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Revenue Recognition | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | NOTE 3 — Revenue Recognition Revenue The following table disaggregates revenue by major component:
|  | Three Months Ended March 31, |  |
(in thousands) |  | 2024 |  | 2023 |  |  |  |  |  |
Company-operated shops |  | $ | 248,085 |  |  | $ | 173,164 |  |  |  |  |  |  |
Franchising |  | 25,771 |  |  | 22,645 |  |  |  |  |  |  |
Other |  | 1,243 |  |  | 1,458 |  |  |  |  |  |  |
Total revenues |  | $ | 275,099 |  |  | $ | 197,267 |  |  |  |  |  |  |
Deferred Revenue Deferred revenue activity related to the Company’s gift card and loyalty programs was as follows:
|  | Three Months Ended March 31,
(in thousands) |  | 2024 |  | 2023
Beginning balance |  | $ | 34,616 |  |  | $ | 26,904 |
Revenue deferred - gift card activations, loyalty app loads, and loyalty points and rewards earned |  | 89,394 |  |  | 78,711 |
Revenue recognized - gift card, loyalty app, loyalty rewards redemptions, and breakage |  | (91,057) |  |  | (79,729) |
Ending balance |  | 32,953 |  |  | 25,886 |
Less: current portion |  | (28,696) |  |  | (21,754) |
Deferred revenue, net of current portion, gift card and loyalty programs |  | $ | 4,257 |  |  | $ | 4,132 |
Deferred revenue may also include 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 condensed consolidated balance sheets were as follows:
(in thousands) |  | March 31, 2024 |  | December 31, 2023
Initial unearned franchise fees from franchise partners |  | $ | 2,470 |  |  | $ | 2,409 |
Total deferred revenue, excluding gift card and loyalty programs |  | 2,470 |  |  | 2,409 |
Less: current portion |  | (414) |  |  | (412) |
Deferred revenue, net of current portion, excluding gift card and loyalty programs |  | $ | 2,056 |  |  | $ | 1,997 |
Revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the respective deferred revenue liability balances at the beginning of the period are shown below.
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023 |  |
Gift card redemptions 1 |  |  |  |  |  | $ | 4,017 |  |  | $ | 3,235 |  |  |
Earned franchise fees |  |  |  |  |  | 113 |  |  | 114 |  |  |
_____________________ 1 Amounts exclude cash loads and transactions related to the Company’s loyalty rewards program. Future recognition of initial unearned franchise fees as of March 31, 2024 is as follows:
(in thousands) |  |
Remainder of 2024 |  | $ | 316 |
2025 |  | 376 |
2026 |  | 334 |
2027 |  | 289 |
2028 |  | 240 |
Thereafter |  | 915 |
Total |  | $ | 2,470 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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