UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _______________ to ______
Commission file number
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
(
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class |
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Trading Symbol |
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Name of each exchange on which registered |
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(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Non-accelerated filer |
Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No
As of August 4, 2023, there were
BJ’S RESTAURANTS, INC.
TABLE OF CONTENTS
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PART I. |
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Item 1. |
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1 |
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Consolidated Balance Sheets – |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Item 4. |
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Item 5. |
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PART II. |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 6. |
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PART I. FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
BJ’S RESTAURANTS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
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July 4, 2023 |
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January 3, 2023 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Accounts and other receivables, net |
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Inventories, net |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment, net |
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Operating lease assets |
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Goodwill |
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Equity method investment |
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Deferred income taxes, net |
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Other assets, net |
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Total assets |
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$ |
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$ |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Accrued expenses |
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Current operating lease obligations |
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Total current liabilities |
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Long-term operating lease obligations |
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Long-term debt |
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Other liabilities |
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Total liabilities |
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Shareholders’ equity: |
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Preferred stock, |
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Common stock, |
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— |
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Capital surplus |
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Retained earnings |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
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$ |
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$ |
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See accompanying notes to unaudited consolidated financial statements.
1
BJ’S RESTAURANTS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
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For the Thirteen Weeks Ended |
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For the Twenty-Six Weeks Ended |
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July 4, 2023 |
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June 28, 2022 |
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July 4, 2023 |
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June 28, 2022 |
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Revenues |
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$ |
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$ |
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$ |
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$ |
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Restaurant operating costs (excluding depreciation and amortization): |
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Cost of sales |
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Labor and benefits |
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Occupancy and operating |
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General and administrative |
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Depreciation and amortization |
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Restaurant opening |
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Loss on disposal and impairment of assets, net |
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Total costs and expenses |
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Income (loss) from operations |
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Other income (expense): |
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Interest expense, net |
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Other income (expense), net (1) |
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Total other expense |
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Income (loss) before income taxes |
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Income tax (benefit) expense |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Net income per share: |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted average number of shares outstanding: |
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Basic |
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Diluted |
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See accompanying notes to unaudited consolidated financial statements.
2
BJ’S RESTAURANTS, INC.
(In thousands)
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For the Thirteen Weeks Ended |
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Common Stock |
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Capital |
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Retained |
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Shares |
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Amount |
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Surplus |
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Earnings |
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Total |
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Balance, March 29, 2022 |
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$ |
— |
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$ |
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$ |
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$ |
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Issuance of restricted stock units |
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( |
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— |
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— |
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Reclassification of common stock |
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— |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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Adjustment to dividends previously accrued |
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— |
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— |
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— |
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Net income |
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— |
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— |
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— |
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Balance, June 28, 2022 |
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$ |
— |
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$ |
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$ |
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$ |
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Balance, April 4, 2023 |
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$ |
— |
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$ |
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$ |
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$ |
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Exercise of stock options |
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— |
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— |
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Issuance of restricted stock units |
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( |
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— |
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— |
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Repurchase, retirement and reclassification of common stock |
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— |
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( |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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Net income |
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— |
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— |
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— |
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Balance, July 4, 2023 |
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$ |
— |
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$ |
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$ |
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$ |
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For the Twenty-Six Weeks Ended |
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Common Stock |
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Capital |
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Retained |
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Shares |
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Amount |
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Surplus |
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Earnings |
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Total |
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Balance, December 28, 2021 |
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$ |
— |
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$ |
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$ |
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$ |
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Issuance of restricted stock units |
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( |
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— |
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( |
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Reclassification of common stock |
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— |
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( |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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— |
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Adjustment to dividends previously accrued |
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— |
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— |
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— |
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Net income |
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— |
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— |
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— |
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Balance, June 28, 2022 |
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$ |
— |
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$ |
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$ |
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$ |
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Balance, January 3, 2023 |
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$ |
— |
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$ |
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$ |
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$ |
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Exercise of stock options |
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— |
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( |
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— |
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Issuance of restricted stock units |
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( |
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— |
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Repurchase, retirement and reclassification of common stock |
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— |
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( |
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— |
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— |
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Stock-based compensation |
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— |
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— |
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Adjustment to dividends previously accrued |
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— |
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— |
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— |
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Net income |
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— |
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— |
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— |
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Balance, July 4, 2023 |
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$ |
— |
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$ |
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$ |
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$ |
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See accompanying notes to unaudited consolidated financial statements.
3
BJ’S RESTAURANTS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
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For the Twenty-Six Weeks Ended |
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July 4, 2023 |
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June 28, 2022 |
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Cash flows from operating activities: |
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Net income |
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$ |
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$ |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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Non-cash lease expense |
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Amortization of financing costs |
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Deferred income taxes |
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Stock-based compensation expense |
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Loss on disposal and impairment of assets, net |
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Equity method investment |
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— |
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Changes in assets and liabilities: |
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Accounts and other receivables |
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( |
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Inventories, net |
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Prepaid expenses and other current assets |
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Other assets, net |
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( |
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( |
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Accounts payable |
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( |
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( |
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Accrued expenses |
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( |
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Operating lease obligations |
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( |
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( |
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Other liabilities |
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( |
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Net cash provided by operating activities |
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Cash flows from investing activities: |
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Purchases of property and equipment |
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Proceeds from sale of assets |
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Net cash used in investing activities |
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( |
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Cash flows from financing activities: |
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Borrowings on line of credit |
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