Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 02, 2024 | Aug. 02, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 02, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BJRI | |
Entity Registrant Name | BJ’S RESTAURANTS, INC. | |
Entity Central Index Key | 0001013488 | |
Current Fiscal Year End Date | --01-03 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 23,154,521 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity File Number | 0-21423 | |
Entity Tax Identification Number | 33-0485615 | |
Entity Address, Address Line One | 7755 Center Avenue | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Huntington Beach | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92647 | |
City Area Code | 714 | |
Local Phone Number | 500-2400 | |
Title of 12(b) Security | Common Stock, No Par Value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | CA | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jul. 02, 2024 | Jan. 02, 2024 |
Current assets: | ||
Cash and cash equivalents | $ 16,185 | $ 29,070 |
Accounts and other receivables, net | 15,616 | 19,469 |
Inventories, net | 13,380 | 13,245 |
Prepaid expenses and other current assets | 14,869 | 21,237 |
Total current assets | 60,050 | 83,021 |
Property and equipment, net | 529,190 | 525,190 |
Operating lease assets | 347,456 | 350,091 |
Goodwill | 4,673 | 4,673 |
Equity method investment | 4,477 | 4,770 |
Deferred income taxes, net | 54,978 | 50,147 |
Other assets, net | 43,312 | 40,562 |
Total assets | 1,044,136 | 1,058,454 |
Current liabilities: | ||
Accounts payable | 50,617 | 60,641 |
Accrued expenses | 88,858 | 101,295 |
Current operating lease obligations | 32,279 | 37,389 |
Total current liabilities | 171,754 | 199,325 |
Long-term operating lease obligations | 409,015 | 414,114 |
Long-term debt | 63,500 | 68,000 |
Other liabilities | 13,378 | 11,254 |
Total liabilities | 657,647 | 692,693 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, 5,000 shares authorized, none issued or outstanding | ||
Common stock, no par value, 125,000 shares authorized and 23,138 and 23,184 shares issued and outstanding as of July 2, 2024 and January 2, 2024, respectively | ||
Capital surplus | 72,037 | 77,036 |
Retained earnings | 314,452 | 288,725 |
Total shareholders’ equity | 386,489 | 365,761 |
Total liabilities and shareholders’ equity | $ 1,044,136 | $ 1,058,454 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 02, 2024 | Jan. 02, 2024 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 23,138,000 | 23,184,000 |
Common stock, shares outstanding | 23,138,000 | 23,184,000 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | ||
Income Statement [Abstract] | |||||
Revenues | $ 349,927 | $ 349,670 | $ 687,261 | $ 690,950 | |
Restaurant operating costs (excluding depreciation and amortization): | |||||
Cost of sales | 89,836 | 90,614 | 174,789 | 181,491 | |
Labor and benefits | 126,309 | 126,522 | 251,330 | 254,855 | |
Occupancy and operating | 79,566 | 81,912 | 156,424 | 161,058 | |
General and administrative | 20,604 | 21,194 | 43,601 | 40,900 | |
Depreciation and amortization | 18,163 | 17,708 | 36,036 | 35,320 | |
Restaurant opening | 300 | 378 | 890 | 1,222 | |
Loss on disposal and impairment of assets, net | 1,928 | 1,130 | 2,712 | 3,276 | |
Total costs and expenses | 336,706 | 339,458 | 665,782 | 678,122 | |
Income from operations | 13,221 | 10,212 | 21,479 | 12,828 | |
Other income (expense): | |||||
Interest expense, net | (1,259) | (1,108) | (2,670) | (2,229) | |
Other income, net | [1] | 2,772 | 622 | 3,468 | 818 |
Total other income (expense) | 1,513 | (486) | 798 | (1,411) | |
Income before income taxes | 14,734 | 9,726 | 22,277 | 11,417 | |
Income tax benefit | (2,423) | (2,206) | (2,603) | (3,996) | |
Net income | $ 17,157 | $ 11,932 | $ 24,880 | $ 15,413 | |
Net income per share: | |||||
Basic | $ 0.74 | $ 0.51 | $ 1.07 | $ 0.66 | |
Diluted | $ 0.72 | $ 0.5 | $ 1.04 | $ 0.64 | |
Weighted average number of shares outstanding: | |||||
Basic | 23,309 | 23,539 | 23,313 | 23,510 | |
Diluted | 23,921 | 23,971 | 23,954 | 23,961 | |
[1] For the thirteen weeks ended July 2, 2024 and July 4, 2023, related party costs included in other income, net was an equity method investment loss of $ 146,000 and $ 60,000 , respectively. For the twenty-six weeks ended July 2, 2024 and July 4, 2023, related party costs included in other income, net was an equity method investment loss of $ 293,000 and $ 100,000 , respectively See Note 10 for further information. |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | |
Income Statement [Abstract] | ||||
Related party net loss related to equity method investment | $ 146,000 | $ 60,000 | $ 293,000 | $ 100,000 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] |
Beginning Balance at Jan. 03, 2023 | $ 345,515 | $ 74,459 | $ 271,056 | |
Beginning Balance (in shares) at Jan. 03, 2023 | 23,392,000 | |||
Exercise of stock options | 6 | $ 8 | (2) | |
Issuance of restricted stock units | (498) | $ 6,161 | (6,659) | |
Issuance of restricted stock units (in shares) | 152,000 | |||
Repurchase, retirement and reclassification of common stock | $ (6,169) | 6,169 | ||
Stock-based compensation | 5,609 | 5,609 | ||
Adjustment to dividends previously accrued | 1 | 1 | ||
Net income | 15,413 | 15,413 | ||
Ending Balance at Jul. 04, 2023 | 366,046 | 73,407 | 292,639 | |
Ending Balance (in shares) at Jul. 04, 2023 | 23,544,000 | |||
Beginning Balance at Apr. 04, 2023 | 351,234 | 71,035 | 280,199 | |
Beginning Balance (in shares) at Apr. 04, 2023 | 23,529,000 | |||
Exercise of stock options | 6 | $ 8 | (2) | |
Issuance of restricted stock units | $ 500 | (500) | ||
Issuance of restricted stock units (in shares) | 15,000 | |||
Repurchase, retirement and reclassification of common stock | $ (508) | 508 | ||
Stock-based compensation | 2,874 | 2,874 | ||
Net income | 11,932 | 11,932 | ||
Ending Balance at Jul. 04, 2023 | 366,046 | 73,407 | 292,639 | |
Ending Balance (in shares) at Jul. 04, 2023 | 23,544,000 | |||
Beginning Balance at Jan. 02, 2024 | 365,761 | 77,036 | 288,725 | |
Beginning Balance (in shares) at Jan. 02, 2024 | 23,184,000 | |||
Exercise of stock options | $ 168 | $ 251 | (83) | |
Exercise of stock options (in shares) | 5,000 | 5,000 | ||
Issuance of restricted stock units | $ (892) | $ 9,430 | (10,322) | |
Issuance of restricted stock units (in shares) | 203,000 | |||
Repurchase, retirement and reclassification of common stock | $ (8,835) | $ (9,681) | 846 | |
Repurchase, retirement and reclassification of common stock (in shares) | (255,000) | (254,000) | ||
Stock-based compensation | $ 5,406 | 5,406 | ||
Adjustment to dividends previously accrued | 1 | 1 | ||
Net income | 24,880 | 24,880 | ||
Ending Balance at Jul. 02, 2024 | 386,489 | 72,037 | 314,452 | |
Ending Balance (in shares) at Jul. 02, 2024 | 23,138,000 | |||
Beginning Balance at Apr. 02, 2024 | 375,352 | 70,213 | 305,139 | |
Beginning Balance (in shares) at Apr. 02, 2024 | 23,369,000 | |||
Issuance of restricted stock units | (31) | $ 990 | (1,021) | |
Issuance of restricted stock units (in shares) | 23,000 | |||
Repurchase, retirement and reclassification of common stock | (8,835) | $ (990) | (7,845) | |
Repurchase, retirement and reclassification of common stock (in shares) | (254,000) | |||
Stock-based compensation | 2,845 | 2,845 | ||
Adjustment to dividends previously accrued | 1 | 1 | ||
Net income | 17,157 | 17,157 | ||
Ending Balance at Jul. 02, 2024 | $ 386,489 | $ 72,037 | $ 314,452 | |
Ending Balance (in shares) at Jul. 02, 2024 | 23,138,000 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | ||
Cash flows from operating activities: | |||
Net income | $ 24,880,000 | $ 15,413,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 36,036,000 | 35,320,000 | |
Non-cash lease expense | 15,838,000 | 16,310,000 | |
Amortization of financing costs | 109,000 | 109,000 | |
Deferred income taxes | (4,831,000) | (3,657,000) | |
Stock-based compensation expense | 5,243,000 | 5,420,000 | |
Loss on disposal and impairment of assets, net | 2,712,000 | 3,276,000 | |
Equity method investment | 293,000 | 100,000 | |
Changes in assets and liabilities: | |||
Accounts and other receivables | 4,202,000 | (2,898,000) | |
Inventories, net | 188,000 | 186,000 | |
Prepaid expenses and other current assets | 4,454,000 | 1,796,000 | |
Other assets, net | (3,779,000) | (1,638,000) | |
Accounts payable | (8,749,000) | (5,093,000) | |
Accrued expenses | (12,427,000) | 874,000 | |
Operating lease obligations | (23,761,000) | (23,770,000) | |
Other liabilities | 2,124,000 | (148,000) | |
Net cash provided by operating activities | 42,532,000 | 41,600,000 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (41,349,000) | (52,912,000) | |
Proceeds from sale of assets | 0 | 4,000 | |
Net cash used in investing activities | (41,349,000) | (52,908,000) | |
Cash flows from financing activities: | |||
Borrowings on line of credit | 453,900,000 | 355,000,000 | |
Payments on line of credit | (458,400,000) | (362,000,000) | |
Taxes paid on vested stock units under employee plans | (892,000) | (498,000) | |
Proceeds from exercise of stock options | 168,000 | 6,000 | |
Cash dividends accrued under stock compensation plans | (9,000) | (20,000) | |
Repurchase of common stock | (8,835,000) | 0 | |
Net cash used in financing activities | (14,068,000) | (7,512,000) | |
Net decrease in cash and cash equivalents | (12,885,000) | (18,820,000) | |
Cash and cash equivalents, beginning of period | 29,070,000 | 24,873,000 | |
Cash and cash equivalents, end of period | 16,185,000 | 6,053,000 | |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 3,712,000 | 345,000 | |
Cash paid for interest, net of capitalized interest | 2,311,000 | 1,669,000 | |
Cash paid for operating lease obligations | 31,153,000 | 31,559,000 | |
Supplemental disclosure of non-cash investing and financing activities: | |||
Operating lease assets obtained in exchange for operating lease obligations | 13,552,000 | 9,020,000 | |
Property and equipment acquired and included in accounts payable | 8,639,000 | 14,234,000 | |
Stock-based compensation capitalized | [1] | $ 163,000 | $ 189,000 |
[1] Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jul. 02, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial condition, results of operations, shareholders’ equity and cash flows for the periods presented. Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Our operating results for the twenty-six weeks ended July 2, 2024 may not be indicative of operating results for the entire year. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the fiscal year ended January 2, 2024 . The disclosures included in our accompanying interim consolidated financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jul. 02, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 2. REVENUE RECOGNITION Our revenues are comprised of food and beverage sales from our restaurants, including takeout, delivery and catering sales. Revenues from restaurant sales are recognized when payment is tendered. Amounts paid with a credit card are recorded in accounts and other receivables until payment is collected from the credit card processor. We sell gift cards which do not have an expiration date, and we do not deduct non-usage fees from outstanding gift card balances. Gift card sales are recorded as a liability and recognized as revenues upon redemption in our restaurants. Based on historical redemption rates, a portion of our gift card sales are not expected to be redeemed and will be recognized as gift card “breakage.” Estimated gift card breakage is recorded as revenue and recognized in proportion to our historical redemption pattern, unless there is a legal obligation to remit the unredeemed gift cards to government authorities. Our “BJ’s Premier Rewards Plus” guest loyalty program enables participants to earn points for qualifying purchases that can be redeemed for food and beverages in the future. We allocate the transaction price between the goods delivered and the future goods that will be delivered on a relative standalone selling price basis, and defer the revenues allocated to the points, less expected expirations, until such points are redeemed. The liability related to our gift card and loyalty program, included in “Accrued expenses” on our Consolidated Balance Sheets is as follows (in thousands): July 2, 2024 January 2, 2024 Gift card liability $ 10,285 $ 14,380 Deferred loyalty revenue $ 2,771 $ 2,510 Revenue recognized for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year is as follows (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Revenue recognized from gift card liability $ 2,039 $ 2,186 $ 7,903 $ 8,430 Revenue recognized from guest loyalty program $ 996 $ 1,227 $ 5,313 $ 5,309 |
Leases
Leases | 6 Months Ended |
Jul. 02, 2024 | |
Leases [Abstract] | |
Leases | 3. LEASES We determine if a contract contains a lease at inception. Our material operating leases consist of restaurant locations and office space. U.S. GAAP requires that our leases be evaluated and classified as operating or finance leases for financial reporting purposes. The classification evaluation begins at the commencement date, and the lease term used in the evaluation includes the non-cancellable period for which we have the right to use the underlying asset, together with optional lease term extension periods when the exercise of the lease term extension is reasonably certain and failure to exercise such option would result in an economic penalty. All of our restaurant and office space leases are classified as operating leases. We have elected to account for lease and non-lease components as a single lease component for office and beverage gas equipment. We do not have any finance leases. Lease costs included in “Occupancy and operating” on the Consolidated Statements of Operations consisted of the following (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Lease cost $ 14,442 $ 14,788 $ 28,831 $ 29,684 Variable lease cost 997 1,417 1,792 2,407 Total lease costs $ 15,439 $ 16,205 $ 30,623 $ 32,091 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jul. 02, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 4. LONG-TERM DEBT Line of Credit On November 3, 2021 , we entered into a Fourth Amended and Restated Credit Agreement (“Credit Facility”) with Bank of America, N.A. (“BofA”), JPMorgan Chase Bank, N.A., and certain other parties to amend and restate our revolving line of credit (the “Line of Credit”) to improve the pricing, extend the maturity date, change the interest reference rate, eliminate certain financial covenants and conditions, and reset other financial covenants starting with the fourth quarter of 2021. Our Credit Facility matures on November 3, 2026 , and provides us with revolving loan commitments totaling $ 215 million, which may be increased up to $ 315 million, of which $ 50 million may be used for the issuance of letters of credit. Availability under the Credit Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. On July 2, 2024, there were borrowings of $ 63.5 million and letters of credit of $ 17.2 million outstanding, leaving $ 134.3 million available to borrow. Borrowings under the Line of Credit bear interest at an annual rate equal to either (a) the Bloomberg Short-Term Bank Yield Index rate (“BSBY”) plus a percentage not to exceed 2.00 % (with a floor on BSBY of 0.00%), or (b) a percentage not to exceed 1.00 % above a Base Rate equal to the highest of (i) the Federal Funds Rate plus 1/2 of 1.00%, (ii) BofA’s Prime Rate, (iii) the BSBY rate plus 1.00% , and (iv) 1.00%, in either case depending on the level of lease and debt obligations of the Company as compared to EBITDA plus lease expenses. The weighted average interest rate during the twenty-six weeks ended July 2, 2024 and July 4, 2023 was approxima tely 6.9 % and 6.6 %, respectively. The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. On July 2, 2024, we were in compliance with these covenants. Pursuant to the Line of Credit, we are required to pay certain customary fees and expenses associated with maintenance and use of the Line of Credit, including letter of credit issuance fees, unused commitment fees and interest, which are payable monthly. Interest expense and commitment fees under the Credit Facility were approxima tely $ 2.7 million and $ 2.2 million, for the twenty-six weeks ended July 2, 2024 and July 4, 2023, respectively. We also capitalized approximately $ 0.2 million and $ 0.3 million of interest expense related to new restaurant construction during each of the twenty-six weeks ended July 2, 2024 and July 4, 2023 , respectively. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jul. 02, 2024 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 5. NET INCOME PER SHARE Basic and diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants were to exercise their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) were to lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are anti-dilutive. Once these performance-based RSUs vest, they are included in our basic net income per share calculation. The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards included in the dilutive net income per share computation (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Numerator: Net income $ 17,157 $ 11,932 $ 24,880 $ 15,413 Denominator: Weighted-average shares outstanding – basic 23,309 23,539 23,313 23,510 Dilutive effect of equity awards 612 432 641 451 Weighted-average shares outstanding – diluted 23,921 23,971 23,954 23,961 Net income per share: Basic $ 0.74 $ 0.51 $ 1.07 $ 0.66 Diluted $ 0.72 $ 0.50 $ 1.04 $ 0.64 For each of the thirteen weeks ended July 2, 2024 and July 4, 2023 , there were approximately 1.0 million and 0.9 million, respectively, of equity awards that were excluded from the calculation of diluted net income per share because they were anti-dilutive. For each of the twenty-six weeks ended July 2, 2024 and July 4, 2023 , there were approximately 1.0 million and 0.9 million, respectively, of equity awards that were excluded from the calculation of diluted net income per share because they were anti-dilutive. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jul. 02, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 6. STOCK-BASED COMPENSATION Our current shareholder approved stock-based compensation plan is the BJ’s Restaurants, Inc. 2024 Equity Incentive Plan, (as it may be amended from time to time, “the Plan”), which replaced our prior Equity Incentive Plan. Under the Plan, we may issue shares of our common stock to team members, officers, directors and consultants. We have historically granted incentive stock options, non-qualified stock options, and service- and performance-based RSUs. In Fiscal 2024, we also granted market-based RSUs. Stock options are charged against the Plan share reserve on the basis of one share for each share of common stock issuable upon exercise of options granted. All options granted under the Plan expire within 10 years of their date of grant. Awards of stock options or stock appreciation rights are charged against the Plan share reserve on the basis of one share for each share granted. All other awards are charged against the 2024 Plan share reserve on the basis of 1.5 shares for each share granted. The Plan also contains other limits on the terms of incentive grants such as the maximum number that can be granted to a team member during any fiscal year. We use the Black-Scholes option-pricing model to determine the fair value of our stock options, and we use the Monte Carlo simulation model to determine the fair value of our market-based RSUs. Both models require assumptions to be made regarding our stock price volatility, the expected life of the award, risk-free interest rate and expected dividend rates. The fair value of service-based and performance-based RSUs granted is equal to the fair value of our common stock at market close on the date of grant or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The grant date fair value of each stock option, market-based and service-based RSU is expensed over the vesting period (e.g., one , three or five years) and the fair value of each performance-based RSU is expensed based on the estimated quantity that is expected to vest corresponding with management's current estimate of the level that the performance goal will be achieved. The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Labor and benefits $ 529 $ 410 $ 1,037 $ 1,276 General and administrative $ 2,237 $ 2,368 $ 4,206 $ 4,144 Capitalized (1) $ 79 $ 95 $ 163 $ 189 Total stock-based compensation $ 2,845 $ 2,873 $ 5,406 $ 5,609 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. Stock Options The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted averag e assumptions: For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 Volatility 67.5 % 66.9 % Risk-free interest rate 3.9 % 3.5 % Expected life (years) 5 5 Expected dividend yield — % — % Fair value of options granted $ 18.86 $ 18.29 Under our stock-based compensation plan, the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close on the option grant date or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The following table presents stock option activity: Options Outstanding Options Exercisable Shares Weighted Shares Weighted Outstanding at January 2, 2024 867 $ 39.70 648 $ 41.65 Granted 121 31.86 Exercised ( 5 ) 31.54 Forfeited ( 6 ) 37.69 Outstanding at July 2, 2024 977 $ 38.79 727 $ 41.03 As of July 2, 2024, total unrecognized stock-based compensation expense related to non-vested stock options was approximate ly $ 3.1 million, w hich is expected to be recognized over the next three years . Restricted Stock Units Service-Based Restricted Stock Units The following table presents service-based restricted stock unit activity: Shares Weighted Outstanding at January 2, 2024 822 $ 31.46 Granted 199 32.13 Released ( 165 ) 38.61 Forfeited ( 49 ) 29.89 Outstanding at July 2, 2024 807 $ 30.25 As of July 2, 2024, total unrecognized stock-based compensation expense related to non-vested service-based RSUs was a pproximately $ 12.8 million, w hich is expected to be recognized over the next three to five years . Market-Based and Performance-Based Restricted Stock Units The following table presents market-based and performance-based restricted stock unit activity: Shares Weighted Outstanding at January 2, 2024 128 $ 36.24 Awarded 79 39.09 Released ( 65 ) 46.91 Forfeited ( 1 ) 38.23 Outstanding at July 2, 2024 141 $ 32.87 The fair value of market-based RSUs was estimated on the grant date using the Monte Carlo simulation model with the following weighted averag e assumptions: For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 Volatility 49.8 % n/a Risk-free interest rate 3.8 % n/a Expected life (years) 3 n/a Expected dividend yield — % n/a Fair value of market-based awards granted $ 34.79 n/a As of July 2, 2024, the total unrecognized stock-based compensation expense related to non-vested market-based and performance-based RSUs was approximately $ 2.2 million, whi ch is expected to be recognized over the next three years . |
Income Taxes
Income Taxes | 6 Months Ended |
Jul. 02, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. INCOME TAXES We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting” and ASC Topic 740, “Accounting for Income Taxes.” The related tax expense or benefit is recognized in the interim period in which it occurs. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. The computation of the annual estimated effective tax rate at each interim period requires significant estimates and judgment including estimating the expected operating income for the year, permanent and temporary differences because of differences between amounts measured and recognized in accordance with tax laws and financial accounting standards, and the likelihood of recovering deferred tax assets generated in the current fiscal year. The accounting estimates used to compute income tax expense may change as new events occur, additional information is obtained or the tax environment changes. Our effective income tax rate for the twenty-six weeks ended July 2, 2024 was a benefit of 11.7 % compared to a benefit rate of 35.0 % for the comparable twenty-six weeks ended July 4, 2023. The effective tax rate benefit for the twenty-six weeks ended July 2, 2024 and July 4, 2023, was different from the statutory tax rate primarily as a result of significant Federal Insurance Contributions Act (“FICA”) tax tip credits. As of July 2, 2024 , we had unrecognized tax benefits of approximately $ 1.0 million, of which approximately $ 0.9 million, if reversed, would impact our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands): For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 Beginning gross unrecognized tax benefits $ 967 $ 1,249 Increases for tax positions taken in prior years — — Increases for tax positions taken in the current year 51 22 Decreases due to lapse of statute of limitations — ( 236 ) Ending gross unrecognized tax benefits $ 1,018 $ 1,035 Our uncertain tax positions are related to tax years that remain subject to examination by tax agencies. As of July 2, 2024, the earliest tax year still subject to exam ination by the Internal Revenue Service is 2020 , although 2015 is still open due to amendments related to a net operating loss carryback. The earliest year still subject to examination by a significant state or local taxing authority is 2019 . |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jul. 02, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 8. LEGAL PROCEEDINGS We are subject to lawsuits, administrative proceedings and demands that arise in the ordinary course of our business and which typically involve claims from guests, team members and others related to operational, employment, real estate and intellectual property issues common to the foodservice industry. A number of these claims may exist at any given time. We are self-insured for a portion of our general liability, team member workers’ compensation and employment practice liability insurance requirements. We maintain coverage with a third-party insurer to limit our total exposure. We believe that most of our claims will be covered by our insurance, subject to coverage limits and the portion of such claims that are self-insured; however, punitive damages awards are not covered by our insurance. To date, we have not been ordered to pay punitive damages with respect to any claims, but there can be no assurance that punitive damages will not be awarded with respect to any future claims. We could be affected by adverse publicity resulting from allegations in lawsuits, claims and proceedings, regardless of whether these allegations are valid or whether we are ultimately determined to be liable. We currently believe that the final disposition of these types of lawsuits, proceedings and claims will not have a material adverse effect on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings or claims. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jul. 02, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | 9. SHAREHOLDERS’ EQUITY Stock Repurchases During the twenty-six weeks ended July 2, 2024 , we repurchased and retired approximately 255,000 shares of our common stock at an average price of $ 34.70 per share for approximately $ 8.8 million, which is recorded as a reduction in common stock, with any excess charged to retained earnings. I n February 2024, our Board of Directors approved an increase in our share repurchase program by $ 50 million. We currently have approximately $ 52.2 million available under our authorized $ 550 million share repurchase program as of July 2, 2024. Repurchases may be made at any time. Cash Dividends We currently do no t pay any cash dividends. Any payment of quarterly cash dividends will be subject to our Board of Directors determining that the payment of dividends is in the best interest of the Company and its shareholders. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jul. 02, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS Equity Method Investment During fiscal 2022, we contributed assets valued at $ 5.0 million to a company, in which our recently retired Chief Executive Officer and current Board member has a less than 1% interest. We recorded this non-cash contribution, in exchange for a 20 % ownership of the company, as an investment within “Equity method investment” on our Consolidated Balance Sheets, and the related gain within “Loss on disposal and impairment of assets, net” on our Consolidated Statements of Operations. For the twenty-six weeks ended July 2, 2024 and July 4, 2023, we recorded a net loss related to the investmen t of $ 293,000 and $ 100,000 , respectively, within “Other income, net,” and accordingly adjusted the investment carrying amount on our Consolidated Balance Sheets. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jul. 02, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited consolidated financial statements include the accounts of BJ’s Restaurants, Inc. (referred to herein as the “Company,” “we,” “us” and “our”) and our wholly owned subsidiaries. The consolidated financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial condition, results of operations, shareholders’ equity and cash flows for the periods presented. Our consolidated financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and footnote disclosures normally included in consolidated financial statements in accordance with U.S. GAAP have been omitted pursuant to the U.S. Securities and Exchange Commission (“SEC”) rules. The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Our operating results for the twenty-six weeks ended July 2, 2024 may not be indicative of operating results for the entire year. A description of our accounting policies and other financial information is included in our audited consolidated financial statements filed with the SEC on Form 10-K for the fiscal year ended January 2, 2024 . The disclosures included in our accompanying interim consolidated financial statements and footnotes should be read in conjunction with our consolidated financial statements and notes thereto included in the Annual Report on Form 10-K and our other reports filed from time to time with the Securities and Exchange Commission. |
Net (Loss) Income Per Share | Basic and diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. The number of diluted shares reflects the potential dilution that could occur if holders of in-the-money options and warrants were to exercise their right to convert these instruments into common stock and the restrictions on restricted stock units (“RSUs”) were to lapse. Additionally, performance-based RSUs are considered contingent shares; therefore, at each reporting date we determine the probable number of shares that will vest and include these contingently issuable shares in our diluted share calculation unless they are anti-dilutive. Once these performance-based RSUs vest, they are included in our basic net income per share calculation. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jul. 02, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Gift Card Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets | The liability related to our gift card and loyalty program, included in “Accrued expenses” on our Consolidated Balance Sheets is as follows (in thousands): July 2, 2024 January 2, 2024 Gift card liability $ 10,285 $ 14,380 Deferred loyalty revenue $ 2,771 $ 2,510 |
Revenue Recognized for Redemption of Gift Cards and Loyalty Rewards Deferred | Revenue recognized for the redemption of gift cards and loyalty rewards deferred at the beginning of each respective fiscal year is as follows (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Revenue recognized from gift card liability $ 2,039 $ 2,186 $ 7,903 $ 8,430 Revenue recognized from guest loyalty program $ 996 $ 1,227 $ 5,313 $ 5,309 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jul. 02, 2024 | |
Leases [Abstract] | |
Summary of Lease Costs | Lease costs included in “Occupancy and operating” on the Consolidated Statements of Operations consisted of the following (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Lease cost $ 14,442 $ 14,788 $ 28,831 $ 29,684 Variable lease cost 997 1,417 1,792 2,407 Total lease costs $ 15,439 $ 16,205 $ 30,623 $ 32,091 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jul. 02, 2024 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Net (Loss) Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net (Loss) Income Per Share Computation | The following table presents a reconciliation of basic and diluted net income per share, including the number of dilutive equity awards included in the dilutive net income per share computation (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Numerator: Net income $ 17,157 $ 11,932 $ 24,880 $ 15,413 Denominator: Weighted-average shares outstanding – basic 23,309 23,539 23,313 23,510 Dilutive effect of equity awards 612 432 641 451 Weighted-average shares outstanding – diluted 23,921 23,971 23,954 23,961 Net income per share: Basic $ 0.74 $ 0.51 $ 1.07 $ 0.66 Diluted $ 0.72 $ 0.50 $ 1.04 $ 0.64 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jul. 02, 2024 | |
Stock-Based Compensation Recognized within Our Consolidated Financial Statements | The following table presents the stock-based compensation recognized within our consolidated financial statements (in thousands): For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 July 2, 2024 July 4, 2023 Labor and benefits $ 529 $ 410 $ 1,037 $ 1,276 General and administrative $ 2,237 $ 2,368 $ 4,206 $ 4,144 Capitalized (1) $ 79 $ 95 $ 163 $ 189 Total stock-based compensation $ 2,845 $ 2,873 $ 5,406 $ 5,609 (1) Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option | The fair value of each stock option was estimated on the grant date using the Black‑Scholes option-pricing model with the following weighted averag e assumptions: For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 Volatility 67.5 % 66.9 % Risk-free interest rate 3.9 % 3.5 % Expected life (years) 5 5 Expected dividend yield — % — % Fair value of options granted $ 18.86 $ 18.29 |
Stock Option Activity | Under our stock-based compensation plan, the exercise price of a stock option is required to equal or exceed the fair value of our common stock at market close on the option grant date or the last trading day prior to the date of grant when grants take place on a day when the market is closed. The following table presents stock option activity: Options Outstanding Options Exercisable Shares Weighted Shares Weighted Outstanding at January 2, 2024 867 $ 39.70 648 $ 41.65 Granted 121 31.86 Exercised ( 5 ) 31.54 Forfeited ( 6 ) 37.69 Outstanding at July 2, 2024 977 $ 38.79 727 $ 41.03 |
Service-Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents service-based restricted stock unit activity: Shares Weighted Outstanding at January 2, 2024 822 $ 31.46 Granted 199 32.13 Released ( 165 ) 38.61 Forfeited ( 49 ) 29.89 Outstanding at July 2, 2024 807 $ 30.25 |
Market-Based and Performance-Based Restricted Stock Units | |
Restricted Stock Unit Activity | The following table presents market-based and performance-based restricted stock unit activity: Shares Weighted Outstanding at January 2, 2024 128 $ 36.24 Awarded 79 39.09 Released ( 65 ) 46.91 Forfeited ( 1 ) 38.23 Outstanding at July 2, 2024 141 $ 32.87 |
Monte Carlo Simulation Model, Weighted Average Assumptions Used to Estimate the Fair Value of Market-Based RSUs | The fair value of market-based RSUs was estimated on the grant date using the Monte Carlo simulation model with the following weighted averag e assumptions: For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 Volatility 49.8 % n/a Risk-free interest rate 3.8 % n/a Expected life (years) 3 n/a Expected dividend yield — % n/a Fair value of market-based awards granted $ 34.79 n/a |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jul. 02, 2024 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is the following (in thousands): For the Twenty-Six Weeks Ended July 2, 2024 July 4, 2023 Beginning gross unrecognized tax benefits $ 967 $ 1,249 Increases for tax positions taken in prior years — — Increases for tax positions taken in the current year 51 22 Decreases due to lapse of statute of limitations — ( 236 ) Ending gross unrecognized tax benefits $ 1,018 $ 1,035 |
Gift Card Liability and Loyalty
Gift Card Liability and Loyalty Program Included in Accrued Expenses on Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Jul. 02, 2024 | Jan. 02, 2024 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract] | ||
Gift card liability | $ 10,285 | $ 14,380 |
Deferred loyalty revenue | $ 2,771 | $ 2,510 |
Revenue Recognized for Redempti
Revenue Recognized for Redemption of Gift Cards and Loyalty Rewards Deferred (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | |
Disaggregation of Revenue [Abstract] | ||||
Revenue recognized from gift card liability | $ 2,039 | $ 2,186 | $ 7,903 | $ 8,430 |
Revenue recognized from guest loyalty program | $ 996 | $ 1,227 | $ 5,313 | $ 5,309 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | |
Leases [Abstract] | ||||
Lease cost | $ 14,442 | $ 14,788 | $ 28,831 | $ 29,684 |
Variable lease cost | 997 | 1,417 | 1,792 | 2,407 |
Total lease costs | $ 15,439 | $ 16,205 | $ 30,623 | $ 32,091 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jul. 02, 2024 | Jul. 04, 2023 | Dec. 28, 2021 | |
Line of Credit Facility [Line Items] | |||
Loan agreement, initiation Date | Nov. 03, 2021 | ||
Weighted average interest rate | 6.90% | 6.60% | |
Loan agreement, description | The Credit Facility is secured by the Company’s assets and contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. | ||
Credit Facility Debt Instrument | |||
Line of Credit Facility [Line Items] | |||
Loan agreement, expiration date | Nov. 03, 2026 | ||
Revolving loan commitments under loan agreement | $ 215 | ||
Letters of credit outstanding amount | $ 17.2 | ||
Line of credit outstanding amount | 63.5 | ||
Available borrowings under credit facility | 134.3 | ||
Interest expense and commitment fees | 2.7 | $ 2.2 | |
Interest expense on line of credit | $ 0.2 | $ 0.3 | |
Letter of Credit | |||
Line of Credit Facility [Line Items] | |||
Revolving loan commitments under loan agreement | 50 | ||
BSBY | |||
Line of Credit Facility [Line Items] | |||
Debt instrument, description of variable rate basis | BSBY rate plus 1.00% | ||
Maximum | Credit Facility Debt Instrument | |||
Line of Credit Facility [Line Items] | |||
Increase in line of credit | $ 315 | ||
Maximum | BSBY | Credit Facility Debt Instrument | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 2% | ||
Minimum | Base Rate | |||
Line of Credit Facility [Line Items] | |||
Line of credit, adjustment to interest rate | 1% |
Reconciliation of Basic and Dil
Reconciliation of Basic and Diluted Net (Loss) Income Per Share Computations and Number of Dilutive Equity Awards Included in Dilutive Net (Loss) Income Per Share Computation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 17,157 | $ 11,932 | $ 24,880 | $ 15,413 |
Weighted-average shares outstanding – basic | 23,309 | 23,539 | 23,313 | 23,510 |
Dilutive effect of equity awards | 612 | 432 | 641 | 451 |
Weighted-average shares outstanding – diluted | 23,921 | 23,971 | 23,954 | 23,961 |
Net income per share: | ||||
Basic | $ 0.74 | $ 0.51 | $ 1.07 | $ 0.66 |
Diluted | $ 0.72 | $ 0.5 | $ 1.04 | $ 0.64 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | |
Equity Awards and Warrants | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of net (loss) income per share | 1 | 0.9 | 1 | 0.9 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jul. 02, 2024 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | shares | 1.5 |
Expiration term of stock options | 10 years |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares charged to reserve per granted share | shares | 1 |
Stock Option, Market-based and Service-based RSUs [Member] | Vesting Period One | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Stock Option, Market-based and Service-based RSUs [Member] | Vesting Period Two | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Stock Option, Market-based and Service-based RSUs [Member] | Vesting Period Three | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Market-Based and Performance-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 2.2 |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 3.1 |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Service-Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 12.8 |
Service-Based Restricted Stock Units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expenses recognition period (in years) | 3 years |
Service-Based Restricted Stock Units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expenses recognition period (in years) | 5 years |
Stock-Based Compensation Recogn
Stock-Based Compensation Recognized within Our Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jul. 02, 2024 | Jul. 04, 2023 | Jul. 02, 2024 | Jul. 04, 2023 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | $ 2,845 | $ 2,873 | $ 5,406 | $ 5,609 | |
Capitalized | [1] | 79 | 95 | 163 | 189 |
Labor and benefits | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | 529 | 410 | 1,037 | 1,276 | |
General and administrative | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Stock-based compensation | $ 2,237 | $ 2,368 | $ 4,206 | $ 4,144 | |
[1] Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets. |
Black-Scholes Option-Pricing Mo
Black-Scholes Option-Pricing Model, Weighted Average Assumptions Used to Estimate the Fair Value of Each Stock Option (Detail) - $ / shares | 6 Months Ended | |
Jul. 02, 2024 | Jul. 04, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Volatility | 67.50% | 66.90% |
Risk-free interest rate | 3.90% | 3.50% |
Expected life (years) | 5 years | 5 years |
Fair value of options granted | $ 18.86 | $ 18.29 |
Stock Option Activity (Detail)
Stock Option Activity (Detail) shares in Thousands | 6 Months Ended |
Jul. 02, 2024 $ / shares shares | |
Options Outstanding, Shares | |
Outstanding, Beginning Balance | shares | 867 |
Granted | shares | 121 |
Exercised | shares | (5) |
Forfeited | shares | (6) |
Outstanding, Ending Balance | shares | 977 |
Options Outstanding, Weighted Average Exercise Price | |
Outstanding, Beginning Balance | $ / shares | $ 39.7 |
Granted | $ / shares | 31.86 |
Exercised | $ / shares | 31.54 |
Forfeited | $ / shares | 37.69 |
Outstanding, Ending Balance | $ / shares | $ 38.79 |
Options Exercisable, Shares | |
Options Exercisable Outstanding, Beginning Balance | shares | 648 |
Options Exercisable Outstanding, Ending Balance | shares | 727 |
Options Exercisable, Weighted Average Exercise Price | |
Options Exercisable, Beginning Balance | $ / shares | $ 41.65 |
Options Exercisable, Ending Balance | $ / shares | $ 41.03 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Unit Activity (Detail) - Service-Based Restricted Stock Units shares in Thousands | 6 Months Ended |
Jul. 02, 2024 $ / shares shares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 822 |
Granted, Shares | shares | 199 |
Released. Shares | shares | (165) |
Forfeited, Shares | shares | (49) |
Outstanding Ending Balance, Shares | shares | 807 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 31.46 |
Granted, Weighted Average Fair Value | $ / shares | 32.13 |
Released, Weighted Average Fair Value | $ / shares | 38.61 |
Forfeited, Weighted Average Fair Value | $ / shares | 29.89 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 30.25 |
Market-Based and Performance-Ba
Market-Based and Performance-Based Restricted Stock Unit Activity (Detail) - Market-Based and Performance-Based Restricted Stock Units shares in Thousands | 6 Months Ended |
Jul. 02, 2024 $ / shares shares | |
Shares Outstanding | |
Outstanding Beginning Balance, Shares | shares | 128 |
Granted, Shares | shares | 79 |
Released. Shares | shares | (65) |
Forfeited, Shares | shares | (1) |
Outstanding Ending Balance, Shares | shares | 141 |
Weighted Average Fair Value | |
Outstanding Beginning Balance, Weighted Average Fair Value | $ / shares | $ 36.24 |
Granted, Weighted Average Fair Value | $ / shares | 39.09 |
Released, Weighted Average Fair Value | $ / shares | 46.91 |
Forfeited, Weighted Average Fair Value | $ / shares | 38.23 |
Outstanding Ending Balance, Weighted Average Fair Value | $ / shares | $ 32.87 |
Monte Carlo Simulation Model, W
Monte Carlo Simulation Model, Weighted Average Assumptions Used to Estimate the Fair Value of Market-Based RSUs (Details) - $ / shares | 6 Months Ended | |
Jul. 02, 2024 | Jul. 04, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Volatility | 67.50% | 66.90% |
Risk-free interest rate | 3.90% | 3.50% |
Expected life (years) | 5 years | 5 years |
Fair value of market-based awards granted | $ 18.86 | $ 18.29 |
Market-based Restricted Stock Units | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Volatility | 49.80% | |
Risk-free interest rate | 3.80% | |
Expected life (years) | 3 years | |
Fair value of market-based awards granted | $ 34.79 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jul. 02, 2024 | Jul. 04, 2023 | Jan. 02, 2024 | Jan. 03, 2023 | |
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax benefit rate | 11.70% | 35% | ||
Unrecognized tax benefits | $ 1,018 | $ 1,035 | $ 967 | $ 1,249 |
Unrecognized tax benefits that would impact effective tax rate, if reversed | $ 900 | |||
Federal | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2020 | |||
State or Local Taxing Jurisdiction | ||||
Significant Change In Unrecognized Tax Benefits Is Reasonably Possible [Line Items] | ||||
Income tax examination, years open | 2019 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jul. 02, 2024 | Jul. 04, 2023 | |
Income Tax Disclosure [Abstract] | ||
Beginning gross unrecognized tax benefits | $ 967 | $ 1,249 |
Increases for tax positions taken in the current year | 51 | 22 |
Decreases due to lapse of statute of limitations | (236) | |
Ending gross unrecognized tax benefits | $ 1,018 | $ 1,035 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Jul. 02, 2024 | Jul. 02, 2024 | Feb. 29, 2024 | |
Equity [Abstract] | |||
Number of shares repurchased during the period | 255,000 | ||
Repurchased average price per share | $ 34.7 | ||
Shares repurchased, value | $ 8,835,000 | $ 8,835,000 | |
Common stock remaining under the share repurchase plan | 52,200,000 | 52,200,000 | |
Current amount authorized under the share repurchase plan | $ 550,000,000 | 550,000,000 | |
Additional authorized amount | $ 50,000,000 | ||
Cash dividends | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jul. 02, 2024 | Jul. 04, 2023 | Jan. 03, 2023 | Jan. 02, 2024 | |
Related Party Transaction [Line Items] | ||||
Equity method investment | $ 4,477,000 | $ 4,770,000 | ||
Loss related to investment | $ (293,000) | $ (100,000) | ||
Other Current Assets | Assets | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment | $ 5,000,000 | |||
Purchasing Company of Assets | Maximum | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment interest percentage | 20% |