ICR Conference 2016 Presentation

8/20/2019 ICR Conference 2016 Presentation

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ICR Conference 2016January 12, 2016


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Highlights

• *ifferentiated, &ward ?inningConcept with road &ppeal

• ni1ue )odel *rives Long-%erm

+perating &dvantages• "ndustr-Leading (estaurant-Level

Financials

•


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Brazilian Born Churrascaria with Authenticity at Our Core

• Founded in


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A High-Energy, i!!erentiated ining E"#erience

Continuous

Ser$ice

B

Customization

Control

High-%uality

Authentic &nteracti$e

B


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eli$ering Leading Financial 'esults

&verage nit olume

Labor Costs=7>

(estaurant Contribution )argin=>

&dvantage

GH.8) G.I) higher

78.HJ 5,598bps lower

7.9J 5,78bps higher

Cash-on-Cash (eturns 9@.@J 7,978bps higher

:et "ncome )argin 6.6J 978bps higher

:otes (epresents F' 785B.

=5> "ncludes (;, 3(", L):, C&K4, C2', *F(;, *(", (%2 and %(2. "nformation is obtained from publicl available sources.=7> 4xcludes *F(; and (%2 labor costs as the are not reported separatel.

=> See appendix for (estaurant Contribution calculation

Full-

Service=5>

&verage

GB.B)

7.J

78.7J

7.9J

B.@J

9


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()

A Brand *oised !or +loal +rowth

Signi!icant .S. O##ortunity with /001 Additional nits &denti!ied

Focus on 2o# (0 3As

Signi!icant .S. O##ortunity with /001 Additional nits &denti!ied

Focus on 2o# (0 3As

5 (estaurants

in the .S.

58 (estaurants

in ra/il

3oint venture restaurant =)exico Cit>

Compan-owned restaurant

)

45

) )

)

"ncludes 5 restaurant opening on 3anuar 5B,785I5

I


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Our +rowth Strategies

• 4xpand +ur (estaurant asewith a *omestic Focus

• "ncrease +ur Comparable

(estaurant Sales

• "mprove )argins b Leveraging+ur "nfrastructure and

"nvestments in 2uman Capital

to Support ;rowth

@


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Our +loal +rowth *lan

.S. e$elo#ment

•


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emonstrated 2rack 'ecord o! Success!ul 9ew 'estaurant +rowth

B

I

5

7@

5

B

B5

8

59

8

B9

7857 785 785B 7859

3 (estaurants

2014 Openings

• San 3ose, C& =N5>

•

• Los &ngeles, C& =NB>

2013 Openings

• San *iego, C& =N>

• (osemont, "L =N>

• 3ardins, ( =NB>

• :ew 'ork, :' =NB>

2012 Openings

• +rlando, FL =N5>

• Center :orte, ( =NB>

• oston, )& =NB>

Annual Restaurant Growth

% Unit Growth 13% 15% 10% 21%

2015 Openings• San 3uan,

• (io *e 3aneiro, ( =N7>

• Summerlin, : =NB>

• :ew +rleans , L& =NB>

• )exico Cit, ) =3 A N7>

• ?oodlands, % =NB>

• San Francisco, C& =NB>

(estaurant +penings(estaurants A eginning of 'ear

2016 / 2017 Openings• :aperville, "L =N5> A rd Chicago area restaurant

will be first 785I opening

• B signed leases for 785I O 7 signed leases for785@

6


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58

'ecent O#eningsSan Francisco : o#ened /);)4 9ew Orleans : o#ened /);40


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&ncrease Com#arale 'estaurant Sales

• Comparable restaurant sales initiatives are designed to drive trial and fre1uenc while increasing average check

+row +rou# ining&ncrease Customer Engagement 3enu Strategy and &nno$ation

ay#art E"#ansion

+aucho Lunch Enhanced Bar E"#erience

Sea!ood Entr


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Sunday Lunch E"#ansion

Strategy=

• *rive traffic and fre1uenc with anadditional dapart and a lower price point

entrescri#tion=

• 4xtended Sunda hours

• Special lunch prices

• )ost S locations and


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E"#anding >-?all 3argins

• Substantiall completed

investment in corporate

and restaurant ke

functions to support future

growth

• "nvested approximatel

G9.9) in incremental

annuali/ed fixed personnel

costs since the beginning of

7857

• 5H corporate positions, 5I

local sales managers and

five assistant managers

5

COGS % of Sales

5.IJ

8.IJ

76.6J=5>76.6J

76.8J

76.9J

8.8J

8.9J

5.8J

5.9J

7.8J

7857 785 785B N 7859

%%)

75.9J

75.BJ

78.6J=5>

75.7J=7>

78.8J

78.9J

75.8J

75.9J

77.8J

7857 785 785B N 7859

%%)

Labor % of Sales

=5> "ncludes ?orld Cup sales impact of G9) S*

=7> 4xcludes one time stock based compensation expense related to the "


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Financials

Financials

5B


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:ote G in millions. (estaurant ;rowth includes compan-owned restaurants onl.

=5> Figures shown on a constant currenc basis of (G7.6H per S*, which represents the derived exchange rate as of the third 1uarter of Fiscal 7859.

=7> "ncludes ?orld Cup sales impact of G9) S*.

=> SSS are ?orld Cup adjusted in both F'5B O F'59. &ctual SSS were 9.8J for F'5B and =5.BJ> for F'59.

=B> See appendix for (estaurant Contribution calculation

=9> See appendix for &djusted 4"%*& calculation

GB6 G98

GI GI7

G8

GB8

G98

GI8

G@8

GH8

7857 785 785B N 7859 %%)

G787

G756

G7I7=7> G7I

G598

G788

G798

G88

7857 785 785B N 7859 %%)

7@

5B

B8

58

78

8

B8

7857 785 785B 7859

GI5

GI6

GH9GH7

G98

GI8

G@8

GH8

G68

G588

7857 785 785B N 7859 %%)

*ro$en 2rack 'ecord o! +rowth

SSS=> =5.J> 5.J 7.IJ 7.5J

'estaurant +rowth 'e$enue

'estaurant Contriution@> Adusted EB&2A@(

)argin J 8.BJ 5.J 7.9J 5.J )argin J 7B.J 7.8J 7B.5J 7.BJ

59


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&s of September 7@, 7859

&ctual

Cash O Cash 41uivalents G75.H

%otal *ebt G5I9.8

:et *ebt G5B.7

:et *ebt E L%) 6E7@E59 &djusted 4"%*& 7.x

L%) 6E7@E59 &djusted 4"%*& GI7.9

Ca#italization

5I


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Antici#ated ses o! Cash

e$elo# 9ew 'estaurants

• 58J growth in compan-owned restaurants

• &verage cost GB.9) per restaurant

'eimage E"isting 'estaurants

• Keep restaurants relevant and improves traffic

• &verage cost GB88k per restaurant

3aintenance; &2

• &verage cost G78k per restaurant per ear

'emaining Cash

*ay down det

5@


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Highly Attracti$e 9ew nit Economic 3odel

&verage nit olume [email protected]

(estaurant Contribution )argin=7> [email protected]

:et investment Cost=> GB.9

Cash-on-Cash (eturn B8.8JM


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:ote G in millions.

=5> &ssumes an exchange rate of .5 ra/ilian reais to 5 S dollar

=7> ?orld Cup adjusted basis =the one-time sales benefit of the ?orld Cup in 785B is estimated at G9.8 million>

)0/( +uidance @(4 ?eeks

%otal (evenue [email protected]=5>

Compan-owned comparable restaurant sales 5J to 7J

=7>

(estaurant contribution 5J to 5.9J


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Long-2erm Financial +oals

/061 Com#any-owned 'estaurant nit +rowth plus 7oint 8enture e$elo#ment

Low Single igit Annual Consolidated Com#arale 'estaurant Sales +rowth

+DA and O#erating Le$erage

/4-/(61 Annual EB&2A +rowth/-)06 Annual E*S +rowth

:ote %hese targets are forward-looking, are s ubject to significant business, economic, regulator and competitive uncertainties and contingencies, man of which are beond control

of the Compan and its management, and are based upon assumptions with respect to future decisions, which are subject to change. &ctual results ma var and these variations ma

be material. :othing in this presentation should be regarded as a representation b an pers on that these goals will be achieved and the Compan undertakes no dut to update its

goals. 78


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&ppendix

75


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'econciliation to 'estaurant Contriution

77

2railing /) 3onths Comined Successor *redecessor

@dollars in thousandsA

Se#temer ),

)0/(

ecemer ),

)0/>

ecemer )G,

)0/4

*eriod !rom 7an )

to ec 40, )0/)

*eriod !rom 3ay

)> @&nce#tionA to

ec 40, )0/)

*eriod !rom 7an

) to 7uly )0, )0/)

(evenue 7I7,HI9G 7I7,7H8G 756,76G 787,I8G 6,HBBG 58H,95IG

(estaurant +perating Costs =5H8,IH> =5@@,596> =598,9I9> =5B8,689> =I9,6HB> =@B,675>

(estaurant Contribution H7,77@G H9,575G IH,I@BG I5,B99G 7@,HI8G ,969G

Fiscal ear Ended


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Documents

ICR Conference 2016 Presentation