Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 27, 2020 | Jul. 28, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 27, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-37425 | |
Entity Registrant Name | WINGSTOP INC. | |
Entity Central Index Key | 0001636222 | |
Current Fiscal Year End Date | --12-26 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-3494862 | |
Entity Address, Address Line One | 5501 LBJ Freeway | |
Entity Address, Address Line Two | 5th Floor | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75240 | |
City Area Code | 972 | |
Local Phone Number | 686-6500 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | WING | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 29,598,958 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 |
Current assets | ||
Cash and cash equivalents | $ 45,766 | $ 12,849 |
Restricted cash | 4,132 | 4,790 |
Accounts receivable, net | 5,580 | 5,175 |
Prepaid expenses and other current assets | 4,118 | 2,449 |
Advertising fund assets, restricted | 7,860 | 4,927 |
Total current assets | 67,456 | 30,190 |
Property and equipment, net | 27,220 | 27,842 |
Goodwill | 50,160 | 50,188 |
Trademarks | 32,700 | 32,700 |
Other non-current assets | 11,323 | 12,283 |
Total assets | 201,114 | 166,113 |
Current liabilities | ||
Accounts payable | 2,890 | 3,348 |
Other current liabilities | 20,829 | 21,454 |
Current portion of debt | 16,000 | 3,200 |
Advertising fund liabilities | 7,860 | 4,927 |
Total current liabilities | 47,579 | 32,929 |
Long-term debt, net | 310,846 | 307,669 |
Deferred revenues, net of current | 22,280 | 22,343 |
Deferred income tax liabilities, net | 6,043 | 4,485 |
Other non-current liabilities | 7,038 | 8,115 |
Total liabilities | 393,786 | 375,541 |
Commitments and contingencies (see Note 7) | ||
Stockholders' deficit | ||
Common stock, $0.01 par value; 100,000,000 shares authorized; 29,596,347 and 29,457,228 shares issued and outstanding as of June 27, 2020 and December 28, 2019, respectively | 296 | 295 |
Additional paid-in-capital | 43 | 552 |
Accumulated deficit | (193,011) | (210,275) |
Total stockholders' deficit | (192,672) | (209,428) |
Total liabilities and stockholders' deficit | $ 201,114 | $ 166,113 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 100,000,000 | |
Common Stock, Shares, Issued | 29,596,347 | 29,457,228 |
Common Stock, Shares, Outstanding | 29,596,347 | 29,457,228 |
Customer Relationships [Member] | ||
Customer relationships, net | $ 12,255 | $ 12,910 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | ||
Revenue: | |||||
Royalty revenue, franchise fees and other | $ 27,858 | $ 21,187 | $ 52,057 | $ 42,515 | |
Advertising fees and related income | 19,923 | 13,487 | 35,937 | 26,697 | |
Total revenue | 66,105 | 48,562 | 121,541 | 96,615 | |
Costs and expenses: | |||||
Cost of sales (1) | [1] | 13,387 | 10,573 | 24,563 | 20,303 |
Advertising expenses | 18,589 | 12,973 | 33,513 | 25,707 | |
Selling, general and administrative | 13,194 | 13,394 | 27,504 | 25,936 | |
Depreciation and amortization | 1,398 | 1,335 | 2,953 | 2,611 | |
Total costs and expenses | 46,568 | 38,275 | 88,533 | 74,557 | |
Operating income | 19,537 | 10,287 | 33,008 | 22,058 | |
Interest expense, net | 4,214 | 4,299 | 8,359 | 8,709 | |
Income before income tax expense | 15,323 | 5,988 | 24,649 | 13,349 | |
Income tax expense | 3,784 | 1,070 | 5,014 | 1,825 | |
Net income | $ 11,539 | $ 4,918 | $ 19,635 | $ 11,524 | |
Earnings per share | |||||
Basic | $ 0.39 | $ 0.17 | $ 0.66 | $ 0.39 | |
Diluted | $ 0.39 | $ 0.17 | $ 0.66 | $ 0.39 | |
Weighted average shares outstanding | |||||
Basic | 29,588 | 29,418 | 29,538 | 29,377 | |
Diluted | 29,793 | 29,667 | 29,751 | 29,650 | |
Dividends per share | $ 0.11 | $ 0.09 | $ 0.22 | $ 0.18 | |
Franchisor Owned Outlet | |||||
Revenue: | |||||
Total revenue | $ 18,324 | $ 13,888 | $ 33,547 | $ 27,403 | |
[1] | Cost of sales includes all operating expenses of company-owned restaurants, including advertising expenses, and excludes depreciation and amortization, which are presented separately. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance (shares) at Dec. 29, 2018 | 29,296,939 | |||
Balance at Dec. 29, 2018 | $ (224,830) | $ 293 | $ 1,036 | $ (226,159) |
Net income | 6,606 | 6,606 | ||
Shares issued under stock plans, shares | 114,936 | |||
Shares issued under stock plans, value | 158 | $ 1 | 157 | |
Tax payments for restricted stock upon vesting (shares) | (12,469) | |||
Tax payments for restricted stock upon vesting | (833) | (833) | ||
Stock-based compensation expense | 838 | 838 | ||
Dividends paid | (2,571) | (1,825) | (746) | |
Balance (shares) at Mar. 30, 2019 | 29,399,406 | |||
Balance at Mar. 30, 2019 | (220,478) | $ 294 | 206 | (220,978) |
Balance (shares) at Dec. 29, 2018 | 29,296,939 | |||
Balance at Dec. 29, 2018 | (224,830) | $ 293 | 1,036 | (226,159) |
Net income | 11,524 | |||
Tax payments for restricted stock upon vesting | (1,059) | |||
Balance (shares) at Jun. 29, 2019 | 29,442,728 | |||
Balance at Jun. 29, 2019 | (216,368) | $ 295 | 892 | (217,555) |
Balance (shares) at Mar. 30, 2019 | 29,399,406 | |||
Balance at Mar. 30, 2019 | (220,478) | $ 294 | 206 | (220,978) |
Net income | 4,918 | 4,918 | ||
Shares issued under stock plans, value | 148 | $ 1 | 147 | |
Tax payments for restricted stock upon vesting (shares) | (2,456) | |||
Tax payments for restricted stock upon vesting | (226) | (226) | ||
Stock-based compensation expense | 1,928 | 1,928 | ||
Dividends paid | (2,658) | (1,389) | (1,269) | |
Balance (shares) at Jun. 29, 2019 | 29,442,728 | |||
Balance at Jun. 29, 2019 | (216,368) | $ 295 | 892 | (217,555) |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 45,778 | |||
Accumulated deficit | $ (210,275) | |||
Balance (shares) at Dec. 28, 2019 | 29,457,228 | 29,457,228 | ||
Balance at Dec. 28, 2019 | $ (209,428) | $ 295 | 552 | (210,275) |
Net income | 8,096 | 8,096 | ||
Shares issued under stock plans, shares | 128,585 | |||
Shares issued under stock plans, value | 505 | $ 1 | 504 | |
Tax payments for restricted stock upon vesting (shares) | (2,419) | |||
Tax payments for restricted stock upon vesting | (229) | (229) | ||
Stock-based compensation expense | 1,331 | 1,331 | ||
Dividends paid | (3,223) | (2,168) | (1,055) | |
Balance (shares) at Mar. 28, 2020 | 29,583,394 | |||
Balance at Mar. 28, 2020 | $ (202,948) | $ 296 | 219 | (203,463) |
Balance (shares) at Dec. 28, 2019 | 29,457,228 | 29,457,228 | ||
Balance at Dec. 28, 2019 | $ (209,428) | $ 295 | 552 | (210,275) |
Net income | 19,635 | |||
Tax payments for restricted stock upon vesting | $ (241) | |||
Balance (shares) at Jun. 27, 2020 | 29,596,347 | 29,596,347 | ||
Balance at Jun. 27, 2020 | $ (192,672) | $ 296 | 43 | (193,011) |
Balance (shares) at Mar. 28, 2020 | 29,583,394 | |||
Balance at Mar. 28, 2020 | (202,948) | $ 296 | 219 | (203,463) |
Net income | 11,539 | 11,539 | ||
Shares issued under stock plans, value | 57 | 57 | ||
Tax payments for restricted stock upon vesting (shares) | (104) | |||
Tax payments for restricted stock upon vesting | (12) | (12) | ||
Stock-based compensation expense | 1,969 | 1,969 | ||
Dividends paid | $ (3,277) | (2,202) | (1,075) | |
Balance (shares) at Jun. 27, 2020 | 29,596,347 | 29,596,347 | ||
Balance at Jun. 27, 2020 | $ (192,672) | $ 296 | $ 43 | $ (193,011) |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 13,057 | |||
Accumulated deficit | $ (193,011) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 27, 2020 | Jun. 29, 2019 | |
Operating activities | ||
Net income | $ 19,635 | $ 11,524 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 2,953 | 2,611 |
Deferred income taxes | 1,720 | (687) |
Stock-based compensation expense | 3,300 | 2,766 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (2,016) | 0 |
Amortization of debt issuance costs | 815 | 775 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (405) | 123 |
Prepaid expenses and other assets | (652) | (678) |
Advertising fund assets and liabilities, net | 2,004 | (2,664) |
Accounts payable and other current liabilities | (675) | (3,503) |
Deferred revenue | 10 | (258) |
Other non-current liabilities | (1,077) | 482 |
Cash provided by operating activities | 25,612 | 10,491 |
Investing activities | ||
Purchases of property and equipment | (2,670) | (1,442) |
Proceeds from Sales of Assets, Investing Activities | 2,300 | 0 |
Cash used in investing activities | (370) | (1,442) |
Financing activities | ||
Proceeds from exercise of stock options | 562 | 306 |
Borrowings of long-term debt | 16,000 | 0 |
Repayments of long-term debt | (800) | (800) |
Tax payments for restricted stock upon vesting | (241) | (1,059) |
Dividends paid | (6,500) | (5,229) |
Cash provided by (used in) financing activities | 9,021 | (6,782) |
Net increase in cash, cash equivalents, and restricted cash | 34,263 | 2,267 |
Cash, cash equivalents, and restricted cash at beginning of period | 21,175 | 20,940 |
Cash, cash equivalents, and restricted cash at end of period | $ 55,438 | $ 23,207 |
Basis of Presentation (Notes)
Basis of Presentation (Notes) | 6 Months Ended |
Jun. 27, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Update to Significant Accounting Policies Basis of Presentation Wingstop Inc., together with its consolidated subsidiaries (collectively, “Wingstop” or the “Company”), is in the business of franchising and operating Wingstop restaurants. As of June 27, 2020, the Company had 1,244 domestic franchised restaurants, and 162 international franchised restaurants. As of June 27, 2020, the Company owned and operated 30 restaurants. The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Consequently, financial information and disclosures normally included in financial statements prepared annually in accordance with accounting principles generally accepted in the United States have been condensed or omitted. Balance sheet amounts are as of June 27, 2020 and December 28, 2019, and operating results are for the thirteen and twenty-six weeks ended June 27, 2020 and June 29, 2019. In the Company’s opinion, all necessary adjustments have been made for the fair presentation of the results of the interim periods presented. The results of operations for such interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2019. The Company uses a 52/53-week fiscal year that ends on the last Saturday of the calendar year. Fiscal years 2020 and 2019 each have 52 weeks. Cash, Cash Equivalents, and Restricted Cash Cash, cash equivalents, and restricted cash within the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows as of June 27, 2020 and December 28, 2019 were as follows (in thousands): June 27, 2020 December 28, 2019 Cash and cash equivalents $ 45,766 $ 12,849 Restricted cash 4,132 4,790 Restricted cash, included in Advertising fund assets, restricted 5,540 3,536 Total cash, cash equivalents, and restricted cash $ 55,438 $ 21,175 Segment Reporting Historically, the Company had two reporting segments: franchise operations and company restaurant operations. In accordance with Accounting Standards Codification 280 “Segment Reporting”, the Company uses the management approach for determining its reportable segments. The management approach is based upon the way management reviews performance and allocates resources. Due to changes in how the Company’s chief operating decision maker assesses the Company’s performance and allocates resources, the Company reevaluated its operating segments and has determined it has one operating segment and one reporting segment. Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including applicable interim periods. The Company is currently assessing the impact of adopting this standard but does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Earnings per Share (Notes)
Earnings per Share (Notes) | 6 Months Ended |
Jun. 27, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of shares of common stock outstanding for the reporting period. Diluted earnings per share reflects the potential dilution that could occur if securities convertible into, or other contracts to issue, common stock were exercised or converted into common stock. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of the exercise and vesting of stock options and restricted stock units, respectively, as determined using the treasury stock method. Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, June 29, June 27, June 29, Basic weighted average shares outstanding 29,588 29,418 29,538 29,377 Dilutive shares 205 249 213 273 Diluted weighted average shares outstanding 29,793 29,667 29,751 29,650 For the thirteen weeks ended June 27, 2020 and June 29, 2019, equity awards representing approximately 1,000 and 6,000 shares, respectively, were excluded from the dilutive earnings per share calculation because the effect would have been anti-dilutive. For the twenty-six weeks ended June 27, 2020 and June 29, 2019, equity awards representing approximately 1,000 and 18,000 shares, respectively, were excluded from the dilutive earnings per share calculation because the effect would have been anti-dilutive. |
Dividends (Notes)
Dividends (Notes) | 6 Months Ended |
Jun. 27, 2020 | |
Dividends [Abstract] | |
Dividends Disclosure [Text Block] | Dividends In each of the first two quarters of 2020, the Company’s Board of Directors declared a quarterly dividend of $0.11 per share of common stock, which, in the aggregate, totaled $6.5 million, or $0.22 per share of common stock, and which was paid during the twenty-six weeks ended June 27, 2020. Subsequent to the second quarter, on July 28, 2020, the Company’s Board of Directors declared a quarterly dividend of $0.14 per share of common stock for stockholders of record as of August 28, 2020, to be paid on September 11, 2020, totaling approximately $4.1 million. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 27, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. Assets and liabilities are classified using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 — Unadjusted quoted prices for identical instruments traded in active markets. Level 2 — Observable market-based inputs or unobservable inputs corroborated by market data. Level 3 — Unobservable inputs reflecting management’s estimates and assumptions. The carrying values of cash and cash equivalents, accounts receivable, and accounts payable approximate fair value due to their short-term nature. Fair value of debt is determined on a non-recurring basis, which results are summarized as follows (in thousands): Fair Value Hierarchy June 27, 2020 December 28, 2019 Carrying Value Fair Value Carrying Value Fair Value Securitized Financing Facility: 2018-1 Class A-2 Senior Secured Notes (1) Level 2 $ 316,800 $ 314,395 $ 317,600 $ 331,247 2018-1 Class A-1 Variable Funding Senior Notes (2) Level 2 $ 16,000 $ 16,000 $ — $ — (1) The fair value of the 2018-1 Class A-2 Senior Secured Notes was estimated using available market information. (2) The fair value of the 2018-1 Class A-1 Variable Funding Senior Notes was estimated based on the borrowing rates currently available for variable rate loans obtained from third-party lending institutions and approximated the book value of such 2018-1 Class A-1 Variable Funding Senior Notes. The Company also measures certain non-financial assets (primarily long-lived assets, intangible assets, and goodwill) at fair value on a non-recurring basis in connection with its periodic evaluations of such assets for potential impairment. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 27, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense and the effective tax rate were $3.8 million and 24.7%, respectively, for the thirteen weeks ended June 27, 2020, and $1.1 million and 17.9%, respectively, for the thirteen weeks ended June 29, 2019. Income tax expense and the effective tax rate were $5.0 million and 20.3%, respectively, for the twenty-six weeks ended June 27, 2020, and $1.8 million and 13.7%, respectively, for the twenty-six weeks ended June 29, 2019. Income tax expense for the thirteen and twenty-six weeks ended June 27, 2020 included $0.2 million and $1.5 million, respectively, in tax benefits resulting from the recognition of excess tax benefits from stock-based compensation, as compared to $0.6 million and $1.8 million in tax benefits for the thirteen and twenty-six weeks ended June 29, 2019, respectively. |
Debt Obligations
Debt Obligations | 6 Months Ended |
Jun. 27, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Long-term debt consists of the following components (in thousands): June 27, 2020 December 28, 2019 2018-1 Class A-2 Senior Secured Notes $ 316,800 $ 317,600 2018-1 Class A-1 Variable Funding Senior Notes 16,000 — Debt issuance costs, net of amortization (5,954) (6,731) Total debt 326,846 310,869 Less: current portion of debt (16,000) (3,200) Long-term debt, net $ 310,846 $ 307,669 The Company's outstanding debt consists of (i) Series 2018-1 4.97% Fixed Rate Senior Secured Notes, Class A-2 (the “Class A-2 Notes”) issued by Wingstop Funding LLC (the “Issuer”), a limited-purpose, bankruptcy-remote, wholly owned indirect subsidiary of Wingstop Inc. and (ii) Series 2018-1 Variable Funding Senior Notes, Class A-1, which permit borrowings of up to a maximum principal amount of $20 million, which may be used to borrow amounts on a revolving basis and to issue letters of credit (the “Variable Funding Notes,” and together with the Class A-2 Notes, the “Notes”). As of June 27, 2020, we had $316.8 million of Class A-2 Notes outstanding and $16.0 million of Variable Funding Notes outstanding. The Variable Funding Notes were issued in the first quarter of 2020 as a precautionary measure to improve the Company's cash position. The Variable Funding Notes had a weighted average interest rate of 2.72% during the twenty-six weeks ended June 27, 2020 and are classified as current debt. There were no borrowings outstanding under the Variable Funding Notes as of December 28, 2019. Further, as of June 27, 2020 and December 28, 2019, $4.0 million of letters of credit were outstanding against the Variable Funding Notes, which relate primarily to interest reserves required under the base indenture and related supplemental indenture. There were no amounts drawn down on the letters of credit as of June 27, 2020 or December 28, 2019. During the first fiscal quarter of 2020, the Company had a leverage ratio under the Class A-2 Notes of less than 5.0x. Per the terms of the Company’s debt agreements, principal payments on the Class A-2 Notes are not due until the repayment date as long as the Company maintains a leverage ratio of less than 5.0x. As such, the Company ceased making principal payments beginning in the second quarter of 2020. Accordingly, the entire outstanding balance of the Class A-2 Notes has been classified as long-term debt. The Class A-2 Notes and the Variable Funding Notes were each issued in a securitization transaction pursuant to which certain of the Company’s domestic and foreign revenue-generating assets, consisting principally of franchise-related agreements and intellectual property, were contributed or otherwise transferred to the Issuer and certain other limited-purpose, bankruptcy-remote, wholly owned indirect subsidiaries of the Company that act as guarantors of the Notes and that have pledged substantially all of their assets. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 27, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesThe Company is subject to legal proceedings, claims, and liabilities, such as employment-related claims and premises-liability cases, which arise in the ordinary course of business and are generally covered by insurance. In the opinion of management, the amount of ultimate liability with respect to such actions is not likely to have a material adverse impact on the Company’s financial position, results of operations, or cash flows. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 27, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at the date of grant, based on the calculated fair value of the award, and is recognized as expense over the requisite employee service period (generally the vesting period of the award). The Company recognized $3.3 million in stock-based compensation expense for the twenty-six weeks ended June 27, 2020, with a corresponding increase to additional paid-in-capital. Stock-based compensation expense is included in selling, general and administrative expense in the Consolidated Statements of Operations. Stock Options The following table summarizes stock option activity (in thousands, except term and per share data): Stock Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Weighted Average Remaining Term Outstanding - December 28, 2019 134 $ 5.72 $ 10,801 3.8 Options granted 67 84.41 Options exercised (46) 12.12 Outstanding - June 27, 2020 155 $ 38.02 $ 15,086 5.6 The total grant-date fair value of stock options vested during the twenty-six weeks ended June 27, 2020 was $0.2 million. The total intrinsic value of stock options exercised during the twenty-six weeks ended June 27, 2020 was $2.8 million. As of June 27, 2020, total unrecognized compensation expense related to unvested stock options was $1.4 million, which is expected to be recognized over a weighted-average period of 2.7 years. During the twenty-six weeks ended June 27, 2020, there was a modification to certain awards resulting in additional compensation expense of $0.4 million. Restricted Stock Units and Performance Stock Units The following table summarizes activity related to restricted stock units (“RSUs”) and performance stock units (“PSUs”) (in thousands, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Performance Stock Units Weighted Average Grant Date Fair Value Outstanding - December 28, 2019 82 $ 52.73 169 $ 55.92 Units granted 24 87.72 43 84.37 Units vested (38) 44.57 (52) 41.54 Units canceled (11) 63.89 (8) 66.04 Outstanding - June 27, 2020 57 $ 70.82 152 $ 68.49 The fair value of the Company’s RSUs and PSUs is based on the closing market price of the stock on the date of grant. The RSUs granted during the twenty-six weeks ended June 27, 2020 vest over a three-year service period. As of June 27, 2020, total unrecognized compensation expense related to unvested RSUs was $3.4 million, which is expected to be recognized over a weighted-average period of 1.9 years. The Company granted 40,529 PSUs during the twenty-six weeks ended June 27, 2020 that are based on a service condition and a performance vesting condition based on the achievement of certain adjusted EBITDA targets over a performance period of three years. The maximum vesting percentage that could be realized for each of the PSUs is 250% based on the level of performance achieved for the respective awards, as well as a market vesting condition linked to the level of total stockholder return received by the Company’s stockholders during the performance period measured against the companies in the S&P 600 Restaurant Index (“TSR PSUs”). The TSR PSUs were valued based on a Monte Carlo simulation model to reflect the impact of the total stockholder return market condition, resulting in a grant-date fair value range of $0.00 to $157.96 per unit based on the |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 27, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment Transactions | Company-owned Restaurant Transactions During the Company’s fiscal quarter ended June 27, 2020, the Company sold two company-owned restaurants in the Houston market to an existing franchisee for proceeds of $2.3 million. In connection with the sale of the restaurants, the Company recorded a $2.0 million pre-tax gain on the sale of the related assets and liabilities, which was net of a $28,000 reduction in goodwill. The net gain on these restaurants was recorded in Selling, general and administrative expense on our Consolidated Statements of Operations. Subsequent to the end of the Company’s fiscal quarter ended June 27, 2020, the Company completed the sale of five company-owned restaurants in the Kansas City market to an existing franchisee for proceeds of $2.5 million. The total assets associated with these restaurants held for sale totaled $1.9 million and were included in Prepaid expenses and other current assets on the Consolidated Balance Sheet as of June 27, 2020. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers (Notes) | 6 Months Ended |
Jun. 27, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers The following table represents a disaggregation of revenue from contracts with customers for the thirteen and twenty-six weeks ended June 27, 2020 and June 29, 2019 (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Royalty revenue $ 25,447 $ 18,437 $ 46,755 $ 36,344 Advertising fees and related income 19,923 13,487 35,937 26,697 Franchise fees 881 939 1,763 2,521 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 27, 2020 | |
Accounting Policies [Abstract] | |
Fiscal Year End | The Company uses a 52/53-week fiscal year that ends on the last Saturday of the calendar year. Fiscal years 2020 and 2019 each have 52 weeks |
Recent Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"). ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including applicable interim periods. The Company is currently assessing the impact of adopting this standard but does not expect the adoption of this guidance to have a material impact on its consolidated financial statements. |
Segment Reporting | Segment ReportingHistorically, the Company had two reporting segments: franchise operations and company restaurant operations. In accordance with Accounting Standards Codification 280 “Segment Reporting”, the Company uses the management approach for determining its reportable segments. The management approach is based upon the way management reviews performance and allocates resources. Due to changes in how the Company’s chief operating decision maker assesses the Company’s performance and allocates resources, the Company reevaluated its operating segments and has determined it has one operating segment and one reporting segment. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents | Cash, cash equivalents, and restricted cash within the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows as of June 27, 2020 and December 28, 2019 were as follows (in thousands): June 27, 2020 December 28, 2019 Cash and cash equivalents $ 45,766 $ 12,849 Restricted cash 4,132 4,790 Restricted cash, included in Advertising fund assets, restricted 5,540 3,536 Total cash, cash equivalents, and restricted cash $ 55,438 $ 21,175 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Basic Shares Outstanding to Diluted Shares Outstanding | Basic weighted average shares outstanding is reconciled to diluted weighted average shares outstanding as follows (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, June 29, June 27, June 29, Basic weighted average shares outstanding 29,588 29,418 29,538 29,377 Dilutive shares 205 249 213 273 Diluted weighted average shares outstanding 29,793 29,667 29,751 29,650 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Measurements, Nonrecurring | Fair value of debt is determined on a non-recurring basis, which results are summarized as follows (in thousands): Fair Value Hierarchy June 27, 2020 December 28, 2019 Carrying Value Fair Value Carrying Value Fair Value Securitized Financing Facility: 2018-1 Class A-2 Senior Secured Notes (1) Level 2 $ 316,800 $ 314,395 $ 317,600 $ 331,247 2018-1 Class A-1 Variable Funding Senior Notes (2) Level 2 $ 16,000 $ 16,000 $ — $ — (1) The fair value of the 2018-1 Class A-2 Senior Secured Notes was estimated using available market information. (2) The fair value of the 2018-1 Class A-1 Variable Funding Senior Notes was estimated based on the borrowing rates currently available for variable rate loans obtained from third-party lending institutions and approximated the book value of such 2018-1 Class A-1 Variable Funding Senior Notes. |
Debt Obligations (Tables)
Debt Obligations (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following components (in thousands): June 27, 2020 December 28, 2019 2018-1 Class A-2 Senior Secured Notes $ 316,800 $ 317,600 2018-1 Class A-1 Variable Funding Senior Notes 16,000 — Debt issuance costs, net of amortization (5,954) (6,731) Total debt 326,846 310,869 Less: current portion of debt (16,000) (3,200) Long-term debt, net $ 310,846 $ 307,669 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table summarizes stock option activity (in thousands, except term and per share data): Stock Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Weighted Average Remaining Term Outstanding - December 28, 2019 134 $ 5.72 $ 10,801 3.8 Options granted 67 84.41 Options exercised (46) 12.12 Outstanding - June 27, 2020 155 $ 38.02 $ 15,086 5.6 |
Schedule of Unvested Restricted Stock Units Roll Forward | The following table summarizes activity related to restricted stock units (“RSUs”) and performance stock units (“PSUs”) (in thousands, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Performance Stock Units Weighted Average Grant Date Fair Value Outstanding - December 28, 2019 82 $ 52.73 169 $ 55.92 Units granted 24 87.72 43 84.37 Units vested (38) 44.57 (52) 41.54 Units canceled (11) 63.89 (8) 66.04 Outstanding - June 27, 2020 57 $ 70.82 152 $ 68.49 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 27, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following table represents a disaggregation of revenue from contracts with customers for the thirteen and twenty-six weeks ended June 27, 2020 and June 29, 2019 (in thousands): Thirteen Weeks Ended Twenty-Six Weeks Ended June 27, 2020 June 29, 2019 June 27, 2020 June 29, 2019 Royalty revenue $ 25,447 $ 18,437 $ 46,755 $ 36,344 Advertising fees and related income 19,923 13,487 35,937 26,697 Franchise fees 881 939 1,763 2,521 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | Dec. 28, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 66,105 | $ 48,562 | $ 121,541 | $ 96,615 | |
Advertising fees and related income | 19,923 | 13,487 | 35,937 | 26,697 | |
Contract with Customer, Portion of Liability not yet being Amortized | $ 8,300 | $ 8,300 | $ 8,300 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-27 | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 7 years 2 months 12 days | 7 years 2 months 12 days | |||
Franchise | Transferred over Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 881 | 939 | $ 1,763 | 2,521 | |
Franchise | Transferred at Point in Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Advertising fees and related income | 19,923 | 13,487 | 35,937 | 26,697 | |
Royalty | Transferred at Point in Time | |||||
Disaggregation of Revenue [Line Items] | |||||
Total revenue | $ 25,447 | $ 18,437 | $ 46,755 | $ 36,344 |
Basis of Presentation - Overvie
Basis of Presentation - Overview (Details) | Jun. 27, 2020restaurant |
Franchised Units | United States | |
Franchisor Disclosure [Line Items] | |
Number of Restaurants | 1,244 |
Franchised Units | Non-US | |
Franchisor Disclosure [Line Items] | |
Number of Restaurants | 162 |
Entity Operated Units | |
Franchisor Disclosure [Line Items] | |
Number of Restaurants | 30 |
Basis of Presentation - Cash, c
Basis of Presentation - Cash, cash equivalent, and restricted cash (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 | Jun. 29, 2019 | Dec. 29, 2018 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 45,766 | $ 12,849 | ||
Restricted cash | 4,132 | 4,790 | ||
Restricted cash, included in Advertising Fund assets, restricted | 5,540 | 3,536 | ||
Total cash, cash equivalents, and restricted cash | $ 55,438 | $ 21,175 | $ 23,207 | $ 20,940 |
Earnings per Share (Details)
Earnings per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Earnings Per Share [Abstract] | ||||
Basic weighted average shares outstanding | 29,588,000 | 29,418,000 | 29,538,000 | 29,377,000 |
Dilutive shares | 205,000 | 249,000 | 213,000 | 273,000 |
Diluted weighted average shares outstanding | 29,793,000 | 29,667,000 | 29,751,000 | 29,650,000 |
Antidilutive securities excluded from computation of earnings per share, amount | 1,000 | 6,000 | 1,000 | 18,000 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 28, 2020 | Jun. 27, 2020 | Mar. 28, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 |
Dividends Payable [Line Items] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.11 | $ 0.11 | $ 0.09 | $ 0.22 | $ 0.18 | |
Dividends paid | $ (6,500) | $ (5,229) | ||||
Subsequent Event | ||||||
Dividends Payable [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | |||||
Dividends Payable, Current | $ (4,100) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
2018-1 Class A-2 Senior Secured Notes | $ 316,800 | $ 317,600 | |
2018-1 Class A-1 Variable Funding Senior Notes | 16,000 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Payable, Fair Value Disclosure | [1] | 314,395 | 331,247 |
Lines of Credit, Fair Value Disclosure | [2] | $ 16,000 | $ 0 |
[1] | The fair value of the 2018-1 Class A-2 Senior Secured Notes was estimated using available market information. | ||
[2] | The fair value of the 2018-1 Class A-1 Variable Funding Senior Notes was estimated based on the borrowing rates currently available for variable rate loans obtained from third-party lending institutions and approximated the book value of such 2018-1 Class A-1 Variable Funding Senior Notes. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 27, 2020 | Jun. 29, 2019 | Jun. 27, 2020 | Jun. 29, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 3,784 | $ 1,070 | $ 5,014 | $ 1,825 |
Effective income tax rate | 24.70% | 17.90% | 20.30% | 13.70% |
Excess Tax Benefit from Share-based Compensation | $ 200 | $ 600 | $ 1,500 | $ 1,800 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Jun. 27, 2020 | Dec. 28, 2019 |
Long-term Debt, by Type Alternative [Abstract] | ||
2018-1 Class A-2 Senior Secured Notes | $ 316,800 | $ 317,600 |
2018-1 Class A-1 Variable Funding Senior Notes | 16,000 | 0 |
Debt issuance costs, net of amortization | (5,954) | (6,731) |
Total debt | 326,846 | 310,869 |
Less: current portion of debt | (16,000) | (3,200) |
Long-term debt, net | $ 310,846 | $ 307,669 |
Debt Obligations - Securitized
Debt Obligations - Securitized Financing Facility (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 27, 2020 | Dec. 28, 2019 | Nov. 14, 2018 | |
Debt Disclosure [Abstract] | |||
2018-1 Class A-2 Senior Secured Notes | $ 316,800 | $ 317,600 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.97% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||
2018-1 Class A-1 Variable Funding Senior Notes | 16,000 | 0 | |
Letters of Credit Outstanding, Amount | $ 4,000 | $ 4,000 | |
Debt, Weighted Average Interest Rate | 2.72% | ||
Debt Instrument, Covenant Description | 5.0 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 27, 2020 | Dec. 28, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock options outstanding, beginning of period (in shares) | 134 | |
Stock options granted (in shares) | 67 | |
Stock options exercised (in shares) | (46) | |
Stock options outstanding, end of period (in shares) | 155 | 134 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Stock options outstanding, weighted average exercise price, beginning of period (in usd per share) | $ 5.72 | |
Stock options granted, weighted average exercise price (in usd per share) | 84.41 | |
Stock options exercised, weighted average exercise price (in usd per share) | 12.12 | |
Stock options outstanding, weighted average exercise price, end of period (in usd per share) | $ 38.02 | $ 5.72 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Share-based Payment Award, Options, Aggregate Intrinsic Value | $ 15,086 | $ 10,801 |
Stock options outstanding, weighted average remaining term | 5 years 7 months 6 days | 3 years 9 months 18 days |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Plan (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 27, 2020USD ($) | Jun. 27, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date fair value of stock options, vested | $ 200 | |
Intrinsic value of stock options exercised | 2,800 | |
Stock-based compensation expense, unrecognized | $ 1,400 | $ 1,400 |
Award Modification, Incremental Compensation Cost | $ 400 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense, recognition period | 2 years 8 months 12 days | |
Additional Paid-In Capital | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 3,300 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 27, 2020USD ($)$ / sharesshares | Jun. 27, 2020USD ($)$ / sharesshares | |
Maximum | Market-based vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 250.00% | |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted stock units and performance stock units outstanding, beginning of period (in shares) | shares | 82,000 | |
Restricted stock units and performance stock units granted (in shares) | shares | 24,000 | |
Restricted stock units and performance stock units released (in shares) | shares | (38,000) | |
Restricted stock units and performance stock units canceled (in shares) | shares | (11,000) | |
Restricted stock units and performance stock units outstanding, end of period (in shares) | shares | 57,000 | 57,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock units and performance stock units outstanding, weighted average grant date fair value, beginning of period (in usd per share) | $ 52.73 | |
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | 87.72 | |
Restricted stock units and performance stock units released, weighted average grant date fair value (in usd per share) | 44.57 | |
Restricted stock units and performance stock units canceled, weighted average grant date fair value (in usd per share) | 63.89 | |
Restricted stock units and performance stock units outstanding, weighted average grant date fair value, end of period (in usd per share) | $ 70.82 | $ 70.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 3.4 | $ 3.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 10 months 24 days | |
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | $ 87.72 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted stock units and performance stock units outstanding, beginning of period (in shares) | shares | 169,000 | |
Restricted stock units and performance stock units granted (in shares) | shares | 43,000 | |
Restricted stock units and performance stock units released (in shares) | shares | (52,000) | |
Restricted stock units and performance stock units canceled (in shares) | shares | (8,000) | |
Restricted stock units and performance stock units outstanding, end of period (in shares) | shares | 152,000 | 152,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock units and performance stock units outstanding, weighted average grant date fair value, beginning of period (in usd per share) | $ 55.92 | |
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | 84.37 | |
Restricted stock units and performance stock units released, weighted average grant date fair value (in usd per share) | 41.54 | |
Restricted stock units and performance stock units canceled, weighted average grant date fair value (in usd per share) | 66.04 | |
Restricted stock units and performance stock units outstanding, weighted average grant date fair value, end of period (in usd per share) | $ 68.49 | $ 68.49 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 5.8 | $ 5.8 |
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | $ 84.37 | |
Performance Shares | Market-based vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Restricted stock units and performance stock units granted (in shares) | shares | 40,529 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Performance Shares | Minimum | Market-based vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | 0 | |
Performance Shares | Maximum | Market-based vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | 157.96 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Restricted stock units and performance stock units granted, weighted average grant date fair value (in usd per share) | $ 157.96 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details) $ in Thousands | Jul. 13, 2020USD ($)restaurant | Jun. 27, 2020USD ($) |
Property, Plant and Equipment [Line Items] | ||
Proceeds from Sale of Productive Assets | $ 2,300 | |
Goodwill, Written off Related to Sale of Business Unit | 28 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,000 | |
Subsequent Event | ||
Property, Plant and Equipment [Line Items] | ||
Proceeds from Sale of Productive Assets | $ 2,500 | |
Significant Changes, Franchises Sold | restaurant | 5 | |
Assets Held-for-sale, Not Part of Disposal Group, Current, Other | $ 1,900 |
Uncategorized Items - wing-2020
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ 154,000 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Retained Earnings (Accumulated Deficit) | us-gaap_RetainedEarningsAccumulatedDeficit | $ 154,000 |