First Watch Restaurant (FWRG) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 27, 2022	May 06, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 27, 2022
Document Transition Report	false
Entity File Number	001-40866
Entity Registrant Name	First Watch Restaurant Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-4271369
Entity Address, Address Line One	8725 Pendery Place
Entity Address, Address Line Two	Suite 201
Entity Address, City or Town	Bradenton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34201
City Area Code	941
Local Phone Number	907-9800
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	FWRG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		59,048,446
Entity Central Index Key	0001789940
Amendment Flag	false
Current Fiscal Year End Date	--12-25
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 46,521	$ 51,864
Restricted cash	251	251
Accounts receivable	3,027	4,450
Inventory	3,726	4,023
Prepaid expenses	6,316	5,677
Other current assets	1,410	1,432
Total current assets	61,251	67,697
Goodwill	345,219	345,219
Intangible assets, net	142,859	143,000
Operating lease right-of-use assets	331,109	324,995
Property, fixtures and equipment, net of accumulated depreciation of $123,285 and $115,582, respectively	167,578	164,695
Other long-term assets	1,320	1,311
Total assets	1,049,336	1,046,917
Current liabilities:
Accounts payable	7,965	11,060
Accrued liabilities	17,535	15,889
Accrued compensation and deferred payroll taxes	11,966	21,196
Deferred revenues	3,002	4,654
Current portion of operating lease liabilities	37,689	38,186
Current portion of long-term debt	3,783	3,186
Note payable	1,307	2,352
Total current liabilities	83,247	96,523
Operating lease liabilities	338,460	330,495
Long-term debt, net	98,453	99,753
Deferred income taxes	14,535	12,489
Other long-term liabilities	3,278	3,228
Total liabilities	537,973	542,488
Commitments and contingencies (Note 9)
Equity:
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock; $0.01 par value; 300,000,000 shares authorized; 59,048,446 shares issued and outstanding	590	590
Additional paid-in capital	611,172	608,878
Accumulated deficit	(100,399)	(105,039)
Total equity	511,363	504,429
Total liabilities and equity	$ 1,049,336	$ 1,046,917

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 123,285	$ 115,582
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	59,048,446	59,048,446
Common stock, shares outstanding (in shares)	59,048,446	59,048,446

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Revenues:
Total revenues	$ 173,112	$ 127,169
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs	39,403	26,916
Labor and other related expenses	55,142	40,049
Other restaurant operating expenses	27,317	22,020
Occupancy expenses	14,383	13,301
Pre-opening expenses	985	1,164
General and administrative expenses	19,563	11,953
Depreciation and amortization	8,223	7,786
Impairments and loss on disposal of assets	79	124
Transaction expenses, net	257	11
Total operating costs and expenses	165,352	123,324
Income from operations	7,760	3,845
Interest expense	(1,006)	(6,316)
Other income, net	163	254
Income (Loss) before income taxes	6,917	(2,217)
Income tax (expense) benefit	(2,277)	175
Net income (loss)	4,640	(2,042)
Comprehensive income (loss)	$ 4,640	$ (2,042)
Net income (loss) per common share - basic (in dollars per share)	$ 0.08	$ (0.05)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.08	$ (0.05)
Weighted average common shares outstanding - basic (in shares)	59,048,446	45,013,784
Weighted average common shares outstanding - diluted (in shares)	59,983,150	45,013,784
Restaurant sales
Revenues:
Total revenues	$ 170,669	$ 125,366
Franchise revenues
Revenues:
Total revenues	$ 2,443	$ 1,803

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 27, 2020		266,667	45,013,784
Beginning balance at Dec. 27, 2020	$ 320,866	$ 3	$ 450	$ 423,345	$ (102,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(2,042)				(2,042)
Stock-based compensation	129			129
Ending balance (in shares) at Mar. 28, 2021		266,667	45,013,784
Ending balance at Mar. 28, 2021	318,953	$ 3	$ 450	423,474	(104,974)
Beginning balance (in shares) at Dec. 26, 2021			59,048,446
Beginning balance at Dec. 26, 2021	504,429		$ 590	608,878	(105,039)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	4,640				4,640
Stock-based compensation	2,294			2,294
Ending balance (in shares) at Mar. 27, 2022			59,048,446
Ending balance at Mar. 27, 2022	$ 511,363		$ 590	$ 611,172	$ (100,399)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Cash flows from operating activities:
Net income (loss)	$ 4,640	$ (2,042)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	8,223	7,786
Stock-based compensation	2,294	129
Non-cash operating lease costs	3,836	3,066
Deferred income taxes	2,046	(193)
Amortization of debt discount and deferred issuance costs	112	320
Impairments and loss on disposal of assets	79	124
Changes in assets and liabilities:
Accounts receivable	1,423	1,183
Inventory	297	121
Prepaid expenses	(639)	(1,295)
Other assets, current and long-term	13	32
Accounts payable	(3,095)	176
Accrued liabilities	2,074	2,638
Accrued compensation and deferred payroll taxes, current and long-term	(9,230)	(2,013)
Deferred revenues, current and long-term	(1,602)	(1,339)
Operating lease liabilities	(2,482)	(2,864)
Net cash provided by operating activities	7,989	5,829
Cash flows from investing activities:
Capital expenditures	(11,357)	(10,509)
Purchase of intangible assets	(101)	(84)
Net cash used in investing activities	(11,458)	(10,593)
Cash flows from financing activities:
Repayments of note payable	(1,045)	0
Repayments of long-term debt, including finance lease liabilities	(751)	(852)
Contingent consideration payment	(78)	0
Net cash used in financing activities	(1,874)	(852)
Net decrease in cash and cash equivalents and restricted cash	(5,343)	(5,616)
Cash and cash equivalents and restricted cash, beginning of period	52,115	39,097
Cash and cash equivalents and restricted cash, end of period	46,772	33,481
Supplemental cash flow information:
Cash paid for interest	952	4,956
Cash paid for income taxes, net of refunds	0	(70)
Supplemental disclosures of non-cash investing and financing activities:
Interest converted to long-term debt	0	1,104
Leased assets obtained in exchange for new operating lease liabilities	10,330	5,158
Leased assets obtained in exchange for new finance lease liabilities	27	93
Remeasurements of operating lease assets and lease liabilities	(380)	(750)
Remeasurements of finance lease assets and lease liabilities	(91)	0
Change in liabilities from acquisition of property, fixtures and equipment	$ (350)	$ (93)

Nature of Business and Organiza

Nature of Business and Organization	3 Months Ended
	Mar. 27, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Organization	Nature of Business and Organization First Watch Restaurant Group, Inc. (collectively with its wholly-owned subsidiaries, “the Company,” or “Management”) is a Delaware holding company. The Company operates and franchises restaurants in 28 sta tes operating under the “First Watch” trade name, which are focused on made-to-order breakfast, brunch and lunch. The Company does not operate outside of the United States and all of its assets are located in the United States. As of March 27, 2022 and December 26, 2021, the Company operated 346 company-owned restaurants and 341 company-owned restaurants, respectively, and had 95 franchise-owned restaurants and 94 franchise-owned restaurants, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 27, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The Company’s fiscal quarters are comprised of 13 weeks each, except for fiscal years consisting of 53 weeks for which the fourth quarter will consist of 14 weeks, and end on the 13th Sunday of each quarter (14th Sunday of the fourth quarter, when applicable). The quarters ended March 27, 2022 and March 28, 2021 were both 13-week periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K as of and for the year ended December 26, 2021 (“2021 Form 10-K”). The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2021 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results to be expected for other interim periods or the entire fiscal year. Use of Estimates The preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material. Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company ’ s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses, note payable and other current liabilities, approximate their fair values due to their short-term maturities. At March 27, 2022, the carrying amount of the Company’s outstanding debt under the new facilities pursuant to the new credit agreement executed in October 2021 approximated its fair value. Summary of Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ,” (“ASU 2020-04”). The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective beginning March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating its contracts and the optional expedients provided by the new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Revenues

Revenues	3 Months Ended
	Mar. 27, 2022
Revenue from Contract with Customer [Abstract]
Revenues	Revenues The following tables include a detail of liabilities from contracts with customers: (in thousands) MARCH 27, 2022 DECEMBER 26, 2021 Deferred revenues: Deferred gift card revenue $ 2,752 $ 4,410 Deferred franchise fee revenue - current 250 244 Total current deferred revenues $ 3,002 $ 4,654 Other long-term liabilities: Deferred franchise fee revenue - non-current $ 2,342 $ 2,292 Changes in deferred gift card contract liabilities were as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Deferred gift card revenue: Balance, beginning of period $ 4,410 $ 4,024 Gift card sales 1,216 932 Gift card redemptions (2,590) (2,073) Gift card breakage (284) (213) Balance, end of period $ 2,752 $ 2,670 Changes in deferred franchise fee contract liabilities were as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Deferred franchise fee revenue: Balance, beginning of period $ 2,536 $ 2,274 Cash received 120 82 Franchise revenues recognized (64) (68) Balance, end of period $ 2,592 $ 2,288 Revenues recognized disaggregated by type were as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Restaurant sales: In-restaurant dining sales $ 132,892 $ 87,131 Third-party delivery sales 21,026 20,754 Take-out sales 16,751 17,481 Total restaurant sales $ 170,669 $ 125,366 Franchise revenues: Royalty and system fund contributions $ 2,379 $ 1,735 Initial fees 64 68 Total franchise revenues $ 2,443 $ 1,803 Total revenues $ 173,112 $ 127,169

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 27, 2022
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Accounts receivable consisted of the following: (in thousands) MARCH 27, 2022 DECEMBER 26, 2021 Receivables from third-party delivery providers $ 1,260 $ 1,021 Receivables from franchisees 1,033 927 Rebate receivables 334 428 Receivables related to gift card sales 337 1,453 Other receivables 63 621 Total accounts receivable $ 3,027 $ 4,450

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 27, 2022
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities consisted of the following: (in thousands) MARCH 27, 2022 DECEMBER 26, 2021 Construction liabilities $ 4,095 $ 4,445 Sales tax 4,000 3,337 Self-insurance and general liability reserves 1,611 1,353 Utilities 1,188 1,306 Credit card fees 1,069 940 Property tax 699 638 Contingent rent 654 628 Common area maintenance 514 482 Other 3,705 2,760 Total accrued liabilities $ 17,535 $ 15,889

Leases

Leases	3 Months Ended
	Mar. 27, 2022
Leases [Abstract]
Leases	Leases The following table includes a detail of lease assets and liabilities: (in thousands) Consolidated Balance Sheets Classification MARCH 27, 2022 DECEMBER 26, 2021 Operating lease right-of-use assets Operating lease right-of-use assets $ 331,109 $ 324,995 Finance lease assets Property, fixtures and equipment, net 1,707 1,892 Total lease assets $ 332,816 $ 326,887 Operating lease liabilities (1) - current Current portion of operating lease liabilities 37,689 38,186 Operating lease liabilities - non-current Operating lease liabilities 338,460 330,495 Finance lease liabilities - current Current portion of long-term debt 658 686 Finance lease liabilities - non-current Long-term debt, net 1,169 1,331 Total lease liabilities $ 377,976 $ 370,698 _____________ (1) Excludes all variable lease expense. The components of lease expense are as follows: (in thousands) Consolidated Statements of Operations and Comprehensive Income (Loss) Classification THIRTEEN WEEKS ENDED MARCH 27, 2022 MARCH 28, 2021 Operating lease expense Other restaurant operating expenses $ 12,046 $ 10,852 Variable lease expense Food and beverage costs 3,399 2,946 Finance lease expense: Amortization of leased assets Depreciation and amortization 135 131 Interest on lease liabilities Interest expense 37 46 Total lease expense (1) $ 15,617 $ 13,975 _____________ (1) Includes contingent rent of $0.4 million and $0.1 million during the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively. Supplemental cash flow information related to leases was as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 10,630 $ 10,637 Operating cash flows - finance leases $ 37 $ 46 Financing cash flows - finance leases $ 126 $ 116 Supplemental information related to leases was as follows: THIRTEEN WEEKS ENDED MARCH 27, 2022 MARCH 28, 2021 Weighted-average remaining lease term (in years) Operating leases 15.2 16.1 Finance leases 3.3 4.2 Weighted-average discount rate (1) Operating leases 8.9 % 9.1 % Finance leases 7.8 % 8.0 % ____________ (1) Based on the Company’s incremental borrowing rate. As of March 27, 2022, future minimum lease payments for operating and finance leases consisted of the following: (in thousands) Operating Leases Finance Leases Fiscal year 2022 $ 29,861 $ 523 2023 43,628 642 2024 46,036 642 2025 46,119 218 2026 46,019 28 Thereafter 502,974 20 Total future minimum lease payments (1) 714,637 2,073 Less: imputed interest (338,488) (246) Total present value of lease liabilities $ 376,149 $ 1,827 _____________ (1) Excludes approxim ately $48.0 million of exec uted operating leases that have not commenced as of March 27, 2022.
Leases	Leases The following table includes a detail of lease assets and liabilities: (in thousands) Consolidated Balance Sheets Classification MARCH 27, 2022 DECEMBER 26, 2021 Operating lease right-of-use assets Operating lease right-of-use assets $ 331,109 $ 324,995 Finance lease assets Property, fixtures and equipment, net 1,707 1,892 Total lease assets $ 332,816 $ 326,887 Operating lease liabilities (1) - current Current portion of operating lease liabilities 37,689 38,186 Operating lease liabilities - non-current Operating lease liabilities 338,460 330,495 Finance lease liabilities - current Current portion of long-term debt 658 686 Finance lease liabilities - non-current Long-term debt, net 1,169 1,331 Total lease liabilities $ 377,976 $ 370,698 _____________ (1) Excludes all variable lease expense. The components of lease expense are as follows: (in thousands) Consolidated Statements of Operations and Comprehensive Income (Loss) Classification THIRTEEN WEEKS ENDED MARCH 27, 2022 MARCH 28, 2021 Operating lease expense Other restaurant operating expenses $ 12,046 $ 10,852 Variable lease expense Food and beverage costs 3,399 2,946 Finance lease expense: Amortization of leased assets Depreciation and amortization 135 131 Interest on lease liabilities Interest expense 37 46 Total lease expense (1) $ 15,617 $ 13,975 _____________ (1) Includes contingent rent of $0.4 million and $0.1 million during the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively. Supplemental cash flow information related to leases was as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 10,630 $ 10,637 Operating cash flows - finance leases $ 37 $ 46 Financing cash flows - finance leases $ 126 $ 116 Supplemental information related to leases was as follows: THIRTEEN WEEKS ENDED MARCH 27, 2022 MARCH 28, 2021 Weighted-average remaining lease term (in years) Operating leases 15.2 16.1 Finance leases 3.3 4.2 Weighted-average discount rate (1) Operating leases 8.9 % 9.1 % Finance leases 7.8 % 8.0 % ____________ (1) Based on the Company’s incremental borrowing rate. As of March 27, 2022, future minimum lease payments for operating and finance leases consisted of the following: (in thousands) Operating Leases Finance Leases Fiscal year 2022 $ 29,861 $ 523 2023 43,628 642 2024 46,036 642 2025 46,119 218 2026 46,019 28 Thereafter 502,974 20 Total future minimum lease payments (1) 714,637 2,073 Less: imputed interest (338,488) (246) Total present value of lease liabilities $ 376,149 $ 1,827 _____________ (1) Excludes approxim ately $48.0 million of exec uted operating leases that have not commenced as of March 27, 2022.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 27, 2022
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-based awards are granted to employees and non-employee directors. The Company has two compensation plans that provide for the granting of stock options and other share-based awards to key employees and non-employee members of the board of directors. The 2017 Omnibus Equity Incentive Plan (the “2017 Equity Plan”) and the 2021 Equity Incentive Plan (the “2021 Equity Plan”) provide for the grant of incentive stock options, non-qualified stock options, restricted stock awards, restricted stock units, stock appreciation rights and stock-based awards. No awards were granted under the 2017 Equity Plan during the thirteen weeks ended March 27, 2022 and the Company does not intend to grant any further awards under the 2017 Equity Plan. A total of 999,277 time-based stock option awards were granted under the 2021 Equity Plan during the thirteen weeks ended March 27, 2022 which vest over a three-year requisite service period from the date of grant and expire 10 years after the grant date. At March 27, 2022, a total of 3,034,795 common shares were available to grant under the 2021 Equity Plan. Stock option Activity A summary of stock option activity for the Company’s stock-based compensation plans during the thirteen weeks ended March 27, 2022 is as follows: Number of Options Weighted-Average Aggregate Intrinsic Value (in thousands) Outstanding, December 26, 2021 4,409,331 $ 9.48 $ 28,598 Granted 999,277 $ 12.58 Forfeited (34,660) $ 12.68 Outstanding, March 27, 2022 5,373,948 $ 10.04 $ 13,979 Exercisable, March 27, 2022 1,798,387 $ 9.01 $ 6,497 A summary of the non-vested stock options for the Company’s stock-based compensation plans is as follows: Number of Options Weighted-Average Grant Date Fair Value Nonvested, December 26, 2021 2,633,391 $ 7.03 Granted 999,277 $ 6.76 Vested (22,447) $ 3.13 Forfeited (34,660) $ 6.38 Nonvested, March 27, 2022 3,575,561 $ 6.99 Fair value of Stock Options The fair value of stock option awards is estimated on the date of grant using the Black-Scholes valuation model. The assumptions utilized to estimate the grant-date fair value of the stock option awards granted during the thirteen weeks ended March 27, 2022 were as follows: Expected term (years) 6.5 Expected volatility 52.4 % Risk-free interest rate 2.6 % Expected dividend yield — The Company does not have sufficient historical stock option exercise activity and therefore Management estimated the expected term of stock options granted using the simplified method, which represents the mid-point between the vesting period and the contractual term for each grant. The expected volatility of stock options is based on the historical volatilities of a set of publicly traded peer companies in a similar industry. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the expected term of the stock option award. The expected dividend yield is based on the fact that the Company has never paid cash dividends and does not have intentions of paying dividends in the foreseeable future. Stock-based compensation expense was $2.3 million and $0.1 million for the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively. The aggregate intrinsic value is based on the difference between the exercise price of the stock option and the closing price of the Company’s common stock on the Nasdaq. Unrecognized stock-based compensation expense As of March 27, 2022, the amount of stock-based compensation expense not yet recognized was approximately $17.6 million and will be recognized over a weighted-average period of approximately 1.6 years.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 27, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Income (Loss) before income taxes $ 6,917 $ (2,217) Income tax (expense) benefit $ (2,277) $ 175 Effective income tax rate 32.9 % 7.9 % The effective income tax rate for the thirteen weeks ended March 27, 2022 was 32.9% as compared to 7.9% for the thirteen weeks ended March 28, 2021. The change in the effective income tax rates was primarily due to (i) forecasted 2022 pre-tax book income as compared to forecasted 2021 pre-tax book loss, (ii) the change in the valuation allowance for federal and state deferred tax assets and (iii) limitations on deductions of certain compensation. The Company has a blended federal and state statutory rate of approximately 25.0%. The effective income tax rates for the thirteen weeks ended March 27, 2022 and March 28, 2021 were different than the blended federal and state statutory rate primarily due to (i) the benefit of tax credits for FICA taxes on certain employees’ tips, (ii) the change in the valuation allowance for federal and state deferred tax assets and (iii) limitations on deductions of certain compensation.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 27, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is subject to legal proceedings, claims and liabilities that arise in the ordinary course of business. The amount of the ultimate liability with respect to these matters was not material as of March 27, 2022. In the event any litigation losses become probable and estimable, the Company will recognize any anticipated losses. Unclaimed Property The Company is subject to unclaimed or abandoned property (escheat) laws which require it to turn over to state governmental authorities the property of others held by the Company that has been unclaimed for specified periods of time. Property subject to escheat laws generally relates to uncashed checks, trade accounts receivable credits and unredeemed gift card balances. During the first quarter of 2022, the Company received a letter from the Delaware Secretary of State inviting the Company to participate in the Delaware Secretary of State’s Abandoned or Unclaimed Property Voluntary Disclosure Agreement Program to avoid being sent an audit notice by the Delaware Department of Finance. On April 22, 2022, the Company entered into Delaware’s Voluntary Disclosure Agreement Program in order to voluntarily comply with Delaware’s abandoned property law in exchange for certain protections and benefits. The Company intends to work in good faith to complete a review of its books and records related to unclaimed or abandoned property during the periods required under the program. The Company will continue to examine its options regarding the escheat laws of Delaware including completing Delaware’s Voluntary Disclosure Agreement Program or proceeding to audit. Any potential loss, or range of loss, that may result from this matter is not currently reasonably estimable.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	3 Months Ended
	Mar. 27, 2022
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share The following table sets forth the computations of basic and diluted net income (loss) per common share: THIRTEEN WEEKS ENDED (in thousands, except share and per share data) MARCH 27, 2022 MARCH 28, 2021 Numerator: Net income (loss) $ 4,640 $ (2,042) Denominator: Weighted average common shares outstanding - basic 59,048,446 45,013,784 Weighted average common shares outstanding - diluted 59,983,150 45,013,784 Net income (loss) per common share - basic $ 0.08 $ (0.05) Net income (loss) per common share - diluted $ 0.08 $ (0.05) Option awards outstanding not included in diluted net income (loss) per common share as their effect is anti-dilutive 2,150,374 2,645,613 Diluted net income (loss) per common share is calculated by adjusting the weighted average shares outstanding for the theoretical effect of potential common shares that would be issued for stock option awards outstanding and unvested as of the respective periods using the treasury method. During the thirteen weeks ended March 28, 2021, all preferred shares and all stock option awards were excluded from the calculation of diluted net loss per common share because of their anti-dilutive impact. The performance-based stock option awards were excluded from the diluted net loss per common share calculation as the performance condition was not considered probable of being met.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 27, 2022
Accounting Policies [Abstract]
Fiscal Period, Policy	The Company reports financial information on a 52- or 53-week fiscal year ending on the last Sunday of each calendar year. The Company’s fiscal quarters are comprised of 13 weeks each, except for fiscal years consisting of 53 weeks for which the fourth quarter will consist of 14 weeks, and end on the 13th Sunday of each quarter (14th Sunday of the fourth quarter, when applicable). The quarters ended March 27, 2022 and March 28, 2021 were both 13-week periods.
Basis of Presentation	The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Consolidation, Policy	Accordingly, they do not include all the information and notes required by GAAP for complete financial statements. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in the 2021 Form 10-K and include all adjustments necessary for the fair statement of the consolidated financial statements for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results to be expected for other interim periods or the entire fiscal year.
Use of Estimates	Use of Estimates The preparation of the unaudited interim consolidated financial statements in accordance with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates and such differences could be material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Certain assets and liabilities are carried at fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The carrying amounts of the Company ’ s financial instruments, including cash equivalents, accounts receivable, accounts payable, accrued expenses, note payable and other current liabilities, approximate their fair values due to their short-term maturities. At March 27, 2022, the carrying amount of the Company’s outstanding debt under the new facilities pursuant to the new credit agreement executed in October 2021 approximated its fair value.
Summary of Recently Issued Accounting Pronouncements	Summary of Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, “ Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ,” (“ASU 2020-04”). The new guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 was effective beginning March 12, 2020 and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. Management is currently evaluating its contracts and the optional expedients provided by the new standard. Recent accounting guidance not discussed herein is not applicable, did not have, or is not expected to have a material impact to the Company.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 27, 2022
Revenue from Contract with Customer [Abstract]
Contract with Customer, Contract Asset, Contract Liability, and Receivable	The following tables include a detail of liabilities from contracts with customers: (in thousands) MARCH 27, 2022 DECEMBER 26, 2021 Deferred revenues: Deferred gift card revenue $ 2,752 $ 4,410 Deferred franchise fee revenue - current 250 244 Total current deferred revenues $ 3,002 $ 4,654 Other long-term liabilities: Deferred franchise fee revenue - non-current $ 2,342 $ 2,292 Changes in deferred gift card contract liabilities were as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Deferred gift card revenue: Balance, beginning of period $ 4,410 $ 4,024 Gift card sales 1,216 932 Gift card redemptions (2,590) (2,073) Gift card breakage (284) (213) Balance, end of period $ 2,752 $ 2,670 Changes in deferred franchise fee contract liabilities were as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Deferred franchise fee revenue: Balance, beginning of period $ 2,536 $ 2,274 Cash received 120 82 Franchise revenues recognized (64) (68) Balance, end of period $ 2,592 $ 2,288
Disaggregation of Revenue	Revenues recognized disaggregated by type were as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Restaurant sales: In-restaurant dining sales $ 132,892 $ 87,131 Third-party delivery sales 21,026 20,754 Take-out sales 16,751 17,481 Total restaurant sales $ 170,669 $ 125,366 Franchise revenues: Royalty and system fund contributions $ 2,379 $ 1,735 Initial fees 64 68 Total franchise revenues $ 2,443 $ 1,803 Total revenues $ 173,112 $ 127,169

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 27, 2022
Receivables [Abstract]
Accounts Receivable	Accounts receivable consisted of the following: (in thousands) MARCH 27, 2022 DECEMBER 26, 2021 Receivables from third-party delivery providers $ 1,260 $ 1,021 Receivables from franchisees 1,033 927 Rebate receivables 334 428 Receivables related to gift card sales 337 1,453 Other receivables 63 621 Total accounts receivable $ 3,027 $ 4,450

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 27, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following: (in thousands) MARCH 27, 2022 DECEMBER 26, 2021 Construction liabilities $ 4,095 $ 4,445 Sales tax 4,000 3,337 Self-insurance and general liability reserves 1,611 1,353 Utilities 1,188 1,306 Credit card fees 1,069 940 Property tax 699 638 Contingent rent 654 628 Common area maintenance 514 482 Other 3,705 2,760 Total accrued liabilities $ 17,535 $ 15,889

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 27, 2022
Leases [Abstract]
Supplemental Information Related to Leases	The following table includes a detail of lease assets and liabilities: (in thousands) Consolidated Balance Sheets Classification MARCH 27, 2022 DECEMBER 26, 2021 Operating lease right-of-use assets Operating lease right-of-use assets $ 331,109 $ 324,995 Finance lease assets Property, fixtures and equipment, net 1,707 1,892 Total lease assets $ 332,816 $ 326,887 Operating lease liabilities (1) - current Current portion of operating lease liabilities 37,689 38,186 Operating lease liabilities - non-current Operating lease liabilities 338,460 330,495 Finance lease liabilities - current Current portion of long-term debt 658 686 Finance lease liabilities - non-current Long-term debt, net 1,169 1,331 Total lease liabilities $ 377,976 $ 370,698 _____________ (1) Excludes all variable lease expense. Supplemental information related to leases was as follows: THIRTEEN WEEKS ENDED MARCH 27, 2022 MARCH 28, 2021 Weighted-average remaining lease term (in years) Operating leases 15.2 16.1 Finance leases 3.3 4.2 Weighted-average discount rate (1) Operating leases 8.9 % 9.1 % Finance leases 7.8 % 8.0 % ____________ (1) Based on the Company’s incremental borrowing rate.
Supplemental Cash Flow Information	The components of lease expense are as follows: (in thousands) Consolidated Statements of Operations and Comprehensive Income (Loss) Classification THIRTEEN WEEKS ENDED MARCH 27, 2022 MARCH 28, 2021 Operating lease expense Other restaurant operating expenses $ 12,046 $ 10,852 Variable lease expense Food and beverage costs 3,399 2,946 Finance lease expense: Amortization of leased assets Depreciation and amortization 135 131 Interest on lease liabilities Interest expense 37 46 Total lease expense (1) $ 15,617 $ 13,975 _____________ (1) Includes contingent rent of $0.4 million and $0.1 million during the thirteen weeks ended March 27, 2022 and March 28, 2021, respectively. Supplemental cash flow information related to leases was as follows: THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 10,630 $ 10,637 Operating cash flows - finance leases $ 37 $ 46 Financing cash flows - finance leases $ 126 $ 116
Operating Lease Maturity	As of March 27, 2022, future minimum lease payments for operating and finance leases consisted of the following: (in thousands) Operating Leases Finance Leases Fiscal year 2022 $ 29,861 $ 523 2023 43,628 642 2024 46,036 642 2025 46,119 218 2026 46,019 28 Thereafter 502,974 20 Total future minimum lease payments (1) 714,637 2,073 Less: imputed interest (338,488) (246) Total present value of lease liabilities $ 376,149 $ 1,827 _____________ (1) Excludes approxim ately $48.0 million of exec
Finance Lease Maturity	As of March 27, 2022, future minimum lease payments for operating and finance leases consisted of the following: (in thousands) Operating Leases Finance Leases Fiscal year 2022 $ 29,861 $ 523 2023 43,628 642 2024 46,036 642 2025 46,119 218 2026 46,019 28 Thereafter 502,974 20 Total future minimum lease payments (1) 714,637 2,073 Less: imputed interest (338,488) (246) Total present value of lease liabilities $ 376,149 $ 1,827 _____________ (1) Excludes approxim ately $48.0 million of exec

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 27, 2022
Share-based Payment Arrangement [Abstract]
Schedule of Stock Options Roll Forward	A summary of stock option activity for the Company’s stock-based compensation plans during the thirteen weeks ended March 27, 2022 is as follows: Number of Options Weighted-Average Aggregate Intrinsic Value (in thousands) Outstanding, December 26, 2021 4,409,331 $ 9.48 $ 28,598 Granted 999,277 $ 12.58 Forfeited (34,660) $ 12.68 Outstanding, March 27, 2022 5,373,948 $ 10.04 $ 13,979 Exercisable, March 27, 2022 1,798,387 $ 9.01 $ 6,497
Schedule of Fair Value Non-vested Options at Grant Dates	A summary of the non-vested stock options for the Company’s stock-based compensation plans is as follows: Number of Options Weighted-Average Grant Date Fair Value Nonvested, December 26, 2021 2,633,391 $ 7.03 Granted 999,277 $ 6.76 Vested (22,447) $ 3.13 Forfeited (34,660) $ 6.38 Nonvested, March 27, 2022 3,575,561 $ 6.99
Details of Weighted-Average Grant-Date Fair Values and Assumptions Used for Estimating Fair Values	The assumptions utilized to estimate the grant-date fair value of the stock option awards granted during the thirteen weeks ended March 27, 2022 were as follows: Expected term (years) 6.5 Expected volatility 52.4 % Risk-free interest rate 2.6 % Expected dividend yield —

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 27, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) and Effective Income Tax Rate	THIRTEEN WEEKS ENDED (in thousands) MARCH 27, 2022 MARCH 28, 2021 Income (Loss) before income taxes $ 6,917 $ (2,217) Income tax (expense) benefit $ (2,277) $ 175 Effective income tax rate 32.9 % 7.9 %

Net Income (Loss) Per Common _2

Net Income (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 27, 2022
Earnings Per Share [Abstract]
Computations of Basic and Diluted Net Income (Loss) Per Common Share	The following table sets forth the computations of basic and diluted net income (loss) per common share: THIRTEEN WEEKS ENDED (in thousands, except share and per share data) MARCH 27, 2022 MARCH 28, 2021 Numerator: Net income (loss) $ 4,640 $ (2,042) Denominator: Weighted average common shares outstanding - basic 59,048,446 45,013,784 Weighted average common shares outstanding - diluted 59,983,150 45,013,784 Net income (loss) per common share - basic $ 0.08 $ (0.05) Net income (loss) per common share - diluted $ 0.08 $ (0.05) Option awards outstanding not included in diluted net income (loss) per common share as their effect is anti-dilutive 2,150,374 2,645,613

Nature of Business and Organi_2

Nature of Business and Organization - Additional Information (Details)	Mar. 27, 2022restaurantstate	Dec. 26, 2021restaurant
Franchisor Disclosure [Line Items]
Number of states where company operates and franchises restaurants | state	28
Company-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	346	341
Franchise-owned restaurants
Franchisor Disclosure [Line Items]
Number of restaurants	95	94

Revenues - Detail of Contract L

Revenues - Detail of Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Revenue from Contract with Customer [Abstract]
Deferred gift card revenue	$ 2,752	$ 4,410
Deferred franchise fee revenue - current	250	244
Total current deferred revenues	3,002	4,654
Deferred franchise fee revenue - non-current	$ 2,342	$ 2,292

Revenues - Change in Contract L

Revenues - Change in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Changes in contract liabilities, deferred gift card revenue
Balance, beginning of period	$ 4,410	$ 4,024
Gift card sales	1,216	932
Gift card redemptions	(2,590)	(2,073)
Gift card breakage	(284)	(213)
Balance, end of period	2,752	2,670
Changes in contract liabilities, deferred franchise fee revenue
Balance, beginning of period	2,536	2,274
Cash received	120	82
Franchise revenues recognized	(64)	(68)
Balance, end of period	$ 2,592	$ 2,288

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 173,112	$ 127,169
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	170,669	125,366
In-restaurant dining sales
Disaggregation of Revenue [Line Items]
Total revenues	132,892	87,131
Third-party delivery sales
Disaggregation of Revenue [Line Items]
Total revenues	21,026	20,754
Take-out sales
Disaggregation of Revenue [Line Items]
Total revenues	16,751	17,481
Franchise revenues
Disaggregation of Revenue [Line Items]
Total revenues	2,443	1,803
Royalty and system fund contributions
Disaggregation of Revenue [Line Items]
Total revenues	2,379	1,735
Initial fees
Disaggregation of Revenue [Line Items]
Total revenues	$ 64	$ 68

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Receivables [Abstract]
Receivables from third-party delivery providers	$ 1,260	$ 1,021
Receivables from franchisees	1,033	927
Rebate receivables	334	428
Receivables related to gift card sales	337	1,453
Other receivables	63	621
Total accounts receivable	$ 3,027	$ 4,450

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Payables and Accruals [Abstract]
Construction liabilities	$ 4,095	$ 4,445
Sales tax	4,000	3,337
Self-insurance and general liability reserves	1,611	1,353
Utilities	1,188	1,306
Credit card fees	1,069	940
Property tax	699	638
Contingent rent	654	628
Common area maintenance	514	482
Other	3,705	2,760
Total accrued liabilities	$ 17,535	$ 15,889

Leases - Lease Assets and Lease

Leases - Lease Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 331,109	$ 324,995
Finance lease assets	1,707	1,892
Total lease assets	332,816	326,887
Operating lease liabilities - current	37,689	38,186
Operating lease liabilities - non-current	338,460	330,495
Finance lease liabilities - current	658	686
Finance lease liabilities - non-current	1,169	1,331
Total lease liabilities	$ 377,976	$ 370,698
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, fixtures and equipment, net of accumulated depreciation of $123,285 and $115,582, respectively	Property, fixtures and equipment, net of accumulated depreciation of $123,285 and $115,582, respectively
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current portion of long-term debt	Current portion of long-term debt
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Leases [Abstract]
Operating lease expense	$ 12,046	$ 10,852
Variable lease expense	3,399	2,946
Amortization of leased assets	135	131
Interest on lease liabilities	37	46
Total lease expense	15,617	13,975
Contingent rent	$ 400	$ 100

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Leases [Abstract]
Operating cash flows - operating leases	$ 10,630	$ 10,637
Operating cash flows - finance leases	37	46
Financing cash flows - finance leases	$ 126	$ 116

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details)	Mar. 27, 2022	Mar. 28, 2021
Weighted-average remaining lease term (in years)
Operating leases	15 years 2 months 12 days	16 years 1 month 6 days
Finance leases	3 years 3 months 18 days	4 years 2 months 12 days
Weighted-average discount rate
Operating leases	8.90%	9.10%
Finance leases	7.80%	8.00%

Leases - Operating and Finance

Leases - Operating and Finance Lease Maturity (Details) $ in Thousands	Mar. 27, 2022USD ($)
Operating Leases
2022	$ 29,861
2023	43,628
2024	46,036
2025	46,119
2026	46,019
Thereafter	502,974
Total future minimum lease payments	714,637
Less: imputed interest	(338,488)
Total present value of lease liabilities	376,149
Finance Leases
2022	523
2023	642
2024	642
2025	218
2026	28
Thereafter	20
Total future minimum lease payments	2,073
Less: imputed interest	(246)
Total present value of lease liabilities	1,827
Executed operating leases that have not commenced	$ 48,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Share-based Payment Arrangement [Abstract]
Options granted (in shares)	999,277
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Common stock available for grant (in shares)	3,034,795
Stock-based compensation expense	$ 2.3	$ 0.1
Stock-based compensation expense not yet recognized	$ 17.6
Weighted-average period of recognition	1 year 7 months 6 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Options Roll Forward (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 27, 2022USD ($)$ / sharesshares
Number of Options
Options outstanding, beginning of period (in shares) | shares	4,409,331
Options granted (in shares) | shares	999,277
Options forfeited (in shares) | shares	(34,660)
Options outstanding, end of period (in shares) | shares	5,373,948
Options exercisable, end of period (in shares) | shares	1,798,387
Weighted-Average Exercise Price
Options outstanding, beginning of period, weighted average exercise price (in dollars per share) | $ / shares	$ 9.48
Options granted, weighted average exercise price (in dollars per share) | $ / shares	12.58
Options forfeited, weighted average exercise price (in dollars per share) | $ / shares	12.68
Options outstanding, end of period, weighted average exercise price (in dollars per share) | $ / shares	10.04
Options exercisable, end of period, weighted average exercise price (in dollars per share) | $ / shares	$ 9.01
Aggregate Intrinsic Value (in thousands)
Options outstanding, beginning of period, aggregate intrinsic value | $	$ 28,598
Options outstanding, end of period, aggregate intrinsic value | $	13,979
Options exercisable, end of period, aggregate intrinsic value | $	$ 6,497

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Fair Value Non-vested Options at Grant Dates (Details)	3 Months Ended
	Mar. 27, 2022$ / sharesshares
Share-based Payment Arrangement [Abstract]
Nonvested options, beginning balance (in shares) | shares	2,633,391
Options granted (in shares) | shares	999,277
Options vested (in shares) | shares	(22,447)
Options forfeited (in shares) | shares	(34,660)
Nonvested options, ending balance (in shares) | shares	3,575,561
Nonvested grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 7.03
Options granted, grant date fair value (in dollars per share) | $ / shares	6.76
Options vested, grant date fair value (in dollars per share) | $ / shares	3.13
Options forfeited, grant date fair value (in dollars per share) | $ / shares	6.38
Nonvested grant date fair value, ending balance (in dollars per share) | $ / shares	$ 6.99

Stock-Based Compensation - Deta

Stock-Based Compensation - Details of Weighted-Average Grant-Date Fair Values and Assumptions Used for Estimating Fair Values (Details)	3 Months Ended
	Mar. 27, 2022USD ($)
Share-based Payment Arrangement [Abstract]
Expected term (years)	6 years 6 months
Expected volatility	52.40%
Risk-free interest rate	2.60%
Expected dividend yield	$ 0

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) and Effective Income Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Income Tax Disclosure [Abstract]
Income (Loss) before income taxes	$ 6,917	$ (2,217)
Income tax (expense) benefit	$ 2,277	$ (175)
Effective income tax rate	32.90%	7.90%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	32.90%	7.90%
Blended federal and state statutory rate	25.00%

Net Income (Loss) Per Common _3

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Numerator
Net income (loss)	$ 4,640	$ (2,042)
Net income (loss)	$ 4,640	$ (2,042)
Denominator
Weighted average common shares outstanding - basic (in shares)	59,048,446	45,013,784
Weighted average common shares outstanding - diluted (in shares)	59,983,150	45,013,784
Net income (loss) per common share - basic (in dollars per share)	$ 0.08	$ (0.05)
Net income (loss) per common share - diluted (in dollars per share)	$ 0.08	$ (0.05)
Option awards outstanding not included in diluted net income (loss) per common share as their effect is anti-dilutive (in shares)	2,150,374	2,645,613