Q2 2024 One Group Hospitality Inc Earnings Call Transcript
Key Points
- Revenue increased 107% to $172.5 million due to the acquisition of Benihana and RA Sushi.
- Achieved approximately $9 million in G&A synergies, with a target of $20 million annually over the next two years.
- Restaurant operating margin improved to 17.7% for the quarter.
- Adjusted EBITDA increased to $23.9 million, keeping the company on track to achieve its full-year target of $95 million to $100 million.
- Strong pipeline for unit growth with plans to open 8 to 11 new venues in 2024.
- Comparable sales decreased by 1% for Benihana, 10.6% for STK, 14% for Kona Grill, and 10.3% for RA Sushi.
- Net loss available to common stockholders was $11.5 million, compared to a net income of $0.6 million in the same quarter last year.
- Interest expense increased to $7.9 million from $1.6 million in the prior year.
- Pre-opening expenses rose to $2.5 million from $1.6 million in the previous year.
- Challenging consumer environment impacting same-store sales and overall restaurant performance.
Greetings, and welcome to The One Group second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference call over to Tyler Loy, Chief Financial Officer. Please go ahead.
Thank you, operator, and hello, everyone.
Before we begin our formal remarks, let me remind you that part of our discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. Please also note that these forward-looking statements reflect our opinion only as of the date of this call. We undertake no obligation to revise or publicly release any revisions of these forward-looking statements in light of new information or future events. We refer you to our recent
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