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    Roger Lipton

    Research Analyst at Lipton Financial Services

    Roger Lipton is the President and Founder of Lipton Financial Services, specializing as an investment professional and advisor focused on the restaurant, hospitality, and franchising sectors. He has covered companies ranging from McDonald’s to Shake Shack and Twin Hospitality Group, leveraging over 40 years of industry expertise to advise institutional investors, underwrite public offerings, and lead investment partnerships with a successful long-term track record. Lipton began his investment banking and analyst career prior to forming Lipton Financial Services in 1993 and has since served on the boards of both public and private companies, as well as a prominent charitable foundation. He holds senior leadership credentials and brings recognized industry insight, although his public profiles do not list specific securities licenses or FINRA registrations.

    Roger Lipton's questions to ONE Group Hospitality (STKS) leadership

    Roger Lipton's questions to ONE Group Hospitality (STKS) leadership • Q2 2025

    Question

    Roger Lipton of Lipton Financial Services inquired about the specifics of the upcoming Seattle Benihana location and whether the success of the San Mateo prototype would lead to more company-operated Benihana openings in the future.

    Answer

    President & CEO Emanuel Hilario described the Seattle location as a 7,000 sq. ft. flagship on Lake Union, converted from a planned Kona Grill to a Benihana to capitalize on higher revenue potential, with a target opening by year-end. He clarified that while the company is excited about the model's returns, the primary strategy is to leverage these strong unit economics to drive franchise interest and accelerate growth across a potential 400-unit U.S. footprint, rather than focusing solely on company-owned expansion.

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    Roger Lipton's questions to ONE Group Hospitality (STKS) leadership • Q1 2025

    Question

    Roger Lipton of Lipton Financial Services focused on Benihana's strong performance, asking if it would be the primary driver of the expected comp improvement in the second half of the year. He also inquired about Benihana's new unit economics and the potential for STK's restaurant-level margins to improve from Q1 levels.

    Answer

    CEO Emanuel Hilario confirmed that Benihana's performance, particularly during the Q4 holiday season, is a key factor in the positive second-half outlook, citing operational learnings from the first holiday season post-acquisition. He estimated new Benihana build-out costs at $400-$500 per square foot for a 7,000 sq. ft. location. Regarding STK's margins, Hilario explained that Q1 and Q3 are seasonally weaker, and he expects margin improvement in Q2 and Q4, consistent with historical trends.

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    Roger Lipton's questions to Twin Hospitality Group (TWNP) leadership

    Roger Lipton's questions to Twin Hospitality Group (TWNP) leadership • Q2 2025

    Question

    Asked for an outlook on the Smokey Bones portfolio over the next six months, clarification on the significant increase in G&A expenses, and commentary on the potential for improving Twin Peaks' store-level margins.

    Answer

    Executives stated that changes to the Smokey Bones portfolio will be moderate in the near term, with about half of the locations slated for conversion over the next 12 months. The G&A expense increase was primarily due to a one-time $12.5 million post-listing equity grant and is expected to decrease significantly going forward. They are confident in finding improvements to the already solid store-level margins through cost structure analysis and an improving sales environment.

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    Roger Lipton's questions to Twin Hospitality Group (TWNP) leadership • Q2 2025

    Question

    Roger Lipton of Lipton Financial Services asked for an outlook on the Smoky Bones portfolio over the next six months, an explanation for the year-over-year increase in G&A expenses, and commentary on the potential to improve Twin Peaks' store-level margins.

    Answer

    CEO Kim Boerema stated that changes to the Smoky Bones portfolio would be moderate in the near term. CFO Kenneth Kuick added that about half of the 60 locations are planned for conversion over the next 12 months, with several underperforming units already closed. Kuick clarified the G&A increase was driven by a $12.5 million one-time, non-cash equity grant post-listing and that this expense will decrease significantly going forward. Regarding margins, Boerema expressed confidence in finding improvements through a deep analysis of the cost structure and an expected boost from a stronger sports calendar.

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    Roger Lipton's questions to Fat Brands (FAT) leadership

    Roger Lipton's questions to Fat Brands (FAT) leadership • Q2 2025

    Question

    Roger Lipton from Lipton Financial Services asked for an update on the company's current liquidity situation, which brands are being prioritized for the store refresh program, the financial capacity of franchisees to undertake these refreshes, and which brand categories are demonstrating the strongest sales trends.

    Answer

    Andrew Wiederhorn, Founder & Chairman, detailed the company's liquidity, citing $130 to $150 million in retained notes. He emphasized that annual cash flow is improving by $70-$75 million from paused dividends and eliminated legal fees. He explained the store refresh program is spread across the franchise system, not concentrated on one brand, and that while franchisees are committed, lower interest rates would accelerate remodels. For sales trends, Wiederhorn highlighted strong momentum in the snack brands and noted that the QSR space has been the most challenged, while sports bars are seeing increased consumer sentiment.

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    Roger Lipton's questions to Fat Brands (FAT) leadership • Q1 2025

    Question

    Asked for a quantification of the negative financial impact from Smokey Bones, the status of the search for a new Twin Peaks CEO, and the timeline for achieving guided incremental EBITDA targets.

    Answer

    The executive estimated the negative impact from Smokey Bones at a 'couple of million dollars a quarter'. The search for a new Twin Peaks CEO is going well and should be completed within Q2. The incremental EBITDA targets from new stores and the factory are expected to be realized over the next couple of years (24 months).

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    Roger Lipton's questions to Fat Brands (FAT) leadership • Q1 2025

    Question

    Roger Lipton asked for an estimate of the year-over-year negative EBITDA impact from Smokey Bones, the expected timeline for hiring a new permanent CEO for Twin Hospitality, and the timeframe for achieving the targeted $15 million in incremental adjusted EBITDA from new stores and the factory.

    Answer

    Chairman of the Board Andrew Wiederhorn estimated the negative impact from Smokey Bones was a 'couple of million dollars a quarter' due to operating decline and depreciation. He stated that the executive search for a new Twin Hospitality CEO is progressing well and should conclude within Q2. Regarding the incremental EBITDA, Wiederhorn confirmed that achieving the $15 million target over the next couple of years is a reasonable expectation.

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    Roger Lipton's questions to Fat Brands (FAT) leadership • Q4 2024

    Question

    Asked about the financial impact of Smokey Bones store closures, the outlook on litigation costs, the company's liquidity position, the strategy for the remaining brand portfolio, and the timeline for converting or disposing of Smokey Bones locations.

    Answer

    The company confirmed a $2.6 million full-year operating loss from the closed Smokey Bones stores. They are hopeful that litigation will be resolved within the year and that some legal fees will be recovered from insurance carriers. Liquidity is maintained through a portfolio of available-for-sale securities, an ATM facility, and an anticipated equity raise at Twin Hospitality. The company does not plan to spin off other brands, instead focusing on realizing value from its Twin Peaks stock and its manufacturing facility. The majority of Smokey Bones conversions are expected to be completed in 2025-2026, with about 30 locations targeted.

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    Roger Lipton's questions to Fat Brands (FAT) leadership • Q3 2024

    Question

    Inquired about portfolio-wide same-store sales trends, potential acquisitions in the struggling sports bar segment, cost savings from conversions, the source of new Twin Peaks franchisees, and the timeline to achieve cash flow breakeven.

    Answer

    Same-store sales have improved sequentially throughout the year after a tough Q1. The company is not interested in acquiring struggling competitors, as Twin Peaks is outperforming them significantly. Conversions save both time and money compared to new builds, though costs are not under budget. New franchisees are a mix of new and existing groups. The company aims to be near cash flow breakeven by the end of 2025 by eliminating debt amortization, redeeming preferred stock, and resolving legal expenses.

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    Roger Lipton's questions to BT Brands (BTBD) leadership

    Roger Lipton's questions to BT Brands (BTBD) leadership • Q4 2023

    Question

    Roger Lipton inquired about the performance and outlook for several BT Brands concepts, asking for the realistic annualized volume and margins for Keegan's, the impact of local competition, its profitability over the last year, the path to profitability for Village Bier Garten, and recent sales trends at the Burger Time locations.

    Answer

    Executive Kenneth Brimmer addressed the questions, stating that Keegan's is targeting $3.2 million in annualized volume with a 10-15% contribution margin, noting that recent operational improvements have positioned it for recovery despite new competition. He confirmed Keegan's was near EBITDA breakeven for the past year. For the Village Bier Garten, breakeven is around $30,000 per week, a level it has recently surpassed. Brimmer added that Burger Time locations have seen "off the charts good" double-digit sales increases in early 2024, driven partly by favorable weather, though higher labor costs remain a challenge.

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