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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 28, 2025
Sep. 29, 2024
Cash flows provided by operating activities:    
Net (loss) income $ 24,992 $ (45,118)
Net income from discontinued operations, net of tax 714 14,140
Net (loss) income from continuing operations 24,278 (59,258)
Adjustments to reconcile Net income (loss) from continuing operations to cash provided by operating activities of continuing operations:    
Depreciation and amortization 133,492 130,434
Amortization of deferred gift card sales commissions 16,027 17,155
Provision for impaired assets and restaurant closings [1] 35,126 31,154
Stock-based compensation expense 5,985 5,291
Deferred income tax expense (benefit) 2,286 (17,623)
Loss on extinguishment of debt 0 136,022
Loss on foreign currency forward contracts 25,564 0
Loss from equity method investment, net of tax 3,434 0
Foreign currency translation gain on installment receivable from sale of business (17,752) 0
Other, net 457 (1,674)
Change in assets and liabilities (73,729) (126,958)
Net cash provided by operating activities of continuing operations 155,168 114,543
Net cash provided by (used in) operating activities of discontinued operations 2,385 (6,161)
Net cash provided by operating activities 157,553 108,382
Cash flows used in investing activities:    
Capital expenditures (124,451) (167,715)
Payments on foreign currency forward contracts (21,116) 0
Cash received from sale, net of tax withheld and cash left in business 95,863 0
Other investments, net 1,340 2,192
Net cash used in investing activities of continuing operations (48,364) (165,523)
Net cash used in investing activities of discontinued operations (1,623) (30,953)
Net cash used in investing activities (49,987) (196,476)
Cash flows (used in) provided by financing activities:    
Proceeds from borrowings on revolving credit facilities 1,100,000 2,040,000
Repayments of borrowings on revolving credit facilities (1,145,000) (1,646,000)
Financing fees 0 (6,945)
Repayments of finance lease obligations (2,040) (1,309)
Principal settlements and repurchase of convertible senior notes (20,724) (2,335)
Proceeds from retirement of convertible senior note hedges 0 118,197
Payments for retirement of warrants (399) (102,213)
Payment of taxes from share-based compensation, net (927) (1,610)
Distributions to noncontrolling interests (4,437) (4,556)
Contributions from noncontrolling interests 1,140 1,088
Purchase of noncontrolling interests (100) (100)
Repurchase of common stock 0 (265,695)
Cash dividends paid on common stock (38,266) (62,212)
Net cash (used in) provided by financing activities of continuing operations (110,753) 66,310
Net cash used in financing activities of discontinued operations (65) (751)
Net cash (used in) provided by financing activities (110,818) 65,559
Effect of exchange rate changes on cash and cash equivalents (325) (8,206)
Net decrease in cash and cash equivalents (3,577) (30,741)
Cash and cash equivalents as of the beginning of the period 70,056 114,373
Cash and cash equivalents as of the end of the period 66,479 83,632
Supplemental disclosures of cash flow information:    
Cash paid for interest 40,169 41,914
Cash paid for income taxes, net of refunds 23,787 19,509
Supplemental disclosures of non-cash activities:    
Capital expenditures included in current liabilities 27,840 40,031
Shares issued on settlement of convertible senior notes 0 216,152
Shares received and retired on exercise of call option under bond hedge upon settlement of convertible senior notes 0 (8,346)
Financing fees in accrued liabilities $ 0 $ 2,040
[1] For the thirteen and thirty-nine weeks ended September 29, 2024, primarily includes charges related to the Q2 2024 decision to close nine restaurants in Hong Kong and the closure of 36 predominantly older, underperforming U.S. restaurants (the “2023 Restaurant Closures”).