| 10-Q | 2020-03-29 | Filed 2020-05-07 |
| 10-K | 2019-12-29 | Filed 2020-03-13 |
| 10-Q | 2019-09-29 | Filed 2019-11-08 |
| 10-Q | 2019-06-30 | Filed 2019-08-09 |
| 10-Q | 2019-03-31 | Filed 2019-05-10 |
| 10-K | 2018-12-30 | Filed 2019-03-07 |
| 10-Q | 2018-09-30 | Filed 2018-11-08 |
| 10-Q | 2018-07-01 | Filed 2018-08-09 |
| 10-Q | 2018-04-01 | Filed 2018-05-09 |
| 10-K | 2017-12-31 | Filed 2018-03-12 |
| 10-Q | 2017-10-01 | Filed 2017-11-09 |
| 10-Q | 2017-07-02 | Filed 2017-08-09 |
| 10-Q | 2017-04-02 | Filed 2017-05-10 |
| 10-K | 2017-01-01 | Filed 2017-03-07 |
| 10-Q | 2016-10-02 | Filed 2016-11-09 |
| 10-Q | 2016-07-03 | Filed 2016-08-10 |
| 10-Q | 2016-04-03 | Filed 2016-05-11 |
| 10-K | 2016-01-03 | Filed 2016-03-09 |
| 10-Q | 2015-09-27 | Filed 2015-11-04 |
| 10-Q | 2015-06-28 | Filed 2015-08-05 |
| 10-Q | 2015-03-29 | Filed 2015-05-06 |
| 10-K | 2014-12-28 | Filed 2015-03-04 |
| 10-Q | 2014-09-28 | Filed 2014-11-06 |
| 10-Q | 2014-06-29 | Filed 2014-08-06 |
| 10-Q | 2014-03-30 | Filed 2014-05-07 |
| 10-K | 2013-12-29 | Filed 2014-03-03 |
| 10-Q | 2013-09-29 | Filed 2013-11-06 |
| 10-Q | 2013-06-30 | Filed 2013-08-07 |
| 10-Q | 2013-03-31 | Filed 2013-05-08 |
| 10-K | 2012-12-30 | Filed 2013-03-12 |
| 10-Q | 2012-09-30 | Filed 2012-11-09 |
| 10-Q | 2012-07-01 | Filed 2012-08-10 |
| 10-Q | 2012-04-01 | Filed 2012-05-10 |
| 10-K | 2012-01-01 | Filed 2012-03-08 |
| 10-Q | 2011-10-02 | Filed 2011-11-14 |
| 10-Q | 2011-07-03 | Filed 2011-08-12 |
| 10-Q | 2011-04-03 | Filed 2011-05-12 |
| 10-K | 2011-01-02 | Filed 2011-03-18 |
| 10-Q | 2010-10-03 | Filed 2010-11-10 |
| 10-Q | 2010-07-04 | Filed 2010-08-12 |
| 10-Q | 2010-04-04 | Filed 2010-05-12 |
| 10-K | 2010-01-03 | Filed 2010-03-09 |
| 8-K | 2020-05-07 | Earnings, Exhibits |
| 8-K | 2020-04-16 | Enter Agreement, Off-BS Arrangement |
| 8-K | 2020-04-08 | Enter Agreement, Off-BS Arrangement |
| 8-K | 2020-03-26 | Enter Agreement, Off-BS Arrangement |
| 8-K | 2020-03-17 | Regulation FD |
| 8-K | 2020-02-25 | Earnings, Exhibits |
| 8-K | 2020-02-14 | Regulation FD, Exhibits |
| 8-K | 2020-02-14 | Officers |
| 8-K | 2020-01-13 | Earnings, Regulation FD, Exhibits |
| 8-K | 2019-12-13 | Enter Agreement, Off-BS Arrangement, Exhibits |
| 8-K | 2019-11-20 | Officers, Exhibits |
| 8-K | 2019-11-08 | Officers |
| 8-K | 2019-11-07 | Earnings, Exhibits |
| 8-K | 2019-09-10 | Officers, Exhibits |
| 8-K | 2019-09-09 | Regulation FD, Exhibits |
| 8-K | 2019-08-29 | Shareholder Rights, Amend Bylaw, Shareholder Vote, Exhibits |
| 8-K | 2019-08-08 | Earnings, Exhibits |
| 8-K | 2019-06-13 | Regulation FD, Exhibits |
| 8-K | 2019-05-08 | Earnings, Exhibits |
| 8-K | 2019-05-01 | Regulation FD, Exhibits |
| 8-K | 2019-03-27 | Regulation FD |
| 8-K | 2019-02-27 | Earnings, Exhibits |
| 8-K | 2019-02-20 | Earnings, Regulation FD, Exhibits |
| 8-K | 2019-02-19 | Enter Agreement, Off-BS Arrangement, Officers, Exhibits |
| 8-K | 2018-11-30 | Enter Agreement, Shareholder Rights, Officers, Amend Bylaw, Exhibits |
| 8-K | 2018-11-06 | Earnings, Exhibits |
| 8-K | 2018-10-08 | Earnings, Regulation FD, Exhibits |
| 8-K | 2018-08-07 | Earnings, Exhibits |
| 8-K | 2018-06-07 | Officers, Shareholder Vote |
| 8-K | 2018-05-08 | Earnings, Exhibits |
| 8-K | 2018-02-28 | Earnings, Exhibits |
| 8-K | 2018-02-20 | Officers |
We are one of the largest restaurant companies in the United States and have been operating restaurants for more than 55 years. We are the largest Burger King® franchisee in the United States, based on number of restaurants, and have operated Burger King restaurants since 1976. As of December 30, 2018, we owned and operated 849 Burger King restaurants located in 18 Northeastern, Midwestern and Southeastern states. Burger King restaurants feature the popular flame-broiled Whopper® sandwich, as well as a variety of hamburgers, chicken and other specialty sandwiches, french fries, salads, breakfast items, snacks, soft drinks and other offerings. We believe that our size, seasoned management team, extensive operating infrastructure, experience and proven operating disciplines differentiate us from many of our competitors as well as many other Burger King operators.
According to BKC, as of December 31, 2018 there were a total of 17,796 Burger King restaurants, of which almost all were franchised and 7,330 were located in the United States. Burger King is the second largest quick service hamburger restaurant chain in the world (as measured by number of restaurants) and we believe that the Burger King brand is one of the world's most recognized consumer brands. Burger King restaurants have a distinctive image and are generally located in high-traffic areas throughout the United States. Burger King restaurants are designed to appeal to a broad spectrum of consumers, with multiple day-part meal segments targeted to different groups of consumers. We believe that the competitive attributes of Burger King restaurants include significant brand recognition, convenience of location, quality, speed of service and price.
Our Burger King restaurants are typically open seven days per week and generally have operating hours ranging from 6:00 am to midnight on Sunday to Wednesday and to 2:00 am on Thursday to Saturday.
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ruths Hospitality Group (RUTH) | 588 | 18% | 9.2 | 9% | 471 | 384 | 460 | 85 | 43 | 72 | 668 |
| Bojangles' (BOJA) | 635 | 17% | 9.4 | 10% | 551 | 259 | 565 | 95 | 53 | 77 | 718 |
| Red Robin (RRGB) | 391 | 20% | 5.2 | -1% | 1,238 | 877 | 1,315 | 257 | -8 | 108 | 568 |
| Chuy's Holdings (CHUY) | 435 | 17% | 17.6 | 1% | 446 | 251 | 426 | 71 | 6 | 24 | 425 |
| El Pollo Loco (LOCO) | 535 | 22% | 11.1 | 4% | 625 | 379 | 442 | 97 | 25 | 56 | 624 |
| Carrols Restaurant Group (TAST) | 423 | 39% | 16.7 | -1% | 1,734 | 1,415 | 1,369 | 540 | -20 | 54 | 906 |
| Del Taco Restaurants (TACO) | 285 | 24% | -2.8 | -25% | 759 | 560 | 513 | 121 | -188 | -151 | 428 |
| Empire Resorts (NYNY) | 333 | 0% | -46.8 | -11% | 870 | 689 | 187 | 0 | -100 | -18 | 844 |
| Fiesta Restaurant (FRGI) | 259 | 20% | -10.2 | -15% | 569 | 410 | 661 | 135 | -84 | -31 | 323 |
| Nathans Famous (NATH) | 292 | 41% | 12.1 | 20% | 107 | 170 | 103 | 42 | 21 | 30 | 363 |
| Del Frisco's (DFRG) | 265 | 72% | -8.6 | -11% | 897 | 698 | 481 | 349 | -100 | -71 | 608 |
| Noodles (NDLS) | 249 | 17% | 10.5 | 0% | 379 | 328 | 462 | 79 | 2 | 27 | 281 |
| J. Alexander's (JAX) | 174 | 0% | 20.5 | 3% | 245 | 116 | 247 | 0 | 8 | 9 | 178 |
| RCI Hospitality (RICK) | 170 | 86% | 4.8 | 5% | 351 | 182 | 177 | 152 | 16 | 33 | 159 |
| LiveXLive Media (LIVX) | 120 | 14% | -3.6 | -65% | 59 | 54 | 37 | 5 | -38 | -32 | 115 |
| Potbelly (PBPB) | 102 | 17% | 7.2 | -3% | 333 | 264 | 423 | 73 | -9 | 12 | 83 |
| Papa Murphy's (FRSH) | 93 | 0% | 13.4 | 1% | 239 | 138 | 89 | 0 | 3 | 13 | 170 |
| One Group Hospitality (STKS) | 79 | 0% | 18.0 | 1% | 95 | 82 | 68 | 0 | 1 | 5 | 91 |
| Ark Restaurants (ARKR) | 78 | 15% | 7.3 | 3% | 147 | 104 | 165 | 25 | 5 | 13 | 94 |
| FAT Brands (FAT) | 60 | 0% | 16.1 | -0% | 80 | 73 | 17 | 0 | -0 | 6 | 89 |
| Balance Sheet ($MM) | 2011-07-03 | 2011-10-02 | 2012-01-01 | 2012-04-01 | 2012-07-01 | 2012-09-30 | 2012-12-30 | 2013-03-31 | 2013-06-30 | 2013-09-29 | 2013-12-29 | 2014-03-30 | 2014-06-29 | 2014-09-28 | 2014-12-28 | 2015-03-29 | 2015-06-28 | 2015-09-27 | 2016-01-03 | 2016-04-03 | 2016-07-03 | 2016-10-02 | 2017-01-01 | 2017-04-02 | 2017-07-02 | 2017-10-01 | 2017-12-31 | 2018-04-01 | 2018-07-01 | 2018-09-30 | 2018-12-30 | 2019-03-31 | 2019-06-30 | 2019-09-29 |
| Cash | 7 | 22 | 25 | 5 | 58 | 57 | 38 | 27 | 13 | 13 | 8 | 1 | 56 | 43 | 21 | 24 | 61 | 72 | 22 | 12 | 10 | 10 | 2 | 3 | 34 | 44 | 29 | 35 | 38 | 20 | 28 | 2 | 3 | 3 |
| Accounts Receivable | ||||||||||||||||||||||||||||||||||
| Inventory | 5 | 5 | 6 | 6 | 7 | 7 | 8 | 7 | 7 | 6 | 6 | 6 | 6 | 6 | 8 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 8 | 9 | 10 | 10 | 12 | 13 |
| PP&E | 187 | 189 | 190 | 197 | 124 | 123 | 307 | 141 | 148 | 150 | 341 | 151 | 152 | 159 | 386 | 179 | 183 | 188 | 446 | 225 | 232 | 252 | 503 | 247 | 247 | 254 | 564 | 276 | 273 | 281 | 619 | 288 | 354 | 394 |
| Assets | 429 | 452 | 458 | 446 | 350 | 349 | 346 | 343 | 337 | 336 | 329 | 325 | 381 | 387 | 369 | 368 | 410 | 425 | 427 | 429 | 437 | 459 | 490 | 514 | 562 | 577 | 582 | 589 | 587 | 600 | 600 | 1,112 | 1,690 | 1,734 |
| Accounts Payable | 13 | 15 | 15 | 14 | 15 | 14 | 20 | 19 | 18 | 14 | 15 | 13 | 14 | 15 | 19 | 16 | 18 | 17 | 20 | 21 | 22 | 22 | 22 | 19 | 21 | 21 | 29 | 25 | 23 | 22 | 29 | 24 | 30 | 40 |
| Long-Term Debt | 241 | 260 | 262 | 257 | 161 | 163 | 162 | 170 | 169 | 168 | 171 | 172 | 169 | 164 | 160 | 159 | 210 | 212 | 212 | 213 | 218 | 218 | 221 | 244 | 294 | 293 | 290 | 287 | 287 | 287 | 279 | 285 | 454 | 487 |
| Liabilities | 375 | 394 | 399 | 388 | 244 | 249 | 256 | 258 | 255 | 257 | 252 | 255 | 245 | 253 | 263 | 270 | 317 | 325 | 319 | 319 | 317 | 333 | 335 | 361 | 402 | 413 | 412 | 421 | 411 | 418 | 415 | 929 | 1,364 | 1,415 |
| Stockholders' Equity | 54 | 58 | 59 | 58 | 106 | 100 | 90 | 85 | 82 | 79 | 77 | 70 | 136 | 134 | 107 | 98 | 93 | 101 | 108 | 111 | 121 | 126 | 155 | 154 | 161 | 164 | 169 | 168 | 177 | 182 | 186 | 183 | 326 | 319 |
| Income Statement ($MM) | 2011-07-03 | 2011-10-02 | 2012-01-01 | 2012-04-01 | 2012-07-01 | 2012-09-30 | 2012-12-30 | 2013-03-31 | 2013-06-30 | 2013-09-29 | 2013-12-29 | 2014-03-30 | 2014-06-29 | 2014-09-28 | 2014-12-28 | 2015-03-29 | 2015-06-28 | 2015-09-27 | 2016-01-03 | 2016-04-03 | 2016-07-03 | 2016-10-02 | 2017-01-01 | 2017-04-02 | 2017-07-02 | 2017-10-01 | 2017-12-31 | 2018-04-01 | 2018-07-01 | 2018-09-30 | 2018-12-30 | 2019-03-31 | 2019-06-30 | 2019-09-29 |
| Revenue | 210 | 212 | 204 | 212 | 122 | 169 | 163 | 156 | 174 | 168 | 166 | 151 | 169 | 180 | 193 | 193 | 219 | 218 | 229 | 223 | 241 | 239 | 241 | 240 | 279 | 285 | 284 | 272 | 303 | 297 | 308 | 291 | 369 | 402 |
| Cost of Revenue | 109 | 121 | ||||||||||||||||||||||||||||||||
| Gross Profit | 259 | 281 | ||||||||||||||||||||||||||||||||
| R&D | ||||||||||||||||||||||||||||||||||
| SG&A | 21 | 22 | 23 | 24 | 13 | 17 | 20 | 16 | 17 | 16 | 17 | 17 | 16 | 17 | 18 | 19 | 21 | 20 | 23 | 22 | 25 | 24 | 25 | 25 | 26 | 26 | 27 | 27 | 28 | 30 | 32 | 35 | 37 | |
| Tax | 2 | 1 | 0 | -0 | 0 | 0 | -3 | 0 | 0 | 0 | -2 | -4 | -1 | -3 | 19 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | -28 | 0 | 1 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | |
| Net Income | 6 | 3 | 0 | -4 | -0 | -7 | -8 | -5 | -2 | -3 | -2 | -7 | -2 | -2 | -27 | -9 | -5 | 7 | 7 | 2 | 9 | 4 | 29 | -6 | 6 | 3 | 4 | -3 | 8 | 4 | 2 | -11 | -4 | -7 |
| Cash Flow ($MM) | 2011-07-03 | 2011-10-02 | 2012-01-01 | 2012-04-01 | 2012-07-01 | 2012-09-30 | 2012-12-30 | 2013-03-31 | 2013-06-30 | 2013-09-29 | 2013-12-29 | 2014-03-30 | 2014-06-29 | 2014-09-28 | 2014-12-28 | 2015-03-29 | 2015-06-28 | 2015-09-27 | 2016-01-03 | 2016-04-03 | 2016-07-03 | 2016-10-02 | 2017-01-01 | 2017-04-02 | 2017-07-02 | 2017-10-01 | 2017-12-31 | 2018-04-01 | 2018-07-01 | 2018-09-30 | 2018-12-30 | 2019-03-31 | 2019-06-30 | 2019-09-29 |
| Cash Operating | 15 | 14 | 0 | 18 | 5 | -5 | 2 | 0 | 14 | 5 | 0 | -2 | 13 | 4 | 14 | 16 | 26 | 15 | 11 | 17 | 23 | 11 | 10 | 19 | 28 | 16 | 20 | 19 | 29 | 8 | 3 | 24 | ||
| Cash Investing | -11 | -14 | -16 | -31 | -5 | -13 | -14 | -14 | -13 | -10 | -9 | -9 | -25 | -26 | -11 | -14 | -14 | -64 | -20 | -20 | -32 | -24 | -33 | -28 | -17 | -30 | -19 | -13 | -47 | -16 | -151 | -55 | ||
| Cash Financing | 11 | 3 | -4 | 74 | -1 | -0 | -0 | -0 | -0 | -0 | 2 | 65 | -0 | -0 | -0 | 35 | -0 | -0 | -0 | -0 | 10 | 4 | 23 | 40 | -0 | -0 | 4 | -2 | -0 | 5 | 149 | 31 | ||