
(dollars in thousands)	SEPTEMBER 27, 2026		DECEMBER 28, 2025
Prepaid expenses	$	21,854	$	24,018
Accounts receivable - gift cards, net	9,763		71,232
Accounts receivable - vendors, net	12,654		19,495
Accounts receivable - franchisees, net	3,492		3,603
Accounts receivable - other, net	11,691		7,886
Deferred gift card sales commissions	11,731		17,155
Other current assets, net	5,973		5,302
	$	77,158	$	148,691

Goodwill and Intangible Assets - The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets as of the first day of its second fiscal quarter. The 2026 annual assessment was qualitative. During the thirteen weeks ended June 29, 2025, the Company performed a quantitative annual impairment analysis due to a decline in the Company’s stock price and market capitalization. In connection with the 2026 and 2025 annual assessments, the Company did not record any impairment charges. During the thirteen weeks ended December 28, 2025, the Company performed an interim quantitative impairment analysis as a result of: (i) a sustained decline in the Company’s stock price and market capitalization and (ii) a decline in margins specific to the Bonefish Grill reporting unit. In connection with this analysis, the Company determined that the Bonefish Grill reporting unit was impaired and $28.2 million of goodwill impairment was recorded to fully impair the goodwill of the reporting unit.


(dollars in thousands)	SEPTEMBER 27, 2026		DECEMBER 28, 2025
Accrued payroll and other compensation	$	52,235	$	79,436
Accrued sales and other taxes	35,201		31,848
Accrued insurance	28,914		22,733
Other current liabilities	51,788		52,239
	$	168,138	$	186,256


	SEPTEMBER 27, 2026				DECEMBER 28, 2025
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE
Senior secured credit facility - revolving credit facility (1)	$	470,000	5.96	%	$	490,000	6.09	%

2029 Notes	300,000		5.13	%	300,000		5.13	%
Long-term debt	770,000				790,000
Less: unamortized debt discount and issuance costs	(2,028)				(2,575)
Long-term debt, net	$	767,972			$	787,425

________________

Amended Credit Agreement – On September 25, 2026, the Company and OSI, as co-borrowers, entered into the Fourth Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which provides for senior secured financing of up to $1.2 billion consisting of a revolving credit facility (the “Senior Secured Credit Facility”). The Senior Secured Credit Facility matures on September 25, 2031 and replaced the Company’s prior senior secured financing of up to $1.2 billion (the “Former Credit Facility”). In connection with the Amended Credit Agreement, the Company recorded $6.8 million of deferred debt issuance costs within Other assets, net and recognized a $0.6 million write-off of deferred debt issuance costs in Interest expense, net during the thirteen weeks ended September 27, 2026. The amount of the revolving credit commitments, terms regarding the potential increase of commitments and interest rate elections and spreads remained substantially unchanged.

The Amended Credit Agreement continues to include a financial covenant requiring that the Total Net Leverage Ratio, as defined in the Amended Credit Agreement, not exceed 4.50 to 1.00, and adds a new financial covenant requiring that the Consolidated Senior Secured Net Leverage Ratio, as defined in the Amended Credit Agreement, not exceed 3.50 to 1.00. The Amended Credit Agreement provides limited flexibility to temporarily increase these ratios in connection with certain material acquisitions. Other affirmative and negative covenants remain substantially similar to those under the Former Credit Facility. As of September 27, 2026 and December 28, 2025, the Company was in compliance with its debt covenants.

Under the Amended Credit Agreement, the Company may elect an interest rate at each reset period based on the Base Rate or a forward-looking term rate based on the secured overnight financing rate (“SOFR”) (“Term SOFR”). The Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association, (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the one-month Term SOFR plus 1.0%. The interest rate spreads are as follows: