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    William James

    Research Analyst at Merit

    William James is an analyst specializing in R&D tax credit consulting at Tri-Merit, focusing on research and development tax incentives across industries such as technology and manufacturing. His client coverage includes a diverse portfolio of mid-size and large companies seeking to maximize federal and state R&D credits, where he is recognized for achieving high qualification success rates and delivering measurable tax savings. William began his career in tax advisory and progressed through technical and client-facing roles before joining Tri-Merit, building expertise through hands-on project management and compliance review. He holds professional credentials in tax credit analysis and is known for his methodical approach and industry knowledge.

    William James's questions to Good Times Restaurants (GTIM) leadership

    William James's questions to Good Times Restaurants (GTIM) leadership • Q3 2025

    Question

    Inquired about CapEx figures, the potential for a consistent $2 million quarterly EBITDA, the distinction between maintenance and investment CapEx, and the expected rate of return on investments in existing restaurants.

    Answer

    The CEO clarified that the quarter's $2.2M EBITDA is among the highest for the year and not a baseline. Maintenance CapEx is budgeted at about 1% of sales, while the company is conserving cash and being reserved on special project CapEx. Future projects in FY2026 include finishing remodels, a POS system upgrade, and potential new units, with a target IRR of over 20% for new builds. The priority is cash accumulation for optionality.

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    William James's questions to Good Times Restaurants (GTIM) leadership • Q3 2025

    Question

    William James from Merit inquired about the company's capital expenditure, seeking clarification on reported figures and the split between maintenance and investment CapEx. He also asked about the run-rate for Adjusted EBITDA and the expected rate of return on internal investment projects at existing restaurants.

    Answer

    President, CEO & Director Ryan Zink clarified that maintenance CapEx is budgeted around 1% of sales and advised using last-twelve-months EBITDA for modeling. He explained that the company is preserving cash for optionality, including debt paydown, share repurchases, and potential new unit development. Zink noted that while new units have a hurdle rate of over 20% IRR, some special projects like a necessary POS system upgrade do not have a specific IRR threshold.

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