[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section details the company's unaudited financial performance and condition for the period ended July 11, 2021, highlighting recovery and operational insights [Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) Unaudited financial statements for Q2 2021 reflect significant revenue recovery, reduced net loss, and positive operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and stockholders' equity decreased as of July 11, 2021, primarily due to reduced property and equipment and long-term debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | July 11, 2021 | December 27, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$942,103** | **$974,739** | | Cash and cash equivalents | $25,569 | $16,116 | | Property and equipment, net | $396,746 | $427,033 | | **Total Liabilities** | **$832,940** | **$854,026** | | Long-term debt | $145,106 | $160,952 | | **Total Stockholders' Equity** | **$109,163** | **$120,713** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Q2 2021 saw substantial revenue growth and a significant reduction in net loss compared to the prior year Statement of Operations Highlights (in thousands, except per share data) | Metric | Twelve Weeks Ended July 11, 2021 | Twelve Weeks Ended July 12, 2020 | Twenty-Eight Weeks Ended July 11, 2021 | Twenty-Eight Weeks Ended July 12, 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$276,975** | **$161,122** | **$603,250** | **$467,187** | | Loss from operations | $(2,564) | $(50,582) | $(6,895) | $(208,811) | | **Net Loss** | **$(4,996)** | **$(56,261)** | **$(13,709)** | **$(230,559)** | | Diluted Loss Per Share | $(0.32) | $(4.09) | $(0.88) | $(17.38) | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity declined by **$11.5 million** in the first twenty-eight weeks of 2021, mainly due to the period's **net loss of $13.7 million**[18](index=18&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The company generated positive operating cash flow of **$37.2 million**, leading to a **$9.5 million** increase in cash and cash equivalents Cash Flow Summary (in thousands) | Cash Flow Activity | Twenty-Eight Weeks Ended July 11, 2021 | Twenty-Eight Weeks Ended July 12, 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $37,184 | $(18,607) | | Net cash used in investing activities | $(10,834) | $(11,413) | | Net cash (used in) provided by financing activities | $(16,931) | $26,369 | | **Net change in cash and cash equivalents** | **$9,453** | **$(3,907)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail COVID-19 impacts, revenue sources, and significant changes in other charges and debt structure - As of July 11, 2021, the company operated **430 company-owned** and **101 franchised restaurants**[26](index=26&type=chunk) - The company has filed for approximately **$16 million** in federal and state NOL cash tax refunds under the CARES Act, with the majority expected in 2022[37](index=37&type=chunk) Other Charges Breakdown (in thousands) | Charge Type | Twenty-Eight Weeks Ended July 11, 2021 | Twenty-Eight Weeks Ended July 12, 2020 | | :--- | :--- | :--- | | Restaurant closure and refranchising costs | $4,199 | $9,008 | | Asset impairment | $1,357 | $20,779 | | Goodwill impairment | $0 | $95,414 | | **Total Other Charges** | **$7,667** | **$133,880** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the Q2 2021 operational and financial recovery, driven by dining room reopenings and sustained off-premise sales [Overview and COVID-19 Impact](index=15&type=section&id=Overview%20and%20COVID-19%20Impact) The company expanded dine-in capacity in Q2 2021, facing labor challenges while off-premise sales remained robust - As of July 11, 2021, the company owned **430 restaurants** and had **101 franchised locations**[62](index=62&type=chunk) - Staffing is the number one priority, with technology enhancements and national hiring days addressing competitive job market challenges[65](index=65&type=chunk) - Off-premise sales have remained **more than double pre-pandemic levels**, even as restaurants operate without indoor capacity restrictions[64](index=64&type=chunk) [Financial and Operational Highlights](index=16&type=section&id=Financial%20and%20Operational%20Highlights) Q2 2021 restaurant revenue increased **69.9%** year-over-year, with improved operating costs and a reduced adjusted diluted loss per share Q2 Restaurant Revenue Comparison (in millions) | Period | 2021 | 2020 | % Change vs 2020 | 2019 | % Change vs 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | Restaurant Revenue | $272.2 | $160.1 | 69.9% | $302.4 | (10.0)% | Q2 Restaurant Operating Costs as a % of Revenue | Cost Category | 2021 | 2020 | Basis Point Change | | :--- | :--- | :--- | :--- | | Cost of sales | 22.8% | 24.2% | (140) | | Labor | 36.4% | 39.2% | (280) | | Other operating | 17.2% | 21.6% | (440) | | Occupancy | 7.9% | 13.0% | (510) | | **Total** | **84.3%** | **98.0%** | **(1,370)** | - Adjusted diluted loss per share improved to **$(0.22)** for the twelve weeks ended July 11, 2021, compared to **$(3.31)** for the same period in 2020[68](index=68&type=chunk) [Results of Operations](index=19&type=section&id=Results%20of%20Operations) Q2 2021 revenue growth was driven by increased guest count and average check, improving cost leverage despite higher wage rates - Q2 2021 comparable restaurant revenue increase was driven by a **47.7% increase in Guest count** and an **18.6% increase in average Guest check**[76](index=76&type=chunk) - Off-premise sales constituted **32.8% of total food and beverage sales** in Q2 2021, down from **63.8% in Q2 2020** as dine-in traffic returned[76](index=76&type=chunk) - Labor as a percentage of revenue decreased by **280 basis points** in Q2 2021, primarily due to staffing shortages and sales leverage, offsetting higher wage rates and increased compensation costs[83](index=83&type=chunk) - Selling, general, and administrative costs increased by **$8.6 million** in Q2 2021, mainly due to lapping significant reductions in marketing spend and temporary salary cuts made in 2020[93](index=93&type=chunk) [Liquidity and Capital Resources](index=23&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity improved with **$117 million** available, positive operating cash flow, and a focus on debt reduction - As of July 11, 2021, the company had approximately **$117 million in liquidity**, including cash on hand and available borrowing capacity[103](index=103&type=chunk) - Net cash provided by operating activities was **$37.2 million** for the first twenty-eight weeks of 2021, a **$55.8 million improvement** from the same period in 2020[104](index=104&type=chunk)[105](index=105&type=chunk) - Total debt outstanding decreased by **$15.8 million** to **$154.8 million** at July 11, 2021, from year-end 2020[112](index=112&type=chunk) - The company's share repurchase program remains temporarily suspended, with **$68.4 million** of availability under the current authorization[114](index=114&type=chunk)[115](index=115&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risks include interest rate fluctuations on variable debt and commodity price volatility for key food items - A **1.0% change** in the effective interest rate on variable-rate borrowings would result in an annualized pre-tax interest expense fluctuation of **$1.6 million**[128](index=128&type=chunk) - A **1.0% increase** in food and beverage costs would negatively impact cost of sales by approximately **$2.0 million** on an annualized basis[129](index=129&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of July 11, 2021[130](index=130&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[131](index=131&type=chunk) [PART II - OTHER INFORMATION](index=29&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and required exhibits [Legal Proceedings](index=29&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine litigation, with management believing adequate provisions have been made for potential losses - The company regularly evaluates litigation contingencies and believes adequate accruals and disclosures have been made[134](index=134&type=chunk)[135](index=135&type=chunk) [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the previously disclosed risk factors were reported for the current quarter - No material changes to risk factors were reported for the quarter[136](index=136&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=29&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity sales or share repurchases occurred, with the repurchase program remaining suspended - No share repurchases were made during the second fiscal quarter of 2021[137](index=137&type=chunk) - The ability to repurchase shares is restricted by lenders until at least the first fiscal quarter of 2022, contingent on meeting a specific leverage ratio[137](index=137&type=chunk) [Exhibits](index=30&type=section&id=Item%206.%20Exhibits) This section lists required filings, including CEO/CFO certifications and XBRL financial data - Exhibits filed include CEO and CFO certifications (Rule 13a-14(a) and Section 1350) and XBRL data[139](index=139&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 18, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34851 (303) 846-6000 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 27, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34851 ____________________________________________________________ ...