Good Times Restaurants Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: William James - Merrill Lynch - Analyst : The CapEx for the quarter in the Q says it's $469,000. My question was, are we entering a phase where the EBITDA could roughly be running $2 million, $2.2 million a quarter and maybe maintenance CapEx at $0.5 million and then the investment CapEx is another discussion?

Question: William James - Merrill Lynch - Analyst : Okay. And would that be more investment CapEx that would just be at the existing store level? Or would that be like new builds?

Question: William James - Merrill Lynch - Analyst : Okay. So the internal investment CapEx hurdle rate or IRR on that for existing restaurants, would that be like north of 20%, do you think?

Question: William James - Merrill Lynch - Analyst : I know like maintenance CapEx, you have to do it, but choosing to do an investment CapEx, what kind of rate of return would you be looking at for investment CapEx at the existing restaurant level, not a new build?

Question: Sanjay Regaga - - Analyst : I think you mostly answered a couple of my questions from the previous question. But the Good Times concept, the underperformance in the third quarter, can you elaborate a bit on that? Are there specific issues you've identified? Or I mean, what caused that underperformance?

Question: Sanjay Regaga - - Analyst : Okay. Yeah, that's good. Okay. And I believe you mentioned that you're focusing more on cash accumulation at this stage. Do you have a plan on sort of when you think you'd be able to accelerate the share repurchases given the current share price?

Question: Sanjay Regaga - - Analyst : Okay. And in your response to the previous question, I'm not sure I fully understood this. You mentioned special projects for fiscal '26 for both the concepts. Could you just talk about that a bit? I didn't quite understand that part.