Company Quick10K Filing
Ruths Hospitality Group
Price19.90 EPS1
Shares30 P/E14
MCap588 P/FCF19
Net Debt80 EBIT57
TEV668 TEV/EBIT12
TTM 2019-09-29, in MM, except price, ratios
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8-K 2020-11-09
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8-K 2018-06-07
8-K 2018-06-01
8-K 2018-05-15
8-K 2018-05-04
8-K 2018-03-05
8-K 2018-02-21
8-K 2018-01-08

RUTH 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.3 ruth-ex103_47.htm
EX-10.4 ruth-ex104_46.htm
EX-31.1 ruth-ex311_6.htm
EX-31.2 ruth-ex312_8.htm
EX-32.1 ruth-ex321_9.htm
EX-32.2 ruth-ex322_7.htm

Ruths Hospitality Group Earnings 2021-03-28

Balance SheetIncome StatementCash Flow
0.50.40.30.20.10.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 28, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                       to                      

Commission File Number 000-51485

 

Ruth’s Hospitality Group, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

72-1060618

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

1030 W. Canton Avenue, Suite 100,

Winter Park, FL

32789

(Address of principal executive offices)

(Zip code)

(407) 333-7440

Registrant’s telephone number, including area code

None

Former name, former address and former fiscal year, if changed since last report

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

RUTH

Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

Accelerated Filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

 


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No  

 

The number of shares outstanding of the registrant’s common stock as of April 30, 2021 was 34,990,319, which includes 623,139 shares of unvested restricted stock.

 

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

 

Page

Part I — Financial Information

 

3

 

 

 

 

Item 1

Financial Statements:

 

3

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 28, 2021 and December 27, 2020

 

3

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Thirteen Week Periods ended March 28, 2021 and March 29, 2020

 

4

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the Thirteen Week Periods ended March 28, 2021 and March 29, 2020

 

5

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Thirteen Week Periods ended March 28, 2021 and March 29, 2020

 

6

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

7

 

 

 

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

16

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures about Market Risk

 

21

 

 

 

 

Item 4

Controls and Procedures

 

22

 

 

 

Part II — Other Information

 

23

 

 

 

 

Item 1

Legal Proceedings

 

23

 

 

 

 

Item 1A

Risk Factors

 

23

 

 

 

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

23

 

 

 

 

Item 3

Defaults Upon Senior Securities

 

23

 

 

 

 

Item 4

Mine Safety Disclosures

 

23

 

 

 

 

Item 5

Other Information

 

23

 

 

 

 

Item 6

Exhibits

 

24

 

 

 

 

Signatures

 

25

 

2


 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets—Unaudited

(Amounts in thousands, except share and per share data)

 

 

 

March 28,

 

 

December 27,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

112,318

 

 

$

95,402

 

Accounts receivable, less allowance for doubtful accounts 2021 - $266; 2020 - $322

 

 

16,296

 

 

 

24,309

 

Inventory

 

 

7,188

 

 

 

6,930

 

Prepaid expenses and other

 

 

2,860

 

 

 

3,653

 

Total current assets

 

 

138,662

 

 

 

130,294

 

Property and equipment, net of accumulated depreciation 2021 - $181,747; 2020 -

   $177,277

 

 

115,745

 

 

 

119,887

 

Operating lease right of use assets

 

 

185,789

 

 

 

188,386

 

Goodwill

 

 

45,549

 

 

 

45,549

 

Franchise rights, net of accumulated amortization 2021 - $7,095; 2020 - $6,534

 

 

43,923

 

 

 

44,484

 

Other intangibles, net of accumulated amortization 2021 - $1,601; 2020 - $1,569

 

 

4,082

 

 

 

4,114

 

Deferred income taxes

 

 

8,009

 

 

 

8,616

 

Other assets

 

 

1,355

 

 

 

1,344

 

Total assets

 

$

543,114

 

 

$

542,674

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,262

 

 

 

4,101

 

Accrued payroll

 

 

12,740

 

 

 

15,344

 

Accrued expenses

 

 

6,220

 

 

 

6,449

 

Deferred revenue

 

 

54,569

 

 

 

59,030

 

Current operating lease liabilities

 

 

20,022

 

 

 

20,854

 

Other current liabilities

 

 

3,338

 

 

 

2,543

 

Total current liabilities

 

 

103,151

 

 

 

108,321

 

Long-term debt

 

 

115,000

 

 

 

115,000

 

Operating lease liabilities

 

 

206,434

 

 

 

209,654

 

Unearned franchise fees

 

 

2,128

 

 

 

2,186

 

Other liabilities

 

 

69

 

 

 

69

 

Total liabilities

 

 

426,782

 

 

 

435,230

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, par value $.01 per share; 100,000,000 shares authorized, 34,384,707

   shares issued and outstanding at March 28, 2021, 34,256,921 shares issued and

   outstanding at December 27, 2020

 

 

344

 

 

 

343

 

Additional paid-in capital

 

 

83,186

 

 

 

83,424

 

Retained earnings

 

 

32,802

 

 

 

23,677

 

Treasury stock, at cost; 71,950 shares at March 28, 2021 and December 27, 2020

 

 

 

 

 

 

Total shareholders' equity

 

 

116,332

 

 

 

107,444

 

Total liabilities and shareholders' equity

 

$

543,114

 

 

$

542,674

 

 

See accompanying notes to condensed consolidated financial statements.

 

3


 

RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations—Unaudited

(Amounts in thousands, except share and per share data)

 

 

 

13 Weeks Ended

 

 

 

March 28,

 

 

March 29,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

Restaurant sales

 

$

81,636

 

 

$

103,040

 

Franchise income

 

 

3,792

 

 

 

3,626

 

Other operating income

 

 

1,855

 

 

 

1,870

 

Total revenues

 

 

87,283

 

 

 

108,536

 

 

 

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

 

 

 

Food and beverage costs

 

 

22,921

 

 

 

30,626

 

Restaurant operating expenses

 

 

37,583

 

 

 

55,554

 

Marketing and advertising

 

 

1,993

 

 

 

3,438

 

General and administrative costs

 

 

7,196

 

 

 

8,031

 

Depreciation and amortization expenses

 

 

5,063

 

 

 

5,822

 

Pre-opening costs

 

 

445

 

 

 

477

 

Loss on impairment

 

 

 

 

 

8,697

 

Total costs and expenses

 

 

75,201

 

 

 

112,645

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

12,082

 

 

 

(4,109

)

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(1,303

)

 

 

(628

)

Other

 

 

44

 

 

 

33

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

 

10,823

 

 

 

(4,704

)

Income tax expense (benefit)

 

 

1,698

 

 

 

(886

)

Net income (loss)

 

$

9,125

 

 

$

(3,818

)

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

 

$

0.27

 

 

$

(0.13

)

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per common share

 

$

0.26

 

 

$

(0.13

)

 

 

 

 

 

 

 

 

 

Shares used in computing earnings (loss) per common share:

 

 

 

 

 

 

 

 

Basic

 

 

34,282,733

 

 

 

28,287,261

 

Diluted

 

 

34,599,764

 

 

 

28,287,261

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

 

 

$

0.15

 

 

See accompanying notes to condensed consolidated financial statements.

 

4


 

RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity—Unaudited  

(Amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Treasury Stock

 

 

Shareholders'

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Value

 

 

Equity

 

Balance at December 27, 2020

 

 

34,257

 

 

$

343

 

 

$

83,424

 

 

$

23,677

 

 

 

72

 

 

$

 

 

$

107,444

 

Net income

 

 

 

 

 

 

 

 

 

 

 

9,125

 

 

 

 

 

 

 

 

 

9,125

 

Shares issued under stock compensation plan net of shares withheld for tax effects

 

 

128

 

 

 

1

 

 

 

(1,802

)

 

 

 

 

 

 

 

 

 

 

 

(1,801

)

Stock-based compensation

 

 

 

 

 

 

 

 

1,564

 

 

 

 

 

 

 

 

 

 

 

 

1,564

 

Balance at March 28, 2021

 

 

34,385

 

 

$

344

 

 

$

83,186

 

 

$

32,802

 

 

 

72

 

 

$

 

 

$

116,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Treasury Stock

 

 

Shareholders'

 

 

 

Shares

 

 

Value

 

 

Capital

 

 

Earnings

 

 

Shares

 

 

Value

 

 

Equity

 

Balance at December 29, 2019

 

 

28,419

 

 

$

284

 

 

$

40,462

 

 

$

53,399

 

 

 

72

 

 

$

 

 

$

94,145

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,818

)

 

 

 

 

 

 

 

 

(3,818

)

Cash dividends, $0.15 per common share

 

 

 

 

 

 

 

 

 

 

 

(4,428

)

 

 

 

 

 

 

 

 

(4,428

)

Repurchase of common stock

 

 

(902

)

 

 

(9

)

 

 

(13,217

)

 

 

 

 

 

 

 

 

 

 

 

(13,226

)

Shares issued under stock compensation plan net of shares withheld for tax effects

 

 

100

 

 

 

1

 

 

 

(659

)

 

 

 

 

 

 

 

 

 

 

 

(658

)

Stock-based compensation

 

 

 

 

 

 

 

 

2,065

 

 

 

 

 

 

 

 

 

 

 

 

2,065

 

Balance at March 29, 2020

 

 

27,617

 

 

$

276

 

 

$

28,652

 

 

$

45,153

 

 

 

72

 

 

$

 

 

$

74,081

 

 

See accompanying notes to condensed consolidated financial statements.

 

5


 

RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows—Unaudited

(Amounts in thousands)

 

 

 

13 Weeks Ended

 

 

 

March 28,

 

 

March 29,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

9,125

 

 

$

(3,818

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,063

 

 

 

5,822

 

Deferred income taxes

 

 

607

 

 

 

(1,973

)

Non-cash interest expense

 

 

108

 

 

 

24

 

Loss on impairment

 

 

 

 

 

8,697

 

Stock-based compensation expense

 

 

1,564

 

 

 

2,065

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

8,013

 

 

 

17,076

 

Inventories

 

 

(258

)

 

 

1,174

 

Prepaid expenses and other

 

 

794

 

 

 

139

 

Other assets

 

 

11

 

 

 

 

Accounts payable and accrued expenses

 

 

(430

)

 

 

(21,333

)

Deferred revenue

 

 

(4,461

)

 

 

(5,453

)

Operating lease liabilities and assets

 

 

(1,454

)

 

 

3,119

 

Other liabilities

 

 

526

 

 

 

1,026

 

Net cash provided by operating activities

 

 

19,208

 

 

 

6,565

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Acquisition of property and equipment

 

 

(359

)

 

 

(3,928

)

Net cash used in investing activities

 

 

(359

)

 

 

(3,928

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Principal borrowings on long-term debt

 

 

 

 

 

85,000

 

Principal repayments on long-term debt

 

 

 

 

 

(4,000

)

Repurchase of common stock

 

 

 

 

 

(13,226

)

Cash dividend payments

 

 

 

 

 

(4,428

)

Tax payments from the vesting of restricted stock and option exercises

 

 

(1,801

)

 

 

(658

)

Deferred financing costs

 

 

(132

)

 

 

(100

)

Net cash (used in) provided by financing activities

 

 

(1,933

)

 

 

62,588

 

Net increase in cash and cash equivalents

 

 

16,916

 

 

 

65,225

 

Cash and cash equivalents at beginning of period

 

 

95,402

 

 

 

5,567

 

Cash and cash equivalents at end of period

 

$

112,318

 

 

$

70,792

 

Supplemental disclosures of cash flow information:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest, net of capitalized interest

 

$

1,345

 

 

$

554

 

Income taxes

 

$

39

 

 

$

75

 

Noncash investing and financing activities:

 

 

 

 

 

 

 

 

Accrued acquisition of property and equipment

 

$

46

 

 

$

4,190

 

 

See accompanying notes to condensed consolidated financial statements.

 

6


 

RUTH’S HOSPITALITY GROUP, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements—Unaudited

(1) The Company and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Ruth’s Hospitality Group, Inc. and its subsidiaries (collectively, the Company) as of March 28, 2021 and December 27, 2020 and for the thirteen week periods ended March 28, 2021 and March 29, 2020 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). The condensed consolidated financial statements include the financial statements of Ruth’s Hospitality Group, Inc. and its wholly owned subsidiaries. All inter-company balances and transactions have been eliminated in consolidation.

Ruth’s Hospitality Group, Inc. is a restaurant company focused on the upscale dining segment. Ruth’s Hospitality Group, Inc. operates Company-owned Ruth’s Chris Steak House restaurants and sells franchise rights to Ruth’s Chris Steak House franchisees giving the franchisees the exclusive right to operate similar restaurants in a particular area designated in the franchise agreement. As of March 28, 2021, there were 149 Ruth’s Chris Steak House restaurants, including 74 Company-owned restaurants, three restaurants operating under contractual agreements and 72 franchisee-owned restaurants, including 21 international franchisee-owned restaurants in Aruba, Canada, China, Hong Kong, Indonesia, Japan, Mexico, Singapore and Taiwan. All Company-owned restaurants are located in the United States.  Subsequent to the end of the quarter, the Ruth’s Chris Steak House located in Bellevue, WA permanently closed.

The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments), which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. The interim results of operations for the periods ended March 28, 2021 and March 29, 2020 are not necessarily indicative of the results that may be achieved for the full year. Certain information and footnote disclosures normally presented in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP) have been condensed or omitted pursuant to the SEC’s rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 27, 2020.

The Company operates on a 52- or 53-week fiscal year ending on the last Sunday in December. The fiscal quarters ended March 28, 2021 and March 29, 2020 each contained thirteen weeks and are referred to herein as the first quarter of fiscal year 2021 and the first quarter of fiscal year 2020, respectively. Fiscal years 2021 and 2020 are both 52-week years.

COVID-19 Impact

In March 2020 the World Health Organization declared the novel coronavirus 2019 (COVID-19) a pandemic and the United States declared it a National Public Health Emergency, which has resulted in a significant reduction in revenue at the Company’s restaurants due to mandatory restaurant closures, capacity limitations, social distancing guidelines or other restrictions mandated by governments across the world, including federal, state and local governments in the United States.  As a result of these developments, the Company has experienced a significant negative impact on its revenues, results of operations and cash flows compared to periods prior to the onset of the pandemic. During the first quarter of fiscal year 2021, many jurisdictions began lifting operating restrictions, and by the end of the quarter, most of the Company’s restaurants were operating with open dining rooms. As of March 28, 2021, 75 of the 77 Company-owned and -managed restaurants were open, which included 74 restaurants offering limited capacity dining service and one restaurant offering to-go and delivery service only. This is an unprecedented event in the Company’s history, and it is uncertain how the conditions surrounding COVID-19 will continue to change.

7


Estimates

Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reporting of revenue and expenses during the periods presented to prepare these condensed consolidated financial statements in conformity with GAAP. Significant items subject to such estimates and assumptions include the carrying amounts of property and equipment, goodwill, franchise rights, operating lease right of use assets and obligations related to gift cards, income taxes, operating lease liabilities, incentive compensation, workers’ compensation and medical insurance. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In December 2019 the FASB issued ASU 2019-12, Income Taxes (Topic 740).  This update modifies Topic 740 to simplify the accounting for income taxes.  The Company adopted this new standard on December 28, 2020.  The adoption of ASU 2019-12 did not have a significant impact on the Company’s financial reporting.

(2) Fair Value Measurements

The carrying amounts of cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses and other current liabilities are reasonable estimates of their fair values due to their short duration. Borrowings classified as long-term debt as of March 28, 2021 and December 27, 2020 have variable interest rates that reflect currently available terms and conditions for similar debt. The carrying value, plus unpaid interest and deferred financing costs of $844 thousand at March 28, 2021, represents a reasonable estimate of FV (Level 2).

The Company did not have any non-financial assets measured at fair value on a non-recurring basis as of March 28, 2021. The Company’s non-financial assets measured at fair value on a non-recurring basis as of December 27, 2020 were as follows (in thousands):

 

 

Fair Value as of December 27, 2020

 

 

Significant Other Observable Inputs (Level 2)

 

 

Significant Unobservable Inputs (Level 3)

 

 

Total Losses on Impairment

 

Long-lived assets

 

$

1,708

 

 

$

1,708

 

 

$

 

 

$

12,736

 

Territory rights

 

$

 

 

$

 

 

$

 

 

$