Revenue and profitability metrics (USD, in thousands except per-share data):
- Revenue: 797,188; YoY: -10.87%; QoQ: -2.92%
- EBITDA: -32,797
- Operating Income: -32,797; Margin: -4.11%
- Net Income: -24,622; Margin: -3.09%
- EPS (Diluted): -1.10
- Interest Expense: 3,724
- Net Debt: 1,269,200
- Cash at End of Period: 8,937
- Operating Cash Flow: -53,430
- Capital Expenditures: -35,486
- Free Cash Flow: -88,916
- Total Assets: 2,151,374
- Total Liabilities: 1,722,606
- Shareholders’ Equity: 428,768
- Current Ratio (approximate): 0.52x (Current Assets 305,585 vs Current Liabilities 593,870)
Key trend observations:
- Revenue decline YoY (-10.9%) and sequential decline QoQ (-2.9%) signal softer guest traffic and/or mix shifts in Q1 2026.
- Margins compressed into negative territory, with EBITDA and operating income turning negative for the quarter, indicating cost pressures (labor, commodities, occupancy) not fully offset by pricing or productivity gains.
- Cash burn persisted, as operating cash flow was negative (-$53.4 million) despite moderate capex spend, resulting in negative free cash flow (-$88.9 million). Financing activity provided a net inflow (+$56.8 million), reflecting debt and financing arrangements.
- The balance sheet remains highly levered (Total debt of ~$1.28 billion; Net debt ~$1.27 billion) with limited near-term liquidity, given only ~$8.9 million in cash and equivalents at period-end.
- A notable non-cash/operating item dynamic evidenced by the overall stockholders’ equity position and some non-cash line items in the non-current assets section, suggesting ongoing structural balance sheet challenges that warrant monitoring.