Q2 2024 FAT Brands Inc Earnings Call Transcript
Key Points
- Total revenue grew 42.4% to $152 million, driven by the acquisition of Smokey Bones.
- System-wide sales increased by 7.3% to $614.7 million compared to the prior year quarter.
- FAT Brands was recognized on Time Magazine's and Statista's America's best midsized companies of 2024 list.
- The development pipeline is robust with over 1,100 additional units slated to open in the coming years.
- Twin Peaks is the fastest-growing concept, with plans to expand to 250 units and $1 billion in system-wide sales.
- Adjusted EBITDA decreased to $15.7 million from $23.1 million in the prior year quarter.
- Net loss was $39.4 million, significantly higher than the $7.1 million loss in the prior year quarter.
- Costs and expenses increased by 75.2%, driven by the Smokey Bones acquisition and other factors.
- General and administrative expenses rose by 197.2% due to the Smokey Bones acquisition.
- Legal expenses are expected to continue for another 12 to 18 months, impacting financial performance.
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to FAT Brands Inc., second quarter 2024 earnings conference call.
(Operator Instructions) Please note that this conference is being recorded today, July 31, 2024.
On the call from FAT Brands are Chairman of the Board, Andy Wiederhorn, and Co-Chief Executive Officer and Chief Financial Officer, Ken Kuick.
This afternoon, the company made its second quarter 2024 financial results publicly available. Please refer to the earnings release and earnings supplement, both of which are available in the Investors section of the company's website at www.fatbrands.com.
Each contain additional details about the first quarter. But before we begin, I must remind everyone that part of the discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.
Actual results may differ materially from those
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