Leases (Tables)

9 Months Ended

Sep. 28, 2025

Supplemental Information Related to Leases

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	SEPTEMBER 28, 2025		DECEMBER 29, 2024
Finance lease assets - current	Other current assets	$	1,365	$	—
Operating lease right-of-use assets	Operating lease right-of-use assets	609,820		527,674
Finance lease assets	Property, fixtures and equipment, net	10,962		2,724
Total lease assets		$	622,147	$	530,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	72,785	$	55,704
Operating lease liabilities - non-current	Operating lease liabilities	645,455		555,576
Finance lease liabilities - current(1)	Current portion of long-term debt	1,873		587
Finance lease liabilities - non-current	Long-term debt, net	11,051		2,179
Total lease liabilities		$	731,164	$	614,046

_____________

(1) Excludes all variable lease expense for real estate leases.

Supplemental information related to leases was as follows:


	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Weighted-average remaining lease term (in years)
Operating leases	12.9		13.4
Finance leases	9.4		3.5
Weighted-average discount rate (1)
Operating leases	7.8	%	7.8	%
Finance leases	6.2	%	6.4	%

____________

(1) Based on the Company’s incremental borrowing rate.

Supplemental Cash Flow Information

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Income (Loss) Classification	THIRTEEN WEEKS ENDED				THIRTY-NINE WEEKS ENDED
		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024		SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	21,905	$	18,269	$	62,449	$	51,021
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,953		4,816		16,997		14,242
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	342		134		760		395
Interest on lease liabilities	Interest expense	155		15		286		51
Total lease expense (1)		$	28,355	$	23,234	$	80,492	$	65,709

_____________

(1) Includes contingent rent expense of $0.5 million and $0.4 million during the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $1.5 million and $1.3 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTY-NINE WEEKS ENDED
	SEPTEMBER 28, 2025		SEPTEMBER 29, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	41,044	$	39,450
Operating cash flows - finance leases	$	286	$	51
Financing cash flows - finance leases	$	223	$	431