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Quarterly Financial Information (Unaudited)
12 Months Ended
Dec. 30, 2023
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information (Unaudited)
25.
Quarterly Financial Information (Unaudited)

The following is a summary of the unaudited quarterly consolidated results of operations for the fiscal years ended December 30, 2023 and December 31, 2022.

 

 

For the Fiscal Quarters Ended

 

 

 

April 1,

 

 

July 1,

 

 

September 30,

 

 

December 30,

 

 

 

2023

 

 

2023

 

 

2023

 

 

2023

 

Fiscal year ended December 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

241,895

 

 

$

226,830

 

 

$

214,871

 

 

$

205,955

 

Gross profit

 

$

119,511

 

 

$

143,180

 

 

$

141,755

 

 

$

124,857

 

Operating (loss) income

 

$

(28,583

)

 

$

26,317

 

 

$

30,607

 

 

$

(6,008

)

Provision for (benefit from) income taxes

 

$

67,580

 

 

$

(48,066

)

 

$

(38,447

)

 

$

57,556

 

Net (loss) income

 

$

(118,679

)

 

$

50,828

 

 

$

43,731

 

 

$

(88,135

)

Basic (net loss) earnings per share

 

$

(1.68

)

 

$

0.65

 

 

$

0.55

 

 

$

(1.11

)

Diluted (net loss) earnings per share

 

$

(1.68

)

 

$

0.65

 

 

$

0.54

 

 

$

(1.11

)

 

Basic and diluted (net loss) earnings per share are computed independently for each of the periods presented. Accordingly, the sum of the quarterly amounts may not agree to the total for the year.

As discussed in Note 23, the Company recorded restructuring charges of $22,660, $2,650, $5,975 and $23,629 during the first, second, third and fourth quarters of fiscal 2023, respectively, in connection with employee termination benefit costs, lease termination costs and other restructuring charges associated with its previously disclosed plans to restructure its organization.

As discussed in Note 6, the Company incurred transaction-related costs in connection with its acquisition of Sequence of $3,719 in the first quarter of fiscal 2023 and $4,886 in the second quarter of fiscal 2023.

As discussed in Note 7, in the fourth quarter of fiscal 2023, the Company recorded goodwill impairment charges related to its Republic of Ireland and Northern Ireland reporting units of $2,383 and $1,203, respectively, and a franchise rights acquired impairment charge related to its Northern Ireland unit of account of $47.

 

 

 

For the Fiscal Quarters Ended

 

 

 

April 2,

 

 

July 2,

 

 

October 1,

 

 

December 31,

 

 

 

2022

 

 

2022

 

 

2022

 

 

2022

 

Fiscal year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

 

$

297,761

 

 

$

269,454

 

 

$

249,718

 

 

$

222,902

 

Gross profit

 

$

180,098

 

 

$

162,962

 

 

$

152,351

 

 

$

125,968

 

Operating income (loss)

 

$

8,970

 

 

$

13,366

 

 

$

(254,529

)

 

$

(51,778

)

Benefit from income taxes

 

$

(1,796

)

 

$

(701

)

 

$

(70,748

)

 

$

(36,690

)

Net loss

 

$

(8,249

)

 

$

(6,801

)

 

$

(206,037

)

 

$

(35,781

)

Basic net loss per share

 

$

(0.12

)

 

$

(0.10

)

 

$

(2.93

)

 

$

(0.51

)

Diluted net loss per share

 

$

(0.12

)

 

$

(0.10

)

 

$

(2.93

)

 

$

(0.51

)

 

Basic and diluted net loss per share are computed independently for each of the periods presented. Accordingly, the sum of the quarterly amounts may not agree to the total for the year.

As discussed in Note 7, in the second quarter of fiscal 2022, the Company recorded franchise rights acquired impairment charges related to its Canada and New Zealand units of account of $24,485 and $834, respectively, and a goodwill impairment charge related to Kurbo of $1,101; in the third quarter of fiscal 2022, the Company recorded franchise rights acquired impairment charges related to its United States, Canada and New Zealand units of account of $298,291, $13,312 and $1,138, respectively; and in the fourth quarter of fiscal 2022, the Company recorded franchise rights acquired impairment charges related to its United States, Canada, United Kingdom and Australia units of account of $25,739, $19,657, $8,275 and $1,872, respectively, and a goodwill impairment charge related to its Republic of Ireland reporting unit of $2,023.

As discussed in Note 23, the Company recorded restructuring charges of $149, $18,550, $3,660 and $17,352 during the first, second, third and fourth quarters of fiscal 2022, respectively, in connection with employee termination benefit costs, lease termination costs and other restructuring charges associated with its previously disclosed plans to restructure its organization.

As discussed in Note 24, the Company revised previously issued financial statements primarily due to misstatements in its accounting for income taxes and other previously identified immaterial misstatements that were previously corrected as out-of-period adjustments. As a result, in the first quarter of fiscal 2022, the Company decreased benefit from income taxes by $6, increased net loss by $6 and there was no impact on basic and diluted net loss per share; in the second quarter of fiscal 2022, the Company decreased benefit from income taxes by $2,178, increased net loss by $2,178 and increased basic and diluted net loss per share by $0.03; in the third quarter of fiscal 2022, the Company decreased benefit from income taxes by $1, increased net loss by $1 and there was no impact on basic and diluted net loss per share; and in the fourth quarter of fiscal 2022, the Company decreased revenues, net by $1,021, decreased gross profit by $1,021, increased operating loss by $1,021, decreased benefit from income taxes by $2,259, increased net loss by $3,280 and increased basic and diluted net loss per share by $0.05.