Attached files
| file | filename |
|---|---|
| EX-99.1 - EX-99.1 - Ruths Hospitality Group, Inc. | ruth-ex991_90.htm |
| 8-K - 8-K - Ruths Hospitality Group, Inc. | ruth-8k_20200113.htm |
Exhibit 99.2
Reconciliation of Non-GAAP Financial Measures
We prepare our financial statements in accordance with U.S. generally accepted accounting principles (GAAP). Within our investor presentation materials, we make reference to adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), a non-GAAP financial measure. We believe that this measurement represents a useful internal measure of performance. Accordingly, where we provide a non-GAAP measure like Adjusted EBITDA, it is done so that investors have the same financial data that management uses in evaluating performance with the belief that it will assist the investment community in assessing our underlying performance. However, because Adjusted EBITDA is not determined in accordance with GAAP, it is susceptible to varying calculations and not all companies calculate the measure in the same manner. As a result, Adjusted EBITDA as presented may not be directly comparable to a similarly titled measure presented by other companies. Adjusted EBITDA is presented as supplemental information and not as an alternative to any GAAP measurements.
Reconciliation of Non-GAAP Financial Measures - Unaudited
(amounts in thousands)
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Fiscal Year |
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2009 (1) |
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2010 (1) |
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2011 |
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2012 |
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2013 |
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2014 |
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Net income (loss) |
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$ |
2,419 |
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$ |
15,957 |
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$ |
19,549 |
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$ |
16,379 |
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$ |
22,489 |
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$ |
16,455 |
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Interest expense |
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7,756 |
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4,244 |
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2,892 |
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3,171 |
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1,640 |
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1,159 |
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Income tax expense (benefit) |
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99 |
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5,026 |
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2,963 |
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7,855 |
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10,744 |
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11,830 |
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Depreciation and amortization expenses |
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13,217 |
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12,182 |
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11,516 |
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11,050 |
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10,229 |
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10,917 |
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Impact of excluding a cumulative catch-up adjustment from a change in accounting estimate related to gift card breakage revenue |
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- |
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- |
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- |
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- |
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1,306 |
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- |
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Loss on impairment and asset disposals, net |
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9,640 |
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483 |
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436 |
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3,262 |
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- |
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- |
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Restructuring expense (benefit) |
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56 |
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(1,457 |
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- |
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- |
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- |
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- |
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Gain on settlements, net |
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- |
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- |
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- |
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(683 |
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(1,719 |
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- |
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Loss (income) on discontinued operations, net of tax |
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(615 |
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(160 |
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(171 |
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(187 |
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2,004 |
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10,255 |
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Adjusted EBITDA |
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$ |
32,572 |
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$ |
36,275 |
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$ |
37,185 |
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$ |
40,847 |
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$ |
46,693 |
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$ |
50,616 |
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Fiscal Year |
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Twelve Months Ended |
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2015 |
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2016 |
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2017 |
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2018 |
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September 29, 2019 |
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Net income (loss) |
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$ |
30,004 |
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$ |
30,465 |
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$ |
30,137 |
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$ |
41,680 |
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$ |
42,608 |
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Interest expense |
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790 |
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1,154 |
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821 |
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1,739 |
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1,946 |
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Income tax expense (benefit) |
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14,168 |
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15,660 |
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15,669 |
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8,247 |
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8,260 |
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Depreciation and amortization expenses |
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12,520 |
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13,434 |
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14,995 |
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18,538 |
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20,229 |
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Loss on impairment and asset disposals, net |
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- |
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- |
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3,904 |
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- |
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- |
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Certain restaurant closing and rent dispute costs |
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- |
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278 |
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- |
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- |
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- |
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Cost related to the acquisition of franchisee-owned restaurants |
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- |
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- |
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619 |
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1,525 |
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662 |
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Loss (income) on discontinued operations, net of tax |
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162 |
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290 |
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108 |
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(80 |
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(50 |
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Adjusted EBITDA |
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$ |
57,644 |
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$ |
61,281 |
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$ |
66,253 |
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$ |
71,649 |
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$ |
73,655 |
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(1) The net income (loss) for fiscal years 2009 and 2010 were last reported on Form 10-K for the fiscal years 2013 and 2014, respectively. The operating results of eighteen Mitchell's Fish Market and three Cameron's/Mitchell's Steakhouse restaurants sold in January 2015 and three Ruth's Chris Steak House restaurants closed in 2014 have been reclassified to discontinued operations. These reclassifications had no effect on previously reported net income.