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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Oct. 01, 2024
Oct. 03, 2023
Cash flows from operating activities:    
Net income $ 21,953 $ 11,609
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 54,229 53,199
Non-cash lease expense 23,899 24,753
Amortization of financing costs 163 163
Deferred income taxes (4,958) (3,998)
Stock-based compensation expense 6,156 8,089
Loss on disposal and impairment of assets, net 3,041 4,706
Equity method investment 381 129
Changes in assets and liabilities:    
Accounts and other receivables 2,816 12,658
Inventories, net 801 (2,097)
Prepaid expenses and other current assets 3,512 (152)
Other assets, net (4,189) (2,091)
Accounts payable (9,383) (4,619)
Accrued expenses 1,343 4,344
Operating lease obligations (32,941) (33,099)
Other liabilities 3,019 17
Net cash provided by operating activities 69,842 73,611
Cash flows from investing activities:    
Purchases of property and equipment (61,028) (81,968)
Proceeds from sale of assets   4
Net cash used in investing activities (61,028) (81,964)
Cash flows from financing activities:    
Borrowings on line of credit 646,100 534,000
Payments on line of credit (647,600) (534,000)
Taxes paid on vested stock units under employee plans (1,036) (500)
Proceeds from exercise of stock options 168 271
Cash dividends accrued under stock compensation plans (11) (26)
Repurchase of common stock (17,083) (4,300)
Net cash used in financing activities (19,462) (4,555)
Net decrease in cash and cash equivalents (10,648) (12,908)
Cash and cash equivalents, beginning of period 29,070 24,873
Cash and cash equivalents, end of period 18,422 11,965
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 4,723 406
Cash paid for interest, net of capitalized interest 3,420 2,538
Cash paid for operating lease obligations 46,826 47,609
Supplemental disclosure of non-cash investing and financing activities:    
Operating lease assets obtained in exchange for operating lease obligations 15,990 14,730
Property and equipment acquired and included in accounts payable 6,314 9,301
Stock-based compensation capitalized [1] $ 255 $ 285
[1] Capitalized stock-based compensation relates to our restaurant development personnel and is included in “Property and equipment, net” on the Consolidated Balance Sheets.