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• | Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. |
• | Revolving Credit Borrowings. The fair value of outstanding revolving credit borrowings under the Company's senior credit facility, which is considered Level 2, is based on current LIBOR rates. The fair value and carrying value of the Company's senior credit facility were approximately $60.9 million at October 1, 2017 and $69.9 million at January 1, 2017. |
|
October 1, 2017 | January 1, 2017 | ||||||
Prepaid contract expenses | $ | 3,455 | $ | 2,089 | |||
Assets held for sale(1) | 2,705 | — | |||||
Other | 2,374 | 2,142 | |||||
$ | 8,534 | $ | 4,231 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 1, 2017 | October 2, 2016 | October 1, 2017 | October 2, 2016 | ||||||||||||
Pollo Tropical | $ | 13,729 | $ | 18,390 | $ | 56,336 | $ | 18,390 | |||||||
Taco Cabana | 2,176 | 123 | 2,745 | 217 | |||||||||||
$ | 15,905 | $ | 18,513 | $ | 59,081 | $ | 18,607 |
|
October 1, 2017 | January 1, 2017 | ||||||
Accrued workers' compensation and general liability claims | $ | 6,796 | $ | 4,838 | |||
Sales and property taxes | 2,134 | 1,844 | |||||
Accrued occupancy costs | 7,296 | 2,161 | |||||
Other | 4,890 | 2,473 | |||||
$ | 21,116 | $ | 11,316 |
October 1, 2017 | January 1, 2017 | ||||||
Accrued occupancy costs | $ | 21,551 | $ | 20,172 | |||
Deferred compensation | 992 | 2,027 | |||||
Accrued workers’ compensation and general liability claims | 4,028 | 4,030 | |||||
Other | 4,265 | 4,140 | |||||
$ | 30,836 | $ | 30,369 |
Nine Months Ended October 1, 2017 | Year Ended January 1, 2017 | ||||||
Balance, beginning of period | $ | 4,912 | $ | 1,832 | |||
Provisions for restaurant closures | 7,857 | 3,093 | |||||
Additional lease charges, net of (recoveries) | (1,616 | ) | (237 | ) | |||
Payments, net | (3,526 | ) | (806 | ) | |||
Other adjustments(1) | 5,507 | 1,030 | |||||
Balance, end of period | $ | 13,134 | $ | 4,912 |
|
• | The Company granted its Chief Executive Officer 72,290 restricted stock units, which vest in four tranches over a four year vesting period subject to continued service and attainment of specified share prices of the Company's Common Stock during 20 consecutive trading days at any point during each year. Each tranche vests by the end of a one year period if the specified target stock price condition for that year is met. If the specified target stock price condition for any tranche is not met for the year, the cumulative unearned units will be rolled over to subsequent tranches on a pro rata basis. The number of shares into which these restricted stock units convert ranges from no shares, if the service and market performance conditions are not met, to 72,290 shares, if the service and market performance conditions are met in the fourth year. The weighted average fair value at grant date for these restricted stock units was $12.90. |
• | The Company granted certain executives 19,881 restricted stock units which vest in three tranches over a three year vesting period subject to continued service and attainment of specified share price of the Company's Common Stock. The number of shares into which these restricted stock units convert ranges from no shares, if the service and market performance conditions are not met, to 19,881 shares, if the service and market performance conditions are met in the third year. |
Non-Vested Shares | Restricted Stock Units | ||||||||||||
Shares | Weighted Average Grant Date Price | Units | Weighted Average Grant Date Price | ||||||||||
Outstanding at January 1, 2017 | 129,352 | $ | 37.94 | 51,445 | $ | 46.59 | |||||||
Granted | 221,118 | 20.84 | 103,916 | 13.10 | |||||||||
Vested/Released | (89,739 | ) | 29.99 | (1,430 | ) | 51.51 | |||||||
Forfeited | (20,093 | ) | 32.16 | (8,647 | ) | 35.43 | |||||||
Outstanding at October 1, 2017 | 240,638 | $ | 24.82 | 145,284 | $ | 23.25 |
|
Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Restaurant sales | $ | 87,888 | $ | 70,212 | $ | — | $ | 158,100 | ||||||||
Franchise revenue | 396 | 195 | — | 591 | ||||||||||||
Cost of sales | 28,527 | 20,624 | — | 49,151 | ||||||||||||
Restaurant wages and related expenses | 21,208 | 23,441 | — | 44,649 | ||||||||||||
Restaurant rent expense | 4,655 | 4,449 | — | 9,104 | ||||||||||||
Other restaurant operating expenses | 13,034 | 11,822 | — | 24,856 | ||||||||||||
Advertising expense | 4,980 | 905 | — | 5,885 | ||||||||||||
General and administrative expense | 6,655 | 5,410 | — | 12,065 | ||||||||||||
Adjusted EBITDA | 9,396 | 3,776 | — | 13,172 | ||||||||||||
Depreciation and amortization | 5,187 | 3,296 | — | 8,483 | ||||||||||||
Capital expenditures | 6,302 | 5,471 | 613 | 12,386 | ||||||||||||
October 2, 2016: | ||||||||||||||||
Restaurant sales | $ | 103,353 | $ | 78,239 | $ | — | $ | 181,592 | ||||||||
Franchise revenue | 474 | 190 | — | 664 | ||||||||||||
Cost of sales | 32,565 | 22,161 | — | 54,726 | ||||||||||||
Restaurant wages and related expenses | 24,383 | 23,120 | — | 47,503 | ||||||||||||
Restaurant rent expense | 5,059 | 4,429 | — | 9,488 | ||||||||||||
Other restaurant operating expenses | 14,361 | 11,354 | — | 25,715 | ||||||||||||
Advertising expense | 5,026 | 2,480 | — | 7,506 | ||||||||||||
General and administrative expense | 9,091 | 5,355 | 74 | 14,520 | ||||||||||||
Adjusted EBITDA | 13,782 | 9,762 | — | 23,544 | ||||||||||||
Depreciation and amortization | 6,337 | 3,176 | — | 9,513 | ||||||||||||
Capital expenditures | 18,146 | 2,791 | (132 | ) | 20,805 |
Nine Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Restaurant sales | $ | 281,572 | $ | 223,510 | $ | — | $ | 505,082 | ||||||||
Franchise revenue | 1,272 | 568 | — | 1,840 | ||||||||||||
Cost of sales | 87,430 | 63,397 | — | 150,827 | ||||||||||||
Restaurant wages and related expenses | 66,945 | 72,105 | — | 139,050 | ||||||||||||
Restaurant rent expense | 14,502 | 13,379 | — | 27,881 | ||||||||||||
Other restaurant operating expenses | 39,353 | 34,207 | — | 73,560 | ||||||||||||
Advertising expense | 11,316 | 6,400 | — | 17,716 | ||||||||||||
General and administrative expense | 26,331 | 20,882 | — | 47,213 | ||||||||||||
Adjusted EBITDA | 41,257 | 17,252 | — | 58,509 | ||||||||||||
Depreciation and amortization | 16,705 | 9,560 | — | 26,265 | ||||||||||||
Capital expenditures | 23,208 | 13,487 | 1,844 | 38,539 | ||||||||||||
October 2, 2016: | ||||||||||||||||
Restaurant sales | $ | 304,138 | $ | 234,228 | $ | — | $ | 538,366 | ||||||||
Franchise revenue | 1,559 | 540 | — | 2,099 | ||||||||||||
Cost of sales | 96,435 | 66,948 | — | 163,383 | ||||||||||||
Restaurant wages and related expenses | 71,259 | 68,277 | — | 139,536 | ||||||||||||
Restaurant rent expense | 14,528 | 12,994 | — | 27,522 | ||||||||||||
Other restaurant operating expenses | 40,654 | 31,712 | — | 72,366 | ||||||||||||
Advertising expense | 12,473 | 9,034 | — | 21,507 | ||||||||||||
General and administrative expense | 25,619 | 16,180 | 822 | 42,621 | ||||||||||||
Adjusted EBITDA | 43,832 | 30,530 | — | 74,362 | ||||||||||||
Depreciation and amortization | 17,043 | 9,431 | — | 26,474 | ||||||||||||
Capital expenditures | 52,713 | 8,058 | 2,272 | 63,043 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
October 1, 2017 | $ | 234,433 | $ | 166,368 | $ | 16,996 | $ | 417,797 | ||||||||
January 1, 2017 | 263,868 | 165,195 | 12,502 | 441,565 |
Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Net income (loss) | $ | (8,257 | ) | |||||||||||||
Provision for (benefit from) income taxes | (4,827 | ) | ||||||||||||||
Income (loss) before taxes | $ | (10,816 | ) | $ | (2,268 | ) | $ | — | $ | (13,084 | ) | |||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 5,187 | 3,296 | — | 8,483 | ||||||||||||
Impairment and other lease charges | 13,729 | 2,176 | — | 15,905 | ||||||||||||
Interest expense | 329 | 343 | — | 672 | ||||||||||||
Other expense (income), net | 566 | (105 | ) | — | 461 | |||||||||||
Stock-based compensation expense in restaurant wages | (4 | ) | 13 | — | 9 | |||||||||||
Total Non-general and administrative expense adjustments | 19,807 | 5,723 | — | 25,530 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 587 | 351 | — | 938 | ||||||||||||
Board and shareholder matter costs | (89 | ) | (66 | ) | — | (155 | ) | |||||||||
Write-off of site development costs | 8 | — | — | 8 | ||||||||||||
Plan restructuring costs and retention bonuses | 51 | 36 | — | 87 | ||||||||||||
Office restructuring and relocation costs | (152 | ) | — | — | (152 | ) | ||||||||||
Total General and administrative expense adjustments | 405 | 321 | — | 726 | ||||||||||||
Adjusted EBITDA: | $ | 9,396 | $ | 3,776 | $ | — | $ | 13,172 | ||||||||
October 2, 2016: | ||||||||||||||||
Net income (loss) | $ | (4,531 | ) | |||||||||||||
Provision for (benefit from) income taxes | (2,748 | ) | ||||||||||||||
Income (loss) before taxes | $ | (13,070 | ) | $ | 5,865 | $ | (74 | ) | $ | (7,279 | ) | |||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 6,337 | 3,176 | — | 9,513 | ||||||||||||
Impairment and other lease charges | 18,390 | 123 | — | 18,513 | ||||||||||||
Interest expense | 229 | 313 | — | 542 | ||||||||||||
Stock-based compensation expense in restaurant wages | 18 | 17 | — | 35 | ||||||||||||
Total Non-general and administrative expense adjustments | 24,974 | 3,629 | — | 28,603 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 183 | 147 | — | 330 | ||||||||||||
Board and shareholder matter costs | 119 | 89 | 74 | 282 | ||||||||||||
Write-off of site development costs | 549 | 32 | — | 581 | ||||||||||||
Office restructuring and relocation costs | 193 | — | — | 193 | ||||||||||||
Legal settlements and related costs | 834 | — | — | 834 | ||||||||||||
Total General and administrative expense adjustments | 1,878 | 268 | 74 | 2,220 | ||||||||||||
Adjusted EBITDA: | $ | 13,782 | $ | 9,762 | $ | — | $ | 23,544 | ||||||||
Nine Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Net income (loss) | $ | (25,477 | ) | |||||||||||||
Provision for (benefit from) income taxes | (14,241 | ) | ||||||||||||||
Income (loss) before taxes | $ | (39,414 | ) | $ | (304 | ) | $ | — | $ | (39,718 | ) | |||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 16,705 | 9,560 | — | 26,265 | ||||||||||||
Impairment and other lease charges | 56,336 | 2,745 | — | 59,081 | ||||||||||||
Interest expense | 873 | 1,037 | — | 1,910 | ||||||||||||
Other expense (income), net | 1,454 | (195 | ) | — | 1,259 | |||||||||||
Stock-based compensation expense in restaurant wages | (4 | ) | 48 | — | 44 | |||||||||||
Unused pre-production costs in advertising expense | 322 | 88 | — | 410 | ||||||||||||
Total Non-general and administrative expense adjustments | 75,686 | 13,283 | — | 88,969 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 1,542 | 1,181 | — | 2,723 | ||||||||||||
Terminated capital project | 484 | 365 | — | 849 | ||||||||||||
Board and shareholder matter costs | 2,136 | 1,612 | — | 3,748 | ||||||||||||
Write-off of site development costs | 170 | 292 | — | 462 | ||||||||||||
Plan restructuring costs and retention bonuses | 1,278 | 823 | — | 2,101 | ||||||||||||
Office restructuring and relocation costs | (152 | ) | — | — | (152 | ) | ||||||||||
Legal settlements and related costs | (473 | ) | — | — | (473 | ) | ||||||||||
Total General and administrative expense adjustments | 4,985 | 4,273 | — | 9,258 | ||||||||||||
Adjusted EBITDA: | $ | 41,257 | $ | 17,252 | $ | — | $ | 58,509 | ||||||||
October 2, 2016: | ||||||||||||||||
Net income (loss) | $ | 14,280 | ||||||||||||||
Provision for (benefit from) income taxes | 8,065 | |||||||||||||||
Income (loss) before taxes | $ | 4,235 | $ | 18,932 | $ | (822 | ) | $ | 22,345 | |||||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 17,043 | 9,431 | — | 26,474 | ||||||||||||
Impairment and other lease charges | 18,390 | 217 | — | 18,607 | ||||||||||||
Interest expense | 708 | 927 | — | 1,635 | ||||||||||||
Other expense (income), net | (12 | ) | (226 | ) | — | (238 | ) | |||||||||
Stock-based compensation expense in restaurant wages | 56 | 55 | — | 111 | ||||||||||||
Total Non-general and administrative expense adjustments | 36,185 | 10,404 | — | 46,589 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 1,408 | 1,115 | — | 2,523 | ||||||||||||
Board and shareholder matter costs | 119 | 89 | 822 | 1,030 | ||||||||||||
Write-off of site development costs | 796 | 81 | — | 877 | ||||||||||||
Office restructuring and relocation costs | 539 | — | — | 539 | ||||||||||||
Legal settlements and related costs | 550 | (91 | ) | — | 459 | |||||||||||
Total General and administrative expense adjustments | 3,412 | 1,194 | 822 | 5,428 | ||||||||||||
Adjusted EBITDA: | $ | 43,832 | $ | 30,530 | $ | — | $ | 74,362 |
|
|
|
• | Current Assets and Liabilities. The carrying values reported on the balance sheet of cash, accounts receivable and accounts payable approximate fair value because of the short maturity of those financial instruments. |
|
October 1, 2017 | January 1, 2017 | ||||||
Prepaid contract expenses | $ | 3,455 | $ | 2,089 | |||
Assets held for sale(1) | 2,705 | — | |||||
Other | 2,374 | 2,142 | |||||
$ | 8,534 | $ | 4,231 |
|
Three Months Ended | Nine Months Ended | ||||||||||||||
October 1, 2017 | October 2, 2016 | October 1, 2017 | October 2, 2016 | ||||||||||||
Pollo Tropical | $ | 13,729 | $ | 18,390 | $ | 56,336 | $ | 18,390 | |||||||
Taco Cabana | 2,176 | 123 | 2,745 | 217 | |||||||||||
$ | 15,905 | $ | 18,513 | $ | 59,081 | $ | 18,607 |
|
October 1, 2017 | January 1, 2017 | ||||||
Accrued workers' compensation and general liability claims | $ | 6,796 | $ | 4,838 | |||
Sales and property taxes | 2,134 | 1,844 | |||||
Accrued occupancy costs | 7,296 | 2,161 | |||||
Other | 4,890 | 2,473 | |||||
$ | 21,116 | $ | 11,316 |
October 1, 2017 | January 1, 2017 | ||||||
Accrued occupancy costs | $ | 21,551 | $ | 20,172 | |||
Deferred compensation | 992 | 2,027 | |||||
Accrued workers’ compensation and general liability claims | 4,028 | 4,030 | |||||
Other | 4,265 | 4,140 | |||||
$ | 30,836 | $ | 30,369 |
Nine Months Ended October 1, 2017 | Year Ended January 1, 2017 | ||||||
Balance, beginning of period | $ | 4,912 | $ | 1,832 | |||
Provisions for restaurant closures | 7,857 | 3,093 | |||||
Additional lease charges, net of (recoveries) | (1,616 | ) | (237 | ) | |||
Payments, net | (3,526 | ) | (806 | ) | |||
Other adjustments(1) | 5,507 | 1,030 | |||||
Balance, end of period | $ | 13,134 | $ | 4,912 |
|
Non-Vested Shares | Restricted Stock Units | ||||||||||||
Shares | Weighted Average Grant Date Price | Units | Weighted Average Grant Date Price | ||||||||||
Outstanding at January 1, 2017 | 129,352 | $ | 37.94 | 51,445 | $ | 46.59 | |||||||
Granted | 221,118 | 20.84 | 103,916 | 13.10 | |||||||||
Vested/Released | (89,739 | ) | 29.99 | (1,430 | ) | 51.51 | |||||||
Forfeited | (20,093 | ) | 32.16 | (8,647 | ) | 35.43 | |||||||
Outstanding at October 1, 2017 | 240,638 | $ | 24.82 | 145,284 | $ | 23.25 |
Non-Vested Shares | Restricted Stock Units | ||||||||||||
Shares | Weighted Average Grant Date Price | Units | Weighted Average Grant Date Price | ||||||||||
Outstanding at January 1, 2017 | 129,352 | $ | 37.94 | 51,445 | $ | 46.59 | |||||||
Granted | 221,118 | 20.84 | 103,916 | 13.10 | |||||||||
Vested/Released | (89,739 | ) | 29.99 | (1,430 | ) | 51.51 | |||||||
Forfeited | (20,093 | ) | 32.16 | (8,647 | ) | 35.43 | |||||||
Outstanding at October 1, 2017 | 240,638 | $ | 24.82 | 145,284 | $ | 23.25 |
|
Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Restaurant sales | $ | 87,888 | $ | 70,212 | $ | — | $ | 158,100 | ||||||||
Franchise revenue | 396 | 195 | — | 591 | ||||||||||||
Cost of sales | 28,527 | 20,624 | — | 49,151 | ||||||||||||
Restaurant wages and related expenses | 21,208 | 23,441 | — | 44,649 | ||||||||||||
Restaurant rent expense | 4,655 | 4,449 | — | 9,104 | ||||||||||||
Other restaurant operating expenses | 13,034 | 11,822 | — | 24,856 | ||||||||||||
Advertising expense | 4,980 | 905 | — | 5,885 | ||||||||||||
General and administrative expense | 6,655 | 5,410 | — | 12,065 | ||||||||||||
Adjusted EBITDA | 9,396 | 3,776 | — | 13,172 | ||||||||||||
Depreciation and amortization | 5,187 | 3,296 | — | 8,483 | ||||||||||||
Capital expenditures | 6,302 | 5,471 | 613 | 12,386 | ||||||||||||
October 2, 2016: | ||||||||||||||||
Restaurant sales | $ | 103,353 | $ | 78,239 | $ | — | $ | 181,592 | ||||||||
Franchise revenue | 474 | 190 | — | 664 | ||||||||||||
Cost of sales | 32,565 | 22,161 | — | 54,726 | ||||||||||||
Restaurant wages and related expenses | 24,383 | 23,120 | — | 47,503 | ||||||||||||
Restaurant rent expense | 5,059 | 4,429 | — | 9,488 | ||||||||||||
Other restaurant operating expenses | 14,361 | 11,354 | — | 25,715 | ||||||||||||
Advertising expense | 5,026 | 2,480 | — | 7,506 | ||||||||||||
General and administrative expense | 9,091 | 5,355 | 74 | 14,520 | ||||||||||||
Adjusted EBITDA | 13,782 | 9,762 | — | 23,544 | ||||||||||||
Depreciation and amortization | 6,337 | 3,176 | — | 9,513 | ||||||||||||
Capital expenditures | 18,146 | 2,791 | (132 | ) | 20,805 |
Nine Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Restaurant sales | $ | 281,572 | $ | 223,510 | $ | — | $ | 505,082 | ||||||||
Franchise revenue | 1,272 | 568 | — | 1,840 | ||||||||||||
Cost of sales | 87,430 | 63,397 | — | 150,827 | ||||||||||||
Restaurant wages and related expenses | 66,945 | 72,105 | — | 139,050 | ||||||||||||
Restaurant rent expense | 14,502 | 13,379 | — | 27,881 | ||||||||||||
Other restaurant operating expenses | 39,353 | 34,207 | — | 73,560 | ||||||||||||
Advertising expense | 11,316 | 6,400 | — | 17,716 | ||||||||||||
General and administrative expense | 26,331 | 20,882 | — | 47,213 | ||||||||||||
Adjusted EBITDA | 41,257 | 17,252 | — | 58,509 | ||||||||||||
Depreciation and amortization | 16,705 | 9,560 | — | 26,265 | ||||||||||||
Capital expenditures | 23,208 | 13,487 | 1,844 | 38,539 | ||||||||||||
October 2, 2016: | ||||||||||||||||
Restaurant sales | $ | 304,138 | $ | 234,228 | $ | — | $ | 538,366 | ||||||||
Franchise revenue | 1,559 | 540 | — | 2,099 | ||||||||||||
Cost of sales | 96,435 | 66,948 | — | 163,383 | ||||||||||||
Restaurant wages and related expenses | 71,259 | 68,277 | — | 139,536 | ||||||||||||
Restaurant rent expense | 14,528 | 12,994 | — | 27,522 | ||||||||||||
Other restaurant operating expenses | 40,654 | 31,712 | — | 72,366 | ||||||||||||
Advertising expense | 12,473 | 9,034 | — | 21,507 | ||||||||||||
General and administrative expense | 25,619 | 16,180 | 822 | 42,621 | ||||||||||||
Adjusted EBITDA | 43,832 | 30,530 | — | 74,362 | ||||||||||||
Depreciation and amortization | 17,043 | 9,431 | — | 26,474 | ||||||||||||
Capital expenditures | 52,713 | 8,058 | 2,272 | 63,043 | ||||||||||||
Identifiable Assets: | ||||||||||||||||
October 1, 2017 | $ | 234,433 | $ | 166,368 | $ | 16,996 | $ | 417,797 | ||||||||
January 1, 2017 | 263,868 | 165,195 | 12,502 | 441,565 |
Three Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Net income (loss) | $ | (8,257 | ) | |||||||||||||
Provision for (benefit from) income taxes | (4,827 | ) | ||||||||||||||
Income (loss) before taxes | $ | (10,816 | ) | $ | (2,268 | ) | $ | — | $ | (13,084 | ) | |||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 5,187 | 3,296 | — | 8,483 | ||||||||||||
Impairment and other lease charges | 13,729 | 2,176 | — | 15,905 | ||||||||||||
Interest expense | 329 | 343 | — | 672 | ||||||||||||
Other expense (income), net | 566 | (105 | ) | — | 461 | |||||||||||
Stock-based compensation expense in restaurant wages | (4 | ) | 13 | — | 9 | |||||||||||
Total Non-general and administrative expense adjustments | 19,807 | 5,723 | — | 25,530 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 587 | 351 | — | 938 | ||||||||||||
Board and shareholder matter costs | (89 | ) | (66 | ) | — | (155 | ) | |||||||||
Write-off of site development costs | 8 | — | — | 8 | ||||||||||||
Plan restructuring costs and retention bonuses | 51 | 36 | — | 87 | ||||||||||||
Office restructuring and relocation costs | (152 | ) | — | — | (152 | ) | ||||||||||
Total General and administrative expense adjustments | 405 | 321 | — | 726 | ||||||||||||
Adjusted EBITDA: | $ | 9,396 | $ | 3,776 | $ | — | $ | 13,172 | ||||||||
October 2, 2016: | ||||||||||||||||
Net income (loss) | $ | (4,531 | ) | |||||||||||||
Provision for (benefit from) income taxes | (2,748 | ) | ||||||||||||||
Income (loss) before taxes | $ | (13,070 | ) | $ | 5,865 | $ | (74 | ) | $ | (7,279 | ) | |||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 6,337 | 3,176 | — | 9,513 | ||||||||||||
Impairment and other lease charges | 18,390 | 123 | — | 18,513 | ||||||||||||
Interest expense | 229 | 313 | — | 542 | ||||||||||||
Stock-based compensation expense in restaurant wages | 18 | 17 | — | 35 | ||||||||||||
Total Non-general and administrative expense adjustments | 24,974 | 3,629 | — | 28,603 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 183 | 147 | — | 330 | ||||||||||||
Board and shareholder matter costs | 119 | 89 | 74 | 282 | ||||||||||||
Write-off of site development costs | 549 | 32 | — | 581 | ||||||||||||
Office restructuring and relocation costs | 193 | — | — | 193 | ||||||||||||
Legal settlements and related costs | 834 | — | — | 834 | ||||||||||||
Total General and administrative expense adjustments | 1,878 | 268 | 74 | 2,220 | ||||||||||||
Adjusted EBITDA: | $ | 13,782 | $ | 9,762 | $ | — | $ | 23,544 | ||||||||
Nine Months Ended | Pollo Tropical | Taco Cabana | Other | Consolidated | ||||||||||||
October 1, 2017: | ||||||||||||||||
Net income (loss) | $ | (25,477 | ) | |||||||||||||
Provision for (benefit from) income taxes | (14,241 | ) | ||||||||||||||
Income (loss) before taxes | $ | (39,414 | ) | $ | (304 | ) | $ | — | $ | (39,718 | ) | |||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 16,705 | 9,560 | — | 26,265 | ||||||||||||
Impairment and other lease charges | 56,336 | 2,745 | — | 59,081 | ||||||||||||
Interest expense | 873 | 1,037 | — | 1,910 | ||||||||||||
Other expense (income), net | 1,454 | (195 | ) | — | 1,259 | |||||||||||
Stock-based compensation expense in restaurant wages | (4 | ) | 48 | — | 44 | |||||||||||
Unused pre-production costs in advertising expense | 322 | 88 | — | 410 | ||||||||||||
Total Non-general and administrative expense adjustments | 75,686 | 13,283 | — | 88,969 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 1,542 | 1,181 | — | 2,723 | ||||||||||||
Terminated capital project | 484 | 365 | — | 849 | ||||||||||||
Board and shareholder matter costs | 2,136 | 1,612 | — | 3,748 | ||||||||||||
Write-off of site development costs | 170 | 292 | — | 462 | ||||||||||||
Plan restructuring costs and retention bonuses | 1,278 | 823 | — | 2,101 | ||||||||||||
Office restructuring and relocation costs | (152 | ) | — | — | (152 | ) | ||||||||||
Legal settlements and related costs | (473 | ) | — | — | (473 | ) | ||||||||||
Total General and administrative expense adjustments | 4,985 | 4,273 | — | 9,258 | ||||||||||||
Adjusted EBITDA: | $ | 41,257 | $ | 17,252 | $ | — | $ | 58,509 | ||||||||
October 2, 2016: | ||||||||||||||||
Net income (loss) | $ | 14,280 | ||||||||||||||
Provision for (benefit from) income taxes | 8,065 | |||||||||||||||
Income (loss) before taxes | $ | 4,235 | $ | 18,932 | $ | (822 | ) | $ | 22,345 | |||||||
Add: | ||||||||||||||||
Non-general and administrative expense adjustments: | ||||||||||||||||
Depreciation and amortization | 17,043 | 9,431 | — | 26,474 | ||||||||||||
Impairment and other lease charges | 18,390 | 217 | — | 18,607 | ||||||||||||
Interest expense | 708 | 927 | — | 1,635 | ||||||||||||
Other expense (income), net | (12 | ) | (226 | ) | — | (238 | ) | |||||||||
Stock-based compensation expense in restaurant wages | 56 | 55 | — | 111 | ||||||||||||
Total Non-general and administrative expense adjustments | 36,185 | 10,404 | — | 46,589 | ||||||||||||
General and administrative expense adjustments: | ||||||||||||||||
Stock-based compensation expense | 1,408 | 1,115 | — | 2,523 | ||||||||||||
Board and shareholder matter costs | 119 | 89 | 822 | 1,030 | ||||||||||||
Write-off of site development costs | 796 | 81 | — | 877 | ||||||||||||
Office restructuring and relocation costs | 539 | — | — | 539 | ||||||||||||
Legal settlements and related costs | 550 | (91 | ) | — | 459 | |||||||||||
Total General and administrative expense adjustments | 3,412 | 1,194 | 822 | 5,428 | ||||||||||||
Adjusted EBITDA: | $ | 43,832 | $ | 30,530 | $ | — | $ | 74,362 |
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