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Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
The following table includes detail of lease assets and liabilities:
(in thousands)Consolidated Balance Sheet ClassificationJUNE 30, 2024DECEMBER 31, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$482,308 $420,001 
Finance lease assetsProperty, fixtures and equipment, net919 1,033 
Total lease assets$483,227 $421,034 
Operating lease liabilities (1) - current
Current portion of operating lease liabilities$45,755 $40,281 
Operating lease liabilities - non-currentOperating lease liabilities504,130 441,290 
Finance lease liabilities - currentCurrent portion of long-term debt473 628 
Finance lease liabilities - non-currentLong-term debt, net439 448 
Total lease liabilities$550,797 $482,647 
_____________
(1) Excludes all variable lease expense.
The components of lease expense are as follows:
(in thousands)Consolidated Statements of Operations and Comprehensive Income ClassificationTHIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
JUNE 30, 2024JUNE 25, 2023JUNE 30, 2024JUNE 25, 2023
Operating lease expenseOther restaurant operating expenses
Occupancy expenses
Pre-opening expenses
General and administrative expenses		$17,059 $13,472 $32,752 $26,441 
Variable lease expenseFood and beverage costs
Occupancy expenses
General and administrative expenses		4,818 4,126 9,426 8,006 
Finance lease expense:
Amortization of leased assetsDepreciation and amortization133 127 261 254 
Interest on lease liabilitiesInterest expense18 26 36 52 
Total lease expense (1)
$22,028 $17,751 $42,475 $34,753 
_____________
(1) Includes contingent rent expense of $0.4 million and $0.5 million during the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $0.9 million for both of the twenty-six weeks ended June 30, 2024 and June 25, 2023.
Supplemental cash flow information related to leases was as follows:
(in thousands)TWENTY-SIX WEEKS ENDED
JUNE 30, 2024JUNE 25, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$27,391 $21,247 
Operating cash flows - finance leases$36 $52 
Financing cash flows - finance leases$311 $259 
Supplemental information related to leases was as follows:
TWENTY-SIX WEEKS ENDED
 JUNE 30, 2024JUNE 25, 2023
Weighted-average remaining lease term (in years)
Operating leases13.514.2
Finance leases3.32.6
Weighted-average discount rate (1)
Operating leases8.0 %8.5 %
Finance leases6.5 %7.4 %
____________
(1) Based on the Company’s incremental borrowing rate.
As of June 30, 2024, future minimum lease payments for operating and finance leases consisted of the following:
(in thousands)OPERATING LEASESFINANCE LEASES
Fiscal year
2024$18,714 $343 
202562,661 294 
202668,923 108 
202768,313 96 
202867,929 83 
Thereafter649,482 88 
Total future minimum lease payments (1)
936,022 1,012 
Less: imputed interest(386,137)(100)
Total present value of lease liabilities$549,885 $912 
_____________
(1) Excludes approximately $126.4 million of executed operating leases that have not commenced as of June 30, 2024.
Leases Leases
The following table includes detail of lease assets and liabilities:
(in thousands)Consolidated Balance Sheet ClassificationJUNE 30, 2024DECEMBER 31, 2023
Operating lease right-of-use assetsOperating lease right-of-use assets$482,308 $420,001 
Finance lease assetsProperty, fixtures and equipment, net919 1,033 
Total lease assets$483,227 $421,034 
Operating lease liabilities (1) - current
Current portion of operating lease liabilities$45,755 $40,281 
Operating lease liabilities - non-currentOperating lease liabilities504,130 441,290 
Finance lease liabilities - currentCurrent portion of long-term debt473 628 
Finance lease liabilities - non-currentLong-term debt, net439 448 
Total lease liabilities$550,797 $482,647 
_____________
(1) Excludes all variable lease expense.
The components of lease expense are as follows:
(in thousands)Consolidated Statements of Operations and Comprehensive Income ClassificationTHIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED
JUNE 30, 2024JUNE 25, 2023JUNE 30, 2024JUNE 25, 2023
Operating lease expenseOther restaurant operating expenses
Occupancy expenses
Pre-opening expenses
General and administrative expenses		$17,059 $13,472 $32,752 $26,441 
Variable lease expenseFood and beverage costs
Occupancy expenses
General and administrative expenses		4,818 4,126 9,426 8,006 
Finance lease expense:
Amortization of leased assetsDepreciation and amortization133 127 261 254 
Interest on lease liabilitiesInterest expense18 26 36 52 
Total lease expense (1)
$22,028 $17,751 $42,475 $34,753 
_____________
(1) Includes contingent rent expense of $0.4 million and $0.5 million during the thirteen weeks ended June 30, 2024 and June 25, 2023, respectively, and $0.9 million for both of the twenty-six weeks ended June 30, 2024 and June 25, 2023.
Supplemental cash flow information related to leases was as follows:
(in thousands)TWENTY-SIX WEEKS ENDED
JUNE 30, 2024JUNE 25, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases$27,391 $21,247 
Operating cash flows - finance leases$36 $52 
Financing cash flows - finance leases$311 $259 
Supplemental information related to leases was as follows:
TWENTY-SIX WEEKS ENDED
 JUNE 30, 2024JUNE 25, 2023
Weighted-average remaining lease term (in years)
Operating leases13.514.2
Finance leases3.32.6
Weighted-average discount rate (1)
Operating leases8.0 %8.5 %
Finance leases6.5 %7.4 %
____________
(1) Based on the Company’s incremental borrowing rate.
As of June 30, 2024, future minimum lease payments for operating and finance leases consisted of the following:
(in thousands)OPERATING LEASESFINANCE LEASES
Fiscal year
2024$18,714 $343 
202562,661 294 
202668,923 108 
202768,313 96 
202867,929 83 
Thereafter649,482 88 
Total future minimum lease payments (1)
936,022 1,012 
Less: imputed interest(386,137)(100)
Total present value of lease liabilities$549,885 $912 
_____________
(1) Excludes approximately $126.4 million of executed operating leases that have not commenced as of June 30, 2024.