| Schedule of Revisions to Previously Issued Consolidated Financial Statements |
The following tables reflect the effects of the correction on all affected line items of the Company's previously reported Condensed Consolidated Financial Statements presented in this Form 10-Q:
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CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited)
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Twelve Weeks Ended October 2, 2022 |
Forty Weeks Ended October 2, 2022 |
| (in thousands) |
As Previously Reported |
Adjustment |
As Corrected |
As Previously Reported |
Adjustment |
As Corrected |
| Restaurant revenue |
$ |
282,449 |
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$ |
(34) |
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$ |
282,415 |
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$ |
951,718 |
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$ |
(85) |
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$ |
951,633 |
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| Franchise and other revenues |
4,439 |
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(49) |
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4,390 |
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24,810 |
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(508) |
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24,302 |
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| Total revenues |
286,888 |
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(83) |
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286,805 |
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976,528 |
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(593) |
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975,935 |
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| Loss before income taxes |
(12,610) |
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(83) |
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(12,693) |
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(33,152) |
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(593) |
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(33,744) |
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| Net loss |
(12,567) |
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(83) |
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(12,650) |
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(33,605) |
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(593) |
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(34,197) |
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| Net loss per share |
(0.79) |
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(0.01) |
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(0.80) |
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(2.12) |
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(0.04) |
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(2.16) |
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| Total comprehensive loss |
(12,612) |
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(83) |
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(12,695) |
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(33,656) |
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(593) |
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(34,249) |
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| OTHER NON-GAAP INFORMATION: |
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| Adjusted EBITDA |
3,960 |
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(83) |
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3,877 |
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43,900 |
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(189) |
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43,711 |
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CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (unaudited)
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Forty Weeks Ended October 2, 2022 |
| (in thousands) |
Retained Earnings/(Accumulated Deficit) |
Total Shareholders' Equity |
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| As Previously Reported |
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| Balance, July 10, 2022 |
6,159 |
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61,575 |
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| Net loss |
(12,567) |
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(12,567) |
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| Balance, October 2, 2022 |
(6,408) |
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51,627 |
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| Adjustments |
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| Balance, July 10, 2022 |
(3,013) |
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(3,013) |
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| Net loss |
(83) |
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(83) |
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| Balance, October 2, 2022 |
(3,096) |
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(3,096) |
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| As Corrected |
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| Balance, July 10, 2022 |
3,146 |
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58,562 |
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| Net loss |
(12,650) |
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(12,650) |
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| Balance, October 2, 2022 |
$ |
(9,504) |
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$ |
48,531 |
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CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
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Forty Weeks Ended October 2, 2022 |
| (in thousands) |
As Previously Reported |
Adjustment |
As Corrected |
| Net loss |
$ |
(33,605) |
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$ |
(593) |
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$ |
(34,198) |
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| Gift card breakage |
(8,289) |
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508 |
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(7,781) |
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| Unearned revenue |
(8,386) |
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85 |
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(8,301) |
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