Wingstop (WING) Q1 FY2024 earnings: revenue $146 million, up 34.1% on the year

Wingstop Inc. (WING) reported revenue of $146 million for Q1 FY2024, the quarter ended 30 March 2024, up 34.1% on the same quarter a year earlier. Net income was $29 million, up 83.5% on the year, and diluted earnings per share $0.98. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2024.

Revenue$146 millionup 34.1%

Net income$29 millionup 83.5%

Diluted EPS$0.98

QuarterQ1 FY2024ended 30 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q3 FY2023	A year earlier	Change on the year
Revenue	146	117	n/a	n/a
Cost of revenue	21.3	17.6	n/a	n/a
Gross profit	125	99.5	n/a	n/a
Gross margin	85.4%	85.0%	n/a
Selling, general and administrative	25.2	23.0	n/a	n/a
Operating income	42.7	30.7	n/a	n/a
Operating margin	29.3%	26.2%	n/a
Pre-tax income	38.5	26.2	n/a	n/a
Income tax	9.8	6.6	n/a	n/a
Effective tax rate	25.3%	25.4%	n/a
Net income	28.7	19.5	n/a	n/a
Net margin	19.7%	16.7%	n/a
Diluted EPS	$0.98	$0.65	n/a	n/a

$ 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 and capital returned

Line	Q1 FY2024	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	44.7	35.8	n/a	n/a
Capital expenditure	11.2	11.3	n/a	n/a
Free cash flow	33.5	24.5	n/a	n/a
Free cash flow margin	23.0%	20.9%	n/a
Cash from investing	-11.7	-11.3	n/a	n/a
Cash from financing	-9.6	-132	n/a	n/a
Depreciation and amortisation	3.4	3.4	n/a	n/a
Share-based compensation	3.8	3.1	n/a	n/a
Buybacks	0.0	125	n/a	n/a
Dividends paid	6.6	6.6	n/a	n/a
Dividend per share	$0.22	$0.22	n/a	n/a
Diluted shares, weighted	29m	30m	n/a	n/a
Shares outstanding at period end	29m	29m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	-434	-475	n/a	n/a
Debt	713	712	n/a	n/a
Other liabilities	134	115	n/a	n/a
Total liabilities and equity	412	352	n/a	n/a
Fixed assets	99.3	84.3	n/a	n/a
Goodwill	67.7	65.2	n/a	n/a
Cash and equivalents	108	78.0	n/a	n/a
Receivables	13.6	12.0	n/a	n/a
Other assets	123	112	n/a	n/a
Total assets	412	352	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	107	117	146	156	162	162	171	174	176	176	184	186
Cost of revenue	16.6	17.6	21.3	22.7	24.4	23.3	22.8	24.4	24.3	24.5	24.7	25.1
Gross profit	90.5	99.5	125	133	138	138	148	150	151	151	159	160
Gross margin	84%	85%	85%	85%	85%	86%	87%	86%	86%	86%	87%	86%
SG&A	22.1	23.0	25.2	28.1	32.3	31.2	31.4	32.9	30.7	33.3	34.4	30.2
Operating income	26.5	30.7	42.7	41.2	39.8	41.8	38.3	45.2	49.0	46.8	50.4	54.6
Operating margin	25%	26%	29%	26%	25%	26%	22%	26%	28%	27%	27%	29%
Pre-tax income	22.3	26.2	38.5	36.5	35.5	36.7	123	36.8	39.6	37.6	40.6	44.7
Tax rate	27%	25%	25%	25%	27%	27%	25%	27%	28%	29%	26%	30%
Net income	16.2	19.5	28.7	27.5	25.7	26.8	92.3	26.8	28.5	26.8	29.9	31.3
Net margin	15%	17%	20%	18%	16%	17%	54%	15%	16%	15%	16%	17%
Diluted EPS	$0.54	$0.65	$0.98	$0.93	$0.88	$0.92	$3.24	$0.96	$1.02	$0.96	$1.08	$1.15
Operating cash flow	12.3	35.8	44.7	36.2	69.0	7.7	25.3	6.6	63.9	57.3	61.4	6.9
Capital expenditure	12.7	11.3	11.2	10.3	14.1	16.4	8.0	14.4	2.2	22.8	17.7	18.2
Free cash flow	-0.4	24.5	33.5	25.9	54.9	-8.6	17.3	-7.8	61.7	34.5	43.7	-11.3
Buybacks	n/a	125	0.0	29.2	35.0	250	121	0.0	40.0	61.1	78.5	0.0
Dividends paid	5.8	6.6	6.6	6.5	7.9	7.9	8.0	7.6	8.4	8.4	8.5	8.2
Shares outstanding	30m	29m	29m	29m	29m	29m	28m	28m	28m	28m	27m	27m
Filing	10-Q	10-Q	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 March 2024, filed 1 May 2024, accession 0001636222-24-000073: the filing on EDGAR. All of Wingstop Inc.'s filings: EDGAR company page.

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