Roger Lipton's questions to Twin Hospitality Group Inc (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 significant 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 will be moderate in the near term while the team assesses leases and conversion opportunities. CFO Kenneth Kuick added that about half of the 60 locations are planned for conversion over the next year. Kuick clarified the G&A increase was primarily due to a $12.5 million one-time, non-cash equity grant post-listing, and 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 sales lift from a stronger sports calendar.