Restatement of 2018 Condensed Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 29, 2019

Restatement of 2018 Condensed Consolidated Financial Statements

Schedule of Impact of Corrections to Fiscal Year 2018

Condensed Consolidated Balance Sheet (unaudited)
	December 30, 2018
(In thousands)	As Reported		Change		As Restated
Cash and cash equivalents	$	19,468	$	13,790	$	33,258
Accounts receivable, net		67,854		10,264		78,118
Income tax receivable		16,073		73		16,146
Prepaid expenses		29,935		441		30,376
Other current assets		5,677		1		5,678
Total current assets		171,708		24,569		196,277
Deferred income taxes, net		756		381		1,137
Total assets		570,947		24,950		595,897
Accounts payable		29,891		(2,785)		27,106
Accrued expenses and other current liabilities		105,712		23,455		129,167
Current deferred revenue		2,443		155		2,598
Current portion of long-term debt		20,000		9		20,009
Total current liabilities		164,636		20,834		185,470
Deferred revenue		14,679		5,995		20,674
Total liabilities		867,617		26,829		894,446
Retained earnings		244,061		(1,879)		242,182
Total stockholders' deficit		(302,134)		(1,879)		(304,013)
Total liabilities, Series B preferred stock, redeemable noncontrolling interests, and stockholders' deficit		570,947		24,950		595,897

	Three Months Ended						Nine Months Ended
	September 30, 2018						September 30, 2018
(In thousands, except per share amounts)	As Reported		Change		As Restated		As Reported		Change		As Restated
Condensed Consolidated Statements of Operations
Other revenues	$	21,023	$	21,224	$	42,247	$	61,661	$	65,970	$	127,631
Total revenues		364,007		21,224		385,231		1,199,335		65,970		1,265,305
Domestic Company-owned restaurant expenses		135,836		421		136,257		440,936		763		441,699
Other expenses		22,002		20,734		42,736		63,658		64,246		127,904
General and administrative expenses		55,462		249		55,711		133,903		776		134,679
Total costs and expenses		377,997		21,404		399,401		1,158,723		65,785		1,224,508
Operating (loss) income		(13,990)		(180)		(14,170)		38,694		185		38,879
Net interest expense		(5,963)		(95)		(6,058)		(16,580)		(350)		(16,930)
(Loss) Income before income taxes		(19,953)		(275)		(20,228)		22,114		(165)		21,949
Income tax (benefit) expense		(7,359)		(8)		(7,367)		4,663		(12)		4,651
Net (loss) income before attribution to noncontrolling interests		(12,594)		(267)		(12,861)		17,451		(153)		17,298
Net (loss) income attributable to the Company		(13,033)		(267)		(13,300)		15,495		(153)		15,342
Net (loss) income attributable to common shareholders		(13,033)		(267)		(13,300)		15,348		(153)		15,195
Basic (loss) earnings per common share		(0.41)		(0.01)		(0.42)		0.48		(0.01)		0.47
Diluted (loss) earnings per common share		(0.41)		(0.01)		(0.42)		0.47		-		0.47
Condensed Consolidated Statement of Cash Flows
Operating activities
Net income before attribution to noncontrolling interests							$	17,451	$	(153)	$	17,298
Accounts receivable								7,410		3,673		11,083
Income tax receivable								(7,373)		(50)		(7,423)
Prepaid expenses								7,663		434		8,097
Other current assets								5,016		(1,482)		3,534
Other assets and liabilities								(4,899)		(11)		(4,910)
Accounts payable								769		1,332		2,101
Accrued expenses and other current liabilities								18,772		4,333		23,105
Deferred revenue								(4)		(1,856)		(1,860)
Net cash provided by operating activities								98,812		6,220		105,032
Financing activities
Net proceeds (repayments) of revolving credit facilities								123,600		(2,124)		121,476
Net cash used in financing activities								(73,844)		(2,124)		(75,968)
Change in cash and cash equivalents								2,535		4,096		6,631
Cash and cash equivalents at beginning of period								22,345		5,546		27,891
Cash and cash equivalents at end of period								24,880		9,642		34,522

	Three Months Ended						Year Ended
	December 30, 2018						December 30, 2018
(In thousands, except per share amounts)	As Reported		Change		As Restated		As Reported		Change		As Restated
Condensed Consolidated Statements of Operations
Other revenues	$	19,767	$	21,853	$	41,620	$	81,428	$	87,823	$	169,251
Total revenues		373,981		21,853		395,834		1,573,316		87,823		1,661,139
Domestic Company-owned restaurant expenses		135,862		96		135,958		576,799		859		577,658
Other expenses		20,358		20,562		40,920		84,016		84,808		168,824
General and administrative expenses		58,648		206		58,854		192,551		983		193,534
Total costs and expenses		383,924		20,864		404,788		1,542,647		86,650		1,629,297
Operating (loss) income		(8,314)		989		(7,325)		30,380		1,173		31,553
Net interest expense		(7,909)		(17)		(7,926)		(24,489)		(367)		(24,856)
(Loss) Income before income taxes		(16,224)		972		(15,252)		5,891		806		6,697
Income tax (benefit) expense		(2,018)		(9)		(2,027)		2,646		(22)		2,624
Net (loss) income before attribution to noncontrolling interests		(14,206)		981		(13,225)		3,245		828		4,073
Net (loss) income attributable to the Company		(13,849)		981		(12,868)		1,646		828		2,474
Net (loss) income attributable to common shareholders		(13,849)		981		(12,868)		1,646		828		2,474
Basic (loss) earnings per common share		(0.44)		0.03		(0.41)		0.05		0.03		0.08
Diluted (loss) earnings per common share		(0.44)		0.03		(0.41)		0.05		0.03		0.08
Condensed Consolidated Statement of Cash Flows
Operating activities
Net income before attribution to noncontrolling interests							$	3,245	$	828	$	4,073
Deferred income taxes								1,705		(85)		1,620
Accounts receivable								1,386		2,859		4,245
Income tax receivable								(12,170)		13		(12,157)
Prepaid expenses								(2,165)		1,126		(1,039)
Accounts payable								(1,694)		1,294		(400)
Accrued expenses and other current liabilities								10,273		14,904		25,177
Deferred revenue								(271)		(1,280)		(1,551)
Net cash provided by operating activities								72,795		19,659		92,454
Financing activities
Net proceeds (repayments) of revolving credit facilities								175,000		(11,415)		163,585
Net cash used in financing activities								(36,682)		(11,415)		(48,097)
Change in cash and cash equivalents								(2,877)		8,244		5,367
Cash and cash equivalents at beginning of period								22,345		5,546		27,891
Cash and cash equivalents at end of period								19,468		13,790		33,258