Wingstop is a franchisor and operator of restaurants that specialize in cooked-to-order, hand-sauced and tossed chicken wings. The Company offers its guests with on bone-in and boneless chicken wings paired with hand-cut, seasoned fries and sides. Wingstop is a casual chicken wings-focused restaurant chain with various concepts, which include wings as add-on menu items or focus on wings in a bar or sports-centric setting. The flavors include Atomic, Mango Habanero, Cajun, Louisiana Rub, Mild, Hickory Smoked BBQ, Lemon Pepper, Garlic Parmesan, Hawaiian and Teriyaki. It offers various order options, including eat-in, to go, individual, combo meals and family packs. Wingstop operates through two segments: Franchise and Company. The Franchise segment consists of its domestic and international franchise restaurants, which represent the majority of its system-wide restaurants. The Company segment consists of company-owned restaurants, which are located only in the United States.

Wingstop was founded in 1994 and is headquartered in Dallas, US

Wingstop has an office in Dallas

Dallas, US (HQ)

5501 Lyndon B Johnson Fwy

Wingstop's revenue was reported to be $26.6 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 26.6 m |

## Gross profit (Q1, 2017) | 20 m |

## Gross profit margin (Q1, 2017), % | 75% |

## Net income (Q1, 2017) | 6.5 m |

## EBIT (Q1, 2017) | 9 m |

## Market capitalization (17-Aug-2017) | 1 b |

## Cash (01-Apr-2017) | 3.4 m |

Wingstop's current market capitalization is $1 b.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 78 m | 91.4 m | ||

## Revenue growth, % | 17% | |||

## Cost of goods sold | 22.2 m | 25.3 m | ||

## Gross profit | 55.8 m | 66.1 m | ||

## Gross profit Margin, % | 72% | 72% | ||

## General and administrative expense | 33.4 m | 33.8 m | ||

## Operating expense total | 58.3 m | 62.2 m | ||

## EBIT | 19.7 m | 29.2 m | ||

## EBIT margin, % | 25% | 32% | ||

## Interest expense | 3.5 m | 4.4 m | ||

## Pre tax profit | 15.8 m | 24.6 m | ||

## Income tax expense | 4.5 m | 5.3 m | 5.7 m | 9.1 m |

## Net Income | 10.1 m | 15.4 m |

USD | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|

## Revenue | 19.2 m | 19.1 m | 22.1 m | 22.7 m | 21.8 m | 26.6 m |

## Cost of goods sold | 5.5 m | 5.3 m | 6.1 m | 6.2 m | 6.1 m | 6.6 m |

## Gross profit | 13.7 m | 13.8 m | 16 m | 16.5 m | 15.7 m | 20 m |

## Gross profit Margin, % | 71% | 72% | 72% | 73% | 72% | 75% |

## General and administrative expense | 10.7 m | 7.3 m | 7.7 m | 8.6 m | 8.9 m | 10.3 m |

## Operating expense total | 10.7 m | 7.3 m | 7.7 m | 8.6 m | 8.9 m | 10.3 m |

## EBIT | 2.4 m | 5.9 m | 7.6 m | 7.2 m | 6.1 m | 9 m |

## EBIT margin, % | 13% | 31% | 35% | 32% | 28% | 34% |

## Interest expense | 1.2 m | 800 k | 761 k | 707 k | 1.4 m | 1.3 m |

## Pre tax profit | 972 k | 5 m | 6.8 m | 6.5 m | 4.5 m | 7.7 m |

## Income tax expense | 388 k | 1.8 m | 2.5 m | 2.4 m | 1.7 m | 1.1 m |

## Net Income | 3.1 m | 6.3 m | 4.3 m | 8.4 m | 11.1 m | 6.5 m |

USD | Y, 2012^{} | Y, 2013^{} | Y, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|---|

## Cash | 4.3 m | 3.2 m | 9.7 m | 10.7 m | 3.8 m |

## Accounts Receivable | 3.4 m | 3.2 m | |||

## Inventories | 1.8 m | 1.6 m | |||

## Current Assets | 19.6 m | 11.1 m | |||

## PP&E | 4.6 m | 5 m | |||

## Goodwill | 45.1 m | 45.1 m | |||

## Total Assets | 121.1 m | 111.8 m | |||

## Accounts Payable | 1.4 m | 1.5 m | |||

## Current Liabilities | 12.6 m | 16.7 m | |||

## Total Liabilities | 186.4 m | ||||

## Additional Paid-in Capital | 36.9 m | 1.2 m | |||

## Retained Earnings | (46.8 m) | (76.1 m) | |||

## Total Equity | (9.7 m) | (74.6 m) | |||

## Financial Leverage | -12.5 x | -1.5 x |

USD | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|

## Cash | 4.9 m | 5.7 m | 8.3 m | 10 m | 3.8 m | 3.4 m |

## Accounts Receivable | 2.6 m | 2.4 m | 2.6 m | 2.6 m | 2.5 m | 3.3 m |

## Current Assets | 16.2 m | 15.4 m | 16 m | 16.3 m | 11.4 m | 12.9 m |

## PP&E | 3.3 m | 4.5 m | 4.5 m | 4.8 m | 4.9 m | 5 m |

## Goodwill | 45.1 m | 45.1 m | 45.1 m | 45.1 m | 45.1 m | 45.1 m |

## Total Assets | 117.4 m | 117.2 m | 116.6 m | 116.8 m | 112.3 m | 113.2 m |

## Accounts Payable | 1.2 m | 1.3 m | 1.4 m | 1.6 m | 1.7 m | 1.8 m |

## Current Liabilities | 10.2 m | 11.8 m | 14.1 m | 9.6 m | 15.9 m | 16.4 m |

## Additional Paid-in Capital | 36.1 m | 36 m | 37.5 m | 38.1 m | 185 k | 2 m |

## Retained Earnings | (53.8 m) | (50.6 m) | (42.5 m) | (38.5 m) | (80.4 m) | (69.6 m) |

## Total Equity | (17.4 m) | (14.3 m) | (4.8 m) | (99 k) | (79.9 m) | (67.3 m) |

## Financial Leverage | -6.7 x | -8.2 x | -24.4 x | -1179.4 x | -1.4 x | -1.7 x |

USD | FY, 2015^{} | FY, 2016^{} |
---|---|---|

## Net Income | 10.1 m | 15.4 m |

## Depreciation and Amortization | 2.7 m | 3 m |

## Accounts Receivable | (1 m) | 205 k |

## Inventories | 5.4 m | 1.8 m |

## Accounts Payable | 1.2 m | 3.6 m |

## Cash From Operating Activities | 967 k | 22.2 m |

## Purchases of PP&E | (1.9 m) | (2.1 m) |

## Long-term Borrowings | (38.2 m) | (109.3 m) |

## Dividends Paid | (48 m) | (83.3 m) |

## Interest Paid | 3.4 m | 4.8 m |

## Income Taxes Paid | 5.4 m | 7.2 m |

USD | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|

## Net Income | 3.1 m | 6.3 m | 4.3 m | 8.4 m | 11.1 m | 6.5 m |

## Depreciation and Amortization | 1.3 m | 1.9 m | 714 k | 1.4 m | 2.2 m | 755 k |

## Accounts Receivable | (197 k) | (4 k) | 848 k | 823 k | 875 k | (60 k) |

## Accounts Payable | (1 m) | 834 k | 1.6 m | (315 k) | 961 k | (2.4 m) |

## Cash From Operating Activities | 863 k | 7.9 m | 7.5 m | 9.3 m | 15.1 m | 5.4 m |

## Purchases of PP&E | (333 k) | (1.3 m) | (309 k) | (975 k) | (1.5 m) | (419 k) |

## Long-term Borrowings | (33.2 m) | (38.2 m) | (10 m) | (10 m) | (102.5 m) | (5.9 m) |

## Dividends Paid | (48 m) | (48 m) | (83.3 m) |

Y, 2017 | |
---|---|

## Financial Leverage | -1.7 x |

April 20, 2017

Investors just can't stop betting against Wingstop.
Short interest in the stock now sits at the highest since the chicken chain went public in June 2015, with roughly $215 million at risk for bearish speculators, data from financial analytics firm S3 Partners shows.
The be…

March 12, 2017

Bone-in or boneless?
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