What caused FATBP's earnings to decline in Q3 and Q4?

The decline in FATBP's earnings in Q3 and Q4 can be attributed to several key factors: 1. **Interest Expense**: FAT Brands has incurred significant interest expense, particularly in Q3 and Q4, primarily due to new debt issuances. This has contributed to the overall loss from operations and net loss for the company. 2. **Cost of Restaurant and Factory Revenues**: The cost of restaurant and factory revenues has increased, mainly due to the acquisition of Smokey Bones and higher company-owned restaurant sales. This increase in cost has led to a greater expense for FATBP. 3. **General and Administrative Expense**: The general and administrative expense has risen, largely due to the acquisition of Smokey Bones and increased professional fees related to pending litigation. This increase in expense has further contributed to the net loss of the company. 4. **Depreciation and Amortization**: FATBP has experienced a significant increase in depreciation and amortization, mainly due to the acquisition of Smokey Bones and new property and equipment at company-owned restaurant locations. This increase in depreciation and amortization has added to the company's overall expense. 5. **System-Wide Sales Decline**: Although FAT Brands has seen an increase in full-year system-wide sales, there has been a decrease in total revenue for the quarter ending in Q4, with total revenue decreasing by 8.4% to $145.3 million compared to $158.6 million in the prior year quarter. This decline in revenue, coupled with increased expenses, has contributed to the net loss of the company. In summary, FATBP's earnings decline in Q3 and Q4 can be attributed to a combination of increased interest expense, cost of restaurant and factory revenues, general and administrative expense, depreciation and amortization, and a decline in system-wide sales in Q4.