Income Taxes (Tables)
|
12 Months Ended |
Dec. 27, 2020 |
Income Tax Disclosure [Abstract] |
|
Schedule of Income (Loss) Before Income Taxes |
Income (loss) before income taxes for the Company’s domestic and foreign operations was as follows (in thousands):
|
|
Fiscal Year |
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
Domestic operations |
|
$ |
(72,708 |
) |
|
$ |
(9,790 |
) |
|
$ |
(11,381 |
) |
Foreign operations |
|
|
— |
|
|
|
395 |
|
|
|
637 |
|
Total |
|
$ |
(72,208 |
) |
|
$ |
(9,395 |
) |
|
$ |
(10,744 |
) |
|
Components of Income Tax Expense (Benefit) |
Income tax expense (benefit) consisted of the following (in thousands):
|
|
Fiscal Year |
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
Federal: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
(6,739 |
) |
|
$ |
159 |
|
|
$ |
(339 |
) |
Deferred |
|
|
13 |
|
|
|
9,379 |
|
|
|
(1,644 |
) |
|
|
|
(6,726 |
) |
|
|
9,538 |
|
|
|
(1,983 |
) |
State and Local: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
185 |
|
|
|
227 |
|
|
|
73 |
|
Deferred |
|
|
5 |
|
|
|
4,425 |
|
|
|
(305 |
) |
|
|
|
190 |
|
|
|
4,652 |
|
|
|
(232 |
) |
Foreign: |
|
|
|
|
|
|
|
|
|
|
|
|
Current |
|
|
— |
|
|
|
— |
|
|
|
20 |
|
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
Income tax expense (benefit) |
|
$ |
(6,536 |
) |
|
$ |
14,190 |
|
|
$ |
(2,195 |
) |
|
Reconciliation of Differences Between Federal Statutory and Effective Income (Loss) Tax Rate |
Income tax expense (benefit) differed from the amounts computed by applying the U.S. federal income tax rates to income (loss) before income taxes as a result of the following (in thousands):
|
|
Fiscal Year |
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
U.S. federal statutory tax |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
Computed “expected” tax benefit |
|
$ |
(15,164 |
) |
|
$ |
(1,973 |
) |
|
$ |
(2,256 |
) |
Increase (reduction) resulting from: |
|
|
|
|
|
|
|
|
|
|
|
|
Valuation allowance |
|
|
14,265 |
|
|
|
16,116 |
|
|
|
- |
|
Rate change impact of net operating loss carryback |
|
|
(2,592 |
) |
|
|
- |
|
|
|
- |
|
Minority interest |
|
|
74 |
|
|
|
(107 |
) |
|
|
(87 |
) |
Permanent differences |
|
|
99 |
|
|
|
425 |
|
|
|
220 |
|
State and local income taxes, net of federal income tax effect |
|
|
(3,338 |
) |
|
|
(361 |
) |
|
|
(436 |
) |
FICA and other tax credits |
|
|
(248 |
) |
|
|
(504 |
) |
|
|
(522 |
) |
Equity compensation |
|
|
477 |
|
|
|
577 |
|
|
|
1,089 |
|
Other |
|
|
(109 |
) |
|
|
(106 |
) |
|
|
(252 |
) |
Tax rate change |
|
|
— |
|
|
|
123 |
|
|
|
49 |
|
|
|
$ |
(6,536 |
) |
|
$ |
14,190 |
|
|
$ |
(2,195 |
) |
|
Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities reflected in the consolidated balance sheets are presented below (in thousands):
|
|
December 27, |
|
|
December 29, |
|
|
|
2020 |
|
|
2019 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
14,364 |
|
|
$ |
3,721 |
|
Accrued liabilities |
|
|
2,152 |
|
|
|
848 |
|
Deferred revenue |
|
|
573 |
|
|
|
423 |
|
Stock-based compensation |
|
|
1,993 |
|
|
|
2,516 |
|
Property and equipment |
|
|
3,505 |
|
|
|
4,568 |
|
Operating lease liabilities |
|
|
59,230 |
|
|
|
62,313 |
|
Tax credits and other carryforwards |
|
|
2,319 |
|
|
|
1,538 |
|
Gross deferred tax assets |
|
|
84,136 |
|
|
|
75,927 |
|
Valuation allowance |
|
|
(30,381 |
) |
|
|
(16,116 |
) |
Net deferred tax assets |
|
|
53,755 |
|
|
|
59,811 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Prepaids |
|
|
(285 |
) |
|
|
(492 |
) |
Right-of-use asset for operating leases |
|
|
(51,637 |
) |
|
|
(57,717 |
) |
Intangible assets |
|
|
(1,249 |
) |
|
|
(1,162 |
) |
Smallwares |
|
|
(482 |
) |
|
|
(533 |
) |
Other |
|
|
(348 |
) |
|
|
(134 |
) |
Total deferred tax liabilities |
|
|
(54,001 |
) |
|
|
(60,038 |
) |
Net deferred tax liabilities |
|
$ |
(246 |
) |
|
$ |
(227 |
) |
|