Equity Agreements and Incentive Equity Plan (Tables)

12 Months Ended

Dec. 31, 2022

The following is a summary of the Profits Interest - Time Units and Performance Units for 2020:


	Profits Interest - Time Units	Weighted Average Grant Date Fair Value, per unit		Profits Interest -Performance Units	Weighted Average Grant Date Fair Value, per unit


Outstanding as of December 28, 2019	13,581	$	492	24,636	$	351
Granted	13,055	696		25,597	693
Forfeited/Cancelled	(2,668)	976		(8,387)	894
Repurchases	(6,677)	288		—	—
Outstanding as of December 26, 2020	17,291	$	652	41,846	$	554


	Unvested Time Awards	Weighted Average Grant Date Fair Value, per unit		Unvested Performance Awards	Weighted Average Grant Date Fair Value, per unit
Outstanding as of January 14, 2021	610,477	$	12.65	4,178,246	$	15.79

Forfeited/Cancelled	(17,304)	21.27		(84,737)	13.55
Vested	(164,868)	10.04		—	—
Outstanding as of December 25, 2021	428,305	$	13.31	4,093,509	$	15.84
Forfeited/Cancelled	(30,869)	10.34		(77,760)	15.34
Vested	(107,767)	12.95		—	—
Outstanding as of December 31, 2022	289,669	$	13.76	4,015,749	$	15.84

Schedule of Valuation Assumptions

The range of assumptions used for issued PSUs with a market condition valued using the Monte Carlo model were as follows:


	For the Year Ended
	December 31, 2022	December 25, 2021
Annual dividend yield	—%	—%
Expected term (years)	2.7-3.0	3.0
Risk-free interest rate	2.32-3.05%	0.2%
Expected volatility	40.9-43.9%	41.2%
Correlation to the index peer group	50.7-59.5%	65.9%

The fair value of all time based units granted was estimated using a Black-Scholes option pricing model using the following weighted-average assumptions for each of fiscal 2021 and 2020:


	For the Year Ended
		December 25, 2021	December 26, 2020
Annual dividend yield		—%	—%
Weighted-average expected life (years)		7.0	1.8
Risk-free interest rate		1.3%	0.9%
Expected volatility		40.1%	46.7%

Schedule of Option Activity

The following are the restricted stock units and performance stock units granted in conjunction with or after the IPO:


	Unvested Time Units	Weighted Average Grant Date Fair Value, per unit		Unvested Performance Units	Weighted Average Grant Date Fair Value, per unit
Outstanding as of January 14, 2021 (pre-IPO)	—	$	—	—	$	—
Granted post-IPO	81,160	23.11		144,735	24.52
Forfeited/Cancelled	(18,735)	22.18		(37,439)	24.36

Outstanding as of December 25, 2021	62,425	23.38		107,296	24.58
Granted	300,067	27.96		488,488	32.39
Forfeited/Cancelled	(20,424)	26.18		(46,024)	29.22
Vested	(20,465)	23.41		—	—
Outstanding as of December 31, 2022	321,603	$	27.49	549,760	$	31.13

The following are the restricted stock options granted in conjunction with or after the IPO:


	Time Based Restricted Stock Options Outstanding		Weighted Average Exercise Price		Performance Based Restricted Stock Options Outstanding	Weighted Average Exercise Price
Outstanding as of January 14, 2021	$	198,984	$	22.00	—	$	—
Granted post-IPO	3,587,575		26.75		3,621,719	22.00
Forfeited/Cancelled	(77,294)		22.00		(152,239)	22.00
Exercised	(23,705)		21.30		—	—
Outstanding as of December 25, 2021	3,685,560		26.63		3,469,480	22.00
Forfeited/Cancelled	(68,510)		19.50		(190,544)	22.00
Exercised	(23,721)		21.70		—	—
Outstanding as of December 31, 2022	3,593,329		$	26.79	3,278,936	$	22.00
Exercisable as of December 31, 2022	676,987		$	21.94	—	$	—