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LEASES (Tables)

12 Months Ended

Dec. 25, 2022

Leases [Abstract]

Schedule of Change in Consolidated Balance Sheet Balance Sheet

Upon transition, on December 27, 2021, the Company recorded the following increases (decreases) to the respective line items on the consolidated balance sheet:

(dollar amounts in thousands)			December 26, 2021			Increases/(Decreases)			December 27, 2021
Tenant improvement receivable			16,695			(16,695)			—
Current portion of lease acquisition costs			525			(432)			93
Operating lease asset			—			231,705			231,705
Prepaid expenses			13,763			(3,244)			10,519
Other current assets			155			1,495			1,650
Lease acquisition costs, net			4,391			(3,780)			611
Current portion of deferred rent liability			6,061			(6,061)			—
Operating lease liabilities, current			—			24,757			24,757
Deferred rent liability, net of current portion			38,402			(38,402)			—
Non-current operating lease liability			—			232,541			232,541
Other non-current liability			500			1,158			1,658
Accumulated deficit			(476,216)			(4,944)			(481,160)

Components Of Lease Cost

The components of lease cost for the fiscal year ended December 25, 2022 were as follows:

(dollar amounts in thousands)			Classification
Operating lease cost			Occupancy and related expense General and administrative expense Pre-opening costs			43,722
Variable lease cost			Occupancy and related expense General and administrative expense			7,958
Short term lease cost			Occupancy and related expense General and administrative expense			145
Sublease income			General and administrative expense			(711)
Total lease cost						$	51,114

A summary of lease terms and discount rates for operating leases as of December 25, 2022 is as follows:

Weighted average remaining lease term (years):
Operating Leases			7.98
Weighted average discount rate:
Operating Leases			6.09		%

Supplemental cash flow information related to leases as of December 25, 2022 is as follows:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases, net of lease incentives			$	29,230
Right of use assets obtained in exchange for lease obligations:
Operating leases			$	57,396

As such, the following table below outlines the components of rent expense for the fiscal years ended December 26, 2021 and December 27, 2020:

(dollar amounts in thousands)						Fiscal Year Ended December 26, 2021						Fiscal Year Ended December 27, 2020
Base rent						$	31,901					$	30,248
Contingent rent						696						367
Pre-opening rent						3,098						1,829
Less: sublease income						(247)						(493)
Net rent						$	35,448					$	31,951

Future Minimum Lease Payments

As of December 25, 2022, future minimum lease payments for operating leases consisted of the following:

(dollar amounts in thousands)
2023			45,663
2024			50,642
2025			50,172
2026			48,901
2027			44,460
Thereafter			150,339
Total			390,177
Less: imputed interest			89,438
Total lease liabilities			300,739

Future minimum lease payments under ASC 840 required under existing lease obligations as of December 26, 2021 were as follows:

(dollar amounts in thousands)
2022			$	42,513
2023			45,795
2024			45,669
2025			44,967
2026			43,467
Thereafter			162,818
Total			$	385,229

X

- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

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-SubTopic 20
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