0001789940-24-000117 | 10-Q | XBRL Viewer | First Watch Restaurant Group INC

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Nature of Business and Organization - Additional Information (Details)	Jun. 30, 2024 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	459
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	79

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024			JUNE 25, 2023			JUNE 30, 2024			JUNE 25, 2023
Income before income taxes	$	13,779		$	9,991		$	23,792		$	23,909
Income tax expense	$	(4,879)		$	(2,032)		$	(7,678)		$	(6,590)
Effective income tax rate	35.4		%	20.3		%	32.3		%	27.6		%

The effective income tax rate for the thirteen and twenty-six weeks ended June 30, 2024 was 35.4% and 32.3%, respectively, as compared to 20.3% and 27.6% for the thirteen and twenty-six weeks ended June 25, 2023, respectively. The change in the effective income tax rates was primarily due to (i) the change in the valuation allowance on deferred tax assets, (ii) the benefit of tax credits for FICA taxes on certain employees’ tips and (iii) impact of executive stock-based compensation.

The effective income tax rates for the thirteen and twenty-six weeks ended June 30, 2024 and June 25, 2023 were different than the blended federal and state statutory rate primarily due to (i) the change in the valuation allowance, (ii) the benefit of tax credits for FICA taxes on certain employees’ tips, (iii) the impacts of executive stock-based compensation and (iv) non-deductible costs associated with the Secondary Offerings.

Valuation allowance

Management evaluates quarterly whether the resulting deferred tax assets are realizable given the Company’s earnings history. 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 June 30, 2024. 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.

Management continues to monitor and evaluate the rationale for recording a valuation allowance for deferred tax assets. As the Company’s future taxable earnings increase and deferred tax assets are utilized, it is possible that a portion of the valuation allowance will 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 of the release. The timing and amount of any release related to future taxable income is currently indeterminable.

Contingent consideration liability

Certain federal loss carryforwards, state loss carryforwards and general business credits were accumulated from operations prior to the August 2017 merger through which the Company became majority owned by Advent. Under the terms of an agreement with the previous stockholders, to the extent that these credits and carryforwards were utilized to reduce taxes payable, the Company was required to pay the previous stockholders an amount equal to tax savings. In accordance with the agreement, an initial contingent consideration liability of $1.2 million was recognized and adjusted periodically for estimated future use and the actual distributions to previous stockholders. By agreement the obligation would lapse following a change in control event.

During the first quarter of 2024, Advent sold common stock of the Company through a secondary public offering. As a result, Advent no longer controlled a majority of the Company’s issued and outstanding shares of common stock. Advent’s first quarter sale, therefore, represents a change of control event as defined in the agreement. Given this change in control event, the remaining $0.6 million of the contingent consideration liability was released through Transaction expenses, net. Final payment to previous stockholders was made in the second quarter of 2024.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 482,308	$ 420,001
Finance lease assets	919	1,033
Total lease assets	483,227	421,034
Operating lease liabilities - current	45,755	40,281
Operating lease liabilities - non-current	504,130	441,290
Finance lease liabilities - current	473	628
Finance lease liabilities - non-current	439	448
Total lease liabilities	$ 550,797	$ 482,647
Property, fixtures and equipment, net	Property, fixtures and equipment, net of accumulated depreciation of $203,862 and $181,481, respectively	Property, fixtures and equipment, net of accumulated depreciation of $203,862 and $181,481, respectively
Current portion of long-term debt	Current portion of long-term debt	Current portion of long-term debt
Long-term debt, net	Long-term debt, net	Long-term debt, net

Nature of Business and Organization	6 Months Ended
Nature of Business and Organization	Jun. 30, 2024
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 does not operate outside of the United States and all of its assets are located in the United States. As of June 30, 2024, the Company operated 459 company-owned restaurants and had 79 franchise-owned restaurants

Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

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				TWENTY-SIX WEEKS ENDED
(in thousands, except share and per share data)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Numerator:
Net income	$	8,900	$	7,959	$	16,114	$	17,319
Denominator:
Weighted average common shares outstanding - basic	60,384,696		59,385,510		60,198,743		59,314,470
Weighted average common shares outstanding - diluted	62,464,424		60,944,836		62,507,183		60,770,441
Net income per common share - basic	$	0.15	$	0.13	$	0.27	$	0.29
Net income per common share - diluted	$	0.14	$	0.13	$	0.26	$	0.28
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	12,552		1,005,061		12,552		1,005,359
Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive	417,325		9,065		266,115		4,533

Leases - Supplemental Information Related to Leases (Details)	Jun. 30, 2024	Jun. 25, 2023
Weighted-average remaining lease term (in years)
Operating leases	13 years 6 months	14 years 2 months 12 days
Finance leases	3 years 3 months 18 days	2 years 7 months 6 days
Weighted-average discount rate
Operating leases	8.00%	8.50%
Finance leases	6.50%	7.40%

Business Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Business Acquisitions, by Acquisition

The details of each acquisition are as follows:


(in thousands, except number of acquired restaurants)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Purchase consideration	$	3,002	$	75,119

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	1	$	32
Inventory	$	15	$	213
Other assets	$	1	$	134
Property, fixtures and equipment	$	1,391	$	16,511
Reacquired rights	$	498	$	21,459
Operating right-of-use asset, net of lease position and prepaid rent	$	1,251	$	26,199
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)
Operating lease liabilities	$	(1,247)	$	(26,853)
Goodwill	$	1,097	$	37,584

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The details of each acquisition are as follows:


(in thousands, except number of acquired restaurants)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Purchase consideration	$	3,002	$	75,119

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	1	$	32
Inventory	$	15	$	213
Other assets	$	1	$	134
Property, fixtures and equipment	$	1,391	$	16,511
Reacquired rights	$	498	$	21,459
Operating right-of-use asset, net of lease position and prepaid rent	$	1,251	$	26,199
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)
Operating lease liabilities	$	(1,247)	$	(26,853)
Goodwill	$	1,097	$	37,584

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

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)	JUNE 30, 2024		DECEMBER 31, 2023
Deferred revenues:
Deferred gift card revenue	$	3,022	$	5,224
Deferred franchise fee revenue - current	225		275
Total current deferred revenues	$	3,247	$	5,499
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,668	$	1,786

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Deferred gift card revenue:
Balance, beginning of period	$	3,067	$	2,909	$	5,224	$	4,897
Gift card sales	2,838		3,027		4,247		4,561
Gift card redemptions	(2,739)		(2,601)		(5,851)		(5,805)
Gift card breakage	(304)		(261)		(763)		(579)
Gift card liabilities assumed through acquisitions	160		80		165		80
Balance, end of period	$	3,022	$	3,154	$	3,022	$	3,154

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Deferred franchise fee revenue:
Balance, beginning of period	$	2,264	$	2,725	$	2,061	$	2,768
Cash received	72		105		407		139
Franchise revenues recognized	(60)		(80)		(162)		(157)
Business combinations - franchise revenues recognized	(383)		(78)		(413)		(78)
Balance, end of period	$	1,893	$	2,672	$	1,893	$	2,672

Disaggregation of Revenue

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Restaurant sales:
In-restaurant dining sales	$	211,176	$	174,352	$	406,375	$	343,581
Third-party delivery sales	24,375		21,440		50,310		43,754
Take-out sales	19,906		16,795		38,080		33,220
Total restaurant sales	$	255,457	$	212,587	$	494,765	$	420,555

Franchise revenues:
Royalty and system fund contributions	$	2,661	$	3,555	$	5,670	$	6,916
Initial fees	60		80		162		157
Business combinations - revenues recognized	383		78		413		78
Total franchise revenues	3,104		3,713		6,245		7,151
Total revenues	$	258,561	$	216,300	$	501,010	$	427,706

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Changes in contract liabilities, deferred gift card revenue
Balance, beginning of period	$ 3,067	$ 2,909	$ 5,224	$ 4,897
Gift card sales	2,838	3,027	4,247	4,561
Gift card redemptions	(2,739)	(2,601)	(5,851)	(5,805)
Gift card breakage	(304)	(261)	(763)	(579)
Gift card liabilities assumed through acquisitions	160	80	165	80
Balance, end of period	3,022	3,154	3,022	3,154
Changes in contract liabilities, deferred franchise fee revenue
Balance, beginning of period	2,264	2,725	2,061	2,768
Cash received	72	105	407	139
Franchise revenues recognized	(60)	(80)	(162)	(157)
Business combinations - franchise revenues recognized	(383)	(78)	(413)	(78)
Balance, end of period	$ 1,893	$ 2,672	$ 1,893	$ 2,672

Debt - Narrative (Details) - USD ($) $ in Thousands						6 Months Ended
Debt - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Apr. 15, 2024	Apr. 12, 2024	Jan. 22, 2024	Jan. 05, 2024	Jun. 30, 2024	Jun. 25, 2023	Oct. 06, 2021
Debt Instrument [Line Items]
Proceeds from borrowings on revolving credit facility						$ 22,500	$ 0
Series of Individually Immaterial Business Acquisitions
Debt Instrument [Line Items]
Purchase consideration		$ 75,119		$ 3,002
New Facilities \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	0.10%
New Facilities \| Minimum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	1.50%
New Facilities \| Minimum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	2.50%
New Facilities \| Maximum \| Adjusted Leverage Rate
Debt Instrument [Line Items]
Variable rate	2.25%
New Facilities \| Maximum \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate	3.25%
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 100,000
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 75,000
New Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 100,000
New Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					125,000
New Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					75,000
Line of credit facility, increase (decrease), net					50,000
Repayments of lines of credit			$ 22,500
New Delayed Draw Term Facility \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 125,000
Proceeds from borrowings on revolving credit facility			$ 97,500
New Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, expiration period					18 months

CONSOLIDATED STATEMENTS OF CASH FLOWS - (Parenthetical)
$ in Thousands

6 Months Ended

Jun. 30, 2024

USD ($)

Leased assets obtained in business acquisitions

$ 73,569

^[1]

Series of Individually Immaterial Business Acquisitions

Leased assets obtained in business acquisitions

$ 28,100

[1]	Leased assets and liabilities obtained in fiscal 2024 include $28.1 million from business acquisitions.

Equity and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Roll Forward

A summary of stock option activity during the twenty-six weeks ended June 30, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 31, 2023	4,347,186	$	10.22	$	42,965	5.1
Forfeited	(22,999)	$	12.65
Exercised	(324,276)	$	9.91
Outstanding, June 30, 2024	3,999,911	$	10.23	$	29,334	4.5

Exercisable, June 30, 2024	3,633,619	$	9.97	$	27,585	4.2

Schedule of Fair Value Non-vested Options at Grant Dates

A summary of the non-vested stock option activity during the twenty-six weeks ended June 30, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 31, 2023	1,234,031	$	7.36
Forfeited	(22,999)	$	5.70
Vested	(844,740)	$	7.95
Nonvested, June 30, 2024	366,292	$	6.09

Schedule of Nonvested Restricted Stock Units Activity

A summary of the Company’s RSU activity during the twenty-six weeks ended June 30, 2024 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 31, 2023	521,042	$	15.71	$	10,473
Granted	459,041	$	24.33
Forfeited	(7,436)	$	17.03
Vested	(186,857)	$	15.85
Outstanding, June 30, 2024	785,790	$	20.70	$	13,798

Schedule of Unrecognized Stock-based Compensation Expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of June 30, 2024:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	1,572	0.7
Restricted stock units	$	14,190	2.2

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Leases [Abstract]
Operating lease expense	$ 17,059	$ 13,472	$ 32,752	$ 26,441
Variable lease expense	4,818	4,126	9,426	8,006
Amortization of leased assets	133	127	261	254
Interest on lease liabilities	18	26	36	52
Total lease expense	22,028	17,751	42,475	34,753
Contingent rent	$ 400	$ 500	$ 900	$ 900

Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Receivables from third-party delivery providers	$ 1,309	$ 1,559
Receivables from franchisees	994	1,390
Receivables from vendors	1,092	873
Receivables related to gift card sales	540	1,585
Other receivables	97	125
Total accounts receivable	$ 4,032	$ 5,532

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		60,414,723
Entity Central Index Key	0001789940
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Revenues:
Total revenues	$ 258,561	$ 216,300	$ 501,010	$ 427,706
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	55,803	47,692	107,987	94,319
Labor and other related expenses	83,841	70,602	163,576	139,175
Other restaurant operating expenses	37,549	32,182	74,341	63,878
Occupancy expenses	20,490	16,461	39,658	32,395
Pre-opening expenses	1,828	1,252	3,395	2,288
General and administrative expenses	27,189	25,284	54,847	47,989
Depreciation and amortization	14,536	9,441	26,807	18,558
Impairments and loss on disposal of assets	153	299	272	433
Transaction expenses, net	725	1,744	1,394	1,997
Total operating costs and expenses	242,114	204,957	472,277	401,032
Income from operations	16,447	11,343	28,733	26,674
Interest expense	(3,381)	(2,037)	(5,980)	(3,944)
Other income, net	713	685	1,039	1,179
Income before income taxes	13,779	9,991	23,792	23,909
Income tax expense	(4,879)	(2,032)	(7,678)	(6,590)
Net income	8,900	7,959	16,114	17,319
Net income	8,900	7,959	16,114	17,319
Other comprehensive income
Unrealized (loss) gain on derivatives	(99)	(160)	1,139	(160)
Income tax related to other comprehensive income	25	0	(284)	0
Comprehensive income	$ 8,826	$ 7,799	$ 16,969	$ 17,159
Net income per common share - basic (in dollars per share)	$ 0.15	$ 0.13	$ 0.27	$ 0.29
Net income per common share - diluted (in dollars per share)	$ 0.14	$ 0.13	$ 0.26	$ 0.28
Weighted average common shares outstanding - basic (in shares)	60,384,696	59,385,510	60,198,743	59,314,470
Weighted average common shares outstanding - diluted (in shares)	62,464,424	60,944,836	62,507,183	60,770,441
Restaurant sales
Revenues:
Total revenues	$ 255,457	$ 212,587	$ 494,765	$ 420,555
Franchise revenues
Revenues:
Total revenues	$ 3,104	$ 3,713	$ 6,245	$ 7,151

Business Acquisitions

6 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Acquisitions

The Company acquired, in two separate transactions, substantially all the assets associated with 22 franchise-operated First Watch restaurants. For both transactions, the purchase price was allocated to the fair value of the assets acquired and the liabilities assumed. The allocations were based on preliminary valuations and are subject to adjustment as additional information is available. The Company expects to finalize the valuation of these assets not later than one year from the respective acquisition date. Transaction costs of $1.4 million were incurred in relation to the acquisitions and were recorded to Transaction expenses, net within the Consolidated Statement of Operations and Comprehensive Income. The details of each acquisition are as follows:


(in thousands, except number of acquired restaurants)	JANUARY 22, 2024		APRIL 15, 2024
Number of acquired restaurants	1		21
Purchase consideration	$	3,002	$	75,119

Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	$	1	$	32
Inventory	$	15	$	213
Other assets	$	1	$	134
Property, fixtures and equipment	$	1,391	$	16,511
Reacquired rights	$	498	$	21,459
Operating right-of-use asset, net of lease position and prepaid rent	$	1,251	$	26,199
Deferred revenues - gift card liabilities assumed	$	(5)	$	(160)
Operating lease liabilities	$	(1,247)	$	(26,853)
Goodwill	$	1,097	$	37,584

Goodwill reflects the value of expected synergies and assembled workforce, and was assigned to the Company’s single reporting unit. The Company will treat the transactions as asset acquisitions for income tax purposes, which allows for any goodwill recognized to be tax deductible and amortized over a 15-year statutory life.

The weighted average estimated useful life of the reacquired rights is 5.5 years.

Pro-forma financial information of the acquired restaurants for periods prior to the acquisition dates is not presented due to the immaterial impact on our consolidated financial statements.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Fiscal Period	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 June 30, 2024 and June 25, 2023 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	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 2023 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 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 and other current liabilities approximate their fair values due to their short-term maturities.
Interest Rate Swaps	Interest Rate Swaps As an element of the Company’s interest rate risk management strategy, Management uses interest rate swaps. The intent of these instruments is to reduce cash flow exposure to variability in future interest rates on the Company’s debt. Management has elected to designate and qualify the interest rate swaps as cash flow hedges. As such, the instruments are recorded on the balance sheet at fair value. Thereafter, gains or losses on the instruments are recognized in equity as changes to Other Comprehensive Income and subsequently reclassified into earnings at the time of the Company’s debt interest payments.
Summary of Recently Issued Accounting Pronouncements	Summary of Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new guidance requires that a public entity disclose, on an annual and interim basis, disaggregated expense information that is regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The disclosures are also required for public entities that have a single reporting segment. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be adopted retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Supplemental Information Related to Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	JUNE 30, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	482,308	$	420,001
Finance lease assets	Property, fixtures and equipment, net	919		1,033
Total lease assets		$	483,227	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	$	45,755	$	40,281
Operating lease liabilities - non-current	Operating lease liabilities	504,130		441,290
Finance lease liabilities - current	Current portion of long-term debt	473		628
Finance lease liabilities - non-current	Long-term debt, net	439		448
Total lease liabilities		$	550,797	$	482,647

_____________

(1) Excludes all variable lease expense.

Supplemental information related to leases was as follows:


	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024		JUNE 25, 2023
Weighted-average remaining lease term (in years)
Operating leases	13.5		14.2
Finance leases	3.3		2.6
Weighted-average discount rate (1)
Operating leases	8.0	%	8.5	%
Finance leases	6.5	%	7.4	%

____________

(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				TWENTY-SIX WEEKS ENDED
		JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	17,059	$	13,472	$	32,752	$	26,441
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	4,818		4,126		9,426		8,006
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	133		127		261		254
Interest on lease liabilities	Interest expense	18		26		36		52
Total lease expense (1)		$	22,028	$	17,751	$	42,475	$	34,753

_____________

(1) Includes contingent rent expense of $0.4 million and $0.5 million during the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $0.9 million for both of the twenty-six weeks ended June 30, 2024 and June 25, 2023.

Supplemental cash flow information related to leases was as follows:


(in thousands)	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024		JUNE 25, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	27,391	$	21,247
Operating cash flows - finance leases	$	36	$	52
Financing cash flows - finance leases	$	311	$	259

Operating Lease Maturity

As of June 30, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	18,714	$	343
2025	62,661		294
2026	68,923		108
2027	68,313		96
2028	67,929		83
Thereafter	649,482		88
Total future minimum lease payments (1)	936,022		1,012
Less: imputed interest	(386,137)		(100)
Total present value of lease liabilities	$	549,885	$	912

_____________

(1) Excludes approximately $126.4 million of executed operating leases that have not commenced as of June 30, 2024

Finance Lease Maturity

As of June 30, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	18,714	$	343
2025	62,661		294
2026	68,923		108
2027	68,313		96
2028	67,929		83
Thereafter	649,482		88
Total future minimum lease payments (1)	936,022		1,012
Less: imputed interest	(386,137)		(100)
Total present value of lease liabilities	$	549,885	$	912

_____________

(1) Excludes approximately $126.4 million of executed operating leases that have not commenced as of June 30, 2024

Interest Rate Swaps (Details) - Interest Rate Swap $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	May 17, 2024 USD ($) derivative	Jun. 23, 2023 USD ($) derivative
Derivative [Line Items]
Number of interest rate derivatives held \| derivative				2
Number of additional interest rate derivatives entered into \| derivative			2
Derivative, notional amount			$ 60.0	$ 90.0
Derivative, average fixed interest rate			4.42%	4.16%
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, after tax	$ 0.2	$ 0.5
Cash flow hedge gain (loss) to be reclassified within 12 months		$ 1.0

Equity and Stock-Based Compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 1,572
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	8 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)	$ 14,190
REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)	2 years 2 months 12 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Topic 718
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-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Business Acquisitions - Narrative (Details) - Series of Individually Immaterial Business Acquisitions $ in Millions			6 Months Ended
	Apr. 15, 2024 restaurant	Jan. 22, 2024 restaurant	Jun. 30, 2024 USD ($) restaurant transaction
Business Acquisition [Line Items]
Number of transactions \| transaction			2
Number of acquired restaurants \| restaurant	21	1	22
Acquisition related costs \| $			$ 1.4
Weighted average estimated useful life of the reacquired rights			5 years 6 months

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 258,561	$ 216,300	$ 501,010	$ 427,706
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	255,457	212,587	494,765	420,555
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	211,176	174,352	406,375	343,581
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	24,375	21,440	50,310	43,754
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	19,906	16,795	38,080	33,220
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	3,104	3,713	6,245	7,151
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	2,661	3,555	5,670	6,916
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	60	80	162	157
Business combinations - revenues recognized
Disaggregation of Revenue [Line Items]
Total revenues	$ 383	$ 78	$ 413	$ 78

Leases - Operating and Finance Lease Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
OPERATING LEASES
2024	$ 18,714
2025	62,661
2026	68,923
2027	68,313
2028	67,929
Thereafter	649,482
Total future minimum lease payments	936,022
Less: imputed interest	(386,137)
Total present value of lease liabilities	549,885
FINANCE LEASES
2024	343
2025	294
2026	108
2027	96
2028	83
Thereafter	88
Total future minimum lease payments	1,012
Less: imputed interest	(100)
Total present value of lease liabilities	912	$ 1,076
Executed operating leases that have not commenced	$ 126,400

Accrued Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Construction liabilities	$	13,394	$	13,944
Sales tax	7,416		6,163
Self-insurance and general liability reserves	2,313		1,593
Utilities	1,918		1,657
Interest payable	1,789		401
Credit card fees	2,282		1,706
Property tax	1,371		922
Contingent rent	918		1,160
Common area maintenance	618		749
Acquisition-related liabilities	1,577		1,326
Other	5,435		6,009
Total accrued liabilities	$	39,031	$	35,630

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2024

Jun. 25, 2023

Cash flows from operating activities:

Net income

$ 16,114

$ 17,319

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

26,807

18,558

Stock-based compensation

4,318

3,622

Non-cash operating lease costs

12,229

8,994

Non-cash portion of gain on lease modifications

(5)

(123)

Non-cash loss on extinguishments and modifications of debt

358

Deferred income taxes

6,600

5,874

Amortization of debt discount and deferred issuance costs

255

221

Impairments and loss on disposal of assets

272

433

Gain on insurance proceeds

(3)

(601)

Changes in assets and liabilities, net of effects of business combinations:

Accounts receivable

1,500

1,698

Inventory

(57)

198

Prepaid expenses

(969)

(92)

Other assets, current and long-term

(641)

(1,539)

Accounts payable

853

(2,076)

Accrued liabilities and other long-term liabilities

3,655

5,821

Accrued compensation and deferred payroll taxes

(4,732)

2,996

Deferred revenues, current and long-term

(2,535)

(1,920)

Other liabilities

(259)

Operating lease liabilities

(6,867)

(3,800)

Net cash provided by operating activities

56,893

55,583

Cash flows from investing activities:

Capital expenditures

(58,199)

(29,677)

Acquisitions, net of cash acquired

(77,095)

(8,018)

Purchase of intangible assets

(64)

(76)

Insurance proceeds

601

Net cash used in investing activities

(135,355)

(37,170)

Cash flows from financing activities:

Repayments of note payable

(1,032)

Proceeds from borrowings on revolving credit facility

22,500

Repayments of borrowings on revolving credit facility

(52,500)

Proceeds from long-term debt

197,500

Repayments of long-term debt, including finance lease liabilities

(94,045)

(2,134)

Payment of debt discount and deferred issuance costs

(2,430)

Proceeds from exercise of stock options, net of employee taxes paid

3,213

1,921

Contingent consideration payment

(375)

Net cash provided by (used in) financing activities

73,863

(1,245)

Net (decrease) increase in cash and cash equivalents and restricted cash

(4,599)

17,168

Cash and cash equivalents and restricted cash, beginning of period

49,961

49,923

Cash and cash equivalents and restricted cash, end of period

45,362

67,091

Supplemental cash flow information:

Cash paid for interest, net of amounts capitalized

4,362

3,421

Cash paid for income taxes, net of refunds

2,103

982

Supplemental disclosures of non-cash investing and financing activities:

Leased assets obtained in business acquisitions

^[1]

73,569

27,627

Leased assets obtained in exchange for new finance lease liabilities

160

Remeasurements and terminations of operating lease assets and lease liabilities

1,613

(1,212)

Remeasurements and terminations of finance lease assets and lease liabilities

(13)

(19)

(Decrease) Increase in liabilities from acquisition of property, fixtures and equipment

$ (550)

$ 4,010

[1]	Leased assets and liabilities obtained in fiscal 2024 include $28.1 million from business acquisitions.

Business Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) $ in Thousands			6 Months Ended
	Apr. 15, 2024 USD ($) restaurant	Jan. 22, 2024 USD ($) restaurant	Jun. 30, 2024 USD ($) restaurant	Dec. 31, 2023 USD ($)
Recognized amounts of identifiable assets acquired and liabilities assumed:
Goodwill			$ 398,565	$ 359,883
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Number of acquired restaurants \| restaurant	21	1	22
Purchase consideration	$ 75,119	$ 3,002
Recognized amounts of identifiable assets acquired and liabilities assumed:
Cash	32	1
Inventory	213	15
Other assets	134	1
Property, fixtures and equipment	16,511	1,391
Reacquired rights	21,459	498
Operating right-of-use asset, net of lease position and prepaid rent	26,199	1,251
Deferred revenues - gift card liabilities assumed	(160)	(5)
Operating lease liabilities	(26,853)	(1,247)
Goodwill	$ 37,584	$ 1,097

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Receivables from third-party delivery providers	$	1,309	$	1,559
Receivables from franchisees	994		1,390
Receivables from vendors	1,092		873
Receivables related to gift card sales	540		1,585
Other receivables	97		125
Total accounts receivable	$	4,032	$	5,532

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitment and Contingencies	6 Months Ended
Commitment and Contingencies	Jun. 30, 2024
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 anticipated liability with respect to these matters was not material as of June 30, 2024. In the event any litigation losses become probable and estimable, the Company will recognize anticipated losses. 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. In 2023, the Company recorded $0.8 million in General and administrative expenses for this matter. In the second quarter of 2024, the Company paid $0.7 million to the State of Delaware to resolve escheat matters related to unclaimed gift card balances. The Company believes any additional payments to the State of Delaware to resolve the remaining escheat matters will not be significant. 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.

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

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


(in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Deferred revenues:
Deferred gift card revenue	$	3,022	$	5,224
Deferred franchise fee revenue - current	225		275
Total current deferred revenues	$	3,247	$	5,499
Other long-term liabilities:
Deferred franchise fee revenue - non-current	$	1,668	$	1,786

Changes in deferred gift card contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Deferred gift card revenue:
Balance, beginning of period	$	3,067	$	2,909	$	5,224	$	4,897
Gift card sales	2,838		3,027		4,247		4,561
Gift card redemptions	(2,739)		(2,601)		(5,851)		(5,805)
Gift card breakage	(304)		(261)		(763)		(579)
Gift card liabilities assumed through acquisitions	160		80		165		80
Balance, end of period	$	3,022	$	3,154	$	3,022	$	3,154

Changes in deferred franchise fee contract liabilities were as follows:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Deferred franchise fee revenue:
Balance, beginning of period	$	2,264	$	2,725	$	2,061	$	2,768
Cash received	72		105		407		139
Franchise revenues recognized	(60)		(80)		(162)		(157)
Business combinations - franchise revenues recognized	(383)		(78)		(413)		(78)
Balance, end of period	$	1,893	$	2,672	$	1,893	$	2,672

Revenues recognized disaggregated by type were as follows:


	THIRTEEN WEEKS ENDED				TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Restaurant sales:
In-restaurant dining sales	$	211,176	$	174,352	$	406,375	$	343,581
Third-party delivery sales	24,375		21,440		50,310		43,754
Take-out sales	19,906		16,795		38,080		33,220
Total restaurant sales	$	255,457	$	212,587	$	494,765	$	420,555

Franchise revenues:
Royalty and system fund contributions	$	2,661	$	3,555	$	5,670	$	6,916
Initial fees	60		80		162		157
Business combinations - revenues recognized	383		78		413		78
Total franchise revenues	3,104		3,713		6,245		7,151
Total revenues	$	258,561	$	216,300	$	501,010	$	427,706

- 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.

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+ Details

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:


(in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Construction liabilities	$	13,394	$	13,944
Sales tax	7,416		6,163
Self-insurance and general liability reserves	2,313		1,593
Utilities	1,918		1,657
Interest payable	1,789		401
Credit card fees	2,282		1,706
Property tax	1,371		922
Contingent rent	918		1,160
Common area maintenance	618		749
Acquisition-related liabilities	1,577		1,326
Other	5,435		6,009
Total accrued liabilities	$	39,031	$	35,630

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt, Net

Long-term debt, net consisted of the following:


	JUNE 30, 2024			DECEMBER 31, 2023
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	99,375	7.93%	$	92,500	7.70%
Delayed Draw Term Facility	96,891		7.90%	—
Revolving Credit Facility	—			30,000		7.72%
Finance lease liabilities	912			1,076
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,509)			(1,231)
Total debt, net	198,719			125,395
Less: Current portion of long-term debt	(6,645)			(5,628)
Long-term debt, net	$	192,074		$	119,767

Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations

The following table includes the carrying value and fair value of the Company’s debt as of the periods indicated:


	JUNE 30, 2024				DECEMBER 31, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facility	$	99,375	$	98,937	$	92,500	$	92,201
Delayed Draw Term Facility	$	96,891	$	96,464	$	—	$	—
Revolving Credit Facility	$	—	$	—	$	30,000	$	29,897

- 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.

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+ Details

Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Mar. 26, 2023	Jun. 30, 2024	Jun. 25, 2023
Numerator
Net income	$ 8,900	$ 7,214	$ 7,959	$ 9,360	$ 16,114	$ 17,319
Denominator
Weighted average common shares outstanding - basic (in shares)	60,384,696		59,385,510		60,198,743	59,314,470
Weighted average common shares outstanding - diluted (in shares)	62,464,424		60,944,836		62,507,183	60,770,441
Net income per common share - basic (in dollars per share)	$ 0.15		$ 0.13		$ 0.27	$ 0.29
Net income per common share - diluted (in dollars per share)	$ 0.14		$ 0.13		$ 0.26	$ 0.28
Stock options
Denominator
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	12,552		1,005,061		12,552	1,005,359
Restricted stock units
Denominator
Stock option awards outstanding not included in diluted net income per common share as their effect is anti-dilutive (in shares)	417,325		9,065		266,115	4,533

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 203,862	$ 181,481
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)	60,402,838	59,891,705
Common stock, shares outstanding (in shares)	60,402,838	59,891,705

Debt - Long-Term Debt, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 912	$ 1,076
Less: Unamortized debt discount and deferred issuance costs	(1,509)	(1,231)
Total debt, net	198,719	125,395
Less: Current portion of long-term debt	(6,645)	(5,628)
Long-term debt, net	192,074	119,767
Financing obligation \| Other Debt
Debt Instrument [Line Items]
Carrying Value	3,050	3,050
Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	$ 99,375	$ 92,500
Interest Rate	7.93%	7.70%
Delayed Draw Term Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	$ 96,891	$ 0
Interest Rate	7.90%
Revolving Credit Facility \| New Facilities \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	$ 0	$ 30,000
Interest Rate		7.72%

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023
Leases [Abstract]
Operating cash flows - operating leases	$ 27,391	$ 21,247
Operating cash flows - finance leases	36	52
Financing cash flows - finance leases	$ 311	$ 259

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

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


	THIRTEEN WEEKS ENDED						TWENTY-SIX WEEKS ENDED
(in thousands)	JUNE 30, 2024			JUNE 25, 2023			JUNE 30, 2024			JUNE 25, 2023
Income before income taxes	$	13,779		$	9,991		$	23,792		$	23,909
Income tax expense	$	(4,879)		$	(2,032)		$	(7,678)		$	(6,590)
Effective income tax rate	35.4		%	20.3		%	32.3		%	27.6		%

Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 3,022	$ 5,224
Deferred franchise fee revenue - current	225	275
Total current deferred revenues	3,247	5,499
Deferred franchise fee revenue - non-current	$ 1,668	$ 1,786

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2024
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 June 30, 2024 and June 25, 2023 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 31, 2023 (“2023 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 2023 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 and other current liabilities approximate their fair values due to their short-term maturities. Interest Rate Swaps As an element of the Company’s interest rate risk management strategy, Management uses interest rate swaps. The intent of these instruments is to reduce cash flow exposure to variability in future interest rates on the Company’s debt. Management has elected to designate and qualify the interest rate swaps as cash flow hedges. As such, the instruments are recorded on the balance sheet at fair value. Thereafter, gains or losses on the instruments are recognized in equity as changes to Other Comprehensive Income and subsequently reclassified into earnings at the time of the Company’s debt interest payments. Summary of Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new guidance requires that a public entity disclose, on an annual and interim basis, disaggregated expense information that is regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss. The disclosures are also required for public entities that have a single reporting segment. The new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and should be adopted retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements including disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disaggregated information on income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024 and should be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. Management is currently evaluating the impact of this new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended		6 Months Ended
	Jul. 03, 2023	Jun. 13, 2023	May 18, 2023	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023	Mar. 28, 2024	Dec. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering and registration costs						$ 0.5
Closing price of common stock on Nasdaq (in dollars per share)								$ 17.56	$ 20.10
Stock-based compensation expense				$ 2.5	$ 2.1	4.3	$ 3.6
Share-based payment arrangement, expense, tax benefit				$ 0.1	0.4	$ 1.4	$ 0.6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						459,041
Award vesting period						3 years
Restricted stock units \| Three Years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						353,683
Restricted stock units \| One Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						33,762
Award vesting period						1 year
Restricted stock units \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)						71,596
Annual vesting amount, percentage						50.00%
Restricted stock units \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting amount, percentage						50.00%
Secondary Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock sold (in shares)		3,000,000,000	3,500,000,000			6,900,000
Payments of stock issuance costs					$ 1.0
Over-Allotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock sold (in shares)	450,000,000		525,000,000			900,000

Net Income Per Common Share

6 Months Ended

Jun. 30, 2024

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				TWENTY-SIX WEEKS ENDED
(in thousands, except share and per share data)	JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Numerator:
Net income	$	8,900	$	7,959	$	16,114	$	17,319
Denominator:
Weighted average common shares outstanding - basic	60,384,696		59,385,510		60,198,743		59,314,470
Weighted average common shares outstanding - diluted	62,464,424		60,944,836		62,507,183		60,770,441
Net income per common share - basic	$	0.15	$	0.13	$	0.27	$	0.29
Net income per common share - diluted	$	0.14	$	0.13	$	0.26	$	0.28
Stock options outstanding not included in diluted net income per common share as their effect is anti-dilutive	12,552		1,005,061		12,552		1,005,359
Restricted stock units outstanding not included in diluted net income per share as their effect is anti-dilutive	417,325		9,065		266,115		4,533

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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Mar. 26, 2023	Jun. 30, 2024	Jun. 25, 2023
Pay vs Performance Disclosure
Net income	$ 8,900	$ 7,214	$ 7,959	$ 9,360	$ 16,114	$ 17,319

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	JUNE 30, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	482,308	$	420,001
Finance lease assets	Property, fixtures and equipment, net	919		1,033
Total lease assets		$	483,227	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	$	45,755	$	40,281
Operating lease liabilities - non-current	Operating lease liabilities	504,130		441,290
Finance lease liabilities - current	Current portion of long-term debt	473		628
Finance lease liabilities - non-current	Long-term debt, net	439		448
Total lease liabilities		$	550,797	$	482,647

_____________

(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				TWENTY-SIX WEEKS ENDED
		JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	17,059	$	13,472	$	32,752	$	26,441
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	4,818		4,126		9,426		8,006
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	133		127		261		254
Interest on lease liabilities	Interest expense	18		26		36		52
Total lease expense (1)		$	22,028	$	17,751	$	42,475	$	34,753

_____________

Supplemental cash flow information related to leases was as follows:


(in thousands)	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024		JUNE 25, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	27,391	$	21,247
Operating cash flows - finance leases	$	36	$	52
Financing cash flows - finance leases	$	311	$	259

Supplemental information related to leases was as follows:


	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024		JUNE 25, 2023
Weighted-average remaining lease term (in years)
Operating leases	13.5		14.2
Finance leases	3.3		2.6
Weighted-average discount rate (1)
Operating leases	8.0	%	8.5	%
Finance leases	6.5	%	7.4	%

____________

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

As of June 30, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	18,714	$	343
2025	62,661		294
2026	68,923		108
2027	68,313		96
2028	67,929		83
Thereafter	649,482		88
Total future minimum lease payments (1)	936,022		1,012
Less: imputed interest	(386,137)		(100)
Total present value of lease liabilities	$	549,885	$	912

_____________

(1) Excludes approximately $126.4 million of executed operating leases that have not commenced as of June 30, 2024.

Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	JUNE 30, 2024		DECEMBER 31, 2023
Operating lease right-of-use assets	Operating lease right-of-use assets	$	482,308	$	420,001
Finance lease assets	Property, fixtures and equipment, net	919		1,033
Total lease assets		$	483,227	$	421,034

Operating lease liabilities (1) - current	Current portion of operating lease liabilities	$	45,755	$	40,281
Operating lease liabilities - non-current	Operating lease liabilities	504,130		441,290
Finance lease liabilities - current	Current portion of long-term debt	473		628
Finance lease liabilities - non-current	Long-term debt, net	439		448
Total lease liabilities		$	550,797	$	482,647

_____________

(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				TWENTY-SIX WEEKS ENDED
		JUNE 30, 2024		JUNE 25, 2023		JUNE 30, 2024		JUNE 25, 2023
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	17,059	$	13,472	$	32,752	$	26,441
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	4,818		4,126		9,426		8,006
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	133		127		261		254
Interest on lease liabilities	Interest expense	18		26		36		52
Total lease expense (1)		$	22,028	$	17,751	$	42,475	$	34,753

_____________

Supplemental cash flow information related to leases was as follows:


(in thousands)	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024		JUNE 25, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	27,391	$	21,247
Operating cash flows - finance leases	$	36	$	52
Financing cash flows - finance leases	$	311	$	259

Supplemental information related to leases was as follows:


	TWENTY-SIX WEEKS ENDED
	JUNE 30, 2024		JUNE 25, 2023
Weighted-average remaining lease term (in years)
Operating leases	13.5		14.2
Finance leases	3.3		2.6
Weighted-average discount rate (1)
Operating leases	8.0	%	8.5	%
Finance leases	6.5	%	7.4	%

____________

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

As of June 30, 2024, future minimum lease payments for operating and finance leases consisted of the following:


(in thousands)	OPERATING LEASES		FINANCE LEASES
Fiscal year
2024	$	18,714	$	343
2025	62,661		294
2026	68,923		108
2027	68,313		96
2028	67,929		83
Thereafter	649,482		88
Total future minimum lease payments (1)	936,022		1,012
Less: imputed interest	(386,137)		(100)
Total present value of lease liabilities	$	549,885	$	912

_____________

(1) Excludes approximately $126.4 million of executed operating leases that have not commenced as of June 30, 2024.

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income
Beginning balance (in shares) at Dec. 25, 2022		59,211,019
Beginning balance at Dec. 25, 2022	$ 523,135	$ 592	$ 620,675	$ (98,132)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,360			9,360
Stock-based compensation	1,497		1,497
Common stock issued under stock-based compensation plans, net (in shares)		73,571
Common stock issued under stock-based compensation plans, net	565	$ 1	564
Ending balance (in shares) at Mar. 26, 2023		59,284,590
Ending balance at Mar. 26, 2023	534,557	$ 593	622,736	(88,772)	0
Beginning balance (in shares) at Dec. 25, 2022		59,211,019
Beginning balance at Dec. 25, 2022	523,135	$ 592	620,675	(98,132)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	17,319
Ending balance (in shares) at Jun. 25, 2023		59,463,950
Ending balance at Jun. 25, 2023	545,837	$ 594	626,216	(80,813)	(160)
Beginning balance (in shares) at Mar. 26, 2023		59,284,590
Beginning balance at Mar. 26, 2023	534,557	$ 593	622,736	(88,772)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,959			7,959
Stock-based compensation	2,125		2,125
Common stock issued under stock-based compensation plans, net (in shares)		179,360
Common stock issued under stock-based compensation plans, net	1,356	$ 1	1,355
Other comprehensive loss, net of tax	(160)				(160)
Ending balance (in shares) at Jun. 25, 2023		59,463,950
Ending balance at Jun. 25, 2023	$ 545,837	$ 594	626,216	(80,813)	(160)
Beginning balance (in shares) at Dec. 31, 2023	59,891,705	59,891,705
Beginning balance at Dec. 31, 2023	$ 561,284	$ 599	634,099	(72,747)	(667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,214			7,214
Stock-based compensation	1,866		1,866
Common stock issued under stock-based compensation plans, net (in shares)		480,826
Common stock issued under stock-based compensation plans, net	3,147	$ 5	3,142
Other comprehensive loss, net of tax	929				929
Ending balance (in shares) at Mar. 31, 2024		60,372,531
Ending balance at Mar. 31, 2024	$ 574,440	$ 604	639,107	(65,533)	262
Beginning balance (in shares) at Dec. 31, 2023	59,891,705	59,891,705
Beginning balance at Dec. 31, 2023	$ 561,284	$ 599	634,099	(72,747)	(667)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 16,114
Common stock issued under stock-based compensation plans, net (in shares)	324,276
Ending balance (in shares) at Jun. 30, 2024	60,402,838	60,402,838
Ending balance at Jun. 30, 2024	$ 585,784	$ 604	641,625	(56,633)	188
Beginning balance (in shares) at Mar. 31, 2024		60,372,531
Beginning balance at Mar. 31, 2024	574,440	$ 604	639,107	(65,533)	262
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,900			8,900
Stock-based compensation	2,452		2,452
Common stock issued under stock-based compensation plans, net (in shares)		30,307
Common stock issued under stock-based compensation plans, net	66		66
Other comprehensive loss, net of tax	$ (74)				(74)
Ending balance (in shares) at Jun. 30, 2024	60,402,838	60,402,838
Ending balance at Jun. 30, 2024	$ 585,784	$ 604	$ 641,625	$ (56,633)	$ 188

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Equity and Stock-Based Compensation - Schedule of Nonvested Restricted Stock Units Activity (Details) - Restricted stock units $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
RESTRICTED STOCK UNITS
Beginning balance (in shares) \| shares	521,042
Granted (in shares) \| shares	459,041
Forfeited (in shares) \| shares	(7,436)
Vested (in shares) \| shares	(186,857)
Ending balance (in shares) \| shares	785,790
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 15.71
Granted, weighted average exercise price (in dollars per share) \| $ / shares	24.33
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	17.03
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	15.85
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 20.70
AGGREGATE INTRINSIC VALUE (in thousands)
Beginning balance outstanding, aggregate intrinsic value \| $	$ 10,473
Ending outstanding, aggregate intrinsic value \| $	$ 13,798

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023	Aug. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate	35.40%		20.30%	32.30%	27.60%
Contingent consideration liability						$ 1.2
Release of contingent consideration		$ 0.6

Debt - Schedule of Estimated Fair Value of the Outstanding Debt, Excluding Finance Lease Liabilities and Financing Obligations (Details) - New Facilities - Line of Credit - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Term Facility
Debt Instrument [Line Items]
Carrying Value	$ 99,375	$ 92,500
Term Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	98,937	92,201
Delayed Draw Term Facility
Debt Instrument [Line Items]
Carrying Value	96,891	0
Delayed Draw Term Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	96,464	0
Revolving Credit Facility
Debt Instrument [Line Items]
Carrying Value	0	30,000
Revolving Credit Facility \| Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Fair Value	$ 0	$ 29,897

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Components of Income Tax Expense (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 25, 2023	Jun. 30, 2024	Jun. 25, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 13,779	$ 9,991	$ 23,792	$ 23,909
Income tax expense	$ (4,879)	$ (2,032)	$ (7,678)	$ (6,590)
Effective income tax rate	35.40%	20.30%	32.30%	27.60%

- 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.

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+ Details

Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Construction liabilities	$ 13,394	$ 13,944
Sales tax	7,416	6,163
Self-insurance and general liability reserves	2,313	1,593
Utilities	1,918	1,657
Interest payable	1,789	401
Credit card fees	2,282	1,706
Property tax	1,371	922
Contingent rent	918	1,160
Common area maintenance	618	749
Acquisition-related liabilities	1,577	1,326
Other	5,435	6,009
Accrued liabilities	$ 39,031	$ 35,630

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Long-term debt, net consisted of the following:


	JUNE 30, 2024			DECEMBER 31, 2023
(in thousands)	Balance		Interest Rate	Balance		Interest Rate
Term Facility	$	99,375	7.93%	$	92,500	7.70%
Delayed Draw Term Facility	96,891		7.90%	—
Revolving Credit Facility	—			30,000		7.72%
Finance lease liabilities	912			1,076
Financing obligation	3,050			3,050
Less: Unamortized debt discount and deferred issuance costs	(1,509)			(1,231)
Total debt, net	198,719			125,395
Less: Current portion of long-term debt	(6,645)			(5,628)
Long-term debt, net	$	192,074		$	119,767

Credit Facility

FWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement dated October 6, 2021 (“Credit Agreement”), which provided 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 Facility”).

On February 24, 2023, the Company entered into Amendment No. 1 to the Credit Agreement to replace the London interbank offer rate (“LIBOR”) with a secured overnight financing rate (“SOFR”) pursuant to the terms and LIBOR fallback language in the Credit Agreement. All outstanding borrowings under the Credit Agreement continued to bear interest at LIBOR until March 27, 2023.

On January 5, 2024, the Company entered into Amendment No. 2 to the Credit Agreement (the “Second Amendment”) with terms substantially identical to the Credit Agreement to (i) replace the $100.0 million Term Facility with a new $100.0 million term loan A facility (the “New Term Facility”), (ii) replace the $75.0 million Revolving Credit Facility with a new $75.0 million revolving credit facility (the “New Revolving Credit Facility”), (iii) increase the New Revolving Credit Facility by $50.0 million, bringing the aggregate committed amount under the New Revolving Credit Facility to $125.0 million and (iv) add a new $125.0 million incremental delayed draw term loan facility (the “New Delayed Draw Term Facility”). The New Delayed Draw Term Facility is available to FWR for a period of 18 months from the date of the Second Amendment and the proceeds may be used to fund permitted acquisitions and new restaurant capital expenditures, repay revolving loans and/or replenish balance sheet cash, in each case, used for such permitted acquisitions or capital expenditures.

Loans drawn under the New Delayed Draw Term Facility will amortize in equal quarterly installments at the same amortization rate per annum as then applicable to loans under the New Term Facility. The New Term Facility, the New Revolving Credit Facility and the New Delayed Draw Term Facility mature on January 5, 2029.

On April 12, 2024, the Company drew $97.5 million of the $125.0 million New Delayed Draw Term Facility. The proceeds were used to repay $22.5 million of borrowings under the New Revolving Credit Facility and fund the franchise acquisition on April 15, 2024 that was completed for approximately $75.1 million.

As of June 30, 2024, borrowings under the Credit Facility, as amended, bear interest at the option of FWR at either (i) the alternate base rate plus a margin of between 150 and 225 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 250 and 325 basis points depending on the Total Rent Adjusted Net Leverage Ratio. Refer to Note 8, Interest Rate Swaps, for information about the variable-to-fixed interest rate swap agreements entered in June 2023 and May 2024.

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 following table includes the carrying value and fair value of the Company’s debt as of the periods indicated:


	JUNE 30, 2024				DECEMBER 31, 2023
(in thousands)	Carrying Value		Fair Value		Carrying Value		Fair Value
Term Facility	$	99,375	$	98,937	$	92,500	$	92,201
Delayed Draw Term Facility	$	96,891	$	96,464	$	—	$	—
Revolving Credit Facility	$	—	$	—	$	30,000	$	29,897

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Commitment and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, estimate of possible loss		$ 0.8
Loss contingency, damages paid, value	$ 0.7

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 45,104	$ 49,632
Restricted cash	258	329
Accounts receivable	4,032	5,532
Inventory	5,666	5,381
Prepaid expenses	8,486	7,494
Derivative assets, current	967	457
Other current assets	2,886	2,365
Total current assets	67,399	71,190
Goodwill	398,565	359,883
Intangible assets, net	171,025	151,186
Operating lease right-of-use assets	482,308	420,001
Property, fixtures and equipment, net of accumulated depreciation of $203,862 and $181,481, respectively	313,884	263,082
Other long-term assets	3,473	1,703
Total assets	1,436,654	1,267,045
Current liabilities:
Accounts payable	7,177	6,324
Accrued liabilities	39,031	35,630
Accrued compensation	16,979	21,711
Deferred revenues	3,247	5,499
Current portion of operating lease liabilities	45,755	40,281
Current portion of long-term debt	6,645	5,628
Total current liabilities	118,834	115,073
Operating lease liabilities	504,130	441,290
Long-term debt, net	192,074	119,767
Deferred income taxes	32,215	25,331
Derivative liabilities	717	1,346
Other long-term liabilities	2,900	2,954
Total liabilities	850,870	705,761
Commitments and contingencies (Note 12)
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; 60,402,838 and 59,891,705 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	604	599
Additional paid-in capital	641,625	634,099
Accumulated deficit	(56,633)	(72,747)
Accumulated other comprehensive income (loss)	188	(667)
Total equity	585,784	561,284
Total liabilities and equity	$ 1,436,654	$ 1,267,045
Common stock, shares issued (in shares)	60,402,838	59,891,705

Interest Rate Swaps	6 Months Ended
Interest Rate Swaps	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Swaps	Interest Rate Swaps The Company utilizes interest rate swaps to hedge a portion of the cash flows of the Company’s variable rate debt. On June 23, 2023, the Company entered into two variable-to-fixed interest rate swaps. These interest rate swaps have an aggregate notional amount of $90.0 million and mature on October 6, 2026. Under the terms of the interest rate swaps, the Company will pay a weighted average fixed rate of 4.16% on the notional amount and will receive payments from the counterparties based on the three-month SOFR rate. On May 17, 2024, the Company entered into two additional variable-to-fixed interest rate swaps. These interest rate swaps have an aggregate notional amount of $60.0 million and mature on June 30, 2027. Under the terms of the interest rate swaps, the Company will pay a weighted average fixed rate of 4.42% on the notional amount and will receive payments from the counterparties based on the three-month SOFR rate. The fair value measurement of the interest rate swaps was based on the contractual terms and used observable market-based inputs. The interest rate swaps were valued using a discounted cash flow analysis on the expected cash flows using observable inputs including interest rate curves and credit spreads. Although the majority of the inputs used to value the instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and the counterparties. The Company has determined that the impact of the credit valuation adjustments was not significant to the overall valuation. As a result, the derivative was classified as Level 2 of the fair value hierarchy. Amounts reported in Other comprehensive income related to the interest rate swaps will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the thirteen and twenty-six weeks ended June 30, 2024, a total of $0.2 million and $0.5 million, respectively, was reclassified from Other comprehensive income (loss) as a reduction to Interest expense. Over the next 12 months, the Company estimates that $1.0 million will be reclassified as a reduction to interest expense.

Equity and Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
NUMBER OF OPTIONS
Options outstanding, beginning of period (in shares) \| shares	4,347,186
Options forfeited (in shares) \| shares	(22,999)
Options exercised (in shares) \| shares	(324,276)
Options outstanding, end of period (in shares) \| shares	3,999,911	4,347,186
Options exercisable, end of period (in shares) \| shares	3,633,619
WEIGHTED AVERAGE EXERCISE PRICE PER SHARE
Outstanding, beginning of period, weighted average exercise price (in dollars per share) \| $ / shares	$ 10.22
Forfeited, weighted average exercise price (in dollars per share) \| $ / shares	12.65
Exercised, weighted average exercise price (in dollars per share) \| $ / shares	9.91
Outstanding, end of period, weighted average exercise price (in dollars per share) \| $ / shares	10.23	$ 10.22
Exercisable, end of period, weighted average exercise price (in dollars per share) \| $ / shares	$ 9.97
AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, beginning of period, aggregate intrinsic value \| $	$ 42,965
Outstanding, end of period, aggregate intrinsic value \| $	29,334	$ 42,965
Exercisable, end of period, aggregate intrinsic value \| $	$ 27,585
WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, weighted average remaining contractual term	4 years 6 months	5 years 1 month 6 days
Exercisable, weighted average remaining contractual term	4 years 2 months 12 days

Equity and Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
NUMBER OF OPTIONS
Beginning balance (in shares) \| shares	1,234,031
Forfeited (in shares) \| shares	(22,999)
Vested (in shares) \| shares	(844,740)
Ending balance (in shares) \| shares	366,292
WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Beginning balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 7.36
Forfeited, weighted average grant date fair value (in dollars per share) \| $ / shares	5.70
Vested, weighted average grant date fair value (in dollars per share) \| $ / shares	7.95
Ending balance, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 6.09

Accounts Receivable

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable

Accounts receivable consisted of the following:


(in thousands)	JUNE 30, 2024		DECEMBER 31, 2023
Receivables from third-party delivery providers	$	1,309	$	1,559
Receivables from franchisees	994		1,390
Receivables from vendors	1,092		873
Receivables related to gift card sales	540		1,585
Other receivables	97		125
Total accounts receivable	$	4,032	$	5,532

Equity and Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity and Stock-Based Compensation

Equity transactions

During the first quarter of 2024, funds managed by the Company’s largest stockholder, Advent International, L.P. (“Advent”) sold 6,900,000 shares of the Company’s common stock through an underwritten secondary public offering, including 900,000 shares of common stock that were sold pursuant to the underwriter’s option to purchase additional shares, which was exercised in full. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. The Company incurred approximately $0.5 million of costs in connection with the offerings that were recorded within Transaction expenses, net on the Consolidated Statements of Operations and Comprehensive Income.

During the second quarter of 2023, Advent sold 3,500,000 and 3,000,000 shares of the Company’s common stock through underwritten secondary public offerings that were completed on May 18, 2023 and June 13, 2023, respectively. The selling stockholders sold an additional 525,000 and 450,000 shares of common stock on May 18, 2023 and July 3, 2023, respectively, pursuant to the terms of the underwriter’s option associated with each secondary offering. All net proceeds from the sale of the shares of common stock were distributed to the selling stockholders. The Company incurred approximately $1.0 million of costs that were recorded within Transaction expenses, net on the Consolidated Statements of Operations and Comprehensive Income.

Stock option awards

There were no stock option awards granted during the twenty-six weeks ended June 30, 2024. A summary of stock option activity during the twenty-six weeks ended June 30, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (in years)
Outstanding, December 31, 2023	4,347,186	$	10.22	$	42,965	5.1
Forfeited	(22,999)	$	12.65
Exercised	(324,276)	$	9.91
Outstanding, June 30, 2024	3,999,911	$	10.23	$	29,334	4.5

Exercisable, June 30, 2024	3,633,619	$	9.97	$	27,585	4.2

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 of the period.

A summary of the non-vested stock option activity during the twenty-six weeks ended June 30, 2024 is as follows:


	NUMBER OF OPTIONS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE
Nonvested, December 31, 2023	1,234,031	$	7.36
Forfeited	(22,999)	$	5.70
Vested	(844,740)	$	7.95
Nonvested, June 30, 2024	366,292	$	6.09

Restricted stock units

During the twenty-six weeks ended June 30, 2024, a total of 459,041 restricted stock units (“RSUs”) were granted. Of the total RSUs granted, 353,683 will vest ratably over a period of three years from grant date, 33,762 will vest one year from the grant date, and the remaining 71,596 will vest 50% on the second anniversary of the grant date and 50% on the third anniversary of grant date. A summary of the Company’s RSU activity during the twenty-six weeks ended June 30, 2024 is as follows:


	RESTRICTED STOCK UNITS	WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER SHARE		AGGREGATE INTRINSIC VALUE (in thousands)
Outstanding, December 31, 2023	521,042	$	15.71	$	10,473
Granted	459,041	$	24.33
Forfeited	(7,436)	$	17.03
Vested	(186,857)	$	15.85
Outstanding, June 30, 2024	785,790	$	20.70	$	13,798

The aggregate intrinsic value is based on the closing price of the Company’s common stock on Nasdaq of $17.56 and $20.10 on June 28, 2024 and December 29, 2023, the last trading days for the periods, respectively.

Stock-based compensation expense was $2.5 million and $2.1 million during the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $4.3 million and $3.6 million during the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.

The total related income tax benefit for stock-based compensation expense was $0.1 million and $0.4 million during the thirteen weeks ended June 30, 2024 and June 25, 2023, and $1.4 million and $0.6 million during the twenty-six weeks ended June 30, 2024 and June 25, 2023, respectively.

Unrecognized stock-based compensation expense

The following represents unrecognized stock-based compensation expense and the remaining weighted average vesting period as of June 30, 2024:


	UNRECOGNIZED STOCK-BASED COMPENSATION EXPENSE (in thousands)		REMAINING WEIGHTED AVERAGE VESTING PERIOD (in years)
Stock options	$	1,572	0.7
Restricted stock units	$	14,190	2.2