Wingstop(WING) - 2024 Q4 - Annual Results

Financial Performance - System-wide sales increased 36.8% to approximately $4.8 billion in fiscal year 2024, marking the 21st consecutive year of same store sales growth [29]. - Total revenue for fiscal year 2024 increased 36.0% to$ 625.8 million, up from $460.1 million in the prior fiscal year [12]. - Net income for fiscal year 2024 increased 54.9% to$ 108.7 million, or $3.70 per diluted share [12]. - Adjusted EBITDA for fiscal year 2024 increased 44.8% to$ 212.1 million [12]. - Domestic same store sales increased 19.9% in fiscal year 2024 [11]. - In 2024, Wingstop achieved total revenue of $625.8 million, a 36% increase from$ 460.1 million in 2023 [39]. - The company reported a net income of $108.7 million for the fiscal year 2024, up 55% from$ 70.2 million in 2023 [39]. - Wingstop's earnings per share for fiscal year 2024 were $3.72, compared to$ 2.36 in 2023, reflecting strong profitability growth [39]. - Net income for the thirteen weeks ended December 28, 2024, was $26,753,000, compared to$ 18,814,000 for the same period in 2023, representing a year-over-year increase of 42.4% [46]. - Adjusted EBITDA for the fiscal year ended December 28, 2024, was $212,061,000, a significant increase of 44.8% from$ 146,484,000 in 2023 [46]. Growth and Expansion - The company opened 349 net new restaurants in fiscal year 2024, representing a 15.8% unit growth [4]. - The company expects a global unit growth rate of 14% to 15% for fiscal year 2025 [21]. - Total system-wide restaurants increased to 2,563 by the end of the period, up from 2,214 in the previous year, reflecting a growth of 15.7% [44]. - Domestic franchised restaurants reached 2,154 at the end of the period, up from 1,877 in the previous year, marking a growth of 14.7% [44]. - The company opened 83 new domestic franchised restaurants during the thirteen weeks ended December 28, 2024, compared to 86 openings in the same period of 2023 [44]. - International franchised restaurants grew to 359, up from 288 in the previous year, indicating a growth of 24.7% [44]. - The company plans to continue expanding its restaurant count, with a focus on new unit openings in the coming years [33]. Financial Position - Total assets increased to $716.2 million in 2024, compared to$ 377.8 million in 2023, reflecting significant growth [37]. - Long-term debt rose to $1.2 billion in 2024, up from$ 712.3 million in 2023, indicating increased leverage [37]. - The cost of sales for the fiscal year 2024 was $91.6 million, representing 76.5% of company-owned restaurant sales, compared to 73.7% in 2023 [41]. - Interest expense for the fiscal year ended December 28, 2024, was$ 21,292,000, compared to $18,227,000 in 2023, reflecting an increase of 11.4% [46]. - The company reported a total income tax expense of$ 38,473,000 for the fiscal year ended December 28, 2024, up from $24,135,000 in 2023, representing an increase of 59.5% [46]. Marketing and Brand Recognition - Wingstop's advertising expenses for the fiscal year 2024 were$ 233.3 million, a significant increase from $166.6 million in 2023 [39]. - The company has been recognized as one of the "Hottest Brands" and "Best Brands to Work For," indicating positive brand perception and employee satisfaction [30]. Operational Metrics - Digital sales accounted for 70.3% of system-wide sales in fiscal fourth quarter 2024 [4]. - Domestic average unit volume (AUV) increased to$ 2.1 million in fiscal year 2024 [4]. - The total number of domestic company-owned restaurants remained stable at 50, unchanged from the previous year [44]. - The company incurred $6,049,000 in stock-based compensation expense for the thirteen weeks ended December 28, 2024, compared to$ 5,539,000 in the same period of 2023 [46].