Sweetgreen (SG) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-41069
Entity Registrant Name	SWEETGREEN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1159215
Entity Address, Address Line One	3102 36th Street
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90018
City Area Code	323
Local Phone Number	990-7040
Title of 12(b) Security	Class A Common Stock
Trading Symbol	SG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001477815
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Class A common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		100,440,089
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,871,027

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 243,756	$ 257,230
Accounts receivable	5,590	3,502
Inventory	1,854	2,069
Prepaid expenses	6,773	5,767
Current portion of lease acquisition costs	93	93
Other current assets	5,622	7,450
Total current assets	263,688	276,111
Operating lease assets	243,602	243,992
Property and equipment, net	267,132	266,902
Goodwill	35,970	35,970
Intangible assets, net	26,356	27,407
Security deposits	1,406	1,406
Lease acquisition costs, net	403	426
Restricted cash	125	125
Other assets	4,020	4,218
Total assets	842,702	856,557
Current liabilities:
Current portion of operating lease liabilities	32,348	31,426
Accounts payable	19,722	17,380
Accrued expenses	22,003	20,845
Accrued payroll	10,122	13,131
Gift cards and loyalty liability	3,137	2,797
Other current liabilities	0	6,000
Total current liabilities	87,332	91,579
Operating lease liabilities, net of current portion	272,053	271,439
Contingent consideration liability	10,377	8,350
Other non-current liabilities	799	819
Deferred income tax liabilities	1,863	1,773
Total liabilities	372,424	373,960
COMMITMENTS AND CONTINGENCIES (Note 14)
Stockholders’ equity:
Common stock, $0.001 par value per share, 2,000,000,000 Class A shares authorized, 100,338,733 and 99,700,052 Class A shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively; 300,000,000 Class B shares authorized, 12,871,027 and 12,939,094 Class B shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	113	113
Additional paid-in capital	1,281,217	1,267,469
Accumulated deficit	(811,052)	(784,985)
Total stockholders’ equity	470,278	482,597
Total liabilities and stockholders’ equity	$ 842,702	$ 856,557

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common Class A
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, issued (in shares)	100,338,733	99,700,052
Common stock, outstanding (in shares)	100,338,733	99,700,052
Common Class B
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	12,871,027	12,939,094
Common stock, outstanding (in shares)	12,871,027	12,939,094

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Revenue	$ 157,850	$ 125,062
Restaurant operating costs (exclusive of depreciation and amortization presented separately below):
Total restaurant operating costs	129,313	108,125
Operating expenses:
General and administrative	36,865	34,907
Depreciation and amortization	16,427	13,110
Pre-opening costs	1,432	3,366
Impairment and closure costs	157	190
Loss on disposal of property and equipment	66	48
Restructuring charges	505	638
Total operating expenses	55,452	52,259
Loss from operations	(26,915)	(35,322)
Interest income	(3,016)	(3,062)
Interest expense	19	21
Other expense	2,059	1,058
Net loss before income taxes	(25,977)	(33,339)
Income tax expense	90	318
Net loss	$ (26,067)	$ (33,657)
Earnings per share:
Net loss per share basic (in dollars per share)	$ (0.23)	$ (0.30)
Net loss per share diluted (in dollars per share)	$ (0.23)	$ (0.30)
Weighted average shares used in computing net loss per share basic (in shares)	112,772,776	111,297,064
Weighted average shares used in computing net loss per share diluted (in shares)	112,772,776	111,297,064
Food, beverage, and packaging
Restaurant operating costs (exclusive of depreciation and amortization presented separately below):
Total restaurant operating costs	$ 43,718	$ 35,587
Labor and related expenses
Restaurant operating costs (exclusive of depreciation and amortization presented separately below):
Total restaurant operating costs	45,766	39,243
Occupancy and related expenses
Restaurant operating costs (exclusive of depreciation and amortization presented separately below):
Total restaurant operating costs	14,448	12,630
Other restaurant operating costs
Restaurant operating costs (exclusive of depreciation and amortization presented separately below):
Total restaurant operating costs	$ 25,381	$ 20,665

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 25, 2022		111,132,993
Beginning balance at Dec. 25, 2022	$ 541,226	$ 111	$ 1,212,716	$ (671,601)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (33,657)			(33,657)
Exercise of stock options (in shares)	160,964	160,964
Exercise of stock options	$ 767	$ 0	767
Issuance of common stock related to restricted shares (in shares)		155,558
Shares repurchased for employee tax withholding (in shares)		6,013
Shares repurchased for employee tax withholding	(44)		(44)
Stock-based compensation expense	14,265		14,265
Ending balance (in shares) at Mar. 26, 2023		111,443,502
Ending balance at Mar. 26, 2023	522,557	$ 111	1,227,704	(705,258)
Beginning balance (in shares) at Dec. 31, 2023		112,639,146
Beginning balance at Dec. 31, 2023	482,597	$ 113	1,267,469	(784,985)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (26,067)			(26,067)
Exercise of stock options (in shares)	257,201	257,201
Exercise of stock options	$ 1,990	$ 0	1,990
Issuance of common stock related to Spyce milestone achievement (in shares)		208,042
Issuance of common stock related to Spyce milestone achievement	2,132
Issuance of common stock related to restricted shares (in shares)		105,371
Stock-based compensation expense	9,626		9,626
Ending balance (in shares) at Mar. 31, 2024		113,209,760
Ending balance at Mar. 31, 2024	$ 470,278	$ 113	$ 1,281,217	$ (811,052)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash flows from operating activities:
Net loss	$ (26,067)	$ (33,657)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16,427	13,110
Amortization of lease acquisition	23	23
Amortization of loan origination fees	19	21
Amortization of cloud computing arrangements	226	216
Non-cash operating lease cost	7,547	11,829
Loss on fixed asset disposal	66	48
Stock-based compensation	9,626	14,265
Non-cash impairment and closure costs	24	190
Non-cash restructuring charges	175	638
Deferred income tax expense	90	319
Change in fair value of contingent consideration liability	2,027	1,052
Changes in operating assets and liabilities:
Accounts receivable	(2,088)	(1,820)
Inventory	215	99
Prepaid expenses and other assets	775	(5,939)
Operating lease liabilities	(5,820)	(12,789)
Accounts payable	1,884	7,012
Accrued payroll and benefits	(3,009)	2,177
Accrued expenses	966	310
Gift card and loyalty liability	340	(180)
Other non-current liabilities	(20)	(54)
Net cash provided by (used in) operating activities	3,426	(3,130)
Cash flows from investing activities:
Purchase of property and equipment	(13,410)	(30,860)
Purchase of intangible assets	(1,612)	(1,525)
Security and landlord deposits	0	6
Net cash used in investing activities	(15,022)	(32,379)
Cash flows from financing activities:
Proceeds from stock option exercise	1,990	767
Payment of contingent consideration	(3,868)	0
Payment associated to shares repurchased for tax withholding	0	(44)
Net cash provided by (used in) financing activities	(1,878)	723
Net decrease in cash and cash equivalents and restricted cash	(13,474)	(34,786)
Cash and cash equivalents and restricted cash—beginning of year	257,355	331,739
Cash and cash equivalents and restricted cash—end of period	243,881	296,953
Supplemental disclosure of cash flow information
Purchase of property and equipment accrued in accounts payable and accrued expenses	7,474	5,907
Non-cash issuance of common stock associated with Spyce milestone achievement	$ 2,132	$ 0

DESCRIPTION OF BUSINESS AND SUM

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sweetgreen, Inc., a Delaware corporation, together with its wholly owned subsidiaries (the “Company”), is a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. The Company’s bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect. As of March 31, 2024, the Company owned and operated 227 restaurants in 19 states and Washington, D.C. During the thirteen weeks ended March 31, 2024, the Company had 6 Net New Restaurant Openings. The Company was founded in November 2006 and incorporated in the state of Delaware in October 2009 and currently is headquartered in Los Angeles, California. The Company’s operations are conducted as one operating segment and one reportable segment, as the Company’s chief operating decision maker, who is the Company’s Chief Executive Officer, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. The Company’s revenue is derived from retail sales of food and beverages by company-owned restaurants. Principles of Consolidation —The accompanying condensed consolidated financial statements include the accounts of the Company. All intercompany balances and transactions have been eliminated in consolidation. Fiscal Year —The Company’s fiscal year is a 52- or 53-week period that ends on the Sunday closest to the last day of December. Fiscal year 2024 is a 52-week period that ends December 29, 2024 and fiscal year 2023 was a 53-week period that ended December 31, 2023. In a 52-week fiscal year, each quarter includes 13 weeks of operations. In a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations, and the fourth quarter includes 14 weeks of operations. Management’s Use of Estimates —The condensed consolidated financial statements have been prepared by the Company in accordance with GAAP and the rules and regulations of the SEC. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include the income tax valuation allowance, impairment of long-lived assets and right-of-use assets (“ROU assets”), legal liabilities, valuation of the contingent consideration liability, lease accounting matters, valuation of intangible assets acquired in business combinations, goodwill and stock-based compensation. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates. Cash and Cash Equivalents —The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Amounts receivable from credit card processors are converted to cash shortly after the related sales transaction and are considered to be cash equivalents because they are both short-term and highly liquid in nature. Amounts receivable from sales transactions as of March 31, 2024 and December 31, 2023, were $4.5 million and $3.0 million, respectively. Restricted Cash —The Company’s restricted cash balance relates to certificates of deposit that are collateral for letters of credit to lease agreements entered into by the Company. The reconciliation of cash and cash equivalents and restricted cash presented in the Company’s accompanying condensed consolidated balance sheets to the total amount shown in its condensed consolidated statements of cash flows is as follows: (dollar amounts in thousands) As of March 31, As of December 31, Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 243,756 $ 257,230 Restricted cash, noncurrent 125 125 Total cash, cash equivalents and restricted cash shown on statement of cash flows $ 243,881 $ 257,355 Recently Issued Accounting Pronouncements Not Yet Adopted — In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this ASU on its disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION The following table presents the Company’s revenue for the thirteen weeks ended March 31, 2024 and March 26, 2023 disaggregated by significant revenue channel: Thirteen weeks ended (dollar amounts in thousands) March 31, March 26, Owned Digital Channels $ 51,812 $ 48,261 In-Store Channel (Non-Digital component) 64,927 49,391 Marketplace Channel 41,111 27,410 Total Revenue $ 157,850 $ 125,062 Gift Cards Gift card liability included in gift card and loyalty liability within the accompanying condensed consolidated balance sheet was as follows: (dollar amounts in thousands) As of March 31, As of December 31, Gift Card Liability $ 2,959 $ 2,797 Revenue recognized from the redemption of gift cards that was included in gift card and loyalty liability at the beginning of the year was as follows: Thirteen weeks ended (dollar amounts in thousands) March 31, March 26, Revenue recognized from gift card liability balance at the beginning of the year $ 664 $ 325

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2024 Fair Value Measurements as of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (dollar amounts in thousands) Contingent consideration 10,377 — — 10,377 8,350 — — 8,350 The fair value of the contingent consideration was determined based on significant inputs not observable in the market. In connection with the Company’s acquisition of Spyce on September 7, 2021, the former equity holders of Spyce may receive up to $20 million (in the form of up to 714,285 additional shares of Class A common stock, calculated based on the initial offering price of the Company’s Class A common stock of $28.00 per share sold in the Company’s initial public offering (“IPO”) (the “Reference Price”)), contingent on the achievement of certain performance milestones between the closing date of the acquisition and June 30, 2026. Additionally, as of the date of the achievement of any of the three milestones, if the Volume-Weighted Average Price of the Company’s Class A common stock as of such milestone achievement date (“VWAP Price”) is less than the Reference Price, then the Company shall pay to each former equity holder of Spyce, in respect of each share of Class A Common stock issued to such holder upon the achievement of such milestone, an amount in cash equal to the delta between the Reference Price and the VWAP Price. The contingent consideration payable upon the achievement of the three milestones, was valued using the Monte Carlo method. The analysis considered, among other items, the equity value, the contractual terms of the Spyce merger agreement, potential liquidity event scenarios (prior to the IPO), the Company’s credit-adjusted discount rate, equity volatility, risk-free rate, and the probability that milestone targets required for issuance of shares under the contingent consideration will be achieved. During the fourth quarter of fiscal 2023, the first milestone was achieved, which resulted in former equity holders of Spyce being eligible to receive $6.0 million, which was paid during the thirteen weeks ended March 31, 2024. Of this $6.0 million, based on a VWAP Price of $10.20, $2.1 million was issued in the form of Class A common stock, and $3.9 million was paid in cash to the former Spyce equity holders. As the stock was issued and payment was made within one year from December 31, 2023, it was included in other current liabilities within the Consolidated Balance Sheets for the fiscal year ended December 31, 2023 and was issued during the thirteen weeks ended March 31, 2024. The following table provides a roll forward of the aggregate fair values of the Company’s contingent consideration, for which fair value is determined using Level 3 inputs. (dollar amounts in thousands) Contingent Consideration Balance—December 31, 2023 $ 8,350 Change in fair value 2,027 Balance—March 31, 2024 $ 10,377

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	PROPERTY AND EQUIPMENT Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life. A summary of property and equipment is as follows: (dollar amounts in thousands) As of March 31, As of December 31, Kitchen equipment $ 92,162 $ 89,814 Computers and other equipment 38,806 37,984 Furniture and fixtures 38,308 36,692 Leasehold improvements 271,966 262,191 Assets not yet placed in service 24,969 26,269 Total property and equipment 466,211 452,950 Less: accumulated depreciation (199,079) (186,048) Property and equipment, net $ 267,132 $ 266,902 Depreciation expense for the thirteen weeks ended March 31, 2024 and March 26, 2023 was $13.7 million and $11.1 million, respectively. As of March 31, 2024, the Company had 9 facilities under construction due to open during fiscal year 2024. As of December 31, 2023, the Company had 7 facilities under construction, all of which were due to open during fiscal year 2024. Depreciation commences after a store opens and the related assets are placed in service. Total research and development cost was $0.3 million for both the thirteen weeks ended March 31, 2024 and March 26, 2023

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	GOODWILL AND INTANGIBLE ASSETS, NET During the thirteen weeks ended March 31, 2024, there were no changes in the carrying amount of goodwill of $36.0 million. The following table presents the Company’s intangible assets, net balances: (dollar amounts in thousands) As of March 31, As of December 31, Internal use software $ 40,036 $ 38,336 Developed technology 20,050 20,050 Total intangible assets 60,086 58,386 Accumulated amortization (33,730) (30,979) Intangible assets, net $ 26,356 $ 27,407 Developed technology intangible assets were recognized in conjunction with the Company’s acquisition of Spyce on September 7, 2021. The estimated useful life of developed technology is five years and the assets were placed into service during the fiscal year ended December 31, 2023. Amortization expense for intangible assets was $2.8 million and $2.0 million for the thirteen weeks ended March 31, 2024 and March 26, 2023, respectively. Estimated future amortization of internal use software and developed technology is as follows: (dollar amounts in thousands) 2024 $ 7,483 2025 7,755 2026 5,698 2027 4,083 2028 1,337 Total $ 26,356

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: (dollar amounts in thousands) As of March 31, As of December 31, Fixed asset accrual $ 3,769 $ 3,577 Accrued general and sales tax 4,475 3,438 Rent deferrals 1,173 1,330 Accrued delivery fee 1,334 1,197 Accrued settlements and legal fees 964 1,439 Other accrued expenses 10,288 9,864 Total accrued expenses $ 22,003 $ 20,845

DEBT

DEBT	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Credit Facili ty —On December 14, 2020 , the Company entered into a First Amended and Restated Revolving Credit, Delayed Draw Term Loan and Security Agreement (as subsequently amended, as discussed below, the “2020 Credit Facility”) with EagleBank. The 2020 Credit Facility superseded the Company’s 2017 revolving credit facility with EagleBank and allows the Company to borrow (i) up to $35.0 million (subsequently increased to $45.0 million) in the aggregate principal amount under the refinanced revolving facility and (ii) up to $10.0 million in the aggregate principal amount under a delayed draw term loan facility, which expired on December 14, 2021, and which was never drawn on. The refinanced revolving facility originally matured on December 14, 2022 (and has since been extended to December 13, 2024). However, if the Company issues certain convertible debt or unsecured indebtedness under the 2020 Credit Facility, then the refinanced revolving facility will mature on the earlier to occur of (i) the maturity date indicated in the previous sentence and (ii) 90 days prior to the scheduled maturity date for any portion of such permitted convertible debt or unsecured indebtedness. On May 9, 2022, the Company and Eagle Bank amended the 2020 Credit Facility to allow for the issuance of Letters of Credit of up to $1.5 million. In connection therewith, the Company entered into a $950,000 irrevocable standby Letter of Credit with Eagle Bank with The Travelers Indemnity Company as the beneficiary in connection with the Company’s workers compensation insurance policy. On December 13, 2022, the Company and Eagle Bank amended the 2020 Credit Facility to extend the maturity date from December 14, 2022 to December 13, 2024. The amendment also increased the revolving facility cap by $10.0 million, to allow for the Company to borrow up to $45.0 million in the aggregate principal amount under the refinanced revolving facility. The Company incurred $0.1 million of loan origination fees related to the amendment, which was recorded within other current assets on the audited consolidated balance sheets and will be amortized over the life of the facility. Under the 2020 Credit Facility, interest accrues on the outstanding loan balance and is payable monthly at a rate of the adjusted one-month term Secured Overnight Financing Rate, plus 2.90%, with a floor on the interest rate at 3.75%. As of March 31, 2024 and December 31, 2023, the Company had no outstanding balance under the 2020 Credit Facility. On April 26, 2023, the Company and Eagle Bank further amended the 2020 Credit Facility to allow for an increase to the issuance of Letters of Credit of up to $3.5 million. In connection therewith, the Company increased its irrevocable standby Letter of Credit with Eagle Bank to $1.95 million, with The Travelers Indemnity Company as the beneficiary in connection with the Company’s workers’ compensation insurance policy. This replaced the previous amendment dated May 9, 2022. Under the 2020 Credit Facility, the Company is required to maintain certain levels of liquidity (defined as total cash and cash equivalents on hand plus the available amount under the revolving facility) which liquidity amount shall be no less than the trailing 90-day cash burn. The Company was in compliance with the applicable financial covenants as of March 31, 2024 and December 31, 2023. The obligations under the 2020 Credit Facility are guaranteed by the Company’s existing and future material subsidiaries and secured by substantially all of the Company’s and subsidiaries guarantor’s assets. The 2020 Credit Facility also restricts the Company’s ability, and the ability of the Company’s subsidiary guarantors, to, among other things, incur liens; incur additional indebtedness; transfer or dispose of assets; make acquisitions, change the nature of the business; guarantee obligations; pay dividends to shareholders or repurchase stock; and make advances, loans, or other investments. The 2020 Credit Facility contains customary events of default, including, without limitation, failure to pay the outstanding loans or accrued interest on the due date.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASES	LEASES The Company leases restaurants and corporate office space under various non-cancelable lease agreements that expire on various dates through 2038. Lease terms for restaurants generally include a base term of 10 years, with options to extend these leases for additional periods of 5 to 15 years. The components of lease cost for the thirteen weeks ended March 31, 2024 and March 26, 2023 were as follows: Thirteen weeks ended (dollar amounts in thousands) Classification March 31, March 26, Operating lease cost Occupancy and related expense $ 12,382 $ 11,829 Variable lease cost Occupancy and related expense 2,947 2,612 Short term lease cost Occupancy and related expense 114 145 Sublease income General and administrative expense — (178) Total lease cost $ 15,443 $ 14,408 As of March 31, 2024 , future minimum lease payments for operating leases consisted of the following: (dollar amounts in thousands) 2024 $ 36,157 2025 57,000 2026 55,895 2027 51,660 2028 45,577 Thereafter 148,323 Total $ 394,612 Less: imputed interest 90,211 Total lease liabilities $ 304,401 As of March 31, 2024 and December 31, 2023 the Company had additional operating lease commitments of $24.0 million and $25.9 million, respectively, for non-cancelable leases without a possession date, which the Company anticipates will commence in fiscal year 2024 or early 2025. The nature of such lease commitments is consistent with the nature of the leases that the Company has executed thus far. A summary of lease terms and discount rates for operating leases as of March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, Weighted average remaining lease term (years): Operating Leases 7.29 7.41 Weighted average discount rate: Operating Leases 6.59 % 6.51 % Supplemental cash flow information related to leases for the thirteen weeks ended March 31, 2024 and March 26, 2023: March 31, March 26, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases, net of lease incentives $ 10,610 $ 12,789 Right of use assets obtained in exchange for lease obligations: Operating leases $ 7,357 $ 10,532

COMMON STOCK

COMMON STOCK	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
COMMON STOCK	COMMON STOCK As of March 31, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance in conn ection with the following: As of March 31, As of December 31, Options outstanding under the 2009 Stock Plan, 2019 Equity Incentive Plan, Spyce Food Co. 2016 Stock Option Plan and Grant Plan and 2021 Equity Incentive Plan 14,569,140 13,219,388 Shares reserved for achievement of Spyce milestones 506,243 714,285 Shares reserved for employee stock purchase plan 4,111,331 4,111,331 RSUs and PSUs outstanding under the 2019 Equity Incentive Plan and 2021 Equity Incentive Plan 7,477,911 7,572,945 Shares available for future issuance under the 2021 Equity Incentive Plan 8,943,292 10,572,899 Total reserved shares of common stock 35,607,917 36,190,848

STOCK - BASED COMPENSATION

STOCK - BASED COMPENSATION	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
STOCK - BASED COMPENSATION	STOCK-BASED COMPENSATION 2021 Equity Incentive Plan In connection with the Company’s IPO, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”), which allows for issuance of stock options (including incentive stock options and non-qualified stock options), restricted stock units (“RSUs”), including performance-based awards, and other types of awards. The maximum number of shares of common stock that may be issued under the 2021 Plan is 35,166,753, which is the sum of (i) 11,500,000 new shares, plus (ii) an additional number of shares consisting of (a) shares that were available for the issuance of awards under any prior equity incentive plans in place (which shall include the Prior Stock Plans (as defined below)) and the options to purchase certain shares of common stock, assumed by the Company, pursuant to the Spyce Food Co. 2016 Stock Option and Grant Plan, prior to the time the Company’s 2021 Plan became effective and (b) any shares of the Company’s common stock subject to outstanding stock options or other stock awards granted under the Prior Stock Plans that on or after the Company’s 2021 Plan became effective, terminate or expire prior to the exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. Options granted during, or prior to, the thirteen weeks ended March 31, 2024 generally have vesting terms between twelve months and four years and have a contractual life of 10 years. The Company issues shares of Class A common stock upon the vesting and settlement of RSUs and upon the exercises of stock options under the 2021 Plan. The 2021 Plan is administered by the Company’s board of directors (the “Board”), or a duly authorized committee of the Board. 2009 Stock Plan and 2019 Equity Incentive Plan Prior to the Company’s IPO, the Company granted stock options, RSUs and performance-based restricted stock awards (“PSUs”) to its employees, as well as non-employees (including directors and others who provide substantial services to the Company) under the Company’s 2009 Stock Plan and 2019 Equity Incentive Plan (collectively, the “Prior Stock Plans”). Awards permitted to be granted under the Prior Stock Plans include incentive stock options to the Company’s employees and non-qualified stock options to the Company’s employees and non-employees, as well as stock appreciation rights, restricted stock awards, RSUs (including PSUs), and other forms of stock awards to the Company’s employees, directors and consultants and any of the Company’s affiliated employees and consultants. Options granted in the fiscal year ended December 26, 2021 and prior generally have vesting terms between one year and four years and have a contractual life of 10 years. No further stock awards will be granted under the Prior Stock Plans now that the 2021 Equity Incentive Plan is effective; however, awards outstanding under the Prior Stock Plans will continue to be governed by their existing terms. Spyce Acquisition In conjunction with the Spyce acquisition, the Company issued shares of Class S stock which converted to the Class A common stock upon the Company’s IPO. Shares of Class S stock that were issued to certain Spyce employees, and the corresponding shares of Class A common stock received by such employees in connection with the Company’s IPO, were subject to time-based service requirements and vested on September 7, 2023, as these requirements were met. As the value is fixed, the grant date fair value of these shares represents the fair value of the shares on the acquisition date. For the thirteen weeks ended March 26, 2023 , the Company recognized stock-based compensation expense of $0.8 million related to the vested portion of such shares. 2021 Employee Stock Purchase Plan In conjunction with the IPO, the Board adopted, and the Company’s stockholders approved, the Company’s 2021 employee stock purchase plan (the “ESPP”). The Company’s ESPP authorizes the issuance of 3,000,000 shares of common stock under purchase rights granted to the Company’s employees or to the employees of any of its designated affiliates. The number of shares of the Company’s common stock reserved for issuance will automatically increase on January 1 of each year for a period of 10 years, which began on January 1, 2023, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year; and (ii) 4,300,000 shares, except before the date of any such increase, the Board may determine that such increase will be less than the amount set forth in clauses (i) and (ii). On January 1, 2023 the ESPP authorized shares increased by 1,111,331 to 4,111,331 in accordance with the above. The Board delegated the authority to manage the ESPP to the Compensation Committee of the Board, which provided that there would be no increase in the share reserve for the ESPP for calendar year 2024. As of March 31, 2024, there had bee n no offering period or purchase period under the ESPP , and no such period will begin unless and until determined by the administrator. Stock Options The following table summarizes the Company’s stock option activity for the thirteen weeks ended March 31, 2024 and March 26, 2023: (dollar amounts in thousands except per share amounts) Number of Shares Weighted Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Balance—December 31, 2023 13,219,388 $ 7.77 5.97 $ 53,758 Options granted 1,720,782 15.52 Options exercised (257,201) 7.74 Options forfeited (80,989) 13.51 Options expired (32,840) 18.97 Balance—March 31, 2024 14,569,140 $ 8.63 6.26 $ 242,599 Exercisable—March 31, 2024 10,419,232 $ 6.92 5.19 $ 191,264 Vested and expected to vest—March 31, 2024 14,569,140 $ 8.63 6.26 $ 242,599 (dollar amounts in thousands except per share amounts) Number of Shares Weighted Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Balance—December 25, 2022 13,813,922 $ 7.86 6.63 $ 34,454 Options granted 1,014,844 7.95 Options exercised (160,964) 4.77 Options forfeited (256,242) 8.66 Options expired (44,238) 11.09 Balance—March 26, 2023 14,367,322 $ 7.88 6.75 $ 17,845 Exercisable—March 26, 2023 9,945,317 $ 6.24 5.79 $ 17,638 Vested and expected to vest—March 26, 2023 14,367,322 $ 7.88 6.75 $ 17,845 The weighted-average fair value of options granted during the thirteen weeks ended March 31, 2024 and March 26, 2023 was $7.58 and $8.43 , respectively. The fair value of each option granted has been estimated as of the date of the grant using the Black-Scholes option-pricing model. The Company has elected to account for forfeitures as they occur. As of March 31, 2024, there was $23.4 million in unrecognized compensation expense related to unvested stock-based compensation arrangements and is expected to be recognized over a weighted average period 2.22 years . Restricted Stock Units and Performance Stock Units Restricted stock units The following table summarizes the Company’s RSU activity for the thirteen weeks ended March 31, 2024 and March 26, 2023 : (dollar amounts in thousands except per share amounts) Number of Shares Weighted-Average Grant Date Fair Value Balance—December 31, 2023 951,517 $ 17.41 Granted 369,031 16.83 Released (116,649) 18.41 Forfeited (25,988) 17.47 Balance— March 31, 2024 1,177,911 17.13 (dollar amounts in thousands except per share amounts) Number of Shares Weighted-Average Grant Date Fair Value Balance—December 25, 2022 1,780,681 $ 23.40 Granted 214,431 8.42 Released (155,558) 22.15 Forfeited (229,151) 22.65 Balance— March 26, 2023 1,610,403 $ 23.77 As of March 31, 2024, unrecognized compensation expense related to RS Us was $12.5 million and is expected to be recognized over a weighted average period of 1.90 years. The fair value of shares released as of the vesting date during the thirteen weeks ended March 31, 2024 wa s $1.2 million. Performance stock units In October 2021, the Company granted 2,100,000 PSUs to each founder (the “founder PSUs”) for a total of 6,300,000 PSUs, under the 2019 Equity Incentive Plan. The founder PSUs vest upon the satisfaction of a service condition and the achievement of certain stock price goals. As of March 31, 2024 unrecognized compensation expense related to the founder PSU s was $22.8 million and is expected to be recognized over a weighted average period of 1.25 years. Subsequent to the Company’s IPO, the Company issued 321,428 PSUs to the Spyce founders (“Spyce PSUs”) based on three separate performance-based milestone targets. During the thirteen weeks ended March 31, 2024, the Company modified the number of shares underlying these grants and the vesting terms to remove the performance-based component, resulting in the total number of shares decreasing to 85,395, all of which are scheduled to vest on March 15, 2025. The expense related to these RSUs is included within the RSU section above. There wer e no PSU grants during the thirteen weeks ended March 31, 2024 and March 26, 2023. A summary of stock-based compensation expense recognized during the thirteen weeks ended March 31, 2024 and March 26, 2023 is as follows: Thirteen weeks ended (dollar amounts in thousands) March 31, March 26, Stock-options $ 2,336 $ 2,472 Restricted stock units 1,648 2,745 Performance stock units 5,642 9,048 Total stock-based compensation $ 9,626 $ 14,265

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s entire pretax loss for the thirteen weeks ended March 31, 2024 and March 26, 2023 was from its U.S domestic operations. The Company’s tax provision for interim periods is determined using an estimate of its annual effective tax rate, adjusted for discrete items arising during interim periods. For the thirteen weeks ended March 31, 2024 and March 26, 2023, there were no significant discrete items recorded and the Company recorded $0.1 million and $0.3 million in income tax expense, respectively. On March 27, 2020, President Trump signed into law the CARES Act (as defined below). Intended to provide economic relief to those impacted by the COVID-19 pandemic, the CARES Act includes provisions, among others, to enhance business’ liquidity and provide for refundable employee retention tax credits, which could be used to offset payroll tax liabilities. On March 11, 2021, President Biden signed the American Rescue Plan Act (“ARPA”). The ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the CARES Act, through September 30, 2021. As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entiti es, the Company accounts for the ERC (as defined below) by analogy to International Accounting Standard ("IAS”) 20, Accounting for Government Grants and Disclosure of Government Assistance. In accordance with IAS 20, management determined it has reasonable assurance for receipt of the ERC and recorded the ERC benefit of $1.8 million within Labor and other related expenses and $5.1 million

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE During the thirteen weeks ended March 31, 2024 and March 26, 2023, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share attributable to common stockholders were, therefore, the same for both Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of net loss per common share: Thirteen weeks ended March 31, March 26, (dollar amounts in thousands) Numerator: Net loss $ (26,067) $ (33,657) Denominator: Weighted-average common shares outstanding—basic and diluted 112,772,776 111,297,064 Earnings per share—basic and diluted $ (0.23) $ (0.30) The Company’s potentially dilutive securities, which include preferred stock, time-based vesting restricted stock units, performance stock units, contingently issuable stock and options to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Thirteen weeks ended March 31, March 26, Options to purchase common stock 14,569,140 14,367,322 Time-based vesting restricted stock units 1,177,911 1,610,403 Performance stock units 6,300,000 6,621,428 Contingently issuable stock 506,243 714,285 Total common stock equivalents 22,553,294 23,313,438

RELATED-PARTY TRANSACTIONS

RELATED-PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS The Company’s founders and Chief Financial Officer each hold indirect minority passive interests in Luzzatto Opportunity Fund II, LLC, an entity which holds indirect equity interests in Welcome to the Dairy, LLC, which is the owner of the properties leased by the Company for the Company’s principal corporate headquarters. For both the thirteen weeks ended March 31, 2024 and March 26, 2023, total payments to Welcome to the Dairy, LLC, totaled $1.0 million.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Commitments The Company is obligated under various operating leases related to its office facilities, restaurant locations, and certain equipment under non-cancelable operating leases that expire on various dates. Under certain of these leases, the Company is liable for contingent rent based on a percentage of sales in excess of specified thresholds and typically responsible for its proportionate share of real estate taxes, CAMs and other occupancy costs. Refer to Note 8, Leases, for additional information. Purchase Obligations Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms. The majority of the Company’s purchase obligations relate to amounts owed for supplies within its restaurants and are due within the next twelve months. Legal Contingencies The Company is subject to various claims, lawsuits, governmental investigations and administrative proceedings that arise in the ordinary course of business. The Company does not believe that the ultimate resolution of any of these matters will have a material effect on the Company’s financial position, results of operations, liquidity, or capital resources. However, an increase in the number of these claims, or one or more successful claims under which the Company incurs greater liabilities than the Company currently anticipates, could materially and adversely affect the Company’s business, financial position, results of operations, and cash flows.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated subsequent events through May 9, 2023, the date its accompanying condensed consolidated financial statements were available to be issued. Except as discussed below, there are no events that require adjustment to or disclosure in these condensed consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Pay vs Performance Disclosure
Net loss	$ (26,067)	$ (33,657)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During our last fiscal quarter, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of the Company’s securities set forth in the table below. Type of Trading Arrangement Name Position Action Adoption/ Termination Date Rule 10b5-1* Non- Rule 10b5-1** Total Shares of Class A Common Stock to be Sold*** Total Shares of Class A Common Stock to be Purchased Expiration Date Youngme Moon Director Termination March 2, 2024 X up to 97,500 N/A November 23, 2024 Jonathan Neman President, Chief Executive Officer, and Director Termination March 1, 2024 X up to 895,000 N/A September 9, 2024 * Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. ** “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act. *** Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The number of shares sold will be dependent on the satisfaction of certain conditions as set forth in the written plan.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Youngme Moon [Member]
Trading Arrangements, by Individual
Name	Youngme Moon
Title	Director
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 2, 2024
Aggregate Available	97,500
Jonathan Neman [Member]
Trading Arrangements, by Individual
Name	Jonathan Neman
Title	President, Chief Executive Officer, and Director
Rule 10b5-1 Arrangement Terminated	true
Termination Date	March 1, 2024
Aggregate Available	895,000

DESCRIPTION OF BUSINESS AND S_2

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation —The accompanying condensed consolidated financial statements include the accounts of the Company. All intercompany balances and transactions have been eliminated in consolidation.
Fiscal Year	Fiscal Year —The Company’s fiscal year is a 52- or 53-week period that ends on the Sunday closest to the last day of December. Fiscal year 2024 is a 52-week period that ends December 29, 2024 and fiscal year 2023 was a 53-week period that ended December 31, 2023. In a 52-week fiscal year, each quarter includes 13 weeks of operations. In a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations, and the fourth quarter includes 14 weeks of operations.
Management’s Use of Estimates	Management’s Use of Estimates —The condensed consolidated financial statements have been prepared by the Company in accordance with GAAP and the rules and regulations of the SEC. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates made by the Company include the income tax valuation allowance, impairment of long-lived assets and right-of-use assets (“ROU assets”), legal liabilities, valuation of the contingent consideration liability, lease accounting matters, valuation of intangible assets acquired in business combinations, goodwill and stock-based compensation. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash —The Company’s restricted cash balance relates to certificates of deposit that are collateral for letters of credit to lease agreements entered into by the Company.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted — In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes amendments requiring enhanced income tax disclosures, primarily related to standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the impact of adopting this ASU on its disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

DESCRIPTION OF BUSINESS AND S_3

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The reconciliation of cash and cash equivalents and restricted cash presented in the Company’s accompanying condensed consolidated balance sheets to the total amount shown in its condensed consolidated statements of cash flows is as follows: (dollar amounts in thousands) As of March 31, As of December 31, Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 243,756 $ 257,230 Restricted cash, noncurrent 125 125 Total cash, cash equivalents and restricted cash shown on statement of cash flows $ 243,881 $ 257,355
Schedule of Restricted Cash	The reconciliation of cash and cash equivalents and restricted cash presented in the Company’s accompanying condensed consolidated balance sheets to the total amount shown in its condensed consolidated statements of cash flows is as follows: (dollar amounts in thousands) As of March 31, As of December 31, Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 243,756 $ 257,230 Restricted cash, noncurrent 125 125 Total cash, cash equivalents and restricted cash shown on statement of cash flows $ 243,881 $ 257,355

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Significant Revenue Channel	The following table presents the Company’s revenue for the thirteen weeks ended March 31, 2024 and March 26, 2023 disaggregated by significant revenue channel: Thirteen weeks ended (dollar amounts in thousands) March 31, March 26, Owned Digital Channels $ 51,812 $ 48,261 In-Store Channel (Non-Digital component) 64,927 49,391 Marketplace Channel 41,111 27,410 Total Revenue $ 157,850 $ 125,062
Schedule of Gift Card Liability Included in Gift Card and Loyalty Liability	Gift card liability included in gift card and loyalty liability within the accompanying condensed consolidated balance sheet was as follows: (dollar amounts in thousands) As of March 31, As of December 31, Gift Card Liability $ 2,959 $ 2,797 Revenue recognized from the redemption of gift cards that was included in gift card and loyalty liability at the beginning of the year was as follows: Thirteen weeks ended (dollar amounts in thousands) March 31, March 26, Revenue recognized from gift card liability balance at the beginning of the year $ 664 $ 325

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Liabilities Measured at Fair Value	The following tables present information about the Company’s financial liabilities measured at fair value on a recurring basis: Fair Value Measurements as of March 31, 2024 Fair Value Measurements as of December 31, 2023 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (dollar amounts in thousands) Contingent consideration 10,377 — — 10,377 8,350 — — 8,350
Schedule of Fair Values Roll Forward of Contingent Consideration	The following table provides a roll forward of the aggregate fair values of the Company’s contingent consideration, for which fair value is determined using Level 3 inputs. (dollar amounts in thousands) Contingent Consideration Balance—December 31, 2023 $ 8,350 Change in fair value 2,027 Balance—March 31, 2024 $ 10,377

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Summary of Property and Equipment	A summary of property and equipment is as follows: (dollar amounts in thousands) As of March 31, As of December 31, Kitchen equipment $ 92,162 $ 89,814 Computers and other equipment 38,806 37,984 Furniture and fixtures 38,308 36,692 Leasehold improvements 271,966 262,191 Assets not yet placed in service 24,969 26,269 Total property and equipment 466,211 452,950 Less: accumulated depreciation (199,079) (186,048) Property and equipment, net $ 267,132 $ 266,902

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Asset, Net	The following table presents the Company’s intangible assets, net balances: (dollar amounts in thousands) As of March 31, As of December 31, Internal use software $ 40,036 $ 38,336 Developed technology 20,050 20,050 Total intangible assets 60,086 58,386 Accumulated amortization (33,730) (30,979) Intangible assets, net $ 26,356 $ 27,407
Schedule of Estimated Amortization of Internal Use Software	Estimated future amortization of internal use software and developed technology is as follows: (dollar amounts in thousands) 2024 $ 7,483 2025 7,755 2026 5,698 2027 4,083 2028 1,337 Total $ 26,356

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: (dollar amounts in thousands) As of March 31, As of December 31, Fixed asset accrual $ 3,769 $ 3,577 Accrued general and sales tax 4,475 3,438 Rent deferrals 1,173 1,330 Accrued delivery fee 1,334 1,197 Accrued settlements and legal fees 964 1,439 Other accrued expenses 10,288 9,864 Total accrued expenses $ 22,003 $ 20,845

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Components of Lease Cost	The components of lease cost for the thirteen weeks ended March 31, 2024 and March 26, 2023 were as follows: Thirteen weeks ended (dollar amounts in thousands) Classification March 31, March 26, Operating lease cost Occupancy and related expense $ 12,382 $ 11,829 Variable lease cost Occupancy and related expense 2,947 2,612 Short term lease cost Occupancy and related expense 114 145 Sublease income General and administrative expense — (178) Total lease cost $ 15,443 $ 14,408 A summary of lease terms and discount rates for operating leases as of March 31, 2024 and December 31, 2023 is as follows: March 31, December 31, Weighted average remaining lease term (years): Operating Leases 7.29 7.41 Weighted average discount rate: Operating Leases 6.59 % 6.51 % Supplemental cash flow information related to leases for the thirteen weeks ended March 31, 2024 and March 26, 2023: March 31, March 26, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases, net of lease incentives $ 10,610 $ 12,789 Right of use assets obtained in exchange for lease obligations: Operating leases $ 7,357 $ 10,532
Future Minimum Lease Payments	As of March 31, 2024 , future minimum lease payments for operating leases consisted of the following: (dollar amounts in thousands) 2024 $ 36,157 2025 57,000 2026 55,895 2027 51,660 2028 45,577 Thereafter 148,323 Total $ 394,612 Less: imputed interest 90,211 Total lease liabilities $ 304,401

COMMON STOCK (Tables)

COMMON STOCK (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Reserved Shares of Common Stock For Issuance	As of March 31, 2024 and December 31, 2023, the Company had reserved shares of common stock for issuance in conn ection with the following: As of March 31, As of December 31, Options outstanding under the 2009 Stock Plan, 2019 Equity Incentive Plan, Spyce Food Co. 2016 Stock Option Plan and Grant Plan and 2021 Equity Incentive Plan 14,569,140 13,219,388 Shares reserved for achievement of Spyce milestones 506,243 714,285 Shares reserved for employee stock purchase plan 4,111,331 4,111,331 RSUs and PSUs outstanding under the 2019 Equity Incentive Plan and 2021 Equity Incentive Plan 7,477,911 7,572,945 Shares available for future issuance under the 2021 Equity Incentive Plan 8,943,292 10,572,899 Total reserved shares of common stock 35,607,917 36,190,848

STOCK - BASED COMPENSATION (Tab

STOCK - BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity for the thirteen weeks ended March 31, 2024 and March 26, 2023: (dollar amounts in thousands except per share amounts) Number of Shares Weighted Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Balance—December 31, 2023 13,219,388 $ 7.77 5.97 $ 53,758 Options granted 1,720,782 15.52 Options exercised (257,201) 7.74 Options forfeited (80,989) 13.51 Options expired (32,840) 18.97 Balance—March 31, 2024 14,569,140 $ 8.63 6.26 $ 242,599 Exercisable—March 31, 2024 10,419,232 $ 6.92 5.19 $ 191,264 Vested and expected to vest—March 31, 2024 14,569,140 $ 8.63 6.26 $ 242,599 (dollar amounts in thousands except per share amounts) Number of Shares Weighted Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (In Years) Aggregate Intrinsic Value Balance—December 25, 2022 13,813,922 $ 7.86 6.63 $ 34,454 Options granted 1,014,844 7.95 Options exercised (160,964) 4.77 Options forfeited (256,242) 8.66 Options expired (44,238) 11.09 Balance—March 26, 2023 14,367,322 $ 7.88 6.75 $ 17,845 Exercisable—March 26, 2023 9,945,317 $ 6.24 5.79 $ 17,638 Vested and expected to vest—March 26, 2023 14,367,322 $ 7.88 6.75 $ 17,845
Summary of Restricted Stock Units Activity	The following table summarizes the Company’s RSU activity for the thirteen weeks ended March 31, 2024 and March 26, 2023 : (dollar amounts in thousands except per share amounts) Number of Shares Weighted-Average Grant Date Fair Value Balance—December 31, 2023 951,517 $ 17.41 Granted 369,031 16.83 Released (116,649) 18.41 Forfeited (25,988) 17.47 Balance— March 31, 2024 1,177,911 17.13 (dollar amounts in thousands except per share amounts) Number of Shares Weighted-Average Grant Date Fair Value Balance—December 25, 2022 1,780,681 $ 23.40 Granted 214,431 8.42 Released (155,558) 22.15 Forfeited (229,151) 22.65 Balance— March 26, 2023 1,610,403 $ 23.77
Summary of Stock-based Compensation Expense	A summary of stock-based compensation expense recognized during the thirteen weeks ended March 31, 2024 and March 26, 2023 is as follows: Thirteen weeks ended (dollar amounts in thousands) March 31, March 26, Stock-options $ 2,336 $ 2,472 Restricted stock units 1,648 2,745 Performance stock units 5,642 9,048 Total stock-based compensation $ 9,626 $ 14,265

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Net Loss Per Common Share	The following table sets forth the computation of net loss per common share: Thirteen weeks ended March 31, March 26, (dollar amounts in thousands) Numerator: Net loss $ (26,067) $ (33,657) Denominator: Weighted-average common shares outstanding—basic and diluted 112,772,776 111,297,064 Earnings per share—basic and diluted $ (0.23) $ (0.30)
Schedule of Anti-dilutive Shares Excluded	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Thirteen weeks ended March 31, March 26, Options to purchase common stock 14,569,140 14,367,322 Time-based vesting restricted stock units 1,177,911 1,610,403 Performance stock units 6,300,000 6,621,428 Contingently issuable stock 506,243 714,285 Total common stock equivalents 22,553,294 23,313,438

DESCRIPTION OF BUSINESS AND S_4

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment restaurant state	Dec. 31, 2023 USD ($)
Change in Accounting Estimate [Line Items]
Number of restaurants | restaurant	227
Number of states | state	19
Number of restaurants opened | restaurant	6
Operating segments | segment	1
Reportable segments | segment	1
Accounts receivable | $	$ 5,590	$ 3,502
Credit Card Processors
Change in Accounting Estimate [Line Items]
Accounts receivable | $	$ 4,500	$ 3,000

DESCRIPTION OF BUSINESS AND S_5

DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 26, 2023	Dec. 25, 2022
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 243,756	$ 257,230
Restricted cash, noncurrent	125	125
Total cash, cash equivalents and restricted cash shown on statement of cash flows	$ 243,881	$ 257,355	$ 296,953	$ 331,739

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Disaggregation of Revenue [Line Items]
Total Revenue	$ 157,850	$ 125,062
Owned Digital Channels | Direct
Disaggregation of Revenue [Line Items]
Total Revenue	51,812	48,261
In-Store Channel (Non-Digital component) | Direct
Disaggregation of Revenue [Line Items]
Total Revenue	64,927	49,391
Marketplace Channel | 3rd party
Disaggregation of Revenue [Line Items]
Total Revenue	$ 41,111	$ 27,410

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Gift Card Liability	$ 3,137		$ 2,797
Gift Cards
Disaggregation of Revenue [Line Items]
Gift Card Liability	2,959		$ 2,797
Revenue recognized from gift card liability balance at the beginning of the year	$ 664	$ 325

FAIR VALUE - Schedule of Financ

FAIR VALUE - Schedule of Financial Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 10,377	$ 8,350
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 10,377	$ 8,350

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Sep. 07, 2021 USD ($) milestone $ / shares shares	Mar. 31, 2024 USD ($) $ / shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Performance based milestone targets | milestone	3
IPO
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Shares issued (in dollars per share) | $ / shares	$ 28
Spyce
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Additional shares issued, value	$ 20
Additional shares issued (in shares) | shares	714,285
Spyce | Former Equity Holders, Additional Equity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Business combination, contingent consideration, liability, earnout		$ 6
Business acquisition, share price (in dollars per share) | $ / shares		$ 10.20
Business combination, contingent consideration, liability, equity interests issued and issuable, earnout		$ 2.1
Business combination, contingent consideration, liability, cash, earnout		$ 3.9

FAIR VALUE - Schedule of Fair V

FAIR VALUE - Schedule of Fair Values Roll Forward of Contingent Consideration (Details) - Level 3 - Contingent consideration $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 8,350
Change in fair value	2,027
Ending Balance	$ 10,377

PROPERTY AND EQUIPMENT - Summar

PROPERTY AND EQUIPMENT - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 466,211	$ 452,950
Less: accumulated depreciation	(199,079)	(186,048)
Property and equipment, net	267,132	266,902
Kitchen equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	92,162	89,814
Computers and other equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	38,806	37,984
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	38,308	36,692
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	271,966	262,191
Assets not yet placed in service
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 24,969	$ 26,269

PROPERTY AND EQUIPMENT - Narrat

PROPERTY AND EQUIPMENT - Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) facility	Mar. 26, 2023 USD ($)	Dec. 31, 2023 facility
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 13.7	$ 11.1
Number of facilities under construction | facility	9		7
Research and development expense	$ 0.3

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 35,970		$ 35,970
Amortization expense for intangible assets	$ 226	$ 216
Developed technology
Indefinite-lived Intangible Assets [Line Items]
Useful life	5 years
Software and Software Development Costs
Indefinite-lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 2,800	$ 2,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Intangible Asset, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets	$ 60,086	$ 58,386
Accumulated amortization	(33,730)	(30,979)
Intangible assets, net	26,356	27,407
Internal use software
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets	40,036	38,336
Developed technology
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets	$ 20,050	$ 20,050

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Amortization of Internal Use Software (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 7,483
2025	7,755
2026	5,698
2027	4,083
2028	1,337
Intangible assets, net	$ 26,356	$ 27,407

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Fixed asset accrual	$ 3,769	$ 3,577
Accrued general and sales tax	4,475	3,438
Rent deferrals	1,173	1,330
Accrued delivery fee	1,334	1,197
Accrued settlements and legal fees	964	1,439
Other accrued expenses	10,288	9,864
Total accrued expenses	$ 22,003	$ 20,845

DEBT (Details)

DEBT (Details) - Line of Credit - USD ($)	Dec. 14, 2022	Dec. 13, 2020	Mar. 31, 2024	Dec. 31, 2023	Apr. 26, 2023	Dec. 13, 2022	May 09, 2022	Dec. 15, 2020	Dec. 14, 2020
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowing capacity									$ 35,000,000
Outstanding balance			$ 0	$ 0
Revolving Credit Facility | 2020 Credit Facility
Debt Instrument [Line Items]
Borrowing capacity						$ 45,000,000		$ 45,000,000
Increase in maximum borrowing capacity						10,000,000
Debt issuance costs						$ 100,000
Floor rate		3.75%
Covenant, threshold trailing days	90 days
Revolving Credit Facility | 2020 Credit Facility | Secured Overnight Financing Rate
Debt Instrument [Line Items]
Adjustable rate		2.90%
Revolving Credit Facility | Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Borrowing capacity									$ 10,000,000
Secured Debt | 2020 Credit Facility
Debt Instrument [Line Items]
Additional issuances trigger, maturity term	90 days
Letter of Credit | 2020 Credit Facility
Debt Instrument [Line Items]
Borrowing capacity					$ 3,500,000		$ 1,500,000
Standby Letters of Credit | 2020 Credit Facility
Debt Instrument [Line Items]
Borrowing capacity					$ 1,950,000		$ 950,000

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Term of contract	10 years
Lease not yet commenced, amount	$ 24	$ 25.9
Minimum
Lessee, Lease, Description [Line Items]
Renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Renewal term	15 years

LEASES - Lease Cost (Details)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Leases [Abstract]
Operating lease cost	$ 12,382	$ 11,829
Variable lease cost	2,947	2,612
Short term lease cost	114	145
Sublease income	0	(178)
Total lease cost	$ 15,443	$ 14,408

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 36,157
2025	57,000
2026	55,895
2027	51,660
2028	45,577
Thereafter	148,323
Total	394,612
Less: imputed interest	90,211
Total lease liabilities	$ 304,401
Operating Leases	7 years 3 months 14 days	7 years 4 months 28 days

LEASES - Lease Terms and Discou

LEASES - Lease Terms and Discount Rates (Details)	Mar. 31, 2024	Dec. 31, 2023
Weighted average remaining lease term (years):
Operating Leases	7 years 3 months 14 days	7 years 4 months 28 days
Weighted average discount rate:
Operating Leases	6.59%	6.51%

LEASES - Supplemental Cash Flow

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases, net of lease incentives	$ 10,610	$ 12,789
Right of use assets obtained in exchange for lease obligations:
Operating leases	$ 7,357	$ 10,532

COMMON STOCK (Details)

COMMON STOCK (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total reserved shares of common stock	35,607,917	36,190,848
Shares available for future issuance under the 2021 Equity Incentive Plan
Class of Stock [Line Items]
Total reserved shares of common stock	8,943,292	10,572,899
Shares reserved for achievement of Spyce milestones
Class of Stock [Line Items]
Total reserved shares of common stock	506,243	714,285
Stock Options
Class of Stock [Line Items]
Total reserved shares of common stock	14,569,140	13,219,388
Employee Stock
Class of Stock [Line Items]
Total reserved shares of common stock	4,111,331	4,111,331
Restricted Stock Units And Performance Share Units
Class of Stock [Line Items]
Total reserved shares of common stock	7,477,911	7,572,945

STOCK - BASED COMPENSATION - Na

STOCK - BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended
	Jan. 01, 2023 shares	Nov. 23, 2021 performance_based_milestone_target shares	Sep. 07, 2021 milestone shares	Oct. 31, 2021 shares	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 26, 2023 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation | $					$ 9,626	$ 14,265
Weighted average grant date fair value of options (in dollars per share) | $ / shares					$ 7.58	$ 8.43
Performance based milestone targets | milestone			3
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation | $					$ 2,336	$ 2,472
Unrecognized compensation expense | $					$ 23,400
Expected period for recognition					2 years 2 months 19 days
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation | $					$ 5,642	$ 9,048
Unrecognized compensation expense | $					$ 22,800
Expected period for recognition					1 year 3 months
Shares granted (in shares)				6,300,000	0	0
New shares issued (in shares)		321,428
Performance based milestone targets | performance_based_milestone_target		3
Total shares granted (in shares)					85,395
PSUs | Founder One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)				2,100,000
PSUs | Founder Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)				2,100,000
PSUs | Founder Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)				2,100,000
PSUs | Spyce
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation | $						$ 800
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation | $					$ 1,648	$ 2,745
Unrecognized compensation expense | $					$ 12,500
Expected period for recognition					1 year 10 months 24 days
Shares granted (in shares)					369,031	214,431
Fair value of shares earned | $					$ 1,200
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock authorized for issuance (in shares)					35,166,753
Maximum number of new common stock authorized for issuance (in shares)					11,500,000
2021 Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life					10 years
2021 Plan | Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
2021 Plan | Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
2009 Stock Plan And 2019 Equity Incentive Plan | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual life					10 years
2009 Stock Plan And 2019 Equity Incentive Plan | Minimum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
2009 Stock Plan And 2019 Equity Incentive Plan | Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
ESPP | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock authorized for issuance (in shares)	4,111,331		3,000,000
Common stock reserved, issuance, increase period	10 years
Percentage of outstanding stock maximum	1%
Maximum shares allowable under the plan (in shares)	4,300,000
New shares available (in shares)	1,111,331

STOCK - BASED COMPENSATION - Su

STOCK - BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 26, 2023	Sep. 24, 2023	Sep. 25, 2022	Dec. 31, 2023	Dec. 25, 2022
Number of Shares
Beginning Balance (in shares)	13,219,388	13,813,922	13,813,922
Options granted (in shares)	1,720,782	1,014,844
Options exercised (in shares)	(257,201)	(160,964)
Options forfeited (in shares)	(80,989)	(256,242)
Options expired (in shares)	(32,840)	(44,238)
Ending Balance (in shares)	14,569,140	14,367,322
Options exercisable, Number of shares (in shares)	10,419,232	9,945,317
Options vested and expected to vest, Number of shares (in shares)	14,569,140	14,367,322
Weighted Average Exercise Price Per Share
Beginning Balance (in dollars per share)	$ 7.77	$ 7.86	$ 7.86
Options granted (in dollars per share)	15.52	7.95
Options exercised (in dollars per share)	7.74	4.77
Options forfeited (in dollars per share)	13.51	8.66
Options expired (in dollars per share)	18.97	11.09
Ending Balance (in dollars per share)	8.63	7.88
Options exercisable, Weighted average exercise price per share (in dollars per share)	6.92	6.24
Options vested and expected to vest, Weighted average exercise price per share (in dollars per share)	$ 8.63	$ 7.88
Stock Options Additional Disclosures
Options outstanding, Weighted average remaining contractual term	6 years 3 months 3 days	6 years 9 months	5 years 11 months 19 days	6 years 7 months 17 days
Options exercisable, Weighted average remaining contractual term	5 years 2 months 8 days	5 years 9 months 14 days
Options vested and expected to vest, Weighted average remaining contractual term	6 years 3 months 3 days	6 years 9 months
Options outstanding, Aggregate intrinsic value	$ 242,599	$ 17,845			$ 53,758	$ 34,454
Options exercisable, Aggregate intrinsic value	191,264	17,638
Options vested and expected to vest, Aggregate intrinsic value	$ 242,599	$ 17,845

STOCK - BASED COMPENSATION - _2

STOCK - BASED COMPENSATION - Summary of Restricted Stock Units Activity (Details) - RSUs - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Number of Shares
Outstanding at December 26, 2021 (in shares)	951,517	1,780,681
Granted (in shares)	369,031	214,431
Released (in shares)	(116,649)	(155,558)
Forfeited (in shares)	(25,988)	(229,151)
Outstanding at June 26, 2022 (in shares)	1,177,911	1,610,403
Weighted-Average Grant Date Fair Value
Outstanding at December 26, 2021 (in dollars per share)	$ 17.41	$ 23.40
Granted (in dollars per share)	16.83	8.42
Released (in dollars per share)	18.41	22.15
Forfeited (in dollars per share)	17.47	22.65
Outstanding at June 26, 2022 (in dollars per share)	$ 17.13	$ 23.77

STOCK - BASED COMPENSATION - _3

STOCK - BASED COMPENSATION - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 9,626	$ 14,265
Stock-options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	2,336	2,472
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	1,648	2,745
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 5,642	$ 9,048

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense	$ 90	$ 318
ERC payment received	3,400
ERC payment receivable	3,600
Labor and related expenses
Operating Loss Carryforwards [Line Items]
ERC benefit	1,800
General and administrative expense
Operating Loss Carryforwards [Line Items]
ERC benefit	$ 5,100

NET LOSS PER SHARE - Computatio

NET LOSS PER SHARE - Computation of Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Numerator:
Net loss	$ (26,067)	$ (33,657)
Denominator:
Weighted-average common shares outstanding—basic (in shares)	112,772,776	111,297,064
Weighted-average common shares outstanding— diluted (in shares)	112,772,776	111,297,064
Earnings per share—basic (in dollars per share)	$ (0.23)	$ (0.30)
Earnings per share—diluted (in dollars per share)	$ (0.23)	$ (0.30)

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Anti-dilutive Shares Excluded (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 26, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	22,553,294	23,313,438
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	14,569,140	14,367,322
Time-based vesting restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	1,177,911	1,610,403
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	6,300,000	6,621,428
Contingently issuable stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total common stock equivalents	506,243	714,285

RELATED-PARTY TRANSACTIONS (Det

RELATED-PARTY TRANSACTIONS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Related Party | Dairy, LLC | Chief Financial Officer
Related Party Transaction [Line Items]
Payments to related parties	$ 1