What was the total revenue for Benihana's owned restaurants in 2023?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
| December 31, 2023 | December 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 21,047 | $ 55,121 |
| Accounts receivable | 17,264 | 15,220 |
| Inventory | 6,184 | 5,728 |
| Other current assets | 1,809 | 2,091 |
| Due from related parties | 376 | 376 |
| Total current assets | 46,680 | 78,536 |
| Property and equipment, net | 139,908 | 94,087 |
| Operating lease right-of-use assets | 95,075 | 85,161 |
| Deferred tax assets, net | 14,757 | 12,323 |
| Intangibles, net | 15,306 | 15,290 |
| Other assets | 4,636 | 4,774 |
| Security deposits | 883 | 853 |
| Total assets | $ 317,245 | $ 291,024 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 19,089 | $ 13,055 |
| Accrued expenses | 28,333 | 22,409 |
| Deferred gift card revenue and other | 2,077 | 2,115 |
| Current portion of operating lease liabilities | 6,897 | 6,336 |
| Current portion of long-term debt | 1,500 | 1,500 |
| 266 | 256 | |
| Other current liabilities | ||
| Total current liabilities | 58,162 | 45,671 |
| Operating lease liabilities, net of current portion | 120,481 | 105,247 |
| Long-term debt, net of current portion | 70,410 | 70,544 |
| Other long-term liabilities | 832 | 972 |
| Total liabilities | 249,885 | 222,434 |
| Commitments and contingencies (Note 14) | ||
| Stockholders' equity: | ||
| Common stock, $0.0001 par value, 75,000,000 shares authorized; 33,560,428 issued | ||
| and 31,283,975 outstanding at December 31, 2023 and 32,829,995 shares issued and | ||
| 31,735,423 outstanding at December 31, 2022 | 3 | 3 |
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued | ||
| and outstanding at December 31, 2023 and December 31, 2022, respectively | — | — |
| Treasury stock, 2,276,453 and 1,094,572 shares at cost at December 31, 2023 and | ||
| December 31, 2022, respectively | (15,051) | (7,169) |
| Additional paid-in capital | 58,270 | 55,583 |
| Retained earnings | 28,884 | 24,166 |
| Accumulated other comprehensive loss | (2,930) | (2,869) |
| Total stockholders' equity | 69,176 | 69,714 |
| (1,816) | (1,124) | |
| Noncontrolling interests | ||
| Total equity | 67,360 | 68,590 |
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the total revenue for Benihana's owned restaurants in 2023 was $317,366. This figure represents the net revenue generated directly from the operation of Benihana's company-owned restaurants. In comparison, the owned restaurant net revenue in 2022 was $300,859.
In addition to revenue from owned restaurants, Benihana also generates revenue through management, license, and incentive fees. In 2023, this revenue stream amounted to $15,403, slightly lower than the $15,779 generated in 2022. When combined with the owned restaurant net revenue, the total revenues for Benihana in 2023 reached $332,769, compared to $316,638 in 2022.
For a prospective franchisee, understanding the revenue streams of both company-owned and franchised locations is crucial. While this document details the revenue for company-owned restaurants, it does not provide specific revenue figures for franchised locations. Therefore, it is important for potential franchisees to inquire about the performance metrics of franchised Benihana restaurants to gain a comprehensive understanding of the brand's financial potential.