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Revenue Recognition
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
NOTE 3 — Revenue Recognition
Revenue
The following table disaggregates revenue by major component:
Year Ended December 31,
(in thousands)202320222021
Company-operated shops$857,939 $639,710 $403,746 
Franchising101,907 93,756 87,465 
Other5,930 5,546 6,665 
Total revenues$965,776 $739,012 $497,876 
Deferred Revenue
Deferred revenue activity related to the Company’s gift card and loyalty programs was as follows:
Year Ended December 31,
(in thousands)20232022
Beginning balance$26,904 $22,765 
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned362,482 261,909 
Revenue recognized - gift card, loyalty app, loyalty rewards redemptions, and breakage
(354,770)(257,770)
Ending balance34,616 26,904 
Less: current portion(29,937)(22,748)
Deferred revenue, net of current portion, gift card and loyalty programs$4,679 $4,156 
Deferred revenue also includes sales to distributors where the performance obligation has not been satisfied and control has not been transferred to the customer as of the reporting date, as well as initial unearned franchise fees from franchise partners. These deferred revenues reported in the Company’s consolidated balance sheets were as follows:
(in thousands)December 31, 2023December 31, 2022
Outstanding performance obligations$— $2,152 
Initial unearned franchise fees from franchise partners2,409 2,398 
Total deferred revenue, excluding gift card and loyalty programs2,409 4,550 
Less: current portion(412)(2,587)
Deferred revenue, net of current portion, excluding gift card and loyalty programs$1,997 $1,963 
Revenue recognized during the three years ended December 31, 2023 that was included in the respective deferred revenue liability balances at the beginning of the period are shown below.
Year Ended December 31,
(in thousands)202320222021
Gift card redemptions 1
$5,149 $3,965 $3,805 
Earned franchise fees
454 507 630 
_____________________
1     Amounts exclude cash loads and transactions related to the Company’s loyalty rewards program.
Future recognition of initial unearned franchise fees as of December 31, 2023 is as follows:
(in thousands)
2024$412 
2025358 
2026316 
2027271 
2028222 
Thereafter830 
Total$2,409