FAT Brands Inc. (NASDAQ:FAT) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET
Company Participants
Andrew Wiederhorn - Chairman
Ken Kuick - Co-Chief Executive Officer and Chief Financial Officer
Conference Call Participants
Joseph Gomes - Noble Capital
Alton Stump - Loop Capital
Operator
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to FAT Brands Inc. Second Quarter 2024 Earnings Conference Call. At this time all participants have been in a listen-only mode. Please note that this conference is being recorded today, July 31, 2024.
On the call from FAT Brands, our Chairman of the Board, Andy Wiederhorn, and Co-Chief Executive Officer and Chief Financial Officer, Ken Kuick. This afternoon, the company made its second quarter 2024 financial results publicly available. Please refer to the earnings release and earnings supplement, both of which are available in the Investors section of the company's website at www.fatbrands.com.
Each contain additional details about the first quarter. But before we begin, I must remind everyone that part of the discussion today will include forward-looking statements. These forward-looking statements are not guarantees of future performance, and therefore, undue reliance should not be placed upon them.
Actual results may differ materially from those indicated by these forward-looking statements due to a number of risks and uncertainties. The company does not undertake to update these forward-looking statements at a later date. For a more detailed discussion of the risks that could impact future operating results and financial condition, please see today's earnings release and recent SEC filings.
During today's call, the company will also discuss non-GAAP financial metrics, which I believe can be useful in evaluating its performance. The presentation of this additional information should not be considered in isolation nor as a substitute for the results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in today's earnings release.
I would now like to turn the call over to Andy Wiederhorn, Chairman of the Board.
Andrew Wiederhorn
Thank you, operator. I'd like to begin by thanking all of our team members, franchisees and dedicated employees across our brand portfolio. Their unwavering commitment and strong execution are the driving forces behind our continued growth. First, let's briefly discuss our financial highlights for the second quarter. Total revenue grew 42.4% to $152 million compared to $106.8 million in the prior year quarter, driven by the acquisition of Smoky Bones in September of 2023. System-wide sales grew to $614.7 million, a 7.3% increase when compared to the prior year quarter.