Bbq Holdings, Inc. (BBQ) 10K Annual Reports & 10Q SEC Filings

BBQ Holdings, Inc. Reports Results for Fourth Quarter and Fiscal Year 2021; Announces Acquisition of Barrio Queen, Corporate Name Change and Provides 2022 Guidance

MINNEAPOLIS, March 14, 2022 – BBQ Holdings, Inc. (NASDAQ: BBQ) (the “Company”), an innovating global franchisor, owner and operator of restaurants, today reported financial results for the fourth quarter and fiscal year ended January 2, 2022.

Fourth Quarter Highlights:


	Fourth Quarter
(dollars in thousands, except per share data)		2021			2020			2019
Total revenue	$	68,395		$	34,258		$	23,613
Net income (loss)	$	2,602		$	(2,836)		$	(1,788)
Earnings (loss) per diluted share	$	0.25		$	(0.31)		$	(0.20)
Adjusted net income (loss)	$	2,820		$	(1,538)		$	(1,210)
Adjusted earnings (loss) per diluted share	$	0.27		$	(0.17)		$	(0.13)
Cash EBITDA	$	4,550		$	85		$	(692)
Restaurant-level margins		7.6	%		2.1	%		(3.0)	%
Prime costs		62.3	%		63.6	%		67.9	%
Free cash flow	$	3,140		$	(743)		$	(3,655)


	Fourth Quarter Same Store Sales
	2021 vs. 2020		2021 vs. 2019
Famous Dave's Company-owned	22.8	%	15.5	%
Famous Dave's Franchise-operated*	26.5	%	18.8	%
Granite City**	63.8	%	(2.4)	%
Village Inn Company-owned**	54.5	%	(9.2)	%
Village Inn Franchise-operated*	51.7	%	NA	%
Bakers Square**	50.4	%	(12.7)	%
Clark Crew	17.0	%	NA	%
Real Urban BBQ**	8.9	%	2.7	%
* as reported by franchisees
** includes sales under prior ownership

Fiscal Year Highlights:


	Fiscal Year
(dollars in thousands, except per share data)		2021			2020			2019
Total revenue	$	206,442		$	121,237		$	83,555
Net income (loss)	$	24,021		$	4,947		$	(649)
Earnings (loss) per diluted share	$	2.42		$	0.54		$	(0.07)
Adjusted net income (loss)	$	7,033		$	(2,616)		$	647
Adjusted earnings (loss) per diluted share	$	0.71		$	(0.29)		$	0.07
Cash EBITDA	$	17,450		$	948		$	3,423
Restaurant-level margins		9.3	%		1.3	%		(0.1)	%
Prime costs		61.4	%		64.9	%		67.2	%
Free cash flow	$	13,624		$	(2,551)		$	(3,332)


	Fiscal Year Same Store Sales
	2021 vs. 2020		2021 vs. 2019
Famous Dave's Company-owned	23.7	%	13.7	%
Famous Dave's Franchise-operated*	25.9	%	6.6	%
Granite City**	50.0	%	(8.6)	%
Village Inn Company-owned**	42.0	%	(13.0)	%
Village Inn Franchise-operated*	49.1	%	NA	%
Bakers Square**	29.9	%	(21.5)	%
Clark Crew	17.3	%	NA	%
Real Urban BBQ**	11.5	%	0.8	%
* as reported by franchisees **includes sales under prior ownership

The following information was filed by Bbq Holdings, Inc. (BBQ) on Monday, March 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Bbq Holdings, Inc.'s 10-K Annual Report:

Financial - Income Highlight
If we fail to generate significant taxable income, we may not be able to fully deduct the interest expense on our debt, which could result in us having to pay increased federal income taxes.

Financial - Debt Highlight
We provide for a general bad debt reserve for franchise receivables due to increases in days sales outstanding for which no payment plan or other payment arrangement exists.
Financial - Expense Highlight
Costs and Expenses Restaurant costs and expenses include, among other items, food and beverage costs; labor and benefits costs; operating expenses, which include occupancy costs, repair and maintenance costs, supplies and advertising and promotion.
Financial - Expense Highlight
Currently, we are operating in a period of increased inflation, led by commodity cost inflation which primarily relates to proteins.
Other - Other Highlight
In addition, our effective tax rate was further decreased in fiscal 2021 due to the gain on the forgiveness of our PPP loans.
Other - Other
Cash payments are due upon...Read more
Revenue - Product
Increases in same store sales...Read more
Financial - Income
Although the treatment of tax...Read more
Other - Other
We depreciate the leasehold improvements...Read more
Financial - Expense
Our labor and benefits costs...Read more
M & A - Other
The decrease in our effective...Read more
Other - Other
ROU assets and operating lease...Read more
Financial - Expense
In addition, our leases require...Read more
M & A - Other
Net cash used for investing...Read more
Financial - Expense
The primary fixed costs are...Read more
Other - Other
These licenses are capitalized as...Read more
Revenue - Product
The increase in year-over-year franchise-related...Read more
Revenue - Product
We have been making significant...Read more
Financial - Expense
Our food and beverage costs...Read more
Legal - Other
Due tax law changes in...Read more
Revenue - Product
(3) As a percentage of...Read more
Financial - Expense
While we have taken steps...Read more
Financial - Expense
As restaurant management and staff...Read more
Other - Other
Accounts receivable, net We provide...Read more
Financial - Cash Flow
Fair value is estimated based...Read more
Financial - Earnings
The approximately $24.9 million in...Read more
Financial - Expense
While we have been able...Read more
Financial - Expense
Additionally, the costs of obtaining...Read more
Revenue - Product
We have rolled out delivery...Read more
Other - Other
In assessing recoverability of these...Read more
Financial - Expense
With the enactment of the...Read more
Revenue - Product
Same store net sales for...Read more
Financial - Expense
Restaurant sites that are operating,...Read more
Financial - Expense
Additionally, certain operating and other...Read more
Other - Other
As a result, public health...Read more
Financial - Income
Other income for the fiscal...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Bbq Holdings, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 10.29: Material Contract

Exhibit 10.30: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: BBQ
CIK: 1021270
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-003759
Submitted to the SEC: Wed Mar 16 2022 4:15:55 PM EST
Accepted by the SEC: Wed Mar 16 2022
Period: Sunday, January 2, 2022
Industry: Retail Eating Places