Cannae(US:CNNE)2023-05-08 16:00Financial Performance - Total revenues for the Restaurant Group increased to $831.0 million in Q1 2023, up from $725.0 million in Q1 2022, representing a growth of approximately 14.6%[132] - The net loss attributable to Alight for Q1 2023 was $68.0 million, compared to a net loss of $11.0 million in Q1 2022, indicating a significant increase in losses[132] Sales and Revenue Trends - Average weekly sales per restaurant are typically higher in the first and fourth quarters, with a disproportionate share of earnings generated during these periods[124] - Future revenues and operating income are expected to fluctuate due to various uncontrollable factors, including economic conditions and seasonal sales variations[124] Cost Management - Personnel costs decreased by $6.0 million in Q1 2023 compared to the same period in 2022, primarily due to changes in success bonuses related to share sales[135] - Other operating expenses decreased by $46.1 million in Q1 2023, largely due to the absence of carried interest expenses that were $45.2 million in Q1 2022[135] Lease and Purchase Obligations - The total operating lease payments are projected to be $236.6 million over the next several years, with $25.8 million due in 2023[139] - Unconditional purchase obligations total $80.9 million, with $63.9 million due in 2023[139] Market Conditions - The inflationary environment is impacting commodity and labor costs, prompting adjustments in menu pricing to balance cost increases and customer value[124] - The restaurant industry is experiencing high capital investments and fixed operating expenses, making profitability sensitive to sales fluctuations[124]