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)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.