即時発表
ウィングストップは2024年第3四半期の財務結果を報告しました
106を記録し、過去最高の第3四半期を達成しました ネット新規開店数と17.1%のユニット成長
同店売上高は取引の成長により20.9％増加しました
2024年10月30日、ダラス - (PR NEWSWIRE) - ウィングストップ（ナスダック：WING）は、2024年9月28日に終了した決算第3四半期の財務結果を発表しました。
2024年第3四半期のハイライトは2023年第3四半期と比較して次の通りです:
▪システム全体の売上高は、12億ドルで39.4%増加しました。
▪2024年第3四半期には106の新規オープニングがありました
▪国内レストランのAUVは210万ドルに増加しました
▪国内の同店売上高が20.9％増加しました
▪デジタル売上高はシステム全体の売上高の69.0%に増加しました
▪売上高は38.8%増の16250万ドルに増加しました
▪当期純利益は31.9％増の2570万ドル、または希薄化後1株当たり0.88ドルとなりました
▪調整後のEBITDAは、非GAAP基準で、39.5%増の5370万ドルに上昇しました
調整後のEBITDAは非GAAP尺度です。米国で一般的に受け入れられている会計原則に従って提示される最も直接関連する財務尺度との調整後のEBITDAの調整は、このリリースに添付されたスケジュールに示されています。詳細は「非GAAP財務尺度」を参照してください。
「第3四半期の成績は、私たちが実行しているマルチ年間戦略の持続力を証明しました。売上高は20.9%の同店売上成長を達成し、取引成長に主に基づいています」とMichael Skipworth社長兼最高経営責任者は述べました。「第3四半期には、過去1年間に比べてシステム全体でのレストラン数が17.1%増加し、純新規ユニット数が過去最高の106店舗をオープンしました。これは、私たちの業界をリードするリターンを見ているブランドパートナーたちの興奮を示しています。」
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2024年第3四半期の主要業績指標と2023年第3四半期との比較:
| 13週間が終了した | |||||||||||
| 2024年9月28日 | 2023年9月30日 | ||||||||||
| 期末に開店している全体システムのレストラン数 | 2,458 | 2,099 | |||||||||
| 期末に開店している国内フランチャイズレストラン数 | 2,064 | 1,791 | |||||||||
期末に開店している国際フランチャイズレストラン数 (1) | 338 | 262 | |||||||||
| 全体売上高（百万円） | $ | 1,233 | $ | 885 | |||||||
| 国内AUV（千円） | $ | 2,116 | $ | 1,755 | |||||||
| 国内店舗売上高同店売上高成長 | 20.9 | % | 15.3 | % | |||||||
| 自社運営国内店舗の同店売上高成長 | 7.3 | % | 6.0 | % | |||||||
| 当期純利益(千ドル) | $ | 25,732 | $ | 19,511 | |||||||
| 調整後EBITDA（千円単位） | $ | 53,672 | $ | 38,483 | |||||||
(1) アメリカ合衆国の領土を含む。
2024年第3四半期の財務結果
2024年の第3四半期の総売上高は、昨年の同四半期の$11710万から$16250万に増加しました。特許使用料収入、フランチャイズ料金およびその他の収入は$2120万増加し、うち$960万は国内の同店売上高が20.9%増加したためであり、$930万はネット新規フランチャイズの開発が原因でした。広告料は、2024年の第3四半期のシステム全体の売上高が39.4%増加し、2024年の第2四半期の初日から有効となった国立広告基金貢献率が5.0%から5.3%に引き上げられたため、$1680万増加しました。会社所有のレストランの売上高は、前の第3四半期以来、ネットの新しい会社所有レストランが10店舗増加し、売上高が7.3%増加したことにより、$740万増加しました。主に取引の増加が原因です。
営業費は前年度の第3四半期の$1760万に比べて$2440万でした。会社が所有するレストランの売上高に占める営業費の割合は、前年度と比較して77.8%から73.6%に上昇しました。会社が所有するレストランの売上高に対する割合の増加は、骨付きチキンウィングのコストが前年度の第3四半期と比較して増加したことに主に起因しています。前年度の第3四半期の当社の購買は主にスポット市場に関連しており、骨付きチキンウィングのコストが大幅にデフレしたことに影響を受けました。
売上総利益と一般および管理費（SG&A）が、前期第3四半期の$2300万から$3230万に$920万増加しました。 SG&A費用の増加は、主に企業の業績に関連するパフォーマンスベースの株式報酬とインセンティブ報酬費用が$490万増加したこと、ビジネスの成長をサポートするための人員を増やし、関連する経費が$280万増加したこと、およびシステム導入コストを含む戦略的取り組みに関連するコンサルティングおよびその他の専門業務料金が$130万増加したことにより、増加しました。
減価償却費および償却費は、前年の第三四半期の$340万から$510万へ170万ドル増加しました。減価償却費の増加は、2024年第2四半期に導入されたソフトウェア資産に関する減価償却費に主に起因しました。これは、当社のMyWingstopテクノロジープラットフォームに関連しています。
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財務見通し
会社は2024会計年度の国内同店舗売上高成長率が約20%であることを再確認しています。
また、年初からの結果に基づき、会社は2024年の見通しを更新しています:
•グローバルネット新規ユニットの320から330、以前は285から300;
•約2250万ドルの株式報酬費用、以前は2000万ドル
•SG&A費用は117.5 - 11850万ドルの間で、以前は11400 - 11600万ドルでした; それと
•約1900万ドルの償却および減価償却、以前は18 - 1900万ドルでした。
レストラン開発
2024年9月28日現在、ウイングストップの全体システムには2,458のレストランがありました。これには、アメリカ合衆国内に2,120のレストランが含まれており、うち2,064軒がフランチャイズ店、56軒が自社運営店で、国際市場と米国領土には338軒のフランチャイズ店がありました。2024会計年度第3四半期中には、 106 ネットシステム全体でウイングストップのレストランがオープンしました。
四半期配当
会社の強力なキャッシュフローの生み出しと株主への価値還元への取り組みを評価して、2024年10月29日に取締役会は四半期配当を普通株式1株当たり0.27ドルとし、約790万ドルの総配当を宣言しました。この配当は2024年11月15日時点の株主に対して、2024年12月6日に支払われる予定です。
シェア・リパーチェス
2024年第3四半期に、会社は普通株式の93,617株を1株当たり$373.68の平均価格で買い戻し、取り消しました。2024年9月28日時点で、会社の取締役会が以前承認した株式の自己取得プログラムの下で、$6110万が残っていました。
当社は、2023年8月にシェアの自己株式取得プログラムを開始して以来、815,431株を取得し、取り消しました。 1株当たりの平均価格が276.43ドルで、普通株式815,431株を取得しました。 自己株式取得プログラムの開始以来、1株当たり276.43ドルの価格で815,431株の普通株式を取得し、取り消しています。
このリリースで使用されている用語には、次の定義が適用されます:
国内平均単位出来高（AUV） 全レストランの取り扱いが52週間以上開業している店舗の平均年間売上を含む。この指標は、測定対象の全レストランにおける適用期間中の売上を、測定される全店舗の数で割って計算される。国内AUVには、自社運営店舗とフランチャイズ店舗の収益が含まれる。国内AUVは、当社の国内自社運営店舗とフランチャイズ店舗の経済力を評価するために使用される。国内AUVの変化は、同店舗売上の増加に主に影響を受け、新しいレストランのオープンにも影響を受ける。
国内の同店売上高 同じ店舗のレストランベースの前年比売上高の変化を反映しています。私たちは、同じ店舗のレストランベースを、少なくとも52週間営業しているレストランを含めると定義しています。この指標は、既存のレストランの業績を強調しますが、新規レストランの開店や恒久的な閉鎖の影響は除外しています。システム全体の国内レストランだけでなく、国内企業所有のレストランの同店売上も見直しています。国内の同店売上高の伸びは、取引と平均取引規模の増加に牽引されています。取引規模の増加は、価格の上昇、または購入品目の増加または高価格商品への有利なミックスシフトによって推進されます。
システム全体の売上高 当社全セクター自営の店舗とフランチャイズ店舗の売上高を示し、フランチャイズ加盟店から報告されたものです。この指標により、経営陣はロイヤリティ売上高や全体的な店舗の変化をよりよく評価することができます。
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performance, the health of our brand and the strength of our market position relative to competitors. Our system-wide sales growth is driven by new restaurant openings as well as increases in same store sales.
Adjusted EBITDA is defined as net income before interest expense, net, income tax expense (benefit), and depreciation and amortization (EBITDA), further adjusted for losses on debt extinguishment and financing transactions, transaction costs, costs and fees associated with investments in our strategic initiatives, system implementation costs, and stock-based compensation expense.
We caution investors that amounts presented in accordance with our definitions above may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate certain non-GAAP measurements in the same manner.
Conference Call and Webcast
The Company will host a conference call today to discuss the fiscal third quarter 2024 financial results at 10:00 AM Eastern Time. The conference call can be joined telephonically by dialing 1-877-259-5243 or 1-412-317-5176 (international) and asking for the Wingstop conference call. A replay will be available two hours after the call and can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 (international), then entering the replay code 2235392. The replay will be available through Wednesday, November 6, 2024.
The conference call will also be webcast live and later archived on the investor relations section of Wingstop’s corporate website at ir.wingstop.com under the ‘News & Events’ section.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING) operates and franchises more than 2,450 locations worldwide. The Wing Experts are dedicated to Serving the World Flavor through an unparalleled guest experience and a best-in-class technology platform, all while offering classic and boneless wings, tenders, and chicken sandwiches, cooked to order and hand sauced-and-tossed in fans’ choice of 12 bold, distinctive flavors. Wingstop’s menu also features signature sides including fresh-cut, seasoned fries and freshly-made ranch and bleu cheese dips.
In fiscal year 2023, Wingstop’s system-wide sales increased 27.1% to approximately $3.5 billion, marking the 20th consecutive year of same store sales growth. With a vision of becoming a Top 10 Global Restaurant Brand, Wingstop’s system is comprised of corporate-owned restaurants and independent franchisees, or brand partners, who account for approximately 98% of Wingstop’s total restaurant count of 2,458 as of September 28, 2024.
A key to this business success and consumer fandom stems from The Wingstop Way, which includes a core value system of being Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop Way extends to the brand’s environmental, social and governance platform as Wingstop seeks to provide value to all guests.
In 2023, Wingstop earned its “Best Places to Work” certification. The Company landed on Entrepreneur Magazine’s “Fastest-Growing Franchises” list and ranked #16 on “Franchise 500.” Wingstop was listed on Technomic’s “Top 500 Chain Restaurant Report,” QSR Magazine’s “2023 QSR 50” and Franchise Time’s “40 Smartest-Growing Franchises.”
For more information, visit www.wingstop.com or www.wingstop.com/own-a-wingstop and follow @Wingstop on X, Instagram, Facebook, and TikTok. Learn more about Wingstop’s involvement in its local communities at www.wingstopcharities.org. Unless specifically noted otherwise, references to our website addresses, the website addresses of third parties or other references to online content in this press release do not constitute incorporation by reference of the information contained on such website and should not be considered part of this release.
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Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use non-GAAP financial measures, including those indicated above. By providing non-GAAP financial measures, together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. These measures are not intended to be considered in isolation or as substitutes for, or superior to, financial measures prepared and presented in accordance with GAAP. The non-GAAP measures used in this press release may be different from the measures used by other companies. A reconciliation of each measure to the most directly comparable GAAP measure is available in this news release. In addition, the Current Report on Form 8-K furnished to the Securities and Exchange Commission (the “SEC”) concurrent with the issuance of this press release includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.
Forward-looking Statements
This news release includes statements of our expectations, intentions, plans and beliefs that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of our business strategies and our expectations concerning future operations, margins, profitability, trends, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “may,” “will,” “should,” “expect,” “intend,” “plan,” “outlook,” “guidance,” “anticipate,” “believe,” “think,” “estimate,” “seek,” “predict,” “can,” “could,” “project,” “potential” or, in each case, their negative or other variations or comparable terminology, although not all forward-looking statements are accompanied by such terms. Examples of forward-looking statements in this news release include, but are not limited to, our 2024 fiscal year outlook for domestic same store sales growth, global net new units, SG&A expense, stock-based compensation expense, and depreciation and amortization. These forward-looking statements are made based on expectations and beliefs concerning future events affecting us and are subject to uncertainties, risks, and factors relating to our operations and business environments, all of which are difficult to predict and many of which are beyond our control, that could cause our actual results to differ materially from those matters expressed or implied by these forward-looking statements. Please refer to the risk factors discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which can be found at the SEC’s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release or that we make in other reports or statements, you should keep in mind the cautionary statements in this news release and future reports we file with the SEC. New risks and uncertainties arise from time to time, and we cannot predict when they may arise or how they may affect us. Any forward-looking statement in this news release speaks only as of the date on which it was made. Except as required by law, we assume no obligation to update or revise any forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
Media Contact
Maddie Lupori
Media@wingstop.com
Investor Contact
Kristen Thomas
IR@wingstop.com
5
WINGSTOP INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(amounts in thousands, except share and per share data)
| September 28, 2024 | December 30, 2023 | ||||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 83,958 | $ | 90,216 | |||||||
| Restricted cash | 11,444 | 11,444 | |||||||||
| Accounts receivable, net | 16,939 | 12,408 | |||||||||
| Prepaid expenses and other current assets | 7,225 | 4,948 | |||||||||
| Advertising fund assets, restricted | 46,671 | 25,328 | |||||||||
| Total current assets | 166,237 | 144,344 | |||||||||
| Property and equipment, net | 119,119 | 91,292 | |||||||||
| Operating lease assets | 57,753 | 19,092 | |||||||||
| Goodwill | 74,749 | 67,708 | |||||||||
| Trademarks | 32,700 | 32,700 | |||||||||
| Customer relationships, net | 6,792 | 7,740 | |||||||||
| Other non-current assets | 27,412 | 14,949 | |||||||||
| Total assets | $ | 484,762 | $ | 377,825 | |||||||
| Liabilities and stockholders' deficit | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 10,301 | $ | 4,725 | |||||||
| Current portion of operating lease liabilities | 3,533 | 2,380 | |||||||||
| Other current liabilities | 58,386 | 38,571 | |||||||||
| Advertising fund liabilities | 46,671 | 25,328 | |||||||||
| Total current liabilities | 118,891 | 71,004 | |||||||||
| Long-term debt, net | 713,729 | 712,327 | |||||||||
| Operating lease liabilities | 60,414 | 17,807 | |||||||||
| Deferred revenues, net of current | 37,007 | 30,145 | |||||||||
| Deferred income tax liabilities, net | 2,097 | 3,721 | |||||||||
| Other non-current liabilities | 90 | 187 | |||||||||
| Total liabilities | 932,228 | 835,191 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' deficit | |||||||||||
Common stock, $0.01 par value; 100,000,000 shares authorized; 29,212,082 and 29,337,920 shares issued and outstanding as of September 28, 2024 and December 30, 2023, respectively | 292 | 293 | |||||||||
| Additional paid-in-capital | 1,515 | 2,676 | |||||||||
| Retained deficit | (449,336) | (459,994) | |||||||||
| Accumulated other comprehensive loss | 63 | (341) | |||||||||
| Total stockholders' deficit | (447,466) | (457,366) | |||||||||
| Total liabilities and stockholders' deficit | $ | 484,762 | $ | 377,825 | |||||||
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WINGSTOP INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(amounts in thousands, except per share data)
| Thirteen Weeks Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
| (Unaudited) | (Unaudited) | ||||||||||
| Revenue: | |||||||||||
| Royalty revenue, franchise fees and other | $ | 74,395 | $ | 53,200 | |||||||
| Advertising fees | 56,764 | 39,951 | |||||||||
| Company-owned restaurant sales | 31,339 | 23,953 | |||||||||
| Total revenue | 162,498 | 117,104 | |||||||||
| Costs and expenses: | |||||||||||
Cost of sales (1) | 24,367 | 17,622 | |||||||||
| Advertising expenses | 60,965 | 42,381 | |||||||||
| Selling, general and administrative | 32,294 | 23,047 | |||||||||
| Depreciation and amortization | 5,054 | 3,384 | |||||||||
| Loss on disposal of assets | — | 18 | |||||||||
| Total costs and expenses | 122,680 | 86,452 | |||||||||
| Operating income | 39,818 | 30,652 | |||||||||
| Interest expense, net | 5,130 | 4,520 | |||||||||
| Other (income) expense | (800) | (19) | |||||||||
| Income before income tax expense | 35,488 | 26,151 | |||||||||
| Income tax expense | 9,756 | 6,640 | |||||||||
| Net income | $ | 25,732 | $ | 19,511 | |||||||
| Earnings per share | |||||||||||
| Basic | $ | 0.88 | $ | 0.66 | |||||||
| Diluted | $ | 0.88 | $ | 0.65 | |||||||
| Weighted average shares outstanding | |||||||||||
| Basic | 29,265 | 29,750 | |||||||||
| Diluted | 29,383 | 29,818 | |||||||||
| Dividends per share | $ | 0.27 | $ | 0.22 | |||||||
(1) Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, but excludes depreciation and amortization, which are presented separately.
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WINGSTOP INC. AND SUBSIDIARIES
Unaudited Supplemental Information
Cost of Sales Margin Analysis
(amounts in thousands)
| Thirteen Weeks Ended | |||||||||||||||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||||||||||||||
| In dollars | As a % of company-owned restaurant sales | In dollars | As a % of company-owned restaurant sales | ||||||||||||||||||||
| Cost of sales: | |||||||||||||||||||||||
| Food, beverage and packaging costs | $ | 11,590 | 37.0 | % | $ | 7,910 | 33.0 | % | |||||||||||||||
| Labor costs | 7,355 | 23.5 | % | 5,646 | 23.6 | % | |||||||||||||||||
| Other restaurant operating expenses | 6,270 | 20.0 | % | 4,645 | 19.4 | % | |||||||||||||||||
| Vendor rebates | (848) | (2.7) | % | (579) | (2.4) | % | |||||||||||||||||
| Total cost of sales | $ | 24,367 | 77.8 | % | $ | 17,622 | 73.6 | % | |||||||||||||||
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WINGSTOP INC. AND SUBSIDIARIES
Unaudited Supplemental Information
Restaurant Count
| Thirteen Weeks Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
| Domestic Franchised Activity | |||||||||||
| Beginning of period | 1,988 | 1,749 | |||||||||
| Openings | 79 | 42 | |||||||||
| Closures | — | — | |||||||||
| Acquired by Company | (3) | — | |||||||||
| Restaurants end of period | 2,064 | 1,791 | |||||||||
| Domestic Company-Owned Activity | |||||||||||
| Beginning of period | 52 | 45 | |||||||||
| Openings | 1 | 1 | |||||||||
| Closures | — | — | |||||||||
| Acquired by Company | 3 | — | |||||||||
| Restaurants end of period | 56 | 46 | |||||||||
| Total Domestic Restaurants | 2,120 | 1,837 | |||||||||
International Franchised Activity(1) | |||||||||||
| Beginning of period | 312 | 252 | |||||||||
| Openings | 28 | 13 | |||||||||
| Closures | (2) | (3) | |||||||||
| Restaurants end of period | 338 | 262 | |||||||||
| Total System-wide Restaurants | 2,458 | 2,099 | |||||||||
(1) Includes U.S. Territories.
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WINGSTOP INC. AND SUBSIDIARIES
Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA
(Unaudited)
(amounts in thousands)
| Thirteen Weeks Ended | |||||||||||
| September 28, 2024 | September 30, 2023 | ||||||||||
| Net income | $ | 25,732 | $ | 19,511 | |||||||
| Interest expense, net | 5,130 | 4,520 | |||||||||
| Income tax expense | 9,756 | 6,640 | |||||||||
| Depreciation and amortization | 5,054 | 3,384 | |||||||||
| EBITDA | $ | 45,672 | $ | 34,055 | |||||||
| Additional adjustments: | |||||||||||
Consulting fees (a) | — | 1,300 | |||||||||
System implementation costs (b) | 727 | — | |||||||||
Stock-based compensation expense (c) | 7,273 | 3,128 | |||||||||
| Adjusted EBITDA | $ | 53,672 | $ | 38,483 | |||||||
(a) Represents non-recurring consulting fees that are not part of our ongoing operations and are incurred to execute discrete, project-based strategic initiatives, which are included in Selling, general and administrative on the Consolidated Statements of Operations. The costs incurred in the thirteen weeks ended September 30, 2023 include consulting fees relating to a comprehensive review of our long-term growth strategy for our domestic business to explore potential future initiatives, which review was completed in fiscal year 2023. Given the magnitude and scope of this strategic review that is not expected to recur in the foreseeable future, the Company considers the incremental consulting fees incurred with respect to the initiative not reflective of the ongoing costs to operate its business.
(b) System implementation costs represent non-recurring expenses incurred related to the development and implementation of new enterprise resource planning and human capital management technology, which are included in Selling, general and administrative on the Consolidated Statements of Operations.
(c) Includes non-cash, stock-based compensation, net of forfeitures.
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