EBITDA          $1,814      $ 3,771      $10,420      $15,540 
EBITDA Margin      3.7%         8.3%         6.8%        11.4% 
 
Adjustments 
to EBITDA: 
EBITDA          $1,814      $ 3,771      $10,420      $15,540 
Stock-based 
 compensation 
 expense(1)        734          759        2,252          759 
Consulting 
 fees - 
 related 
 party(2)           --           --           --        2,325 
Employee 
 retention 
 credits(3)         --           --         (200)      (2,483) 
Non-cash lease 
 expense(4)        119          144          495          303 
Non-cash lease 
 expense 
 related to 
 pre-opening 
 costs(5)          769          338        1,711          763 
                 -----       ------       ------       ------ 
Adjusted 
 EBITDA         $3,436      $ 5,012      $14,678      $17,207 
Adjusted 
 EBITDA 
 Margin            7.0%        11.0%         9.5%        12.7% 
 
 
    Reconciliation of Income from Operations to Restaurant-level 
                           Adjusted EBITDA 
            (in thousands, except percentages; unaudited) 
 
                    Three months ended        Nine Months Ended 
                       September 30,             September 30, 
                    -------------------      -------------------- 
                     2024        2023         2024         2023 
                    ------      -------      -------      ------- 
 
Income from 
 Operations         $   88      $ 2,465      $ 1,808      $ 9,010 
Income Margin from 
 Operations            0.2%         5.4%         1.2%         6.6% 
Depreciation and 
 amortization        1,726        1,253        5,027        3,534 
Pre-opening costs    1,807          723        5,354        2,123 
General and 
 administrative      5,221        3,802       14,952        7,815 
Consulting fees - 
 related party          --           --           --        2,325 
Management Fees         --           --           --        1,176 
Non-cash lease 
 expense               119          144          495          303 
                     -----       ------       ------       ------ 
Restaurant-Level 
 Adjusted EBITDA    $8,961      $ 8,387      $27,636      $26,286 
Restaurant-Level 
 Adjusted EBITDA 
 Margin               18.2%        18.4%        18.0%        19.3% 
 
 
(1)  Stock-based compensation expense: During the three 
      and nine months ended September 30, 2024, we incurred 
      expenses related to the granting of Restricted Stock 
      Units ("RSUs") to employees. 
(2)  (Consulting fees--related party: These costs ended 
      following the completion of the IPO.) 
(3)  (Employee retention credits: These are refundable 
      credits recognized under the provisions of the CARES 
      Act.) 
(4)  (Non-cash lease expense: This reflects the extent 
      to which lease expense is greater than or less than 
      contractual rent.) 
(5)  (Non-cash lease expense related to pre-opening costs: 
      This reflects cost for stores in development in which 
      the lease expense is greater than the contractual 
      rent.) 
 

(END) Dow Jones Newswires

November 12, 2024 16:05 ET (21:05 GMT)