0001789940-23-000057 | 10-Q | XBRL Viewer | First Watch Restaurant Group INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 26, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 26, 2023
Document Transition Report	false
Entity File Number	001-40866
Entity Registrant Name	First Watch Restaurant Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4271369
Entity Address, Address Line One	8725 Pendery Place
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Bradenton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34201
City Area Code	941
Local Phone Number	907-9800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FWRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,364,409
Entity Central Index Key	0001789940
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Current assets:
Cash and cash equivalents	$ 54,416	$ 49,672
Restricted cash	251	251
Accounts receivable	3,828	6,164
Inventory	4,406	5,028
Prepaid expenses	6,673	5,800
Other current assets	585	373
Total current assets	70,159	67,288
Goodwill	345,219	345,219
Intangible assets, net	143,025	143,151
Operating lease right-of-use assets	355,500	352,373
Property, fixtures and equipment, net of accumulated depreciation of $154,303 and $145,720, respectively	199,889	195,117
Other long-term assets	1,260	1,298
Total assets	1,115,052	1,104,446
Current liabilities:
Accounts payable	5,223	7,590
Accrued liabilities	24,874	22,729
Accrued compensation and deferred payroll taxes	11,378	17,899
Deferred revenues	3,225	5,193
Current portion of operating lease liabilities	40,474	38,936
Current portion of long-term debt	5,627	6,257
Note payable	860	1,376
Total current liabilities	91,661	99,980
Operating lease liabilities	370,728	366,113
Long-term debt, net	93,410	94,668
Deferred income taxes	21,395	17,166
Other long-term liabilities	3,301	3,384
Total liabilities	580,495	581,311
Commitments and contingencies (Note 10)
Equity:
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock; $0.01 par value; 300,000,000 shares authorized; 59,284,590 and 59,211,019 shares issued and outstanding at March 26, 2023 and December 25, 2022, respectively	593	592
Additional paid-in capital	622,736	620,675
Accumulated deficit	(88,772)	(98,132)
Total equity	534,557	523,135
Total liabilities and equity	$ 1,115,052	$ 1,104,446

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 154,303	$ 145,720
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	59,284,590	59,211,019
Common stock, shares outstanding (in shares)	59,284,590	59,211,019

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Revenues:
Total revenues	$ 211,406	$ 173,112
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	46,627	39,403
Labor and other related expenses	68,573	55,142
Other restaurant operating expenses	31,696	27,317
Occupancy expenses	15,934	14,383
Pre-opening expenses	1,036	985
General and administrative expenses	22,705	19,563
Depreciation and amortization	9,117	8,223
Impairments and loss on disposal of assets	134	79
Transaction expenses, net	253	257
Total operating costs and expenses	196,075	165,352
Income from operations	15,331	7,760
Interest expense	(1,907)	(1,006)
Other income, net	494	163
Income before income taxes	13,918	6,917
Income tax expense	(4,558)	(2,277)
Net income and total comprehensive income	$ 9,360	$ 4,640
Net income per common share - basic (in dollars per share)	$ 0.16	$ 0.08
Net income per common share - diluted (in dollars per share)	$ 0.15	$ 0.08
Weighted average common shares outstanding - basic (in shares)	59,243,430	59,048,446
Weighted average common shares outstanding - diluted (in shares)	60,597,729	59,983,150
Restaurant sales
Revenues:
Total revenues	$ 207,968	$ 170,669
Franchise revenues
Revenues:
Total revenues	$ 3,438	$ 2,443

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 26, 2021		59,048,446
Beginning balance at Dec. 26, 2021	$ 504,429	$ 590	$ 608,878	$ (105,039)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,640			4,640
Stock-based compensation	2,294		2,294
Ending balance (in shares) at Mar. 27, 2022		59,048,446
Ending balance at Mar. 27, 2022	511,363	$ 590	611,172	(100,399)
Beginning balance (in shares) at Dec. 25, 2022		59,211,019
Beginning balance at Dec. 25, 2022	523,135	$ 592	620,675	(98,132)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,360			9,360
Common stock issued upon exercise of stock options, net (in shares)		73,571
Common stock issued under stock-based compensation plans, net	565	$ 1	564
Stock-based compensation	1,497		1,497
Ending balance (in shares) at Mar. 26, 2023		59,284,590
Ending balance at Mar. 26, 2023	$ 534,557	$ 593	$ 622,736	$ (88,772)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Cash flows from operating activities:
Net income	$ 9,360	$ 4,640
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,117	8,223
Stock-based compensation	1,497	2,294
Non-cash operating lease costs	4,357	3,898
Deferred income taxes	4,229	2,046
Non-cash portion of gain on lease modifications	(116)	(62)
Amortization of debt discount and deferred issuance costs	110	112
Impairments and loss on disposal of assets	134	79
Gain on insurance proceeds	(154)	0
Changes in assets and liabilities:
Accounts receivable	2,336	1,423
Inventory	622	297
Prepaid expenses	(873)	(639)
Other assets, current and long-term	(174)	13
Accounts payable	(2,367)	(3,095)
Accrued liabilities	2,832	2,074
Accrued compensation and deferred payroll taxes, current and long-term	(6,521)	(9,230)
Deferred revenues, current and long-term	(2,031)	(1,602)
Operating lease liabilities	(1,215)	(2,482)
Net cash provided by operating activities	21,143	7,989
Cash flows from investing activities:
Insurance proceeds	154	0
Capital expenditures	(14,519)	(11,357)
Purchase of intangible assets	(76)	(101)
Net cash used in investing activities	(14,441)	(11,458)
Cash flows from financing activities:
Repayments of note payable	(516)	(1,045)
Proceeds from exercise of stock options, net of employee taxes paid	565	0
Repayments of long-term debt, including finance lease liabilities	(2,007)	(751)
Contingent consideration payment	0	(78)
Net cash used in financing activities	(1,958)	(1,874)
Net increase (decrease) in cash and cash equivalents and restricted cash	4,744	(5,343)
Cash and cash equivalents and restricted cash, beginning of period	49,923	52,115
Cash and cash equivalents and restricted cash, end of period	54,667	46,772
Supplemental cash flow information:
Cash paid for interest	1,658	952
Cash paid for income taxes, net of refunds	67	0
Supplemental disclosures of non-cash investing and financing activities:
Leased assets obtained in exchange for new operating lease liabilities	8,323	10,330
Leased assets obtained in exchange for new finance lease liabilities	9	27
Remeasurements and terminations of operating lease assets and lease liabilities	(955)	(380)
Remeasurements and terminations of finance lease assets and lease liabilities	0	(91)
Decrease in liabilities from acquisition of property, fixtures and equipment	$ (707)	$ (350)

Nature of Business and Organization	3 Months Ended
Nature of Business and Organization	Mar. 26, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Nature of Business and OrganizationFirst Watch Restaurant Group, Inc. (collectively with its wholly-owned subsidiaries, “the Company,” or “Management”) is a Delaware holding company. The Company operates and franchises restaurants in 29 states operating under the “First Watch” trade name, which are focused on made-to-order breakfast, brunch and lunch. The Company’s operations and assets are in the United States. As of March 26, 2023, the Company operated 370 company-owned restaurants and had 114 franchise-owned restaurants

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 26, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended March 26, 2023 and March 27, 2022 were 13-week periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K as of and for the year ended December 25, 2022 (“2022 Form 10-K”). The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2022 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the quarterly periods presented. The results of operations for quarterly periods are not necessarily indicative of the results to be expected for other quarterly periods or the entire fiscal year. Use of Estimates The preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses, note payable and other current liabilities approximate their fair values due to their short-term maturities. Summary of Recently Issued Accounting Pronouncements Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Revenues

3 Months Ended

Mar. 26, 2023

Revenue from Contract with Customer [Abstract]

Revenues

The following tables include a detail of liabilities from contracts with customers:


(in thousands)	MARCH 26, 2023		DECEMBER 25, 2022
Deferred revenues:
Deferred gift card revenue	$	2,909	$	4,897
Deferred franchise fee revenue - current	316		296
Total current deferred revenues	$	3,225	$	5,193
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	2,409	$	2,472

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Deferred gift card revenue:
Balance, beginning of period	$	4,897	$	4,410
Gift card sales	1,534		1,216
Gift card redemptions	(3,204)		(2,590)
Gift card breakage	(318)		(284)
Balance, end of period	$	2,909	$	2,752

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Deferred franchise fee revenue:
Balance, beginning of period	$	2,768	$	2,536
Cash received	34		120
Franchise revenues recognized	(77)		(64)
Balance, end of period	$	2,725	$	2,592

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Restaurant sales:
In-restaurant dining sales	$	169,229	$	132,892
Third-party delivery sales	22,314		21,026
Take-out sales	16,425		16,751
Total restaurant sales	$	207,968	$	170,669

Franchise revenues:
Royalty and system fund contributions	$	3,361	$	2,379
Initial fees	77		64
Total franchise revenues	$	3,438	$	2,443
Total revenues	$	211,406	$	173,112

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Receivable

3 Months Ended

Mar. 26, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	MARCH 26, 2023		DECEMBER 25, 2022
Receivables from third-party delivery providers	$	1,339	$	974
Receivables from franchisees	1,388		1,076
Receivables from vendors	494		920
Receivables related to gift card sales	351		1,565
Other receivables	256		1,629
Total accounts receivable	$	3,828	$	6,164

Accrued Liabilities

3 Months Ended

Mar. 26, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued LiabilitiesAccrued liabilities consisted of the following:


(in thousands)	MARCH 26, 2023		DECEMBER 25, 2022
Construction liabilities	$	6,201	$	6,908
Sales tax	4,675		3,791
Self-insurance and general liability reserves	2,413		1,529
Utilities	1,631		1,468
Interest payable	1,645		1,506
Credit card fees	1,260		1,043
Property tax	935		951
Contingent rent	679		811
Common area maintenance	654		680
Other	4,781		4,042
Total accrued liabilities	$	24,874	$	22,729

Debt

3 Months Ended

Mar. 26, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following:


	MARCH 26, 2023			DECEMBER 25, 2022
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	96,250	6.64%	$	98,125	5.89%
Finance lease liabilities	1,310			1,433
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,573)			(1,683)
Total Debt, net	99,037			100,925
Less: Current portion of long-term debt	(5,627)			(6,257)
Long-term debt, net	$	93,410		$	94,668

Credit Facilities

FWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement dated as of October 6, 2021 (“Credit Agreement”), which provides for (i) a $100.0 million term loan A facility (the “Term Facility”) and (ii) a $75.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Facility, collectively, the “Credit Facilities”). The Revolving Credit Facility was undrawn at March 26, 2023 and December 25, 2022. The Credit Facilities mature on October 6, 2026.

On February 24, 2023, the Company entered into the Amendment No. 1 to the Credit Agreement (the “Amendment”) to replace LIBO Rate (“LIBOR”) with a secured overnight financing rate (“SOFR”). All outstanding borrowings under the Credit Agreement continued to bear interest at LIBOR until March 27, 2023.

Effective March 27, 2023, borrowings under the Credit Facilities bear interest, at the option of FWR at either (i) the alternate base rate plus a margin of between 125 and 200 basis points depending on the total rent adjusted net leverage ratio of FWR and its restricted subsidiaries on a consolidated basis (the “Total Rent Adjusted Net Leverage Ratio”) or (ii) SOFR plus a credit spread adjustment of 10 basis points plus a margin of between 225 and 300 basis points depending on the Total Rent Adjusted Net Leverage Ratio.

Fair Value of Debt

The estimated fair value of the outstanding debt, excluding finance lease obligations and financing obligations, is classified as Level 3 in the fair value hierarchy and was estimated using discounted cash flow models, market yield and yield volatility. The estimated fair value of the outstanding debt under the Credit Facilities was $94.8 million and $97.1 million at March 26, 2023 and December 25, 2022, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Leases

3 Months Ended

Mar. 26, 2023

Leases [Abstract]

Leases

The following table includes a detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheets Classification	MARCH 26, 2023		DECEMBER 25, 2022
Operating lease right-of-use assets	Operating lease right-of-use assets	$	355,500	$	352,373
Finance lease assets	Property, fixtures and equipment, net	1,215		1,332
Total lease assets		$	356,715	$	353,705

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	40,474		38,936
Operating lease liabilities - non-current	Operating lease liabilities	370,728		366,113
Finance lease liabilities - current	Current portion of long-term debt	627		632
Finance lease liabilities - non-current	Long-term debt, net	683		801
Total lease liabilities		$	412,512	$	406,482

_____________

(1) Excludes all variable lease expense.

The components of lease expense are as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income Classification	THIRTEEN WEEKS ENDED
		MARCH 26, 2023		MARCH 27, 2022
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	12,969	$	12,046
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	3,880		3,399
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	127		135
Interest on lease liabilities	Interest expense	26		37
Total lease expense (1)		$	17,002	$	15,617

_____________

(1) Includes contingent rent of $0.5 million and $0.4 million during the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	9,827	$	10,630
Operating cash flows - finance leases	$	26	$	37
Financing cash flows - finance leases	$	132	$	126

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 26, 2023		MARCH 27, 2022
Weighted-average remaining lease term (in years)
Operating leases	14.4		15.2
Finance leases	2.7		3.3
Weighted-average discount rate (1)
Operating leases	8.6	%	8.9	%
Finance leases	7.6	%	7.8	%

____________

(1) Based on the Company’s incremental borrowing rate.

As of March 26, 2023, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	Operating Leases		Finance Leases
Fiscal year
2023	$	31,208	$	497
2024	48,752		607
2025	50,834		236
2026	50,632		46
2027	50,033		35
Thereafter	514,274		22
Total future minimum lease payments (1)	745,733		1,443
Less: imputed interest	(334,531)		(133)
Total present value of lease liabilities	$	411,202	$	1,310

_____________

(1) Excludes approximately $52.1 million of executed operating leases that have not commenced as of March 26, 2023.

Leases

The following table includes a detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheets Classification	MARCH 26, 2023		DECEMBER 25, 2022
Operating lease right-of-use assets	Operating lease right-of-use assets	$	355,500	$	352,373
Finance lease assets	Property, fixtures and equipment, net	1,215		1,332
Total lease assets		$	356,715	$	353,705

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	40,474		38,936
Operating lease liabilities - non-current	Operating lease liabilities	370,728		366,113
Finance lease liabilities - current	Current portion of long-term debt	627		632
Finance lease liabilities - non-current	Long-term debt, net	683		801
Total lease liabilities		$	412,512	$	406,482

_____________

(1) Excludes all variable lease expense.

The components of lease expense are as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income Classification	THIRTEEN WEEKS ENDED
		MARCH 26, 2023		MARCH 27, 2022
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	12,969	$	12,046
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	3,880		3,399
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	127		135
Interest on lease liabilities	Interest expense	26		37
Total lease expense (1)		$	17,002	$	15,617

_____________

(1) Includes contingent rent of $0.5 million and $0.4 million during the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	9,827	$	10,630
Operating cash flows - finance leases	$	26	$	37
Financing cash flows - finance leases	$	132	$	126

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 26, 2023		MARCH 27, 2022
Weighted-average remaining lease term (in years)
Operating leases	14.4		15.2
Finance leases	2.7		3.3
Weighted-average discount rate (1)
Operating leases	8.6	%	8.9	%
Finance leases	7.6	%	7.8	%

____________

(1) Based on the Company’s incremental borrowing rate.

As of March 26, 2023, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	Operating Leases		Finance Leases
Fiscal year
2023	$	31,208	$	497
2024	48,752		607
2025	50,834		236
2026	50,632		46
2027	50,033		35
Thereafter	514,274		22
Total future minimum lease payments (1)	745,733		1,443
Less: imputed interest	(334,531)		(133)
Total present value of lease liabilities	$	411,202	$	1,310

_____________

(1) Excludes approximately $52.1 million of executed operating leases that have not commenced as of March 26, 2023.

Stock-Based Compensation

3 Months Ended

Mar. 26, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Option Awards

There were no stock options granted during the thirteen weeks ended March 26, 2023. A summary of stock option activity for the Company’s stock-based compensation plans during the thirteen weeks ended March 26, 2023 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 25, 2022	5,115,674	$	10.12	$	20,981	6.1
Exercised	(66,717)	$	8.45	$	503
Forfeited	(49,362)	$	12.22
Outstanding, March 26, 2023	4,999,595	$	10.12	$	26,181	5.8

Exercisable, March 26, 2023	3,076,284	$	9.56	$	17,819	5.2

The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price of the Company’s common stock on Nasdaq on the last trading day.

A summary of the non-vested stock options for the Company’s stock-based compensation plans is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Nonvested, December 25, 2022	2,324,316	$	7.31
Vested	(351,643)	$	6.53
Forfeited	(49,362)	$	5.19
Nonvested, March 26, 2023	1,923,311	$	7.51

Restricted Stock Units

During the thirteen weeks ended March 26, 2023, a total of 507,702 restricted stock units (“RSU”) were granted, which will vest ratably over a period of three years from grant date. A summary of the Company’s RSU activity during the thirteen weeks ended March 26, 2023 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 25, 2022	38,311	$	14.36	$	544
Granted	507,702	$	15.52
Vested	(6,854)	$	14.59
Outstanding, March 26, 2023	539,159	$	15.45	$	8,276

The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $15.35 and $14.21 on March 24, 2023 and December 23, 2022, the last trading days for the periods, respectively.

Stock-based compensation expense was $1.5 million and $2.3 million for the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

Unrecognized stock-based compensation expense

As of March 26, 2023, the amount of stock-based compensation expense not yet recognized for stock option awards was approximately $7.9 million and will be recognized over a weighted-average period of approximately 1.3 years. The amount of stock-based compensation expense not yet recognized for RSUs was approximately $7.8 million and will be recognized over a weighted-average period of approximately 2.8 years.

Income Taxes

3 Months Ended

Mar. 26, 2023

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023			MARCH 27, 2022
Income before income taxes	$	13,918		$	6,917
Income tax expense	$	(4,558)		$	(2,277)
Effective income tax rate	32.7		%	32.9		%

The effective income tax rate for the thirteen weeks ended March 26, 2023 was 32.7% as compared to 32.9% for the thirteen weeks ended March 27, 2022. The change in the effective income tax rates was primarily due to (i) the change in the valuation allowance for federal and state deferred tax assets and (ii) the benefit of tax credits for FICA taxes on certain employees’ tips.

The effective income tax rates for the thirteen weeks ended March 26, 2023 and March 27, 2022 were different than the blended federal and state statutory rate primarily due to (i) the change in the valuation allowance for federal and state deferred tax assets, (ii) the benefit of tax credits for FICA taxes on certain employees’ tips and (iii) the impacts of executive stock-based compensation.

The Company evaluates quarterly whether the resulting deferred tax assets are realizable given the Company’s history of losses. Based on the available evidence, the Company does not meet the more likely than not standard related to the realization of a portion of the deferred tax assets as of March 26, 2023. Accordingly, the Company has established a valuation allowance on the portion of deferred tax assets deemed not realizable, including state charitable contribution carryovers, various state loss carryforwards, and various federal tax credit carryforwards.

The Company continues to monitor and evaluate the rationale for recording a valuation allowance for deferred tax assets. As the Company’s earnings increase and deferred tax assets are utilized, it is possible that a portion of the valuation allowance may no longer be needed. Release of any valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense in the period any release is recorded. The exact timing and amount of any release is subject to change based on the level of profitability the Company is able to achieve.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 26, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. The amount of the ultimate liability with respect to these matters was not material as of March 26, 2023. In the event any litigation losses become probable and estimable, the Company will recognize any anticipated losses for the period during which such determination occurs. Unclaimed Property The Company is subject to unclaimed or abandoned property (escheat) laws which require it to turn over to state governmental authorities the property of others held by the Company that has been unclaimed for specified periods of time. Property subject to escheat laws generally relates to uncashed checks, trade accounts receivable credits and unredeemed gift card balances. During the first quarter of 2022, the Company received a letter from the Delaware Secretary of State inviting the Company to participate in the Delaware Secretary of State’s Abandoned or Unclaimed Property Voluntary Disclosure Agreement Program to avoid being sent an audit notice by the Delaware Department of Finance. On August 31, 2022, the Company was accepted into Delaware’s Voluntary Disclosure Agreement Program, entitling it to certain benefits and protections offered to participants in the program. The Company intends to work in good faith to complete a review of its books and records related to unclaimed or abandoned property during the periods required under the program. The Company will continue to examine its options regarding the escheat laws of Delaware including completing Delaware’s Voluntary Disclosure Agreement Program or proceeding to audit. Any potential loss, or range of loss, that may result from this matter is not currently reasonably estimable. As of December 26, 2022, Management believes the Company is not currently required to remit any amounts relating to future unredeemed gift cards to states as the Company’s subsidiary that is the issuer of our gift cards was re-domiciled in Florida, which exempts gift cards from the abandoned and unclaimed property laws.

Net Income Per Common Share

3 Months Ended

Mar. 26, 2023

Earnings Per Share [Abstract]

Net Income Per Common Share

The following table sets forth the computations of basic and diluted net income per common share:


	THIRTEEN WEEKS ENDED
(in thousands, except share and per share data)	MARCH 26, 2023		MARCH 27, 2022
Numerator:
Net income	$	9,360	$	4,640
Denominator:
Weighted average common shares outstanding - basic	59,243,430		59,048,446
Weighted average common shares outstanding - diluted	60,597,729		59,983,150
Net income per common share - basic	$	0.16	$	0.08
Net income per common share - diluted	$	0.15	$	0.08
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive	1,118,816		2,150,374

Diluted net income per common share is calculated by adjusting the weighted average shares outstanding for the theoretical effect of potential common shares that would be issued for stock option awards outstanding and unvested as of the respective periods using the treasury method.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 26, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 1, 2023, the Company acquired six restaurants, including franchise and development rights plus other associated assets from a franchisee for cash of $8.2 million.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 26, 2023
Accounting Policies [Abstract]
Fiscal Period, Policy	The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The quarters ended March 26, 2023 and March 27, 2022 were 13-week periods.
Basis of Presentation	The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation, Policy	Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2022 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the quarterly periods presented. The results of operations for quarterly periods are not necessarily indicative of the results to be expected for other quarterly periods or the entire fiscal year.
Use of Estimates	Use of Estimates The preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsCertain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses, note payable and other current liabilities approximate their fair values due to their short-term maturities.
Summary of Recently Issued Accounting Pronouncements	Summary of Recently Issued Accounting Pronouncements Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Revenues (Tables)

3 Months Ended

Mar. 26, 2023

Revenue from Contract with Customer [Abstract]

Contract with Customer, Contract Asset, Contract Liability, and Receivable

The following tables include a detail of liabilities from contracts with customers:


(in thousands)	MARCH 26, 2023		DECEMBER 25, 2022
Deferred revenues:
Deferred gift card revenue	$	2,909	$	4,897
Deferred franchise fee revenue - current	316		296
Total current deferred revenues	$	3,225	$	5,193
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	2,409	$	2,472

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Deferred gift card revenue:
Balance, beginning of period	$	4,897	$	4,410
Gift card sales	1,534		1,216
Gift card redemptions	(3,204)		(2,590)
Gift card breakage	(318)		(284)
Balance, end of period	$	2,909	$	2,752

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Deferred franchise fee revenue:
Balance, beginning of period	$	2,768	$	2,536
Cash received	34		120
Franchise revenues recognized	(77)		(64)
Balance, end of period	$	2,725	$	2,592

Disaggregation of Revenue

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Restaurant sales:
In-restaurant dining sales	$	169,229	$	132,892
Third-party delivery sales	22,314		21,026
Take-out sales	16,425		16,751
Total restaurant sales	$	207,968	$	170,669

Franchise revenues:
Royalty and system fund contributions	$	3,361	$	2,379
Initial fees	77		64
Total franchise revenues	$	3,438	$	2,443
Total revenues	$	211,406	$	173,112

Accounts Receivable (Tables)

3 Months Ended

Mar. 26, 2023

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	MARCH 26, 2023		DECEMBER 25, 2022
Receivables from third-party delivery providers	$	1,339	$	974
Receivables from franchisees	1,388		1,076
Receivables from vendors	494		920
Receivables related to gift card sales	351		1,565
Other receivables	256		1,629
Total accounts receivable	$	3,828	$	6,164

Accrued Liabilities (Tables)

3 Months Ended

Mar. 26, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	MARCH 26, 2023		DECEMBER 25, 2022
Construction liabilities	$	6,201	$	6,908
Sales tax	4,675		3,791
Self-insurance and general liability reserves	2,413		1,529
Utilities	1,631		1,468
Interest payable	1,645		1,506
Credit card fees	1,260		1,043
Property tax	935		951
Contingent rent	679		811
Common area maintenance	654		680
Other	4,781		4,042
Total accrued liabilities	$	24,874	$	22,729

Debt (Tables)

3 Months Ended

Mar. 26, 2023

Debt Disclosure [Abstract]

Long-Term Debt, Net

Long-term debt, net consisted of the following:


	MARCH 26, 2023			DECEMBER 25, 2022
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	96,250	6.64%	$	98,125	5.89%
Finance lease liabilities	1,310			1,433
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,573)			(1,683)
Total Debt, net	99,037			100,925
Less: Current portion of long-term debt	(5,627)			(6,257)
Long-term debt, net	$	93,410		$	94,668

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Leases (Tables)

3 Months Ended

Mar. 26, 2023

Leases [Abstract]

Supplemental Information Related to Leases

The following table includes a detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheets Classification	MARCH 26, 2023		DECEMBER 25, 2022
Operating lease right-of-use assets	Operating lease right-of-use assets	$	355,500	$	352,373
Finance lease assets	Property, fixtures and equipment, net	1,215		1,332
Total lease assets		$	356,715	$	353,705

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	40,474		38,936
Operating lease liabilities - non-current	Operating lease liabilities	370,728		366,113
Finance lease liabilities - current	Current portion of long-term debt	627		632
Finance lease liabilities - non-current	Long-term debt, net	683		801
Total lease liabilities		$	412,512	$	406,482

_____________

(1) Excludes all variable lease expense.

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 26, 2023		MARCH 27, 2022
Weighted-average remaining lease term (in years)
Operating leases	14.4		15.2
Finance leases	2.7		3.3
Weighted-average discount rate (1)
Operating leases	8.6	%	8.9	%
Finance leases	7.6	%	7.8	%

____________

(1) Based on the Company’s incremental borrowing rate.

Supplemental Cash Flow Information

The components of lease expense are as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income Classification	THIRTEEN WEEKS ENDED
		MARCH 26, 2023		MARCH 27, 2022
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	12,969	$	12,046
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	3,880		3,399
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	127		135
Interest on lease liabilities	Interest expense	26		37
Total lease expense (1)		$	17,002	$	15,617

_____________

(1) Includes contingent rent of $0.5 million and $0.4 million during the thirteen weeks ended March 26, 2023 and March 27, 2022, respectively.

Supplemental cash flow information related to leases was as follows:


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023		MARCH 27, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	9,827	$	10,630
Operating cash flows - finance leases	$	26	$	37
Financing cash flows - finance leases	$	132	$	126

Operating Lease Maturity

As of March 26, 2023, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	Operating Leases		Finance Leases
Fiscal year
2023	$	31,208	$	497
2024	48,752		607
2025	50,834		236
2026	50,632		46
2027	50,033		35
Thereafter	514,274		22
Total future minimum lease payments (1)	745,733		1,443
Less: imputed interest	(334,531)		(133)
Total present value of lease liabilities	$	411,202	$	1,310

_____________

(1) Excludes approximately $52.1 million of executed operating leases that have not commenced as of March 26, 2023

Finance Lease Maturity

As of March 26, 2023, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	Operating Leases		Finance Leases
Fiscal year
2023	$	31,208	$	497
2024	48,752		607
2025	50,834		236
2026	50,632		46
2027	50,033		35
Thereafter	514,274		22
Total future minimum lease payments (1)	745,733		1,443
Less: imputed interest	(334,531)		(133)
Total present value of lease liabilities	$	411,202	$	1,310

_____________

(1) Excludes approximately $52.1 million of executed operating leases that have not commenced as of March 26, 2023

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 26, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option activity for the Company’s stock-based compensation plans during the thirteen weeks ended March 26, 2023 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 25, 2022	5,115,674	$	10.12	$	20,981	6.1
Exercised	(66,717)	$	8.45	$	503
Forfeited	(49,362)	$	12.22
Outstanding, March 26, 2023	4,999,595	$	10.12	$	26,181	5.8

Exercisable, March 26, 2023	3,076,284	$	9.56	$	17,819	5.2

Schedule of Fair Value Non-vested Options at Grant Dates

A summary of the non-vested stock options for the Company’s stock-based compensation plans is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Nonvested, December 25, 2022	2,324,316	$	7.31
Vested	(351,643)	$	6.53
Forfeited	(49,362)	$	5.19
Nonvested, March 26, 2023	1,923,311	$	7.51

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s RSU activity during the thirteen weeks ended March 26, 2023 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 25, 2022	38,311	$	14.36	$	544
Granted	507,702	$	15.52
Vested	(6,854)	$	14.59
Outstanding, March 26, 2023	539,159	$	15.45	$	8,276

Income Taxes (Tables)

3 Months Ended

Mar. 26, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) and Effective Income Tax Rate


	THIRTEEN WEEKS ENDED
(in thousands)	MARCH 26, 2023			MARCH 27, 2022
Income before income taxes	$	13,918		$	6,917
Income tax expense	$	(4,558)		$	(2,277)
Effective income tax rate	32.7		%	32.9		%

Net Income Per Common Share (Tables)

3 Months Ended

Mar. 26, 2023

Earnings Per Share [Abstract]

Computations of Basic and Diluted Net Income (Loss) Per Common Share

The following table sets forth the computations of basic and diluted net income per common share:


	THIRTEEN WEEKS ENDED
(in thousands, except share and per share data)	MARCH 26, 2023		MARCH 27, 2022
Numerator:
Net income	$	9,360	$	4,640
Denominator:
Weighted average common shares outstanding - basic	59,243,430		59,048,446
Weighted average common shares outstanding - diluted	60,597,729		59,983,150
Net income per common share - basic	$	0.16	$	0.08
Net income per common share - diluted	$	0.15	$	0.08
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive	1,118,816		2,150,374

Nature of Business and Organization - Additional Information (Details)	Mar. 26, 2023 state restaurant
Franchisor Disclosure [Line Items]
Number of states where company operates and franchises restaurants \| state	29
Company-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	370
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	114

Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 2,909	$ 4,897
Deferred franchise fee revenue - current	316	296
Total current deferred revenues	3,225	5,193
Deferred franchise fee revenue - non-current	$ 2,409	$ 2,472

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Changes in contract liabilities, deferred gift card revenue
Balance, beginning of period	$ 4,897	$ 4,410
Gift card sales	1,534	1,216
Gift card redemptions	(3,204)	(2,590)
Gift card breakage	(318)	(284)
Balance, end of period	2,909	2,752
Changes in contract liabilities, deferred franchise fee revenue
Balance, beginning of period	2,768	2,536
Cash received	34	120
Franchise revenues recognized	(77)	(64)
Balance, end of period	$ 2,725	$ 2,592

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Disaggregation of Revenue [Line Items]
Total revenues	$ 211,406	$ 173,112
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	207,968	170,669
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	169,229	132,892
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	22,314	21,026
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	16,425	16,751
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	3,438	2,443
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	3,361	2,379
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	$ 77	$ 64

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Receivables [Abstract]
Receivables from third-party delivery providers	$ 1,339	$ 974
Receivables from franchisees	1,388	1,076
Receivables from vendors	494	920
Receivables related to gift card sales	351	1,565
Other receivables	256	1,629
Total accounts receivable	$ 3,828	$ 6,164

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Payables and Accruals [Abstract]
Construction liabilities	$ 6,201	$ 6,908
Sales tax	4,675	3,791
Self-insurance and general liability reserves	2,413	1,529
Utilities	1,631	1,468
Interest payable	1,645	1,506
Credit card fees	1,260	1,043
Property tax	935	951
Contingent rent	679	811
Common area maintenance	654	680
Other	4,781	4,042
Total accrued liabilities	$ 24,874	$ 22,729

Debt - Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Debt Instrument [Line Items]
Finance lease liabilities	$ 1,310	$ 1,433
Less: Unamortized debt discount and deferred issuance costs	(1,573)	(1,683)
Total Debt, net	99,037	100,925
Less: Current portion of long-term debt	(5,627)	(6,257)
Long-term debt, net	93,410	94,668
Financing Obligations \| Other Debt
Debt Instrument [Line Items]
Long-term debt	3,050	3,050
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Long-term debt	$ 96,250	$ 98,125
Interest Rate	6.64%

Debt - Estimated Fair Value of Outstanding Debt (Details) - USD ($) $ in Millions	Mar. 27, 2023	Mar. 26, 2023	Dec. 25, 2022	Oct. 06, 2021
New Facilities \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Debt Instrument [Line Items]
Variable rate	0.10%
New Facilities \| Minimum \| Adjusted Leverage Rate \| Subsequent Event
Debt Instrument [Line Items]
Variable rate	1.25%
New Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Debt Instrument [Line Items]
Variable rate	2.25%
New Facilities \| Maximum \| Adjusted Leverage Rate \| Subsequent Event
Debt Instrument [Line Items]
Variable rate	2.00%
New Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR) \| Subsequent Event
Debt Instrument [Line Items]
Variable rate	3.00%
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 100.0
Term Facility \| Senior Credit Facilities \| Line of Credit \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Estimated fair value of outstanding debt, excluding finance lease liabilities and financing obligations		$ 94.8	$ 97.1
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 75.0

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 355,500	$ 352,373
Finance lease assets	1,215	1,332
Total lease assets	356,715	353,705
Operating lease liabilities - current	40,474	38,936
Operating lease liabilities - non-current	370,728	366,113
Finance lease liabilities - current	627	632
Finance lease liabilities - non-current	683	801
Total lease liabilities	$ 412,512	$ 406,482
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]	Property, fixtures and equipment, net of accumulated depreciation of $154,303 and $145,720, respectively	Property, fixtures and equipment, net of accumulated depreciation of $154,303 and $145,720, respectively
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Leases [Abstract]
Operating lease expense	$ 12,969	$ 12,046
Variable lease expense	3,880	3,399
Amortization of leased assets	127	135
Interest on lease liabilities	26	37
Total lease expense	17,002	15,617
Contingent rent	$ 500	$ 400

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Leases [Abstract]
Operating cash flows - operating leases	$ 9,827	$ 10,630
Operating cash flows - finance leases	26	37
Financing cash flows - finance leases	$ 132	$ 126

Leases - Supplemental Information Related to Leases (Details)	Mar. 26, 2023	Mar. 27, 2022
Weighted-average remaining lease term (in years)
Operating leases	14 years 4 months 24 days	15 years 2 months 12 days
Finance leases	2 years 8 months 12 days	3 years 3 months 18 days
Weighted-average discount rate
Operating leases	8.60%	8.90%
Finance leases	7.60%	7.80%

Leases - Operating and Finance Lease Maturity (Details) - USD ($) $ in Thousands	Mar. 26, 2023	Dec. 25, 2022
Operating Leases
2023	$ 31,208
2024	48,752
2025	50,834
2026	50,632
2027	50,033
Thereafter	514,274
Total future minimum lease payments	745,733
Less: imputed interest	(334,531)
Total present value of lease liabilities	411,202
Finance Leases
2023	497
2024	607
2025	236
2026	46
2027	35
Thereafter	22
Total future minimum lease payments	1,443
Less: imputed interest	(133)
Total present value of lease liabilities	1,310	$ 1,433
Executed operating leases that have not commenced	$ 52,100

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022	Mar. 24, 2023	Dec. 23, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.0
Closing price of common stock on Nasdaq (in dollars per share)			$ 15.35	$ 14.21
Stock-based compensation expense	$ 1,500	$ 2,300
Share-Based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense not yet recognized	$ 7,900
Weighted-average period of recognition	1 year 3 months 18 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period of recognition	2 years 9 months 18 days
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 7,800

Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 26, 2023	Dec. 25, 2022
NUMBER OF OPTIONS
Options outstanding, beginning of period (in shares)	5,115,674
Options exercised (in shares)	(66,717)
Forfeited (in shares)	(49,362)
Options outstanding, end of period (in shares)	4,999,595	5,115,674
Options exercisable, end of period (in shares)	3,076,284
WEIGHTED AVERAGE EXERCISE PRICE
Outstanding, beginning of period, weighted average exercise price (in dollars per share)	$ 10.12
Exercised, weighted average exercise price (in dollars per share)	8.45
Forfeited, weighted average exercise price (in dollars per share)	12.22
Outstanding, end of period, weighted average exercise price (in dollars per share)	10.12	$ 10.12
Exercisable, end of period, weighted average exercise price (in dollars per share)	$ 9.56
AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, beginning of period, aggregate intrinsic value	$ 20,981
Exercised, aggregate intrinsic value	503
Outstanding, end of period, aggregate intrinsic value	26,181	$ 20,981
Exercisable, end of period, aggregate intrinsic value	$ 17,819
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Weighted Average Remaining Contractual Term [Abstract]
Outstanding, weighted average remaining contractual term	5 years 9 months 18 days	6 years 1 month 6 days
Exercisable, weighted average remaining contractual term	5 years 2 months 12 days

Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	3 Months Ended
	Mar. 26, 2023 $ / shares shares
NUMBER OF OPTIONS
Beginning balance (in shares) \| shares	2,324,316
Vested (in shares) \| shares	(351,643)
Forfeited (in shares) \| shares	(49,362)
Ending balance (in shares) \| shares	1,923,311
WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 7.31
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	6.53
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	5.19
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 7.51

Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2023 USD ($) $ / shares shares
RESTRICTED STOCK UNITS
Beginning balance (in shares) \| shares	38,311
Granted (in shares) \| shares	507,702
Vested (in shares) \| shares	(6,854)
Ending balance (in shares) \| shares	539,159
WEIGHTED AVERAGE GRANT DATE FAIR VALUE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 14.36
Granted, weighted average exercise price (in dollars per share) \| $ / shares	15.52
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	14.59
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 15.45
AGGREGATE INTRINSIC VALUE (in thousands)
Beginning balance outstanding, aggregate intrinsic value \| $	$ 544
Ending outstanding, aggregate intrinsic value \| $	$ 8,276

Income Taxes - Components of Income Tax Expense (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 13,918	$ 6,917
Income tax expense	$ (4,558)	$ (2,277)
Effective income tax rate	32.70%	32.90%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 26, 2023	Mar. 27, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	32.70%	32.90%

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2023	Mar. 27, 2022
Numerator
Net income	$ 9,360	$ 4,640
Net income	$ 9,360	$ 4,640
Denominator
Weighted average common shares outstanding - basic (in shares)	59,243,430	59,048,446
Weighted average common shares outstanding - diluted (in shares)	60,597,729	59,983,150
Net income per common share - basic (in dollars per share)	$ 0.16	$ 0.08
Net income per common share - diluted (in dollars per share)	$ 0.15	$ 0.08
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	1,118,816	2,150,374

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Subsequent Events (Details) - Series of Individually Immaterial Business Acquisitions - Subsequent Event $ in Millions	May 01, 2023 USD ($) restaurant
Subsequent Event [Line Items]
Number of businesses acquired \| restaurant	6
Payments to acquire businesses, gross \| $	$ 8.2