Cover
Cover - shares | 6 Months Ended | |
Jun. 28, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 28, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35603 | |
Entity Registrant Name | CHUY’S HOLDINGS, INC. | |
Entity Central Index Key | 0001524931 | |
Current Fiscal Year End Date | --12-27 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-5717694 | |
Entity Address, Address Line One | 1623 Toomey Rd. | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78704 | |
City Area Code | (512) | |
Local Phone Number | 473-2783 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CHUY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,689,892 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 28, 2020 | Dec. 29, 2019 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 67,237 | $ 10,074 |
Accounts receivable | 1,223 | 1,426 |
Lease incentives receivable | 400 | 250 |
Income tax receivable | 523 | 0 |
Inventories | 1,538 | 1,657 |
Prepaid expenses and other current assets | 5,440 | 3,376 |
Total current assets | 76,361 | 16,783 |
Property and equipment, net | 193,285 | 210,750 |
Operating lease assets | 160,996 | 169,299 |
Deferred tax asset | 8,455 | 2,601 |
Other assets and intangible assets, net | 1,015 | 667 |
Tradename | 21,900 | 21,900 |
Goodwill | 24,069 | 24,069 |
Total assets | 486,081 | 446,069 |
CURRENT LIABILITIES | ||
Accounts payable | 5,622 | 4,253 |
Accrued liabilities | 20,725 | 21,107 |
Operating lease liabilities | 14,891 | 10,307 |
Income tax payable | 0 | 532 |
Total current liabilities | 41,238 | 36,199 |
Operating lease liabilities, less current portion | 209,076 | 214,541 |
Other liabilities | 652 | 393 |
Total liabilities | 250,966 | 251,133 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Common stock, $0.01 par value; 60,000,000 shares authorized; 19,689,892 shares issued and outstanding at June 28, 2020 and 16,636,464 shares issued and outstanding at December 29, 2019 | 197 | 166 |
Preferred stock, $0.01 par value; 15,000,000 shares authorized and no shares issued or outstanding at June 28, 2020 and December 29, 2019 | 0 | 0 |
Paid-in capital | 142,762 | 94,712 |
Retained earnings | 92,156 | 100,058 |
Total stockholders’ equity | 235,115 | 194,936 |
Total liabilities and stockholders’ equity | $ 486,081 | $ 446,069 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 28, 2020 | Dec. 29, 2019 |
Common stock - par value | $ 0.01 | $ 0.01 |
Common stock - shares authorized | 60,000,000 | 60,000,000 |
Common stock - shares issued | 19,689,892 | 16,636,464 |
Common stock - shares outstanding | 19,689,892 | 16,636,464 |
Preferred stock - par value | $ 0.01 | $ 0.01 |
Preferred stock - authorized | 15,000,000 | 15,000,000 |
Preferred stock - issued | 0 | 0 |
Preferred stock - outstanding | 0 | 0 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Income Statements - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Revenue | $ 65,712 | $ 113,132 | $ 160,212 | $ 215,243 |
Costs and expenses: | ||||
Cost of sales | 15,410 | 29,174 | 39,972 | 54,889 |
Labor | 17,337 | 38,854 | 50,917 | 75,553 |
Operating | 10,720 | 15,897 | 25,305 | 30,456 |
Occupancy | 7,097 | 8,152 | 15,083 | 16,134 |
General and administrative | 4,774 | 5,868 | 10,494 | 12,035 |
Marketing | 365 | 1,544 | 1,374 | 2,995 |
Restaurant pre-opening | 278 | 1,182 | 1,138 | 1,900 |
Legal settlement | 0 | 775 | 0 | 775 |
Impairment and closed restaurant costs | 1,782 | 216 | 20,555 | 588 |
Insured Event, Gain (Loss) | (1,000) | 0 | (1,000) | 0 |
Depreciation and amortization | 4,895 | 5,124 | 10,184 | 10,201 |
Total costs and expenses | 61,658 | 106,786 | 174,022 | 205,526 |
Income (loss) from operations | 4,054 | 6,346 | (13,810) | 9,717 |
Interest expense, net | 153 | 23 | 205 | 62 |
Income (loss) before income taxes | 3,901 | 6,323 | (14,015) | 9,655 |
Income tax (benefit) expense | (601) | 78 | (6,113) | 193 |
Net income (loss) | $ 4,502 | $ 6,245 | $ (7,902) | $ 9,462 |
Net income (loss) per common share: | ||||
Basic | $ 0.26 | $ 0.37 | $ (0.46) | $ 0.56 |
Diluted | $ 0.26 | $ 0.37 | $ (0.46) | $ 0.56 |
Weighted-average shares outstanding: | ||||
Basic | 17,555,506 | 16,804,465 | 17,095,422 | 16,838,052 |
Diluted | 17,578,129 | 16,859,657 | 17,095,422 | 16,902,656 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Beginning balance (in shares) at Dec. 30, 2018 | 16,856,373 | |||
Beginning balance at Dec. 30, 2018 | $ 193,851 | $ 169 | $ 99,490 | $ 94,192 |
Increase (Decrease) in Stockholders' Equity | ||||
Adoption of ASU 2016-02 Leases (Topic 842) | (349) | 0 | 0 | (349) |
Stock-based compensation | 1,726 | $ 0 | 1,726 | 0 |
Proceeds from exercise of stock options | 16,643 | |||
Proceeds from exercise of stock options | 133 | $ 0 | 133 | 0 |
Settlement of restricted stock units | 119,181 | |||
Settlement of restricted stock units | 0 | $ 1 | (1) | 0 |
Repurchase of shares of common stock | (256,480) | |||
Repurchase of shares of common stock | (5,693) | $ 3 | (5,690) | 0 |
Indirect repurchase of shares for minimum tax withholdings | (37,065) | |||
Indirect repurchase of shares for minimum tax withholdings | (838) | $ 0 | (838) | 0 |
Net income (loss) | 9,462 | $ 0 | 0 | 9,462 |
End balance (in shares) at Jun. 30, 2019 | 16,698,652 | |||
End balance at Jun. 30, 2019 | 198,292 | $ 167 | 94,820 | 103,305 |
Beginning balance (in shares) at Mar. 31, 2019 | 16,860,639 | |||
Beginning balance at Mar. 31, 2019 | 194,923 | $ 169 | 97,694 | 97,060 |
Increase (Decrease) in Stockholders' Equity | ||||
Stock-based compensation | 928 | $ 0 | 928 | 0 |
Proceeds from exercise of stock options | 11,956 | |||
Proceeds from exercise of stock options | 99 | $ 0 | 99 | 0 |
Settlement of restricted stock units | 3,493 | |||
Settlement of restricted stock units | (1) | $ 0 | (1) | 0 |
Repurchase of shares of common stock | (176,171) | |||
Repurchase of shares of common stock | (3,875) | $ (2) | (3,873) | 0 |
Indirect repurchase of shares for minimum tax withholdings | (1,265) | |||
Indirect repurchase of shares for minimum tax withholdings | (27) | $ 0 | (27) | 0 |
Net income (loss) | 6,245 | $ 0 | 0 | 6,245 |
End balance (in shares) at Jun. 30, 2019 | 16,698,652 | |||
End balance at Jun. 30, 2019 | 198,292 | $ 167 | 94,820 | 103,305 |
Beginning balance (in shares) at Dec. 29, 2019 | 16,636,464 | |||
Beginning balance at Dec. 29, 2019 | 194,936 | $ 166 | 94,712 | 100,058 |
Increase (Decrease) in Stockholders' Equity | ||||
Stock-based compensation | 1,957 | $ 0 | 1,957 | 0 |
Proceeds from exercise of stock options | 3,171 | |||
Proceeds from exercise of stock options | 34 | $ 0 | 34 | 0 |
Sale of common stock from ATM offering, net of fees and expenses | 48,167 | $ 31 | 48,136 | 0 |
Sale of common stock from ATM offering, net of fees and expenses | 3,041,256 | |||
Settlement of restricted stock units | 141,931 | |||
Settlement of restricted stock units | $ 0 | $ 1 | (1) | 0 |
Repurchase of shares of common stock | (90,000) | (90,144) | ||
Repurchase of shares of common stock | $ (1,422) | $ (1) | (1,421) | 0 |
Indirect repurchase of shares for minimum tax withholdings | (42,786) | |||
Indirect repurchase of shares for minimum tax withholdings | (655) | $ 0 | (655) | 0 |
Net income (loss) | (7,902) | $ 0 | 0 | (7,902) |
End balance (in shares) at Jun. 28, 2020 | 19,689,892 | |||
End balance at Jun. 28, 2020 | 235,115 | $ 197 | 142,762 | 92,156 |
Beginning balance (in shares) at Mar. 29, 2020 | 16,640,190 | |||
Beginning balance at Mar. 29, 2020 | 181,396 | $ 166 | 93,576 | 87,654 |
Increase (Decrease) in Stockholders' Equity | ||||
Stock-based compensation | 1,045 | $ 0 | 1,045 | 0 |
Proceeds from exercise of stock options | 3,171 | |||
Proceeds from exercise of stock options | 34 | $ 0 | 34 | 0 |
Sale of common stock from ATM offering, net of fees and expenses | $ 48,167 | $ 31 | 48,136 | 0 |
Sale of common stock from ATM offering, net of fees and expenses | 3,041,256 | 3,041,256 | ||
Settlement of restricted stock units | 7,401 | |||
Settlement of restricted stock units | $ 0 | $ 0 | 0 | 0 |
Repurchase of shares of common stock | (1,400) | |||
Indirect repurchase of shares for minimum tax withholdings | (2,126) | |||
Indirect repurchase of shares for minimum tax withholdings | (29) | $ 0 | (29) | 0 |
Net income (loss) | 4,502 | $ 0 | 0 | 4,502 |
End balance (in shares) at Jun. 28, 2020 | 19,689,892 | |||
End balance at Jun. 28, 2020 | $ 235,115 | $ 197 | $ 142,762 | $ 92,156 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (7,902) | $ 9,462 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation and amortization | 10,184 | 10,201 |
Amortization of operating lease assets | 5,170 | 222 |
Amortization of loan origination costs | 18 | 16 |
Loss on asset impairment | 18,277 | 0 |
Stock-based compensation | 1,823 | 1,622 |
Loss on disposal of property and equipment | 409 | 121 |
Deferred income taxes | (5,854) | (956) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 203 | 651 |
Lease incentive receivable | (150) | 1,239 |
Income tax receivable and payable | (1,055) | 603 |
Inventories | 119 | (182) |
Prepaid expenses and other current assets | (2,064) | (3,368) |
Accounts payable | 1,217 | (1,804) |
Accrued liabilities | (123) | 7,159 |
Operating lease liabilities | (881) | (315) |
Net cash provided by operating activities | 19,391 | 24,671 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (7,986) | (14,510) |
Purchase of other assets | (366) | (210) |
Net cash used in investing activities | (8,352) | (14,720) |
Cash flows from financing activities: | ||
Net proceeds from sale of common stock | 48,167 | 0 |
Borrowings under revolving line of credit | 25,000 | 5,000 |
Payments under revolving line of credit | (25,000) | (5,000) |
Repurchase of shares of common stock | (1,422) | (5,693) |
Proceeds from the exercise of stock options | 34 | 133 |
Indirect repurchase of shares for minimum tax withholdings | (655) | (838) |
Net cash provided by (used in) financing activities | 46,124 | (6,398) |
Net increase in cash and cash equivalents | 57,163 | 3,553 |
Cash and cash equivalents, beginning of period | 10,074 | 8,199 |
Cash and cash equivalents, end of period | 67,237 | 11,752 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Property and equipment and other assets acquired by accounts payable | 152 | 1,012 |
Supplemental cash flow disclosures: | ||
Cash paid for interest | 147 | 33 |
Cash paid for income taxes | $ 824 | $ 494 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 28, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Chuy’s Holdings, Inc. (the “Company” or “Chuy’s”) develops and operates Chuy’s restaurants throughout the United States. Chuy’s is a growing, full-service restaurant concept offering a distinct menu of authentic, freshly-prepared Mexican and Tex-Mex inspired food. As of June 28, 2020 , the Company operated 92 restaurants across 19 states and had nine restaurants temporarily closed due to the Coronavirus ("COVID-19") pandemic. In the opinion of management, the accompanying unaudited condensed consolidated financial statements and the related notes reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”), except that certain information and notes have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (the “SEC”). Results for interim periods are not necessarily indicative of the results that may be expected for the full fiscal year. The unaudited condensed consolidated financial statements should be read in conjunction with consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 . The accompanying condensed consolidated balance sheet as of December 29, 2019 , has been derived from our audited consolidated financial statements. The preparation of 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 financial statements and the reported amounts of revenues and expenses for the period. Actual results could differ from those estimates. Certain prior year amounts have been reclassified in our unaudited condensed consolidated financial statements and notes thereto to conform to current year presentation. The Company operates on a 52- or 53- week fiscal year that ends on the last Sunday of the calendar year. Each quarterly period has 13 weeks, except for a 53-week year when the fourth quarter has 14 weeks. Our 2020 and 2019 fiscal years both consist of 52 weeks. COVID-19 Pandemic During March 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic and the United States declared a National Public Health Emergency. The COVID-19 pandemic has significantly impacted health and economic conditions throughout the United States. Federal, state and local governments took a variety of actions to contain the spread of COVID-19. Many jurisdictions where our restaurants are located required mandatory closures or imposed capacity limitations and other restrictions affecting our operations. In late March 2020, the Company quickly began transforming its existing take-out and delivery business to a safe and efficient operation for its guests as well as its employees. In May 2020, the Company began the process of reopening dining rooms in accordance with new government restrictions and as of June 28, 2020, the Company had reopened dining rooms to varying degrees of operating capacity in 92 of its 101 restaurants. Nine restaurants remain temporarily closed. During fiscal 2020, the Company has taken various steps to reduce non-essential spend, postpone restaurant development and rightsize operations in light of reduced sales volume to improve our store level profitability and increase our cash flows. The Company also enhanced its liquidity position by repaying the $25.0 million outstanding under its revolving credit facility with a portion of the net proceeds from the sale of its common stock in its "At-The-Market" ("ATM") offering. As of June 28, 2020, the Company had $67.2 million in cash and cash equivalents, no debt and $25.0 million of availability under its revolving credit facility. Management believes the Company's strong financial position combined with the measures it took during the pandemic will allow the Company to meet its financial obligations over the next twelve months. We cannot predict how soon we will be able to reopen all of our restaurants at full capacity, and our ability to reopen and stay open will depend in part on the actions of a number of governmental bodies over which we have no control. Moreover, once restrictions are lifted, it is unclear how quickly customers will return to our restaurants, which may be a function of continued concerns over safety and/or depressed consumer sentiment due to adverse economic conditions, including job losses. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 28, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact on the Company's consolidated financial statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 28, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income (Loss) Per Share The number of shares and net income (loss) per share data for all periods presented are based on the historical weighted-average shares of common stock outstanding. Basic net income (loss) per share of the Company's common stock is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share of the Company's common stock is computed on the basis of the weighted-average number of shares of common stock plus the effect of dilutive potential shares of common stock equivalents outstanding during the period using the treasury stock method for dilutive options and deferred shares (these deferred shares were granted under the Chuy's Holdings, Inc. 2012 Omnibus Equity Incentive Plan (the "2012 Plan"), and are referred to herein as "restricted stock units"). For the thirteen weeks ended June 28, 2020 and June 30, 2019 , there were approximately 241,700 and 73,200 shares, respectively, of common stock equivalents that were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been anti-dilutive. For the twenty-six weeks ended June 28, 2020 and June 30, 2019 , there were approximately 38,500 and 48,700 shares, respectively, of common stock equivalents that were excluded from the calculation of diluted net income (loss) per share because their inclusion would have been anti-dilutive. The computation of basic and diluted net income (loss) per share is as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 BASIC Net income (loss) $ 4,502 $ 6,245 $ (7,902 ) $ 9,462 Weighted-average common shares outstanding 17,555,506 16,804,465 17,095,422 16,838,052 Basic net income (loss) per common share $ 0.26 $ 0.37 $ (0.46 ) $ 0.56 DILUTED Net income (loss) $ 4,502 $ 6,245 $ (7,902 ) $ 9,462 Weighted-average common shares outstanding 17,555,506 16,804,465 17,095,422 16,838,052 Dilutive effect of stock options and restricted stock units 22,623 55,192 — 64,604 Weighted-average of diluted shares 17,578,129 16,859,657 17,095,422 16,902,656 Diluted net income (loss) per common share $ 0.26 $ 0.37 $ (0.46 ) $ 0.56 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The Company has outstanding awards under the Chuy's Holdings, Inc. 2006 Stock Option Plan (the "2006 Plan") and the 2012 Plan. The 2006 Plan was terminated by the board effective July 27, 2012, and no further awards may be granted under the plan after such date. However, the termination of the 2006 Plan did not affect outstanding awards granted. Options granted under these plans vest over five years from the date of grant and have a maximum term of 10 years. As of June 28, 2020 the Company had 194,266 of stock options outstanding and exercisable with a remaining weighted average contractual term of 2.23 years. Restricted stock units granted under the 2012 Plan vest over four to five years from the date of grant. As of June 28, 2020 , a total of 85,876 shares of common stock are reserved and remain available for issuance under the 2012 Plan. Stock-based compensation expense recognized in the accompanying condensed consolidated income statements was approximately $967,000 and $872,000 for the thirteen weeks ended June 28, 2020 and June 30, 2019 , respectively, and $1,823,000 and $1,622,000 for the twenty-six weeks ended June 28, 2020 and June 30, 2019 , respectively. A summary of stock-based compensation activity related to restricted stock units for the twenty-six weeks ended June 28, 2020 are as follows: Shares Weighted Average Fair Value Weighted Outstanding at December 29, 2019 406,205 $ 25.02 Granted 279,642 14.70 Vested (141,931 ) 26.19 Forfeited (23,257 ) 18.43 Outstanding at June 28, 2020 520,659 $ 19.45 2.78 The fair value of the restricted stock units is the quoted market value of our common stock on the date of grant. As of June 28, 2020 , total unrecognized stock-based compensation expense related to non-vested restricted stock units was approximately $8.9 million . This amount is expected to be recognized evenly over the remaining vesting period of the grants. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 28, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Revolving Credit Facility On November 30, 2012, the Company entered into a $25.0 million Revolving Credit Facility with Wells Fargo Bank, National Association. On May 21, 2020, the Company entered into the second amendment (the “Amendment”) to its Revolving Credit Facility (as amended, the "Revolving Credit Facility") to (1) extend the maturity date to April 30, 2022, (2) relax compliance with the financial covenants during the COVID-19 pandemic through the new maturity date and (3) revise the applicable margins and leverage ratios that determine the commitment fees and interest payable by the Company. Under the Company's Revolving Credit Facility, the Company may request to increase the size of the Revolving Credit Facility by up to an additional $25.0 million , in minimum principal amounts of $5.0 million or the remaining amount of the $25.0 million if less than $5.0 million (the "Incremental Revolving Loan"). In the event that any of the lenders fund the Incremental Revolving Loan, the terms and provisions of the Incremental Revolving Loan will be the same as under the Company's Revolving Credit Facility. Borrowings under the Revolving Credit Facility generally bear interest at a variable rate based upon the Company's election, of (i) the base rate (which is the highest of the prime rate, federal funds rate plus 0.5% and one month LIBOR plus 1.0% ), or (ii) LIBOR, plus, in either case, an applicable margin based on the Company's consolidated total leverage ratio (as defined in the Amendment) with a LIBOR floor of 1.0% . The Revolving credit Facility also requires payment for commitment fees that accrue on the daily unused commitment of the lender at the applicable margin, which varies based on the Company's consolidated total leverage ratio. The Revolving Credit Facility also requires compliance with a fixed charge coverage ratio, a consolidated total leverage ratio, growth capital expenditure limitation during fiscal years 2020 and 2021 and a minimum monthly liquidity requirement of $5.0 million . The Revolving Credit Facility also has certain restrictions on the payment of dividends and distributions. Under the Revolving Credit Facility, the Company may declare and make dividend payments so long as (i) no default or event of default has occurred and is continuing or would result therefrom and (ii) immediately after giving effect to any such dividend payment, on a pro forma basis, the lease adjusted leverage ratio does not exceed 3.50 to 1.00 . The obligations under the Company’s Revolving Credit Facility are secured by a first priority lien on substantially all of the Company’s assets. As of June 28, 2020 , the Company had no borrowings under the Revolving Credit Facility. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 28, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities The major classes of accrued liabilities at June 28, 2020 and December 29, 2019 are summarized as follows: June 28, 2020 December 29, 2019 Accrued compensation and related benefits $ 9,385 $ 9,342 Other accruals 4,202 4,302 Property tax 2,804 2,220 Sales and use tax 2,425 2,954 Deferred gift card revenue 1,909 2,289 Total accrued liabilities $ 20,725 $ 21,107 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 28, 2020 | |
Stockholders' Equity Note [Abstract] | |
Share repurchase program | Stockholders' Equity ATM Offering During the second quarter of 2020, the Company issued 3,041,256 shares of its common stock and received net proceeds of $48.2 million after deducting sales agent commissions and offering expenses. A portion of the net proceeds was used to repay the $25.0 million outstanding under the Company revolving credit facility as of the end of the first quarter of 2020. The Company intends to use the remaining net proceeds from the ATM offering for general corporate purposes, including, but not limited to, increasing its liquidity as a result of the COVID-19 pandemic. Share Repurchase Program On October 31, 2019, the Company’s board of directors authorized a new share repurchase program under which the Company may, at its discretion, repurchase up to $30.0 million of its common stock through December 31, 2022. Repurchases of the Company's outstanding common stock will be made in accordance with applicable laws and may be made at management's discretion from time to time in the open market, through privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 trading plans. There is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and extent of repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, and repurchases may be discontinued at any time. We repurchased approximately 90,000 shares of common stock for $1.4 million during the first quarter of 2020. As a result of COVID-19, the Company temporarily suspended any further activity under the program and did not repurchase any shares during the second quarter of 2020. As of June 28, 2020 , the Company had $28.6 million |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 28, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies As of June 28, 2020 , we are involved in various legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on our condensed consolidated financial position, results of operations, or cash flows. |
Leases
Leases | 6 Months Ended |
Jun. 28, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases The Company determines if a contract contains a lease at inception. The Company's material long-term operating lease agreements are for the land and buildings for our restaurants as well as our corporate offices. The lease term begins on the date that the Company takes possession under the lease, including the pre-opening period during construction, when in many cases the Company is not making rent payments. The initial lease terms range from 10 years to 15 years, most of which include renewal options totaling 10 to 15 years. The lease term is generally the minimum of the noncancelable period or the lease term including renewal options which are reasonably certain of being exercised up to a term of approximately 20 years. Operating lease assets and liabilities are recognized at the lease commencement date for material leases with a term of greater than 12 months. Operating lease liabilities represent the present value of future minimum lease payments. Since our leases do not provide an implicit rate, our operating lease liabilities are calculated using the Company's secured incremental borrowing rate at lease commencement. We estimate this rate based on prevailing financial market conditions, comparable companies, credit analysis and management judgment. Minimum lease payments include only fixed lease components of the agreement, as well as variable rate payments that depend on an index, initially measured using the index at the lease commencement date. Operating lease assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepaid or accrued lease payments, initial direct costs and lease incentives. Lease incentives are recognized when earned and reduce our operating lease asset. They are amortized through the operating lease assets as reductions of rent expense over the lease term. Operating lease expense is recognized on a straight-line basis over the lease term. Variable lease payments that do not depend on a rate or index, escalation in the index subsequent to the initial measurement, payments associated with non-lease components such as common area maintenance, real estate taxes and insurance, and short-term lease payments (leases with a term with 12 months or less) are expensed as incurred. Certain of the Company’s operating leases contain clauses that provide for contingent rent based on a percentage of sales greater than certain specified target amounts. These variable payments are expensed when the achievement of the specified target that triggers the contingent rent is considered probable. As of June 28, 2020 , all of the Company's leases were operating. During the second quarter of 2020, the Company suspended lease payments for the months of April through June 2020 as a result of the COVID-19 pandemic. The Company was able to negotiate rent concessions, abatements and deferrals with landlords on large portion of our operating leases. Financial Accounting Standards Board ("FASB") issued a clarification to accounting for lease concessions in response to the COVID-19 pandemic to reduce the operational challenges and complexity of lease accounting. The company used the relief provisions provided by FASB and made an election to account for the lease concessions as if they were part of the original lease agreement. The recognition of rent concessions did not have a material impact on our consolidated financial statements as of June 28, 2020. Components of operating lease costs are included in occupancy, closed restaurant costs, restaurant pre-opening, general and administrative expense and property and equipment, net: Thirteen Weeks Ended Twenty-Six Weeks Ended Lease cost June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Operating lease cost (a) $ 6,634 $ 6,378 $ 13,228 $ 12,564 Variable lease cost 95 298 218 550 $ 6,729 $ 6,676 $ 13,446 $ 13,114 (a) Includes short-term operating lease costs which are immaterial. Supplemental cash flow disclosures for the twenty-six weeks ended June 28, 2020 and June 30, 2019 , respectively: Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 Cash paid for operating lease liabilities 8,517 12,683 Operating lease assets obtained in exchange for operating lease liabilities (a) (1,351 ) 173,949 (a) The twenty-six weeks ended June 28, 2020 includes a $7.0 million reduction to the operating lease assets and liabilities mainly as a result of shortening the remaining life of certain leases during the first quarter of 2020. The twenty-six weeks ended June 30, 2019 includes the transition adjustment for the adoption of Leases (Topic 842) of $170.3 million as well as a $1.3 million reduction to the operating lease assets and liabilities as a result of shortening the remaining life of certain leases. The Company recorded $0.2 million and $0.7 million in deferred lease incentives during the twenty-six weeks ended June 28, 2020 and June 30, 2019 , respectively. Supplemental balance sheet and other lease disclosures: Operating leases Classification June 28, 2020 December 29, 2019 Right-of-use assets Operating lease assets $ 160,996 $ 169,299 Deferred rent payments (a) Operating lease liability 3,593 — Current lease liabilities Operating lease liability 11,298 10,307 14,891 10,307 Non-current lease liabilities Operating lease liability, less current portion 209,076 214,541 223,967 224,848 (a) Majority of the deferred rent payments is payable within the next 12 months Weighted average remaining lease term (in years) 14.2 15.0 Weighted average discount rate 7.9 % 7.8 % Future minimum rent payments for our operating leases, excluding the deferred rent payments of $3.6 million , for the next five years as of June 28, 2020 are as follows: Fiscal year ending: Remainder of 2020 $ 13,672 2021 28,521 2022 27,753 2023 27,625 2024 26,459 Thereafter 243,203 Total minimum lease payments 367,233 Less: imputed interest 146,859 Present value of lease liabilities $ 220,374 As of June 28, 2020 , operating lease payments exclude approximately $7.1 million of legally binding minimum lease payments for leases signed but which we have not yet taken possession. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law. The CARES Act includes provisions that allow net operating losses in 2018, 2019 and 2020 to be carried back for up to five years and eliminates the 80% taxable income limitation on such net operating loss deductions if utilized before 2021. Additionally, the CARES Act includes an administrative correction of the depreciation recovery period for qualified improvement property ("QIP"), including certain restaurant leasehold improvement costs that will result in the acceleration of depreciation on these assets retroactive to 2018. As a result, we estimate we will receive federal tax refunds for a total of approximately $2.5 million . The following is a reconciliation of the expected federal income taxes at the statutory rates of 21% for the thirteen and twenty-six weeks ended June 28, 2020 and June 30, 2019 : Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Expected income tax (benefit) expense 820 1,327 (2,943 ) 2,027 State tax expense, net of federal benefit 197 328 (108 ) 495 FICA tip credit (540 ) (1,499 ) (1,792 ) (2,476 ) Deferred tax balance adjustment (a) (1,103 ) — (1,636 ) — Other 25 (78 ) 366 147 Income tax (benefit) expense (601 ) 78 (6,113 ) 193 (a) Reflects the tax benefit recorded in the quarter associated with a carryback of federal net operating losses due to the CARES Act administrative correction of the deprecation recovery period for QIP. Deferred tax assets were $8.5 million and $2.6 million as of June 28, 2020 and June 30, 2019 , respectively. Deferred tax assets are reduced by a valuation allowance if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred taxes will not be realized. Both positive and negative evidence is considered in forming management’s judgment as to whether a valuation allowance is appropriate, and more weight is given to evidence that can be objectively verified. The tax benefits relating to any reversal of the valuation allowance on the deferred tax assets would be recognized as a reduction of future income tax expense. As of June 28, 2020 the Company believes that it will realize all of the deferred tax assets. Therefore, no valuation allowance has been recorded. |
Impairment and Closed Restauran
Impairment and Closed Restaurant Costs | 6 Months Ended |
Jun. 28, 2020 | |
Impairment & closed restaurant costs [Abstract] | |
Restructuring, Settlement and Impairment Provisions | Impairment and Closed Restaurant Costs The Company reviews long-lived assets, such as property and equipment and intangibles, subject to amortization, for impairment when events or circumstances indicate the carrying value of the assets may not be recoverable. In determining the recoverability of the asset value, an analysis is performed at the individual restaurant level and primarily includes an assessment of historical undiscounted cash flows and other relevant factors and circumstances. The Company evaluates future cash flow projections in conjunction with qualitative factors and future operating plans and regularly reviews any restaurants with a deficient level of cash flows for the previous 24 months to determine if impairment testing is necessary. Recoverability of assets to be held and used is measured by a comparison of the carrying value of the restaurant to its estimated future undiscounted cash flows. If the estimated undiscounted future cash flows are less than the carrying value, we determine if there is an impairment loss by comparing the carrying value of the restaurant to its estimated fair value. Based on this analysis, if the carrying value of the restaurant exceeds its estimated fair value, an impairment charge is recognized by the amount by which the carrying value exceeds the fair value. We make assumptions to estimate future cash flows and asset fair values. The estimated fair value is generally determined using the depreciated replacement cost method, the income approach, or discounted cash flow projections. Estimated future cash flows are highly subjective assumptions based on the Company’s projections and understanding of our business, historical operating results, and trends in sales and restaurant level operating costs. The Company’s impairment assessment process requires the use of estimates and assumptions regarding future cash flows and operating outcomes, which are based upon a significant degree of management judgment. The estimates used in the impairment analysis represent a Level 3 fair value measurement. The Company continues to assess the performance of restaurants and monitors the need for future impairment. Changes in the economic environment, real estate markets, capital spending, overall operating performance and underlying assumptions could impact these estimates and result in future impairment charges. The Company recorded impairment and closed restaurant costs as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Right of use asset impairment $ — $ — $ 3,133 — Property and equipment impairment — — 15,144 $ — Non-cash impairment charge — — 18,277 $ — Closed restaurant costs 1,782 216 2,278 588 Impairment and closed restaurant costs $ 1,782 $ 216 $ 20,555 $ 588 Closed restaurant costs represents on-going expenses to maintain the closed restaurants such as rent expense, utility and insurance costs. COVID-19 had a negative impact on our assumptions for future restaurant level cash flows as well as changes in the expected life of certain operating lease assets. These changes in assumptions resulted in elevated impairment charges for the twenty-six weeks ended June 28, 2020 . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 28, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent events On July 30, 2020 and subsequent to the end of the quarter, the Company’s stockholders approved the Chuy’s Holdings, Inc. 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan provides that the Company may grant options, stock appreciation rights, restricted shares, restricted stock units, performance-based awards (including performance-based restricted shares and restricted stock units), other share-based awards, other cash-based awards, or any combination of the foregoing to employees, non-employee directors and consultants of the Company. The number of shares that are reserved and available for issuance under the 2020 Plan is 1,119,527 . |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 28, 2020 | |
Earnings Per Share [Abstract] | |
Basic net income (loss) per common share | The computation of basic and diluted net income (loss) per share is as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 BASIC Net income (loss) $ 4,502 $ 6,245 $ (7,902 ) $ 9,462 Weighted-average common shares outstanding 17,555,506 16,804,465 17,095,422 16,838,052 Basic net income (loss) per common share $ 0.26 $ 0.37 $ (0.46 ) $ 0.56 DILUTED Net income (loss) $ 4,502 $ 6,245 $ (7,902 ) $ 9,462 Weighted-average common shares outstanding 17,555,506 16,804,465 17,095,422 16,838,052 Dilutive effect of stock options and restricted stock units 22,623 55,192 — 64,604 Weighted-average of diluted shares 17,578,129 16,859,657 17,095,422 16,902,656 Diluted net income (loss) per common share $ 0.26 $ 0.37 $ (0.46 ) $ 0.56 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 28, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Activity Related to Restricted Stock Units | A summary of stock-based compensation activity related to restricted stock units for the twenty-six weeks ended June 28, 2020 are as follows: Shares Weighted Average Fair Value Weighted Outstanding at December 29, 2019 406,205 $ 25.02 Granted 279,642 14.70 Vested (141,931 ) 26.19 Forfeited (23,257 ) 18.43 Outstanding at June 28, 2020 520,659 $ 19.45 2.78 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 28, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The major classes of accrued liabilities at June 28, 2020 and December 29, 2019 are summarized as follows: June 28, 2020 December 29, 2019 Accrued compensation and related benefits $ 9,385 $ 9,342 Other accruals 4,202 4,302 Property tax 2,804 2,220 Sales and use tax 2,425 2,954 Deferred gift card revenue 1,909 2,289 Total accrued liabilities $ 20,725 $ 21,107 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 28, 2020 | |
Leases [Abstract] | |
Supplemental Cash Flow Information | Supplemental cash flow disclosures for the twenty-six weeks ended June 28, 2020 and June 30, 2019 , respectively: Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 Cash paid for operating lease liabilities 8,517 12,683 Operating lease assets obtained in exchange for operating lease liabilities (a) (1,351 ) 173,949 (a) The twenty-six weeks ended June 28, 2020 includes a $7.0 million reduction to the operating lease assets and liabilities mainly as a result of shortening the remaining life of certain leases during the first quarter of 2020. The twenty-six weeks ended June 30, 2019 includes the transition adjustment for the adoption of Leases (Topic 842) of $170.3 million as well as a $1.3 million reduction to the operating lease assets and liabilities as a result of shortening the remaining life of certain leases. The Company recorded $0.2 million and $0.7 million in deferred lease incentives during the twenty-six weeks ended June 28, 2020 and June 30, 2019 , respectively. |
Components of operating lease costs | Components of operating lease costs are included in occupancy, closed restaurant costs, restaurant pre-opening, general and administrative expense and property and equipment, net: Thirteen Weeks Ended Twenty-Six Weeks Ended Lease cost June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Operating lease cost (a) $ 6,634 $ 6,378 $ 13,228 $ 12,564 Variable lease cost 95 298 218 550 $ 6,729 $ 6,676 $ 13,446 $ 13,114 (a) Includes short-term operating lease costs which are immaterial. |
Supplemental balance sheet information | Supplemental balance sheet and other lease disclosures: Operating leases Classification June 28, 2020 December 29, 2019 Right-of-use assets Operating lease assets $ 160,996 $ 169,299 Deferred rent payments (a) Operating lease liability 3,593 — Current lease liabilities Operating lease liability 11,298 10,307 14,891 10,307 Non-current lease liabilities Operating lease liability, less current portion 209,076 214,541 223,967 224,848 (a) Majority of the deferred rent payments is payable within the next 12 months Weighted average remaining lease term (in years) 14.2 15.0 Weighted average discount rate 7.9 % 7.8 % |
Operating Lease Liability Maturity Schedule | Future minimum rent payments for our operating leases, excluding the deferred rent payments of $3.6 million , for the next five years as of June 28, 2020 are as follows: Fiscal year ending: Remainder of 2020 $ 13,672 2021 28,521 2022 27,753 2023 27,625 2024 26,459 Thereafter 243,203 Total minimum lease payments 367,233 Less: imputed interest 146,859 Present value of lease liabilities $ 220,374 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 28, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the expected federal income taxes at the statutory rates of 21% for the thirteen and twenty-six weeks ended June 28, 2020 and June 30, 2019 : Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Expected income tax (benefit) expense 820 1,327 (2,943 ) 2,027 State tax expense, net of federal benefit 197 328 (108 ) 495 FICA tip credit (540 ) (1,499 ) (1,792 ) (2,476 ) Deferred tax balance adjustment (a) (1,103 ) — (1,636 ) — Other 25 (78 ) 366 147 Income tax (benefit) expense (601 ) 78 (6,113 ) 193 (a) Reflects the tax benefit recorded in the quarter associated with a carryback of federal net operating losses due to the CARES Act administrative correction of the deprecation recovery period for QIP. |
Impairment and Closed Restaur_2
Impairment and Closed Restaurant Costs (Tables) | 6 Months Ended |
Jun. 28, 2020 | |
Impairment & closed restaurant costs [Abstract] | |
Impairment and closed restaurant costs | The Company recorded impairment and closed restaurant costs as follows: Thirteen Weeks Ended Twenty-Six Weeks Ended June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Right of use asset impairment $ — $ — $ 3,133 — Property and equipment impairment — — 15,144 $ — Non-cash impairment charge — — 18,277 $ — Closed restaurant costs 1,782 216 2,278 588 Impairment and closed restaurant costs $ 1,782 $ 216 $ 20,555 $ 588 |
Basis of Presentation Company I
Basis of Presentation Company Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2020USD ($)StateRestaurant | Jun. 28, 2020USD ($)StateRestaurant | Jun. 30, 2019USD ($) | Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of Open Restaurants | Restaurant | 92 | 92 | |||
Line of Credit Facility Additional Borrowing Capacity | $ 25,000 | $ 25,000 | |||
Cash and cash equivalents | $ 67,237 | $ 67,237 | $ 11,752 | $ 10,074 | $ 8,199 |
Total Number of Restaurants | Restaurant | 101 | 101 | |||
Repayments of Long-term Lines of Credit | $ 25,000 | $ 25,000 | $ 5,000 | ||
Number of States in which Entity Operates | State | 19 | 19 | |||
Closed restaurants | 9 | 9 |
Net Income (Loss) Per Share (Co
Net Income (Loss) Per Share (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
BASIC | ||||
Net income (loss) | $ 4,502 | $ 6,245 | $ (7,902) | $ 9,462 |
Weighted-average common shares outstanding | 17,555,506 | 16,804,465 | 17,095,422 | 16,838,052 |
Basic net income (loss) per common share | $ 0.26 | $ 0.37 | $ (0.46) | $ 0.56 |
DILUTED | ||||
Net income (loss) | $ 4,502 | $ 6,245 | $ (7,902) | $ 9,462 |
Weighted-average common shares outstanding | 17,555,506 | 16,804,465 | 17,095,422 | 16,838,052 |
Dilutive effect of stock options and restricted stock units | 22,623 | 55,192 | 0 | 64,604 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 241,700 | 73,200 | 38,500 | 48,700 |
Weighted-average of diluted shares | 17,578,129 | 16,859,657 | 17,095,422 | 16,902,656 |
Diluted net income (loss) per common share | $ 0.26 | $ 0.37 | $ (0.46) | $ 0.56 |
Net Income (Loss) Per Share (Na
Net Income (Loss) Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 241,700 | 73,200 | 38,500 | 48,700 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Stock-based compensation | $ 967 | $ 872 | $ 1,823 | $ 1,622 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 194,266 | 194,266 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 2 months 23 days | |||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
2012 Omnibus Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 85,876 | 85,876 | ||
2012 Omnibus Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 8,900 | $ 8,900 | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock-Based Compensation Activity - Restricted Stock Units) (Details) | 6 Months Ended |
Jun. 28, 2020$ / sharesshares | |
Shares | |
Outstanding at December 29, 2019 | shares | 406,205 |
Granted | shares | 279,642 |
Vested | shares | (141,931) |
Forfeited | shares | (23,257) |
Outstanding at June 28, 2020 | shares | 520,659 |
Weighted Average Fair Value | |
Outstanding at December 29, 2019 | $ / shares | $ 25.02 |
Granted | $ / shares | 14.70 |
Vested | $ / shares | 26.19 |
Forfeited | $ / shares | 18.43 |
Outstanding at June 28, 2020 | $ / shares | $ 19.45 |
Weighted Average Remaining Contractual Term [Abstract] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 9 months 10 days |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 28, 2020USD ($) | |
Debt Instrument [Line Items] | |
Line of Credit Facility Additional Borrowing Capacity | $ 25 |
Liquidity Covenant (amount) | 5 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 25 |
Line of Credit Facility Additional Borrowing Capacity | 25 |
Letters of Credit, Borrowing Capacity | $ 5 |
Revolving Credit Facility [Member] | Federal Funds Rate [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Revolving Credit Facility [Member] | Base Rate [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Maximum [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, lease adjusted leverage ratio | 3.50 |
Minimum [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Line of credit facility, lease adjusted leverage ratio | 1 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Dec. 29, 2019 |
Payables and Accruals [Abstract] | ||
Accrued compensation and related benefits | $ 9,385 | $ 9,342 |
Other accruals | 4,202 | 4,302 |
Property tax | 2,804 | 2,220 |
Sales and use tax | 2,425 | 2,954 |
Deferred gift card revenue | 1,909 | 2,289 |
Total accrued liabilities | $ 20,725 | $ 21,107 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | Oct. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | $ 30,000 | ||||
Repurchase of shares of common stock (in shares) | 90,000 | ||||
Repurchase of shares of common stock | $ 1,400 | $ 3,875 | $ 1,422 | $ 5,693 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 28,600 | 28,600 | |||
Sale of common stock from ATM offering, net of fees and expenses | 3,041,256 | ||||
Net proceeds from sale of common stock | $ 48,200 | 48,167 | 0 | ||
Repayments of Long-term Lines of Credit | $ 25,000 | $ 25,000 | $ 5,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2020 | Dec. 29, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Deferred rent payments | $ 3,593 | $ 0 |
Operating Lease Payments, Minimum Lease Payments Excluded, Not Yet Taken Possession of Leases | $ 7,100 | |
Initial lease term | 20 years | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Initial lease term | 10 years | |
Lease terms renewal | 10 years | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Initial lease term | 15 years | |
Lease terms renewal | 15 years |
Leases - Supplemental cash flow
Leases - Supplemental cash flow disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Cash paid for operating lease liabilities | $ 8,517 | $ 12,683 | ||
Operating lease assets obtained in exchange for operating lease liabilities (a) | 1,351 | 173,949 | ||
Change In Operating Lease Assets and Liabilities Due to Lease Remeasurement | $ 7,000 | $ 1,300 | ||
842 Transition Adjustment | $ 170,300 | 170,300 | ||
Deferred lease incentives | $ 200 | $ 700 |
Leases - Components of operatin
Leases - Components of operating lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 6,634 | $ 6,378 | $ 13,228 | $ 12,564 |
Variable lease cost | 95 | 298 | 218 | 550 |
Lease cost | $ 6,729 | $ 6,676 | $ 13,446 | $ 13,114 |
Leases - Supplemental balance s
Leases - Supplemental balance sheet disclosures (Details) - USD ($) $ in Thousands | Jun. 28, 2020 | Dec. 29, 2019 |
Leases [Abstract] | ||
Operating lease assets | $ 160,996 | $ 169,299 |
Deferred rent payments | 3,593 | 0 |
Current lease liabilities | 11,298 | 10,307 |
Operating lease liability | 14,891 | 10,307 |
Operating lease liability, less current portion | 209,076 | 214,541 |
Operating Lease, Liability - Including Deferred Rent | $ 223,967 | $ 224,848 |
Weighted average remaining lease term (in years) | 14 years 2 months 12 days | 15 years |
Weighted average discount rate | 7.90% | 7.80% |
Leases - Future minimum rent pa
Leases - Future minimum rent payments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 28, 2020 | Dec. 29, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Deferred rent payments | $ 3,593 | $ 0 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Remainder of 2020 | 13,672 | |
2021 | 28,521 | |
2022 | 27,753 | |
2023 | 27,625 | |
2024 | 26,459 | |
Thereafter | 243,203 | |
Total minimum lease payments | 367,233 | |
Less: imputed interest | 146,859 | |
Operating Lease, Liability | 220,374 | |
Operating Lease Payments, Minimum Lease Payments Excluded, Not Yet Taken Possession of Leases | $ 7,100 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Expected income tax (benefit) expense | $ 820 | $ 1,327 | $ (2,943) | $ 2,027 |
State tax expense, net of federal benefit | 197 | 328 | (108) | 495 |
FICA tip credit | (540) | (1,499) | (1,792) | (2,476) |
Deferred tax balance adjustment (a) | (1,103) | 0 | (1,636) | 0 |
Other | 25 | (78) | 366 | 147 |
Income tax (benefit) expense | $ (601) | $ 78 | $ (6,113) | $ 193 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 28, 2020 | Dec. 29, 2019 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Deferred tax asset | $ 8,455 | $ 2,601 | $ 2,600 |
Estimated Tax Refund CARES Act | $ 2,500 |
Impairment and Closed Restaur_3
Impairment and Closed Restaurant Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 28, 2020 | Jun. 30, 2019 | Jun. 28, 2020 | Jun. 30, 2019 | |
Impairment & closed restaurant costs [Abstract] | ||||
Right of use asset impairment | $ 0 | $ 0 | $ 3,133 | $ 0 |
Property and equipment impairment | 0 | 0 | 15,144 | 0 |
Non-cash impairment charge | 0 | 0 | 18,277 | 0 |
Closed restaurant costs | 1,782 | 216 | 2,278 | 588 |
Impairment and closed restaurant costs | $ 1,782 | $ 216 | $ 20,555 | $ 588 |
Subsequent Events (Details)
Subsequent Events (Details) - 2012 Omnibus Equity Incentive Plan [Member] - shares | Jul. 30, 2020 | Jun. 28, 2020 |
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 85,876 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,119,527 |