Annual report pursuant to Section 13 and 15(d)

Description of Business and Summary of Significant Accounting Policies (Tables)

v3.24.0.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Fiscal Year End Dates Year-end dates and the number of weeks in each fiscal year are shown in the table below for periods presented in the consolidated financial statements and for the upcoming fiscal year.
Fiscal Year Year End Date Number of Weeks in Fiscal Year
Current and Prior Fiscal Years:
2023 December 31, 2023 53
2022 December 25, 2022 52
2021 December 26, 2021 52
Upcoming Fiscal Years:
2024 December 29, 2024 52
2025 December 28, 2025 52
Schedule of Error Corrections and Prior Period Adjustments
CORRECTED CONSOLIDATED BALANCE SHEETS
December 25, 2022
(in thousands) As Previously Reported Adjustment As Corrected
Unearned revenue $ 43,358  $ 3,586  $ 46,944 
Total current liabilities 216,627  3,586  220,213 
Total liabilities 826,770  3,586  830,356 
Accumulated deficit (50,604) (3,586) (54,190)
Total stockholders' equity (deficit) 5,375  (3,586) 1,789 
CORRECTED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Fifty-Two Weeks Ended December 25, 2022
(in thousands) As Previously Reported Adjustment As Corrected
Restaurant revenue $ 1,230,318  $ (129) $ 1,230,189 
Franchise and other revenues 16,993  (954) 16,039 
Total revenues 1,266,617  (1,083) 1,265,534 
Loss before income taxes (77,053) (1,083) (78,136)
Net loss (77,800) (1,083) (78,883)
Net loss per share (4.91) (0.07) (4.98)
Total comprehensive loss (77,835) (1,083) (78,918)
OTHER NON-GAAP INFORMATION:
Adjusted EBITDA 52,789  (679) 52,110 

CORRECTED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Fifty-Two Weeks Ended December 25, 2022
(in thousands) Retained Earnings/(Accumulated Deficit) Total Shareholders' Equity
As Previously Reported
Balance, December 26, 2021 $ 27,196  $ 76,974 
Net loss (77,800) (77,800)
Balance, December 25, 2022 (50,604) 5,375 
Adjustments
Balance, December 26, 2021 (2,503) (2,503)
Net loss (1,083) (1,083)
Balance, December 25, 2022 (3,586) (3,586)
As Corrected
Balance, December 26, 2021 24,693  74,471 
Net loss (78,883) (78,883)
Balance, December 25, 2022 $ (54,190) $ 1,789 

CORRECTED CONSOLIDATED STATEMENTS OF CASH FLOWS
Fifty-Two Weeks Ended December 25, 2022
(in thousands) As Previously Reported Adjustment As Corrected
Net loss $ (77,800) $ (1,083) $ (78,883)
Gift card breakage (14,761) 954  (13,807)
Unearned revenue 3,906  129  4,035 
CORRECTED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Fifty-Two Weeks Ended December 26, 2021
(in thousands) As Previously Reported Adjustment As Corrected
Restaurant revenue $ 1,137,733  $ (90) $ 1,137,643 
Franchise and other revenues 7,109  (351) 6,758 
Total revenues 1,162,078  (441) 1,161,637 
Loss before income taxes (50,154) (441) (50,595)
Net loss (50,002) (441) (50,443)
Net loss per share (3.19) (0.03) (3.22)
Total comprehensive loss (49,997) (441) (50,438)
OTHER NON-GAAP INFORMATION:
Adjusted EBITDA 63,526  (441) 63,085 
CORRECTED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Fifty-Two Weeks Ended December 26, 2021
(in thousands) Retained Earnings Total Shareholders' Equity
As Previously Reported
Balance, December 27, 2020 $ 77,198  $ 120,713 
Net loss (50,002) (50,002)
Balance, December 26, 2021 27,196  76,974 
Adjustments
Balance, December 27, 2020 (2,063) (2,063)
Net loss (441) (441)
Balance, December 26, 2021 (2,503) (2,503)
As Corrected
Balance, December 27, 2020 75,135  118,650 
Net loss (50,443) (50,443)
Balance, December 26, 2021 $ 24,693  $ 74,471 
CORRECTED CONSOLIDATED STATEMENTS OF CASH FLOWS
Fifty-Two Weeks Ended December 26, 2021
(in thousands) As Previously Reported Adjustment As Corrected
Net loss $ (50,002) $ (441) $ (50,443)
Gift card breakage (5,373) 351  (5,022)
Unearned revenue 9,449  90  9,539 
Schedule of Estimated Useful Lives for Property and Equipment
The estimated useful lives for property and equipment are:
Buildings
5 years to 20 years
Leasehold improvements
Shorter of lease term or estimated useful life, not to exceed 20 years
Furniture, fixtures, and equipment
5 years to 20 years
Computer equipment
2 years to 5 years
Schedule of Computations for Basic and Diluted Earnings Per Share Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding for the fiscal years ended December 31, 2023, December 25, 2022, and December 26, 2021 as follows (in thousands):
2023 2022 2021
Basic weighted average shares outstanding 15,835  15,840  15,660 
Dilutive effect of stock options and awards —  —  — 
Diluted weighted average shares outstanding 15,835  15,840  15,660 
Awards excluded due to anti-dilutive effect on diluted earnings per share 1,409  1,481  875