Delaware | 95-2698708 | |||||||||||||||||||
(State of Incorporation) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | JACK | NASDAQ Global Select Market |
Large accelerated filer | þ | ||||||||||
Smaller reporting company | |||||||||||
Accelerated filer | ☐ | Emerging growth company | |||||||||
Non-accelerated filer | ☐ |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Condensed Consolidated Statements of Earnings | ||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | Defaults of Senior Securities | |||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
January 21, 2018 | October 1, 2017 | January 19, 2020 | September 29, 2019 | ||||||||||||||||||||||||
ASSETS | ASSETS | ||||||||||||||||||||||||||
Current assets: | Current assets: | ||||||||||||||||||||||||||
Cash | $ | 3,789 | $ | 4,467 | Cash | $ | 19,914 | $ | 125,536 | ||||||||||||||||||
Restricted cash | Restricted cash | 18,372 | 26,025 | ||||||||||||||||||||||||
Accounts and other receivables, net | 36,303 | 59,609 | Accounts and other receivables, net | 53,576 | 45,235 | ||||||||||||||||||||||
Inventories | 3,335 | 3,445 | Inventories | 2,029 | 1,776 | ||||||||||||||||||||||
Prepaid expenses | 16,423 | 27,532 | Prepaid expenses | 13,665 | 9,015 | ||||||||||||||||||||||
Current assets held for sale | 332,308 | 42,732 | Current assets held for sale | 7,760 | 16,823 | ||||||||||||||||||||||
Other current assets | 5,950 | 1,493 | Other current assets | 3,037 | 2,718 | ||||||||||||||||||||||
Total current assets | 398,108 | 139,278 | Total current assets | 118,353 | 227,128 | ||||||||||||||||||||||
Property and equipment: | Property and equipment: | ||||||||||||||||||||||||||
Property and equipment, at cost | 1,250,596 | 1,262,117 | Property and equipment, at cost | 1,155,356 | 1,176,241 | ||||||||||||||||||||||
Less accumulated depreciation and amortization | (787,427 | ) | (777,841 | ) | Less accumulated depreciation and amortization | (793,851) | (784,307) | ||||||||||||||||||||
Property and equipment, net | 463,169 | 484,276 | Property and equipment, net | 361,505 | 391,934 | ||||||||||||||||||||||
Other Assets: | |||||||||||||||||||||||||||
Other assets: | Other assets: | ||||||||||||||||||||||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | 884,213 | — | ||||||||||||||||||||||||
Intangible assets, net | 1,348 | 1,413 | Intangible assets, net | 37 | 425 | ||||||||||||||||||||||
Goodwill | 51,050 | 51,412 | Goodwill | 46,747 | 46,747 | ||||||||||||||||||||||
Non-current assets held for sale | — | 280,796 | |||||||||||||||||||||||||
Deferred tax assets | Deferred tax assets | 66,675 | 85,564 | ||||||||||||||||||||||||
Other assets, net | 243,894 | 277,570 | Other assets, net | 212,783 | 206,685 | ||||||||||||||||||||||
Total other assets | 296,292 | 611,191 | Total other assets | 1,210,455 | 339,421 | ||||||||||||||||||||||
$ | 1,157,569 | $ | 1,234,745 | $ | 1,690,313 | $ | 958,483 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||||||||||||||||||||
Current liabilities: | Current liabilities: | ||||||||||||||||||||||||||
Current maturities of long-term debt | $ | 68,564 | $ | 64,225 | Current maturities of long-term debt | $ | 13,786 | $ | 774 | ||||||||||||||||||
Current operating lease liabilities | Current operating lease liabilities | 158,779 | — | ||||||||||||||||||||||||
Accounts payable | 27,142 | 28,366 | Accounts payable | 23,467 | 37,066 | ||||||||||||||||||||||
Accrued liabilities | 102,866 | 135,054 | Accrued liabilities | 118,289 | 120,083 | ||||||||||||||||||||||
Current liabilities held for sale | 61,521 | 34,345 | |||||||||||||||||||||||||
Total current liabilities | 260,093 | 261,990 | Total current liabilities | 314,321 | 157,923 | ||||||||||||||||||||||
Long-term liabilities: | Long-term liabilities: | ||||||||||||||||||||||||||
Long-term debt, net of current maturities | 1,036,642 | 1,079,982 | Long-term debt, net of current maturities | 1,262,737 | 1,274,374 | ||||||||||||||||||||||
Non-current liabilities held for sale | — | 32,078 | |||||||||||||||||||||||||
Long-term operating lease liabilities, net of current portion | Long-term operating lease liabilities, net of current portion | 767,819 | — | ||||||||||||||||||||||||
Other long-term liabilities | 235,394 | 248,825 | Other long-term liabilities | 186,589 | 263,770 | ||||||||||||||||||||||
Total long-term liabilities | 1,272,036 | 1,360,885 | Total long-term liabilities | 2,217,145 | 1,538,144 | ||||||||||||||||||||||
Stockholders’ deficit: | Stockholders’ deficit: | ||||||||||||||||||||||||||
Preferred stock $0.01 par value, 15,000,000 shares authorized, none issued | — | — | |||||||||||||||||||||||||
Common stock $0.01 par value, 175,000,000 shares authorized, 81,943,562 and 81,843,483 issued, respectively | 819 | 818 | |||||||||||||||||||||||||
Preferred stock $0.01 par value, 15,000,000 shares authorized, NaN issued | Preferred stock $0.01 par value, 15,000,000 shares authorized, NaN issued | — | — | ||||||||||||||||||||||||
Common stock $0.01 par value, 175,000,000 shares authorized, 82,255,912 and 82,159,002 issued, respectively | Common stock $0.01 par value, 175,000,000 shares authorized, 82,255,912 and 82,159,002 issued, respectively | 823 | 822 | ||||||||||||||||||||||||
Capital in excess of par value | 457,772 | 453,432 | Capital in excess of par value | 483,739 | 480,322 | ||||||||||||||||||||||
Retained earnings | 1,485,130 | 1,485,820 | Retained earnings | 1,572,586 | 1,577,034 | ||||||||||||||||||||||
Accumulated other comprehensive loss | (127,842 | ) | (137,761 | ) | Accumulated other comprehensive loss | (88,995) | (140,006) | ||||||||||||||||||||
Treasury stock, at cost, 52,411,407 shares | (2,190,439 | ) | (2,190,439 | ) | |||||||||||||||||||||||
Treasury stock, at cost, 59,646,773 and 57,760,573 shares, respectively | Treasury stock, at cost, 59,646,773 and 57,760,573 shares, respectively | (2,809,306) | (2,655,756) | ||||||||||||||||||||||||
Total stockholders’ deficit | (374,560 | ) | (388,130 | ) | Total stockholders’ deficit | (841,153) | (737,584) | ||||||||||||||||||||
$ | 1,157,569 | $ | 1,234,745 | $ | 1,690,313 | $ | 958,483 |
Sixteen Weeks Ended | Sixteen Weeks Ended | |||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||
Company restaurant sales | $ | 169,637 | $ | 238,571 | Company restaurant sales | $ | 105,364 | $ | 102,832 | |||||||||||||||
Franchise rental revenues | 77,217 | 71,436 | Franchise rental revenues | 96,084 | 83,890 | |||||||||||||||||||
Franchise royalties and other | 47,609 | 43,174 | Franchise royalties and other | 52,466 | 52,250 | |||||||||||||||||||
Franchise contributions for advertising and other services | Franchise contributions for advertising and other services | 53,759 | 51,814 | |||||||||||||||||||||
294,463 | 353,181 | 307,673 | 290,786 | |||||||||||||||||||||
Operating costs and expenses, net: | Operating costs and expenses, net: | |||||||||||||||||||||||
Company restaurant costs (excluding depreciation and amortization): | Company restaurant costs (excluding depreciation and amortization): | |||||||||||||||||||||||
Food and packaging | 48,864 | 67,989 | Food and packaging | 31,348 | 29,616 | |||||||||||||||||||
Payroll and employee benefits | 48,940 | 70,183 | Payroll and employee benefits | 31,890 | 30,274 | |||||||||||||||||||
Occupancy and other | 27,750 | 38,941 | Occupancy and other | 15,958 | 16,013 | |||||||||||||||||||
Total company restaurant costs (excluding depreciation and amortization) | 125,554 | 177,113 | ||||||||||||||||||||||
Total company restaurant costs | Total company restaurant costs | 79,196 | 75,903 | |||||||||||||||||||||
Franchise occupancy expenses (excluding depreciation and amortization) | 46,521 | 42,190 | Franchise occupancy expenses (excluding depreciation and amortization) | 64,517 | 50,713 | |||||||||||||||||||
Franchise support and other costs | 2,482 | 2,537 | Franchise support and other costs | 4,676 | 2,845 | |||||||||||||||||||
Franchise advertising and other services expenses | Franchise advertising and other services expenses | 55,224 | 54,270 | |||||||||||||||||||||
Selling, general and administrative expenses | 34,625 | 40,772 | Selling, general and administrative expenses | 28,248 | 24,083 | |||||||||||||||||||
Depreciation and amortization | 19,157 | 21,263 | Depreciation and amortization | 16,728 | 17,169 | |||||||||||||||||||
Impairment and other charges, net | 2,257 | 2,654 | Impairment and other charges, net | (9,291) | 7,698 | |||||||||||||||||||
Gains on the sale of company-operated restaurants | (8,940 | ) | (137 | ) | Gains on the sale of company-operated restaurants | (1,575) | (219) | |||||||||||||||||
221,656 | 286,392 | 237,723 | 232,462 | |||||||||||||||||||||
Earnings from operations | 72,807 | 66,789 | Earnings from operations | 69,950 | 58,324 | |||||||||||||||||||
Other pension and post-retirement expenses, net | Other pension and post-retirement expenses, net | 38,978 | 456 | |||||||||||||||||||||
Interest expense, net | 12,780 | 10,409 | Interest expense, net | 19,942 | 17,374 | |||||||||||||||||||
Earnings from continuing operations and before income taxes | 60,027 | 56,380 | Earnings from continuing operations and before income taxes | 11,030 | 40,494 | |||||||||||||||||||
Income taxes | 47,138 | 21,831 | ||||||||||||||||||||||
Income tax expense | Income tax expense | 3,133 | 9,373 | |||||||||||||||||||||
Earnings from continuing operations | 12,889 | 34,549 | Earnings from continuing operations | 7,897 | 31,121 | |||||||||||||||||||
(Losses) earnings from discontinued operations, net of taxes | (699 | ) | 1,381 | |||||||||||||||||||||
Earnings from discontinued operations, net of income taxes | Earnings from discontinued operations, net of income taxes | — | 2,977 | |||||||||||||||||||||
Net earnings | $ | 12,190 | $ | 35,930 | Net earnings | $ | 7,897 | $ | 34,098 | |||||||||||||||
Net earnings per share - basic: | Net earnings per share - basic: | |||||||||||||||||||||||
Earnings from continuing operations | $ | 0.44 | $ | 1.07 | Earnings from continuing operations | $ | 0.33 | $ | 1.20 | |||||||||||||||
(Losses) earnings from discontinued operations | (0.02 | ) | 0.04 | |||||||||||||||||||||
Earnings from discontinued operations | Earnings from discontinued operations | — | 0.11 | |||||||||||||||||||||
Net earnings per share (1) | $ | 0.41 | $ | 1.12 | Net earnings per share (1) | $ | 0.33 | $ | 1.32 | |||||||||||||||
Net earnings per share - diluted: | Net earnings per share - diluted: | |||||||||||||||||||||||
Earnings from continuing operations | $ | 0.43 | $ | 1.06 | Earnings from continuing operations | $ | 0.33 | $ | 1.19 | |||||||||||||||
(Losses) earnings from discontinued operations | (0.02 | ) | 0.04 | |||||||||||||||||||||
Earnings from discontinued operations | Earnings from discontinued operations | — | 0.11 | |||||||||||||||||||||
Net earnings per share (1) | $ | 0.41 | $ | 1.11 | Net earnings per share (1) | $ | 0.33 | $ | 1.31 | |||||||||||||||
Weighted-average shares outstanding: | ||||||||||||||||||||||||
Basic | 29,551 | 32,168 | ||||||||||||||||||||||
Diluted | 29,853 | 32,442 | ||||||||||||||||||||||
Cash dividends declared per common share | $ | 0.40 | $ | 0.40 | Cash dividends declared per common share | $ | 0.40 | $ | 0.40 |
Sixteen Weeks Ended | Sixteen Weeks Ended | |||||||||||||||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||||||||||||||||||||||
Net earnings | $ | 12,190 | $ | 35,930 | Net earnings | $ | 7,897 | $ | 34,098 | |||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net change in fair value of derivatives | 10,291 | 23,086 | Net change in fair value of derivatives | — | (7,167) | |||||||||||||||||||||||||||||||
Net loss reclassified to earnings | 1,674 | 2,066 | Net loss reclassified to earnings | — | 479 | |||||||||||||||||||||||||||||||
11,965 | 25,152 | — | (6,688) | |||||||||||||||||||||||||||||||||
Tax effect | (3,039 | ) | (9,731 | ) | Tax effect | — | 1,723 | |||||||||||||||||||||||||||||
8,926 | 15,421 | — | (4,965) | |||||||||||||||||||||||||||||||||
Unrecognized periodic benefit costs: | Unrecognized periodic benefit costs: | |||||||||||||||||||||||||||||||||||
Actuarial gains arising during the period | Actuarial gains arising during the period | 28,583 | — | |||||||||||||||||||||||||||||||||
Actuarial losses and prior service costs reclassified to earnings | 1,535 | 1,978 | Actuarial losses and prior service costs reclassified to earnings | 40,310 | 1,205 | |||||||||||||||||||||||||||||||
68,893 | 1,205 | |||||||||||||||||||||||||||||||||||
Tax effect | (542 | ) | (766 | ) | Tax effect | (17,882) | (311) | |||||||||||||||||||||||||||||
993 | 1,212 | 51,011 | 894 | |||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 9,919 | 16,633 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | Other comprehensive income (loss), net of taxes | 51,011 | (4,071) | |||||||||||||||||||||||||||||||||
Comprehensive income | $ | 22,109 | $ | 52,563 | Comprehensive income | $ | 58,908 | $ | 30,027 |
Sixteen Weeks Ended | Sixteen Weeks Ended | |||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | |||||||||||||||||||||||
Net earnings | $ | 12,190 | $ | 35,930 | Net earnings | $ | 7,897 | $ | 34,098 | |||||||||||||||
(Losses) earnings from discontinued operations | (699 | ) | 1,381 | |||||||||||||||||||||
Income from continuing operations | 12,889 | 34,549 | ||||||||||||||||||||||
Earnings from discontinued operations | Earnings from discontinued operations | — | 2,977 | |||||||||||||||||||||
Earnings from continuing operations | Earnings from continuing operations | 7,897 | 31,121 | |||||||||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||||||||||||||
Depreciation and amortization | 19,157 | 21,263 | Depreciation and amortization | 16,728 | 17,169 | |||||||||||||||||||
Amortization of franchise tenant improvement allowances | 147 | 25 | ||||||||||||||||||||||
Amortization of franchise tenant improvement allowances and other | Amortization of franchise tenant improvement allowances and other | 1,151 | 530 | |||||||||||||||||||||
Deferred finance cost amortization | 1,031 | 1,123 | Deferred finance cost amortization | 1,755 | 704 | |||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | (802 | ) | (3,981 | ) | ||||||||||||||||||||
Tax deficiency (excess tax benefit) from share-based compensation arrangements | Tax deficiency (excess tax benefit) from share-based compensation arrangements | 196 | (50) | |||||||||||||||||||||
Deferred income taxes | 33,542 | 2,285 | Deferred income taxes | 2,010 | (783) | |||||||||||||||||||
Share-based compensation expense | 2,937 | 3,687 | Share-based compensation expense | 3,184 | 1,909 | |||||||||||||||||||
Pension and postretirement expense | 715 | 1,297 | Pension and postretirement expense | 38,978 | 456 | |||||||||||||||||||
(Gains) losses on cash surrender value of company-owned life insurance | (2,163 | ) | 326 | (Gains) losses on cash surrender value of company-owned life insurance | (3,374) | 2,863 | ||||||||||||||||||
Gains on the sale of company-operated restaurants | (8,940 | ) | (137 | ) | Gains on the sale of company-operated restaurants | (1,575) | (219) | |||||||||||||||||
Losses on the disposition of property and equipment, net | 183 | 530 | ||||||||||||||||||||||
(Gains) losses on the disposition of property and equipment, net | (Gains) losses on the disposition of property and equipment, net | (10,437) | 635 | |||||||||||||||||||||
Non-cash operating lease costs | Non-cash operating lease costs | (7,668) | — | |||||||||||||||||||||
Impairment charges and other | 805 | 467 | Impairment charges and other | — | 387 | |||||||||||||||||||
Changes in assets and liabilities, excluding dispositions: | Changes in assets and liabilities, excluding dispositions: | |||||||||||||||||||||||
Accounts and other receivables | 26,539 | 25,208 | Accounts and other receivables | (5,619) | (3,154) | |||||||||||||||||||
Inventories | 110 | (111 | ) | Inventories | (253) | (232) | ||||||||||||||||||
Prepaid expenses and other current assets | 7,419 | 27,481 | Prepaid expenses and other current assets | (4,957) | 6,224 | |||||||||||||||||||
Accounts payable | (371 | ) | (3,458 | ) | Accounts payable | (7,984) | 6,365 | |||||||||||||||||
Accrued liabilities | (32,667 | ) | (37,940 | ) | Accrued liabilities | (1,558) | (16,298) | |||||||||||||||||
Pension and postretirement contributions | (1,710 | ) | (1,440 | ) | Pension and postretirement contributions | (2,025) | (2,111) | |||||||||||||||||
Franchise tenant improvement allowance disbursements | (1,761 | ) | — | |||||||||||||||||||||
Franchise tenant improvement allowance distributions | Franchise tenant improvement allowance distributions | (3,682) | (3,247) | |||||||||||||||||||||
Other | (3,330 | ) | (1,376 | ) | Other | (80) | (4,668) | |||||||||||||||||
Cash flows provided by operating activities | 53,730 | 69,798 | Cash flows provided by operating activities | 22,687 | 37,601 | |||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | |||||||||||||||||||||||
Purchases of property and equipment | (10,793 | ) | (8,581 | ) | Purchases of property and equipment | (7,202) | (11,183) | |||||||||||||||||
Purchases of assets intended for sale and leaseback | (1,411 | ) | (1,717 | ) | ||||||||||||||||||||
Proceeds from the sale of property and equipment | Proceeds from the sale of property and equipment | 20,618 | 270 | |||||||||||||||||||||
Proceeds from the sale and leaseback of assets | 4,949 | 2,466 | Proceeds from the sale and leaseback of assets | 17,373 | — | |||||||||||||||||||
Proceeds from the sale of company-operated restaurants | 5,591 | 138 | Proceeds from the sale of company-operated restaurants | 1,575 | 133 | |||||||||||||||||||
Collections on notes receivable | 9,410 | 264 | Collections on notes receivable | — | 6,517 | |||||||||||||||||||
Proceeds from the sale of property and equipment | 589 | 87 | ||||||||||||||||||||||
Funding of intercompany operations | (13,122 | ) | (5,805 | ) | ||||||||||||||||||||
Other | 2,969 | (35 | ) | |||||||||||||||||||||
Cash flows used in investing activities | (1,818 | ) | (13,183 | ) | ||||||||||||||||||||
Cash flows provided by (used in) investing activities | Cash flows provided by (used in) investing activities | 32,364 | (4,263) | |||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | |||||||||||||||||||||||
Borrowings on revolving credit facilities | 106,200 | 231,000 | Borrowings on revolving credit facilities | — | 114,298 | |||||||||||||||||||
Repayments of borrowings on revolving credit facilities | (130,800 | ) | (167,000 | ) | Repayments of borrowings on revolving credit facilities | — | (117,300) | |||||||||||||||||
Principal repayments on debt | (14,208 | ) | (14,398 | ) | Principal repayments on debt | (198) | (10,907) | |||||||||||||||||
Debt issuance costs | Debt issuance costs | (216) | (17) | |||||||||||||||||||||
Dividends paid on common stock | (11,736 | ) | (12,963 | ) | Dividends paid on common stock | (9,412) | (10,305) | |||||||||||||||||
Proceeds from issuance of common stock | — | 4,756 | Proceeds from issuance of common stock | 184 | 114 | |||||||||||||||||||
Repurchases of common stock | — | (115,354 | ) | Repurchases of common stock | (155,576) | (14,362) | ||||||||||||||||||
Excess tax benefits from share-based compensation arrangements | — | 3,981 | ||||||||||||||||||||||
Change in book overdraft | (129 | ) | 7,804 | Change in book overdraft | — | 9,234 | ||||||||||||||||||
Tax payments for equity award issuances | (4,244 | ) | (5,706 | ) | ||||||||||||||||||||
Payroll tax payments for equity award issuances | Payroll tax payments for equity award issuances | (3,108) | (2,498) | |||||||||||||||||||||
Cash flows used in financing activities | (54,917 | ) | (67,880 | ) | Cash flows used in financing activities | (168,326) | (31,743) | |||||||||||||||||
Cash flows used in continuing operations | (3,005 | ) | (11,265 | ) | ||||||||||||||||||||
Net cash provided by operating activities of discontinued operations | 16,785 | 12,668 | ||||||||||||||||||||||
Net cash used in investing activities of discontinued operations | (13,648 | ) | (12,304 | ) | ||||||||||||||||||||
Net cash used in financing activities of discontinued operations | (43 | ) | (40 | ) | ||||||||||||||||||||
Net cash provided by discontinued operations | 3,094 | 324 | ||||||||||||||||||||||
Cash at beginning of period | 4,467 | 13,906 | ||||||||||||||||||||||
Cash at end of period | $ | 3,789 | $ | 2,641 | ||||||||||||||||||||
Net (decrease) increase in cash and restricted cash | Net (decrease) increase in cash and restricted cash | (113,275) | 1,595 | |||||||||||||||||||||
Cash and restricted cash at beginning of period | Cash and restricted cash at beginning of period | 151,561 | 2,705 | |||||||||||||||||||||
Cash and restricted cash at end of period | Cash and restricted cash at end of period | $ | 38,286 | $ | 4,300 |
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||
Company-operated | 255 | 419 | Company-operated | 137 | 137 | |||||||||||
Franchise | 1,995 | 1,842 | Franchise | 2,107 | 2,104 | |||||||||||
Total system | 2,250 | 2,261 | Total system | 2,244 | 2,241 |
Balance at September 29, 2019 | Adjustments due to ASC 842 adoption | Balance at September 30, 2019 | |||||||||||||||
Assets | |||||||||||||||||
Other assets: | |||||||||||||||||
Operating lease ROU assets | $ | — | $ | 880,564 | $ | 880,564 | |||||||||||
Intangible assets, net | $ | 425 | $ | (386) | $ | 39 | |||||||||||
Deferred income taxes | $ | 85,564 | $ | 1,006 | $ | 86,570 | |||||||||||
Liabilities and Stockholders’ Deficit | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Current operating lease liabilities | $ | — | $ | 159,821 | $ | 159,821 | |||||||||||
Accrued liabilities | $ | 120,083 | $ | (4,702) | $ | 115,381 | |||||||||||
Long-term liabilities: | |||||||||||||||||
Long-term operating lease liabilities, net of current portion | $ | — | $ | 770,818 | $ | 770,818 | |||||||||||
Other long-term liabilities | $ | 263,770 | $ | (41,883) | $ | 221,887 | |||||||||||
Stockholders’ deficit: | |||||||||||||||||
Retained earnings | $ | 1,577,034 | $ | (2,870) | $ | 1,574,164 |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Sources of revenue: | |||||||||||||||||
Company restaurant sales | $ | 105,364 | $ | 102,832 | |||||||||||||
Franchise rental revenues | 96,084 | 83,890 | |||||||||||||||
Franchise royalties | 50,243 | 49,507 | |||||||||||||||
Marketing fees | 48,835 | 47,863 | |||||||||||||||
Technology and sourcing fees | 4,924 | 3,951 | |||||||||||||||
Franchise fees and other services | 2,223 | 2,743 | |||||||||||||||
Total revenue | $ | 307,673 | $ | 290,786 |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Deferred franchise fees at beginning of period | $ | 46,273 | $ | 50,018 | |||||||||||||
Revenue recognized during the period | (1,632) | (1,592) | |||||||||||||||
Additions during the period | 895 | 500 | |||||||||||||||
Deferred franchise fees at end of period | $ | 45,536 | $ | 48,926 |
Remainder of 2020 | $ | 3,411 | ||||||
2021 | 4,926 | |||||||
2022 | 4,726 | |||||||
2023 | 4,572 | |||||||
2024 | 4,379 | |||||||
Thereafter | 23,522 | |||||||
$ | 45,536 |
January 19, 2020 | |||||
Assets: | |||||
Operating lease ROU assets | $ | 884,213 | |||
Finance lease ROU assets (1) | 2,742 | ||||
Total ROU assets | $ | 886,955 | |||
Liabilities: | |||||
Current operating lease liabilities | $ | 158,779 | |||
Current finance lease liabilities (2) | 786 | ||||
Long term operating lease liabilities | 767,819 | ||||
Long-term finance lease liabilities (2) | 2,609 | ||||
Total lease liabilities | $ | 929,993 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Company restaurant sales | $ | 125,770 | $ | 128,699 | |||
Franchise revenues | 5,986 | 6,053 | |||||
Company restaurant costs (excluding depreciation and amortization) | (108,618 | ) | (105,716 | ) | |||
Franchise costs (excluding depreciation and amortization) | (1,408 | ) | (1,173 | ) | |||
Selling, general and administrative expenses | (12,264 | ) | (12,429 | ) | |||
Depreciation and amortization | (5,012 | ) | (6,695 | ) | |||
Impairment and other charges, net | (1,669 | ) | (3,904 | ) | |||
Interest expense, net | (3,212 | ) | (2,515 | ) | |||
(Losses) earnings from discontinued operations before income taxes | (427 | ) | 2,320 | ||||
Income taxes | (205 | ) | (876 | ) | |||
(Losses) earnings from discontinued operations, net of income taxes | $ | (632 | ) | $ | 1,444 | ||
Net (losses) earnings per share from discontinued operations: | |||||||
Basic | $ | (0.02 | ) | $ | 0.05 | ||
Diluted | $ | (0.02 | ) | $ | 0.05 |
Sixteen Weeks Ended | ||||||||
January 19, 2020 | ||||||||
Lease costs: | ||||||||
Finance lease cost: | ||||||||
Amortization of ROU assets (1) | $ | 234 | ||||||
Interest on lease liabilities (2) | 33 | |||||||
Operating lease cost (3) | 58,512 | |||||||
Short-term lease cost (3) | 1 | |||||||
Variable lease cost (3)(4) | 12,507 | |||||||
$ | 71,287 | |||||||
Weighted-average remaining lease term (in years): | ||||||||
Finance leases | 3.9 | |||||||
Operating leases | 8.0 | |||||||
Weighted-average discount rate: | ||||||||
Finance leases | 3.4 | % | ||||||
Operating leases | 3.9 | % |
Finance Leases | Operating Leases | |||||||||||||
Fiscal year: | ||||||||||||||
Remainder of 2020 | $ | 647 | $ | 130,553 | ||||||||||
2021 | 879 | 193,874 | ||||||||||||
2022 | 879 | 153,011 | ||||||||||||
2023 | 866 | 124,843 | ||||||||||||
2024 | 390 | 94,034 | ||||||||||||
Thereafter | 40 | 386,822 | ||||||||||||
Total minimum lease payments | $ | 3,701 | $ | 1,083,137 | ||||||||||
Less: imputed interest | (306) | (156,539) | ||||||||||||
Present value of lease liability | $ | 3,395 | $ | 926,598 |
Sixteen Weeks Ended | Twelve Weeks Ended | ||||||||||||||
January 22, 2017 | April 16, 2017 | July 9, 2017 | October 1, 2017 | ||||||||||||
Company restaurant sales | $ | 128,699 | $ | 98,793 | $ | 107,067 | $ | 102,000 | |||||||
Franchise revenues | 6,053 | 4,711 | 4,678 | 4,622 | |||||||||||
Company restaurant costs (excluding depreciation and amortization) | (105,716 | ) | (80,713 | ) | (84,747 | ) | (86,194 | ) | |||||||
Franchise costs (excluding depreciation and amortization) | (1,173 | ) | (910 | ) | (879 | ) | (2,031 | ) | |||||||
Selling, general and administrative expenses | (12,429 | ) | (7,956 | ) | (8,232 | ) | (8,089 | ) | |||||||
Depreciation and amortization | (6,695 | ) | (5,057 | ) | (5,023 | ) | (4,725 | ) | |||||||
Impairment and other charges, net | (3,904 | ) | (3,811 | ) | (1,815 | ) | (5,531 | ) | |||||||
Interest expense, net | (2,515 | ) | (2,044 | ) | (2,229 | ) | (2,237 | ) | |||||||
(Losses) earnings from discontinued operations before income taxes | 2,320 | 3,013 | 8,820 | (2,185 | ) | ||||||||||
Income taxes | (876 | ) | (1,181 | ) | (3,398 | ) | 937 | ||||||||
(Losses) earnings from discontinued operations, net of income taxes | $ | 1,444 | $ | 1,832 | $ | 5,422 | $ | (1,248 | ) | ||||||
Net (losses) earnings per share from discontinued operations: | |||||||||||||||
Basic | $ | 0.05 | $ | 0.06 | $ | 0.18 | $ | (0.04 | ) | ||||||
Diluted | $ | 0.05 | $ | 0.06 | $ | 0.18 | $ | (0.04 | ) |
Capital Leases | Operating Leases | |||||||||||||
Fiscal year: | ||||||||||||||
2020 | $ | 879 | $ | 193,313 | ||||||||||
2021 | 879 | 186,226 | ||||||||||||
2022 | 879 | 145,794 | ||||||||||||
2023 | 864 | 117,753 | ||||||||||||
2024 | 396 | 87,420 | ||||||||||||
Thereafter | 40 | 363,505 | ||||||||||||
Total minimum lease payments | $ | 3,937 | $ | 1,094,011 | ||||||||||
Less: imputed interest | (343) | |||||||||||||
Present value of lease liability | $ | 3,594 |
Sixteen Weeks Ended | ||||||||
January 19, 2020 | ||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 65,996 | ||||||
Operating cash flows from financing leases | $ | 33 | ||||||
Financing cash flows from financing leases | $ | 198 | ||||||
Right-of-use assets obtained in exchange for lease obligations: | ||||||||
Operating leases | $ | 51,311 | ||||||
Financing leases | $ | — |
January 21, 2018 | October 1, 2017 | ||||||
Cash | $ | 3,942 | $ | 3,175 | |||
Accounts receivable, net | 8,529 | 9,086 | |||||
Inventories | 3,168 | 3,202 | |||||
Prepaid expenses and other current assets | 5,144 | 8,802 | |||||
Property and equipment, net | 161,643 | 148,715 | |||||
Intangible assets, net | 12,517 | 12,660 | |||||
Goodwill | 117,636 | 117,636 | |||||
Other assets, net | 1,735 | 1,785 | |||||
Total assets classified as held for sale (1) | $ | 314,314 | $ | 305,061 | |||
Accounts payable | $ | 5,903 | $ | 8,936 | |||
Accrued liabilities | 24,472 | 25,251 | |||||
Current maturities of long-term debt | 175 | 158 | |||||
Straight-line rent accrual | 14,319 | 13,347 | |||||
Deferred income tax liability (2) | 5,444 | 6,421 | |||||
Other long-term liabilities | 11,208 | 12,310 | |||||
Total liabilities classified as held for sale | $ | 61,521 | $ | 66,423 |
Balance as of October 1, 2017 | $ | 2,473 | |
Adjustments (1) | 193 | ||
Cash payments | (800 | ) | |
Balance as of January 21, 2018 (2) | $ | 1,866 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Restaurants sold to franchisees | 22 | — | |||||
New restaurants opened by franchisees | 5 | 7 | |||||
Initial franchise fees | $ | 995 | $ | 290 | |||
Proceeds from the sale of company-operated restaurants: | |||||||
Cash (1) | $ | 5,591 | $ | 138 | |||
Short-term notes receivable (2) | 9,084 | — | |||||
14,675 | 138 | ||||||
Net assets sold (primarily property and equipment) | (3,637 | ) | — | ||||
Goodwill related to the sale of company-operated restaurants | (153 | ) | (1 | ) | |||
Other (3) | (1,945 | ) | — | ||||
Gains on the sale of company-operated restaurants | $ | 8,940 | $ | 137 |
Sixteen Weeks Ended | |||||||||||||||||||||||||||||
January 19, 2020 | |||||||||||||||||||||||||||||
Owned Properties | Leased Properties | Total | |||||||||||||||||||||||||||
Operating lease income - franchise | $ | 6,095 | $ | 66,568 | $ | 72,663 | |||||||||||||||||||||||
Variable lease income - franchise | 2,716 | 20,704 | 23,420 | ||||||||||||||||||||||||||
Franchise rental revenues | $ | 8,811 | $ | 87,272 | $ | 96,083 | |||||||||||||||||||||||
Operating lease income - closed restaurants and other (1) | $ | — | $ | 2,057 | $ | 2,057 |
(1)Primarily relates |
January 19, 2020 | |||||
Fiscal year: | |||||
Remainder of 2020 | $ | 159,654 | |||
2021 | 256,052 | ||||
2022 | 232,129 | ||||
2023 | 225,488 | ||||
2024 | 200,425 | ||||
Thereafter | 1,237,167 | ||||
Total minimum rental receipts | $ | 2,310,915 |
September 29, 2019 | |||||
Fiscal year: | |||||
2020 | $ | 239,219 | |||
2021 | 255,315 | ||||
2022 | 231,394 | ||||
2023 | 224,605 | ||||
2024 | 199,442 | ||||
Thereafter | 1,215,811 | ||||
Total minimum rental receipts | $ | 2,365,786 |
Total | Quoted Prices in Active Markets for Identical Assets (2) (Level 1) | Significant Other Observable Inputs (2) (Level 2) | Significant Unobservable Inputs (2) (Level 3) | |||||||||||||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (3) (Level 1) | Significant Other Observable Inputs (3) (Level 2) | Significant Unobservable Inputs (3) (Level 3) | |||||||||||||||||||||||||||||||||||
Fair value measurements as of January 21, 2018: | ||||||||||||||||||||||||||||||||||||||
Fair value measurements as of January 19, 2020: | Fair value measurements as of January 19, 2020: | |||||||||||||||||||||||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (38,007 | ) | $ | (38,007 | ) | $ | — | $ | — | Non-qualified deferred compensation plan (1) | $ | 29,857 | $ | 29,857 | $ | — | $ | — | |||||||||||||||||||
Interest rate swaps (Note 5) (2) | (10,962 | ) | — | (10,962 | ) | — | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | (48,969 | ) | $ | (38,007 | ) | $ | (10,962 | ) | $ | — | Total liabilities at fair value | $ | 29,857 | $ | 29,857 | $ | — | $ | — | ||||||||||||||||||
Fair value measurements as of October 1, 2017: | ||||||||||||||||||||||||||||||||||||||
Fair value measurements as of September 29, 2019: | Fair value measurements as of September 29, 2019: | |||||||||||||||||||||||||||||||||||||
Non-qualified deferred compensation plan (1) | $ | (37,575 | ) | $ | (37,575 | ) | $ | — | $ | — | Non-qualified deferred compensation plan (1) | $ | 30,104 | $ | 30,104 | $ | — | $ | — | |||||||||||||||||||
Interest rate swaps (Note 5) (2) | (22,927 | ) | — | (22,927 | ) | — | ||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | (60,502 | ) | $ | (37,575 | ) | $ | (22,927 | ) | $ | — | Total liabilities at fair value | $ | 30,104 | $ | 30,104 | $ | — | $ | — |
(1)We maintain an unfunded defined contribution plan for key executives and other members of management. The fair value of this obligation is |
Balance Sheet Location | Fair Value | ||||||||
January 21, 2018 | October 1, 2017 | ||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||
Interest rate swaps | Accrued liabilities | $ | (2,422 | ) | $ | (4,777 | ) | ||
Interest rate swaps | Other long-term liabilities | (8,540 | ) | (18,150 | ) | ||||
Total derivatives (Note 4) | $ | (10,962 | ) | $ | (22,927 | ) |
Location in Income | Sixteen Weeks Ended | ||||||||
January 21, 2018 | January 22, 2017 | ||||||||
Gain recognized in OCI | N/A | $ | 10,291 | $ | 23,086 | ||||
Loss reclassified from accumulated OCI into net earnings | Interest expense, net | $ | 1,674 | $ | 2,066 |
Sixteen Weeks Ended | |||||||||||||||||||||||||||||
January 20, 2019 | |||||||||||||||||||||||||||||
Loss recognized in OCI | N/A | $ | (7,167) | ||||||||||||||||||||||||||
Loss reclassified from accumulated OCI into net earnings | Interest expense, net | $ | 479 |
Sixteen Weeks Ended | ||||||||||||||||||||||||||||||||||||
Sixteen Weeks Ended | January 19, 2020 | January 20, 2019 | ||||||||||||||||||||||||||||||||||
Restructuring costs | Restructuring costs | $ | 1,045 | $ | 5,840 | |||||||||||||||||||||||||||||||
Costs of closed restaurants and other | Costs of closed restaurants and other | 101 | 866 | |||||||||||||||||||||||||||||||||
Accelerated depreciation | Accelerated depreciation | — | 416 | |||||||||||||||||||||||||||||||||
(Gains) losses on disposition of property and equipment, net (1) | (Gains) losses on disposition of property and equipment, net (1) | (10,437) | 576 | |||||||||||||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | $ | (9,291) | $ | 7,698 | |||||||||||||||||||||||||||||||
Costs of closed restaurants and other | $ | 1,375 | $ | 1,839 | ||||||||||||||||||||||||||||||||
Restructuring costs | 358 | 183 | ||||||||||||||||||||||||||||||||||
Operating restaurant impairment charges (1) | 291 | — | ||||||||||||||||||||||||||||||||||
Losses on disposition of property and equipment, net | 183 | 530 | ||||||||||||||||||||||||||||||||||
Accelerated depreciation | 50 | 102 | ||||||||||||||||||||||||||||||||||
$ | 2,257 | $ | 2,654 |
Balance as of October 1, 2017 | $ | 6,175 | ||
Additions | 135 | |||
Adjustments (1) | 347 | |||
Interest expense | 545 | |||
Cash payments | (1,592 | ) | ||
Balance as of January 21, 2018 (2) (3) | $ | 5,610 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Qdoba Evaluation retention bonus | $ | 587 | $ | — | |||
Qdoba Evaluation consulting costs (1) | 226 | — | |||||
Employee severance and related costs (2) | (456 | ) | 92 | ||||
Other | 1 | 91 | |||||
$ | 358 | $ | 183 |
Sixteen Weeks Ended | |||||||||||||||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||||||||||||||
Employee severance and related costs | $ | 1,045 | $ | 4,506 | |||||||||||||||||||||||||
Strategic Alternatives Evaluation (1) | — | 1,334 | |||||||||||||||||||||||||||
$ | 1,045 | $ | 5,840 |
Balance as of October 1, 2017 | $ | 648 | ||
Adjustments (1) | (456 | ) | ||
Cash payments | (150 | ) | ||
Balance as of January 21, 2018 | $ | 42 |
$ | 2,100 |
Costs incurred | 1,019 | |||||||
(2,134) | ||||||||
Balance as of January 19, 2020 | $ | 985 |
Sixteen Weeks Ended | Sixteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense at statutory rate | $ | 17,192 | 28.6 | % | $ | 21,740 | 38.6 | % | Income tax expense at statutory rate | $ | 2,868 | 26.0 | % | $ | 10,434 | 25.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
One-time, non-cash impact of the Tax Act | 30,627 | 51.0 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation excess tax benefit | (802 | ) | (1.3 | )% | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation tax deficiency (excess tax benefit) | Stock compensation tax deficiency (excess tax benefit) | 196 | 1.8 | % | (50) | (0.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company-owned life insurance policies | Company-owned life insurance policies | (99) | (0.9) | % | 231 | 0.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to state tax provision | Adjustment to state tax provision | — | — | % | (1,027) | (2.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 121 | 0.2 | % | 91 | 0.2 | % | Other | 168 | 1.5 | % | (215) | (0.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | $ | 47,138 | 78.5 | % | $ | 21,831 | 38.7 | % | (1) | $ | 3,133 | 28.4 | % | $ | 9,373 | 23.1 | % |
Sixteen Weeks Ended | Sixteen Weeks Ended | |||||||||||||||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||||||||||||||||||||||
Defined benefit pension plans: | Defined benefit pension plans: | |||||||||||||||||||||||||||||||||||
Interest cost | $ | 6,879 | $ | 6,996 | Interest cost | $ | 5,076 | $ | 7,048 | |||||||||||||||||||||||||||
Service cost | 687 | 673 | ||||||||||||||||||||||||||||||||||
Expected return on plan assets | (8,680 | ) | (8,659 | ) | ||||||||||||||||||||||||||||||||
Actuarial loss (1) | 1,498 | 1,881 | ||||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service costs (1) | 45 | 47 | ||||||||||||||||||||||||||||||||||
Expected return on plan assets (1) | Expected return on plan assets (1) | (6,656) | (8,104) | |||||||||||||||||||||||||||||||||
Pension settlement (2) | Pension settlement (2) | 38,606 | — | |||||||||||||||||||||||||||||||||
Actuarial loss (2) | Actuarial loss (2) | 1,672 | 1,219 | |||||||||||||||||||||||||||||||||
Amortization of unrecognized prior service costs (2) | Amortization of unrecognized prior service costs (2) | 26 | 35 | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 429 | $ | 938 | Net periodic benefit cost | $ | 38,724 | $ | 198 | |||||||||||||||||||||||||||
Postretirement healthcare plans: | Postretirement healthcare plans: | |||||||||||||||||||||||||||||||||||
Interest cost | $ | 294 | $ | 309 | Interest cost | $ | 248 | $ | 307 | |||||||||||||||||||||||||||
Actuarial (gain) loss (1) | (8 | ) | 50 | |||||||||||||||||||||||||||||||||
Actuarial loss (gain) (2) | Actuarial loss (gain) (2) | 6 | (49) | |||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 286 | $ | 359 | Net periodic benefit cost | $ | 254 | $ | 258 |
SERP | Postretirement Healthcare Plans | ||||||||||
Net year-to-date contributions | $ | 1,639 | $ | 386 | |||||||
Remaining estimated net contributions during fiscal 2020 | $ | 3,732 | $ | 1,011 |
SERP | Postretirement Healthcare Plans | ||||||
Net year-to-date contributions | $ | 1,100 | $ | 610 | |||
Remaining estimated net contributions during fiscal 2018 | $ | 3,300 | $ | 700 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Nonvested stock units | $ | 1,778 | $ | 2,069 | |||
Performance share awards | 663 | 790 | |||||
Stock options | 482 | 801 | |||||
Nonvested stock awards | 14 | 27 | |||||
Total share-based compensation expense | $ | 2,937 | $ | 3,687 |
Sixteen Weeks Ended | |||||||||||||||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||||||||||||||
Balance at beginning of period | $ | (737,584) | $ | (591,699) | |||||||||||||||||||||||||
Shares issued under stock plans, including tax benefit | 184 | 115 | |||||||||||||||||||||||||||
Share-based compensation | 3,184 | 1,909 | |||||||||||||||||||||||||||
Dividends declared | (9,425) | (10,318) | |||||||||||||||||||||||||||
Purchases of treasury stock | (153,550) | — | |||||||||||||||||||||||||||
Net earnings | 7,897 | 34,098 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | 51,011 | (4,071) | |||||||||||||||||||||||||||
Cumulative-effect from a change in accounting principle | (2,870) | (37,330) | |||||||||||||||||||||||||||
Balance at end of period | $ | (841,153) | $ | (607,296) |
Sixteen Weeks Ended | |||||||||||||||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||||||||||||||
Weighted-average shares outstanding – basic | 23,741 | 25,907 | |||||||||||||||||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||||||||||||||
Nonvested stock awards and units | 181 | 208 | |||||||||||||||||||||||||||
Stock options | 7 | 11 | |||||||||||||||||||||||||||
Performance share awards | 7 | 2 | |||||||||||||||||||||||||||
Weighted-average shares outstanding – diluted | 23,936 | 26,128 | |||||||||||||||||||||||||||
Excluded from diluted weighted-average shares outstanding: | |||||||||||||||||||||||||||||
Antidilutive | 224 | 186 | |||||||||||||||||||||||||||
Performance conditions not satisfied at the end of the period | 80 | 89 |
Sixteen Weeks Ended | |||||
January 21, 2018 | January 22, 2017 | ||||
Weighted-average shares outstanding – basic | 29,551 | 32,168 | |||
Effect of potentially dilutive securities: | |||||
Nonvested stock awards and units | 229 | 181 | |||
Stock options | 64 | 76 | |||
Performance share awards | 9 | 17 | |||
Weighted-average shares outstanding – diluted | 29,853 | 32,442 | |||
Excluded from diluted weighted-average shares outstanding: | |||||
Antidilutive | 90 | 44 | |||
Performance conditions not satisfied at the end of the period | 74 | 79 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Cash paid during the year for: | |||||||
Interest, net of amounts capitalized | $ | 12,632 | $ | 9,691 | |||
Income tax payments | $ | 1,344 | $ | 47 | |||
Decrease in obligations for purchases of property and equipment | $ | 4,201 | $ | 2,841 | |||
Decrease in obligations for treasury stock repurchases | $ | — | $ | 7,208 | |||
Non-cash transactions: | |||||||
Increase in notes receivable from the sale of company-operated restaurants | $ | 9,084 | $ | — | |||
Increase in franchise tenant improvement allowances | $ | 5,325 | $ | — | |||
Increase in dividends accrued or converted to common stock equivalents | $ | 78 | $ | 74 | |||
Decrease in capital lease obligations from the termination of equipment and building leases | $ | 685 | $ | 87 | |||
Equipment capital lease obligations incurred | $ | 39 | $ | 59 |
Sixteen Weeks Ended |
January 21, 2018 | October 1, 2017 | ||||||
Accounts and other receivables, net: | |||||||
Trade | $ | 31,688 | $ | 55,108 | |||
Notes receivable | 766 | 988 | |||||
Other | 5,020 | 5,672 | |||||
Allowance for doubtful accounts | (1,171 | ) | (2,159 | ) | |||
$ | 36,303 | $ | 59,609 | ||||
Prepaid expenses: | |||||||
Prepaid rent | $ | 4,761 | $ | — | |||
Prepaid income taxes | 4,190 | 16,928 | |||||
Other | 7,472 | 10,604 | |||||
$ | 16,423 | $ | 27,532 | ||||
Other assets, net: | |||||||
Company-owned life insurance policies | $ | 109,791 | $ | 110,057 | |||
Deferred tax assets | 67,033 | 105,117 | |||||
Deferred rent receivable | 47,345 | 46,962 | |||||
Other | 19,725 | 15,434 | |||||
$ | 243,894 | $ | 277,570 | ||||
Accrued liabilities: | |||||||
Insurance | $ | 37,095 | $ | 39,011 | |||
Payroll and related taxes | 24,390 | 23,361 | |||||
Advertising | 11,047 | 18,493 | |||||
Deferred rent income | 5,681 | 18,961 | |||||
Sales and property taxes | 3,242 | 7,275 | |||||
Gift card liability | 2,516 | 2,237 | |||||
Deferred franchise fees | 425 | 450 | |||||
Other | 18,470 | 25,266 | |||||
$ | 102,866 | $ | 135,054 | ||||
Other long-term liabilities: | |||||||
Defined benefit pension plans | $ | 104,798 | $ | 107,011 | |||
Straight-line rent accrual | 33,047 | 33,749 | |||||
Other | 97,549 | 108,065 | |||||
$ | 235,394 | $ | 248,825 |
January 20, 2019 | ||||||||
Selling, general and administrative expenses | $ | (302) | ||||||
Loss on Qdoba Sale | 85 | |||||||
Earnings from discontinued operations before income taxes | 217 | |||||||
Income tax benefit (1) | 2,760 | |||||||
Earnings from discontinued operations, net of income taxes | $ | 2,977 | ||||||
$ | 0.11 |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Non-cash investing and financing transactions: | |||||||||||||||||
Decrease in obligations for treasury stock repurchases | $ | 2,025 | $ | 14,362 | |||||||||||||
Decrease in obligations for purchases of property and equipment | $ | 2,377 | $ | 4,927 | |||||||||||||
Increase in dividends accrued or converted to common stock equivalents | $ | 63 | $ | 58 | |||||||||||||
Decrease in finance lease obligations from the termination of equipment and building leases | $ | — | $ | 7 |
January 19, 2020 | September 29, 2019 | ||||||||||
Accounts and other receivables, net: | |||||||||||
Trade | $ | 29,361 | $ | 36,907 | |||||||
Notes receivable | 375 | 278 | |||||||||
Income tax receivable | 1,279 | 160 | |||||||||
Property taxes receivable | 17,713 | 32 | |||||||||
Other | 9,970 | 10,823 | |||||||||
Allowance for doubtful accounts | (5,122) | (2,965) | |||||||||
$ | 53,576 | $ | 45,235 | ||||||||
Prepaid expenses: | |||||||||||
Prepaid income taxes | $ | 7,470 | $ | 579 | |||||||
Prepaid advertising | 32 | 1,838 | |||||||||
Other | 6,163 | 6,598 | |||||||||
$ | 13,665 | $ | 9,015 | ||||||||
Other assets, net: | |||||||||||
Company-owned life insurance policies | $ | 116,127 | $ | 112,753 | |||||||
Deferred rent receivable | 49,419 | 49,333 | |||||||||
Franchise tenant improvement allowance | 28,702 | 26,925 | |||||||||
Other | 18,535 | 17,674 | |||||||||
$ | 212,783 | $ | 206,685 | ||||||||
Accrued liabilities: | |||||||||||
Insurance | $ | 27,852 | $ | 27,888 | |||||||
Payroll and related taxes | 24,375 | 31,095 | |||||||||
Deferred franchise fees | 4,970 | 4,978 | |||||||||
Sales and property taxes | 8,731 | 4,268 | |||||||||
Gift card liability | 2,443 | 2,036 | |||||||||
Other | 49,918 | 49,818 | |||||||||
$ | 118,289 | $ | 120,083 | ||||||||
Other long-term liabilities: | |||||||||||
Defined benefit pension plans | $ | 88,455 | $ | 120,260 | |||||||
Deferred franchise fees | 40,566 | 41,295 | |||||||||
Straight-line rent accrual | — | 29,537 | |||||||||
Other | 57,568 | 72,678 | |||||||||
$ | 186,589 | $ | 263,770 |
Sixteen Weeks Ended | Sixteen Weeks Ended | |||||||||||||||||||||||||||
January 21, 2018 | January 22, 2017 | January 19, 2020 | January 20, 2019 | |||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||
Company restaurant sales | 57.6 | % | 67.5 | % | Company restaurant sales | 34.2 | % | 35.4 | % | |||||||||||||||||||
Franchise rental revenues | 26.2 | % | 20.2 | % | Franchise rental revenues | 31.2 | % | 28.8 | % | |||||||||||||||||||
Franchise royalties and other | 16.2 | % | 12.2 | % | Franchise royalties and other | 17.1 | % | 18.0 | % | |||||||||||||||||||
Franchise contributions for advertising and other services | Franchise contributions for advertising and other services | 17.5 | % | 17.8 | % | |||||||||||||||||||||||
Total revenues | 100.0 | % | 100.0 | % | Total revenues | 100.0 | % | 100.0 | % | |||||||||||||||||||
Operating costs and expenses, net: | Operating costs and expenses, net: | |||||||||||||||||||||||||||
Company restaurant costs (excluding depreciation and amortization): | Company restaurant costs (excluding depreciation and amortization): | |||||||||||||||||||||||||||
Food and packaging (1) | 28.8 | % | 28.5 | % | Food and packaging (1) | 29.8 | % | 28.8 | % | |||||||||||||||||||
Payroll and employee benefits (1) | 28.8 | % | 29.4 | % | Payroll and employee benefits (1) | 30.3 | % | 29.4 | % | |||||||||||||||||||
Occupancy and other (1) | 16.4 | % | 16.3 | % | Occupancy and other (1) | 15.1 | % | 15.6 | % | |||||||||||||||||||
Total company restaurant costs (excluding depreciation and amortization) (1) | 74.0 | % | 74.2 | % | ||||||||||||||||||||||||
Total company restaurant costs (1) | Total company restaurant costs (1) | 75.2 | % | 73.8 | % | |||||||||||||||||||||||
Franchise occupancy expenses (excluding depreciation and amortization) (2) | 60.2 | % | 59.1 | % | Franchise occupancy expenses (excluding depreciation and amortization) (2) | 67.1 | % | 60.5 | % | |||||||||||||||||||
Franchise support and other costs (3) | 5.2 | % | 5.9 | % | Franchise support and other costs (3) | 8.9 | % | 5.4 | % | |||||||||||||||||||
Franchise advertising and other services expenses (4) | Franchise advertising and other services expenses (4) | 102.7 | % | 104.7 | % | |||||||||||||||||||||||
Selling, general and administrative expenses | 11.8 | % | 11.5 | % | Selling, general and administrative expenses | 9.2 | % | 8.3 | % | |||||||||||||||||||
Depreciation and amortization | 6.5 | % | 6.0 | % | Depreciation and amortization | 5.4 | % | 5.9 | % | |||||||||||||||||||
Impairment and other charges, net | 0.8 | % | 0.8 | % | Impairment and other charges, net | (3.0) | % | 2.6 | % | |||||||||||||||||||
Gains on the sale of company-operated restaurants | (3.0 | )% | — | % | Gains on the sale of company-operated restaurants | (0.5) | % | (0.1) | % | |||||||||||||||||||
Earnings from operations | 24.7 | % | 18.9 | % | Earnings from operations | 22.7 | % | 20.1 | % | |||||||||||||||||||
Income tax rate (4) | 78.5 | % | 38.7 | % | ||||||||||||||||||||||||
Income tax rate (5) | Income tax rate (5) | 28.4 | % | 23.1 | % |
Sixteen Weeks Ended | ||||||||
Fiscal Basis | Calendar Basis (1) | |||||||
January 21, 2018 | January 22, 2017 | January 22, 2017 | ||||||
Company | 0.2 | % | — | % | 0.6 | % | ||
Franchise | (0.3 | )% | 3.3 | % | 3.9 | % | ||
System | (0.2 | )% | 2.5 | % | 3.1 | % |
Sixteen Weeks Ended | |||||||||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||||||||
Company | 2.9 | % | 0.5 | % | |||||||||||||||||||
Franchise | 1.6 | % | (0.1) | % | |||||||||||||||||||
System | 1.7 | % | (0.1) | % |
Sixteen Weeks Ended | ||||||||
Fiscal Basis | Calendar Basis | |||||||
January 21, 2018 | January 22, 2017 | January 22, 2017 | ||||||
Average check (1) | 2.6 | % | 4.7 | % | 4.9 | % | ||
Transactions | (2.4 | )% | (4.7 | )% | (4.3 | )% | ||
Change in same-store sales | 0.2 | % | — | % | 0.6 | % |
2020 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Franchise | Total | Company | Franchise | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of year | 137 | 2,106 | 2,243 | 137 | 2,100 | 2,237 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
New | — | 11 | 11 | — | 9 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Closed | — | (10) | (10) | — | (5) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
End of period | 137 | 2,107 | 2,244 | 137 | 2,104 | 2,241 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
% of system | 6 | % | 94 | % | 100 | % | 6 | % | 94 | % | 100 | % |
2018 | 2017 | ||||||||||||||||
Company | Franchise | Total | Company | Franchise | Total | ||||||||||||
Beginning of year | 276 | 1,975 | 2,251 | 417 | 1,838 | 2,255 | |||||||||||
New | 1 | 5 | 6 | 2 | 7 | 9 | |||||||||||
Refranchised | (22 | ) | 22 | — | — | — | — | ||||||||||
Closed | — | (7 | ) | (7 | ) | — | (3 | ) | (3 | ) | |||||||
End of period | 255 | 1,995 | 2,250 | 419 | 1,842 | 2,261 | |||||||||||
% of system | 11 | % | 89 | % | 100 | % | 19 | % | 81 | % | 100 | % |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Company-owned restaurant sales | $ | 105,364 | $ | 102,832 | |||||||||||||
Franchised restaurant sales (1) | 979,345 | 959,960 | |||||||||||||||
System sales (1) | $ | 1,084,709 | $ | 1,062,792 |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Net earnings - GAAP | $ | 7,897 | $ | 34,098 | |||||||||||||
Earnings from discontinued operations, net of taxes | — | (2,977) | |||||||||||||||
Income tax expense | 3,133 | 9,373 | |||||||||||||||
Interest expense, net | 19,942 | 17,374 | |||||||||||||||
Pension settlement charge | 38,606 | — | |||||||||||||||
Gains on the sale of company-operated restaurants | (1,575) | (219) | |||||||||||||||
Impairment and other charges, net | (9,291) | 7,698 | |||||||||||||||
Depreciation and amortization | 16,728 | 17,169 | |||||||||||||||
Amortization of franchise tenant improvement allowances and other | 1,151 | 530 | |||||||||||||||
Adjusted EBITDA - Non-GAAP | $ | 76,591 | $ | 83,046 |
Sixteen Weeks Ended | ||||||||
January 21, 2018 | January 22, 2017 | |||||||
Net earnings - GAAP | $ | 12,190 | $ | 35,930 | ||||
Losses (earnings) from discontinued operations, net of taxes | 699 | (1,381 | ) | |||||
Income taxes | 47,138 | 21,831 | ||||||
Interest expense, net | 12,780 | 10,409 | ||||||
Earnings from operations | $ | 72,807 | $ | 66,789 | ||||
Gains on the sale of company-operated restaurants | (8,940 | ) | (137 | ) | ||||
Impairment and other charges, net | 2,257 | 2,654 | ||||||
Depreciation and amortization | 19,157 | 21,263 | ||||||
Amortization of franchise tenant improvement allowances | 147 | 25 | ||||||
Adjusted EBITDA - Non-GAAP | $ | 85,428 | $ | 90,594 |
Sixteen Weeks Ended | |||||||||||||||||||||||||||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||||||||||||||||||||||||||
Company restaurant sales | $ | 105,364 | $ | 102,832 | |||||||||||||||||||||||||||||||||||||
Company restaurant costs: | |||||||||||||||||||||||||||||||||||||||||
Food and packaging | 31,348 | 29.8 | % | 29,616 | 28.8 | % | |||||||||||||||||||||||||||||||||||
Payroll and employee benefits | 31,890 | 30.3 | % | 30,274 | 29.4 | % | |||||||||||||||||||||||||||||||||||
Occupancy and other | 15,958 | 15.1 | % | 16,013 | 15.6 | % | |||||||||||||||||||||||||||||||||||
Total company restaurant costs | $ | 79,196 | 75.2 | % | $ | 75,903 | 73.8 | % |
Sixteen Weeks Ended | |||||||||||||
January 21, 2018 | January 22, 2017 | ||||||||||||
Company restaurant sales | $ | 169,637 | $ | 238,571 | |||||||||
Company restaurant costs (excluding depreciation and amortization): | |||||||||||||
Food and packaging | 48,864 | 28.8 | % | 67,989 | 28.5 | % | |||||||
Payroll and employee benefits | 48,940 | 28.8 | % | 70,183 | 29.4 | % | |||||||
Occupancy and other | 27,750 | 16.4 | % | 38,941 | 16.3 | % | |||||||
Total company restaurant costs (excluding depreciation and amortization) | $ | 125,554 | 74.0 | % | $ | 177,113 | 74.2 | % |
Decrease in the average number of restaurants | $ | (96.1 | ) |
AUV increase | 27.2 | ||
Total change in company restaurant sales | $ | (68.9 | ) |
Sixteen Weeks Ended | |||||
January 21, 2018 | January 22, 2017 | ||||
Average check (1) | 2.6 | % | 4.7 | % | |
Transactions | (2.4 | )% | (4.7 | )% | |
Change in same-store sales | 0.2 | % | — | % |
January 19, 2020 | ||||||||
Average check (1) | 2.6 | % | ||||||
Transactions | 0.3 | % | ||||||
Change in | 2.9 | % |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Franchise rental revenues | $ | 96,084 | $ | 83,890 | |||||||||||||
Royalties | 50,243 | 49,507 | |||||||||||||||
Franchise fees and other | 2,223 | 2,743 | |||||||||||||||
Franchise royalties and other | 52,466 | 52,250 | |||||||||||||||
Franchise contributions for advertising and other services | 53,759 | 51,814 | |||||||||||||||
Total franchise revenues | $ | 202,309 | $ | 187,954 | |||||||||||||
Franchise occupancy expenses (excluding depreciation and amortization) | $ | 64,517 | $ | 50,713 | |||||||||||||
Franchise support and other costs | 4,676 | 2,845 | |||||||||||||||
Franchise advertising and other services expenses | 55,224 | 54,270 | |||||||||||||||
Total franchise costs | $ | 124,416 | $ | 107,828 | |||||||||||||
Franchise costs as a percentage of total franchise revenues | 61.5 | % | 57.4 | % | |||||||||||||
Average number of franchise restaurants | 2,087 | 2,084 | |||||||||||||||
Increase (decrease) in franchise-operated same-store sales | 1.6 | % | (0.1) | % | |||||||||||||
Franchised restaurant sales | $ | 979,345 | $ | 959,960 | |||||||||||||
Franchised restaurant AUVs | $ | 469 | $ | 461 | |||||||||||||
Royalties as a percentage of total franchised restaurant sales | 5.1 | % | 5.2 | % |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Franchise rental revenues | $ | 77,217 | $ | 71,436 | |||
Royalties | 46,293 | 42,588 | |||||
Franchise fees and other | 1,316 | 586 | |||||
Franchise royalties and other | 47,609 | 43,174 | |||||
Total franchise revenues | $ | 124,826 | $ | 114,610 | |||
Franchise occupancy expenses (excluding depreciation and amortization) | $ | 46,521 | $ | 42,190 | |||
Franchise support and other costs | 2,482 | 2,537 | |||||
Total franchise costs | $ | 49,003 | $ | 44,727 | |||
Franchise costs as a % of total franchise revenues | 39.3 | % | 39.0 | % | |||
Average number of franchise restaurants | 1,975 | 1,839 | |||||
% increase | 7.4 | % | |||||
(Decrease) increase in franchise-operated same-store sales | (0.3 | )% | 3.3 | % | |||
Franchise restaurant AUVs | $ | 455 | $ | 453 | |||
Royalties as a percentage of total franchise restaurant sales | 5.1 | % | 5.1 | % |
Sixteen Weeks Ended | |||||
January 19, 2020 | |||||
Advertising | $ | (1,873) | |||
Incentive compensation (including share-based compensation and related payroll taxes) | 3,014 | ||||
Cash surrender value of COLI policies, net | (3,506) | ||||
Litigation matters | 3,756 | ||||
Other (includes transition services income and savings related to our restructuring plan) | 2,774 | ||||
$ | 4,165 |
(Decrease) / Increase | |||
Advertising | $ | (3,109 | ) |
Cash surrender value of COLI policies, net | (1,248 | ) | |
Region administration | (892 | ) | |
Pension and postretirement benefits | (582 | ) | |
Incentive compensation (including share-based compensation and related payroll taxes) | (203 | ) | |
Other (including savings related to our restructuring plan) | (113 | ) | |
$ | (6,147 | ) |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Costs of closed restaurants and other | $ | 1,375 | $ | 1,839 | |||
Restructuring costs | 358 | 183 | |||||
Restaurant impairment charges | 291 | — | |||||
Losses on disposition of property and equipment, net | 183 | 530 | |||||
Accelerated depreciation | 50 | 102 | |||||
$ | 2,257 | $ | 2,654 |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Restructuring costs | $ | 1,045 | $ | 5,840 | |||||||||||||
Costs of closed restaurants and other | 101 | 866 | |||||||||||||||
Accelerated depreciation | — | 416 | |||||||||||||||
(Gains) losses on disposition of property and equipment, net | (10,437) | 576 | |||||||||||||||
$ | (9,291) | $ | 7,698 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Number of restaurants sold to Jack in the Box franchisees | 22 | — | |||||
Gains on the sale of company-operated restaurants | $ | 8,940 | $ | 137 |
Sixteen Weeks Ended | ||||||||||||||||||||
January 19, 2020 | January 20, 2019 | |||||||||||||||||||
Interest expense | $ | 20,419 | $ | 17,612 | ||||||||||||||||
Interest income | (477) | (238) | ||||||||||||||||||
Interest expense, net | $ | 19,942 | $ | 17,374 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Interest expense | $ | 12,811 | $ | 10,436 | |||
Interest income | (31 | ) | (27 | ) | |||
Interest expense, net | $ | 12,780 | $ | 10,409 |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Total cash provided by (used in): | |||||||||||||||||
Operating activities | $ | 22,687 | $ | 37,601 | |||||||||||||
Investing activities | 32,364 | (4,263) | |||||||||||||||
Financing activities | (168,326) | (31,743) | |||||||||||||||
Net cash flows | $ | (113,275) | $ | 1,595 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Total cash provided by (used in): | |||||||
Operating activities | $ | 53,730 | $ | 69,798 | |||
Investing activities | (1,818 | ) | (13,183 | ) | |||
Financing activities | (54,917 | ) | (67,880 | ) | |||
Net cash flows | $ | (3,005 | ) | $ | (11,265 | ) |
Sixteen Weeks Ended | |||||||||||||||||
January 19, 2020 | January 20, 2019 | ||||||||||||||||
Jack in the Box: | |||||||||||||||||
Restaurant facility expenditures | $ | 3,500 | $ | 7,346 | |||||||||||||
New restaurants | — | 1,301 | |||||||||||||||
Other, including information technology | 1,552 | 2,525 | |||||||||||||||
5,052 | 11,172 | ||||||||||||||||
Corporate Services: | |||||||||||||||||
Information technology | 1,760 | 11 | |||||||||||||||
Other, including facility improvements | 390 | — | |||||||||||||||
2,150 | 11 | ||||||||||||||||
Total capital expenditures | $ | 7,202 | $ | 11,183 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Jack in the Box: | |||||||
Restaurant facility expenditures | $ | 8,554 | $ | 5,128 | |||
New restaurants | 555 | 2,000 | |||||
Other, including information technology | 657 | 410 | |||||
9,766 | 7,538 | ||||||
Corporate Services: | |||||||
Information technology | 1,017 | 1,037 | |||||
Other, including facility improvements | 10 | 6 | |||||
1,027 | 1,043 | ||||||
Total capital expenditures | $ | 10,793 | $ | 8,581 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Number of restaurants sold and leased back | 2 | 1 | |||||
Purchases of assets intended for sale and leaseback | $ | (1,411 | ) | $ | (1,717 | ) | |
Proceeds from the sale and leaseback of assets | $ | 4,949 | $ | 2,466 |
Sixteen Weeks Ended | |||||||
January 21, 2018 | January 22, 2017 | ||||||
Number of restaurants sold to franchisees | 22 | — | |||||
Proceeds from the sale of company-operated restaurants | $ | 14,675 | $ | 138 |
(a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced programs | (d) Maximum dollar value that may yet be purchased under these programs | |||||||||||||||||||||||
$ | 275,702,860 | |||||||||||||||||||||||||
September 30, 2019 - October 27, 2019 | 338,792 | $ | 88.47 | 338,792 | $ | 246,164,247 | ||||||||||||||||||||
October 28, 2019 - November 24, 2019 | 978,035 | $ | 82.97 | 978,035 | $ | 166,866,944 | ||||||||||||||||||||
November 25, 2019 - December 22, 2019 | 569,373 | $ | 78.45 | 569,373 | $ | 122,153,031 | ||||||||||||||||||||
December 23, 2019 - January 19, 2020 | — | $ | — | — | $ | 122,153,031 | ||||||||||||||||||||
Total | 1,886,200 | 1,886,200 |
Number | Description | Form | Filed with SEC | |||||||||||||||||
10-Q | Filed herewith | |||||||||||||||||||
— | Filed herewith | |||||||||||||||||||
31.2 | — | Filed herewith | ||||||||||||||||||
32.1 | — | Filed herewith | ||||||||||||||||||
32.2 | — | Filed herewith | ||||||||||||||||||
101.INS | XBRL Instance Document | |||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||
*Management contract or compensatory plan |
JACK IN THE BOX INC. | |||||||||||
By: | /S/ | ||||||||||
Executive Vice President and Chief Financial Officer (principal financial officer) (Duly Authorized Signatory) |