Northgate Restaurants Watch
Casual dining restaurant group · Minority equity · $14.0M deployed · Last report Oct 14
Performance
Last 12 months’ revenue, monthly.
$52.0M
−1.5% vs budget
(Revenue − cost of goods) ÷ revenue, last 12 months. New, added by Your Cohort
31.0%
−0.6 pts vs budget
Last 12 months’ EBITDA after approved adjustments, monthly.
$4.4M
−3.0% vs budget
Adj. EBITDA ÷ revenue.
8.5%
Budget 8.6%
Results vs budget and last year
As of Sep 30 · monthly
| Last 12 months | Actual | Budget | vs budget | Last year |
|---|---|---|---|---|
| Revenue | $52.0M | $52.8M | −1.5% | $50.2M |
| Gross margin | 31.0% | 31.6% | −0.6 pts | 30.8% |
| Operating costs | $11.7M | $11.5M | +1.8% | $11.4M |
| Adj. EBITDA | $4.4M | $4.5M | −3.0% | $4.3M |
From reported to adjusted EBITDA
What was added back, and why
Last 12 months · $M
- Reported EBITDA$3.5M
- + Pre-opening costs$0.4M
- + Store closing costs (one-time)$0.3M
- + Owner pay normalized to market$0.1M
- + Non-cash stock pay$0.1M
- Adjusted EBITDA$4.4M
Reported and adjustedAdded back
| Step | Amount | Running total |
|---|---|---|
| Reported EBITDA | $3.5M | $3.5M |
| Pre-opening costs | +$0.4M | $3.9M |
| Store closing costs (one-time) | +$0.3M | $4.2M |
| Owner pay normalized to market | +$0.1M | $4.3M |
| Non-cash stock pay | +$0.1M | $4.4M |
| Adjusted EBITDA | $4.4M | $4.4M |
Adjustments are 20% of the total. The closing costs stop after this year.
Improvement plan
Progress on the location review
Cost savings achieved$0.5M of $1.2M
- Close two weak locationsAwaiting approval
- Renegotiate produce contractDone
- Cut delivery app fees50% done
- Weekly cash call every TuesdayOn track
New marks a measure Your Cohort adds to Thorne’s reporting · fictional companies and figures · thresholds are placeholders · select or hover any dotted label for its definition