| Financial Information by Operating Segment |
The tables below summarize the financial information concerning the Company’s reportable segments for fiscal 2023, 2022 and 2021. Intersegment revenues are comprised of sales of food, equipment and supplies from the supply chain segment to the Company-owned stores in the U.S. stores segment. Intersegment sales prices are market based. The “Other” column as it relates to Segment Income below primarily includes corporate administrative costs that are not allocable to a reportable segment, including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs.
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U.S.
Stores |
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Supply
Chain |
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International
Franchise |
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Intersegment
Revenues |
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Other |
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Total |
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Revenues |
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2023 |
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$ |
1,454,272 |
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$ |
2,829,224 |
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$ |
310,077 |
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$ |
(114,215 |
) |
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$ |
— |
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$ |
4,479,358 |
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2022 |
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1,487,409 |
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2,898,069 |
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295,007 |
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(143,327 |
) |
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— |
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4,537,158 |
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2021 |
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1,498,360 |
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2,699,863 |
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298,036 |
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(138,886 |
) |
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— |
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4,357,373 |
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Segment Income |
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2023 |
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$ |
520,977 |
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$ |
245,430 |
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$ |
259,608 |
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N/A |
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$ |
(86,894 |
) |
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$ |
939,121 |
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2022 |
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438,604 |
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208,799 |
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236,144 |
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N/A |
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(26,022 |
) |
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857,525 |
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2021 |
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454,875 |
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229,877 |
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241,873 |
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N/A |
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(42,926 |
) |
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883,699 |
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Capital Expenditures |
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2023 |
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$ |
11,942 |
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$ |
34,044 |
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$ |
93 |
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N/A |
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$ |
59,196 |
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$ |
105,275 |
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2022 |
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9,830 |
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34,625 |
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— |
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N/A |
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44,384 |
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88,839 |
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2021 |
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13,680 |
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37,063 |
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— |
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N/A |
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44,894 |
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95,637 |
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| Reconciliation of Total Segment Income to Consolidated Income Before Provision for Income Taxes |
The following table reconciles total Segment Income to income before provision for income taxes:
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2023 |
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2022 |
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2021 |
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Total Segment Income |
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$ |
939,121 |
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$ |
857,525 |
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$ |
883,699 |
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Depreciation and amortization |
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(80,640 |
) |
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(80,251 |
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(72,923 |
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Refranchising (loss) gain |
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(149 |
) |
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21,173 |
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— |
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Loss on sale/disposal of assets |
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(1,299 |
) |
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(1,813 |
) |
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(1,189 |
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Non-cash equity-based compensation expense |
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(37,514 |
) |
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(28,709 |
) |
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(28,670 |
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Recapitalization-related expenses |
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— |
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— |
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(509 |
) |
Income from operations |
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819,519 |
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767,925 |
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780,408 |
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Other income |
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17,713 |
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— |
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36,758 |
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Interest income |
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11,683 |
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3,162 |
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345 |
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Interest expense |
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(196,475 |
) |
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(198,254 |
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(191,806 |
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Income before provision for income taxes |
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$ |
652,440 |
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$ |
572,833 |
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$ |
625,705 |
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| Identifiable Asset Information |
The following table summarizes the Company’s identifiable asset information by reportable segment as of December 31, 2023 and January 1, 2023:
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December 31,
2023 |
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January 1,
2023 |
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U.S. stores |
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$ |
232,336 |
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$ |
288,149 |
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Supply chain |
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631,908 |
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614,168 |
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International franchise |
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37,981 |
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36,874 |
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Unallocated |
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772,674 |
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663,030 |
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Total assets |
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$ |
1,674,899 |
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$ |
1,602,221 |
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| Goodwill |
The following table summarizes the Company’s goodwill balance by reportable segment as of December 31, 2023 and January 1, 2023:
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December 31,
2023 |
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January 1,
2023 |
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U.S. stores |
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$ |
10,621 |
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$ |
10,696 |
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Supply chain |
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1,067 |
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1,067 |
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Consolidated goodwill |
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$ |
11,688 |
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$ |
11,763 |
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