v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Apr. 01, 2025
Cash flows from operating activities:    
Net income $ 9,034 $ 13,492
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 22,995 18,277
Non-cash lease expense 8,865 8,441
Amortization of financing costs 58 55
Deferred income taxes, net (867) (1,418)
Stock-based compensation expense 2,567 1,950
Loss on disposal and impairment of assets, net 1,746 173
Equity method investment 54 159
Changes in assets and liabilities:    
Accounts and other receivables, net 4,817 4,082
Inventories, net 282 588
Prepaid expenses and other current assets 1,495 3,172
Other assets, net (27) 273
Accounts payable 4,134 (30,891)
Accrued expenses (1,086) 3,070
Operating lease obligations (10,971) (15,724)
Other liabilities (113) (1,078)
Net cash provided by operating activities 42,983 4,621
Cash flows from investing activities:    
Purchases of property and equipment (15,801) (16,683)
Proceeds from disposal of assets 57 36
Net cash used in investing activities (15,744) (16,647)
Cash flows from financing activities:    
Borrowings on credit facility 260,529 218,500
Payments on credit facility (283,529) (199,500)
Taxes paid on vested stock units under employee plans (473) (649)
Proceeds from exercise of stock options 426 680
Repurchase of common stock (5,302) (14,099)
Net cash (used in) provided by financing activities (28,349) 4,932
Net decrease in cash and cash equivalents (1,110) (7,094)
Cash and cash equivalents, beginning of period 23,781 26,096
Cash and cash equivalents, end of period 22,671 19,002
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 552 1,248
Cash paid for interest, net of capitalized interest 856 914
Cash paid for operating lease obligations 16,633 16,209
Supplemental disclosure of non-cash investing and financing activities:    
Operating lease assets obtained in exchange for operating lease obligations 5,865 2,694
Property and equipment acquired and included in accounts payable 3,594 4,855
Stock-based compensation capitalized [2] $ 85 $ 90
[1] The thirteen weeks ended March 31, 2026 includes $183,000 of depreciation expense related to brewery operations, which is recorded as Cost of sales on our Consolidated Statements of Income.
[2] Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets.