- Calculate the current ratio for Famous Daves the current and past year
- Calculate the current ratio for Texas Roadhouse the current and past year
- Describe in two complete sentences what the current ratio measures
- Which company has a better current ratio and why? TWO COMPLETE SENTENCES REQUIRED
- Calculate the accounts receivable turnover ratio for Famous Daves. ASSUME ALL SALES OR REVENUES ON THE INCOME STATEMENT ARE CREDIT SALES
- Calculate the accounts receivable turnover ratio for Texas Roadhouse ASSUME ALL SALES OR REVENUES ON THE INCOME STATEMENT ARE CREDIT SALES.
Texas Roadhouse, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share data) December 31, 2019 December 25, 2018 $ 107,879 $ 210,125 99,305 20,267 2,015 18,433 247,899 92,114 18,827 7,569 16,384 345,019 956,676 1,056,563 499,801 124,748 123,220 1,234 53,320 1,983,565 1,959 42,402 1,469,276 $ $ $ Assets Current assets: Cash and cash equivalents.. Receivables, net of allowance for doubtful accounts of $12 at December 31, 2019 and $34 at December 25, 2018 Inventories, net Prepaid income taxes Prepaid expenses Total current assets Property and equipment, net of accumulated depreciation of $678,988 at December 31, 2019 and $602,451 at December 25, 2018 Operating lease right-of-use asset, net. Goodwill Intangible assets, net of accumulated amortization of $14,141 at December 31, 2019 and $13,416 at December 25, 2018 Other assets Total assets. Liabilities and Stockholders' Equity Current liabilities: Current portion of operating lease liabilities Accounts payable.. Deferred revenue-gift cards. Accrued wages Accrued taxes and licenses Dividends payable Other accrued liabilities Total current liabilities Operating lease liabilities, net of current portion Restricted stock and other deposits Deferred rent. Deferred tax liabilities, net Other liabilities Total liabilities. Texas Roadhouse, Inc. and subsidiaries stockholders' equity: Preferred stock ($0.001 par value, 1,000,000 shares authorized; no shares issued or outstanding) Common stock ($0.001 par value, 100,000,000 shares authorized, 69,400,252 and 71,617,510 shares issued and outstanding at December 31, 2019 and December 25, 2018, respectively) Additional paid-in-capital Retained earnings.. Accumulated other comprehensive loss Total Texas Roadhouse, Inc. and subsidiaries stockholders' equity. Noncontrolling interests. Total equity.. Total liabilities and equity 17,263 $ 61,653 209,258 39,699 30,433 62,060 192,242 34,159 24,631 17,904 54,146 385,142 58,914 417,220 538,710 8,249 22,695 65,522 1,052,396 7,703 48,079 17,268 50,376 508,568 69 140,501 775,649 (225) 915,994 15,175 931,169 1,983,565 72 257,388 688,337 (228) 945,569 15,139 960,708 1,469,276 $ $ See accompanying notes to Consolidated Financial Statements. Texas Roadhouse, Inc. and Subsidiaries Consolidated Statements of Income and Comprehensive Income (in thousands, except per share data) December 31, 2019 Fiscal Year Ended December 25, 2018 December 26, 2017 $ 2,734,177 21,986 2,756,163 $ 2,437,115 $ 2,203,017 20,334 16,514 2,457,449 2,219,531 795,300 793,384 48,791 375,477 19,051 101,216 278 Revenue: Restaurant and other sales. Franchise royalties and fees Total revenue. Costs and expenses: Restaurant operating costs (excluding depreciation and amortization shown separately below): Cost of sales. Labor.. Rent. Other operating Pre-opening. Depreciation and amortization Impairment and closure, net General and administrative Total costs and expenses.. Income from operations Interest income (expense), net. Equity income from investments in unconsolidated affiliates Income before taxes Provision for income taxes. Net income including noncontrolling interests Less: Net income attributable to noncontrolling interests ... Net income attributable to Texas Roadhouse, Inc. and subsidiaries Other comprehensive income (loss), net of tax: Foreign currency translation adjustment, net of tax of ($1), $53 and ($97), respectively... Total comprehensive income Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries: Basic Diluted. Weighted average shares outstanding: Basic Diluted. Cash dividends declared per share. 883,357 905,614 52,531 418,448 20,156 115,544 (899) 149,389 2,544,140 212,023 1,514 378 213,915 32,397 181,518 7,066 174,452 136,163 2,269,660 187,789 (591) 1,353 188,551 24,257 164,294 6,069 158,225 721,550 687,545 44,807 342,702 19,274 93,499 654 123,294 2,033,325 186,206 (1,577) 1,488 186,117 48,581 137,536 6,010 131,526 $ (189) 158.036 155 131,681 $ 174.455 2.47 $ 2.21 $ $ $ 1.85 1.84 2.46 2.20 70,509 70,916 1.20 71,467 71,964 1.00 70,989 71,527 0.84 See accompanying notes to Consolidated Financial Statements. Texas Roadhouse, Inc. and Subsidiaries Consolidated Statements of Stockholders' Equity (tabular amounts in thousands, except share data) Balance, December 27, 2016. Net income.... Accumulated Total Texas Additional Other Roadhouse, Inc. Par Paid-in- Retained Comprehensive and Noncontrolling Shares Value Capital Earnings Loss Subsidiaries Interests Total 70,619,737 $ 71 S 219,626 $530,723 S (194) S 750,226 $ 8,016 $ 758,242 131,526 131,526 6,010 137,536 155 155 155 3,457 3,457 (5,171) (5,171) (59,681) (59,681) (59,681) 800,189 1 1,557 1,558 1,558 (251,029) (1) (11,639) (11,639) (11,638) 69 (69) 26,934 236,548 $ 602,499 158,225 71,168,897 (39) 26,934 839,079 158,225 (189) 12,312 6,069 26,934 851,391 164,294 (189) (189) 2,551 (5,746) (47) 2,551 (5,746) (122) (75) 1,000 (75) 1,000 (71,509) 1,000 (71,509) (71,509) Other comprehensive income, net of tax. Noncontrolling interests contribution Distributions to noncontrolling interest holders Dividends declared ($0.84 per share) Shares issued under share-based compensation plans including tax effects. Indirect repurchase of shares for minimum assade tax withholdings Cumulative effect of change in accounting principle Share-based compensation Balance, December 26, 2017. balance, Decem Net income... Other comprehensive loss, net of tax Noncontrolling interests contribution Distributions to noncontrolling interest holders Acquisition of noncontrolling interest Contribution from executive officer Dividends declared ($1.00 per share) Shares issued under share-based compensation plans Indirect repurchase of Cumulative effect of adoption of ASC 606, Revenue from Contracts with Customers, net of tax Share-based ased compensation December 25, 2018 Distributions to noncontrolling interest holders Acquisition of noncontrolling interest and other. Dividends declared ($1.20 per share)..... Shares issued under share-based compensation plans including tax effects.com Indirect repurchase of of shares for minimum Repurchase of shares of common stock Cumulative effect of adoption of ASC 842, Leases, 684,804 (1) including tax tax effects. for mi of shares for minimum tax withholdings (236,191) (14,067) (14,067) (14,067) (878) 33,983 (878) 33.983 Balance, Decer 71,617,510 (878) 33,983 72 $ 257,388 $ 688,337 174,452 (228 945,569 960,708 15,139 7,066 Net Income.......... 174,452 181,518 3 (6,357) (673) (70) (70) (6,357) (743) (84,462) (84,462) || || |wl (84,462) @! |||| 617,395 - tax withholdings ... (209,408) (2,625,245) (12,471) (3) (139,846) (12,471) (139,849) (12,471) (139,849) net of tax .. Share-based compensation Balance, December 31, 2019. (2,678) 35,500 140,501 $ 775,649 (2,678) 35,500 915,994 (2,678) 35,500 931,169 69,400.252 S69 (225) 15,175 See accompanying notes to Consolidated Financial Statements. Texas Roadhouse, Inc. and Subsidiaries Consolidated Statements of Cash Flows in thousands) December 31, December 25, December 26, 2019 2018 2017 S 181,518 $ 164,294 $ 137,536 Depreciation Deferred income amortizat Loss on 115,544 6,335 5,885 (1,283) 93,499 (5,069) 4,961 600 Impairment and closure costs 101,216 12,319 6,008 105 1,000 (1,353) 656 (9) 33,983 (378) 1,837 (22) (1,488) 1,424 10 35,500 26,934 (15,597) Inventories.. (2,495) (5,774) (1,414) (2,049) (12,823) 407 16,991 5,540 5,554 5,802 (3,773) 5,826 (3,023) (4,290) 8,882 35,519 4,481 (8,581) 2,634 7,569 (20,379) (48) (1,211) (7,401) 1,601 26,678 3,639 3,448 2,299 5,148 Cash flows from operating activities: Net income including noncontrolling interests. Adjustments reconcile net income to net cash provided by operating activities: and amortization on disposition of assets pos Contribution from executive officer ............... Equity income from investments in unconsolidated affiliates Distributions of income received from investments in unconsolidated affiliates Provision for doubtful accounts Share-based compensation expense Changes in operating working capital: Receivables Penia Prepaid expenses Other assets. Accounts payable Deferred revenue gift cards Accrued wages Prepaid income taxes and income taxes payable Accrued taxes and licenses. Other accrued liabilities. Operating lease right-of-use assets and lease liabilities Deferred rent Other liabilities Net cash provided by operating activities. Cash flows from investing activities: Capital expenditures property and equipment. Acquisition of franchise restaurants, net of cash acquired Proceeds from sale of property and equipment. Net cash used in activities Cash flows from financing activities: Proceeds from noncontrolling interest contribution Distributions to noncontrolling interest holders Acquisition of noncontrolling interest Proceeds from restricted stock and other deposits, net Indirect of shares for minimum tax withholdings Principal payments on ! nents on long-term debt. Proceeds from exercise of stock Repurchase of shares of common stock. Dividends paid to shareholders. Net cash used in financing activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents beginning of period Cash and cash equivalentsend of period Supplemental disclosures of cash flow information: Interest paid, net of amounts capitalized Income taxes paid................... Capital expenditures included in current liabilities. 15,075 374,298 5,938 3,612 352,868 6,038 8,154 286,373 (214,340) (1,536) 1,056 (214,820 (155,980) (2,165) (161,628) (16,528) investing (158,145) (178,156) (476) 3,457 (5,171) (6,357) (743) 62 (12,471) 2,551 (5,746) (122) 418 (14,067) (50,000) 740 (11,639) (558) 1,558 options (139,849) (102,366) (261,724) (102,246) 210,125 107,879 (68,550) (135,516) 59,207 150,918 210,125 (58,154) (70,243) 37,974 112,944 150,918 738 20,440 15,416 $ $ $ 896 20,519 7,332 $ $ 1,216 50,201 12.156 See accompanying notes to Consolidated Financial Statements. BBQ HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) December 29, 2019 $ 5,325 761 December 30, 2018 S 11,598 842 ASSETS Current assets: Cash and cash equivalents Restricted cash Accounts receivable, net of allowance for doubtful accounts of $132,000 and $192,000, respectively Inventories Prepaid income taxes and income taxes receivable Prepaid expenses and other current assets Assets held for sale Total current assets 4,379 1,346 264 1,356 2,842 16,273 4,300 722 377 1,363 19,202 Property, equipment and leasehold improvements, net 19,756 10,385 Other assets: Operating lease right-of-use assets Goodwill Intangible assets, net Deferred tax asset, net Other assets 61 1,428 25,962 640 2,213 6,646 1,591 73,081 1,533 38,356 $ $ LIABILITIES AND SHAREHOLDERS' EQUITY $ $ 3,765 Current liabilities: Accounts payable Current portion of lease liabilities Current portion of long-term debt and financing lease obligations Accrued compensation and benefits Other current liabilities Total current liabilities 3,967 4,230 616 2,694 4,975 16,482 1,369 808 2,970 8,912 Long-term liabilities: Lease liabilities, less current portion Long-term debt, less current portion Other liabilities Total liabilities 26,957 6,258 1,610 51,307 2,411 4,492 15,815 93 91 Shareholders' equity: Common stock, $.01 par value, 100,000 shares authorized, 9,272 and 9,085 shares issued and outstanding at December 29, 2019 and December 30, 2018, respectively Additional paid-in capital Retained earnings Total shareholders' equity Non-controlling interest Total equity 7,856 7,375 15,075 22,541 14,423 22,372 (598) 21,774 73,081 22,541 38,356 $ BBQ HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) Year Ended December 29, 2019 December 30, 2018 $ $ Revenue: Restaurant sales, net Franchise royalty and fee revenue Franchisee national advertising fund contributions Licensing and other revenue Total revenue 67,278 12,126 1,616 1,249 82,269 38,051 13,871 1,932 1,034 54,888 Costs and expenses: Food and beverage costs Labor and benefits costs Operating expenses Depreciation and amortization expenses General and administrative expenses National advertising fund expenses Asset impairment, estimated lease termination charges and other closing costs, net Pre-opening expenses (Gain) loss on disposal of property and bargain purchases, net Total costs and expenses 21,541 24,565 21,269 2,231 10,992 1,616 11,973 13,663 11,932 1,264 7,988 1,932 1,296 145 460 (74) 83,896 29 48,926 (Loss) income from operations (1,627) 5,962 Other income (expense): Interest expense Interest income Total other expense (494) 215 (279) (493) 122 (371) (Loss) income before income taxes (1,906) 5,591 Income tax benefit (expense) 659 (729) 4,862 Net (loss) income Less: Net loss attributable to non-controlling interest Net (loss) income attributable to shareholders (1,247) 598 (649) $ 4,862 $ Basic net (loss) income per share attributable to shareholders Diluted net (loss) income per share attributable to shareholders Weighted average shares outstanding - basic Weighted average shares outstanding - diluted (0.07) (0.07) 9,099 9,099 0.57 0.56 8,599 8,624 BBQ HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (in thousands) Total Additional Common Stock Paid-in Retained Shareholders' Non-controlling Shares Amount Capital Earnings Equity Interest 7,376 $ 70 $ 1,460 $ 11,951 $ 13,481 $ Total Equity $ 13,481 (1,738) (1,738) (1,738) 1,582 102 25 Balance - December 31, 2017 Cumulative effect of change in accounting principle Common stock issued pursuant to rights offering Exercise of stock options Stock-based compensation Net income Balance - December 30, 2018 Exercise of stock options Stock-based compensation Other Net loss Balance - December 29, 2019 $ 91 9,085 5 182 18 5,119 2 432 1 364 4,862 $ 7,375 $ 15,075 $ 20 2 461 (3) (649) 93 $ 7,856 $ 14,423 $ 5,137 434 365 4,862 22,541 $ 20 463 (3) (649) 22,372 $ 5,137 434 365 4,862 $ 22,541 20 463 (3) (598) (1,247) (598) $ 21,774 9,272 $ BBQ HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 29, 2019 December 30, 2018 Cash flows from operating activities: Net (loss) income $ (1,247) $ 4,862 Adjustments to reconcile net income to cash flows provided by operations: Depreciation and amortization 2,231 1,264 Stock-based compensation 463 278 Net (gain) loss on disposal of property and bargain purchases (74) 29 Asset impairment, estimated lease termination charges and other closing costs (gain), net 1,273 (46) Bad debts recovery (30) Deferred income taxes (688) 639 Other non-cash items 291 (515) Changes in operating assets and liabilities: Accounts receivable, net (1,582) (225) Other assets (449) (389) Accounts payable 258 (600) Accrued and other liabilities 1,867 (1,390) Cash flows provided by operating activities 2,582 3,877 239 Cash flows from investing activities: Proceeds from the sale of assets Purchases of property, equipment and leasehold improvements Payments for acquired restaurants Advances on notes receivable Purchases of held to maturity securities Maturity of held to maturity securities Payments received on note receivable Cash flows used for investing activities 33 (6,755) (6,188) (150) 1,187 (953) (229) (750) (6,995) 6,995 31 (13,029) (745) Cash flows from financing activities: Proceeds from long-term debt Payments for debt issuance costs Payments on long-term debt and financing lease obligations Proceeds from sale of common stock, net of offering costs Proceeds from exercise of stock options Cash provided by (used for) financing activities 4,300 (54) (175) (6,758) 5,120 520 (1,118) 22 4,093 (6,354) 12,440 6,086 2,014 10,426 12,440 (Decrease) increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Supplemental Disclosures Cash paid for interest, net Cash paid for income taxes, net $ 244 $ 292 (148) 22 Non-cash investing and financing activities: (Decrease) increase in accrued property and equipment purchases Gift card liability assumed pursuant to acquisitions Inventory acquired pursuant to acquisitions Accounts receivable settled through acquisitions (39) 705 103 993 A | | |
