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Leases

12 Months Ended

Dec. 31, 2025

Leases

Leases

3. Leases

The Company leases corporate offices, a distribution center, billboards and certain equipment. The Company’s only significant lease is for its corporate headquarters office building (the “Headquarters Lease”) and expires in 2028. The Company pays an annual base rent that escalates 3% each year and the Headquarters Lease has two 10-year optional renewal periods at the Company’s discretion, which is not reasonably certain to be exercised in 2028. The Company also acts as the lessor for six sublease agreements on the Headquarters Lease, each of which include a renewal option for the lessee to extend the length of the lease, with varying options to renew. The Company does not recognize leases for any offices used by the Company’s franchisees as all franchisees are independently owned and operated.

A summary of the Company’s lease cost is as follows (in thousands, except for weighted-averages):

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
​	​	2025		​	2024		​	2023		​
Lease Cost	​	​	​	​	​	​	​	​	​	​
Operating lease cost (a)	​	$	9,257	​	$	9,682	​	$	10,833	​
Sublease income	​	​	(2,765)	​	​	(2,798)	​	​	(2,555)	​
Short-term lease cost (b)	​	​	7,494	​	​	7,383	​	​	8,882	​
Total lease cost	​	$	13,986	​	$	14,267	​	$	17,160	​
Other information	​	​	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease liabilities	​	​	​	​	​	​	​	​	​	​
Operating cash outflows from operating leases	​	​	10,294	​	​	10,028	​	​	9,819	​
Weighted-average remaining lease term in years - operating leases	​	​	2.5	​	​	3.4	​	​	4.4	​
Weighted-average discount rate - operating leases	​	​	6.3	%	​	6.3	%	​	6.3	%

(a) Includes approximately $2.7 million, $2.7 million and $3.5 million of taxes, insurance and maintenance for the years ended December 31, 2025, 2024, and 2023 respectively.

(b) Includes expenses associated with short-term leases of billboard advertisements and is included in “Marketing Funds expenses” on the Consolidated Statements of Income (Loss) for the years ended December 31, 2025, 2024 and 2023.

Maturities under non-cancellable leases were as follows (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Rent Payments		​	Sublease Receipts		​	Total Cash Outflows
Year ending December 31:	​	​	​	​	​	​	​	​	​
2026	​	$	10,389	​	$	(2,333)	​	$	8,056
2027	​	​	10,410	​	​	(2,341)	​	​	8,069
2028	​	​	3,216	​	​	(781)	​	​	2,435
2029	​	​	244	​	​	—	​	​	244
2030	​	​	251	​	​	—	​	​	251
Thereafter	​	​	82	​	​	—	​	​	82
Total lease payments	​	$	24,592	​	$	(5,455)	​	$	19,137
Less: imputed interest	​	​	1,861	​	​	​	​	​	​
Present value of lease liabilities	​	$	22,731	​	​	​	​	​	​

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