10-Q 1 bjri-10q_20220628.htm 10-Q bjri-10q_20220628.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q  

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 28, 2022

 

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 0-21423

BJ’S RESTAURANTS, INC.

(Exact name of registrant as specified in its charter)  

 

California

33-0485615

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

 

7755 Center Avenue, Suite 300

Huntington Beach, California 92647

(714) 500-2400

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

 

Trading

Symbol

 

Name of each exchange on which registered

Common Stock, No Par Value

 

BJRI

 

NASDAQ Global Select Market

(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.   Yes No

 

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). Yes No

 

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.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

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 July 29, 2022, there were 23,454,137 shares of Common Stock of the Registrant outstanding.

 

 

 


 

BJ’S RESTAURANTS, INC.

TABLE OF CONTENTS

 

 

 

 

 

Page

PART I.

 

FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Consolidated Financial Statements

 

 

 

 

 

 

 

Consolidated Balance Sheets –
   June 28, 2022 (Unaudited) and December 28, 2021

1

 

 

 

 

 

 

Unaudited Consolidated Statements of Operations –
   Thirteen and Twenty-Six Weeks Ended June 28, 2022 and June 29, 2021

2

 

 

 

Unaudited Consolidated Statements of Shareholders’ Equity –
   Thirteen and Twenty-Six Weeks Ended June 28, 2022 and June 29, 2021

3

 

 

 

Unaudited Consolidated Statements of Cash Flows –
   Thirteen and Twenty-Six Weeks Ended June 28, 2022 and June 29, 2021

4

 

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

6

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

11

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

18

 

 

 

 

Item 4.

 

Controls and Procedures

19

 

 

 

 

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

Item 1.

 

Legal Proceedings

20

 

 

 

 

Item 1A.

 

Risk Factors

20

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

20

 

 

 

 

Item 6.

 

Exhibits

21

 

 

 

 

 

 

 

 

 

 

SIGNATURES

22

 

 

 


 

 

PART I. FINANCIAL INFORMATION

 

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

 

BJ’S RESTAURANTS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

 

 

 

June 28, 2022

 

 

December 28, 2021

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,761

 

 

$

38,527

 

Accounts and other receivables, net

 

 

22,827

 

 

 

29,055

 

Inventories, net

 

 

11,777

 

 

 

11,579

 

Prepaid expenses and other current assets

 

 

9,183

 

 

 

11,654

 

Total current assets

 

 

81,548

 

 

 

90,815

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

500,396

 

 

 

506,111

 

Operating lease assets

 

 

369,357

 

 

 

365,244

 

Goodwill

 

 

4,673

 

 

 

4,673

 

Deferred income taxes

 

 

33,175

 

 

 

24,902

 

Other assets, net

 

 

41,966

 

 

 

43,421

 

Total assets

 

$

1,031,115

 

 

$

1,035,166

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

47,874

 

 

$

48,840

 

Accrued expenses

 

 

103,688

 

 

 

112,354

 

Current operating lease obligations

 

 

39,981

 

 

 

39,240

 

Total current liabilities

 

 

191,543

 

 

 

200,434

 

 

 

 

 

 

 

 

 

 

Long-term operating lease obligations

 

 

435,578

 

 

 

436,016

 

Long-term debt

 

 

50,000

 

 

 

50,000

 

Other liabilities

 

 

13,650

 

 

 

14,945

 

Total liabilities

 

 

690,771

 

 

 

701,395

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, 5,000 shares authorized, none issued or outstanding

 

 

 

 

 

 

Common stock, no par value, 125,000 shares authorized and 23,439 and 23,304 shares issued and outstanding as of June 28, 2022 and December 28, 2021, respectively

 

 

 

 

 

 

Capital surplus

 

 

70,728

 

 

 

72,513

 

Retained earnings

 

 

269,616

 

 

 

261,258

 

Total shareholders’ equity

 

 

340,344

 

 

 

333,771

 

Total liabilities and shareholders’ equity

 

$

1,031,115

 

 

$

1,035,166

 

 

See accompanying notes to unaudited consolidated financial statements.

1


 

BJ’S RESTAURANTS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

 

 

 

For the Thirteen Weeks Ended

 

 

For the Twenty-Six Weeks Ended

 

 

 

June 28, 2022

 

 

June 29, 2021

 

 

June 28, 2022

 

 

June 29, 2021

 

Revenues

 

$

329,697

 

 

$

290,283

 

 

$

628,426

 

 

$

513,590

 

Restaurant operating costs (excluding depreciation and amortization):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

 

90,928

 

 

 

75,586

 

 

 

172,394

 

 

 

131,735

 

Labor and benefits

 

 

123,111

 

 

 

104,218

 

 

 

239,397

 

 

 

185,898

 

Occupancy and operating

 

 

76,560

 

 

 

67,567

 

 

 

148,261

 

 

 

127,395

 

General and administrative

 

 

16,905

 

 

 

17,032

 

 

 

35,158

 

 

 

32,293

 

Depreciation and amortization

 

 

17,565

 

 

 

18,233

 

 

 

35,541

 

 

 

36,436

 

Restaurant opening

 

 

1,045

 

 

 

721

 

 

 

1,628

 

 

 

849

 

Loss on disposal and impairment of assets

 

 

438

 

 

 

252

 

 

 

595

 

 

 

525

 

Total costs and expenses

 

 

326,552

 

 

 

283,609

 

 

 

632,974

 

 

 

515,131

 

Income (loss) from operations

 

 

3,145

 

 

 

6,674

 

 

 

(4,548

)

 

 

(1,541

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(436

)

 

 

(1,594

)

 

 

(1,070

)

 

 

(2,996

)

Other (expense) income, net

 

 

(187

)

 

 

(8

)

 

 

(575

)

 

 

302

 

Total other expense

 

 

(623

)

 

 

(1,602

)

 

 

(1,645

)

 

 

(2,694

)

Income (loss) before income taxes

 

 

2,522

 

 

 

5,072

 

 

 

(6,193

)

 

 

(4,235

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

2,225

 

 

 

(1,297

)

 

 

(7,950

)

 

 

(7,463

)

Net income

 

$

297

 

 

$

6,369

 

 

$

1,757

 

 

$

3,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.01

 

 

$

0.27

 

 

$

0.08

 

 

$

0.14

 

Diluted

 

$

0.01

 

 

$

0.26

 

 

$

0.07

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

23,434

 

 

 

23,247

 

 

 

23,405

 

 

 

23,087

 

Diluted

 

 

23,576

 

 

 

24,252

 

 

 

23,658

 

 

 

24,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to unaudited consolidated financial statements.


2


 

 

BJ’S RESTAURANTS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(In thousands)

 

 

 

For the Thirteen Weeks Ended

 

 

 

Common Stock

 

 

Capital

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Total

 

Balance, March 30, 2021

 

 

23,219

 

 

$

 

 

$

67,289

 

 

$

257,994

 

 

$

325,283

 

Exercise of stock options

 

 

28

 

 

 

1,202

 

 

 

(301

)

 

 

 

 

 

901

 

Issuance of common stock

 

 

 

 

 

(50

)

 

 

 

 

 

 

 

 

(50

)

Issuance of restricted stock units

 

 

20

 

 

 

901

 

 

 

(915

)

 

 

 

 

 

(14

)

Reclassification of common stock

 

 

 

 

 

(2,053

)

 

 

 

 

 

2,053

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,640

 

 

 

 

 

 

2,640

 

Adjustment to dividends previously accrued

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

5

 

Net income

 

 

 

 

 

 

 

 

 

 

 

6,369

 

 

 

6,369

 

Balance, June 29, 2021

 

 

23,267

 

 

$

 

 

$

68,713

 

 

$

266,421

 

 

$

335,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, March 29, 2022

 

 

23,416

 

 

$

 

 

$

69,326

 

 

$

268,336

 

 

$

337,662

 

Issuance of restricted stock units

 

 

23

 

 

 

978

 

 

 

(978

)

 

 

 

 

 

 

Reclassification of common stock

 

 

 

 

 

(978

)

 

 

 

 

 

978

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,380

 

 

 

 

 

 

2,380

 

Adjustment to dividends previously accrued

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

5

 

Net income

 

 

 

 

 

 

 

 

 

 

 

297

 

 

 

297

 

Balance, June 28, 2022

 

 

23,439

 

 

$

 

 

$

70,728

 

 

$

269,616

 

 

$

340,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Twenty-Six Weeks Ended

 

 

 

Common Stock

 

 

Capital

 

 

Retained

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Surplus

 

 

Earnings

 

 

Total

 

Balance, December 29, 2020

 

 

22,318

 

 

$

 

 

$

71,722

 

 

$

222,066

 

 

$

293,788

 

Exercise of stock options

 

 

122

 

 

 

6,394

 

 

 

(1,883

)

 

 

 

 

 

4,511

 

Issuance of common stock

 

 

704

 

 

 

28,907

 

 

 

 

 

 

 

 

 

28,907

 

Issuance of restricted stock units

 

 

123

 

 

 

5,816

 

 

 

(6,281

)

 

 

 

 

 

(465

)

Reclassification of common stock

 

 

 

 

 

(41,117

)

 

 

 

 

 

41,117

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,155

 

 

 

 

 

 

5,155

 

Adjustment to dividends previously accrued

 

 

 

 

 

 

 

 

 

 

 

10

 

 

 

10

 

Net Income

 

 

 

 

 

 

 

 

 

 

 

3,228

 

 

 

3,228

 

Balance, June 29, 2021

 

 

23,267

 

 

$

 

 

$

68,713

 

 

$

266,421

 

 

$

335,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 28, 2021

 

 

23,304

 

 

$

 

 

$

72,513

 

 

$

261,258

 

 

$

333,771

 

Issuance of restricted stock units

 

 

135

 

 

 

6,593

 

 

 

(6,953

)

 

 

 

 

 

(360

)

Reclassification of common stock

 

 

 

 

 

(6,593

)

 

 

 

 

 

6,593

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,168

 

 

 

 

 

 

5,168

 

Adjustment to dividends previously accrued

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

8

 

Net income

 

 

 

 

 

 

 

 

 

 

 

1,757

 

 

 

1,757

 

Balance, June 28, 2022

 

 

23,439

 

 

$

 

 

$

70,728

 

 

$

269,616

 

 

$

340,344

 

 

See accompanying notes to unaudited consolidated financial statements.

3


 

BJ’S RESTAURANTS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

For the Twenty-Six Weeks Ended

 

 

 

June 28, 2022

 

 

June 29, 2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

1,757

 

 

$

3,228

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

35,541

 

 

 

36,436

 

Non-cash lease expense

 

 

16,585

 

 

 

15,419

 

Amortization of financing costs

 

 

109

 

 

 

283

 

Deferred income taxes

 

 

(8,273

)

 

 

(7,701

)

Stock-based compensation expense

 

 

4,999

 

 

 

4,983

 

Loss on disposal and impairment of assets

 

 

595

 

 

 

525

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts and other receivables

 

 

7,557

 

 

 

(1,432

)

Inventories, net

 

 

95

 

 

 

58

 

Prepaid expenses and other current assets

 

 

2,052

 

 

 

1,574

 

Other assets, net

 

 

(810

)

 

 

5

 

Accounts payable

 

 

(5

)

 

 

9,337

 

Accrued expenses

 

 

(8,596

)

 

 

11,859

 

Operating lease obligations

 

 

(20,099

)

 

 

(21,335

)

Other liabilities

 

 

(1,295

)

 

 

259

 

Net cash provided by operating activities

 

 

30,212

 

 

 

53,498

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(31,119

)

 

 

(14,291

)

Proceeds from sale of assets

 

 

566

 

 

 

21

 

Net cash used in investing activities

 

 

(30,553

)

 

 

(14,270

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Borrowings on line of credit

 

 

320,000

 

 

 

697,600

 

Payments on line of credit

 

 

(320,000

)

 

 

(732,600

)

Payments of debt issuance costs

 

 

(3

)

 

 

(315

)

Proceeds from issuance of common stock, net

 

 

 

 

 

28,907

 

Taxes paid on vested stock units under employee plans

 

 

(360

)

 

 

(938

)

Proceeds from exercise of stock options

 

 

 

 

 

4,511

 

Cash dividends accrued under stock compensation plans

 

 

(62

)

 

 

(82

)

Net cash used in financing activities

 

 

(425

)

 

 

(2,917

)

 

 

 

 

 

 

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(766

)

 

 

36,311

 

Cash and cash equivalents, beginning of period

 

 

38,527

 

 

 

51,664

 

Cash and cash equivalents, end of period

 

$

37,761

 

 

$

87,975

 

 

See accompanying notes to unaudited consolidated financial statements.

4


 

BJ’S RESTAURANTS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

 

 

 

For the Twenty-Six Weeks Ended

 

 

 

June 28, 2022

 

 

June 29, 2021

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

469

 

 

$

292

 

Cash paid for interest, net of capitalized interest

 

$

631