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Carrols Restaurant (TAST)

Carrols is one of the largest restaurant franchisees in the United States, and currently operates approximately 1,075 restaurants. It is the largest BURGER KING® franchisee in the United States, currently operating 1,010 BURGER KING® restaurants and also operating 65 POPEYES® restaurants. It has operated BURGER KING® restaurants since 1976.

Company profile

Ticker
TAST
Exchange
Website
CEO
Daniel T. Accordino
Employees
Location
Fiscal year end
Industry (SIC)
Former names
CARROLS HOLDINGS CORP
SEC CIK
Subsidiaries
Carrols Corporation • Carrols LLC • Carrols Holdco Inc. • Republic Foods, Inc. • New CFH, LLC • Cambridge Franchise Real Estate, LLC • Carolina Quality Properties, LLC • Carolina Quality, LLC • Alabama Quality, L.L.C. • Louisiana Quality, LLC ...
IRS number
161287774

TAST stock data

Calendar

11 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jul 22 Apr 22 Jan 22 Oct 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Jan 21 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 8.07M 8.07M 8.07M 8.07M 8.07M 8.07M
Cash burn (monthly) 137.67K 4.01M 10.87M 6.13M (no burn) (no burn)
Cash used (since last report) 180.57K 5.26M 14.25M 8.04M n/a n/a
Cash remaining 7.89M 2.81M -6.18M 31.92K n/a n/a
Runway (months of cash) 57.3 0.7 -0.6 0.0 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Jun 22 Ahmad Filsoof Common Stock, $0.01 par value Grant Acquire A No No 0 75,000 0 75,000
8 Jun 22 Paulo A Pena Common Stock, $0.01 par value Buy Acquire P No No 2.3481 21,275 49.96K 121,275
35.2% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 84 87 -3.4%
Opened positions 15 19 -21.1%
Closed positions 18 16 +12.5%
Increased positions 24 28 -14.3%
Reduced positions 28 28
13F shares Current Prev Q Change
Total value 42.36M 304.95M -86.1%
Total shares 18.74M 19.54M -4.1%
Total puts 0 12.7K EXIT
Total calls 500.2K 0 NEW
Total put/call ratio Infinity
Largest owners Shares Value Change
Russell Investments 2.8M $6.33M -11.9%
BLK Blackrock 2.21M $5.01M -2.5%
Dimensional Fund Advisors 2.1M $4.76M +7.0%
Vanguard 1.65M $3.72M -9.2%
First Manhattan 1.58M $3.58M -9.2%
Royce & Associates 1.25M $2.83M +28.7%
Geode Capital Management 620.88K $1.4M +2.8%
STT State Street 618.36K $1.4M -1.5%
CM Management 500K $1.13M +25.0%
Bridgeway Capital Management 437.47K $989K -58.5%
Largest transactions Shares Bought/sold Change
Union Square Park Capital Management 0 -708.27K EXIT
Bridgeway Capital Management 437.47K -617.03K -58.5%
Russell Investments 2.8M -376.82K -11.9%
Wolverine Asset Management 375.01K +311.33K +488.9%
Royce & Associates 1.25M +279.6K +28.7%
Assenagon Asset Management 337.01K +263.04K +355.6%
Boston Partners 334.35K +206.58K +161.7%
RBF Capital 50K -170K -77.3%
Vanguard 1.65M -165.71K -9.2%
First Manhattan 1.58M -160.12K -9.2%

Financial report summary

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Risks
  • We could be materially adversely affected by health concerns such as the ongoing COVID-19 pandemic.
  • Intense competition in the restaurant industry could make it more difficult to profitably expand our business and could also have a negative impact on our operating results if customers favor our competitors or we are forced to change our pricing and other marketing strategies.
  • Factors applicable to the quick-service restaurant segment may have a material adverse effect on our results of operations, which may cause a decrease in earnings and revenues.
  • We are highly dependent on the Burger King and Popeyes systems and our ability to renew our franchise agreements with BKC and PLK. The failure to renew our franchise agreements or Burger King's or Popeyes' failure to compete effectively would materially adversely affect our results of operations.
  • We could be materially adversely affected by food-borne illnesses, as well as widespread negative publicity regarding food quality, illness, injury or other health concerns.
  • Our strategy includes pursuing acquisitions of additional Burger King and Popeyes restaurants and we may not find Burger King restaurants or Popeyes restaurants that are suitable acquisition candidates or successfully operate or integrate any Burger King restaurants or Popeyes restaurants that we may acquire.
  • If we do not meet our obligations under the Amended ADA, our franchise pre-approval could be suspended, which could have a material adverse effect on our results of operations and financial condition.
  • We may experience difficulties in integrating restaurants acquired by us into our existing business.
  • We may incur significant liability or reputational harm if claims are brought against us or the Burger King and Popeyes brands.
  • Changes in consumer taste could negatively impact our business.
  • We could be adversely affected by our failure to acknowledge and sufficiently respond to the fast-moving influence of social media.
  • If a significant disruption in service or supply by any of our suppliers or distributors were to occur, it could create disruptions in the operations of our restaurants, which could have a material adverse effect on our results of operations and financial condition.
  • Supply shortages and price increases could delay or increase the cost of construction, which could have a material adverse effect on our results of operations and financial condition.
  • Increases in fuel costs and transportation costs could adversely affect our results of operations and financial condition.
  • If labor costs increase, we may not be able to make a corresponding increase in our prices and our results of operations and financial condition may be materially adversely affected.
  • Higher labor costs due to statutory and regulatory changes could have a material adverse effect on our results of operations and financial condition.
  • If we are not able to hire and retain qualified restaurant personnel it could create disruptions in the operation of our restaurants and lead to increases in labor costs which could have a material adverse effect on our results of operation and financial condition.
  • Increases in income tax rates or changes in income tax laws could adversely affect our results of operations and financial condition.
  • The efficiency and quality of our competitors’ advertising and promotional programs and the extent and cost of our advertising could have a material adverse effect on our results of operations and financial condition.
  • Our business is regional and we therefore face risks related to reliance on certain markets as well as risks for other unforeseen events.
  • We could be materially adversely affected by external events such as extreme weather, natural disasters, terrorist actions, pandemics and civil unrest, among others.
  • We cannot assure you that the current locations of our restaurants will continue to be economically viable or that additional locations can be acquired at reasonable costs.
  • Economic downturns may adversely impact consumer spending patterns.
  • The loss of the services of our senior management could have a material adverse effect on our results of operations and financial condition.
  • Government regulation could adversely affect our results of operations and financial condition.
  • Federal, state and local environmental regulations relating to the use, storage, discharge, emission and disposal of hazardous materials could expose us to liabilities which could have a material adverse effect on our results of operations and financial condition.
  • We are subject to all of the risks associated with leasing property subject to long-term, non-cancelable leases.
  • An increase in food costs could have a material adverse effect on our results of operations and financial condition.
  • Security breaches of confidential credit card, consumer, employee and other material information as well as other threats to our technical systems may have a material adverse effect on our results of operations and financial condition.
  • The Company’s results of operations, financial condition and reputation may be impacted by information technology system failures or network disruptions.
  • Carrols Corporation is currently a guarantor under 17 restaurant property leases from the time when Fiesta Restaurant Group, Inc. ("Fiesta") was its subsidiary and any default under such property leases by Fiesta may result in substantial liabilities to us.
  • The market price of our common stock may be highly volatile or may decline regardless of our operating performance.
  • The concentrated ownership of our capital stock by insiders may limit our stockholders' ability to influence corporate matters.
  • We currently do not expect to pay any cash dividends for the foreseeable future, and our Senior Credit Facilities limit our ability to pay dividends to our stockholders.
  • If securities analysts do not publish research or reports about our business or if they downgrade our stock, the price of our stock could decline.
  • Provisions in our restated certificate of incorporation and amended and restated bylaws, as amended, or Delaware law might discourage, delay or prevent a change of control of our company or changes in our management and, therefore, depress the trading price of our common stock.
  • Our substantial indebtedness could have a material adverse effect on our financial condition.
  • Despite current indebtedness levels and restrictive covenants, we may still be able to incur more debt or make certain restricted payments, which could further exacerbate the risks described above.
  • The agreements governing our debt restrict our ability to engage in some business and financial transactions and contain certain other restrictive terms.
  • We may not have the funds necessary to satisfy all of our obligations under our Senior Credit Facilities, the Notes or other indebtedness in connection with certain change of control events.
Management Discussion
  • ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • Our fiscal years consist of 52 or 53 weeks ending on the Sunday closest to December 31. The fiscal year ended January 2, 2022 contained 52 weeks and the fiscal year ended January 3, 2021 contained 53 weeks.
  • Company Overview—a general description of our business and our key financial measures.

Content analysis

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