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CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)
$ in Thousands
12 Months Ended
Jan. 06, 2024
Dec. 31, 2022
Dec. 25, 2021
Cash flows from operating activities:      
Net income $ 12,346 $ 13,613 $ 3,967
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 20,170 20,231 20,333
Amortization of deferred financing costs 5,417 3,852 1,044
Gain on interest rate cap 0 (196) 0
Loss on debt extinguishment 0 1,957 6,313
Provision for inventory obsolescence (63) (66) 317
Provision for bad debts 129 76 616
Loss on disposal of property and equipment 11 7 335
Deferred income taxes 5,623 (53,714) 0
Remeasurement of tax receivable agreement liability (512) 56,228 195
Equity-based compensation 10,988 9,033 11,135
Changes in assets and liabilities:      
Accounts receivable (2,701) (802) (2,185)
Inventory 2,313 (3,528) (9,460)
Prepaid expenses and other assets 1,213 3,186 (1,916)
Accounts payable and accrued liabilities 529 (5,694) 8,707
Deferred revenue 891 1,194 912
Other long-term liabilities (752) (1,022) 1,033
Net cash provided by operating activities 55,602 44,355 41,346
Cash flows from investing activities:      
Purchases of property and equipment (785) (245) (559)
Reacquisition of area representative rights 0 0 (7,644)
Net cash used in investing activities (785) (245) (8,203)
Cash flows from financing activities:      
Payments on line of credit 0 0 (30,000)
Proceeds on long-term debt 0 384,328 179,370
Principal payments on long-term debt (4,000) (182,000) (240,553)
Deferred loan costs 0 (12,419) (1,294)
Payments of debt extinguishment costs 0 (77) (2,446)
Distributions to EWC Ventures LLC members (3,398) (8,697) (5,270)
Proceeds from public offerings of Class A common stock, net of underwriting discounts and offering expenses 0 0 212,941
Payment of Class A common stock offering costs 0 (870) 0
Repurchase of Class A Units 0 0 (942)
Repurchase of Class A common stock (29,920) (10,080) 0
Repurchase of Class B common stock and EWC Ventures common units 0 0 (138,368)
Taxes on vested restricted stock units paid by withholding shares (537) (643) 0
Dividends to holders of Class A common stock 0 (122,227) 0
Dividend equivalents to holders of EWC Ventures units (2,849) (83,020) 0
Payments pursuant to tax receivable agreement (5,679) (912) 0
Net cash used in financing activities (46,383) (36,617) (26,562)
Net increase in cash, cash equivalents and restricted cash 8,434 7,493 6,581
Cash, cash equivalents and restricted cash, beginning of period 50,794 43,301 36,720
Cash, cash equivalents and restricted cash, end of period 59,228 50,794 43,301
Supplemental cash flow information:      
Cash paid for interest 22,244 18,460 11,763
Cash paid for income taxes 860 169 10
Non-cash investing activities:      
Property purchases included in accounts payable and accrued liabilities 0 37 89
Right-of-use assets obtained in exchange for operating lease liabilities 368 0 0
Non-cash financing activities:      
Non-cash equity distributions 0 0 689
Public offering expenses in accounts payable and accrued liabilities $ 0 $ 0 $ 870