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Unaudited Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jul. 04, 2023
Jun. 28, 2022
Cash flows from operating activities:    
Net income $ 15,413,000 $ 1,757,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 35,320,000 35,541,000
Non-cash lease expense 16,310,000 16,585,000
Amortization of financing costs 109,000 109,000
Deferred income taxes (3,657,000) (8,273,000)
Stock-based compensation expense 5,420,000 4,999,000
Loss on disposal and impairment of assets, net 3,276,000 595,000
Equity method investment 100,000 0
Changes in assets and liabilities:    
Accounts and other receivables (2,898,000) 7,557,000
Inventories, net 186,000 95,000
Prepaid expenses and other current assets 1,796,000 2,052,000
Other assets, net (1,638,000) (810,000)
Accounts payable (5,093,000) (5,000)
Accrued expenses 874,000 (8,596,000)
Operating lease obligations (23,770,000) (20,099,000)
Other liabilities (148,000) (1,295,000)
Net cash provided by operating activities 41,600,000 30,212,000
Cash flows from investing activities:    
Purchases of property and equipment (52,912,000) (31,119,000)
Proceeds from sale of assets 4,000 566,000
Net cash used in investing activities (52,908,000) (30,553,000)
Cash flows from financing activities:    
Borrowings on line of credit 355,000,000 320,000,000
Payments on line of credit (362,000,000) (320,000,000)
Payments of debt issuance costs   (3,000)
Taxes paid on vested stock units under employee plans (498,000) (360,000)
Proceeds from exercise of stock options 6,000  
Cash dividends accrued under stock compensation plans (20,000) (62,000)
Net cash used in financing activities (7,512,000) (425,000)
Net decrease in cash and cash equivalents (18,820,000) (766,000)
Cash and cash equivalents, beginning of period 24,873,000 38,527,000
Cash and cash equivalents, end of period 6,053,000 37,761,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 345,000 469,000
Cash paid for interest, net of capitalized interest 1,669,000 631,000
Cash paid for operating lease obligations 31,559,000 33,238,000
Supplemental disclosure of non-cash operating, investing and financing activities:    
Operating lease assets obtained in exchange for operating lease obligations 9,020,000 22,118,000
Tenant improvement allowance receivable 1,600,000 1,600,000
Property and equipment acquired and included in accounts payable 14,234,000 7,260,000
Stock-based compensation capitalized [1] $ 189,000 $ 169,000
[1] Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets.