GEN Restaurant Group, Inc. Q4 FY2024 earnings call

• Summary of 2024 guidance: Revenue was originally $200-205M, finished at $208M; restaurant-level EBITDA estimated 17-18%, ended at 17.7%; G&A expenses estimated $18-19M, ended at $18.3M.
• New restaurant development: Opened 6 in 2024, 3 in Jan 2025, target 10-13 in 2025; 46 total locations nationwide.
• Fourth quarter performance: 21% y-o-y total revenue growth, 25% y-o-y total adjusted EBITDA growth; full year order revenue $208.4M, exceeding guidance.
• Comparable sales: Down 5.6% in 2024, but 1% comp in first two months of 2025 after pricing adjustments, etc.
• Incubator initiatives: GEN gift cards at Costco selling well, plan to expand with big-box retail partners.
• International expansion: Planning 2 locations in South Korea in 2025.
• Financial metrics: Cost of goods sold, payroll, occupancy, and other operating expenses details provided, including changes year-over-year.

For the fourth quarter, revenue increased 21.2% to $54.7 million compared to $45.1 million in the fourth quarter of 2023. For the year ended December 31, 2024, revenues increased 15.1% to $208.4 million compared to $181 million in 2023. Restaurant-level adjusted EBITDA for the fourth quarter increased 28% to $9.3 million or 17% of total revenue. For the full year, restaurant-level adjusted EBITDA increased 10% to $36.9 million or 17.7% of total revenue. Total adjusted EBITDA for the fourth quarter of 2024 increased 25% to $2.1 million compared to $1.6 million for the fourth quarter of 2023. For 2024, total adjusted EBITDA was $16.7 million compared to $18.8 million for fiscal 2023, but excluding preopening costs, adjusted EBITDA totaled $22 million.

• 2025 outlook: Plan to open 10-13 new restaurants (excluding recent shifts from 2024), generate revenue $245-250M, and achieve restaurant-level adjusted EBITDA margin of 18% plus.
• Stock buyback: Board approved up to $5M stock buyback program while maintaining goal of 75 restaurants by end of 2026.

• Risks related to forward-looking statements, including those from federal securities law, where actual results could differ materially from expectations. Also, risks from government permits affecting restaurant openings, competition, and economic conditions, as mentioned in recent filings with the SEC.