What were the total revenues for Benihana in 2021?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
| 2021 2020 Revenues: Owned restaurant net revenue 95.4 % 96.2 % Management, license and incentive fee revenue 4.6 % 3.8 % Total revenues 100.0 % 100.0 % Cost and expenses: Owned operating expenses: Owned restaurant cost of sales (1) 25.5 % 24.9 % Owned restaurant operating expenses (1) 54.7 % 63.7 % Total owned operating expenses (1) 80.2 % 88.6 % General and administrative (including stock-based compensation of 1.3% and 1.2% for the years ended December 31, 2021 and 2020, respectively) 9.2 % 9.8 % Depreciation and amortization 3.9 % 7.1 % COVID-19 related expenses 2.1 % 3.9 % Transaction costs 0.1 % 0.8 % Lease termination expenses 0.7 % 2.3 % Agreement restructuring expenses 0.2 % 0.3 % Pre-opening expenses 0.4 % 0.1 % Other income, net —% —% Total costs and expenses 93.0 % 109.6 % Operating income (loss) 7.0 % (9.6)% Other (income) expenses, net: Interest expense, net of interest income 1.4 % 3.8 % Loss on early debt extinguishment 0.2 % —% Gain on CARES Act Loan Forgiveness (6.7)% —% Total other (income) expenses, net (5.1)% 3.8 % Income (loss) before provision (benefit) for income taxes 12.1 % (13.4)% Provision (benefit) for income taxes 0.6 % (3.8)% Net income (loss) 11.5 % (9.6)% Less: net income (loss) attributable to noncontrolling interest 0.2 % (0.6)% 11.3 % (9.0)% | For the year ended December 31, |
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Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the provided table outlines the revenues, costs, and expenses for the years ended December 31, 2021, and 2020. The table shows a breakdown of revenue sources, including owned restaurant net revenue and management, license, and incentive fee revenue. The total revenues are represented as 100.0% for both 2021 and 2020, indicating that the table presents a percentage breakdown of revenue components rather than absolute dollar figures.
While the table provides a percentage breakdown of Benihana's revenue streams, it does not specify the actual total revenue in dollar amounts for 2021. Instead, it indicates that owned restaurant net revenue constituted 95.4% of the total revenue in 2021, while management, license, and incentive fee revenue made up the remaining 4.6%. The 100.0% figure represents the entirety of Benihana's revenue for that year, but without an actual dollar amount, it's impossible to determine the total revenue based solely on this table.
A prospective franchisee should inquire with Benihana's management to obtain the specific total revenue figures in dollars for 2021 to gain a clearer understanding of the company's financial performance. Understanding the actual revenue numbers, in addition to the percentage breakdowns, is crucial for assessing the financial health and potential profitability of a Benihana franchise.