HUNTINGTON BEACH, Calif., Oct. 01, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today announced the opening of its restaurant in Cypress, Texas. The new BJ's Restaurant & Brewhouse opened yesterday, September 30, 2024, on Northwest Freeway in the Cyfair Town Center. The restaurant is approximately 7,500 square feet, seats approximately 250 guests and features BJ's extensive menu, including BJ's signature deep-dish pizza, award-winning handcrafted beer and famous Pizookie® dessert. BJ's uni ...

HUNTINGTON BEACH, Calif., Sept. 03, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq: BJRI) ("BJ's" or the "Company") announced today that Lyle D. Tick, former Brand President of Buffalo Wild Wings, will be appointed President and Chief Concept Officer, effective September 9, 2024. Mr. Tick has served as President and Chief Executive Officer of On the Border Mexican Grill & Cantina since December 2023, working to put in place a strategic plan to drive new growth for the iconic Tex Mex restaurant chai ...

HUNTINGTON BEACH, Calif., Aug. 28, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (Nasdaq: BJRI) ("BJ's" or the "Company") announced today that C. Bradford ("Brad") Richmond, current BJ's Board Director and former Chief Financial Officer of Darden Restaurants, Inc., has been appointed Interim Chief Executive Officer, effective August 28, 2024. Mr. Richmond has served on the Company's Board of Directors since February 2024 and will continue to serve on the Board during his interim appointment. He served as ...

HUNTINGTON BEACH, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) today announced the opening of its restaurant in Tracy, California. The new BJ's Restaurant & Brewhouse opened yesterday, August 26, 2024, on Naglee Road next to West Valley Mall. The restaurant is approximately 7,500 square feet, seats approximately 250 guests and features BJ's extensive menu, including BJ's signature deep-dish pizza, award-winning handcrafted beer and famous Pizookie® dessert. BJ's unique, co ...

HUNTINGTON BEACH, Calif., Aug. 27, 2024 (GLOBE NEWSWIRE) -- BJ's Restaurants, Inc. (NASDAQ: BJRI) announced today that management will be participating at the Piper Sandler Growth Frontiers Conference on Tuesday, September 10, 2024. Management will participate in one-on-one meetings at the conference, which will be held at the Virgin Hotels Nashville in Nashville, Tennessee. About BJ's Restaurants, Inc. BJ's Restaurants, Inc. is a national brand with brewhouse roots where Craft Matters®. BJ's broad menu has ...

BJ's Restaurants, Inc. (BJRI) is benefiting from its focus on accretive investments to enhance its salesbuilding and remodeling initiatives, accompanied by various technological and digital advancements. Through an effective cost-savings plan, the company has been able to efficiently manage its financial position, ensure business productivity and maintain shareholder value. However, the downward trending comps performance and high-cost structure are restricting the prospects of the company. What Makes the S ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) Presents the company's unaudited financial statements and related disclosures for the specified periods [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents BJ's Restaurants, Inc.'s unaudited consolidated financial statements, including balance sheets, income, equity, and cash flows, with detailed notes [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Presents the company's financial position, including assets, liabilities, and shareholders' equity, at specific dates | Assets (in thousands) | July 2, 2024 (Unaudited) | January 2, 2024 | | :-------------------- | :----------------------- | :-------------- | | Cash and cash equivalents | $16,185 | $29,070 | | Accounts and other receivables, net | $15,616 | $19,469 | | Inventories, net | $13,380 | $13,245 | | Prepaid expenses and other current assets | $14,869 | $21,237 | | **Total current assets** | **$60,050** | **$83,021** | | Property and equipment, net | $529,190 | $525,190 | | Operating lease assets | $347,456 | $350,091 | | Goodwill | $4,673 | $4,673 | | Equity method investment | $4,477 | $4,770 | | Deferred income taxes, net | $54,978 | $50,147 | | Other assets, net | $43,312 | $40,562 | | **Total assets** | **$1,044,136** | **$1,058,454** | | | | | | Liabilities and Shareholders' Equity | | | | Current liabilities: | | | | Accounts payable | $50,617 | $60,641 | | Accrued expenses | $88,858 | $101,295 | | Current operating lease obligations | $32,279 | $37,389 | | **Total current liabilities** | **$171,754** | **$199,325** | | Long-term operating lease obligations | $409,015 | $414,114 | | Long-term debt | $63,500 | $68,000 | | Other liabilities | $13,378 | $11,254 | | **Total liabilities** | **$657,647** | **$692,693** | | Shareholders' equity: | | |\ | Capital surplus | $72,037 | $77,036 | | Retained earnings | $314,452 | $288,725 | | **Total shareholders' equity** | **$386,489** | **$365,761** | | **Total liabilities and shareholders' equity** | **$1,044,136** | **$1,058,454** | [Unaudited Consolidated Statements of Operations](index=3&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Operations) Details the company's revenues, expenses, and net income for the specified interim periods | (In thousands, except per share data) | Thirteen Weeks Ended July 2, 2024 | Thirteen Weeks Ended July 4, 2023 | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Revenues | $349,927 | $349,670 | $687,261 | $690,950 | | Total costs and expenses | $336,706 | $339,458 | $665,782 | $678,122 | | Income from operations | $13,221 | $10,212 | $21,479 | $12,828 | | Net income | $17,157 | $11,932 | $24,880 | $15,413 | | Net income per share: | | | | | | Basic | $0.74 | $0.51 | $1.07 | $0.66 | | Diluted | $0.72 | $0.50 | $1.04 | $0.64 | [Unaudited Consolidated Statements of Shareholders' Equity](index=4&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Details changes in the company's shareholders' equity, including net income and share repurchases, over specified periods | (In thousands) | Shares (23,138 as of July 2, 2024) | Common Stock Amount | Capital Surplus | Retained Earnings | Total | | :------------- | :--------------------------------- | :------------------ | :-------------- | :---------------- | :---- | | Balance, January 2, 2024 | 23,184 | $— | $77,036 | $288,725 | $365,761 | | Net income | — | — | — | 24,880 | 24,880 | | Balance, July 2, 2024 | 23,138 | $— | $72,037 | $314,452 | $386,489 | [Unaudited Consolidated Statements of Cash Flows](index=5&type=section&id=Unaudited%20Consolidated%20Statements%20of%20Cash%20Flows) Reports the company's cash inflows and outflows from operating, investing, and financing activities for the specified periods | Cash Flows (in thousands) | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :------------------------ | :---------------------------------- | :---------------------------------- | | Net cash provided by operating activities | $42,532 | $41,600 | | Net cash used in investing activities | $(41,349) | $(52,908) | | Net cash used in financing activities | $(14,068) | $(7,512) | | Net decrease in cash and cash equivalents | $(12,885) | $(18,820) | | Cash and cash equivalents, beginning of period | $29,070 | $24,873 | | Cash and cash equivalents, end of period | $16,185 | $6,053 | [Notes to Unaudited Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures for the accounting policies and specific line items within the financial statements [1. BASIS OF PRESENTATION](index=7&type=section&id=1.%20BASIS%20OF%20PRESENTATION) Explains the basis for preparing the unaudited consolidated financial statements in accordance with U.S. GAAP and SEC rules - The unaudited consolidated financial statements include BJ's Restaurants, Inc. and its wholly-owned subsidiaries, prepared in accordance with U.S. GAAP for interim financial information and SEC rules. Management's estimates and assumptions are used, and actual results may differ[14](index=14&type=chunk) [2. REVENUE RECOGNITION](index=8&type=section&id=2.%20REVENUE%20RECOGNITION) Describes the company's policies for recognizing revenue from food and beverage sales, gift cards, and loyalty programs - Revenues are primarily from food and beverage sales, including takeout, delivery, and catering. Gift card sales are recognized upon redemption, with estimated breakage recognized proportionally to historical redemption patterns. The 'BJ's Premier Rewards Plus' loyalty program defers revenue until points are redeemed[15](index=15&type=chunk) Gift Card and Deferred Loyalty Liability (in thousands) | Liability (in thousands) | July 2, 2024 | January 2, 2024 | | :----------------------- | :----------- | :-------------- | | Gift card liability | $10,285 | $14,380 | | Deferred loyalty revenue | $2,771 | $2,510 | Revenue Recognized (in thousands) | Revenue Recognized (in thousands) | Thirteen Weeks Ended July 2, 2024 | Thirteen Weeks Ended July 4, 2023 | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :---------------------------------- | :---------------------------------- | | From gift card liability | $2,039 | $2,186 | $7,903 | $8,430 | | From guest loyalty program | $996 | $1,227 | $5,313 | $5,309 | [3. LEASES](index=8&type=section&id=3.%20LEASES) Outlines the company's accounting treatment for operating leases, primarily for restaurant locations and office space - All material operating leases for restaurant locations and office space are classified as operating leases. The Company has elected to account for lease and non-lease components as a single lease component for office and beverage gas equipment[17](index=17&type=chunk)[18](index=18&type=chunk) Lease Costs (in thousands) | Lease Costs (in thousands) | Thirteen Weeks Ended July 2, 2024 | Thirteen Weeks Ended July 4, 2023 | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :------------------------- | :-------------------------------- | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Lease cost | $14,442 | $14,788 | $28,831 | $29,684 | | Variable lease cost | $997 | $1,417 | $1,792 | $2,407 | | **Total lease costs** | **$15,439** | **$16,205** | **$30,623** | **$32,091** | [4. LONG-TERM DEBT](index=10&type=section&id=4.%20LONG-TERM%20DEBT) Details the company's credit facility, outstanding debt, interest rates, and compliance with debt covenants - The Company's Credit Facility matures on November 3, 2026, providing **$215 million** in revolving loan commitments. As of July 2, 2024, **$63.5 million** was outstanding, with **$134.3 million** available to borrow. The weighted average interest rate for the twenty-six weeks ended July 2, 2024, was approximately **6.9%**, up from **6.6%** in the prior year[19](index=19&type=chunk) - Interest expense and commitment fees under the Credit Facility were approximately **$2.7 million** for the twenty-six weeks ended July 2, 2024, compared to **$2.2 million** for the prior year period. The Company was in compliance with all covenants as of July 2, 2024[19](index=19&type=chunk) [5. NET INCOME PER SHARE](index=10&type=section&id=5.%20NET%20INCOME%20PER%20SHARE) Provides the calculation of basic and diluted net income per share, including the impact of equity awards Net Income Per Share Data (in thousands, except per share data) | (In thousands, except per share data) | Thirteen Weeks Ended July 2, 2024 | Thirteen Weeks Ended July 4, 2023 | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Net income | $17,157 | $11,932 | $24,880 | $15,413 | | Weighted-average shares outstanding – basic | 23,309 | 23,539 | 23,313 | 23,510 | | Dilutive effect of equity awards | 612 | 432 | 641 | 451 | | Weighted-average shares outstanding – diluted | 23,921 | 23,971 | 23,954 | 23,961 | | Net income per share: | | | | | | Basic | $0.74 | $0.51 | $1.07 | $0.66 | | Diluted | $0.72 | $0.50 | $1.04 | $0.64 | - Approximately **1.0 million** equity awards for the twenty-six weeks ended July 2, 2024, and **0.9 million** for the prior year period, were excluded from diluted EPS calculation as they were anti-dilutive[21](index=21&type=chunk) [6. STOCK-BASED COMPENSATION](index=11&type=section&id=6.%20STOCK-BASED%20COMPENSATION) Describes the company's equity incentive plan, valuation methods for awards, and the recognition of stock-based compensation expense - The Company's stock-based compensation plan is the BJ's Restaurants, Inc. 2024 Equity Incentive Plan. Awards include incentive stock options, non-qualified stock options, and service-, performance-, and market-based RSUs. Fair values are determined using Black-Scholes for options and Monte Carlo for market-based RSUs[22](index=22&type=chunk) Stock-Based Compensation (in thousands) | Stock-Based Compensation (in thousands) | Thirteen Weeks Ended July 2, 2024 | Thirteen Weeks Ended July 4, 2023 | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :-------------------------------------- | :-------------------------------- | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Labor and benefits | $529 | $410 | $1,037 | $1,276 | | General and administrative | $2,237 | $2,368 | $4,206 | $4,144 | | Capitalized | $79 | $95 | $163 | $189 | | **Total stock-based compensation** | **$2,845** | **$2,873** | **$5,406** | **$5,609** | - As of July 2, 2024, total unrecognized stock-based compensation expense was approximately **$3.1 million** for non-vested stock options (expected over three years), **$12.8 million** for service-based RSUs (expected over three to five years), and **$2.2 million** for market-based and performance-based RSUs (expected over three years)[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) [7. INCOME TAXES](index=15&type=section&id=7.%20INCOME%20TAXES) Discusses the effective income tax rate and unrecognized tax benefits for the specified periods - The effective income tax rate for the twenty-six weeks ended July 2, 2024, was a benefit of **11.7%**, a decrease from **35.0%** for the comparable prior-year period. This benefit is primarily due to significant Federal Insurance Contributions Act (FICA) tax tip credits[29](index=29&type=chunk) Unrecognized Tax Benefits (in thousands) | Unrecognized Tax Benefits (in thousands) | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :--------------------------------------- | :---------------------------------- | :---------------------------------- | | Beginning gross unrecognized tax benefits | $967 | $1,249 | | Increases for tax positions taken in the current year | $51 | $22 | | Decreases due to lapse of statute of limitations | $— | $(236) | | Ending gross unrecognized tax benefits | $1,018 | $1,035 | [8. LEGAL PROCEEDINGS](index=15&type=section&id=8.%20LEGAL%20PROCEEDINGS) Summarizes the company's involvement in various lawsuits and administrative proceedings common to the foodservice industry - The Company is subject to various lawsuits and administrative proceedings common to the foodservice industry, including claims from guests and team members. Management believes the final disposition of these claims will not materially adversely affect financial position, results of operations, or liquidity[31](index=31&type=chunk) [9. SHAREHOLDERS' EQUITY](index=17&type=section&id=9.%20SHAREHOLDERS'%20EQUITY) Details share repurchase activities and the company's policy regarding cash dividends - During the twenty-six weeks ended July 2, 2024, the Company repurchased and retired approximately **255,000 shares** of common stock for **$8.8 million** at an average price of **$34.70** per share. In February 2024, the Board approved a **$50 million** increase to the share repurchase program, leaving approximately **$52.2 million** available as of July 2, 2024[32](index=32&type=chunk) - The Company currently does not pay cash dividends, with any future payments subject to Board approval[33](index=33&type=chunk) [10. RELATED PARTY TRANSACTIONS](index=17&type=section&id=10.%20RELATED%20PARTY%20TRANSACTIONS) Discloses transactions and relationships with related parties, including an equity method investment - The Company holds a **20%** equity method investment in a company where its recently retired CEO and current Board member has a less than **1%** interest. For the twenty-six weeks ended July 2, 2024, a net loss of **$293,000** related to this investment was recorded, compared to **$100,000** in the prior year[34](index=34&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of financial condition and results of operations, covering business overview, revenue/expense analysis, liquidity, cash flows, and critical accounting policies [STATEMENT REGARDING FORWARD-LOOKING DISCLOSURE](index=17&type=section&id=STATEMENT%20REGARDING%20FORWARD-LOOKING%20DISCLOSURE) Warns that the report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ - This section contains forward-looking statements about performance trends, growth plans, and business goals, identified by words like 'believe,' 'expect,' 'intend.' These statements are subject to risks and uncertainties that could cause actual results to differ materially[35](index=35&type=chunk) [GENERAL](index=17&type=section&id=GENERAL) Provides an overview of BJ's Restaurants' operations, including its restaurant count, menu offerings, and revenue recognition practices - BJ's Restaurants operates **216** casual dining restaurants in **31** states as of August 5, 2024, offering a broad menu including deep-dish pizza, slow-roasted entrees, and craft beers. Revenues are derived from food and beverage sales, including takeout, delivery, and catering, with gift card and loyalty program revenues recognized upon redemption[36](index=36&type=chunk)[37](index=37&type=chunk) - Comparable restaurant sales include restaurants open for at least **18 months**. Key cost components include cost of sales (food/beverage), labor and benefits (wages, taxes, stock-based compensation), occupancy and operating expenses (rent, utilities, marketing), general and administrative expenses (corporate functions), depreciation and amortization, and restaurant opening expenses[37](index=37&type=chunk) [RESULTS OF OPERATIONS](index=20&type=section&id=RESULTS%20OF%20OPERATIONS) Analyzes the company's financial performance, including revenues, costs, and income from operations, for the reported periods Operating Results as Percentages of Total Revenues | (Expressed as percentages of total revenues) | Thirteen Weeks Ended July 2, 2024 | Thirteen Weeks Ended July 4, 2023 | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :------------------------------------------- | :-------------------------------- | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Revenues | 100.0 % | 100.0 % | 100.0 % | 100.0 % | | Cost of sales | 25.7 % | 25.9 % | 25.4 % | 26.3 % | | Labor and benefits | 36.1 % | 36.2 % | 36.6 % | 36.9 % | | Occupancy and operating | 22.7 % | 23.4 % | 22.8 % | 23.3 % | | General and administrative | 5.9 % | 6.1 % | 6.3 % | 5.9 % | | Depreciation and amortization | 5.2 % | 5.1 % | 5.2 % | 5.1 % | | Restaurant opening | 0.1 % | 0.1 % | 0.1 % | 0.2 % | | Loss on disposal and impairment of assets, net | 0.6 % | 0.3 % | 0.4 % | 0.5 % | | Total costs and expenses | 96.2 % | 97.1 % | 96.9 % | 98.1 % | | Income from operations | 3.8 % | 2.9 % | 3.1 % | 1.9 % | | Net income | 4.9 % | 3.4 % | 3.6 % | 2.2 % | [Thirteen Weeks Ended July 2, 2024 Compared to Thirteen Weeks Ended July 4, 2023](index=20&type=section&id=Thirteen%20Weeks%20Ended%20July%202,%202024%20Compared%20to%20Thirteen%20Weeks%20Ended%20July%204,%202023) Compares the company's financial performance for the thirteen-week periods, highlighting changes in revenues, costs, and income - Total revenues increased by **$0.3 million (0.1%)** to **$349.9 million**, driven by new restaurant sales (**$6.0 million**) offset by a **0.6%** decline in comparable restaurant sales (**$2.0 million**) and **$3.3 million** from closed restaurants. Comparable sales decreased due to a **3.0%** drop in guest traffic, partially offset by a **2.4%** increase in average check[42](index=42&type=chunk) - Cost of sales decreased by **$0.8 million (0.9%)** to **$89.8 million**, improving to **25.7%** of revenues (from **25.9%**) due to lower commodity costs and cost savings. Labor and benefits decreased by **$0.2 million (0.2%)** to **$126.3 million**, improving to **36.1%** of revenues (from **36.2%**) due to improved labor efficiency[42](index=42&type=chunk) - Occupancy and operating expenses decreased by **$2.3 million (2.9%)** to **$79.6 million**, improving to **22.7%** of revenues (from **23.4%**) due to lower facility and marketing expenses. Income from operations increased to **$13.2 million** from **$10.2 million** in the prior year[42](index=42&type=chunk)[7](index=7&type=chunk) [Twenty-Six Weeks Ended July 2, 2024 Compared to Twenty-Six Weeks Ended July 4, 2023](index=22&type=section&id=Twenty-Six%20Weeks%20Ended%20July%202,%202024%20Compared%20to%20Twenty-Six%20Weeks%20Ended%20July%204,%202023) Compares the company's financial performance for the twenty-six-week periods, detailing changes in revenues, costs, and income - Total revenues decreased by **$3.7 million (0.5%)** to **$687.3 million**, primarily due to a **1.1%** decline in comparable restaurant sales (**$7.6 million**) and **$8.5 million** from closed restaurants, partially offset by **$13.1 million** from new restaurants. Comparable sales decreased due to a **4.4%** drop in guest traffic, partially offset by a **3.3%** increase in average check[45](index=45&type=chunk) - Cost of sales decreased by **$6.7 million (3.7%)** to **$174.8 million**, improving to **25.4%** of revenues (from **26.3%**) due to lower commodity costs and cost savings. Labor and benefits decreased by **$3.5 million (1.4%)** to **$251.3 million**, improving to **36.6%** of revenues (from **36.9%**) due to improved labor efficiency[45](index=45&type=chunk)[46](index=46&type=chunk) - General and administrative expenses increased by **$2.7 million (6.6%)** to **$43.6 million**, rising to **6.3%** of revenues (from **5.9%**) due to increased legal fees (**$1.7 million**) related to shareholder cooperation agreements and corporate expenses. Income from operations increased to **$21.5 million** from **$12.8 million** in the prior year[46](index=46&type=chunk)[7](index=7&type=chunk) [LIQUIDITY AND MATERIAL CASH REQUIREMENTS](index=25&type=section&id=LIQUIDITY%20AND%20MATERIAL%20CASH%20REQUIREMENTS) Discusses the company's financial resources, working capital, and strategies for funding operations and growth initiatives Liquidity Measurements (in thousands) | Liquidity Measurements (in thousands) | July 2, 2024 | January 2, 2024 | | :------------------------------------ | :----------- | :-------------- | | Cash and cash equivalents | $16,185 | $29,070 | | Net working capital | $(111,704) | $(116,304) | | Current ratio | 0.3:1.0 | 0.4:1.0 | - The Company aims to improve shareholder return through new restaurant expansion, existing restaurant enhancements, and share repurchases, maintaining a flexible balance sheet. Current cash, operations, and credit availability are expected to meet capital and working capital needs for at least the next twelve months[48](index=48&type=chunk) [CASH FLOWS](index=25&type=section&id=CASH%20FLOWS) Analyzes the company's cash generation and usage across operating, investing, and financing activities Cash Flows (in thousands) | Cash Flows (in thousands) | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :------------------------ | :---------------------------------- | :---------------------------------- | | Net cash provided by operating activities | $42,532 | $41,600 | | Net cash used in investing activities | $(41,349) | $(52,908) | | Net cash used in financing activities | $(14,068) | $(7,512) | | Net decrease in cash and cash equivalents | $(12,885) | $(18,820) | - Operating cash flows increased by **$0.9 million** to **$42.5 million**, driven by improved net income and timing of receivables, offset by timing of payables and accrued expenses. Investing cash flows decreased by **$11.6 million** to **$41.3 million** used, primarily due to the timing of new restaurant construction and remodels[50](index=50&type=chunk)[51](index=51&type=chunk) Capital Expenditures (in thousands) | Capital Expenditures (in thousands) | Twenty-Six Weeks Ended July 2, 2024 | Twenty-Six Weeks Ended July 4, 2023 | | :---------------------------------- | :---------------------------------- | :---------------------------------- | | New restaurants | $15,406 | $20,970 | | Restaurant maintenance and remodels, and key productivity initiatives | $25,391 | $31,050 | | Restaurant and corporate systems | $552 | $892 |\ | **Total capital expenditures** | **$41,349** | **$52,912** | - The Company plans to open **three** new restaurants in fiscal 2024, with total capital expenditures estimated at **$70 million to $75 million**, funded by cash, operations, and the line of credit[52](index=52&type=chunk) [Financing Cash Flows](index=27&type=section&id=Financing%20Cash%20Flows) Focuses on the cash flows related to debt, equity, and other financing activities - Net cash used in financing activities increased by **$6.6 million** to **$14.1 million** for the twenty-six weeks ended July 2, 2024, primarily due to increased payments on the line of credit[53](index=53&type=chunk) [OFF-BALANCE SHEET ARRANGEMENTS](index=27&type=section&id=OFF-BALANCE%20SHEET%20ARRANGEMENTS) States the absence of any off-balance sheet arrangements or transactions with unconsolidated entities - As of July 2, 2024, the Company is not involved in any off-balance sheet arrangements or transactions with unconsolidated entities or financial partnerships[54](index=54&type=chunk) [IMPACT OF INFLATION](index=27&type=section&id=IMPACT%20OF%20INFLATION) Discusses how inflation affects operations and construction, and the company's mitigation strategies - Inflation has impacted operations and new restaurant construction. The Company has partially offset these effects through menu price increases, cost savings, and efficiency improvements, but there's no assurance this will continue. Macroeconomic conditions affecting consumer spending could limit future price increases[55](index=55&type=chunk) [SEASONALITY AND ADVERSE WEATHER](index=27&type=section&id=SEASONALITY%20AND%20ADVERSE%20WEATHER) Explains how seasonal factors and adverse weather conditions can influence the company's business and quarterly results - The business is affected by weather and seasonal factors, including holidays and severe weather, which can impact sales volumes. Quarterly results are also significantly influenced by the timing of new restaurant openings and associated expenses[56](index=56&type=chunk) [CRITICAL ACCOUNTING POLICIES](index=27&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES) Highlights the key accounting policies that require significant management estimates and judgments - Financial statements require estimates and assumptions based on current facts and historical experience. Management continuously reviews these estimates, acknowledging that actual results may differ materially. No significant changes to critical accounting policies occurred during the twenty-six weeks ended July 2, 2024[57](index=57&type=chunk)[58](index=58&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Discusses the Company's exposure to market risks, specifically interest rate risk and food, supplies, and commodity price risks, and outlines strategies for managing these risks [Interest Rate Risk](index=29&type=section&id=Interest%20Rate%20Risk) Addresses the company's exposure to fluctuations in interest rates, particularly concerning its floating-rate credit facility - The Company is exposed to interest rate risk through its **$215 million** Credit Facility, which has a floating interest rate. With **$63.5 million** currently outstanding, a hypothetical **1%** change in interest rates would impact net income by approximately **$0.5 million** annually[60](index=60&type=chunk) [Food, Supplies and Commodity Price Risks](index=29&type=section&id=Food,%20Supplies%20and%20Commodity%20Price%20Risks) Discusses the company's vulnerability to volatile food, supplies, and commodity prices and its mitigation strategies - The Company faces volatility in food, supplies, and commodity prices due to market factors and government regulation. To mitigate this, it enters into fixed-price purchase commitments (typically up to one year) for some commodities and maintains flexibility to adjust menu prices or items. The Company does not use financial instruments to hedge commodity prices[61](index=61&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Confirms the effectiveness of the Company's disclosure controls and procedures and reports no material changes in internal control over financial reporting during the second fiscal quarter [Evaluation of Disclosure Controls and Procedures](index=29&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) Confirms the effectiveness of the company's disclosure controls and procedures as assessed by management - The CEO and CFO concluded that, as of July 2, 2024, the Company's disclosure controls and procedures are designed and effective to provide reasonable assurance that required information is recorded, processed, summarized, and reported timely[62](index=62&type=chunk) [Changes in Internal Control Over Financial Reporting](index=29&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) Reports that no material changes occurred in the company's internal control over financial reporting during the second fiscal quarter - There have been no material changes in the Company's internal control over financial reporting during the second fiscal quarter that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting[63](index=63&type=chunk) [Item 5. Other Information](index=29&type=section&id=Item%205.%20Other%20Information) This section indicates that there is no other information to report under Item 5 - No other information is reported under Item 5[63](index=63&type=chunk) [PART II. OTHER INFORMATION](index=29&type=section&id=PART%20II.%20OTHER%20INFORMATION) Presents additional information not covered in the financial statements, including legal proceedings, risk factors, and equity sales [Item 1. Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 8 of the Unaudited Consolidated Financial Statements for a summary of legal proceedings - For a summary of legal proceedings, refer to Note 8 of the Notes to Unaudited Consolidated Financial Statements in Part I, Item 1 of this report[64](index=64&type=chunk) [Item 1A. Risk Factors](index=31&type=page&id=Item%201A.%20Risk%20Factors) This section states that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K - No material changes have occurred from the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended January 2, 2024[65](index=65&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the Company's share repurchase activities, including the total value of shares repurchased since inception, recent repurchases during the twenty-six weeks ended July 2, 2024, and the remaining authorization under the share repurchase program - As of July 2, 2024, the Company has cumulatively repurchased approximately **$497.8 million** in shares since the program's inception in 2014. During the twenty-six weeks ended July 2, 2024, **$8.8 million** in shares were repurchased and retired[66](index=66&type=chunk) - In February 2024, the Board of Directors approved a **$50 million** increase to the share repurchase program, leaving approximately **$52.2 million** available under the authorized **$550 million** program as of July 2, 2024[66](index=66&type=chunk) Share Repurchase Details | Period (1) | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of the Publicly Announced Plans | Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | | :------------------- | :------------------------------- | :--------------------------- | :----------------------------------------------------------------------- | :--------------------------------------------------------------------------- | | 01/03/24 - 01/30/24 | — | $— | — | $11,055,206 | | 01/31/24 - 02/27/24 | — | $— | — | $61,055,206 | | 02/28/24 - 04/02/24 | — | $— | — | $61,055,206 | | 04/03/24 - 04/30/24 | — | $— | — | $61,055,206 | | 05/01/24 - 05/28/24 | 86,960 | $34.54 | 86,960 | $58,051,544 | | 05/29/24 - 07/02/24 | 167,665 | $34.78 | 167,665 | $52,220,358 | | **Total** | **254,625** | | **254,625** | | [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate organizational documents, stock certificates, and certifications from the Chief Executive Officer and Chief Financial Officer - Exhibits include Amended and Restated Articles of Incorporation and Bylaws, Certificate of Amendment of Articles of Incorporation, Specimen Common Stock Certificate, Section 302 and 906 Certifications of CEO and CFO, and Inline XBRL documents[68](index=68&type=chunk)[69](index=69&type=chunk) [SIGNATURES](index=33&type=section&id=SIGNATURES) Confirms the official signing and submission of the report by authorized executives - The report was duly caused to be signed on behalf of BJ's Restaurants, Inc. on August 5, 2024, by Gregory S. Levin (Chief Executive Officer and President), Thomas A. Houdek (Senior Vice President and Chief Financial Officer), and Jacob J. Guild (Senior Vice President and Chief Accounting Officer)[70](index=70&type=chunk)

Index funds that follow popular benchmarks like the S&P 500 and the Nasdaq Composite have delivered impressive returns for long-term investors. However, the Russell 2000 is a different story. To be fair, this index hasn't exactly lost money. It's up by 12% year-to-date due to a July rally bringing it up from breakeven. However, the 5-year gain of 43% falls behind the previously mentioned benchmarks. However, the Russell 2000 still gets attention because some of the top-performing stocks come from that index ...

Core Viewpoint - BJ's Restaurants, Inc. reported Q2 results that exceeded Wall Street expectations, showcasing improved profitability despite a challenging industry backdrop and cost inflation [5][10][15]. Financial Performance - Revenues for Q2 2024 were reported at $349.9 million, slightly above the previous year's $349.7 million, with comparable restaurant sales declining by 0.6% [20]. - Income from operations increased to $13.2 million from $10.2 million in the prior year's Q2, reflecting effective cost management [8][10]. - Total costs and expenses were $336.7 million, down from $339.5 million year-on-year, indicating improved cost control [4]. Cost Management Initiatives - The company has implemented significant cost management initiatives, aiming for $50 million in savings from general and administrative expenses, labor, and purchasing [9]. - Occupancy and operating costs were effectively managed, showing a 0.7 percentage point decrease year-on-year [8]. Growth Strategy - BJ's has grown its total units from 29 in 2000 to 216 by Q2 2024, with a long-term goal of reaching 425 units [7]. - The company plans to focus on restaurant-level improvements and has remodeled several locations based on customer feedback [7][19]. Future Outlook - Long-term targets include annual sales growth of 7-10% and EPS growth of 12-15%, with expectations for an acceleration in new unit openings from 2025 [19]. - The stock is estimated to be slightly undervalued, with a fair value estimate of $39.71, 8% above the current stock price [12][23].

In the quarter under review, the company reported adjusted earnings per share (EPS) of 72 cents, beating the Zacks Consensus Estimate of 49 cents. In the year-ago quarter, it recorded an adjusted EPS of 50 cents. BJRI opened one new restaurant have opened one new restaurant in Brookfield, Wisconsin and is set to open two more in August and September 2024. The new locations will feature a new prototype, costing approximately $1 million less than the previous design, offering greater operational efficiency an ...