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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Fiesta Restaurant Group, Inc..
Fiesta Restaurant Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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Consolidated Adjusted EBITDA decreased $3.2 million for the year ended January 1, 2023 to $21.8 million compared to $25.0 million for the year ended January 2, 2022, driven primarily by higher commodity costs, labor costs, insurance costs, utilities costs, general and administrative expenses, and repair and maintenance costs, partially offset by higher restaurant sales.
Inflation The inflationary factors that have historically affected our results of operations include increases in food and paper costs, labor and other operating expenses and energy costs.
The loss in 2022 was primarily the result of higher cost of sales, restaurant operating expenses and general and administrative expenses.
We also use Restaurant-level Operating Profit (previously presented as Restaurant-level Adjusted EBITDA) as a supplemental measure to evaluate the performance and profitability of our restaurants in the aggregate, which is defined as Consolidated Adjusted EBITDA excluding franchise royalty revenues and fees, pre-opening costs, and general and administrative expenses (including corporate-level general and administrative expenses).
We also use Restaurant-level Operating Profit (previously presented as Restaurant-level Adjusted EBITDA), a non-GAAP financial measure, as a supplemental measure to evaluate the performance and profitability of our restaurants in the aggregate, which is defined as Consolidated Adjusted EBITDA excluding franchise royalty revenues and fees, pre-opening costs and general and administrative expenses (including corporate-level general and administrative expenses).
Share Repurchase Plan In 2018,...Read more
Continuing inflation pressure is expected...Read more
For a discussion of our...Read more
For a discussion of our...Read more
Since there are estimates and...Read more
However, critical accounting estimates and...Read more
Consolidated Adjusted EBITDA decreased to...Read more
We estimate that the Hurricanes...Read more
The CARES Act, which was...Read more
Other (income) expense, net, in...Read more
We have implemented measures to...Read more
However, no assurance can be...Read more
Management's Use of Non-GAAP Financial...Read more
Restaurant wages and related expenses...Read more
If the performance of these...Read more
If the performance of these...Read more
In 2019, our board of...Read more
We typically attempt to offset...Read more
We use Consolidated Adjusted EBITDA...Read more
Consolidated Adjusted EBITDA, a non-GAAP...Read more
Consolidated Adjusted EBITDA is defined...Read more
Guaranteed bonus payments, which were...Read more
Consolidated Adjusted EBITDA as calculated...Read more
As required by the terms...Read more
We used the net proceeds...Read more
Consolidated Adjusted EBITDA decreased to...Read more
Net cash used in financing...Read more
The increase in product/channel mix...Read more
Our senior credit facility contains...Read more
A gain of $25.0 million...Read more
In determining future cash flows,...Read more
In determining future cash flows,...Read more
However, labor shortages may negatively...Read more
(5) Digital costs for the...Read more
This process of assessing fair...Read more
This process of assessing fair...Read more
Interest expense decreased $0.1 million...Read more
The lease term can affect...Read more
Changes in average check are...Read more
Labor costs in our restaurants...Read more
Total revenues increased 8.4% in...Read more
Management believes that Consolidated Adjusted...Read more
(1) Excludes general and administrative...Read more
We estimate that Hurricanes Ian...Read more
Comparable restaurant sales in 2022...Read more
The outstanding borrowings under the...Read more
Borrowings under the senior credit...Read more
Comparable restaurant sales in 2020...Read more
Consolidated Adjusted EBITDA is a...Read more
Consolidated Adjusted EBITDA....Read more
Consolidated Adjusted EBITDA may not...Read more
Comparable restaurant sales in adequately...Read more
A reconciliation from consolidated net...Read more
If these estimates or assumptions...Read more
Franchise revenues increased $0.5 million...Read more
The impacts were most severe...Read more
Judgments made by management for...Read more
If these assumptions change in...Read more
Restaurant sales increased 8.6% to...Read more
As a result of the...Read more
We believe restaurant sales were...Read more
Franchise revenues decreased $0.4 million...Read more
Pricing action has been taken...Read more
Comparable restaurant sales increased 9.1%...Read more
Comparable restaurant sales increased 16.0%...Read more
Instead, if the carrying amount...Read more
Total revenues increased 8.4% to...Read more
As a result of our...Read more
Deferred tax assets are recognized...Read more
The estimates and assumptions used...Read more
Interest expense increased $0.1 million...Read more
General and administrative expenses include...Read more
If we generate sufficient taxable...Read more
Capital expenditures are typically the...Read more
The effective tax rate was...Read more
Due to the business disruption...Read more
Other restaurant operating expenses include...Read more
Higher Pollo Tropical commodity costs,...Read more
The increase in pricing and...Read more
The number of shares repurchased...Read more
In addition, we estimate the...Read more
We determine if there is...Read more
Company Overview We own, operate...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Fiesta Restaurant Group, Inc. provided additional information to their SEC Filing as exhibits
Ticker: FRGI
CIK: 1534992
Form Type: 10-K Annual Report
Accession Number: 0001534992-23-000015
Submitted to the SEC: Thu Mar 02 2023 8:21:20 PM EST
Accepted by the SEC: Fri Mar 03 2023
Period: Sunday, January 1, 2023
Industry: Retail Eating Places