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TAST Carrols Restaurant

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
IRS number
161287774

TAST stock data

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Calendar

13 May 21
2 Aug 21
31 Dec 21
Quarter (USD)
Apr 21 Jan 21 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Jan 21 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 59.93M 59.93M 59.93M 59.93M 59.93M 59.93M
Cash burn (monthly) 1.68M (positive/no burn) 1.03M (positive/no burn) (positive/no burn) (positive/no burn)
Cash used (since last report) 6.64M n/a 4.09M n/a n/a n/a
Cash remaining 53.29M n/a 55.84M n/a n/a n/a
Runway (months of cash) 31.8 n/a 54.0 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 May 21 Matthew Terker Perelman Common Stock, par value $0.01 per share Grant Aquire A No No 0 17,302 0 198,626
27 May 21 Alexander R Sloane Common Stock, par value $0.01 per share Grant Aquire A No No 0 17,302 0 67,676
12 Mar 21 Carl S Hauch Common Stock, $0.01 par value Grant Aquire A No No 0 250,000 0 250,000
8 Mar 21 Matthew Terker Perelman Common Stock, par value $0.01 per share Buy Aquire P No No 6.5965 75,000 494.74K 181,324

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

45.3% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 97 95 +2.1%
Opened positions 15 19 -21.1%
Closed positions 13 15 -13.3%
Increased positions 32 32
Reduced positions 32 27 +18.5%
13F shares
Current Prev Q Change
Total value 253.12M 232.8M +8.7%
Total shares 23.33M 24.44M -4.5%
Total puts 52.5K 32.8K +60.1%
Total calls 13.8K 11.9K +16.0%
Total put/call ratio 3.8 2.8 +38.0%
Largest owners
Shares Value Change
Russell Investments 4.24M $25.37M +1.7%
BLK Blackrock 2.66M $15.92M +5.2%
Dimensional Fund Advisors 2.45M $14.69M -2.4%
Vanguard 2.09M $12.48M +5.9%
Royce & Associates 1.54M $9.22M -26.6%
First Manhattan 1.06M $6.32M +2.9%
STT State Street 615.35K $3.68M -6.9%
Geode Capital Management 591.15K $3.54M +10.9%
NTRS Northern Trust 587.68K $3.52M +5.9%
Nuveen Asset Management 556.05K $3.33M -2.2%
Largest transactions
Shares Bought/sold Change
AMP Ameriprise Financial 0 -1.29M EXIT
Royce & Associates 1.54M -557.14K -26.6%
MS Morgan Stanley 22.44K -442.78K -95.2%
Renaissance Technologies 416.6K +416.6K NEW
CM Management 258.57K +258.57K NEW
Marshall Wace 177.73K +177.73K NEW
Aqr Capital Management 310.12K +161.58K +108.8%
D. E. Shaw & Co. 150.92K +150.92K NEW
Norges Bank 0 -139.8K EXIT
Gsa Capital Partners 0 -135.48K EXIT

Financial report summary

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Risks
  • We could be materially adversely affected by health concerns such as the current 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.
  • 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.
  • 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.
  • 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.
  • 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 is currently a guarantor under 18 Fiesta Restaurant Group, Inc. ("Fiesta") restaurant property leases 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.
  • Our Senior Credit Facilities 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 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 3, 2021 contained 53 weeks and the fiscal year ended December 29, 2019 contained 52 weeks.
  • Company Overview—a general description of our business and our key financial measures.
Content analysis
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