BJ's Restaurants, Inc. (NASDAQ:BJRI) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET Company Participants Rana Schirmer - Director, SEC External Reporting Greg Levin - President & CEO Thomas Houdek - CFO & SVP Conference Call Participants Alex Slagle - Jefferies Andrew Wolf - C.L. King & Associates Aisling Grueninger - Piper Sandler & Co. Nick Setyan - Wedbush Securities Sharon Zackfia - William Blair & Company Todd Brook - The Benchmark Company Operator Good afternoon, and welcome to the BJ's Resta ...

Revenue and Sales Performance - Total revenues decreased by 1.2% to $337.3 million in Q1 2024 compared to Q1 2023[24] - Comparable restaurant sales declined by 1.7% in Q1 2024[18] Profitability and Margins - Net income increased to $7.7 million in Q1 2024, up from $3.5 million in Q1 2023[24] - Adjusted EBITDA rose to $29.4 million in Q1 2024, compared to $25.0 million in Q1 2023[22] - Restaurant level operating margin improved to 15.0% in Q1 2024, a 240 basis point increase from Q1 2023[27] Expansion and Development - The company opened its 217th restaurant in Brookfield, Wisconsin, marking its first location in the state[14] - The company plans to open two additional restaurants in the second half of 2024 and is building a development pipeline for 2025 and beyond[14] - By the end of 2024, approximately half of the company's restaurants are expected to feature a newer prototype or recent remodel[14] Debt and Cash Position - Total debt decreased to $58.0 million in Q1 2024 from $68.0 million in Q1 2023[6] - Cash and cash equivalents stood at $18.8 million as of April 2, 2024, down from $29.1 million at the start of the year[6] Non-GAAP Financial Measures - The company reports non-GAAP financial results, including restaurant level operating margin, which excludes certain operating costs and is used as a supplemental measure of restaurant performance[30] - Restaurant level operating margin is calculated as revenues less direct operating costs (cost of sales, labor and benefits, and occupancy and operating costs)[30] - Adjusted EBITDA is another non-GAAP financial measure used by the company[32] - A reconciliation of income from operations to restaurant level operating margin for Q1 2024 and Q1 2023 is provided[37] - A reconciliation of net income to Adjusted EBITDA for Q1 2024 and Q1 2023 is provided[38] - Non-GAAP measures are not a substitute for GAAP measures and may differ from those used by other companies[28] - Management believes non-GAAP measures like restaurant level operating margin highlight core business trends not apparent in GAAP measures[30] Operational and Financial Reporting Details - The company operates through dine-in, take-out, delivery, and large party catering services[33] - Financial data is presented in thousands of dollars[35] - Percentages in the financial data represent percent of total revenues and may not reconcile due to rounding[34]

HUNTINGTON BEACH, Calif., May 02, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ:BJRI) today reported financial results for its fiscal 2024 first quarter ended Tuesday, April 2, 2024. Fiscal First Quarter 2024 Compared to First Quarter 2023 Total revenues decreased 1.2% to $337.3 millionComparable restaurant sales declined 1.7%Total restaurant operating weeks increased by one weekNet income of $7.7 million, compared to $3.5 million; diluted net income per share of $0.32, compared to $0.15Adjusted E ...

BJ's Innovative New Beverage Program Elevates the Beverage Category for Multi-Unit ChainsHUNTINGTON BEACH, Calif., April 18, 2024 /PRNewswire/ -- BJ's Restaurant & Brewhouse® (NASDAQ: BJRI) is feeling the good vibrations after receiving the Vibe Vista Award for Best Multi-Chain Restaurant Group at Questex's 2024 Vibe Conference, the premier conference for on-premise beverage industry executives. Recognizing the top performers in the beverage industry, the Vibe Vista Awards honored BJ's achievements in the c ...

HUNTINGTON BEACH, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ:BJRI) today announced that it will release its first quarter 2024 results after the market closes on Thursday, May 2, 2024. The Company will host an investor conference call at 2:00 p.m. (Pacific) that same day. The conference call will be broadcast live over the Internet. To listen to the conference call, please visit the "Investors" page of the Company's website located at http://www.bjsrestaurants.com several minu ...

HUNTINGTON BEACH, Calif., April 16, 2024 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today announced that it will release its first quarter 2024 results after the market closes on Thursday, May 2, 2024. The Company will host an investor conference call at 2:00 p.m. (Pacific) that same day. The conference call will be broadcast live over the Internet. To listen to the conference call, please visit the “Investors” page of the Company’s website located at http://www.bjsrestaurants.com several min ...

SAN FRANCISCO, April 16, 2024 (GLOBE NEWSWIRE) -- Ferry, a financial technology platform facilitating automated instant tip payouts and tax compliance for hospitality businesses, today announces the nationwide launch of an advanced payroll card and instant tip payment solution for BJ's Restaurants, Inc. (NASDAQ:BJRI), a leader in the casual dining industry. The new card program will leverage Highnote, the embedded finance company setting the new standard in modern card platform management, as its issuer pr ...

BJ's Restaurants, Inc. (BJRI) expands its footprint with its debut restaurant location in Brookfield, WI. This marks the company’s first restaurant opening in fiscal 2024.This 7,500 square feet property houses about 250 guests, showcasing the company’s exclusive and contemporary designs for all dining occasions. Furthermore, the diversified menu offerings, ranging from BJ’s signature deep-dish pizza to its handcrafted Pizookie dessert, add to the charm of this debut opening.BJRI remains optimistic about thi ...

HUNTINGTON BEACH, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ:BJRI) today announced the opening of its restaurant in Brookfield, Wisconsin. The new BJ's Restaurant & Brewhouse opened yesterday, April 1, 2024, on Bluemound Road retail corridor in front of the Brownstones Shopping Center. The restaurant is approximately 7,500 square feet, seats approximately 250 guests and features BJ's extensive menu, including BJ's signature deep-dish pizza, award-winning handcrafted beer and f ...

BJ's Restaurants (BJRI) closed the latest trading day at $35.93, indicating a +1.9% change from the previous session's end. The stock exceeded the S&P 500, which registered a gain of 0.57% for the day. At the same time, the Dow added 0.83%, and the tech-heavy Nasdaq gained 0.39%.Shares of the restaurant chain have depreciated by 3.29% over the course of the past month, underperforming the Retail-Wholesale sector's gain of 2.73% and the S&P 500's gain of 2.97%.Market participants will be closely following th ...