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- **Revenue Challenges**: Good Times same-store sales down 9% Y/Y, while Bad Daddy's saw modest improvement.
- **Cost Pressures**: Ground beef costs driving 300+ bps margin headwinds; labor costs up 50-150 bps Y/Y.
- **Strategic Moves**: 
  - 1% price increase testing in Good Times; no discounting strategy.
  - $2.2M Q3 EBITDA; share buybacks to resume in 2026.
  - 2026 CapEx focus on remodels, POS upgrades, and new unit development.
- **Key Risks**: Competitor discounting, commodity volatility, labor inflation.


**【CEO Summary Section】**
- **Mixed Q3 Results**: Bad Daddy's saw sequential improvement in same-store sales (+10 bps in restaurant-level profit), while Good Times experienced declines in both sales (-9% Y/Y) and profitability. 
- **New Marketing Leadership**: Hired Jason Murphy to lead cross-brand marketing strategy, including digital, media, and menu execution.
- **Pricing Strategy**: 
  - Good Times implemented 1% price increase in select locations, with plans to expand system-wide.
  - Maintained quality positioning without discounting, now pricing in parity with competitors after 10% historical premium.
- **Product Innovation**: 
  - Good Times' Fried Ice Cream LTO was most successful in years; Bad Daddy's $8 Bad Ass Margarita drove beverage sales.
  - Upcoming Colorado Native Burgers campaign and Bratwurst Burger/Large Pretzel LTOs.
- **Cost Challenges**: Both brands facing record-high ground beef costs, with potential menu price adjustments to offset inflation.

**【CFO Financial Commentary】**
- **Topline Performance**: 
  - Bad Daddy's: $26.5M in restaurant sales (-$0.8M Y/Y), 1.4% same-store sales decline.
  - Good Times: $10.4M in restaurant sales (-$0.1M Y/Y), 9% same-store sales decline.
- **Cost Pressures**: 
  - Food/beverage costs: 30.6% (Bad Daddy's) vs. 31.5% (Good Times), driven by ground beef and egg prices.
  - Labor costs: 34.3% (Bad Daddy's) vs. 34.2% (Good Times), up 50-150 bps Y/Y due to wage inflation and lower sales leverage.
- **Profitability**: 
  - Bad Daddy's: $3.8M restaurant-level profit (14.4% of sales).
  - Good Times: $1.2M restaurant-level profit (11.2% of sales, -530 bps Y/Y).
- **Financial Highlights**: 
  - Net income: $1.5M ($0.14/share) vs. $1.3M ($0.12/share) Y/Y.
  - Adjusted EBITDA: $2.2M vs. $2.4M Y/Y.
  - Cash: $3.1M; Long-term debt: $2.3M.
  - Share repurchases: 21,968 shares ($0.2M).

**【Q&A Key Highlights】**
- **CapEx Outlook**: 
  - Q3: $0.2M for remodels/signage.
  - 2026: 1% of sales for maintenance (e.g., POS system replacement at Bad Daddy's), plus special projects (Good Times remodels, new unit development).
- **EBITDA Expectations**: Q3 $2.2M is among highest quarters; no forward guidance, but 2026 share buybacks contingent on cash accumulation.
- **Good Times Underperformance**: Driven by competitor discounting, macro factors, and brand messaging challenges. Focus on value through quality and service rather than price.
- **2026 Plans**: 
  - Finalize Good Times remodels/signage.
  - Explore new unit opportunities, particularly for Bad Daddy's in loosening real estate market.
  - Target 20%+ IRR on new unit CapEx.


Good Times Restaurants (GTIM)-7 Aug 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GTIM

GTIM fundamentals

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