BJs Restaurants (BJRI) FY2023 results: revenue $1.3 billion, up 3.8% on the year

BJs Restaurants Inc. (BJRI) reported revenue of $1.3 billion for fiscal 2023, the year ended 2 January 2024, up 3.8% on the year before. Net income was $20 million, up 382.3%, and diluted earnings per share $0.82. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.3 billion

+3.8% on the year

FY2016FY2023

Operating margin

1.0%

-0.4% a year earlier

FY2016FY2023

Net income

$20 million

+382.3% on the year

FY2016FY2023

Diluted EPS

$0.82

+382.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,333	1,284	1,087	+3.8%
Cost of revenue	347	350	288	-0.9%
Gross profit	987	934	799	+5.6%
Gross margin	74.0%	72.8%	73.5%
Operating income	13.8	-5.5	-16.5
Operating margin	1.0%	-0.4%	-1.5%
Pre-tax income	10.1	-8.3	-19.2
Income tax	-9.6	-12.4	-15.6
Effective tax rate	-94.7%	n/a	n/a
Net income	19.7	4.1	-3.6	+382.3%
Net margin	1.5%	0.3%	-0.3%
Diluted EPS	$0.82	$0.17	-$0.16	+382.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	106	51.1	64.3	+107.0%
Capital expenditure	98.9	78.6	42.2	+25.8%
Free cash flow	6.9	-27.5	22.1
Free cash flow margin	0.5%	-2.1%	2.0%
Cash from investing	-98.9	-71.9	-42.2
Cash from financing	-2.7	7.1	-35.3
Depreciation and amortisation	71.0	70.4	72.8	+0.9%
Share-based compensation	10.9	10.1	10.3	+8.0%
Buybacks	11.0	2.4	n/a	+361.2%
Dividends paid	0.0	0.1	0.1	-68.0%
Diluted shares, weighted	24m	24m	23m	+1.1%
Shares outstanding at period end	23m	23m	23m	-0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	366	346	334	+5.9%
Debt	68.0	60.0	50.0	+13.3%
Operating lease liabilities	414	433	436	-4.3%
Other liabilities	211	208	215	+1.4%
Total liabilities and equity	1,058	1,046	1,035	+1.2%
Fixed assets	525	507	506	+3.6%
Goodwill	4.7	4.7	4.7	0.0%
Cash and equivalents	29.1	24.9	38.5	+16.9%
Receivables	19.5	28.6	29.1	-31.9%
Other assets	480	481	457	-0.1%
Total assets	1,058	1,046	1,035	+1.2%

10-K for the year ended 2 January 2024, filed 27 February 2024: the filing.