Del Frisco’s Restaurant Group, Inc. (“Del Frisco’s”) (NASDAQ: DFRG)
today reported financial results for the fourth quarter and fiscal
year ended December 25, 2018. We also issued guidance for the
fiscal year 2019, which is a 53-week period ending on December 31,
2019, as well as long-term guidance through fiscal year 2023.
Given the sale of Sullivan’s Steakhouse during
fiscal 2018, operating results for Sullivan’s Steakhouse are
included in discontinued operations for all periods presented. All
numbers below are therefore for continuing operations unless
otherwise stated.
Key Highlights from the 13-Week Fourth
Quarter 2018 Compared to the 16-Week Fourth Quarter 2017
Include:
- Consolidated revenues increased
23.3% to $123.8 million from $100.4 million.
- Total comparable restaurant sales
increased 0.1%.
- GAAP net loss of $7.3 million, or
$0.22 per diluted share, compared to GAAP net loss of $2.4 million,
or $0.12 per diluted share.
- Adjusted net loss* of $1.5 million,
or $0.04 per diluted share, compared to adjusted net income* of
$6.3 million, or $0.30 per diluted share.
- Adjusted EBITDA* decreased 9.8% to
$13.6 million from $15.0 million. As a percentage of consolidated
revenues, adjusted EBITDA margin decreased 400 basis points to
11.0% from 15.0%.
- GAAP operating loss of $6.0
million, compared to GAAP operating loss of $14.4 million.
- Restaurant-level EBITDA* increased
7.0% to $24.9 million from $23.3 million due primarily to $3.7
million in contributions from Barcelona Wine Bar and $3.6 million
in contributions from bartaco. As a percentage of consolidated
revenues, restaurant-level EBITDA margin decreased 310 basis points
to 20.1% from 23.2%, primarily due to inefficiencies from new
restaurant openings.
Key Highlights from the 52-week Fiscal
Year 2018 Compared to the 52-Week Fiscal Year 2017
Include:
- Consolidated revenues increased
28.7% to $378.2 million from $293.8 million.
- Total comparable restaurant sales
decreased 0.9%.
- GAAP net loss of $49.9 million, or
$1.96 per diluted share, compared to GAAP net loss of $0.8 million,
or $0.04 per diluted share.
- Adjusted net loss* of $4.5 million,
or $0.18 per diluted share, compared to adjusted net income* of
$11.7 million, or $0.54 per diluted share.
- Adjusted EBITDA* decreased 3.2% to
$35.3 million from $36.4 million. As a percentage of consolidated
revenues, adjusted EBITDA margin decreased 310 basis points to 9.3%
from 12.4%.
- GAAP operating loss of $22.5
million, compared to GAAP operating loss of $11.9 million.
- Restaurant-level EBITDA* increased
18.8% to $74.1 million from $62.4 million due primarily to $9.9
million in contributions from bartaco and $7.6 million in
contributions from Barcelona Wine Bar. As a percentage of
consolidated revenues, restaurant-level EBITDA margin decreased 160
basis points to 19.6% from 21.2%, primarily due to inefficiencies
from new restaurant openings.
* Adjusted net (loss) income, adjusted EBITDA,
and restaurant-level EBITDA are non-GAAP measures. For a
reconciliation of these non-GAAP measures to GAAP net income and
operating (loss) income, respectively, and a discussion of why we
consider them useful, see the reconciliation of non-GAAP measures
accompanying this release.
Norman Abdallah, Chief Executive Officer of Del
Frisco's, said, “We ended 2018, a transformative year for DFRG, by
delivering on our annual expectations for Adjusted EBITDA and we
are delighted with the positive contributions Barcelona and bartaco
are already providing to our overall results. It was also a record
year for development although short-term operational inefficiencies
caused by eight openings during the back half of the year
negatively impacted the fourth quarter itself. Notably, our
intentional ‘soft opening’ strategy limits the likelihood of
setting initial sales records, which can overwhelm our restaurant
teams, but instead ensures that we are best able to uphold our
quality service standards from day one, create effective ‘word of
mouth’ marketing, and build lasting relationships with our guests.
We are very encouraged by our reception in these markets and are
confident that our 2018 class of restaurant openings as a whole
will hit our three-year target of 35% to 40% ROIC.”
Abdallah continued, “The upswing in comparable
restaurant sales during December 2018 that we referenced in our
preliminary fourth quarter sales announcement has encouragingly
continued quarter-to-date in 2019 across all four brands. Barcelona
and bartaco are tracking in the low-to-mid single digits for
comparable restaurant sales growth, Del Frisco’s Grille is
flattish, while the Double Eagle is only slightly negative despite
the continuation of the expected sales transfer from the Boston
Seaport restaurant to the Boston Back Bay opening last summer which
is impacting the brand’s comparable sales by over 130 basis points.
Private dining sales at the Double Eagle and Del Frisco’s Grille
also remain strong, up mid to high single digits quarter to date,
supported by our improved banquet menu offerings and flawless
execution, and despite lapping tough growth comparisons at the
Grille from the first quarter last year.”
Abdallah concluded, “The integration of
Barcelona and bartaco is progressing on or ahead of schedule and we
anticipate that it will be completed by midway through this year as
planned. All of our Brand Presidents and their respective teams are
now housed in our Irving, TX restaurant support center and the
entire DFRG is scheduled to go live with our new HR system later
this month. Barcelona Wine Bar and bartaco are scheduled to go live
shortly thereafter on our new accounting system. We are also
pleased to be increasing the aggregate value of the integration
benefits to $10 million, up from the original $3 million to $5
million, to be fully realized by 2020 or 2021.”
Review of Fourth Quarter 2018 Operating
Results
Consolidated revenues increased $23.4 million,
or 23.3%, to $123.8 million in the fourth quarter of 2018 from
$100.4 million in the fourth quarter of 2017. All results exclude
any contributions from Sullivan’s Steakhouse, which was sold in the
third quarter of 2018, and which sale is reflected as discontinued
operations for the fourth quarter of 2017. The increase is due
primarily to $17.5 million in contributions from bartaco and $16.9
million in contributions from Barcelona Wine Bar, which were
acquired on June 27, 2018, and offset by three fewer calendar weeks
in the fourth quarter of 2018 compared to the fourth quarter of
2017 as a result of our change in the fiscal quarter calendar.
Comparable Restaurant Sales
|
Total |
|
Double Eagle |
|
Barcelona |
|
bartaco |
|
Del Frisco’s Grille |
Comparable Restaurant
Sales |
0.1 |
% |
|
(0.1 |
)% |
|
1.9 |
% |
|
1.6 |
% |
|
(0.9 |
)% |
Customer Counts |
(3.0 |
)% |
|
(2.6 |
)% |
|
1.1 |
% |
|
(0.1 |
)% |
|
(7.6 |
)% |
Average Check |
3.1 |
% |
|
2.5 |
% |
|
0.8 |
% |
|
1.7 |
% |
|
6.7 |
% |
General and administrative costs increased to
$11.8 million in the fourth quarter of 2018 from $8.8 million in
the fourth quarter of 2017. As a percentage of consolidated
revenues, general and administrative costs increased to 9.6% from
8.8%. The additional costs included $0.5 million of non-recurring
legal expenses, which are adjusted in our Adjusted Net Income
reconciliation in the attached tables, other costs that were
primarily related to the addition of Barcelona Wine Bar and
bartaco, and investments in the restaurant support center and
regional management to support future growth.
We incurred non-recurring costs totaling $6.6
million in the fourth quarter of 2018 consisting of consulting
project costs of $4.8 million, lease termination and closing costs
of $2.2 million, reorganization severance costs of $1.4 million,
discontinued operations costs of $0.8 million, change in estimate
for gift card breakage of $0.7 million, non-recurring legal
expenses of $0.5 million and acquisition costs and donations each
of $0.2 million, partially offset by related tax benefits of $5.9
million.
GAAP net loss was $7.3 million, or $0.22 per
diluted share, in the fourth quarter of 2018, compared to GAAP net
loss of $2.4 million, or $0.12 per diluted share, in the fourth
quarter of 2017.
Adjusted net loss* was $1.5 million, or $0.04
per diluted share, in the fourth quarter of 2018, compared to
adjusted net income* of $6.3 million, or $0.30 per diluted share in
the fourth quarter of 2017.
Adjusted EBITDA* decreased 9.8% to $13.6 million
from $15.0 million. As a percentage of consolidated revenues,
Adjusted EBITDA margin decreased 400 basis points to 11.0% from
15.0%.
Restaurant-level EBITDA* increased $1.6 million,
or 7.0%, to $24.9 million in the fourth quarter of 2018, primarily
due to $3.7 million in contributions from Barcelona and $3.6
million in contributions from bartaco. As a percentage of
consolidated revenues, restaurant-level EBITDA* decreased to 20.1%
from 23.2%.
Fourth Quarter 2018
Development
- A Del Frisco’s Double Eagle Steakhouse restaurant opened in San
Diego, CA.
- A Del Frisco’s Grille restaurant opened in each of
Philadelphia, PA and Fort Lauderdale, FL.
- A bartaco restaurant opened in each of Fort Point, MA, and
Dallas, TX.
These openings contributed to a record nine
restaurant openings in 2018 consisting of three Del Frisco’s Double
Eagle Steakhouses, three Del Frisco’s Grilles and,
post-acquisition, three bartacos. There were an additional three
restaurant openings in 2018 prior to the acquisition, consisting of
one Barcelona Wine Bar and two bartacos. These restaurants will
contribute meaningfully to our adjusted EBITDA growth in 2019 and
beyond.
Fiscal Year 2019 Guidance &
Long-Term Growth Outlook
The following statements are not guarantees of
future performance, and therefore, undue reliance should not be
placed upon them. We refer you to the statement below regarding
Forward-Looking Statements and our recent filings with the SEC for
a more detailed discussion of the risks that could impact our
future operating results and financial condition.
For the 53-week fiscal year 2019, which ends on
December 31, 2019, we are providing the following outlook.
- Total comparable restaurant sales
of 0% to 1.5%.
- Seven to eight restaurant openings,
consisting of one Del Frisco’s Double Eagle Steakhouse, two to
three Barcelona Wine Bars, and three to four bartaco restaurants.
To date, we have opened a Del Frisco’s Double Eagle Steakhouse in
Century City, CA; a Barcelona Wine Bar in Charlotte, NC; and a
bartaco in Madison, WI.
- Restaurant-level EBITDA** of 20.0%
to 22.0% of consolidated revenues.
- General and administrative costs of
approximately $53 million to $55 million, which excludes items we
consider non-recurring in nature.
- Pre-opening expenses of $5 million
to $7 million.
- Net capital expenditures, after
tenant allowances, of $25 million to $35 million.
- Adjusted EBITDA** of $58 million to
$66 million.
** Restaurant-level EBITDA and Adjusted EBITDA
are non-GAAP measures.
By the end of fiscal year 2023, we are targeting
generation on an annual basis of at least $800 million in
consolidated revenues and $130 million in adjusted EBITDA**. To
achieve these long-term targets, we would need to satisfy the
following key annual goals:
- Consolidated revenue growth of at least 10%.
- Comparable restaurant sales growth of 0% to 2%.
- New restaurant growth of 10% to 12% annually.
- Maintaining strong restaurant-level EBITDA** margins.
- General and administrative cost leverage.
- Adjusted EBITDA** growth of at least 15%.
We are also targeting net debt to
adjusted EBITDA** of approximately 3x by the end of fiscal year
2021 and 2x by the end of fiscal year 2023.
**A reconciliation of the differences between
the non-GAAP expectations and GAAP measures for adjusted EBITDA,
restaurant-level EBITDA and net debt to Adjusted EBITDA generally
is not available without unreasonable effort due to the potentially
high variability, complexity and low visibility as to the items
that would be excluded from the GAAP measure in the relevant future
period, such as unusual gains and losses, the ultimate outcome of
pending litigation,. the impact and timing of potential
acquisitions and divestitures and other structural changes or their
probable significance. The variability of the excluded items may
have a significant, and potentially unpredictable, impact on our
future GAAP results.
Barteca Selected Financial
Information
Contained within this earnings press release are
unaudited selected quarterly historical financial information for
Barteca, recast to align with our fiscal calendar. This information
is derived from financial statements prepared by the former
management of Barteca. This unaudited selected financial
information has been presented for informational purposes only and
is not necessarily indicative of what the combined company’s
results of operations actually would have been had the Barteca
Acquisition been completed as of the dates indicated. In addition,
the unaudited selected financial information does not purport to
project the future financial position or results of operations of
the combined company and does not reflect synergies that might be
achieved from the combined operations.
Conference Call
We will host a conference call this morning to
discuss our fourth quarter 2018 financial results. Hosting the
conference call will be Norman Abdallah, Chief Executive Officer
and Neil Thomson, Chief Financial Officer.
The conference call can be accessed live over
the phone by dialing 323-794-2423. A replay will be available
afterwards and can be accessed by dialing 412-317-6671; the
passcode is 1070307. The replay will be available until Tuesday,
March 19, 2019.
The conference call will also be webcast live
and archived on Del Frisco’s corporate website. To access the
webcast, please visit www.dfrg.com under the “Investor Relations”
tab.
About Del Frisco’s Restaurant Group,
Inc.
Based in Irving, Texas, Del Frisco's Restaurant
Group, Inc. is a collection of 75 restaurants across 16 states and
Washington, D.C., including Del Frisco's Double Eagle Steakhouse,
Del Frisco's Grille, Barcelona Wine Bar, and bartaco.
Del Frisco's Double Eagle Steakhouse serves
flawless cuisine that's bold and delicious and offers an extensive
award-winning wine list and level of service that reminds guests
that they're the boss. Del Frisco's Grille is modern, inviting,
stylish and fun, taking the classic bar and grill to new heights,
and drawing inspiration from bold flavors and market-fresh
ingredients. Barcelona serves tapas both simple and elegant, using
the best seasonal picks from local markets and unusual specialties
from Spain and the Mediterranean, and offers an extensive selection
of wines from Spain and South America featuring over 40 wines by
the glass. bartaco combines fresh, upscale street food and
award-winning cocktails made with artisanal spirits and
freshly-squeezed juices with a coastal vibe in a relaxed
environment.
For further information about our restaurants,
to make reservations, or to purchase gift cards, please visit:
www.DelFriscos.com, www.DelFriscosGrille.com,
www.BarcelonaWineBar.com, and www.bartaco.com. For more information
about Del Frisco's Restaurant Group, Inc., please visit
www.DFRG.com.
Forward-Looking Statements
Certain statements in this press release
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance, or achievements of the Company to be
materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Factors leading thereto may include, without
limitation, uncertainties as to the structure, terms, and timing of
any strategic transaction resulting from the strategic review and
whether it will be completed, the impact of any such strategic
transaction on Del Frisco’s, whether the strategic benefits of any
such strategic transaction can be achieved, general economic
conditions, conditions in the markets that the Company is engaged
in, behavior of customers, suppliers, and competitors, and the
legal and regulatory rules affecting Del Frisco’s. Statements
preceded by, followed by, or that otherwise include the words
“believes,” “expects,” “anticipates,” “intends,” “projects,”
“estimates,” “plans,” “may increase,” “may fluctuate,” “will,”
“should,” “would,” “may,” and “could” or similar words or
expressions are generally forward-looking in nature and not
historical facts. Any statements that refer to outlook,
expectations, or other characterizations of future events,
circumstances, or results, including all statements related to the
review of strategic alternatives for Del Frisco’s, are also
forward-looking statements. Important risks, assumptions and other
important factors that could cause future results to differ
materially from those expressed in the forward-looking statements
are specified in Del Frisco’s Annual Report on Form 10-K for the
year ended December 25, 2018 and its Quarterly Report on Form 10-Q
for the period ended September 25, 2018 under headings such as
“Forward-Looking Statements”, “Risk Factors,” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and in other filings and furnishings made by the
Company with the Securities and Exchange Commission from time to
time. The Company undertakes no obligation to release publicly any
revisions to any forward-looking statements, to report events, or
to report the occurrence of unanticipated events.
DEL FRISCO'S RESTAURANT GROUP,
INC.Consolidated Statements of
Operations - Unaudited
|
|
13 Weeks Ended(1) |
|
16 Weeks Ended(1) |
|
52 Weeks Ended |
(Amounts in thousands,
except per share data) |
|
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Revenues |
|
$ |
123,849 |
|
|
100.0 |
% |
|
$ |
100,423 |
|
|
100.0 |
% |
|
$ |
378,216 |
|
|
100.0 |
% |
|
$ |
293,827 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of
sales |
|
34,481 |
|
|
27.8 |
|
|
28,697 |
|
|
28.6 |
|
|
105,985 |
|
|
28.0 |
|
|
83,617 |
|
|
28.5 |
|
Restaurant operating expenses (excluding depreciation and
amortization shown separately below) |
|
61,272 |
|
|
49.5 |
|
|
45,422 |
|
|
45.2 |
|
|
189,890 |
|
|
50.2 |
|
|
141,520 |
|
|
48.2 |
|
Marketing
and advertising costs |
|
3,154 |
|
|
2.5 |
|
|
2,987 |
|
|
3.0 |
|
|
8,255 |
|
|
2.2 |
|
|
6,318 |
|
|
2.2 |
|
Pre-opening costs |
|
3,244 |
|
|
2.6 |
|
|
149 |
|
|
0.1 |
|
|
9,351 |
|
|
2.5 |
|
|
2,182 |
|
|
0.7 |
|
General
and administrative costs |
|
11,833 |
|
|
9.6 |
|
|
8,835 |
|
|
8.8 |
|
|
39,650 |
|
|
10.5 |
|
|
26,891 |
|
|
9.2 |
|
Donations |
|
245 |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
335 |
|
|
0.1 |
|
|
836 |
|
|
0.3 |
|
Consulting project costs |
|
4,756 |
|
|
3.8 |
|
|
— |
|
|
— |
|
|
6,420 |
|
|
1.7 |
|
|
2,786 |
|
|
0.9 |
|
Acquisition costs |
|
232 |
|
|
0.2 |
|
|
— |
|
|
— |
|
|
11,123 |
|
|
2.9 |
|
|
— |
|
|
— |
|
Reorganization severance |
|
1,368 |
|
|
1.1 |
|
|
— |
|
|
— |
|
|
2,202 |
|
|
0.6 |
|
|
1,072 |
|
|
0.4 |
|
Lease
termination and closing costs |
|
2,236 |
|
|
1.8 |
|
|
— |
|
|
— |
|
|
3,779 |
|
|
1.0 |
|
|
(2 |
) |
|
— |
|
Impairment charges |
|
— |
|
|
— |
|
|
22,930 |
|
|
22.8 |
|
|
2,115 |
|
|
0.6 |
|
|
22,930 |
|
|
7.8 |
|
Depreciation and amortization |
|
6,979 |
|
|
5.6 |
|
|
5,753 |
|
|
5.7 |
|
|
21,713 |
|
|
5.7 |
|
|
17,595 |
|
|
6.0 |
|
Total
costs and expenses |
|
129,800 |
|
|
104.8 |
|
|
114,773 |
|
|
114.3 |
|
|
400,818 |
|
|
106.0 |
|
|
305,745 |
|
|
104.1 |
|
Insurance
settlement |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
72 |
|
|
— |
|
|
— |
|
|
— |
|
Operating (loss)
income |
|
(5,951 |
) |
|
(4.8 |
) |
|
(14,350 |
) |
|
(14.3 |
) |
|
(22,530 |
) |
|
(6.0 |
) |
|
(11,918 |
) |
|
(4.1 |
) |
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest,
net of capitalized interest |
|
(6,956 |
) |
|
(5.6 |
) |
|
(422 |
) |
|
(0.4 |
) |
|
(32,179 |
) |
|
(8.5 |
) |
|
(783 |
) |
|
(0.3 |
) |
Other |
|
(277 |
) |
|
(0.2 |
) |
|
(1,383 |
) |
|
(1.4 |
) |
|
(810 |
) |
|
(0.2 |
) |
|
(1,435 |
) |
|
(0.5 |
) |
(Loss) income before
income taxes |
|
(13,184 |
) |
|
(10.6 |
) |
|
(16,155 |
) |
|
(16.1 |
) |
|
(55,519 |
) |
|
(14.7 |
) |
|
(14,136 |
) |
|
(4.8 |
) |
Income tax (benefit)
expense |
|
(5,909 |
) |
|
(4.8 |
) |
|
(13,736 |
) |
|
(13.7 |
) |
|
(5,653 |
) |
|
(1.5 |
) |
|
(13,317 |
) |
|
(4.5 |
) |
(Loss) income from
continuing operations |
|
(7,275 |
) |
|
(5.9 |
) |
|
(2,419 |
) |
|
(2.4 |
) |
|
(49,866 |
) |
|
(13.2 |
) |
|
(819 |
) |
|
(0.3 |
) |
(Loss) income from
discontinued operations, net of tax |
|
(792 |
) |
|
(0.6 |
) |
|
(12,663 |
) |
|
(12.6 |
) |
|
(26,437 |
) |
|
(7.0 |
) |
|
(10,638 |
) |
|
(3.6 |
) |
Net (loss) income |
|
$ |
(8,067 |
) |
|
(6.5 |
)% |
|
$ |
(15,082 |
) |
|
(15.0 |
)% |
|
$ |
(76,303 |
) |
|
(20.2 |
)% |
|
$ |
(11,457 |
) |
|
(3.9 |
)% |
Net income (loss) per
average common share outstanding—basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income from continuing operations |
|
$ |
(0.22 |
) |
|
|
|
$ |
(0.12 |
) |
|
|
|
$ |
(1.96 |
) |
|
|
|
$ |
(0.04 |
) |
|
|
(Loss)
income from discontinued operations |
|
(0.02 |
) |
|
|
|
(0.61 |
) |
|
|
|
(1.04 |
) |
|
|
|
(0.49 |
) |
|
|
Net
(loss) income |
|
$ |
(0.24 |
) |
|
|
|
$ |
(0.73 |
) |
|
|
|
$ |
(3.00 |
) |
|
|
|
$ |
(0.53 |
) |
|
|
Net income (loss) per
average common share outstanding—diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)
income from continuing operations |
|
$ |
(0.22 |
) |
|
|
|
$ |
(0.12 |
) |
|
|
|
$ |
(1.96 |
) |
|
|
|
$ |
(0.04 |
) |
|
|
(Loss)
income from discontinued operations |
|
(0.02 |
) |
|
|
|
(0.61 |
) |
|
|
|
(1.04 |
) |
|
|
|
(0.49 |
) |
|
|
Net
(loss) income |
|
$ |
(0.24 |
) |
|
|
|
$ |
(0.73 |
) |
|
|
|
$ |
(3.00 |
) |
|
|
|
$ |
(0.53 |
) |
|
|
Weighted-average number
of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic: |
|
33,322 |
|
|
|
|
20,690 |
|
|
|
|
25,412 |
|
|
|
|
21,570 |
|
|
|
Diluted: |
|
33,322 |
|
|
|
|
20,690 |
|
|
|
|
25,412 |
|
|
|
|
21,570 |
|
|
|
- Beginning in fiscal 2018, we changed to a fiscal quarter
calendar where each quarter contains 13 weeks, other than in a
53-week year where the last quarter of the year will contain 14
weeks. Previously, the first three quarters of our fiscal year
consisted of 12 weeks each and the fourth quarter consisted of 16
weeks or 17 weeks in a 53-week year. The fourth quarter ended
December 25, 2018 contained 13 weeks, the quarter ended
December 26, 2017 contained 16 weeks. See Note 2 Summary of
Significant Accounting Policies in the notes to our consolidated
financial statements included in our annual report on Form 10-K for
the fiscal year ended December 25, 2018.
DEL FRISCO'S RESTAURANT GROUP,
INC.Selected Consolidated Balance Sheet Data -
Unaudited
|
|
As of |
(Amounts in
thousands) |
|
September 25, 2018 |
|
December 26, 2017 |
Cash and cash
equivalents |
|
$ |
8,535 |
|
|
$ |
4,553 |
|
Total assets |
|
726,032 |
|
|
328,470 |
|
Long-term debt |
|
320,736 |
|
|
24,477 |
|
Total stockholders'
equity |
|
213,582 |
|
|
189,087 |
|
DEL FRISCO'S RESTAURANT GROUP,
INC.Segment Information - Unaudited
|
13 Weeks Ended December 25, 2018 |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
57,421 |
|
|
100.0 |
% |
|
$ |
16,874 |
|
|
100.0 |
% |
|
$ |
17,523 |
|
|
100.0 |
% |
|
$ |
32,031 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
17,091 |
|
|
29.8 |
|
|
4,484 |
|
|
26.6 |
|
|
4,076 |
|
|
23.3 |
|
|
8,830 |
|
|
27.6 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
13,361 |
|
|
23.3 |
|
|
5,224 |
|
|
31.0 |
|
|
6,059 |
|
|
34.6 |
|
|
10,094 |
|
|
31.5 |
|
Operating
expenses |
6,855 |
|
|
11.9 |
|
|
2,342 |
|
|
13.9 |
|
|
2,642 |
|
|
15.1 |
|
|
4,680 |
|
|
14.6 |
|
Occupancy |
4,369 |
|
|
7.6 |
|
|
1,024 |
|
|
6.1 |
|
|
1,097 |
|
|
6.3 |
|
|
3,525 |
|
|
11.0 |
|
Restaurant operating expenses |
24,585 |
|
|
42.8 |
|
|
8,590 |
|
|
50.9 |
|
|
9,798 |
|
|
55.9 |
|
|
18,299 |
|
|
57.1 |
|
Marketing
and advertising costs |
1,987 |
|
|
3.5 |
|
|
99 |
|
|
0.6 |
|
|
76 |
|
|
0.4 |
|
|
992 |
|
|
3.1 |
|
Restaurant-level
EBITDA |
$ |
13,758 |
|
|
24.0 |
% |
|
$ |
3,701 |
|
|
21.9 |
% |
|
$ |
3,573 |
|
|
20.4 |
% |
|
$ |
3,910 |
|
|
12.2 |
% |
Restaurant operating
weeks |
203 |
|
|
|
|
208 |
|
|
|
|
226 |
|
|
|
|
295 |
|
|
|
Average weekly
volume |
$ |
283 |
|
|
|
|
$ |
81 |
|
|
|
|
$ |
78 |
|
|
|
|
$ |
109 |
|
|
|
|
16 Weeks Ended December 26,
2017(1) |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
62,021 |
|
|
100.0 |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
38,402 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
18,449 |
|
|
29.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
10,248 |
|
|
26.7 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
13,154 |
|
|
21.2 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
12,189 |
|
|
31.7 |
|
Operating
expenses |
6,697 |
|
|
10.8 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,239 |
|
|
13.6 |
|
Occupancy |
4,063 |
|
|
6.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,080 |
|
|
10.6 |
|
Restaurant operating expenses |
23,914 |
|
|
38.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21,508 |
|
|
56.0 |
|
Marketing
and advertising costs |
1,610 |
|
|
2.6 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,377 |
|
|
3.6 |
|
Restaurant-level
EBITDA |
$ |
18,048 |
|
|
29.1 |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
5,269 |
|
|
13.7 |
% |
Restaurant operating
weeks |
208 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
384 |
|
|
|
Average weekly
volume |
$ |
298 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
100 |
|
|
|
- See footnote 1 to the Consolidated Statement of Income
above.
|
52 weeks ended December 25, 2018 |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
182,957 |
|
|
100.0 |
% |
|
$ |
34,084 |
|
|
100.0 |
% |
|
$ |
40,186 |
|
|
100.0 |
% |
|
$ |
120,989 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
54,559 |
|
|
29.8 |
|
|
9,123 |
|
|
26.8 |
|
|
9,232 |
|
|
23.0 |
|
|
33,071 |
|
|
27.3 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
44,600 |
|
|
24.4 |
|
|
10,596 |
|
|
31.1 |
|
|
13,388 |
|
|
33.3 |
|
|
39,259 |
|
|
32.4 |
|
Operating
expenses |
21,815 |
|
|
11.9 |
|
|
4,698 |
|
|
13.8 |
|
|
5,576 |
|
|
13.9 |
|
|
17,560 |
|
|
14.5 |
|
Occupancy |
15,161 |
|
|
8.3 |
|
|
1,855 |
|
|
5.4 |
|
|
1,943 |
|
|
4.8 |
|
|
13,439 |
|
|
11.1 |
|
Restaurant operating expenses |
81,576 |
|
|
44.6 |
|
|
17,149 |
|
|
50.3 |
|
|
20,907 |
|
|
52.0 |
|
|
70,258 |
|
|
58.1 |
|
Marketing
and advertising costs |
4,981 |
|
|
2.7 |
|
|
187 |
|
|
0.5 |
|
|
178 |
|
|
0.4 |
|
|
2,909 |
|
|
2.4 |
|
Restaurant-level
EBITDA |
$ |
41,841 |
|
|
22.9 |
% |
|
$ |
7,625 |
|
|
22.4 |
% |
|
$ |
9,869 |
|
|
24.6 |
% |
|
$ |
14,751 |
|
|
12.2 |
% |
Restaurant operating
weeks |
717 |
|
|
|
|
416 |
|
|
|
|
459 |
|
|
|
|
1,229 |
|
|
|
Average weekly
volume |
$ |
255 |
|
|
|
|
$ |
82 |
|
|
|
|
$ |
88 |
|
|
|
|
$ |
98 |
|
|
|
|
52 weeks ended December 26, 2017 |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
176,713 |
|
|
100.0 |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
117,114 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
52,944 |
|
|
30.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
30,673 |
|
|
26.2 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
41,935 |
|
|
23.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
39,163 |
|
|
33.4 |
|
Operating
expenses |
18,846 |
|
|
10.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15,849 |
|
|
13.5 |
|
Occupancy |
12,511 |
|
|
7.1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
13,216 |
|
|
11.3 |
|
Restaurant operating expenses |
73,292 |
|
|
41.5 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
68,228 |
|
|
58.3 |
|
Marketing
and advertising costs |
3,568 |
|
|
2.0 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,750 |
|
|
2.3 |
|
Restaurant-level
EBITDA |
$ |
46,909 |
|
|
26.5 |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
— |
|
|
— |
% |
|
$ |
15,463 |
|
|
13.2 |
% |
Restaurant operating
weeks |
655 |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
1,221 |
|
|
|
Average weekly
volume |
$ |
270 |
|
|
|
|
$ |
— |
|
|
|
|
$ |
— |
|
|
|
|
$ |
96 |
|
|
|
Non-GAAP Measures
We prepare our consolidated financial statements
in accordance with generally accepted accounting principles (GAAP).
Within our press release, we make reference to non-GAAP adjusted
net income, adjusted net (loss) income per share, adjusted EBIDTA
and restaurant-level EBITDA. Adjusted net (loss) income represents
GAAP net loss plus the sum of GAAP income tax expense (benefit),
lease termination and closing costs, consulting project costs,
acquisition costs, reorganization severance, non-recurring legal
expenses, donations, non-recurring corporate expenses, impairment
charges, discontinued operations, and loss on the write-off of
deferred financing costs minus income tax expense at an effective
tax rate of 54% during 2018, and 23% during 2017. We believe
that this non-GAAP operating measure represents a useful measure of
performance internally and for investors as it excludes certain
non-operating related expenditures. Adjusted EBIDTA is calculated
by adding back to operating income, pre-opening costs, donations,
consulting project costs, acquisition costs, non-recurring legal
costs, reorganization severance, lease termination and closing
costs, depreciation and amortization, impairment charges and
insurance settlements. Restaurant-level EBITDA is calculated by
adding back to adjusted EBIDTA general and administrative
expenses. We believe that these operating measures also
represent useful internal measures of performance. Restaurant-level
EBITDA margin represents restaurant-level EBITDA as a percentage of
our revenues. Adjusted net (loss) income per share represents
income from continuing operations excluding the impact of certain
adjustments such as the amortization of intangible assets,
acquisition-related transaction and integration costs, goodwill
impairments, gains and losses on divestitures and any other items
specifically identified herein, divided by the Company’s weighted
average diluted shares outstanding. We believe that this measure
represents a useful measure of performance internally and for
investors.
Accordingly, we include these non-GAAP measures
so that investors have the same financial data that management uses
in evaluating performance, and we believe that it will assist the
investment community in assessing our underlying performance on a
quarter-over-quarter basis. However, because these measures
are not determined in accordance with GAAP, such measures are
susceptible to varying calculations and not all companies calculate
these measures in the same manner. As a result, these measures
as presented may not be directly comparable to similarly titled
measures presented by other companies. These non-GAAP measures are
presented as supplemental information and not as alternatives to
any GAAP measurements. The following tables include a
reconciliation of net income to adjusted net income and operating
income to restaurant-level EBITDA.
DEL FRISCO'S RESTAURANT GROUP,
INC.Adjusted Net (Loss) Income Reconciliation -
Unaudited
|
13 weeks ended |
|
16 weeks ended |
|
52 weeks ended |
(Amounts in thousands,
except per share data) |
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Adjusted Net
Income: |
|
|
|
|
|
|
|
GAAP Net loss |
$ |
(8,067 |
) |
|
$ |
(15,082 |
) |
|
$ |
(76,303 |
) |
|
$ |
(11,457 |
) |
GAAP
Income tax (benefit) expense |
(5,909 |
) |
|
(13,736 |
) |
|
(5,653 |
) |
|
(13,317 |
) |
Lease
termination and closing costs |
2,236 |
|
|
— |
|
|
3,779 |
|
|
(2 |
) |
Consulting project costs |
4,756 |
|
|
— |
|
|
6,420 |
|
|
2,786 |
|
Acquisition costs |
232 |
|
|
— |
|
|
11,123 |
|
|
— |
|
Reorganization severance |
1,368 |
|
|
— |
|
|
2,202 |
|
|
1,072 |
|
Non-recurring legal expenses |
470 |
|
|
558 |
|
|
850 |
|
|
916 |
|
Donations |
245 |
|
|
— |
|
|
335 |
|
|
805 |
|
Non-recurring restaurant expenses |
— |
|
|
1,442 |
|
|
— |
|
|
1,442 |
|
Non-recurring corporate expenses |
— |
|
|
— |
|
|
12 |
|
|
— |
|
Impairment charges |
— |
|
|
22,930 |
|
|
2,115 |
|
|
22,930 |
|
Discontinued operations |
792 |
|
|
12,663 |
|
|
26,437 |
|
|
10,638 |
|
Loss on
the write-off of deferred financing costs |
— |
|
|
— |
|
|
18,266 |
|
|
— |
|
Change in
estimate for gift card breakage |
691 |
|
|
(563 |
) |
|
691 |
|
|
(563 |
) |
Adjusted
Pre-tax (loss) income |
(3,186 |
) |
|
8,212 |
|
|
(9,726 |
) |
|
15,250 |
|
Income
tax (benefit) expense |
(1,720 |
) |
|
1,889 |
|
|
(5,252 |
) |
|
3,508 |
|
Adjusted
net (loss) income |
$ |
(1,466 |
) |
|
$ |
6,323 |
|
|
$ |
(4,474 |
) |
|
$ |
11,743 |
|
Adjusted
net (loss) income per basic share |
$ |
(0.04 |
) |
|
$ |
0.31 |
|
|
$ |
(0.18 |
) |
|
$ |
0.54 |
|
Adjusted
net (loss) income per diluted share |
$ |
(0.04 |
) |
|
$ |
0.30 |
|
|
$ |
(0.18 |
) |
|
$ |
0.54 |
|
DEL FRISCO'S RESTAURANT GROUP,
INC.Adjusted EBITDA Reconciliation -
Unaudited
|
13 weeks ended |
|
16 weeks ended |
|
52 weeks ended |
(Amounts in
thousands) |
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Operating loss |
$ |
(5,951 |
) |
|
$ |
(14,350 |
) |
|
$ |
(22,530 |
) |
|
$ |
(11,918 |
) |
Add: |
|
|
|
|
|
|
|
Pre-opening costs |
3,244 |
|
|
149 |
|
|
9,351 |
|
|
2,182 |
|
Donations |
245 |
|
|
— |
|
|
335 |
|
|
836 |
|
Lease
termination and closing costs |
2,236 |
|
|
— |
|
|
3,779 |
|
|
(2 |
) |
Depreciation and amortization |
6,979 |
|
|
5,753 |
|
|
21,713 |
|
|
17,595 |
|
Acquisition costs |
232 |
|
|
— |
|
|
11,123 |
|
|
— |
|
Consulting project costs |
4,756 |
|
|
— |
|
|
6,420 |
|
|
2,786 |
|
Non-recurring legal expenses |
470 |
|
|
558 |
|
|
850 |
|
|
916 |
|
Reorganization severance |
1,368 |
|
|
— |
|
|
2,202 |
|
|
1,072 |
|
Impairment charges |
— |
|
|
22,930 |
|
|
2,115 |
|
|
22,930 |
|
Insurance
settlement |
— |
|
|
— |
|
|
(72 |
) |
|
— |
|
Adjusted EBITDA |
$ |
13,579 |
|
|
$ |
15,040 |
|
|
$ |
35,286 |
|
|
$ |
36,397 |
|
Adjusted EBITDA
margin |
11.0 |
% |
|
15.0 |
% |
|
9.3 |
% |
|
12.4 |
% |
DEL FRISCO'S RESTAURANT GROUP,
INC.Restaurant-Level EBITDA Reconciliation -
Unaudited
|
13 weeks ended |
|
16 weeks ended |
|
52 weeks ended |
(Amounts in
thousands) |
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Operating income
loss |
$ |
(5,951 |
) |
|
$ |
(14,350 |
) |
|
$ |
(22,530 |
) |
|
$ |
(11,918 |
) |
Add: |
|
|
|
|
|
|
|
Pre-opening costs |
3,244 |
|
|
149 |
|
|
9,351 |
|
|
2,182 |
|
General
and administrative costs |
11,833 |
|
|
8,835 |
|
|
39,650 |
|
|
26,891 |
|
Donations |
245 |
|
|
— |
|
|
335 |
|
|
836 |
|
Consulting project costs |
4,756 |
|
|
— |
|
|
6,420 |
|
|
2,786 |
|
Acquisition costs |
232 |
|
|
— |
|
|
11,123 |
|
|
— |
|
Reorganization severance |
1,368 |
|
|
— |
|
|
2,202 |
|
|
1,072 |
|
Lease
termination and closing costs |
2,236 |
|
|
— |
|
|
3,779 |
|
|
(2 |
) |
Depreciation and amortization |
6,979 |
|
|
5,753 |
|
|
21,713 |
|
|
17,595 |
|
Non-cash
impairment charges |
— |
|
|
22,930 |
|
|
2,115 |
|
|
22,930 |
|
Insurance
settlement |
— |
|
|
— |
|
|
(72 |
) |
|
— |
|
Restaurant-level
EBITDA |
$ |
24,942 |
|
|
$ |
23,317 |
|
|
$ |
74,086 |
|
|
$ |
62,372 |
|
Recast 2018 and 2017 Financial
Information
Beginning in fiscal 2018, we changed to a fiscal
quarter calendar where each quarter contains 13 weeks, other than
in a 53-week year where the last quarter of the year will contain
14 weeks. Previously, the first three quarters of our fiscal year
consisted of 12 weeks each and the fourth quarter consisted of 16
weeks or 17 weeks in a 53-week year. The overall fiscal year
remains the same with a 52- or 53-week year ending on the last
Tuesday in December. We have not restated and do not plan to
restate historical quarterly financial statements prepared in
accordance with GAAP. See Note 2 Summary of Significant Accounting
Policies in the notes to our consolidated financial statements
included in our annual report on Form 10-K for the fiscal year
ended December 25, 2018 for additional information regarding
the change in our fiscal quarters.
Due to the difference in the reporting period
between the fourth quarter of 2018, which contained 13 weeks, and
the third quarter of 2017, which contained 16 weeks, our 2018
results of operations as presented in accordance with GAAP are not
comparable to the prior year. Therefore, we are presenting
recast quarterly financial results for the fiscal 2017 period
because management uses this information in evaluating performance
and believes it provides investors with additional information to
consider along with our results prepared in accordance with GAAP.
However, the presentation of this recast financial
information does not comply with GAAP and should not be considered
independent of our audited combined financial statements and the
related notes included in the annual report on Form 10-K.
The consolidated and segment revenues reflected
in the recast 2017 financial information are derived from our
historical books and records and no adjustments were made thereto
other than to account for the additional operating weeks in first
three quarters and three weeks less in the fourth quarter. The
amount of certain recurring expense items on a consolidated basis
and at the segment level, including costs of sales, restaurant
operating expenses and the other items identified as such below,
were calculated based on a presumed proportionate increase (or
decrease in fourth quarter) over the reported 2017 amount
reflecting the additional weeks (or three weeks less in fourth
quarter) in recast 2017 consolidated or segment revenues, as
applicable, over reported 2017 consolidated or segment revenues, as
applicable, because such items are typically a function of and move
in correlation to revenues during a given period. No changes
were made to the reported 2017 results for certain other expense
items such as consulting project costs and the other items
identified as such below because they are generally not recurring,
but incurred at distinct moments within a period as a result of
their more unique nature.
Adjusted net income, adjusted net (loss) income
per share, adjusted pre-tax income and restaurant-level EBITDA are
non-GAAP measures. See the discussion above under "Non-GAAP
Measures" regarding how we define these measures and why we believe
they are useful for investors.
The unaudited combined adjusted financial
information for the 13 weeks ended December 26, 2017, and 52 weeks
ended December 25, 2018 and December 26, 2017 in the following
tables represent information derived from financial statements
prepared by the former management of Barteca ("Barcelona and
bartaco Brands"), recast to align with our fiscal calendar, and
historical recast financial information of Del Frisco's Heritage
Brands, which represent Double Eagle and Grille, prior to the
Barteca Acquisition. This unaudited combined adjusted financial
information has been presented for informational purposes only and
is not necessarily indicative of what the combined company’s
results of operations actually would have been had the Barteca
Acquisition been completed as of the dates indicated. In
addition, the unaudited combined adjusted financial information
does not purport to project the future financial position or
results of operations of the combined company and do not reflect
synergies that might be achieved from the combined operations.
DEL FRISCO'S RESTAURANT GROUP,
INC.Statements of Income Information -
Unaudited
|
13 Weeks Ended |
|
13 Weeks Ended (recast)(1) |
|
52 Weeks Ended (recast)(1) |
(Amounts in thousands,
except per share data) |
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Revenues |
$ |
123,849 |
|
|
100.0 |
% |
|
$ |
114,738 |
|
|
100.0 |
% |
|
$ |
448,906 |
|
|
100.0 |
% |
|
$ |
421,642 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs of
sales |
34,481 |
|
|
27.8 |
|
|
31,665 |
|
(2) |
27.6 |
|
|
123,258 |
|
|
27.5 |
|
|
115,432 |
|
|
27.4 |
|
Restaurant operating expenses (excluding depreciation and
amortization shown separately below) |
61,272 |
|
|
49.5 |
|
|
52,054 |
|
(2) |
45.4 |
|
|
223,445 |
|
|
49.8 |
|
|
204,693 |
|
|
48.5 |
|
Marketing
and advertising costs |
3,154 |
|
|
2.5 |
|
|
2,869 |
|
(2) |
2.5 |
|
|
8,716 |
|
|
1.9 |
|
|
7,040 |
|
|
1.7 |
|
Pre-opening costs |
3,244 |
|
|
2.6 |
|
|
268 |
|
(2) |
0.2 |
|
|
10,105 |
|
|
2.3 |
|
|
3,819 |
|
|
0.9 |
|
General
and administrative costs |
11,833 |
|
|
9.6 |
|
|
12,049 |
|
(2) |
10.5 |
|
|
55,759 |
|
|
12.4 |
|
|
39,364 |
|
|
9.3 |
|
Donations |
245 |
|
|
0.2 |
|
|
— |
|
|
— |
% |
|
335 |
|
|
0.1 |
|
|
836 |
|
|
0.2 |
|
Consulting project costs |
4,756 |
|
|
3.8 |
|
|
— |
|
(3) |
— |
% |
|
6,420 |
|
|
1.4 |
|
|
2,786 |
|
|
0.7 |
|
Acquisition costs |
232 |
|
|
0.2 |
|
|
— |
|
|
— |
% |
|
12,247 |
|
|
2.7 |
|
|
— |
|
|
— |
% |
Reorganization severance |
1,368 |
|
|
1.1 |
|
|
— |
|
|
— |
% |
|
2,202 |
|
|
0.5 |
|
|
1,072 |
|
|
0.3 |
|
Lease
termination and closing costs |
2,236 |
|
|
1.8 |
|
|
(2 |
) |
(3) |
— |
|
|
3,779 |
|
|
0.8 |
|
|
(2 |
) |
|
— |
|
Impairment charges |
— |
|
|
— |
|
|
22,930 |
|
|
20.0 |
|
|
2,115 |
|
|
0.5 |
|
|
22,930 |
|
|
5.4 |
|
Depreciation and amortization |
6,979 |
|
|
5.6 |
|
|
8,049 |
|
(2) |
7.0 |
|
|
25,371 |
|
|
5.7 |
|
|
23,707 |
|
|
5.6 |
|
Total
costs and expenses |
129,800 |
|
|
104.8 |
|
|
129,882 |
|
|
113.2 |
|
|
473,751 |
|
|
105.5 |
|
|
421,677 |
|
|
100.0 |
|
Insurance
settlement |
— |
|
|
— |
|
|
— |
|
|
— |
% |
|
72 |
|
|
— |
|
|
— |
|
|
— |
% |
Operating loss |
(5,951 |
) |
|
(4.8 |
) |
|
(15,144 |
) |
|
(13.2 |
) |
|
(24,773 |
) |
|
(5.5 |
) |
|
(35 |
) |
|
— |
|
Other income (expense),
net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest,
net of capitalized interest |
(6,956 |
) |
|
(5.6 |
) |
|
(1,359 |
) |
(3) |
(1.2 |
) |
|
(34,426 |
) |
|
(7.7 |
) |
|
(4,486 |
) |
|
(1.1 |
) |
Other |
(277 |
) |
|
(0.2 |
) |
|
(1,608 |
) |
(3) |
(1.4 |
) |
|
(811 |
) |
|
(0.2 |
) |
|
(1,663 |
) |
|
(0.4 |
) |
Loss before income
taxes |
(13,184 |
) |
|
(10.6 |
) |
|
(18,111 |
) |
|
(15.8 |
) |
|
(60,010 |
) |
|
(13.4 |
) |
|
(6,184 |
) |
|
(1.5 |
) |
Income tax (benefit)
expense |
(5,909 |
) |
|
(4.8 |
) |
|
(15,399 |
) |
(4) |
(13.4 |
) |
|
(6,110 |
) |
|
(1.4 |
) |
|
(5,826 |
) |
|
(1.4 |
) |
Loss from continuing
operations |
(7,275 |
) |
|
(5.9 |
) |
|
(2,712 |
) |
|
(2.4 |
) |
|
(53,900 |
) |
|
(12.0 |
) |
|
(358 |
) |
|
(0.1 |
) |
Loss from discontinued
operations, net of tax |
(792 |
) |
|
(0.6 |
) |
|
(12,741 |
) |
|
(11.1 |
) |
|
(26,437 |
) |
|
(5.9 |
) |
|
(10,638 |
) |
|
(2.5 |
) |
Net loss |
$ |
(8,067 |
) |
|
(6.5 |
)% |
|
$ |
(15,453 |
) |
|
(13.5 |
)% |
|
$ |
(80,337 |
) |
|
(17.9 |
)% |
|
$ |
(10,996 |
) |
|
(2.6 |
)% |
Net loss per average
common share outstanding—basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
continuing operations |
$ |
(0.22 |
) |
|
|
|
$ |
(0.13 |
) |
|
|
|
$ |
(2.12 |
) |
|
|
|
$ |
(0.02 |
) |
|
|
Loss from
discontinued operations |
(0.02 |
) |
|
|
|
(0.62 |
) |
|
|
|
(1.04 |
) |
|
|
|
(0.49 |
) |
|
|
Net
income loss |
$ |
(0.24 |
) |
|
|
|
$ |
(0.76 |
) |
|
|
|
$ |
(3.16 |
) |
|
|
|
$ |
(0.51 |
) |
|
|
Basic |
33,322 |
|
|
|
|
20,431 |
|
|
|
|
25,412 |
|
|
|
|
21,570 |
|
|
|
- Recast amounts for the 13 weeks ended December 26, 2017, and 52
weeks ended December 25, 2018 and December 26, 2017 include
historical amounts for Barcelona and bartaco Brands, which were
acquired during the third quarter of 2018, prior to
acquisition.
- Recast 2017 amount reflects a presumed proportionate decrease
over the reported fourth quarter of fiscal 2017 amount, reflecting
the thirteen weeks in recast 2017 revenues over reported sixteen
weeks in fourth quarter of fiscal 2017 revenues, which was
determined based on the revenues recorded in the Company’s
historical books and records, less three operating weeks excluded
in the recast fourth quarter of fiscal 2017 period.
- Recast 2017 amount equals the reported 2017 amount.
- Based on the same tax rate used for the reported 2017
results.
DEL FRISCO'S RESTAURANT GROUP,
INC.Segment Information - Unaudited
|
13 Weeks Ended December 25, 2018 |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
57,421 |
|
|
100.0 |
% |
|
$ |
16,874 |
|
|
100.0 |
% |
|
$ |
17,523 |
|
|
100.0 |
% |
|
$ |
32,031 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
17,091 |
|
|
29.8 |
|
|
4,484 |
|
|
26.6 |
|
|
4,076 |
|
|
23.3 |
|
|
8,830 |
|
|
27.6 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
13,361 |
|
|
23.3 |
|
|
5,224 |
|
|
31.0 |
|
|
6,059 |
|
|
34.6 |
|
|
10,094 |
|
|
31.5 |
|
Operating
expenses |
6,855 |
|
|
11.9 |
|
|
2,342 |
|
|
13.9 |
|
|
2,642 |
|
|
15.1 |
|
|
4,680 |
|
|
14.6 |
|
Occupancy |
4,369 |
|
|
7.6 |
|
|
1,024 |
|
|
6.1 |
|
|
1,097 |
|
|
6.3 |
|
|
3,525 |
|
|
11.0 |
|
Restaurant operating expenses |
24,585 |
|
|
42.8 |
|
|
8,590 |
|
|
50.9 |
|
|
9,798 |
|
|
55.9 |
|
|
18,299 |
|
|
57.1 |
|
Marketing
and advertising costs |
1,987 |
|
|
3.5 |
|
|
99 |
|
|
0.6 |
|
|
76 |
|
|
0.4 |
|
|
992 |
|
|
3.1 |
|
Restaurant-level
EBITDA |
$ |
13,758 |
|
|
24.0 |
% |
|
$ |
3,701 |
|
|
21.9 |
% |
|
$ |
3,573 |
|
|
20.4 |
% |
|
$ |
3,910 |
|
|
12.2 |
% |
Restaurant operating
weeks |
203 |
|
|
|
|
208 |
|
|
|
|
226 |
|
|
|
|
295 |
|
|
|
Average weekly
volume |
$ |
283 |
|
|
|
|
$ |
81 |
|
|
|
|
$ |
78 |
|
|
|
|
$ |
109 |
|
|
|
|
13 Weeks Ended December 26, 2017
(recast)(1) |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
51,852 |
|
|
100.0 |
% |
|
$ |
15,464 |
|
|
100.0 |
% |
|
$ |
15,451 |
|
|
100.0 |
% |
|
$ |
31,971 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales(2) |
15,388 |
|
|
29.7 |
|
|
4,141 |
|
|
26.8 |
|
|
3,549 |
|
|
23.0 |
|
|
8,587 |
|
|
26.9 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor(2) |
10,429 |
|
|
20.1 |
|
|
4,807 |
|
|
31.1 |
|
|
5,361 |
|
|
34.7 |
|
|
9,846 |
|
|
30.8 |
|
Operating
expenses(2) |
5,472 |
|
|
10.6 |
|
|
2,101 |
|
|
13.6 |
|
|
1,811 |
|
|
11.7 |
|
|
4,236 |
|
|
13.2 |
|
Occupancy(2) |
3,251 |
|
|
6.3 |
|
|
839 |
|
|
5.4 |
|
|
623 |
|
|
4.0 |
|
|
3,278 |
|
|
10.3 |
|
Restaurant operating expenses |
19,151 |
|
|
36.9 |
|
|
7,748 |
|
|
50.1 |
|
|
7,795 |
|
|
50.4 |
|
|
17,360 |
|
|
54.3 |
|
Marketing
and advertising costs(2) |
1,432 |
|
|
2.8 |
|
|
90 |
|
|
0.6 |
|
|
84 |
|
|
0.5 |
|
|
1,263 |
|
|
4.0 |
|
Restaurant-level
EBITDA |
$ |
15,881 |
|
|
30.6 |
% |
|
$ |
3,485 |
|
|
22.5 |
% |
|
$ |
4,023 |
|
|
26.0 |
% |
|
$ |
4,761 |
|
|
14.9 |
% |
Insurance settlement
(Barteca) pre acquisition(3) |
|
|
|
|
|
|
|
|
(523 |
) |
|
|
|
|
|
|
Adjusted
Restaurant-level EBITDA |
$ |
15,881 |
|
|
30.6 |
% |
|
$ |
3,485 |
|
|
22.5 |
% |
|
$ |
3,500 |
|
|
22.7 |
% |
|
$ |
4,761 |
|
|
14.9 |
% |
Restaurant operating
weeks |
169 |
|
|
|
|
195 |
|
|
|
|
195 |
|
|
|
|
312 |
|
|
|
Average weekly
volume |
$ |
307 |
|
|
|
|
$ |
79 |
|
|
|
|
$ |
79 |
|
|
|
|
$ |
103 |
|
|
|
- Recast amounts for the 13 weeks ended December 26, 2017 include
historical amounts for Barcelona and bartaco Brands, which were
acquired during the third quarter of 2018, prior to
acquisition.
- Recast 2017 amount reflects a presumed proportionate decrease
over the reported fourth quarter of fiscal 2017 amount, reflecting
the thirteen weeks in recast 2017 revenues over reported sixteen
weeks in fourth quarter of fiscal 2017 revenues, which was
determined based on the revenues recorded in the Company’s
historical books and records, less three operating weeks excluded
in the recast fourth quarter of fiscal 2017 period.
- Prior to the Barteca Acquisition, starting in Q4 of 2017 and
continuing through the first half of 2018, Barteca management
recognized insurance settlement proceeds from a location-specific
incident as a reduction to restaurant operating expenses, which
therefore increased restaurant-level EBITDA margins by the amount
of those proceeds for that period of time. Under US GAAP rules, the
Company recognizes insurance settlement proceeds from business
interruptions as a separate line item below other operating
activity in its Consolidated Statements of Operations and,
therefore, such proceeds are not included within restaurant-level
EBITDA as calculated by the Company. Accordingly, consistent
with the Company’s accounting policy, 2017 insurance settlement
proceeds have been adjusted out of restaurant operating expenses
and restaurant-level EBITDA as originally factored in by Barteca
management prior to the Barteca Acquisition.
|
52 Weeks Ended December 25, 2018
(recast)(1) |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
182,957 |
|
|
100.0 |
% |
|
$ |
67,232 |
|
|
100.0 |
% |
|
$ |
77,728 |
|
|
100.0 |
% |
|
$ |
120,989 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
54,559 |
|
|
29.8 |
|
|
17,934 |
|
|
26.7 |
|
|
17,694 |
|
|
23.0 |
|
|
33,071 |
|
|
27.3 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
44,600 |
|
|
24.4 |
|
|
20,614 |
|
|
30.7 |
|
|
25,382 |
|
|
32.7 |
|
|
39,259 |
|
|
32.4 |
|
Operating
expenses |
21,815 |
|
|
11.9 |
|
|
8,872 |
|
|
13.2 |
|
|
9,819 |
|
|
12.6 |
|
|
17,560 |
|
|
14.5 |
|
Occupancy |
15,161 |
|
|
8.3 |
|
|
3,493 |
|
|
5.2 |
|
|
3,431 |
|
|
4.4 |
|
|
13,439 |
|
|
11.1 |
|
Restaurant operating expenses |
81,576 |
|
|
44.6 |
|
|
32,979 |
|
|
49.1 |
|
|
38,632 |
|
|
49.7 |
|
|
70,258 |
|
|
58.1 |
|
Marketing
and advertising costs |
4,981 |
|
|
2.7 |
|
|
372 |
|
|
0.6 |
|
|
454 |
|
|
0.6 |
|
|
2,909 |
|
|
2.4 |
|
Restaurant-level
EBITDA |
$ |
41,841 |
|
|
22.9 |
% |
|
$ |
15,948 |
|
|
23.7 |
% |
|
$ |
20,948 |
|
|
27.0 |
% |
|
$ |
14,751 |
|
|
12.2 |
% |
Restaurant operating
weeks |
717 |
|
|
|
|
821 |
|
|
|
|
871 |
|
|
|
|
1,229 |
|
|
|
Average weekly
volume |
$ |
255 |
|
|
|
|
$ |
82 |
|
|
|
|
$ |
89 |
|
|
|
|
$ |
98 |
|
|
|
- Recast amounts for the 52 weeks ended December 25, 2018 include
historical amounts for Barcelona and bartaco Brands, which were
acquired during the third quarter of 2018, prior to
acquisition.
|
52 Weeks Ended December 26, 2017
(recast)(1) |
(Amounts in
thousands) |
Double Eagle |
|
Barcelona |
|
bartaco |
|
Grille |
Revenues |
$ |
176,713 |
|
|
100.0 |
% |
|
$ |
60,793 |
|
|
100.0 |
% |
|
$ |
67,022 |
|
|
100.0 |
% |
|
$ |
117,114 |
|
|
100.0 |
% |
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales |
52,944 |
|
|
30.0 |
|
|
16,268 |
|
|
26.8 |
|
|
15,547 |
|
|
23.2 |
|
|
30,673 |
|
|
26.2 |
|
Restaurant operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor |
41,935 |
|
|
23.7 |
|
|
18,594 |
|
|
30.6 |
|
|
21,588 |
|
|
32.2 |
|
|
39,163 |
|
|
33.4 |
|
Operating
expenses |
18,846 |
|
|
10.7 |
|
|
8,066 |
|
|
13.3 |
|
|
9,226 |
|
|
13.8 |
|
|
15,849 |
|
|
13.5 |
|
Occupancy |
12,511 |
|
|
7.1 |
|
|
3,218 |
|
|
5.3 |
|
|
2,481 |
|
|
3.7 |
|
|
13,216 |
|
|
11.3 |
|
Restaurant operating expenses |
73,292 |
|
|
41.5 |
|
|
29,878 |
|
|
49.1 |
|
|
33,295 |
|
|
49.7 |
|
|
68,228 |
|
|
58.3 |
|
Marketing
and advertising costs |
3,568 |
|
|
2.0 |
|
|
359 |
|
|
0.6 |
|
|
363 |
|
|
0.5 |
|
|
2,750 |
|
|
2.3 |
|
Restaurant-level
EBITDA |
$ |
46,909 |
|
|
26.5 |
% |
|
$ |
14,288 |
|
|
23.5 |
% |
|
$ |
17,817 |
|
|
26.6 |
% |
|
$ |
15,463 |
|
|
13.2 |
% |
Insurance settlement
(Barteca) pre acquisition(2) |
|
|
|
|
|
|
|
|
(523 |
) |
|
|
|
|
|
|
Adjusted
Restaurant-level EBITDA |
$ |
46,909 |
|
|
26.5 |
% |
|
$ |
14,288 |
|
|
23.5 |
% |
|
$ |
17,294 |
|
|
25.8 |
% |
|
$ |
15,463 |
|
|
13.2 |
% |
Restaurant operating
weeks |
655 |
|
|
|
|
753 |
|
|
|
|
690 |
|
|
|
|
1,221 |
|
|
|
Average weekly
volume |
$ |
270 |
|
|
|
|
$ |
81 |
|
|
|
|
$ |
97 |
|
|
|
|
$ |
95.9 |
|
|
|
- Recast amounts for the 52 weeks ended December 26, 2017 include
historical amounts for Barcelona and bartaco Brands, which were
acquired during the third quarter of 2018, prior to
acquisition.
- Prior to the Barteca Acquisition, starting in Q4 of 2017 and
continuing through the first half of 2018, Barteca management
recognized insurance settlement proceeds from a location-specific
incident as a reduction to restaurant operating expenses, which
therefore increased restaurant-level EBITDA margins by the amount
of those proceeds for that period of time. Under US GAAP rules, the
Company recognizes insurance settlement proceeds from business
interruptions as a separate line item below other operating
activity in its Consolidated Statements of Operations and,
therefore, such proceeds are not included within restaurant-level
EBITDA as calculated by the Company. Accordingly, consistent
with the Company’s accounting policy, 2017 insurance settlement
proceeds have been adjusted out of restaurant operating expenses
and restaurant-level EBITDA as originally factored in by Barteca
management prior to the Barteca Acquisition.
DEL FRISCO'S RESTAURANT GROUP,
INC.Adjusted Net Income Reconciliation -
Unaudited
|
13 Weeks Ended |
|
13 Weeks Ended (recast)(1) |
|
52 Weeks Ended (recast)(1) |
(Amounts in thousands,
except per share data) |
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Adjusted Net
Income: |
|
|
|
|
|
|
|
Net loss |
$ |
(8,067 |
) |
|
$ |
(15,453 |
) |
|
$ |
(80,337 |
) |
|
$ |
(10,996 |
) |
Income
tax (benefit) expense |
(5,909 |
) |
|
(15,399 |
) |
(2) |
(6,110 |
) |
|
(5,826 |
) |
Lease
termination and closing costs |
2,236 |
|
|
(2 |
) |
|
3,779 |
|
|
(2 |
) |
Consulting project costs |
4,756 |
|
|
— |
|
(3) |
5,558 |
|
|
2,786 |
|
Acquisition costs |
232 |
|
|
— |
|
|
12,247 |
|
|
— |
|
Reorganization severance |
1,368 |
|
|
— |
|
|
2,202 |
|
|
1,072 |
|
Non-recurring legal expenses |
470 |
|
|
558 |
|
|
850 |
|
|
916 |
|
Donations |
245 |
|
|
— |
|
|
335 |
|
|
805 |
|
Non-recurring restaurant expenses |
— |
|
|
1,442 |
|
|
— |
|
|
1,442 |
|
Non-recurring corporate expenses |
— |
|
|
— |
|
|
12 |
|
|
— |
|
Impairment charges |
— |
|
|
22,930 |
|
|
2,115 |
|
|
22,930 |
|
Discontinued operations |
792 |
|
|
12,741 |
|
|
26,437 |
|
|
10,638 |
|
Loss on
the write-off of deferred financing costs |
— |
|
|
— |
|
|
18,266 |
|
|
— |
|
Change in
estimate for gift card breakage |
691 |
|
|
(563 |
) |
|
691 |
|
|
(563 |
) |
Adjusted
pre-tax (loss) income |
(3,186 |
) |
|
6,254 |
|
|
(13,955 |
) |
|
23,202 |
|
Income
tax (benefit) expense(4) |
(1,720 |
) |
|
1,438 |
|
|
(7,536 |
) |
|
5,336 |
|
Adjusted
net (loss) income |
$ |
(1,466 |
) |
|
$ |
4,815 |
|
|
$ |
(6,419 |
) |
|
$ |
17,865 |
|
Adjusted net (loss) income per basic share |
$ |
(0.04 |
) |
|
$ |
0.24 |
|
|
$ |
(0.25 |
) |
|
$ |
0.83 |
|
DEL FRISCO'S RESTAURANT GROUP,
INC.Restaurant-Level EBITDA Reconciliation -
Unaudited
|
13 Weeks Ended |
|
13 Weeks Ended (recast)(1) |
|
52 Weeks Ended (recast)(1) |
(Amounts in
thousands) |
December 25, 2018 |
|
December 26, 2017 |
|
December 25, 2018 |
|
December 26, 2017 |
Operating income |
$ |
(5,951 |
) |
|
$ |
(15,144 |
) |
|
$ |
(24,773 |
) |
|
$ |
(35 |
) |
Add: |
|
|
|
|
|
|
|
Pre-opening costs |
3,244 |
|
|
268 |
|
(5) |
10,105 |
|
|
3,819 |
|
General
and administrative costs |
11,833 |
|
|
12,049 |
|
(5) |
55,759 |
|
|
39,364 |
|
Donations |
245 |
|
|
— |
|
|
335 |
|
|
836 |
|
Consulting project costs |
4,756 |
|
|
— |
|
(5) |
6,420 |
|
|
2,786 |
|
Acquisition costs |
232 |
|
|
— |
|
|
12,247 |
|
|
— |
|
Reorganization severance |
1,368 |
|
|
— |
|
|
2,202 |
|
|
1,072 |
|
Lease
termination and closing costs |
2,236 |
|
|
(2 |
) |
(3) |
3,779 |
|
|
(2 |
) |
Depreciation and amortization |
6,979 |
|
|
8,049 |
|
(5) |
25,371 |
|
|
23,707 |
|
Non-cash
impairment charges |
— |
|
|
22,930 |
|
|
2,115 |
|
|
22,930 |
|
Insurance
settlement |
— |
|
|
— |
|
|
(72 |
) |
|
— |
|
Restaurant-level
EBITDA |
$ |
24,942 |
|
|
$ |
28,150 |
|
|
$ |
93,488 |
|
|
$ |
94,477 |
|
Insurance settlement
(Barteca) pre acquisition(6) |
|
|
$ |
(523 |
) |
|
|
|
$ |
(523 |
) |
Adjusted
Restaurant-level EBITDA |
$ |
24,942 |
|
|
$ |
27,627 |
|
|
$ |
93,488 |
|
|
$ |
93,954 |
|
- Recast amounts for the 13 weeks ended December 26, 2017, and 52
weeks ended December 25, 2018 and December 26, 2017 include
historical amounts for Barcelona and bartaco Brands, which were
acquired during the third quarter of 2018, prior to
acquisition.
- Based on the same tax rate used for the reported 2017
results.
- Recast 2017 amount equals the reported 2017 amount.
- Income tax expense at an effective tax rate of 54% for the 2018
period and 23% for the 2017 period.
- Recast 2017 amount reflects a presumed proportionate decrease
over the reported fourth quarter of fiscal 2017 amount, reflecting
the thirteen weeks in recast 2017 revenues over reported sixteen
weeks in fourth quarter of fiscal 2017 revenues, which was
determined based on the revenues recorded in the Company’s
historical books and records, less three operating weeks excluded
in the recast fourth quarter of fiscal 2017 period.
- Prior to the Barteca Acquisition, starting in Q4 of 2017 and
continuing through the first half of 2018, Barteca management
recognized insurance settlement proceeds from a location-specific
incident as a reduction to restaurant operating expenses, which
therefore increased restaurant-level EBITDA margins by the amount
of those proceeds for that period of time. Under US GAAP rules, the
Company recognizes insurance settlement proceeds from business
interruptions as a separate line item below other operating
activity in its Consolidated Statements of Operations and,
therefore, such proceeds are not included within restaurant-level
EBITDA as calculated by the Company. Accordingly, consistent
with the Company’s accounting policy, 2017 insurance settlement
proceeds have been adjusted out of restaurant operating expenses
and restaurant-level EBITDA as originally factored in by Barteca
management prior to the Barteca Acquisition.
Investor Relations Contact: Raphael Gross 203-682-8253
investorrelations@dfrg.com Media Relations Contact: Alecia
Pulman 203-682-8200 DFRGPR@icrinc.com
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