Noodles & Company (NDLS) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jul. 04, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 04, 2023
Document Transition Report	false
Entity File Number	001-35987
Entity Registrant Name	NOODLES & COMPANY
Entity Central Index Key	0001275158
Amendment Flag	false
Current Fiscal Year End Date	--01-02
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1303469
Entity Address, Address Line One	520 Zang Street, Suite D
Entity Address, City or Town	Broomfield
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80021
City Area Code	720
Local Phone Number	214-1900
Title of 12(b) Security	Class A Common Stock, $0.01 par value per share
Trading Symbol	NDLS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,429,174

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Current assets:
Cash and cash equivalents	$ 3,142	$ 1,523
Accounts receivable	4,920	6,443
Inventories	10,195	10,044
Prepaid expenses and other assets	5,259	3,450
Income tax receivable	308	176
Total current assets	23,824	21,636
Property and equipment, net	140,052	129,386
Operating lease assets, net	184,186	183,392
Goodwill	7,154	7,154
Intangibles, net	584	608
Other assets, net	1,774	1,667
Total long-term assets	333,750	322,207
Total assets	357,574	343,843
Current liabilities:
Accounts payable	14,537	15,308
Accrued payroll and benefits	8,572	9,219
Accrued expenses and other current liabilities	12,312	11,005
Current operating lease liabilities	29,123	28,581
Total current liabilities	64,544	64,113
Long-term debt, net	63,202	46,051
Long-term operating lease liabilities, net	186,897	187,320
Deferred tax liabilities, net	126	229
Other long-term liabilities	6,725	7,766
Total liabilities	321,494	305,479
Stockholders’ equity:
Preferred stock—$0.01 par value, 1,000,000 shares authorized and undesignated as of July 4, 2023 and January 3, 2023; no shares issued or outstanding	0	0
Common stock—$0.01 par value, 180,000,000 shares authorized as of July 4, 2023 and January 3, 2023; 48,853,045 issued and 46,429,174 outstanding as of July 4, 2023 and 48,464,298 issued and 46,040,427 outstanding as of January 3, 2023	489	485
Treasury stock, at cost, 2,423,871 shares as of July 4, 2023 and January 3, 2023	(35,000)	(35,000)
Additional paid-in capital	213,398	211,267
Accumulated deficit	(142,807)	(138,388)
Total stockholders’ equity	36,080	38,364
Total liabilities and stockholders’ equity	$ 357,574	$ 343,843

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 04, 2023	Jan. 03, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	180,000,000	180,000,000
Common stock, shares, issued	48,853,045	48,464,298
Common stock, shares, outstanding	46,429,174	46,040,427
Treasury shares	2,423,871	2,423,871

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Revenue:
Total revenue	$ 125,154	$ 131,067	$ 251,231	$ 243,629
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Other restaurant operating costs	22,594	22,792	46,605	44,658
General and administrative	12,463	12,744	26,104	24,584
Depreciation and amortization	6,437	5,763	12,687	11,484
Pre-opening	609	353	1,101	761
Restaurant impairments, closure costs and asset disposals	1,609	1,971	3,178	3,360
Total costs and expenses	125,434	129,189	253,738	247,826
(Loss) income from operations	(280)	1,878	(2,507)	(4,197)
Interest expense, net	1,054	489	2,015	926
(Loss) income before taxes	(1,334)	1,389	(4,522)	(5,123)
(Benefit from) provision for income taxes	(30)	44	(103)	(39)
Net (loss) income	$ (1,304)	$ 1,345	$ (4,419)	$ (5,084)
(Loss) earnings per Class A and Class B common stock, combined
Basic (USD per share)	$ (0.03)	$ 0.03	$ (0.10)	$ (0.11)
Diluted (USD per share)	$ (0.03)	$ 0.03	$ (0.10)	$ (0.11)
Weighted average shares of Class A and Class B common stock outstanding, combined:
Basic (in shares)	46,363,208	45,881,354	46,239,357	45,803,927
Diluted (in shares)	46,363,208	46,108,720	46,239,357	45,803,927
Restaurant revenue
Revenue:
Total revenue	$ 122,394	$ 128,274	$ 245,621	$ 238,235
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Restaurant operating costs	30,700	35,664	61,725	66,435
Franchising royalties and fees, and other
Revenue:
Total revenue	2,760	2,793	5,610	5,394
Labor
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Restaurant operating costs	39,657	38,828	79,487	74,321
Occupancy
Restaurant operating costs (exclusive of depreciation and amortization shown separately below):
Restaurant operating costs	$ 11,365	$ 11,074	$ 22,851	$ 22,223

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Total	Common Stock		Treasury	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 28, 2021	[1]		48,125,151
Beginning balance at Dec. 28, 2021		$ 37,633	$ 481	[1]	$ (35,000)	$ 207,226	$ (135,074)
Treasury stock, beginning balance (in shares) at Dec. 28, 2021					2,423,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plan transactions and other (in shares)	[1]		259,042
Stock plan transactions and other		(317)	$ 3	[1]		(320)
Stock-based compensation expense		2,655				2,655
Net income (loss)		(5,084)					(5,084)
Ending balance (in shares) at Jun. 28, 2022	[1]		48,384,193
Ending balance at Jun. 28, 2022		34,887	$ 484	[1]	$ (35,000)	209,561	(140,158)
Treasury stock, ending balance (in shares) at Jun. 28, 2022					2,423,871
Beginning balance (in shares) at Mar. 29, 2022	[1]		48,258,594
Beginning balance at Mar. 29, 2022		32,045	$ 483	[1]	$ (35,000)	208,065	(141,503)
Treasury stock, beginning balance (in shares) at Mar. 29, 2022					2,423,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plan transactions and other (in shares)	[1]		125,599
Stock plan transactions and other		(18)	$ 1	[1]		(19)
Stock-based compensation expense		1,515				1,515
Net income (loss)		1,345					1,345
Ending balance (in shares) at Jun. 28, 2022	[1]		48,384,193
Ending balance at Jun. 28, 2022		$ 34,887	$ 484	[1]	$ (35,000)	209,561	(140,158)
Treasury stock, ending balance (in shares) at Jun. 28, 2022					2,423,871
Beginning balance (in shares) at Jan. 03, 2023		46,040,427	48,464,298	[1]
Beginning balance at Jan. 03, 2023		$ 38,364	$ 485	[1]	$ (35,000)	211,267	(138,388)
Treasury stock, beginning balance (in shares) at Jan. 03, 2023		2,423,871			2,423,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plan transactions and other (in shares)	[1]		388,747
Stock plan transactions and other		$ (685)	$ 4	[1]		(689)
Stock-based compensation expense		2,820				2,820
Net income (loss)		$ (4,419)					(4,419)
Ending balance (in shares) at Jul. 04, 2023		46,429,174	48,853,045	[1]
Ending balance at Jul. 04, 2023		$ 36,080	$ 489	[1]	$ (35,000)	213,398	(142,807)
Treasury stock, ending balance (in shares) at Jul. 04, 2023		2,423,871			2,423,871
Beginning balance (in shares) at Apr. 04, 2023	[1]		48,781,701
Beginning balance at Apr. 04, 2023		$ 35,931	$ 488	[1]	$ (35,000)	211,946	(141,503)
Treasury stock, beginning balance (in shares) at Apr. 04, 2023					2,423,871
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock plan transactions and other (in shares)	[1]		71,344
Stock plan transactions and other		(44)	$ 1	[1]		(45)
Stock-based compensation expense		1,497				1,497
Net income (loss)		$ (1,304)					(1,304)
Ending balance (in shares) at Jul. 04, 2023		46,429,174	48,853,045	[1]
Ending balance at Jul. 04, 2023		$ 36,080	$ 489	[1]	$ (35,000)	$ 213,398	$ (142,807)
Treasury stock, ending balance (in shares) at Jul. 04, 2023		2,423,871			2,423,871
[1]Unless otherwise noted, activity relates to Class A common stock.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022
Operating activities
Net loss	$ (4,419)	$ (5,084)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	12,687	11,484
Deferred income taxes	(103)	(40)
Restaurant impairments, closure costs and asset disposals	1,092	1,363
Amortization of debt issuance costs	180	223
Stock-based compensation	2,778	2,618
Gain on insurance proceeds for property damage	(62)	0
Changes in operating assets and liabilities:
Accounts receivable	1,425	(55)
Inventories	(215)	(588)
Prepaid expenses and other assets	(1,947)	768
Accounts payable	(703)	(438)
Income taxes	(132)	(103)
Operating lease assets and liabilities	(394)	(1,741)
Accrued expenses and other liabilities	199	(2,364)
Net cash provided by operating activities	10,386	6,043
Investing activities
Purchases of property and equipment	(23,913)	(16,724)
Insurance proceeds received for property damage	100	0
Proceeds from restaurant divestitures	0	1,577
Net cash used in investing activities	(23,813)	(15,147)
Financing activities
Net borrowings from swing line loan	3,971	509
Proceeds from borrowings on long-term debt	13,000	10,600
Payments on long-term debt	0	(1,125)
Payments on finance leases	(1,240)	(1,002)
Debt issuance costs	0	(27)
Stock plan transactions and tax withholding on share-based compensation awards	(685)	(317)
Net cash provided by financing activities	15,046	8,638
Net increase (decrease) in cash and cash equivalents	1,619	(466)
Cash and cash equivalents
Beginning of period	1,523	2,255
End of period	$ 3,142	$ 1,789

Business Summary and Basis of P

Business Summary and Basis of Presentation	6 Months Ended
	Jul. 04, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Summary and Basis of Presentation	Business Summary and Basis of Presentation Business Noodles & Company (the “Company”), a Delaware corporation, develops and operates fast casual restaurants that serve globally inspired noodle and pasta dishes, soups, salads and appetizers. As of July 4, 2023, the Company had 465 restaurants system-wide in 31 states, comprised of 373 company-owned restaurants and 92 franchise restaurants. The Company operates its business as one operating and reportable segment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company’s results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for any interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements on Form 10-K have been condensed or omitted. The condensed consolidated balance sheet as of January 3, 2023 was derived from audited financial statements. These financial statements should be read in conjunction with the audited financial statements and the related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 3, 2023. Fiscal Year The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. The Company’s fiscal quarters each contain 13 operating weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains 14 operating weeks. Fiscal year 2023, which ends on January 2, 2024 contains 52 weeks and fiscal year 2022, which ended on January 3, 2023, contained 53 weeks. The Company’s fiscal quarter that ended July 4, 2023 is referred to as the second quarter of 2023, and the fiscal quarter ended June 28, 2022 is referred to as the second quarter of 2022.

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Jul. 04, 2023
Supplemental Financial Information [Abstract]
Supplemental Financial Information	Supplemental Financial Information Accounts receivable consist of the following (in thousands): July 4, January 3, Delivery program receivables $ 2,118 $ 2,027 Vendor rebate receivables 650 801 Franchise receivables 1,436 2,050 Other receivables 716 1,565 Accounts receivable $ 4,920 $ 6,443 Prepaid expenses and other assets consist of the following (in thousands): July 4, January 3, Prepaid insurance $ 1,902 $ 882 Prepaid occupancy related costs 742 711 Prepaid expenses 2,572 1,802 Other current assets 43 55 Prepaid expenses and other assets $ 5,259 $ 3,450 Property and equipment, net, consists of the following (in thousands): July 4, January 3, Leasehold improvements $ 222,306 $ 212,319 Furniture, fixtures and equipment 157,441 152,786 Construction in progress 12,404 6,738 392,151 371,843 Accumulated depreciation and amortization (252,099) (242,457) Property and equipment, net $ 140,052 $ 129,386 Accrued payroll and benefits consist of the following (in thousands): July 4, January 3, Accrued payroll and related liabilities $ 5,053 $ 5,004 Accrued bonus 1,819 2,007 Insurance liabilities 1,700 2,208 Accrued payroll and benefits $ 8,572 $ 9,219 Accrued expenses and other current liabilities consist of the following (in thousands): July 4, January 3, Gift card liability $ 1,957 $ 2,430 Occupancy related 1,210 1,001 Utilities 1,250 1,612 Current portion of finance lease liability 2,261 2,210 Accrued interest 144 70 Insurance liabilities 202 415 Other restaurant expense accruals 1,994 1,128 Other corporate expense accruals 3,294 2,139 Accrued expenses and other current liabilities $ 12,312 $ 11,005

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 04, 2023
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On May 9, 2018, the Company entered into a credit facility with U.S. Bank National Association (the “2018 Credit Facility”). The 2018 Credit Facility was subsequently amended on November 20, 2019 and again on June 16, 2020, (as amended, the “Second Amended Credit Facility”). O n July 27, 2022, the Company amended and restated its Second Amended Credit Facility by entering into the Third Amendment to the Credit Agreement (as amended and restated, the “Third Amended Credit Facility”) which matures on July 27, 2027. Among other things, the Third Amended Credit Facility: (i) increased the credit facility from $100.0 million to $125.0 million; (ii) eliminated the term loan and principal amortization components of the credit facility; (iii) removed the Company’s capital expenditure covenant; (iv) enhanced flexibility for certain covenants and restrictions; and (v) lowered the spread of the Company’s cost of borrowing and transitioned from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (“SOFR”) plus a margin of 1.50% to 2.50% per annum, based upon the consolidated total lease-adjusted leverage ratio. As of July 4, 2023, the Company had $64.7 million of indebtedness (excluding $1.5 million of unamortized debt issuance costs) and $3.0 million of letters of credit outstanding under the Third Amended Credit Facility. As of July 4, 2023, the Company had cash on hand of $3.1 million. The Company’s revolver, which had a balance of $55.9 million as of July 4, 2023 , bore interest at rates between 7.20% and 7.50%. The Company’s swingline, which had a balance of $8.8 million as of July 4, 2023 , bore interest at rates between 9.25% and 9.50%.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 04, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and all other current liabilities approximate their fair values due to their short-term nature. The carrying amounts of borrowings approximate fair value as the line of credit and borrowings vary with market interest rates and negotiated terms and conditions are consistent with current market rates. The fair value of the Company’s line of credit and borrowings are measured using Level 2 inputs. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets recognized or disclosed at fair value in the condensed consolidated financial statements on a non-recurring basis include items such as leasehold improvements, property and equipment, operating lease assets, goodwill and other intangible assets. These assets are measured at fair value if determined to be impaired.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 04, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table presents the Company’s provision for income taxes (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, (Benefit from) provision for income taxes $ (30) $ 44 $ (103) $ (39) Effective tax rate 2.2 % 3.2 % 2.3 % 0.8 % The effective tax rate for the second quarter and the first two quarters of 2023 and 2022, respectively, ref lects the impact of the previously recorded valuation allowance. For the remainder of fiscal 2023, the Company does not anticipate material income tax expense or benefit as a result of the valuation allowance recorded. The Company will maintain the valuation allowance against deferred tax assets until there is sufficient evidence to support a full or partial reversal. The reversal of a previously recorded valuation allowance will generally result in a benefit from income tax.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jul. 04, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation In May of 2023, the Company’s Board of Directors adopted the 2023 Stock Incentive Plan, which was approved at the annual meeting of stockholders on May 16, 2023 (the “2023 Plan”). The 2023 Plan authorizes the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), performance share units and incentive bonuses to employees, officers, non-employee directors and other service providers, as applicable . The Company’s 2013 Stock Incentive Plan, as amended and restated in May of 2013 was terminated. As of July 4, 2023, approximately 2.9 million share-based awards were available to be granted under the 2023 Plan. The following table shows total stock-based compensation expense (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Stock-based compensation expense $ 1,496 $ 1,499 $ 2,886 $ 2,668 Capitalized stock-based compensation expense $ 20 $ 18 $ 42 $ 38

Restaurant Impairments, Closure

Restaurant Impairments, Closure Costs and Asset Disposals	6 Months Ended
	Jul. 04, 2023
Discontinued Operations and Disposal Groups [Abstract]
Restaurant Impairments, Closure Costs and Asset Disposals	Restaurant Impairments, Closure Costs and Asset Disposals The following table presents restaurant impairments, closure costs and asset disposals (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Restaurant impairments (1) $ 423 $ 668 $ 509 $ 774 Closure costs (1) 249 465 807 855 Loss on disposal of assets and other 937 838 1,862 1,731 $ 1,609 $ 1,971 $ 3,178 $ 3,360 _____________________________ (1) Restaurant impairments and closure costs in all periods presented above include amounts related to restaurants previously impaired or closed. Impairment is based on management’s current assessment of the expected future cash flows of a restaurant based on recent results and other specific market factors. Impairment expense is a Level 3 fair value measure and is determined by comparing the carrying value of restaurant assets to the estimated fair value of the restaurant assets at resale value and the right-of-use asset based on a discounted cash flow analysis utilizing market lease rates. There was one restaurant impairment during the second quarter of 2023 and the first two quarters of 2023. Two restaurants were identified as impaired in the second quarter of 2022 and the first two quarters of 2022. We permanently closed two company-owned restaurants in the second quarter of 2023, one of which was an early lease termination. The Company did not close any restaurants in the second quarter of 2022. Closure costs in the second quarter of 2023 and 2022 also included ongoing expenses from restaurant closures in prior years. We permanently closed four company-owned restaurants in the first two quarters of 2023, two of which were early lease terminations. The Company closed two restaurants in the first two quarters of 2022. Closure costs in the first two quarters of 20223 and 2022 also included ongoing expenses from restaurant closures in prior years. Both periods include asset disposals in the normal course of business and lease related costs and expenses in connection with the divestiture of company-owned restaurants in previous years.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jul. 04, 2023
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per ShareBasic earnings (loss) per share (“EPS”) is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during each period. Diluted EPS is calculated using net income (loss) available to common stockholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options, warrants and RSUs. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The following table sets forth the computations of basic and diluted EPS (in thousands, except share and per share data): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Net (loss) income $ (1,304) $ 1,345 $ (4,419) $ (5,084) Shares: Basic weighted average shares outstanding 46,363,208 45,881,354 46,239,357 45,803,927 Effect of dilutive securities — 227,366 — — Diluted weighted average shares outstanding 46,363,208 46,108,720 46,239,357 45,803,927 (Loss) earnings per share: Basic (loss) earnings per share $ (0.03) $ 0.03 $ (0.10) $ (0.11) Diluted (loss) earnings per share $ (0.03) $ 0.03 $ (0.10) $ (0.11) The Company computes the effect of dilutive securities using the treasury stock method and average market prices during the period. Potential common shares are excluded from the computation of diluted loss per share when the effect would be anti-dilutive. The shares issuable on the vesting or exercise of share-based awards that were excluded from the calculation of diluted earnings per share because the effect of their inclusion would have been anti-dilu tive totaled 3,896,910 and 1,798,409 for the second quarters of 2023 and 2022, respectively, and totaled 3,466,704 and 2,278,371 for the first two quarters of 2023 and 2022, respectively.

Leases

Leases	6 Months Ended
	Jul. 04, 2023
Leases [Abstract]
Leases	Leases Supplemental balance sheet information related to leases is as follows (in thousands): Classification July 4, January 3, Assets Operating Operating lease assets, net $ 184,186 $ 183,392 Finance Property and equipment 4,285 5,258 Total leased assets $ 188,471 $ 188,650 Liabilities Current lease liabilities Operating Current operating lease liabilities $ 29,123 $ 28,581 Finance Accrued expenses and other current liabilities 2,261 2,210 Long-term lease liabilities Operating Long-term operating lease liabilities 186,897 187,320 Finance Other long-term liabilities 2,405 3,520 Total lease liabilities $ 220,686 $ 221,631 Sublease income recognized in the Condensed Consolidated Statements of Operations was $0.8 million and $1.6 million for both of the second quarters of 2023 and 2022 and the first two quarters of 2023 and 2022, respectively. Supplemental disclosures of cash flow information related to leases are as follows (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Cash paid for lease liabilities: Operating leases $ 10,565 $ 10,415 $ 21,087 $ 20,859 Finance leases 638 599 1,402 1,213 $ 11,203 $ 11,014 $ 22,489 $ 22,072 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 6,759 $ 4,275 $ 13,774 $ 8,107 Finance leases 35 121 177 843 $ 6,794 $ 4,396 $ 13,951 $ 8,950
Leases	Leases Supplemental balance sheet information related to leases is as follows (in thousands): Classification July 4, January 3, Assets Operating Operating lease assets, net $ 184,186 $ 183,392 Finance Property and equipment 4,285 5,258 Total leased assets $ 188,471 $ 188,650 Liabilities Current lease liabilities Operating Current operating lease liabilities $ 29,123 $ 28,581 Finance Accrued expenses and other current liabilities 2,261 2,210 Long-term lease liabilities Operating Long-term operating lease liabilities 186,897 187,320 Finance Other long-term liabilities 2,405 3,520 Total lease liabilities $ 220,686 $ 221,631 Sublease income recognized in the Condensed Consolidated Statements of Operations was $0.8 million and $1.6 million for both of the second quarters of 2023 and 2022 and the first two quarters of 2023 and 2022, respectively. Supplemental disclosures of cash flow information related to leases are as follows (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Cash paid for lease liabilities: Operating leases $ 10,565 $ 10,415 $ 21,087 $ 20,859 Finance leases 638 599 1,402 1,213 $ 11,203 $ 11,014 $ 22,489 $ 22,072 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 6,759 $ 4,275 $ 13,774 $ 8,107 Finance leases 35 121 177 843 $ 6,794 $ 4,396 $ 13,951 $ 8,950

Supplemental Disclosures to Con

Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows	6 Months Ended
	Jul. 04, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows	Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows The following table presents the supplemental disclosures to the Condensed Consolidated Statements of Cash Flows for the two quarters ended July 4, 2023 and June 28, 2022 (in thousands): July 4, June 28, Interest paid (net of amounts capitalized) $ 1,594 $ 461 Income taxes paid 132 106 Purchases of property and equipment accrued in accounts payable 5,609 5,504

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jul. 04, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Revenue Revenue consists of sales from restaurant operations, franchise royalties and fees, and sublease income. Revenue from the operation of company-owned restaurants is recognized when sales occur. The Company reports revenue net of sales tax collected from customers and remitted to governmental taxing authorities. Gift Cards The Company sells gift cards which do not have an expiration date, and it does not deduct non-usage fees from outstanding gift card balances. The Company recognizes revenue from gift cards when the gift card is redeemed by the customer or the Company determines the likelihood of the gift card being redeemed by the customer is remote (“gift card breakage”). The determination of the gift card breakage rate is based upon Company-specific historical redemption patterns. The Company has determined that approximat ely 13% of gift ca rds will not be redeemed, and recognizes gift card breakage ratably over the estimated redemption period of the gift card, which is approximate ly 24 months. G ift card liability balances are typically highest at the end of each calendar year following increased gift card purchases during the holiday season. As of July 4, 2023 and January 3, 2023, the current portion of the gift card liability, $2.0 million and $2.4 million, respectively, was included in accrued expenses and other current liabilities, and the long-term portion a mounting to $0.7 million at each quarter end, was included in other long-term liabilities in the Condensed Consolidated Balance Sheets. Revenue recognized in the Condensed Consolidated Statements of Operations for the redemption of gift cards was $0.6 million and $0.8 million for the second quarters of 2023 and 2022, respectively, and $1.6 million and $1.8 million for the first two quarters of 2023 and 2022, respectively. Franchise Fees Royalties from franchise restaurants are based on a percentage of restaurant revenues and are recognized in the period the related franchised restaurants’ sales occur. Dev elopment and franchise fees, portions of which are collected in advance, are nonrefundable and are recognized in income ratably over the term of the related franchise agreement or recognized upon the termination of the agreement between the Company and the franchisee. The Company has determined that the initial franchise services are not distinct from the continuing rights or services offered during the term of the franchise agreement and should be treated as a single performance obligation; therefore, initial fees received from franchisees are recognized as revenue over the term of each respective franchise agreement, which is typically 20 years. Loyalty Program The Company operates the Noodles Rewards program, which is primarily a spend-based loyalty program. With each purchase, Noodles Rewards members earn loyalty points that can be redeemed for rewards, including free products. Using an estimate of the value of reward redemptions, we defer revenue associated with points earned, net of estimated points that will not be redeemed based upon the Company’s historical redemption patterns. Points generally expire after six months. Revenue is recognized in a future period when the reward points are redeemed. As of July 4, 2023 and January 3, 2023, the deferred revenue related to the rewards w as $0.9 million and $0.3 million, respectively and is included in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 04, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn the normal course of business, the Company is subject to other proceedings, lawsuits and claims. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. Consequently, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact with respect to these matters as of July 4, 2023. These matters could affect the operating results of any one financial reporting period when resolved in future periods. The Company believes that an unfavorable outcome with respect to these matters is remote or a potential range of loss is not material to its consolidated financial statements. Significant increases in the number of these claims, or one or more successful claims that result in greater liabilities than the Company currently anticipates, could materially and adversely affect its business, financial condition, results of operations or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 04, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn July 26, 2023, the Company’s Board of Directors authorized a share repurchase program (the “2023 Share Repurchase Program”) pursuant to which the Company may repurchase up to $5.0 million of the Company’s common stock. The 2023 Share Repurchase Program expires after 12 months.

Business Summary and Basis of_2

Business Summary and Basis of Presentation (Policies)	6 Months Ended
	Jul. 04, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company’s results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for any interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in the Company’s annual consolidated financial statements on Form 10-K have been condensed or omitted. The condensed consolidated balance sheet as of January 3, 2023 was derived from audited financial statements. These financial statements should be read in conjunction with the audited financial statements and the related notes included in the Company’s
Fiscal Year	Fiscal Year The Company operates on a 52- or 53-week fiscal year ending on the Tuesday closest to December 31. The Company’s fiscal quarters each contain 13 operating weeks, with the exception of the fourth quarter of a 53-week fiscal year, which contains 14 operating weeks. Fiscal year 2023, which ends on January 2, 2024 contains 52 weeks and fiscal year 2022, which ended on January 3, 2023, contained 53 weeks. The Company’s fiscal quarter that ended July 4, 2023 is referred to as the second quarter of 2023, and the fiscal quarter ended June 28, 2022 is referred to as the second quarter of 2022.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	6 Months Ended
	Jul. 04, 2023
Supplemental Financial Information [Abstract]
Schedule of Accounts Receivable	Accounts receivable consist of the following (in thousands): July 4, January 3, Delivery program receivables $ 2,118 $ 2,027 Vendor rebate receivables 650 801 Franchise receivables 1,436 2,050 Other receivables 716 1,565 Accounts receivable $ 4,920 $ 6,443
Schedule of Prepaid Expenses and Other Assets	Prepaid expenses and other assets consist of the following (in thousands): July 4, January 3, Prepaid insurance $ 1,902 $ 882 Prepaid occupancy related costs 742 711 Prepaid expenses 2,572 1,802 Other current assets 43 55 Prepaid expenses and other assets $ 5,259 $ 3,450
Schedule of Property and Equipment	Property and equipment, net, consists of the following (in thousands): July 4, January 3, Leasehold improvements $ 222,306 $ 212,319 Furniture, fixtures and equipment 157,441 152,786 Construction in progress 12,404 6,738 392,151 371,843 Accumulated depreciation and amortization (252,099) (242,457) Property and equipment, net $ 140,052 $ 129,386
Schedule of Accrued Payroll and Benefits	Accrued payroll and benefits consist of the following (in thousands): July 4, January 3, Accrued payroll and related liabilities $ 5,053 $ 5,004 Accrued bonus 1,819 2,007 Insurance liabilities 1,700 2,208 Accrued payroll and benefits $ 8,572 $ 9,219
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): July 4, January 3, Gift card liability $ 1,957 $ 2,430 Occupancy related 1,210 1,001 Utilities 1,250 1,612 Current portion of finance lease liability 2,261 2,210 Accrued interest 144 70 Insurance liabilities 202 415 Other restaurant expense accruals 1,994 1,128 Other corporate expense accruals 3,294 2,139 Accrued expenses and other current liabilities $ 12,312 $ 11,005

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jul. 04, 2023
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table presents the Company’s provision for income taxes (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, (Benefit from) provision for income taxes $ (30) $ 44 $ (103) $ (39) Effective tax rate 2.2 % 3.2 % 2.3 % 0.8 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jul. 04, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table shows total stock-based compensation expense (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Stock-based compensation expense $ 1,496 $ 1,499 $ 2,886 $ 2,668 Capitalized stock-based compensation expense $ 20 $ 18 $ 42 $ 38

Restaurant Impairments, Closu_2

Restaurant Impairments, Closure Costs and Asset Disposals (Tables)	6 Months Ended
	Jul. 04, 2023
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Restaurant Impairments, Closure Costs and Asset Disposals	The following table presents restaurant impairments, closure costs and asset disposals (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Restaurant impairments (1) $ 423 $ 668 $ 509 $ 774 Closure costs (1) 249 465 807 855 Loss on disposal of assets and other 937 838 1,862 1,731 $ 1,609 $ 1,971 $ 3,178 $ 3,360 _____________________________

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jul. 04, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted EPS	The following table sets forth the computations of basic and diluted EPS (in thousands, except share and per share data): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Net (loss) income $ (1,304) $ 1,345 $ (4,419) $ (5,084) Shares: Basic weighted average shares outstanding 46,363,208 45,881,354 46,239,357 45,803,927 Effect of dilutive securities — 227,366 — — Diluted weighted average shares outstanding 46,363,208 46,108,720 46,239,357 45,803,927 (Loss) earnings per share: Basic (loss) earnings per share $ (0.03) $ 0.03 $ (0.10) $ (0.11) Diluted (loss) earnings per share $ (0.03) $ 0.03 $ (0.10) $ (0.11)

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 04, 2023
Leases [Abstract]
Schedule of Supplemental Lease Information	Supplemental balance sheet information related to leases is as follows (in thousands): Classification July 4, January 3, Assets Operating Operating lease assets, net $ 184,186 $ 183,392 Finance Property and equipment 4,285 5,258 Total leased assets $ 188,471 $ 188,650 Liabilities Current lease liabilities Operating Current operating lease liabilities $ 29,123 $ 28,581 Finance Accrued expenses and other current liabilities 2,261 2,210 Long-term lease liabilities Operating Long-term operating lease liabilities 186,897 187,320 Finance Other long-term liabilities 2,405 3,520 Total lease liabilities $ 220,686 $ 221,631 Supplemental disclosures of cash flow information related to leases are as follows (in thousands): Fiscal Quarter Ended Two Fiscal Quarters Ended July 4, June 28, July 4, June 28, Cash paid for lease liabilities: Operating leases $ 10,565 $ 10,415 $ 21,087 $ 20,859 Finance leases 638 599 1,402 1,213 $ 11,203 $ 11,014 $ 22,489 $ 22,072 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 6,759 $ 4,275 $ 13,774 $ 8,107 Finance leases 35 121 177 843 $ 6,794 $ 4,396 $ 13,951 $ 8,950

Supplemental Disclosures to C_2

Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Tables)	6 Months Ended
	Jul. 04, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures to the Condensed Consolidated Statements of Cash Flows	The following table presents the supplemental disclosures to the Condensed Consolidated Statements of Cash Flows for the two quarters ended July 4, 2023 and June 28, 2022 (in thousands): July 4, June 28, Interest paid (net of amounts capitalized) $ 1,594 $ 461 Income taxes paid 132 106 Purchases of property and equipment accrued in accounts payable 5,609 5,504

Business Summary and Basis of_3

Business Summary and Basis of Presentation (Details)	6 Months Ended
	Jul. 04, 2023 restaurant state segment
Franchisor Disclosure [Line Items]
Number of restaurants	465
Number of states with operations | state	31
Number of operating segments | segment	1
Number of reportable segments | segment	1
Company-owned
Franchisor Disclosure [Line Items]
Number of restaurants	373
Franchise
Franchisor Disclosure [Line Items]
Number of restaurants	92

Supplemental Financial Inform_3

Supplemental Financial Information - Accounts Receivable (Details) - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 4,920	$ 6,443
Delivery program receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	2,118	2,027
Vendor rebate receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	650	801
Franchise receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	1,436	2,050
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 716	$ 1,565

Supplemental Financial Inform_4

Supplemental Financial Information - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Supplemental Financial Information [Abstract]
Prepaid insurance	$ 1,902	$ 882
Prepaid occupancy related costs	742	711
Prepaid expenses	2,572	1,802
Other current assets	43	55
Prepaid expenses and other assets	$ 5,259	$ 3,450

Supplemental Financial Inform_5

Supplemental Financial Information - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 392,151	$ 371,843
Accumulated depreciation and amortization	(252,099)	(242,457)
Property and equipment, net	140,052	129,386
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	222,306	212,319
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	157,441	152,786
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 12,404	$ 6,738

Supplemental Financial Inform_6

Supplemental Financial Information - Accrued Payroll and Benefits (Details) - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Supplemental Financial Information [Abstract]
Accrued payroll and related liabilities	$ 5,053	$ 5,004
Accrued bonus	1,819	2,007
Insurance liabilities	1,700	2,208
Accrued payroll and benefits	$ 8,572	$ 9,219

Supplemental Financial Inform_7

Supplemental Financial Information - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Supplemental Financial Information [Abstract]
Gift card liability	$ 1,957	$ 2,430
Occupancy related	1,210	1,001
Utilities	1,250	1,612
Current portion of finance lease liability	2,261	2,210
Accrued interest	144	70
Insurance liabilities	202	415
Other restaurant expense accruals	1,994	1,128
Other corporate expense accruals	3,294	2,139
Accrued expenses and other current liabilities	$ 12,312	$ 11,005

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Jul. 04, 2023	Jul. 27, 2022	Jan. 03, 2023	Nov. 20, 2019
Line of Credit Facility [Line Items]
Cash and cash equivalents	$ 3,142,000		$ 1,523,000
Revolving credit facility
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 55,900,000
Revolving credit facility | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	7.20%
Revolving credit facility | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	7.50%
Swingline subfacility
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 8,800,000
Swingline subfacility | Minimum
Line of Credit Facility [Line Items]
Interest rate during period	9.25%
Swingline subfacility | Maximum
Line of Credit Facility [Line Items]
Interest rate during period	9.50%
2018 Credit Facility
Line of Credit Facility [Line Items]
Indebtedness	$ 64,700,000
Unamortized debt issuance costs	1,500,000
Letters of credit outstanding	3,000,000
Cash and cash equivalents	$ 3,100,000
2018 Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
2018 Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%
2018 Credit Facility | Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 125,000,000		$ 100,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Income Tax Disclosure [Abstract]
(Benefit from) provision for income taxes	$ (30)	$ 44	$ (103)	$ (39)
Effective tax rate	2.20%	3.20%	2.30%	0.80%

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Share-Based Payment Arrangement [Abstract]
Shares awards available to be granted (in shares)	2.9		2.9
Stock-based compensation expense	$ 1,496	$ 1,499	$ 2,886	$ 2,668
Capitalized stock-based compensation expense	$ 20	$ 18	$ 42	$ 38

Restaurant Impairments, Closu_3

Restaurant Impairments, Closure Costs and Asset Disposals - Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Discontinued Operations and Disposal Groups [Abstract]
Restaurant impairments	$ 423	$ 668	$ 509	$ 774
Closure costs	249	465	807	855
Loss on disposal of assets and other	937	838	1,862	1,731
Restaurant impairments, closure costs and asset disposals	$ 1,609	$ 1,971	$ 3,178	$ 3,360

Restaurant Impairments, Closu_4

Restaurant Impairments, Closure Costs and Asset Disposals - Narrative (Details)	3 Months Ended		6 Months Ended
	Jul. 04, 2023 restaurant lease	Jun. 28, 2022 restaurant	Jul. 04, 2023 lease restaurant	Jun. 28, 2022 restaurant
Discontinued Operations and Disposal Groups [Abstract]
Number of restaurants impaired	1	2	1	2
Number of restaurants closed	2	0	4	2
Number of early lease terminations | lease	1		2

Earnings (Loss) Per Share (Deta

Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Earnings Per Share [Abstract]
Net loss	$ (1,304)	$ 1,345	$ (4,419)	$ (5,084)
Shares:
Basic weighted average shares outstanding (in shares)	46,363,208	45,881,354	46,239,357	45,803,927
Effect of dilutive securities (in shares)	0	227,366	0	0
Diluted weighted average shares outstanding (in shares)	46,363,208	46,108,720	46,239,357	45,803,927
(Loss) earnings per share:
Basic earnings (loss) per share (USD per share)	$ (0.03)	$ 0.03	$ (0.10)	$ (0.11)
Diluted earnings (loss) per share (USD per share)	$ (0.03)	$ 0.03	$ (0.10)	$ (0.11)
Anti-dilutive securities
Antidilutive securities excluded from computation of earnings (loss) per share	3,896,910	1,798,409	3,466,704	2,278,371

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Jul. 04, 2023	Jan. 03, 2023
Assets
Operating lease assets, net	$ 184,186	$ 183,392
Finance lease assets, net	4,285	5,258
Total leased assets	$ 188,471	$ 188,650
Finance lease assets, line item [Extensible Enumeration]	Property and equipment, net	Property and equipment, net
Liabilities
Current operating lease liabilities	$ 29,123	$ 28,581
Current portion of finance lease liabilities	2,261	2,210
Long-term operating lease liabilities, net	186,897	187,320
Long-term finance lease liabilities	2,405	3,520
Total lease liabilities	$ 220,686	$ 221,631
Current finance lease liabilities, line item [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term finance lease liabilities, line item [Extensible Enumeration]	Other long-term liabilities	Other long-term liabilities

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Leases [Abstract]
Sublease income	$ 0.8	$ 0.8	$ 1.6	$ 1.6

Leases - Supplemental Disclosur

Leases - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022
Leases [Abstract]
Cash paid for operating lease liabilities	$ 10,565	$ 10,415	$ 21,087	$ 20,859
Cash paid for finance lease liabilities	638	599	1,402	1,213
Cash paid for lease liabilities	11,203	11,014	22,489	22,072
Right-of-use assets obtained in exchange for operating lease liabilities	6,759	4,275	13,774	8,107
Right-of-use assets obtained in exchange for finance lease liabilities	35	121	177	843
Right-of-use assets obtained in exchange for lease liabilities	$ 6,794	$ 4,396	$ 13,951	$ 8,950

Supplemental Disclosures to C_3

Supplemental Disclosures to Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022
Supplemental Cash Flow Elements [Abstract]
Interest paid (net of amounts capitalized)	$ 1,594	$ 461
Income taxes paid	132	106
Purchases of property and equipment accrued in accounts payable	$ 5,609	$ 5,504

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2023	Jun. 28, 2022	Jul. 04, 2023	Jun. 28, 2022	Jan. 03, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected unredeemed percent			13%
Estimated redemption period			24 months
Gift card liability, current	$ 1,957		$ 1,957		$ 2,430
Revenue recognized for redemption of gift cards	600	$ 800	$ 1,600	$ 1,800
Period in which initial fees received from franchisees will be recognized as revenue			20 years
Loyalty program deferred revenue	900		$ 900		300
Accrued Expenses and Other Current Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card liability, current	2,000		2,000		2,400
Other Long-term Liabilities
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Gift card liability, non-current	$ 700		$ 700		$ 700

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 26, 2023 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount	$ 5,000,000