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Debt (Tables)

6 Months Ended

Jun. 27, 2024

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following table summarizes the Company’s long-term debt as of June 27, 2024 and December 28, 2023:

in thousands			Maturity Date						Interest Rate Per Annum at June 27, 2024 (1)									June 27, 2024						December 28, 2023
Credit Facilities:
Term Loan Facility			February 14, 2027						7.33%			Variable						$	201,345					$	202,396
Asset-based Loan Facility (“ABL Facility”)			August 4, 2027						6.60%			Variable						—						—
Total secured debt at par value																		201,345						202,396
Less: current maturities																		2,103						2,103
Long-term debt maturities																		199,242						200,293
Less: unamortized discount and debt issuance costs																		4,509						5,354
Total long-term debt																		$	194,733					$	194,939

(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.

Schedule of Maturities of Debt

The following table summarizes scheduled maturities of the Company’s debt as of June 27, 2024:

in thousands			Amount
Twenty-six weeks ending December 26, 2024			$	1,052
2025			2,103
2026			2,629
2027			195,561
Total minimum debt payments			$	201,345

Schedule of Components of Interest Expense

Components of interest expense are as follows for the periods presented:

			Thirteen Weeks Ended												Twenty-six Weeks Ended
in thousands			June 27, 2024						June 29, 2023						June 27, 2024						June 29, 2023
Total interest expense, net of interest income (1)			$	3,002					$	4,581					$	6,804					$	10,767
Less: interest capitalized			2,339						1,683						4,186						3,007
Interest expense, net			$	663					$	2,898					$	2,618					$	7,760

(1)Total interest expense, net of interest income includes interest income related to the Company’s interest rate cap agreements totaling $0.5 million and $1.2 million for the thirteen weeks ended June 27, 2024 and June 29, 2023, respectively, and $1.9 million and $2.3 million for the twenty-six weeks ended June 27, 2024 and June 29, 2023, respectively. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.

Schedule of Fair Value of Debt

The estimated fair value and classification within the fair value hierarchy of the Term Loan Facility was as follows as of June 27, 2024 and December 28, 2023:

in thousands			Fair Value Hierarchy Classification						June 27, 2024						December 28, 2023
Term Loan Facility			Level 3						$	200,841					$	201,637

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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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