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Unaudited Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jul. 02, 2024
Jul. 04, 2023
Cash flows from operating activities:    
Net income $ 24,880,000 $ 15,413,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 36,036,000 35,320,000
Non-cash lease expense 15,838,000 16,310,000
Amortization of financing costs 109,000 109,000
Deferred income taxes (4,831,000) (3,657,000)
Stock-based compensation expense 5,243,000 5,420,000
Loss on disposal and impairment of assets, net 2,712,000 3,276,000
Equity method investment 293,000 100,000
Changes in assets and liabilities:    
Accounts and other receivables 4,202,000 (2,898,000)
Inventories, net 188,000 186,000
Prepaid expenses and other current assets 4,454,000 1,796,000
Other assets, net (3,779,000) (1,638,000)
Accounts payable (8,749,000) (5,093,000)
Accrued expenses (12,427,000) 874,000
Operating lease obligations (23,761,000) (23,770,000)
Other liabilities 2,124,000 (148,000)
Net cash provided by operating activities 42,532,000 41,600,000
Cash flows from investing activities:    
Purchases of property and equipment (41,349,000) (52,912,000)
Proceeds from sale of assets 0 4,000
Net cash used in investing activities (41,349,000) (52,908,000)
Cash flows from financing activities:    
Borrowings on line of credit 453,900,000 355,000,000
Payments on line of credit (458,400,000) (362,000,000)
Taxes paid on vested stock units under employee plans (892,000) (498,000)
Proceeds from exercise of stock options 168,000 6,000
Cash dividends accrued under stock compensation plans (9,000) (20,000)
Repurchase of common stock (8,835,000) 0
Net cash used in financing activities (14,068,000) (7,512,000)
Net decrease in cash and cash equivalents (12,885,000) (18,820,000)
Cash and cash equivalents, beginning of period 29,070,000 24,873,000
Cash and cash equivalents, end of period 16,185,000 6,053,000
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3,712,000 345,000
Cash paid for interest, net of capitalized interest 2,311,000 1,669,000
Cash paid for operating lease obligations 31,153,000 31,559,000
Supplemental disclosure of non-cash investing and financing activities:    
Operating lease assets obtained in exchange for operating lease obligations 13,552,000 9,020,000
Property and equipment acquired and included in accounts payable 8,639,000 14,234,000
Stock-based compensation capitalized [1] $ 163,000 $ 189,000
[1] Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets.