v3.25.2
Fresh Start Accounting - Schedule of Consolidated Balance Sheet as of Emergence Date (Detail) - USD ($)
Jun. 30, 2025
Jun. 28, 2025
Jun. 25, 2025
Jun. 24, 2025
Mar. 29, 2025
Dec. 28, 2024
Jun. 29, 2024
Mar. 30, 2024
Dec. 30, 2023
CURRENT ASSETS                  
Cash and cash equivalents $ 152,379,000     $ 140,585,000   $ 53,024,000      
Restricted cash 33,048,000     32,980,000   3,003,000      
Receivables (net of allowances) 11,712,000     12,115,000   14,428,000      
Prepaid income taxes 41,346,000     40,821,000   11,676,000      
Prepaid marketing and advertising 5,707,000     6,005,000   4,969,000      
Prepaid expenses and other current assets 19,028,000     19,830,000   15,548,000      
TOTAL CURRENT ASSETS 263,220,000     252,336,000   102,648,000      
Property and equipment, net 9,690,000     9,742,000   15,798,000      
Operating lease assets 3,505,000     3,491,000   42,047,000      
Goodwill 199,053,000     199,053,000   239,583,000     $ 243,441,000
Other intangible assets, net 527,566,000     529,000,000   115,762,000      
Deferred income taxes 16,727,000     16,581,000   16,686,000      
Other noncurrent assets 13,357,000     13,346,000   17,752,000      
TOTAL ASSETS 1,033,118,000     1,023,549,000   550,276,000      
CURRENT LIABILITIES                  
Portion of operating lease liabilities due within one year 9,099,000     9,094,000   8,168,000      
Accounts payable 10,198,000     9,779,000   17,803,000      
Salaries and wages payable 34,419,000     32,438,000   53,143,000      
Accrued marketing and advertising 11,927,000     9,732,000   12,805,000      
Accrued interest 1,006,000     0   11,322,000      
Other accrued liabilities 40,418,000     39,255,000   20,593,000      
Income taxes payable 3,038,000     2,999,000   2,339,000      
Deferred revenue 29,954,000     29,782,000   31,655,000      
TOTAL CURRENT LIABILITIES 140,059,000     133,079,000   173,331,000      
Long-term debt, net 465,518,000     465,518,000   1,430,643,000      
Long-term operating lease liabilities 2,601,000     2,588,000   44,322,000      
Deferred income taxes 43,304,000 $ 32,815   43,167,000   14,762,000      
Other noncurrent liabilities 667,000     664,000   1,590,000      
Gain on settlement of liabilities subject to compromise       0          
TOTAL LIABILITIES 652,149,000     645,016,000   1,664,648,000      
TOTAL EQUITY (DEFICIT)                  
Successor common stock 378,533,000     378,533,000   0      
Predecessor treasury stock 0     0   (3,024,710,000)      
Retained earnings 1,254,000     0   1,936,170,000      
Accumulated other comprehensive loss 1,182,000     0   (25,832,000)      
TOTAL EQUITY (DEFICIT) 380,969,000   $ 378,533,000 378,533,000 $ (1,182,923,000) (1,114,372,000) $ (1,087,283,000) $ (1,112,299,000) $ (761,094,000)
TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT) 1,033,118,000     1,023,549,000   $ 550,276,000      
Predecessor                  
CURRENT ASSETS                  
Cash and cash equivalents       164,008,000          
Restricted cash       19,007,000          
Receivables (net of allowances)       12,115,000          
Prepaid income taxes       38,404,000          
Prepaid marketing and advertising       6,005,000          
Prepaid expenses and other current assets       19,961,000          
TOTAL CURRENT ASSETS       259,500,000          
Property and equipment, net       3,566,000          
Operating lease assets       5,117,000          
Goodwill       242,422,000          
Other intangible assets, net       82,145,000          
Deferred income taxes       16,988,000          
Other noncurrent assets       18,229,000          
TOTAL ASSETS       627,967,000          
CURRENT LIABILITIES                  
Portion of operating lease liabilities due within one year       514,000          
Accounts payable       9,779,000          
Salaries and wages payable       21,768,000          
Accrued marketing and advertising       9,732,000          
Accrued interest       0          
Other accrued liabilities       30,840,000          
Income taxes payable       2,999,000          
Deferred revenue       29,782,000          
TOTAL CURRENT LIABILITIES       105,414,000          
Long-term debt, net       0          
Long-term operating lease liabilities       1,637,000          
Deferred income taxes       10,759,000          
Other noncurrent liabilities       664,000          
Gain on settlement of liabilities subject to compromise       1,678,867,000          
TOTAL LIABILITIES       1,797,341,000          
TOTAL EQUITY (DEFICIT)                  
Successor common stock       0          
Predecessor treasury stock       (3,000,164,000)          
Retained earnings       1,845,916,000          
Accumulated other comprehensive loss       (15,126,000)          
TOTAL EQUITY (DEFICIT)       (1,169,374,000)          
TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)       627,967,000          
Reorganization Adjustments                  
CURRENT ASSETS                  
Cash and cash equivalents [1]       (23,423,000)          
Restricted cash [2]       13,973,000          
Receivables (net of allowances)       0          
Prepaid income taxes       0          
Prepaid marketing and advertising       0          
Prepaid expenses and other current assets       0          
TOTAL CURRENT ASSETS       (9,450,000)          
Property and equipment, net       0          
Operating lease assets       0          
Goodwill       (0)          
Other intangible assets, net       0          
Deferred income taxes       0          
Other noncurrent assets       0          
TOTAL ASSETS       (9,450,000)          
CURRENT LIABILITIES                  
Portion of operating lease liabilities due within one year 6,540,000     6,540,000 [3]          
Accounts payable       0          
Salaries and wages payable [4]       10,670,000          
Accrued marketing and advertising       0          
Accrued interest 5,635,000     0          
Other accrued liabilities [5]       8,415,000          
Income taxes payable       0          
Deferred revenue       0          
TOTAL CURRENT LIABILITIES       25,625,000          
Long-term debt, net [6]       463,702,000          
Long-term operating lease liabilities 39,681,000     39,681,000 [7]          
Deferred income taxes       0          
Other noncurrent liabilities       0          
Gain on settlement of liabilities subject to compromise [8]       (1,678,867,000)          
TOTAL LIABILITIES       (1,149,859,000)          
TOTAL EQUITY (DEFICIT)                  
Successor common stock [9]       378,533,000          
Predecessor treasury stock [10]       3,000,164,000          
Retained earnings [11]       (2,238,288,000)          
Accumulated other comprehensive loss       0          
TOTAL EQUITY (DEFICIT)       1,140,409,000          
TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)       (9,450,000)          
Fresh Start Adjustments                  
CURRENT ASSETS                  
Cash and cash equivalents       0          
Restricted cash       0          
Receivables (net of allowances)       0          
Prepaid income taxes [12]       2,417,000          
Prepaid marketing and advertising       0          
Prepaid expenses and other current assets [13]       (131,000)          
TOTAL CURRENT ASSETS       2,286,000          
Property and equipment, net 6,176,000     6,176,000 [14]          
Operating lease assets (1,626,000)     (1,626,000) [15]          
Goodwill (43,369,000)     (43,369,000) [16]          
Other intangible assets, net 446,855,000     446,855,000 [17]          
Deferred income taxes [18]       (407,000)          
Other noncurrent assets [19]       (4,883,000)          
TOTAL ASSETS       405,032,000          
CURRENT LIABILITIES                  
Portion of operating lease liabilities due within one year [20]       2,040,000          
Accounts payable       0          
Salaries and wages payable       0          
Accrued marketing and advertising       0          
Accrued interest       0          
Other accrued liabilities       0          
Income taxes payable       0          
Deferred revenue       0          
TOTAL CURRENT LIABILITIES       2,040,000          
Long-term debt, net (1,816,000)     1,816,000 [21]          
Long-term operating lease liabilities 38,730,000     (38,730,000) [22]          
Deferred income taxes [18]       32,408,000          
Other noncurrent liabilities       0          
Gain on settlement of liabilities subject to compromise       0          
TOTAL LIABILITIES       (2,466,000)          
TOTAL EQUITY (DEFICIT)                  
Successor common stock       0          
Predecessor treasury stock       0          
Retained earnings [23]       392,372,000          
Accumulated other comprehensive loss $ (17,206,000)     15,126,000 [24]          
TOTAL EQUITY (DEFICIT)       407,498,000          
TOTAL LIABILITIES AND TOTAL EQUITY (DEFICIT)       $ 405,032,000          
[1] Changes in cash and cash equivalents included the following:

Funding of professional fee escrow account

$

(10,041

)

Payment for bankruptcy-related professional fees and debt issuance costs

 

(9,425

)

Restriction of cash related to Letter of Credit collateralization

 

(4,025

)

Release of cash reserved for utilities

 

93

 

Payment for continuing Letter of Credit fee

 

(25

)

Changes in cash and cash equivalents

$

(23,423

)
[2] Changes in restricted cash included the following:

Funding of professional fee escrow account

$

10,041

 

Restriction of cash related to Letter of Credit collateralization

 

4,025

 

Release of cash reserved for utilities

 

(93

)

Changes in restricted cash

$

13,973

 
[3] Changes in the portion of operating lease liabilities due within one year were due to the reinstatement of the portion of operating lease liabilities due within one year from liabilities subject to compromise.
[4] Changes in salaries and wages payable were due to the reinstatement of salaries and wages payable from liabilities subject to compromise.
[5] Changes in other accrued liabilities included the following:

Accrual of bankruptcy-related professional fees

$

13,167

 

Payment for bankruptcy-related professional fees

 

(4,752

)

Changes in other accrued liabilities

$

8,415

 
[6] Changes in long-term debt, net included the following:

Issuance of New Term Loan Facility (see Note 8)

$

465,000

 

Capitalization of debt issuance costs

 

(1,298

)

Changes in long-term debt

$

463,702

 
[7] Changes in long-term operating lease liabilities were due to the reinstatement of the long-term portion of operating lease liabilities from liabilities subject to compromise.
[8] Liabilities subject to compromise settled in accordance with the Plan:

Prepetition Term Loan Facility due April 13, 2028

$

945,000

 

Prepetition Senior Secured Notes due April 15, 2029

 

500,000

 

Prepetition Revolving Credit Facility due April 23, 2026

 

171,341

 

Long-term portion of operating lease liabilities

 

39,681

 

Accrued salaries and wages payable

 

10,670

 

Portion of operating lease liabilities due within one year

 

6,540

 

Accrued interest payable

 

5,635

 

Total liabilities subject to compromise

$

1,678,867

 

Less: Issuance of New Term Loan Facility issued to holders of prepetition First Lien Claims

 

(465,000

)

Less: Implied equity value issued to holders of prepetition First Lien Claims (9,100 Successor common shares)

 

(344,465

)

Less: Reinstatement of long-term operating lease liabilities

 

(39,681

)

Less: Reinstatement of salaries and wages payable

 

(10,670

)

Less: Reinstatement of portion of operating lease liabilities due within one year

 

(6,540

)

Gain on settlement of liabilities subject to compromise

$

812,511

 
[9] Reflects the Successor equity including the issuance of 10,000 shares of Successor Common Stock pursuant to the Plan.
[10] Changes to Predecessor common stock and treasury stock were due to the cancellation of Predecessor common stock and treasury stock per the Plan.
[11] Changes to retained earnings included the following:

Gain on settlement of liabilities subject to compromise

$

812,511

 

Accrual of bankruptcy-related professional fees

 

(13,167

)

Accrual of continuing Letter of Credit fees

 

(25

)

Payment for bankruptcy related professional fees

 

(3,374

)

 Total adjustments impacting reorganization items, net

$

795,945

 

Cancellation of Predecessor common stock and treasury stock

 

(3,000,164

)

Implied equity value issued to Predecessor equity holders (900 Successor common shares)

 

(34,069

)

Changes in retained earnings

$

(2,238,288

)
[12] The change in prepaid income taxes reflects the net change in the federal and state tax deductions for the lease termination liability and write-off of sublease asset associated with the Corporate Headquarters Lease (as defined below) due to the adoption of fresh start accounting.
[13] The change in prepaid expenses and other current assets represents the fair value adjustment to the Company’s other current assets relating to the write-off of a sublease asset associated with the Corporate Headquarters Lease.
[14] The change in property and equipment, net primarily represents the fair value adjustment to the Company’s leasehold improvements, office furniture and equipment and computer hardware and software. The Company valued the property and equipment, net using the indirect cost method under the cost approach. The indirect cost method considers historical acquisition costs for the assets adjusted for inflation, as well as factors in any potential obsolescence based on the current condition of the assets.
[15] The change in operating lease assets reflects the adjustment to the Company’s operating lease assets relating to the recognition of sublease interest, decrease in short term leases due to applying the short term lease exemption, and the impact of changes to the incremental borrowing rate (“IBR”).
[16] The change in goodwill reflects the adjustment to record excess reorganization value not attributable to a specific assets class.
[17] Changes to other intangible assets, net included the following:

Recognition of other intangible assets recorded at fair value (see Note 7)

$

529,000

 

Adjustment to write-off capitalized cost and related accumulated amortization of other intangible assets as part of fresh start accounting

 

(82,145

)

Changes in other intangible assets, net

$

446,855

 
[18] The change to deferred income taxes was due to the increase of the net deferred tax liability by $32,815 resulting from the changes in fair value of assets and liabilities due to the adoption of fresh start accounting.
[19] The change in other noncurrent assets reflects the fair value adjustment to the Company’s noncurrent assets relating to the write-off of a sublease asset associated with the Corporate Headquarters Lease.
[20] The change in operating lease liabilities due within one year reflects the fair value adjustment to the Company’s operating lease liabilities, including the adjustments associated with the Corporate Headquarters Lease (see Note 5 “Leases” for further discussion). As part of adjusting the Corporate Headquarters Lease to the allowable claim, the operating lease liability due within one year increased by $3,749. Decreases in operating lease liabilities due within one year reflect the decrease in short term leases due to applying the short term lease exemption, and the impact of changes to the IBR.
[21] The change in long-term debt, net reflects the fair value adjustment to the Company’s long-term debt due to the New Term Loan Facility (see Note 8 “Long-term Debt”).
[22] Changes to long-term operating lease liabilities included the following:

Adjustment to long-term operating lease liability associated with the Corporate Headquarters Lease (See Note 5)

$

(38,545

)

Other adjustment to record long-term operating lease liabilities at fair value

 

(185

)

Changes in long-term operating lease liabilities

$

(38,730

)
[23] Changes to retained earnings reflect the net cumulative impact of the fresh start adjustments on retained earnings as follows:

Other intangible assets

$

446,855

 

Long-term operating lease liabilities

 

38,730

 

Goodwill

 

(43,369

)

Accumulated other comprehensive loss

 

(17,206

)

Property and equipment

 

6,176

 

Other current and noncurrent assets

 

(5,013

)

Portion of operating lease liabilities within one year

 

(2,040

)

Long-term debt

 

(1,816

)

Operating lease assets

 

(1,626

)

Total fresh start adjustments impacting reorganization items, net

$

420,691

 

Income tax effects on deferred income taxes

 

(32,815

)

Income tax effects on accumulated other comprehensive income

 

2,079

 

Income tax effects on prepaid income taxes

 

2,417

 

Changes in retained earnings

$

392,372

 
[24] Changes to accumulated other comprehensive income (loss) represent the reset of the Predecessor balance due to the adoption of fresh start accounting.