RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

12 Months Ended

Dec. 27, 2023

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

In connection with the preparation of the Company's Consolidated Financial Statements as of and for the fiscal year ended December 27, 2023, the Company discovered that in prior years it had not appropriately accounted for the deferred tax asset associated with its investment in SSE Holdings, primarily due to incorrect accounting for state tax depreciation. The error resulted in an overstatement of income tax expense of approximately $2,862 for the fiscal year ended December 28, 2022 and an understatement of income tax benefit of $4,094 for the fiscal year ended December 29, 2021 and deferred tax assets were

understated for the impacted periods. The error also resulted in an understatement of retained earnings and deferred tax assets as of December 26, 2020 of approximately $10,094 related to prior periods. The error did not impact total revenue or loss before income taxes for the fiscal years ended December 28, 2022 and December 29, 2021.

The misstatements were material to the previously issued financial statements of the Company and as a result, the Company has restated its Consolidated Balance Sheets, Consolidated Statements of Loss, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Stockholder's Equity, and Consolidated Statements of Cash Flows as of and for the fiscal years ended December 28, 2022 and December 29, 2021 presented herein. The restatement includes adjustments to Deferred income taxes, net, Additional paid-in capital, Retained earnings (accumulated deficit), Income tax expense (benefit), Net income (loss), Net income (loss) attributable to Shake Shack Inc., and Earnings (loss) per share.

The impact of the correction of the misstatements is summarized below:


	As of December 28, 2022						As of December 29, 2021
CORRECTED CONSOLIDATED BALANCE SHEETS	As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
Deferred income taxes, net	$	300,538	$	17,088	$	317,626	$	298,668	$	14,205	$	312,873
Total assets	1,494,862		17,088		1,511,950		1,457,570		14,205		1,471,775
Additional paid-in capital	415,611		38		415,649		405,940		17		405,957
Retained earnings (accumulated deficit)	(20,537)		17,050		(3,487)		3,554		14,188		17,742
Total equity	419,748		17,088		436,836		435,600		14,205		449,805
Total liabilities and stockholders' equity	1,494,862		17,088		1,511,950		1,457,570		14,205		1,471,775


	For the Fiscal Year Ended December 28, 2022						For the Fiscal Year Ended December 29, 2021
CORRECTED CONSOLIDATED STATEMENTS OF LOSS	As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
Income tax expense (benefit)	$	1,682	$	(2,862)	$	(1,180)	$	(7,224)	$	(4,094)	$	(11,318)
Net loss	(25,967)		2,862		(23,105)		(10,111)		4,094		(6,017)
Net loss attributable to Shake Shack Inc.	(24,091)		2,862		(21,229)		(8,655)		4,094		(4,561)
Loss per share of Class A common stock:
Basic	$	(0.61)	$	0.07	$	(0.54)	$	(0.22)	$	0.10	$	(0.12)
Diluted	$	(0.61)	$	0.07	$	(0.54)	$	(0.22)	$	0.10	$	(0.12)


	For the Fiscal Year Ended December 28, 2022						For the Fiscal Year Ended December 29, 2021
CORRECTED CONSOLIDATED STATEMENTS OF CASH FLOWS	As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
Net income (loss) (including amounts attributable to non-controlling interests)	$	(25,967)	$	2,862	$	(23,105)	$	(10,111)	$	4,094	$	(6,017)
Deferred income taxes	(3,357)		(1,657)		(5,014)		(10,379)		(4,094)		(14,473)
Accrued expenses	4,707		(1,205)		3,502		7,175		—		7,175
Net cash provided by Operating activities	76,742		—		76,742		58,404		—		58,404


	Additional Paid-In Capital						Retained Earnings (Accumulated Deficit)
CORRECTED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
BALANCE AT DECEMBER 30, 2020	$	395,067	$	—	$	395,067	$	12,209	$	10,094	$	22,303
Net loss	—		—		—		(8,655)		4,094		(4,561)
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	208		17		225		—		—		—
BALANCE AT DECEMBER 29, 2021	405,940		17		405,957		3,554		14,188		17,742
Net loss	—		—		—		(24,091)		2,862		(21,229)
Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	(1,182)		21		(1,161)		—		—		—
BALANCE AT DECEMBER 28, 2022	$	415,611	$	38	$	415,649	$	(20,537)	$	17,050	$	(3,487)

All referenced amounts for prior periods in these financial statements and the notes herein reflect the balances and amounts on a restated basis.

Restatement of Interim Financial Information (Unaudited)

The Company has restated its unaudited Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Stockholder's Equity for the quarterly periods ended March 30, 2022, June 29, 2022, September 28, 2022, March 29, 2023, June 28, 2023 and September 27, 2023. The Condensed Consolidated Statements of Income (Loss) and Condensed Consolidated Statements of Cash Flows for the periods ended March 30, 2022, June 29, 2022, September 28, 2022, March 29, 2023, June 28, 2023 and September 27, 2023 were not impacted by the misstatement.


		As of March 29, 2023						As of March 30, 2022
CORRECTED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)		As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
ASSETS
Current assets:
	Cash and cash equivalents	$	293,430	$	—	$	293,430	$	279,251	$	—	$	279,251
	Marketable securities	—		—		—		79,676		—		79,676
	Accounts receivable, net	14,175		—		14,175		11,755		—		11,755
	Inventories	4,394		—		4,394		3,780		—		3,780
	Prepaid expenses and other current assets	18,075		—		18,075		12,155		—		12,155
	Total current assets	330,074		—		330,074		386,617		—		386,617
Property and equipment, net of accumulated depreciation of $310,939 and $236,933, respectively		479,617		—		479,617		398,971		—		398,971
Operating lease assets		379,475		—		379,475		346,128		—		346,128
Deferred income taxes, net		301,538		17,088		318,626		304,166		14,205		318,371
Other assets		16,211		—		16,211		13,846		—		13,846
TOTAL ASSETS		$	1,506,915	$	17,088	$	1,524,003	$	1,449,728	$	14,205	$	1,463,933
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable	$	16,002	$	—	$	16,002	$	13,395	$	—	$	13,395
	Accrued expenses	45,677		—		45,677		38,997		—		38,997
	Accrued wages and related liabilities	18,678		—		18,678		16,032		—		16,032
	Operating lease liabilities, current	44,578		—		44,578		36,951		—		36,951
	Other current liabilities	18,117		—		18,117		20,586		—		20,586
	Total current liabilities	143,052		—		143,052		125,961		—		125,961
Long-term debt		244,851		—		244,851		243,804		—		243,804
Long-term operating lease liabilities		441,554		—		441,554		399,487		—		399,487
Liabilities under tax receivable agreement, net of current portion		235,361		—		235,361		234,273		—		234,273
Other long-term liabilities		22,192		—		22,192		20,944		—		20,944
Total liabilities		1,087,010		—		1,087,010		1,024,469		—		1,024,469
Commitments and contingencies
Stockholders' equity:
	Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of March 29, 2023 and March 30, 2022.	—		—		—		—		—		—
	Class A common stock, $0.001 par value—200,000,000 shares authorized; 39,404,905 and 39,218,290 shares issued and outstanding as of March 29, 2023 and March 30, 2022, respectively.	39		—		39		39		—		39
	Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,844,513 and 2,911,587 shares issued and outstanding as of March 29, 2023 and March 30, 2022, respectively.	3		—		3		3		—		3
	Additional paid-in capital	417,451		38		417,489		406,981		17		406,998
	Retained earnings (accumulated deficit)	(22,071)		17,050		(5,021)		(6,608)		14,188		7,580
	Accumulated other comprehensive loss	(4)		—		(4)		—		—		—
	Total stockholders' equity attributable to Shake Shack Inc.	395,418		17,088		412,506		400,415		14,205		414,620
Non-controlling interests		24,487		—		24,487		24,844		—		24,844
Total equity		419,905		17,088		436,993		425,259		14,205		439,464
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	1,506,915	$	17,088	$	1,524,003	$	1,449,728	$	14,205	$	1,463,933


		As of June 28, 2023						As of June 29, 2022
CORRECTED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)		As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
ASSETS
Current assets:
	Cash and cash equivalents	$	203,697	$	—	$	203,697	$	278,332	$	—	$	278,332
	Marketable securities	91,537		—		91,537		79,625		—		79,625
	Accounts receivable, net	14,332		—		14,332		11,936		—		11,936
	Inventories	4,674		—		4,674		3,955		—		3,955
	Prepaid expenses and other current assets	15,278		—		15,278		13,727		—		13,727
	Total current assets	329,518		—		329,518		387,575		—		387,575
Property and equipment, net of accumulated depreciation of $331,571 and $254,291, respectively		500,085		—		500,085		411,018		—		411,018
Operating lease assets		385,386		—		385,386		361,522		—		361,522
Deferred income taxes, net		302,025		17,088		319,113		305,230		14,205		319,435
Other assets		15,802		—		15,802		14,735		—		14,735
TOTAL ASSETS		$	1,532,816	$	17,088	$	1,549,904	$	1,480,080	$	14,205	$	1,494,285
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable	$	17,005	$	—	$	17,005	$	16,420	$	—	$	16,420
	Accrued expenses	50,588		—		50,588		40,013		—		40,013
	Accrued wages and related liabilities	18,221		—		18,221		18,440		—		18,440
	Operating lease liabilities, current	46,490		—		46,490		38,775		—		38,775
	Other current liabilities	17,881		—		17,881		20,261		—		20,261
	Total current liabilities	150,185		—		150,185		133,909		—		133,909
Long-term debt		245,113		—		245,113		244,066		—		244,066
Long-term operating lease liabilities		448,580		—		448,580		418,010		—		418,010
Liabilities under tax receivable agreement, net of current portion		235,361		—		235,361		234,862		—		234,862
Other long-term liabilities		22,218		—		22,218		21,597		—		21,597
Total liabilities		1,101,457		—		1,101,457		1,052,444		—		1,052,444
Commitments and contingencies
Stockholders' equity:
	Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of June 28, 2023 and June 29, 2022.	—		—		—		—		—		—
	Class A common stock, $0.001 par value—200,000,000 shares authorized; 39,449,246 and 39,266,670 shares issued and outstanding as of June 28, 2023 and June 29, 2022, respectively.	39		—		39		39		—		39
	Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,844,513 and 2,871,513 shares issued and outstanding as of June 28, 2023 and June 29, 2022, respectively.	3		—		3		3		—		3
	Additional paid-in capital	421,356		38		421,394		410,520		17		410,537
	Retained earnings (accumulated deficit)	(15,123)		17,050		1,927		(7,796)		14,188		6,392
	Accumulated other comprehensive loss	(4)		—		(4)		(1)		—		(1)
	Total stockholders' equity attributable to Shake Shack Inc.	406,271		17,088		423,359		402,765		14,205		416,970
Non-controlling interests		25,088		—		25,088		24,871		—		24,871
Total equity		431,359		17,088		448,447		427,636		14,205		441,841
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	1,532,816	$	17,088	$	1,549,904	$	1,480,080	$	14,205	$	1,494,285


		As of September 27, 2023						As of September 28, 2022
CORRECTED CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)		As previously reported		Impact of Adjustment		As Restated		As previously reported		Impact of Adjustment		As Restated
ASSETS
Current assets:
	Cash and cash equivalents	$	190,020	$	—	$	190,020	$	256,998	$	—	$	256,998
	Marketable securities	94,957		—		94,957		80,015		—		80,015
	Accounts receivable, net	13,889		—		13,889		11,800		—		11,800
	Inventories	4,608		—		4,608		3,996		—		3,996
	Prepaid expenses and other current assets	19,762		—		19,762		14,246		—		14,246
	Total current assets	323,236		—		323,236		367,055		—		367,055
Property and equipment, net of accumulated depreciation of $353,303 and $271,938, respectively		525,557		—		525,557		441,870		—		441,870
Operating lease assets		397,870		—		397,870		370,536		—		370,536
Deferred income taxes, net		302,156		17,088		319,244		306,976		14,205		321,181
Other assets		16,037		—		16,037		15,330		—		15,330
TOTAL ASSETS		$	1,564,856	$	17,088	$	1,581,944	$	1,501,767	$	14,205	$	1,515,972
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Accounts payable	$	21,251	$	—	$	21,251	$	17,210	$	—	$	17,210
	Accrued expenses	47,630		—		47,630		49,387		—		49,387
	Accrued wages and related liabilities	18,164		—		18,164		17,758		—		17,758
	Operating lease liabilities, current	47,610		—		47,610		40,690		—		40,690
	Other current liabilities	17,522		—		17,522		19,497		—		19,497
	Total current liabilities	152,177		—		152,177		144,542		—		144,542
Long-term debt		245,375		—		245,375		244,328		—		244,328
Long-term operating lease liabilities		463,370		—		463,370		429,165		—		429,165
Liabilities under tax receivable agreement, net of current portion		235,614		—		235,614		234,892		—		234,892
Other long-term liabilities		26,322		—		26,322		20,588		—		20,588
Total liabilities		1,122,858		—		1,122,858		1,073,515		—		1,073,515
Commitments and contingencies
Stockholders' equity:
	Preferred stock, no par value—10,000,000 shares authorized; none issued and outstanding as of September 27, 2023 and September 28, 2022.	—		—		—		—		—		—
	Class A common stock, $0.001 par value—200,000,000 shares authorized; 39,466,268 and 39,279,699 shares issued and outstanding as of September 27, 2023 and September 28, 2022, respectively.	39		—		39		39		—		39
	Class B common stock, $0.001 par value—35,000,000 shares authorized; 2,834,513 and 2,869,513 shares issued and outstanding as of September 27, 2023 and September 28, 2022, respectively.	3		—		3		3		—		3
	Additional paid-in capital	423,811		38		423,849		413,274		17		413,291
	Retained earnings (accumulated deficit)	(7,496)		17,050		9,554		(9,820)		14,188		4,368
	Accumulated other comprehensive loss	(3)		—		(3)		(1)		—		(1)
	Total stockholders' equity attributable to Shake Shack Inc.	416,354		17,088		433,442		403,495		14,205		417,700
Non-controlling interests		25,644		—		25,644		24,757		—		24,757
Total equity		441,998		17,088		459,086		428,252		14,205		442,457
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	1,564,856	$	17,088	$	1,581,944	$	1,501,767	$	14,205	$	1,515,972


		Thirteen Weeks Ended
CONDENSED CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)			March 29 2023		March 30 2022
Shack sales			$	244,254	$	196,791
Licensing revenue			9,024		6,600
TOTAL REVENUE			253,278		203,391
Shack-level operating expenses:
	Food and paper costs		71,772		59,884
	Labor and related expenses		74,264		60,465
	Other operating expenses		34,936		30,171
	Occupancy and related expenses		18,583		16,276
General and administrative expenses			31,311		31,386
Depreciation and amortization expense			21,322		16,855
Pre-opening costs			3,557		2,712
Impairment and loss on disposal of assets			722		577
TOTAL EXPENSES			256,467		218,326
LOSS FROM OPERATIONS			(3,189)		(14,935)
Other income (expense), net			2,837		(289)
Interest expense			(403)		(355)
LOSS BEFORE INCOME TAXES			(755)		(15,579)
Income tax expense (benefit)			867		(4,297)
NET LOSS			(1,622)		(11,282)
Less: Net loss attributable to non-controlling interests			(88)		(1,120)
NET LOSS ATTRIBUTABLE TO SHAKE SHACK INC.			$	(1,534)	$	(10,162)
Loss per share of Class A common stock:
	Basic		$	(0.04)	$	(0.26)
	Diluted		$	(0.04)	$	(0.26)
Weighted average shares of Class A common stock outstanding:
	Basic		39,332		39,163
	Diluted		39,332		39,163


		Thirteen Weeks Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)		June 28 2023		June 29 2022
Shack sales		$	261,810	$	223,054
Licensing revenue		9,995		7,698
TOTAL REVENUE		271,805		230,752
Shack-level operating expenses:
	Food and paper costs	75,800		65,987
	Labor and related expenses	75,158		65,851
	Other operating expenses	36,109		32,151
	Occupancy and related expenses	19,801		16,657
General and administrative expenses		31,476		29,487
Depreciation and amortization expense		22,252		18,087
Pre-opening costs		5,577		2,823
Impairment and loss on disposal of assets		884		528
TOTAL EXPENSES		267,057		231,571
INCOME (LOSS) FROM OPERATIONS		4,748		(819)
Other income, net		3,227		538
Interest expense		(405)		(315)
INCOME (LOSS) BEFORE INCOME TAXES		7,570		(596)
Income tax expense		347		707
NET INCOME (LOSS)		7,223		(1,303)
Less: Net income (loss) attributable to non-controlling interests		275		(115)
NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC.		$	6,948	$	(1,188)
Earnings (loss) per share of Class A common stock:
	Basic	$	0.18	$	(0.03)
	Diluted	$	0.16	$	(0.03)
Weighted average shares of Class A common stock outstanding:
	Basic	39,416		39,227
	Diluted	43,886		39,227


		Thirteen Weeks Ended
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)		September 27 2023		September 28 2022
Shack sales		$	264,980	$	219,501
Licensing revenue		11,227		8,313
TOTAL REVENUE		276,207		227,814
Shack-level operating expenses:
	Food and paper costs	77,180		67,774
	Labor and related expenses	76,233		64,638
	Other operating expenses	37,307		33,680
	Occupancy and related expenses	20,300		17,337
General and administrative expenses		30,939		26,931
Depreciation and amortization expense		23,130		18,647
Pre-opening costs		4,969		3,041
Impairment and loss on disposal of assets		492		592
TOTAL EXPENSES		270,550		232,640
INCOME (LOSS) FROM OPERATIONS		5,657		(4,826)
Other income, net		3,441		1,482
Interest expense		(433)		(475)
INCOME (LOSS) BEFORE INCOME TAXES		8,665		(3,819)
Income tax expense (benefit)		529		(1,508)
NET INCOME (LOSS)		8,136		(2,311)
Less: Net income (loss) attributable to non-controlling interests		509		(287)
NET INCOME (LOSS) ATTRIBUTABLE TO SHAKE SHACK INC.		$	7,627	$	(2,024)
Earnings (loss) per share of Class A common stock:
	Basic	$	0.19	$	(0.05)
	Diluted	$	0.19	$	(0.05)
Weighted average shares of Class A common stock outstanding:
	Basic	39,460		39,274
	Diluted	43,978		39,274


CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)		For the Thirteen Weeks Ended March 30, 2022
		Class A Common Stock			Class B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest		Total Equity
		Shares	Amount		Shares	Amount
BALANCE DECEMBER 29, 2021 (As Reported)		39,142,397	$	39	2,921,587	$	3	$	405,940	$	3,554	$	1	$	26,063	$	435,600
	Effect of restatement	—	—		—	—		17		14,188		—		—		14,205
BALANCE DECEMBER 29, 2021 (As Restated)		39,142,397	39		2,921,587	3		405,957		17,742		1		26,063		449,805
	Net loss	—	—		—	—		—		(10,162)		—		(1,120)		(11,282)
	Other comprehensive income:
	Net change in foreign currency translation adjustment	—	—		—	—		—		—		(1)		—		(1)
	Equity-based compensation	—	—		—	—		3,224		—		—		—		3,224
	Activity under stock compensation plan	65,893	—		—	—		(2,276)		—		—		252		(2,024)
	Redemption of LLC interests	10,000	—		(10,000)	—		49		—		—		(49)		—

	Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	—	—		—	—		44		—		—		—		44
	Distributions paid to non-controlling interest holders	—	—		—	—		—		—		—		(302)		(302)

BALANCE MARCH 30, 2022 (As Restated)		39,218,290	$	39	2,911,587	$	3	$	406,998	$	7,580	$	—	$	24,844	$	439,464

For the thirteen weeks ended June 29, 2022 and September 28, 2022, the effect of the restatement is included in the beginning balances as of March 30, 2022 and June 29, 2022, respectively. As such, only the restated Condensed Consolidated Statements of Stockholders' Equity are shown below.


CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)		For the Thirteen Weeks Ended June 29, 2022
		Class A Common Stock			Class B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest		Total Equity
		Shares	Amount		Shares	Amount
BALANCE MARCH 30, 2022 (As Restated)		39,218,290	$	39	2,911,587	$	3	$	406,998	$	7,580	$	—	$	24,844	$	439,464

	Net loss	—	—		—	—		—		(1,188)		—		(115)		(1,303)
	Other comprehensive income:											.
	Net change in foreign currency translation adjustment	—	—		—	—		—		—		(1)		—		(1)
	Equity-based compensation	—	—		—	—		3,501		—		—		—		3,501
	Activity under stock compensation plan	8,306	—		—	—		(332)		—		—		421		89
	Redemption of LLC interests	40,074	—		(40,074)	—		257		—		—		(257)		—

	Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	—	—		—	—		113		—		—		—		113
	Distributions paid to non-controlling interest holders	—	—		—	—		—		—		—		(22)		(22)

BALANCE JUNE 29, 2022 (As Restated)		39,266,670	$	39	2,871,513	$	3	$	410,537	$	6,392	$	(1)	$	24,871	$	441,841


CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)		For the Thirteen Weeks Ended September 28, 2022
		Class A Common Stock			Class B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest		Total Equity
		Shares	Amount		Shares	Amount
BALANCE JUNE 29, 2022 (As Restated)		39,266,670	$	39	2,871,513	$	3	$	410,537	$	6,392	$	(1)	$	24,871	$	441,841

	Net loss	—	—		—	—		—		(2,024)		—		(287)		(2,311)
	Other comprehensive income:											.
	Net change in foreign currency translation adjustment	—	—		—	—		—		—		—		—		—
	Equity-based compensation	—	—		—	—		3,570		—		—		—		3,570
	Activity under stock compensation plan	11,029	—		—	—		(182)		—		—		245		63
	Redemption of LLC interests	2,000	—		(2,000)	—		7		—		—		(7)		—

	Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	—	—		—	—		(641)		—		—		—		(641)
	Distributions paid to non-controlling interest holders	—	—		—	—		—		—		—		(65)		(65)

BALANCE SEPTEMBER 28, 2022 (As Restated)		39,279,699	$	39	2,869,513	$	3	$	413,291	$	4,368	$	(1)	$	24,757	$	442,457


CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)		For the Thirteen Weeks Ended March 29, 2023
		Class A Common Stock			Class B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest		Total Equity
		Shares	Amount		Shares	Amount
BALANCE DECEMBER 28, 2022 (As Reported)		39,284,998	$	39	2,869,513	$	3	$	415,611	$	(20,537)	$	—	$	24,632	$	419,748
	Effect of restatement	—	—		—	—		38		17,050		—		—		17,088
BALANCE DECEMBER 28, 2022 (As Restated)		39,284,998	39		2,869,513	3		415,649		(3,487)		—		24,632		436,836
	Net loss	—	—		—	—		—		(1,534)		—		(88)		(1,622)
	Other comprehensive loss:
	Net change in foreign currency translation adjustment	—	—		—	—		—		—		(4)		—		(4)
	Equity-based compensation	—	—		—	—		3,864		—		—		—		3,864
	Activity under stock compensation plan	94,907	—		—	—		(2,699)		—		—		186		(2,513)
	Redemption of LLC interests	25,000	—		(25,000)	—		194		—		—		(194)		—

	Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	—	—		—	—		481		—		—		—		481
	Distributions paid to non-controlling interest holders	—	—		—	—		—		—		—		(49)		(49)

BALANCE MARCH 29, 2023 (As Restated)		39,404,905	$	39	2,844,513	$	3	$	417,489	$	(5,021)	$	(4)	$	24,487	$	436,993

For the thirteen weeks ended June 28, 2023 and September 27, 2023, the effect of the restatement is included in the beginning balances as of March 29, 2023 and June 28, 2023, respectively. As such, only the restated Condensed Consolidated Statements of Stockholders' Equity are shown below.


CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)		For the Thirteen Weeks Ended June 28, 2023
		Class A Common Stock			Class B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest		Total Equity
		Shares	Amount		Shares	Amount
BALANCE MARCH 29, 2023 (As Restated)		39,404,905	$	39	2,844,513	$	3	$	417,489	$	(5,021)	$	(4)	$	24,487	$	436,993

	Net income	—	—		—	—		—		6,948		—		275		7,223
	Other comprehensive income (loss):
	Net change in foreign currency translation adjustment	—	—		—	—		—		—		—		—		—
	Equity-based compensation	—	—		—	—		4,011		—		—		—		4,011
	Activity under stock compensation plan	44,341	—		—	—		145		—		—		329		474
	Redemption of LLC interests	—	—		—	—		—		—		—		—		—

	Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	—	—		—	—		(251)		—		—		—		(251)
	Distributions paid to non-controlling interest holders	—	—		—	—		—		—		—		(3)		(3)

BALANCE JUNE 28, 2023 (As Restated)		39,449,246	$	39	2,844,513	$	3	$	421,394	$	1,927	$	(4)	$	25,088	$	448,447


CORRECTED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)		For the Thirteen Weeks Ended September 27, 2023
		Class A Common Stock			Class B Common Stock			Additional Paid-In Capital		Retained Earnings (Accumulated deficit)		Accumulated Other Comprehensive Income (Loss)		Non- Controlling Interest		Total Equity
		Shares	Amount		Shares	Amount
BALANCE JUNE 28, 2023 (As Restated)		39,449,246	$	39	2,844,513	$	3	$	421,394	$	1,927	$	(4)	$	25,088	$	448,447

	Net income	—	—		—	—		—		7,627		—		509		8,136
	Other comprehensive income:											.
	Net change in foreign currency translation adjustment	—	—		—	—		—		—		1		—		1
	Equity-based compensation	—	—		—	—		3,563		—		—		—		3,563
	Activity under stock compensation plan	7,022	—		—	—		(469)		—		—		197		(272)
	Redemption of LLC interests	10,000	—		(10,000)	—		71		—		—		(71)		—

	Establishment of liabilities under tax receivable agreement and related changes to deferred tax assets associated with increases in tax basis	—	—		—	—		(710)		—		—		—		(710)
	Distributions paid to non-controlling interest holders	—	—		—	—		—		—		—		(79)		(79)

BALANCE SEPTEMBER 27, 2023 (As Restated)		39,466,268	$	39	2,834,513	$	3	$	423,849	$	9,554	$	(3)	$	25,644	$	459,086