INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The (benefit from) provision for income taxes consists of the following for the fiscal years indicated:

(in thousands)	2024		2023		2022
Current:
Federal	$	—	$	—	$	—
State	1,207		718		88
Subtotal current	1,207		718		88
Deferred:
Federal	(56,021)		20		2
State	(15,595)		30		3
Subtotal deferred	(71,616)		50		5
(Benefit from) provision for income taxes	$	(70,409)	$	768	$	93

Schedule of Effective Income Tax Rate Reconciliation

The (benefit from) provision for income taxes differs from the amount computed by applying the U.S. federal statutory income tax rate to income (loss) before taxes for the reasons set forth below for the fiscal years indicated:

(in thousands)	2024		2023		2022
Income tax expense (benefit) at federal statutory rate	$	12,581	$	2,950	$	(12,323)
State income tax expense (benefit)	5,931		996		(1,885)
(Decrease) increase in valuation allowance	(83,662)		(4,699)		13,428
Deferred taxes	—		1,032		1,318
Equity-based compensation	(5,251)		(556)		(541)
Nondeductible executive compensation	227		915		—
Other permanent adjustments	(235)		130		96
(Benefit from) provision for income taxes	$	(70,409)	$	768	$	93

Schedule of Deferred Tax Assets and Liabilities

The following table presents the Company’s deferred tax assets and liabilities as of the periods indicated:

(in thousands)	December 29, 2024		December 31, 2023
Deferred tax assets:
Net operating loss	$	52,797	$	59,012
Operating lease liabilities	97,358		89,700
Property and equipment	—		4,692
Equity-based compensation	1,226		1,596
Other	5,705		5,732
Gross deferred tax assets	157,086		160,732
Valuation allowance	—		(83,662)
Net deferred tax assets	157,086		77,070
Deferred tax liabilities:
Operating lease assets	(82,737)		(77,149)
Property and equipment	(2,812)		—
Net deferred tax liabilities	(85,549)		(77,149)
Total net deferred tax assets (liabilities)	$	71,537	$	(79)