BJ's Restaurants, Inc. (BJRI) Bundle
A Brief History of BJ's Restaurants, Inc.
Company Overview
BJ's Restaurants, Inc. is a casual dining restaurant chain known for its diverse menu and craft beer offerings. As of October 1, 2024, the company operates 222 restaurants across the United States.
Financial Performance
For the thirty-nine weeks ended October 1, 2024, BJ's Restaurants reported total revenues of $1.01 billion, an increase of $3.4 million, or 0.3%, compared to the same period in 2023. This growth was driven by new restaurant openings, offset by a 0.2% decline in comparable restaurant sales, resulting in a decrease in guest traffic by approximately 2.5%.
| Financial Metric | 2024 (39 weeks) | 2023 (39 weeks) |
|---|---|---|
| Total Revenues | $1,012,963,000 | $1,009,594,000 |
| Net Income | $21,953,000 | $11,609,000 |
| Net Loss | $2,927,000 | $3,804,000 |
| Basic Net Income per Share | $0.94 | $0.49 |
Operating Costs
BJ's Restaurants reported operating costs of $994.1 million for the thirty-nine weeks ended October 1, 2024. Key components included:
- Cost of Sales: $261.5 million
- Labor and Benefits: $372.0 million
- Occupancy and Operating Costs: $236.7 million
Cash Flow Analysis
During the thirty-nine weeks ended October 1, 2024, BJ's reported:
| Cash Flow Category | Amount |
|---|---|
| Net Cash Provided by Operating Activities | $69.8 million |
| Net Cash Used in Investing Activities | ($61.0 million) |
| Net Cash Used in Financing Activities | ($19.5 million) |
| Net Decrease in Cash and Cash Equivalents | ($10.6 million) |
Stock Repurchase Program
As of October 1, 2024, BJ's Restaurants had repurchased approximately 523,000 shares of its common stock at an average price of $32.67 per share, totaling around $17.1 million. The company has approximately $44.0 million remaining under its authorized $550 million share repurchase program.
Debt and Financing
As of October 1, 2024, BJ's Restaurants had total long-term debt of $66.5 million and was in compliance with all covenants of its credit facility. The weighted average interest rate for the thirty-nine weeks ended October 1, 2024, was approximately 6.9%.
Future Outlook
For fiscal 2024, BJ's anticipates total capital expenditures to be approximately $75 million, which includes costs for new restaurant openings and renovations of existing locations. The company plans to fund these expenditures through cash on hand and operational cash flows.
A Who Owns BJ's Restaurants, Inc. (BJRI)
Shareholder Structure
As of 2024, BJ's Restaurants, Inc. (BJRI) has a diverse shareholder structure, comprising institutional investors, mutual funds, and retail investors. The breakdown of ownership is as follows:
| Shareholder Type | Percentage Ownership |
|---|---|
| Institutional Investors | 85.1% |
| Mutual Funds | 10.3% |
| Retail Investors | 4.6% |
Major Institutional Shareholders
The following table lists the major institutional shareholders of BJRI as of January 2024:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| The Vanguard Group, Inc. | 3,452,000 | 15.1% |
| BlackRock, Inc. | 2,984,000 | 12.9% |
| Dimensional Fund Advisors LP | 2,505,000 | 11.0% |
| State Street Corporation | 2,200,000 | 9.6% |
| Invesco Ltd. | 1,800,000 | 7.8% |
Executive Ownership
As of October 1, 2024, the executive team holds a significant portion of the company's stock. The following table illustrates the ownership held by key executives:
| Executive | Title | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Greg Trojan | CEO | 400,000 | 1.7% |
| Kristin W. M. Sweeney | CFO | 250,000 | 1.1% |
| John A. B. Smith | COO | 200,000 | 0.9% |
Recent Stock Performance
BJRI's stock performance has experienced fluctuations in the market. Below is a summary of the stock's performance metrics as of October 1, 2024:
| Metric | Value |
|---|---|
| Current Stock Price | $30.74 |
| Market Capitalization | $700 million |
| 52-Week High | $40.00 |
| 52-Week Low | $25.00 |
Financial Overview
As of October 1, 2024, BJ's Restaurants, Inc. has reported the following financial data:
| Financial Metric | Value |
|---|---|
| Total Revenue | $1.012 billion |
| Net Income | $21.953 million |
| Total Assets | $1.041 billion |
| Total Liabilities | $665 million |
| Shareholders' Equity | $376.175 million |
Share Repurchase Program
BJRI has implemented a share repurchase program, reflecting its commitment to returning value to shareholders. The following table summarizes the share repurchase activity during the first nine months of 2024:
| Period | Total Shares Purchased | Average Price Paid Per Share | Total Cost |
|---|---|---|---|
| Q1 2024 | 86,960 | $34.54 | $3.00 million |
| Q2 2024 | 167,665 | $34.78 | $5.83 million |
| Q3 2024 | 268,312 | $30.74 | $8.23 million |
| Total 2024 | 522,937 | - | $17.06 million |
BJ's Restaurants, Inc. (BJRI) Mission Statement
Company Overview
BJ's Restaurants, Inc. operates a chain of casual dining restaurants featuring its signature deep-dish pizza among other menu items. As of October 1, 2024, BJ's Restaurants operates 215 locations across the United States.
Mission Statement
As of 2024, BJ's Restaurants emphasizes a commitment to providing exceptional service and high-quality food in a vibrant atmosphere. The company's mission statement focuses on delivering a unique dining experience that combines quality food, excellent service, and a fun environment.
Financial Performance
In the thirteen weeks ending October 1, 2024, BJ's Restaurants reported total revenues of $325.7 million, an increase of $7.1 million or 2.2% from $318.6 million in the same period in 2023. This growth was driven by a 1.7% increase in comparable restaurant sales and revenues from new restaurant openings.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $325.7 million | $318.6 million |
| Comparable Restaurant Sales Growth | 1.7% | 2.0% |
| Net Income | $(2.9) million | $(3.8) million |
| Cost of Sales | $86.7 million | $82.7 million |
| Labor and Benefits | $120.7 million | $118.2 million |
Cost Structure
For the same period, BJ's Restaurants experienced an increase in cost of sales to 26.6% of revenues, up from 25.9% in the prior year, primarily due to higher commodity costs. Labor and benefits remained consistent at 37.1% of revenues.
Capital Expenditures
For the thirty-nine weeks ended October 1, 2024, total capital expenditures were $61 million, which included:
| Capital Expenditure Categories | Amount (in thousands) |
|---|---|
| New Restaurants | $22,889 |
| Restaurant Maintenance and Remodels | $37,335 |
| Restaurant and Corporate Systems | $804 |
Liquidity and Cash Flow
As of October 1, 2024, BJ's Restaurants had cash and cash equivalents of $18.4 million, down from $29.1 million as of January 2, 2024. The company reported net cash provided by operating activities of $69.8 million for the thirty-nine weeks ended October 1, 2024.
| Cash Flow Metrics | 39 Weeks Ended October 1, 2024 | 39 Weeks Ended October 3, 2023 |
|---|---|---|
| Net Cash Provided by Operating Activities | $69.8 million | $73.6 million |
| Net Cash Used in Investing Activities | $(61.0) million | $(82.0) million |
| Net Cash Used in Financing Activities | $(19.5) million | $(4.6) million |
Shareholder Returns
BJ's Restaurants continues to focus on enhancing shareholder value through its share repurchase program, which saw significant activity in 2024. The company repurchased approximately $17.1 million worth of shares in the first three quarters of 2024.
How BJ's Restaurants, Inc. (BJRI) Works
Company Overview
BJ's Restaurants, Inc. operates a chain of casual dining restaurants primarily in the United States. The company offers a diverse menu featuring pizza, burgers, and a variety of appetizers, as well as craft beers brewed on-site in select locations.
Financial Performance
For the thirteen weeks ended October 1, 2024, BJ's reported total revenues of $325.7 million, an increase of 2.2% compared to $318.6 million during the same period in 2023. This growth was driven by a 1.7% increase in comparable restaurant sales and additional sales from new restaurant openings.
| Financial Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenues | $325.7 million | $318.6 million | +2.2% |
| Cost of Sales | $86.7 million | $82.7 million | +4.9% |
| Labor and Benefits | $120.7 million | $118.2 million | +2.1% |
| Net Loss | $(2.9) million | $(3.8) million | Improvement |
Cost Structure
The cost of sales for Q3 2024 was $86.7 million, representing 26.6% of total revenues, an increase from 25.9% in Q3 2023. The rise in costs was attributed to higher commodity prices, particularly for poultry and avocados.
Labor and benefits costs increased to $120.7 million, maintaining 37.1% of revenues. Key factors included higher management compensation and hourly labor costs.
| Cost Structure Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Cost of Sales (% of Revenue) | 26.6% | 25.9% |
| Labor and Benefits (% of Revenue) | 37.1% | 37.1% |
| Occupancy and Operating Expenses | $80.3 million | $80.0 million |
Operational Efficiency
Occupancy and operating expenses rose slightly to $80.3 million, accounting for 24.7% of revenues, down from 25.1% in the previous year, indicating improved operational efficiency. The increase in marketing-related expenses was offset by reductions in restaurant facility expenses.
Capital Expenditures
During the thirty-nine weeks ended October 1, 2024, BJ's reported net cash used in investing activities of $(61.0) million, reflecting a decrease from $(82.0) million in the previous year. Total capital expenditures for the period were $61.0 million, primarily for new restaurant openings and remodels.
| Capital Expenditures | 2024 | 2023 |
|---|---|---|
| New Restaurants | $22.9 million | $34.4 million |
| Maintenance and Remodels | $37.3 million | $46.9 million |
| Total Capital Expenditures | $61.0 million | $81.9 million |
Liquidity Position
As of October 1, 2024, BJ's reported cash and cash equivalents of $18.4 million, down from $29.1 million at the beginning of the year. The current ratio stood at 0.4:1.0, reflecting a challenging liquidity position.
| Liquidity Metrics | October 1, 2024 | January 2, 2024 |
|---|---|---|
| Cash and Cash Equivalents | $18.4 million | $29.1 million |
| Net Working Capital | $(118.7) million | $(116.3) million |
| Current Ratio | 0.4:1.0 | 0.4:1.0 |
Debt Obligations
BJ's total liabilities as of October 1, 2024, amounted to $665.6 million, including long-term debt of $66.5 million. The company has a revolving credit facility of $215 million, which may be increased up to $315 million.
| Debt Metrics | October 1, 2024 |
|---|---|
| Total Liabilities | $665.6 million |
| Long-term Debt | $66.5 million |
| Revolving Credit Facility | $215 million |
Stock Performance
For the thirty-nine weeks ended October 1, 2024, BJ's reported net income of $21.9 million compared to $11.6 million in the previous year. The diluted earnings per share were $0.92, up from $0.48 in 2023.
| Stock Performance Metrics | 2024 | 2023 |
|---|---|---|
| Net Income | $21.9 million | $11.6 million |
| Diluted EPS | $0.92 | $0.48 |
How BJ's Restaurants, Inc. (BJRI) Makes Money
Revenue Generation
BJ's Restaurants, Inc. generates revenue primarily through food and beverage sales across its restaurant locations, including takeout, delivery, and catering services. For the thirty-nine weeks ended October 1, 2024, total revenues reached $1.0 billion, representing a 0.3% increase compared to the prior year.
For the thirteen weeks ended October 1, 2024, revenues increased by $7.1 million, or 2.2%, totaling $325.7 million. This growth was primarily driven by a 1.7% increase in comparable restaurant sales, contributing $5.2 million, along with $5.4 million from new restaurants.
Cost of Sales
The cost of sales for BJ's Restaurants was $261.5 million for the thirty-nine weeks ended October 1, 2024, a decrease of $2.7 million, or 1.0% from the previous year. As a percentage of total revenues, cost of sales decreased to 25.8% from 26.2%.
During the thirteen weeks ended October 1, 2024, cost of sales increased to $86.7 million, reflecting a 4.9% rise due to higher commodity costs. The percentage of revenues attributed to cost of sales rose to 26.6%, up from 25.9% in the prior year.
Labor and Benefits Costs
Labor and benefits costs for the thirty-nine weeks ended October 1, 2024, totaled $372.0 million, a slight decrease of $1.0 million from the previous year. This represents 36.7% of total revenues, down from 37.0%.
In the thirteen-week period, these costs were $120.7 million, reflecting a 2.1% increase compared to the previous year. The percentage of revenues attributed to labor and benefits costs remained stable at 37.1%.
Occupancy and Operating Expenses
Occupancy and operating expenses for the thirty-nine weeks ended October 1, 2024, were $236.7 million, down from $241.1 million the previous year, representing a 1.8% decrease. This reduction was largely due to lower restaurant facility expenses and improved operational efficiency, decreasing the percentage of revenues to 23.4% from 23.9%.
During the thirteen weeks ended October 1, 2024, these expenses were $80.3 million, with a decrease in percentage of revenues to 24.7% from 25.1%.
General and Administrative Expenses
General and administrative expenses totaled $64.6 million for the thirty-nine weeks ended October 1, 2024, up from $60.4 million. This expense accounted for 6.4% of total revenues.
For the thirteen-week period, general and administrative expenses increased to $21.0 million, representing 6.4% of revenues.
Net Income and Earnings Per Share
Net income for the thirty-nine weeks ended October 1, 2024, was $21.9 million, compared to $11.6 million for the same period in 2023. The net loss for the thirteen weeks ended October 1, 2024, was $2.9 million. The earnings per share (EPS) for the thirty-nine weeks was $0.94.
Cash Flows
Net cash provided by operating activities for the thirty-nine weeks ended October 1, 2024, was $69.8 million, a decrease from $73.6 million in the previous year. The net cash used in investing activities was $61.0 million, which is a decrease of $20.9 million from the prior year. The net cash used in financing activities was $19.5 million, up from $4.6 million.
Gift Card and Loyalty Program Revenue
The liability related to gift cards as of October 1, 2024, was $9.8 million, with deferred loyalty revenue at $2.7 million. Revenue recognized from gift card liability was $9.3 million for the thirty-nine weeks ended October 1, 2024. Revenue from the guest loyalty program was $6.2 million.
| Financial Metric | Value (2024) | Value (2023) |
|---|---|---|
| Total Revenues | $1.0 billion | $996.6 million |
| Cost of Sales | $261.5 million | $264.1 million |
| Labor and Benefits Costs | $372.0 million | $373.1 million |
| Occupancy and Operating Expenses | $236.7 million | $241.1 million |
| General and Administrative Expenses | $64.6 million | $60.4 million |
| Net Income | $21.9 million | $11.6 million |
| Cash Provided by Operating Activities | $69.8 million | $73.6 million |
| Gift Card Liability | $9.8 million | $14.4 million |
| Deferred Loyalty Revenue | $2.7 million | $2.5 million |
BJ's Restaurants, Inc. (BJRI) DCF Excel Template
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Resources:
- BJ's Restaurants, Inc. (BJRI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BJ's Restaurants, Inc. (BJRI)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BJ's Restaurants, Inc. (BJRI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.