Winmark Corp (WINA, Financial), a nationally recognized franchising business, released its Q3 earnings report on October 18, 2023. The company reported a net income of $11,149,800 or $3.05 per share diluted, compared to a net income of $10,368,600 or $2.93 per share diluted in the same period last year. For the nine months ended September 30, 2023, net income was $30,461,300 or $8.40 per share diluted, compared to a net income of $29,248,300 or $8.11 per share diluted for the same period last year.
Financial Performance Overview
Winmark Corp (WINA, Financial)'s total revenue for Q3 2023 was $22,317,800, an increase from $21,164,500 in Q3 2022. This was driven by increased royalties, leasing income, merchandise sales, franchise fees, and other income. The company's income from operations also saw a rise to $15,122,500 from $14,421,100 in the same quarter last year.
Balance Sheet Highlights
As of September 30, 2023, Winmark Corp (WINA, Financial) reported total current assets of $43,811,600, a significant increase from $18,103,800 as of December 31, 2022. The company's total liabilities also increased to $90,111,000 from $92,087,800 in the same period. The company's total shareholders' equity improved to $(34,563,500) from $(61,632,100) as of December 31, 2022.
Statement of Cash Flows
The company's net cash provided by operating activities for the nine months ended September 30, 2023, was $35,231,400, up from $34,205,300 in the same period last year. The net increase in cash, cash equivalents, and restricted cash was $26,915,500, compared to $5,604,000 in the same period last year.
Company's Outlook
Winmark Corp (WINA, Financial) continues to champion and guide entrepreneurs interested in operating one of their award-winning resale franchises. As of September 30, 2023, there were 1,312 franchises in operation and over 2,800 available territories, with an additional 72 franchises awarded but not yet open.
