, changes in applicable laws or regulations, food
safety and foodborne illness concerns, our inability to manage
existing and to obtain additional franchisees, our inability to
attract and retain qualified personnel, our inability to profitably
expand into new markets, changes in, or the discontinuation of, the
Company’s repurchase program, and the possibility that we may be
adversely affected by other economic, business, and/or competitive
factors. Additional risks and uncertainties are identified and
discussed in Del Taco’s reports filed with the SEC, including under
Item 1A. Risk Factors in our Annual Report on Form 10-K for the
year ended December 29, 2015, and available at the SEC’s website at
www.sec.gov and the Company’s website at www.deltaco.com.
Forward-looking statements included in this release speak only
as of the date of this release. Del Taco undertakes no obligation
to update its forward-looking statements to reflect events or
circumstances after the date of this release or otherwise.
Del Taco Restaurants, Inc. Consolidated Balance
Sheets (In thousands, except share and per share data)
Successor January 3, 2017 December
29, 2015 Assets Current assets: Cash and cash
equivalents $ 8,795 $ 10,194 Accounts and other receivables, net
4,141 3,220 Inventories 2,718 2,806 Prepaid expenses and other
current assets 4,204 3,545 Total current
assets 19,858 19,765 Property and equipment, net 138,320 114,030
Goodwill 320,025 318,275 Trademarks 220,300 220,300 Intangible
assets, net 24,782 28,373 Other assets, net 3,872
2,829 Total assets $ 727,157 $ 703,572
Liabilities
and shareholders' equity Current liabilities: Accounts payable
$ 16,427 $ 16,831 Other accrued liabilities 36,653 32,897 Current
portion of capital lease obligations and deemed landlord financing
liabilities 1,588 1,725 Total current
liabilities 54,668 51,453 Long-term debt, capital lease obligations
and deemed landlord financing liabilities, excluding current
portion, net 173,743 167,968 Deferred income taxes 91,273 79,523
Other non-current liabilities 30,140 36,251
Total liabilities 349,824 335,195 Shareholders' equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no
shares issued and outstanding — — Common stock, $0.0001 par value;
400,000,000 shares authorized; 39,153,503 shares issued and
outstanding at January 3, 2017; 38,802,425 shares issued and
outstanding at December 29, 2015 4 4 Additional paid-in capital
360,131 372,260 Accumulated other comprehensive loss 172 — Retained
earnings (accumulated deficit) 17,026 (3,887 ) Total
shareholders' equity 377,333 368,377 Total
liabilities and shareholders' equity $ 727,157 $ 703,572
Del Taco Restaurants, Inc. Consolidated Statements
of Comprehensive Income (Unaudited) (In thousands,
except share and per share data) Successor
17 Weeks Ended
January 3, 2017
16 Weeks Ended
December 29, 2015
Revenue: Company restaurant sales $ 144,424 $ 128,065 Franchise
revenue 5,085 4,634 Franchise sublease income 726 716
Total revenue 150,235 133,415 Operating expenses: Restaurant
operating expenses: Food and paper costs 40,055 36,696 Labor and
related expenses 44,944 37,936 Occupancy and other operating
expenses 28,348 26,310 General and administrative 12,148 11,677
Depreciation and amortization 6,954 6,986 Occupancy and other -
franchise subleases 673 703 Pre-opening costs 509 325 Restaurant
closure charges, net 556 1,996 Loss on disposal of assets
121 2 Total operating expenses 134,308
122,631 Income from operations 15,927 10,784 Other expenses,
net: Interest expense 2,038 1,927 Other income — (220 )
Transaction-related costs 50 994 Total other
expenses, net 2,088 2,701 Income from
operations before provision for income taxes 13,839 8,083 Provision
for income taxes 5,800 3,244 Net income 8,039
4,839 Other comprehensive income: Change in fair value of interest
rate cap, net of tax 294 — Total other
comprehensive income, net 294 — Comprehensive
income $ 8,333 $ 4,839 Earnings per share: Basic $ 0.21 $
0.12 Diluted $ 0.20 $ 0.12 Weighted-average shares outstanding
Basic 39,164,127 38,802,425 Diluted 40,357,955 39,513,814
Del Taco Restaurants, Inc. Consolidated Statements of
Comprehensive Income (In thousands, except share and per
share data) Successor
Predecessor 53 Weeks Ended
January 3, 2017
26 Weeks Ended
December 29, 2015
26 Weeks Ended
June 30, 2015
Revenue: Company restaurant sales $ 434,064 $ 206,939 $ 200,676
Franchise revenue 15,676 7,328 6,693 Franchise sublease income
2,343 1,183 1,183 Total revenue
452,083 215,450 208,552 Operating expenses: Restaurant operating
expenses: Food and paper costs 120,116 59,263 57,447 Labor and
related expenses 135,725 61,448 61,120 Occupancy and other
operating expenses 88,908 43,191 43,611 General and administrative
37,220 17,501 14,850 Depreciation and amortization 23,129 11,276
8,252 Occupancy and other - franchise subleases 2,207 1,140 1,109
Pre-opening costs 731 366 276 Restaurant closure charges, net 435
2,015 94 Loss on disposal of assets 312 3
99 Total operating expenses 408,783
196,203 186,858 Income from operations 43,300
19,247 21,694 Other expenses, net: Interest expense 6,327 3,652
11,491 Other income — (220 ) — Transaction-related costs 731 12,972
7,255 Debt modification costs — 78 139 Change in fair value of
warrant liability — — (35 ) Total other
expenses, net 7,058 16,482 18,850
Income from operations before provision for income taxes
36,242 2,765 2,844 Provision for income taxes 15,329
112 740 Net income 20,913 2,653 2,104 Other
comprehensive income: Change in fair value of interest rate cap,
net of tax 172 — (24 ) Reclassification of interest rate cap
amortization included in net income — —
58 Total other comprehensive income, net 172 —
34 Comprehensive income $ 21,085 $ 2,653
$ 2,138 Earnings per share: Basic $ 0.54 $ 0.07 $
0.38 Diluted $ 0.53 $ 0.07 $ 0.37 Weighted-average shares
outstanding Basic 38,725,541 38,802,425 5,492,417 Diluted
39,274,649 40,249,993 5,610,859
Del Taco Restaurants,
Inc. Reconciliation of Net Income to EBITDA and Adjusted
EBITDA (Unaudited) (In thousands)
Successor 17 Weeks Ended
January 3, 2017
16 Weeks Ended
December 29, 2015
Net income $ 8,039 $ 4,839 Non-GAAP adjustments: Provision
for income taxes 5,800 3,244 Interest expense 2,038 1,927
Depreciation and amortization 6,954 6,986
EBITDA 22,831 16,996
Stock-based compensation expense (a) 1,466 1,352 Loss on disposal
of assets (b) 121 2 Restaurant closure charges, net (c) 556 1,996
Amortization of favorable and unfavorable lease assets and
liabilities, net (d) (187 ) (221 ) Transaction-related costs (f) 50
994 Pre-opening costs (h) 509 325 Other income (i) —
(220 )
Adjusted EBITDA $ 25,346 $ 21,224
(a) Includes non-cash, stock-based compensation. (b)
Loss (gain) on disposal of assets includes the loss or gain on
disposal of assets related to sales-leaseback transactions, sales,
retirements and replacement or write-off of leasehold improvements,
furniture, fixtures or equipment in the ordinary course of
business, net of amortization of deferred gains on assets sales
associated with sale-leaseback transactions and gains from disposal
of assets related to eminent domain. (c) Includes costs related to
future obligations associated with the closure or net sublease
shortfall of a restaurant. (d) Includes amortization of favorable
lease assets and unfavorable lease liabilities. (f) Includes costs
related to the offer to exchange the Company's common stock for
each outstanding Company warrant in August 2016, the strategic sale
process which commenced during 2014 and resulted in the March 2015
Stock Purchase Agreement with the Levy Newco Parties and the June
2015 Business Combination consummated pursuant to the Merger
Agreement, and costs related to the secondary offering of common
stock completed in October 2015. (h) Pre-opening costs consist of
costs directly associated with the opening of new restaurants and
incurred prior to opening, including restaurant labor, supplies,
cash and non-cash rent expense and other related pre-opening costs.
These are generally incurred over the three to five months prior to
opening. (i) Gain of $0.2 million recorded in fiscal 2015 based on
the amount of the liquidating distribution received in excess of
our investment in four public partnerships.
Del Taco
Restaurants, Inc. Reconciliation of Net Income (Loss) to
EBITDA and Adjusted EBITDA (Unaudited) (In
thousands) Successor
Predecessor 53 Weeks Ended
January 3, 2017
26 Weeks Ended
December 29, 2015
26 Weeks Ended
June 30, 2015
Net income $ 20,913 $ 2,653 $ 2,104 Non-GAAP adjustments:
Provision for income taxes 15,329 112 740 Interest expense 6,327
3,652 11,491 Depreciation and amortization 23,129
11,276 8,249
EBITDA
65,698 17,693 22,584 Stock-based
compensation expense (a) 4,096 1,498 532 Loss on disposal of assets
(b) 312 3 99 Restaurant closure charges, net (c) 435 2,015 94
Amortization of favorable and unfavorable lease assets and
liabilities, net (d) (607 ) (364 ) 3 Debt modification costs (e) —
78 139 Transaction-related costs (f) 731 12,972 7,255 Change in
fair value of warrant liability (g) — — (35 ) Pre-opening costs (h)
731 366 276 Other income (i) — (220 ) —
Adjusted EBITDA $ 71,396 $ 34,041 $
30,947 (a) Includes non-cash, stock-based
compensation. (b) Loss (gain) on disposal of assets includes the
loss or gain on disposal of assets related to sales-leaseback
transactions, sales, retirements and replacement or write-off of
leasehold improvements, furniture, fixtures or equipment in the
ordinary course of business, net of amortization of deferred gains
on assets sales associated with sale-leaseback transactions and
gains from disposal of assets related to eminent domain. (c)
Includes costs related to future obligations associated with the
closure or net sublease shortfall of a restaurant. (d) Includes
amortization of favorable lease assets and unfavorable lease
liabilities. (e) Includes costs associated with debt refinancing
transaction in August 2015 and March 2015. (f) Includes costs
related to the offer to exchange the Company's common stock for
each outstanding Company warrant in August 2016, the strategic sale
process which commenced during 2014 and resulted in the March 2015
Stock Purchase Agreement with the Levy Newco Parties and the June
2015 Business Combination consummated pursuant to the Merger
Agreement, and costs related to the secondary offering of common
stock completed in October 2015. (g) Relates to fair value
adjustments to the warrants to purchase shares of common stock of
DTH that had been issued to certain of DTH's equity shareholders,
all of which were exchanged for shares of common stock of DTH on
March 20, 2015. (h) Pre-opening costs consist of costs directly
associated with the opening of new restaurants and incurred prior
to opening, including restaurant labor, supplies, cash and non-cash
rent expense and other related pre-opening costs. These are
generally incurred over the three to five months prior to opening.
(i) Gain of $0.2 million recorded in fiscal 2015 based on the
amount of the liquidating distribution received in excess of our
investment in four public partnerships.
Del Taco
Restaurants, Inc. Reconciliation of Company Restaurant Sales
to Restaurant Contribution (Unaudited) (In
thousands) Successor 17 Weeks Ended
January 3, 2017
16 Weeks Ended
December 29, 2015
Company restaurant sales $ 144,424 $ 128,065 Restaurant operating
expenses 113,347 100,942 Restaurant
contribution $ 31,077 $ 27,123 Restaurant
contribution margin 21.5 % 21.2 %
Del Taco
Restaurants, Inc. Reconciliation of Company Restaurant Sales
to Restaurant Contribution (Unaudited) (In
thousands) Successor
Predecessor 53 Weeks Ended
January 3, 2017
26 Weeks Ended
December 29, 2015
26 Weeks Ended
June 30, 2015
Company restaurant sales $ 434,064 $ 206,939 $ 200,676 Restaurant
operating expenses 344,749 163,902
162,178 Restaurant contribution $ 89,315 $
43,037 $ 38,498 Restaurant contribution margin
20.6 % 20.8 % 19.2 %
Del Taco Restaurants,
Inc. Restaurant Development
17 Weeks Ended 16 Weeks Ended 53 Weeks
Ended 52 Weeks Ended January 3, 2017 December
29, 2015 January 3, 2017 December 29, 2015
Company-operated restaurant activity: Beginning of period
300 306 297 304 Openings 5 3 8 6 Closures — (12 ) (1 ) (13 )
Purchased from franchisee 5 — 6 —
Restaurants at end of period 310 297 310 297
Franchise-operated restaurant activity: Beginning of
period 246 241 247 243 Openings 2 6 5 6 Closures (2 ) — (5 ) (2 )
Restaurants sold to Company (5 ) — (6 ) — Restaurants
at end of period 241 247 241 247
Total restaurant activity: Beginning of period 546 547 544
547 Openings 7 9 13 12 Closures (2 ) (12 ) (6 ) (15 ) Restaurants
at end of period 551 544 551 544
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170313005303/en/
Media:Julia Young, 646-277-1280julia.young@icrinc.comorInvestor
Relations:Raphael Gross, 203-682-8253investor@deltaco.com
Del Taco Restaurants (NASDAQ:TACO)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Del Taco Restaurants (NASDAQ:TACO)
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De Juil 2023 à Juil 2024
