Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Components of operating lease costs
Components of operating lease costs are included in occupancy, closed restaurant costs, restaurant pre-opening, general and administrative expense and property and equipment, net:
Year Ended
Lease cost December 31, 2023 December 25, 2022
Operating lease cost $ 24,017  $ 24,436 
Variable lease cost 1,566  1,315 
$ 25,583  $ 25,751 
Supplemental cash flow disclosures and other lease information:
Year Ended
December 31, 2023 December 25, 2022
Cash paid for operating lease liabilities (a)
26,897 29,969 
Operating lease assets obtained in exchange for operating lease liabilities (b)
3,385 8,166 
(a) The year-ended December 31, 2023 includes $0.9 million of termination payments for one of our closed restaurant operating leases. The year-ended December 25, 2022 includes $2.9 million of termination payments for four of our closed restaurant operating leases.
(b) The year-ended December 31, 2023 includes a $2.0 million increase due to a new lease commencement and a $3.9 million increase mainly due to extending remaining lives of certain leases, partially offset by a $2.5 million decrease to operating lease assets and liabilities related to the termination of one closed restaurant lease and a purchase of one existing lease. The year-ended December 25, 2022 includes a $9.1 million increase due to new lease commencements and a $1.6 million increase mainly due to extending remaining lives of certain leases, partially offset by a $2.5 million decrease to operating lease assets and liabilities related to the termination of four closed restaurant leases.
Supplemental balance sheet information
Supplemental balance sheet disclosures:
Operating leases Classification December 31, 2023 December 25, 2022
Right-of-use assets Operating lease assets $ 140,138  $ 146,920 
Deferred Rent Payments
 Operating lease liability 6  84 
Current lease liabilities Operating lease liability 12,982  12,415 
12,988  12,499 
Deferred Rent Payments Operating lease liability, less current portion 61  68 
Non-current lease liabilities Operating lease liability, less current portion 174,175  183,602 
174,236  183,670 
Total lease liabilities $ 187,224  $ 196,169 
Weighted average remaining lease term (in years)
 12.0 12.7
Weighted average discount rate
 7.8  % 7.6  %
Schedule of Future Minimum Rent Payments for Operating Leases
Future minimum rent payments for our operating leases for each of the next five years as of December 31, 2023 are as follows:
Fiscal years ending:
2024 $ 26,792 
2025 27,073 
2026 26,343 
2027 24,300 
2028 23,907 
Thereafter 157,480 
Total minimum lease payments 285,895 
Less: imputed interest 98,671 
Present value of lease liabilities $ 187,224