The ONE Group Hospitality, Inc. (NASDAQ:STKS) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET

Company Participants

Tyler Loy - Chief Financial Officer
Manny Hilario - President & Chief Executive Officer

Conference Call Participants

Jim Salera - Stephens Inc.
Mark Smith - Lake Street
Michael Symington - Wedbush
Roger Lipton - Lipton Financial

Operator

Greetings, and welcome to The ONE Group First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference call over to Tyler Loy. Please go ahead.

Tyler Loy

Thank you, operator, and hello, everyone.

Before we begin our formal remarks, let me remind you that part of our discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

Please also note that these forward-looking statements reflect our opinion only as of the date of this call. We undertake no obligation to revise or publicly release any revisions of these forward-looking statements in light of new information or future events. We refer you to our recent SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.

During today's call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating our performance. However, the presentation of these measures or other information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. For reconciliations of these measures, such as adjusted EBITDA, adjusted net income, restaurant operating profit, comparable sales and total food and beverage sales at owned and managed and licensed units to GAAP measures, along with the discussion of why we consider these measures useful, please see our earnings release issued today.

With that, I'd like to turn the call over to Manny Hilario.

Manny Hilario

Thank you, Tyler, and hello, everyone. We sincerely appreciate you joining us today and for your interest in The ONE Group.

To begin, I would like to express my gratitude to each of our dedicated team members, including the nearly 6,500 new teammates who joined The ONE Group last week with the closing of the acquisition of Safflower Holdings Corp., the parent company of the Benihana and RA Sushi restaurant brands. For the remainder of this call, we will be referring to Safflower Holdings as Benihana. Thanks to our remarkable teams, we have solidified our leadership position in the high end and polished casual vibe dining.