v3.26.1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jul. 01, 2025
Cash flows from operating activities:    
Net income $ 27,816 $ 35,700
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 44,144 37,013
Non-cash lease expense 17,846 17,042
Amortization of financing costs 116 108
Deferred income taxes, net (2,282) (2,107)
Stock-based compensation expense 5,074 3,857
Loss on disposal and impairment of assets, net 2,769 368
Equity method investment 115 225
Changes in assets and liabilities:    
Accounts and other receivables, net 1,697 2,480
Inventories, net (57) 634
Prepaid expenses and other current assets 2,190 2,976
Other assets, net (1,985) (1,177)
Accounts payable 3,798 (2,088)
Accrued expenses (6,915) (7,939)
Operating lease assets and liabilities (21,801) (19,750)
Other liabilities 1,512 (442)
Net cash provided by operating activities 74,037 66,900
Cash flows from investing activities:    
Purchases of property and equipment (39,108) (37,056)
Proceeds from disposal of assets 59 37
Internally developed software (1,383)  
Net cash used in investing activities (40,432) (37,019)
Cash flows from financing activities:    
Borrowings on credit facility 495,000 418,000
Payments on credit facility (536,000) (424,000)
Payments of debt issuance costs 0 (834)
Taxes paid on vested stock units under employee plans (473) (649)
Proceeds from exercise of stock options 6,190 6,700
Repurchase of common stock (7,676) (29,230)
Net cash used in financing activities (42,959) (30,013)
Net decrease in cash and cash equivalents (9,354) (132)
Cash and cash equivalents, beginning of period 23,781 26,096
Cash and cash equivalents, end of period 14,427 25,964
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3,091 1,248
Cash paid for interest, net of capitalized interest 1,440 2,018
Cash paid for operating lease obligations 32,956 32,443
Supplemental disclosure of non-cash investing and financing activities:    
Operating lease assets obtained in exchange for operating lease obligations 8,722 2,798
Property and equipment acquired and included in accounts payable 3,823 5,654
Stock-based compensation capitalized [2] $ 274 $ 169
[1] The twenty-six weeks ended June 30, 2026 includes $0.3 million 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.