0001628280-25-009131 | 10-K | XBRL Viewer | Twin Hospitality Group INC

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SHARE-BASED COMPENSATION - Schedule of Assumptions Used for Stock-based Compensation (Details) - Stock Option	12 Months Ended
	Dec. 29, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	4.60%
Expected volatility	88.80%
Risk-free interest rate	1.40%
Expected term (in years)	6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 0	$ 0
Impairment of other intangible assets	0	0
Amortization expense	$ 2,900,000	$ 2,300,000

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Gross goodwill:
Balance, beginning of year	$ 117,200,000	$ 105,100,000
Acquired - Smokey Bones	0	12,100,000
Balance, end of year	117,200,000	117,200,000
Accumulated impairment:
Balance, beginning of year	0	0
Impairment	0	0
Balance, end of year	0	0
Net carrying value	$ 117,185,000	$ 117,159,000

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

The following table reflects the changes in carrying amounts of goodwill for the fiscal years ended December 29, 2024 and December 31, 2023 (in millions):


	December 29, 2024		December 31, 2023
Gross goodwill:
Balance, beginning of year	$	117.2	$	105.1
Acquired - Smokey Bones	—		12.1
Balance, end of year	117.2		117.2

Accumulated impairment:
Balance, beginning of year	—		—
Impairment	—		—
Balance, end of year	—		—

Net carrying value	$	117.2	$	117.2

When considering the available facts, assessments and judgments, the Company recorded no goodwill impairment charges for the fiscal years ended December 29, 2024 and December 31, 2023.

Other intangible assets consist primarily of trademarks and franchise agreements that were classified as identifiable intangible assets at the time of the brands’ acquisition. Franchise agreements are amortized over the useful life of the asset. Certain trademarks are considered to have an indefinite useful life and are not amortized.

Changes in Carrying Value of Other Intangible Assets

The changes in carrying value of other intangible assets for the fiscal years ended December 29, 2024 and December 31, 2023 are as follows (in millions):


	Amortizing				Non-Amortizing				Total
	2024		2023		2024		2023		2024		2023
Balance, beginning of year	$	32.9	$	26.1	$	136.8	$	136.8	$	169.7	$	162.9
Acquisition - Smokey Bones	—		8.8		—		—		—		8.8
Repurchased franchise right	—		0.3		—		—		—		0.3
Amortization expense	(2.9)		(2.3)		—		—		(2.9)		(2.3)
Impairments	—		—		—		—		—		—
Balance, end of year	$	30.0	$	32.9	$	136.8	$	136.8	$	166.8	$	169.7

Gross Carrying Value and Accumulated Amortization of Other Intangible Assets

The carrying value of amortizing other intangible assets is as follows as of December 29, 2024 and December 31, 2023 (in millions):


	December 29, 2024							December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Franchise agreements		$	28.2	$	(6.5)	$	21.7	$	28.2	$	(4.7)	$	23.5
Trademarks		8.8		(1.2)		7.6		8.8		(0.2)		8.6
Other		0.9		(0.2)		0.7		0.9		(0.1)		0.8
Balance, end of year		$	37.9	$	(7.9)	$	30.0	$	37.9	$	(5.0)	$	32.9

The Company recorded no impairment of other intangible assets for the fiscal years ended December 29, 2024 and December 31, 2023.

Amortization expense for the fiscal years ended December 29, 2024 and December 31, 2023 was $2.9 million and $2.3 million, respectively.

The expected future amortization of the Company’s amortizable intangible assets is as follows (in millions):


Fiscal year:
2025	$	2.9
2026	2.9
2027	2.9
2028	2.9
2029	2.9
Thereafter	15.5
Total	$	30.0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Current assets
Cash	$ 9,370	$ 4,491
Restricted cash	8,725	15,046
Accounts receivable, net	3,130	2,276
Other current assets	7,580	6,280
Total current assets	28,805	28,093
Non-current restricted cash	7,793	4,608
Operating lease right-of-use assets	143,628	169,355
Goodwill	117,185	117,159
Other intangible assets, net	166,751	169,728
Property and equipment, net	76,675	74,822
Other assets	1,609	1,817
Total assets	542,446	565,582
Current liabilities
Accounts payable	9,800	9,487
Accrued expenses and other liabilities	23,335	25,677
Deferred income, current portion	3,954	1,118
Operating lease liability, current portion	7,450	21,585
Acquisition payable, current portion	0	3,000
Long-term debt, current portion	10,691	9,861
Total current liabilities	55,230	70,728
Deferred income, net of current portion	4,808	4,365
Deferred income tax liabilities, net	2,738	0
Operating lease liability, net of current portion	146,700	149,489
Long-term debt, net of current portion	405,007	334,020
Total liabilities	627,055	581,093
Commitments and contingencies (Note 13)
Stockholders’ deficit
Preferred stock: $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding at December 29, 2024 and December 31, 2023	0	0
Class A and Class B common stock and additional paid-in capital as of December 29, 2024: $0.0001 par value per share; 102,870,000 shares authorized (Class A 100,000,000, Class B 2,870,000); 5,000 shares issued and outstanding (Class A 5,000, Class B 0). Common stock and additional paid-in capital as of December 31, 2023: $0.0001 par value; 5,000 shares authorized (Class A 5,000, Class B 0); 5,000 shares issued and outstanding (Class A 5,000, Class B 0)	0	0
Accumulated deficit	(84,609)	0
Member’s (deficit) equity		(15,511)
Total stockholders’ deficit	(84,609)
Total liabilities and stockholders’ deficit	542,446	565,582
Affiliates
Current liabilities
Other liabilities	10,458	18,013
Nonrelated Party
Current liabilities
Other liabilities	$ 2,114	$ 4,478

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (48,170)	$ (13,840)
Adjustments to reconcile net loss to net cash (used in) provided by operations:
Depreciation and amortization	23,515	12,377
Share-based compensation	211	312
Change in operating right-of-use assets	6,916	(821)
Deferred income taxes	(8,248)	0
Accretion of loan fees and interest	11,846	4,861
Net loss on extinguishment of debt	2,353	0
Change in:
Accounts receivable	(854)	(246)
Other current assets	(1,300)	255
Other non-current assets	(13)	336
Accounts payable	313	171
Accrued expense and other liabilities	(2,342)	1,681
Deferred income	756	959
Other current and noncurrent liabilities	(19)	0
Total adjustments	33,134	19,885
Net cash (used in) provided by operating activities	(15,036)	6,045
Cash flows from investing activities
Proceeds from sale of property and equipment	4,635	9,259
Purchases of property and equipment	(25,139)	(23,873)
Net cash used in investing activities	(20,504)	(14,614)
Cash flows from financing activities
Proceeds from borrowings of long-term debt, net of issuance costs	415,728	9,405
Repayments of borrowings	(401,885)	(8,885)
Financing proceeds from affiliates	23,440	15,224
Net cash provided by financing activities	37,283	15,744
Net increase (decrease) in cash and restricted cash	1,743	7,175
Cash and restricted cash at beginning of the period	24,145	16,970
Cash and restricted cash at end of the period	25,888	24,145
Supplemental disclosures of cash flow information:
Cash paid for interest	36,840	26,137
Cash paid for income taxes	0	0
Supplemental disclosure of non-cash financing and investing activities:
Issuance and distribution of long-term debt to FAT Brands Inc.	43,775	93,994
Contribution of Barbeque Integrated Inc. from FAT Brands Inc.	$ 0	$ 31,834

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)

12 Months Ended

Dec. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Liabilities Related to Franchise Fees

The following table summarizes contract liabilities related to the franchise fees as of December 29, 2024 and December 31, 2023 (in thousands):


	December 29, 2024		December 31, 2023
Franchise fees liability at the beginning of the year	$	4,582	$	4,362
Revenue recognized	257		520
Franchise fees received during the period	700		740
Franchise fees liability at the end of the year	$	5,025	$	4,582

Schedule of Disaggregated Revenue

The following table presents disaggregated revenue by the method of recognition (in thousands):


	Twelve Months Ended
	December 29, 2024		December 31, 2023
Revenue recognized over time
Franchise fees	$	257	$	520
Revenue recognized at a point in time
Royalties	$	20,487	$	19,019
Advertising fees	10,243		9,548
Restaurant sales	320,211		199,369
Management fees and other income	2,603		2,411
Total	$	353,544	$	230,347

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 29, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS We may engage in transactions with other companies, owned or controlled by affiliates of our Parent in the normal course of business. The Due to Affiliates represents the payable as of the end of the reporting period of advances (for capital expenditures or other working capital needs) received from the Parent or its affiliates and are settled in accordance with the legal and contractual restrictions governing transactions by and among the Parent’s consolidated entities. The outstanding balance at December 29, 2024 and December 31, 2023 was $10.5 million and $18.0 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

LEASES - Schedule of Contractual Future Maturities of Financing Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Fiscal year:
2025	$ 1.8
Less imputed interest	0.1
Total	$ 1.7	$ 2.9

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 29, 2024

Property, Plant and Equipment [Abstract]

Schedule of Changes in Carrying Value of Property and Equipment

As of December 29, 2024 and December 31, 2023, the Company’s gross carrying value of property and equipment and accumulated depreciation balances were (in millions):


	Total
	2024		2023
Real estate	$	1.7	$	4.8
Buildings and leasehold improvements	66.3		53.7
Furniture, fixtures and equipment	37.8		29.5
Construction in process	6.7		4.7
Total property and equipment, gross	112.5		92.7
Less: accumulated depreciation	(35.8)		(17.9)
Total property and equipment, net	$	76.7	$	74.8

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Changes in Carrying Value of Other Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Amortizing
Balance, beginning of year	$ 32,900,000	$ 26,100,000
Acquisition - Smokey Bones	0	8,800,000
Repurchased franchise right	0	300,000
Amortization expense	(2,900,000)	(2,300,000)
Impairments	0	0
Balance, end of year	30,000,000.0	32,900,000
Non-Amortizing
Balance, beginning of year	136,800,000	136,800,000
Acquisition - Smokey Bones	0	0
Repurchased franchise right	0	0
Impairments	0	0
Balance, end of year	136,800,000	136,800,000
Total
Balance, beginning of year	169,728,000	162,900,000
Acquisition - Smokey Bones	0	8,800,000
Repurchased franchise right	0	300,000
Amortization expense	(2,900,000)	(2,300,000)
Impairments	0	0
Balance, end of year	$ 166,751,000	$ 169,728,000

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands		12 Months Ended	23 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jan. 30, 2019 USD ($)	Dec. 27, 2020 USD ($)	Dec. 27, 2020 USD ($)	Dec. 29, 2024 restaurant ft²	May 10, 2024 violation
Loss Contingencies [Line Items]
Area of leased space (square feet) \| ft²				8,300
Number of restaurants \| restaurant				170
Company-Owned
Loss Contingencies [Line Items]
Number of restaurants \| restaurant				89
Minimum
Loss Contingencies [Line Items]
Remaining lease term				6 months
Maximum
Loss Contingencies [Line Items]
Remaining lease term				23 years
Fat Brands \| Related Party
Loss Contingencies [Line Items]
Payment for origination of related party notes receivable			$ 2,650
Fat Brands \| Chief Executive Officer
Loss Contingencies [Line Items]
Payment for origination of related party notes receivable	$ 600
Fat Brands \| Parent Company
Loss Contingencies [Line Items]
Payment for origination of related party notes receivable		$ 2,000
Fat Brands \| Government Investigations and Litigation
Loss Contingencies [Line Items]
Number of violations \| violation					2

INCOME TAXES - Schedule of Components of the Income Tax (Benefit) Provision, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Current
Federal	$ 0	$ 0
State	0	0
Foreign	0	0
Current income tax expense (benefit), total	0	0
Deferred
Federal	(7,700)	(200)
State	(700)	0
Deferred: income tax expense (benefit), total	(8,400)	(200)
Total income tax (benefit) provision	$ (8,402)	$ (230)

LEASES - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 21.2	$ 6.5
Operating lease liabilities	$ 4.1	$ 8.1

DEBT - Narrative (Details)									1 Months Ended	3 Months Ended	12 Months Ended
DEBT - Narrative (Details)	Jan. 26, 2026 USD ($)	Oct. 27, 2025 USD ($)	Jul. 25, 2025 USD ($)	Apr. 25, 2025 USD ($)	Jan. 29, 2025	Nov. 21, 2024 USD ($) tranche	Dec. 28, 2023 USD ($)	Dec. 04, 2023 USD ($) payment	Sep. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 29, 2024 USD ($) restaurant	Dec. 31, 2023 USD ($)	Oct. 25, 2025 $ / shares	Sep. 20, 2024 USD ($)	Dec. 25, 2022 USD ($)	Oct. 01, 2021 USD ($) tranche
Debt Instrument [Line Items]
Face amount of debt											$ 424,600,000	$ 353,100,000
Proceeds from borrowings of long-term debt, net of issuance costs											415,728,000	9,405,000
Loss on extinguishment of debt											$ 2,353,000	0
Number of restaurants \| restaurant											170
Principal amount, net of offering costs and original issue discount											$ 415,700,000	343,900,000
Acquisition of interest in joint venture, consideration								$ 1,300,000
Acquisition of interest in joint venture, cash payments								$ 300,000
Acquisition of interest in joint venture, monthly payments \| payment								10
Acquisition of interest in joint venture, installment payments								$ 100,000
Company-Owned
Debt Instrument [Line Items]
Number of restaurants \| restaurant											89
Class A Common Stock \| Subsequent Event
Debt Instrument [Line Items]
Warrants conversion to common shares as a percentage of issued and outstanding shares					5.00%
Forecast \| Subsequent Event
Debt Instrument [Line Items]
Warrants term													5 years
Warrants exercise price (in dollars per share) \| $ / shares													$ 0.01
Prior Securitization Notes
Debt Instrument [Line Items]
Debt instrument, number of tranches \| tranche																3
Debt repayment						$ 388,800,000
Accrued interest repayment						2,300,000
Loss on extinguishment of debt						$ 2,400,000
Prior Securitization Notes \| Senior Debt
Debt Instrument [Line Items]
Face amount of debt									$ 48,000,000	$ 50,000,000	$ 0	198,000,000.0				$ 150,000,000
Debt, interest rate percentage											7.00%					7.00%
Proceeds from borrowings of long-term debt, net of issuance costs										47,000,000
Debt instrument original issue discount and offering costs										2,900,000
Principal amount, net of offering costs and original issue discount											$ 0	193,700,000
Prior Securitization Notes \| Senior Debt \| Fat Brands
Debt Instrument [Line Items]
Face amount of debt									48,000,000	$ 50,000,000
Prior Securitization Notes \| Senior Notes and Subordinated Debt
Debt Instrument [Line Items]
Face amount of debt									60,000,000
Proceeds from borrowings of long-term debt, net of issuance costs									56,000,000
Debt instrument original issue discount and offering costs									4,300,000
Prior Securitization Notes \| Senior Subordinated Debt
Debt Instrument [Line Items]
Face amount of debt											$ 0	50,000,000.0				$ 50,000,000
Debt, interest rate percentage											9.00%					9.00%
Principal amount, net of offering costs and original issue discount											$ 0	48,600,000
Prior Securitization Notes \| Subordinated Debt
Debt Instrument [Line Items]
Face amount of debt									50,000,000		$ 0	100,000,000.0				$ 50,000,000
Debt, interest rate percentage											10.00%					10.00%
Principal amount, net of offering costs and original issue discount											$ 0	96,500,000
Prior Securitization Notes \| Subordinated Debt \| Fat Brands
Debt Instrument [Line Items]
Face amount of debt									$ 12,300,000
Twin Securitization Notes
Debt Instrument [Line Items]
Debt instrument, number of tranches \| tranche						4
Face amount of debt						$ 416,700,000
Proceeds from borrowings of long-term debt, net of issuance costs						407,500,000
Unamortized discount						3,200,000
Debt offering costs						6,000,000.0
Additional interest after Anticipated Repayment Date, percentage											5.00%
Net proceeds of Qualified Equity Offering required to be deposited											0.75
Net proceeds of Qualified Equity Offering to be used for notes repayment											$ 75,000,000
Twin Securitization Notes \| Minimum \| Forecast
Debt Instrument [Line Items]
Net proceeds of Qualified Equity Offering to be used for notes repayment	$ 75,000,000	$ 25,000,000	$ 25,000,000	$ 25,000,000
Twin Securitization Notes \| Senior Debt
Debt Instrument [Line Items]
Face amount of debt						$ 269,300,000					$ 269,300,000	0
Debt, interest rate percentage						9.00%					9.00%
Principal amount, net of offering costs and original issue discount											$ 265,500,000	0
Twin Securitization Notes \| Senior Subordinated Debt
Debt Instrument [Line Items]
Face amount of debt						$ 57,600,000					$ 57,600,000	0
Debt, interest rate percentage						10.00%					10.00%
Principal amount, net of offering costs and original issue discount											$ 53,700,000	0
Twin Securitization Notes \| Subordinated Debt
Debt Instrument [Line Items]
Face amount of debt						$ 77,700,000					$ 77,700,000	0
Debt, interest rate percentage						11.00%					11.00%
Principal amount, net of offering costs and original issue discount											$ 76,600,000	0
Twin Securitization Notes \| Super Senior Debt
Debt Instrument [Line Items]
Face amount of debt						$ 12,000,000					$ 12,100,000	0
Debt, interest rate percentage						9.00%					9.00%
Principal amount, net of offering costs and original issue discount											$ 12,000,000.0	$ 0
Equipment Notes
Debt Instrument [Line Items]
Debt, interest rate percentage											11.50%	11.50%
Maximum borrowing capacity											$ 4,200,000	$ 1,400,000			$ 1,000,000
Debt instrument, term											48 months	48 months
Equipment Notes \| Company-Owned
Debt Instrument [Line Items]
Number of restaurants \| restaurant											3
Equipment Notes \| Minimum
Debt Instrument [Line Items]
Debt, interest rate percentage															7.99%
Equipment Notes \| Maximum
Debt Instrument [Line Items]
Debt, interest rate percentage															8.49%
Equipment Notes \| Notes Payable
Debt Instrument [Line Items]
Face amount of debt											$ 4,700,000
Principal amount, net of offering costs and original issue discount											$ 4,700,000	$ 1,900,000
Equipment Notes \| Notes Payable \| Minimum
Debt Instrument [Line Items]
Debt, interest rate percentage											7.99%
Equipment Notes \| Notes Payable \| Maximum
Debt Instrument [Line Items]
Debt, interest rate percentage											11.50%
Construction Loan III \| Construction Loans
Debt Instrument [Line Items]
Face amount of debt							$ 4,750,000				$ 0
Principal amount, net of offering costs and original issue discount											$ 0	2,200,000
Debt term extension period							12 months
Variable rate							1.00%				1.00%
Construction Loan IV \| Construction Loans
Debt Instrument [Line Items]
Face amount of debt											$ 3,200,000			$ 3,200,000
Debt, interest rate percentage											12.50%			12.50%
Principal amount, net of offering costs and original issue discount											$ 3,200,000	0
Promissory Note \| Notes Payable
Debt Instrument [Line Items]
Face amount of debt								$ 1,000,000			$ 0
Debt, interest rate percentage								5.30%			5.30%
Principal amount, net of offering costs and original issue discount											$ 0	$ 1,000,000.0

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 29, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists primarily of real estate (including land, buildings and tenant improvements) and equipment.

As of December 29, 2024 and December 31, 2023, the Company’s gross carrying value of property and equipment and accumulated depreciation balances were (in millions):


	Total
	2024		2023
Real estate	$	1.7	$	4.8
Buildings and leasehold improvements	66.3		53.7
Furniture, fixtures and equipment	37.8		29.5
Construction in process	6.7		4.7
Total property and equipment, gross	112.5		92.7
Less: accumulated depreciation	(35.8)		(17.9)
Total property and equipment, net	$	76.7	$	74.8

Depreciation expense on property and equipment for the fiscal years ended December 29, 2024 and December 31, 2023 was $18.6 million and $10.1 million, respectively.

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax benefit at statutory rate	$ (11,900)	$ (3,000)
State and local income taxes	(700)	0
State and federal valuation allowance	(1,700)	700
Flow-through income	7,000	2,400
Tax credits	(1,100)	(300)
Other	0	0
Total income tax (benefit) provision	$ (8,402)	$ (230)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
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-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Paragraph 2
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-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation The Company is periodically involved in various claims and litigation in the normal course of business. While the Company estimates its exposure for these claims and establishes reserves for the estimated probable liabilities, the actual liabilities could be in excess of these reserves. The Company believes that the result of any potential claims will not have a material adverse effect on the Company’s financial condition. In May 2024, FAT Brands Inc. (“FAT Brands” or the “Parent”) was informed that it was indicted by the U.S. Department of Justice (the “DOJ”) on two violations of Section 402 of the Sarbanes-Oxley Act for directly and indirectly extending and/or arranging for the extension of credit in 2019 and 2020 to its former CEO Andrew Wiederhorn in the amount of $2.65 million. These charges allege that FAT Brands, through its subsidiary Fatburger N.A., transferred approximately $0.6 million to Mr. Wiederhorn in the form of a personal loan on January 30, 2019, and lent approximately $2 million in 2020 to its former parent company Fog Cutter Capital Group Inc. (“FCCG”) which indirectly funded a personal loan from FCCG to Mr. Wiederhorn. The indictment also includes charges against Mr. Wiederhorn, FAT Brands’ former CFO, Rebecca Hershinger, and FAT Brands’ former tax advisor, William Amon, on violations of various federal tax and other laws related to loans from FCCG to Mr. Wiederhorn. Also in May 2024, the SEC filed a complaint against FAT Brands, claiming violations of Section 17(a)(2) of the Securities Act of 1933; Sections 10(b), 13(a), 13(b)(2)(A), 13(b)(2)(B), 13(k), and 14(a) of the Securities Exchange Act of 1934; and Rules 10b-5(b), 12b-20, 13a-1, 13a-13, 14a-3, and 14a-9 thereunder. The SEC’s claims pertain principally to allegations that, for fiscal periods covering 2017 through 2020, FAT Brands failed to disclose certain related party transactions, failed to disclose the salaries of Mr. Wiederhorn’s adult children working at FAT Brands, failed to maintain proper books and records and internal accounting controls, made false or misleading statements regarding its liquidity and use of proceeds from certain transactions, and directly or indirectly extended credit to Mr. Wiederhorn in the form of a personal loan. The SEC’s complaint also names Mr. Wiederhorn, Ms. Hershinger, and FAT Brands’ SVP of Finance, Ron Roe, as defendants. The SEC is seeking injunctive relief, disgorgement, and civil monetary penalties. The Parent intends to vigorously defend against such matters, which do not directly involve or allege any wrongdoing on the part of the Company. Operating Leases (See Also Note 7) Our corporate headquarters, including our principal administrative, sales and marketing, customer support, and research and development operations, are located in Dallas TX comprising approximately 8,300 square feet under a lease expiring on April 30, 2025. In addition we own and operate restaurant locations, substantially all of which are located in leased premises. As of December 29, 2024, we owned and operated 89 restaurant locations. The leases have remaining terms ranging from 0.5 to 23.0 years. We believe that our existing facilities are in good operating condition and adequate to meet our current and foreseeable needs. Additional information related to our operating leases are disclosed in Note 7.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT/ MEMBER'S (DEFICIT) EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Total Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit
Members' equity, beginning balance at Dec. 25, 2022	$ 60,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(13,840)
Distribution to FAT Brands Inc.	(93,993)
Contribution of Barbeque Integrated, Inc. from FAT Brands Inc.	31,834
Share-based compensation	$ 312
Stockholders' Equity, ending balance (in shares) at Dec. 31, 2023	5,000	5,000	0		5,000	0
Members' equity, ending balance at Dec. 31, 2023	$ (15,511)			$ 19,916	$ 0	$ 0	$ 19,916	$ (35,427)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(48,170)							(48,170)
Distribution to FAT Brands Inc.	(21,139)			(20,127)			(20,127)	(1,012)
Share-based compensation	$ 211			211			211
Stockholders' Equity, ending balance (in shares) at Dec. 29, 2024	5,000	5,000	0		5,000	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stockholders' Equity, ending balance	$ (84,609)			$ 0	$ 0	$ 0	$ 0	$ (84,609)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
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-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
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-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Award Timing Disclosure	12 Months Ended
Award Timing Disclosure	Dec. 29, 2024
Award Timing Disclosures [Line Items]
Award Timing MNPI Disclosure	The Company does not grant equity awards in anticipation of the release of material nonpublic information (“MNPI”) that is likely to result in changes to the price of our Class A Common Stock and does not time the public release of such information based on award grant dates. Equity awards are typically granted according to a predetermined schedule or based on an event such as the recipient’s appointment as an officer or director of our Company, to ensure consistency and avoid the appearance of timing based on MNPI. The Board of Directors and Compensation Committee do not consider MNPI when determining the timing of equity awards or in setting the terms of equity awards, such as grant size or vesting conditions. It is the Company’s policy not to time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. During the last completed fiscal year, the Company did not make any equity awards to any person.
Award Timing Method	Equity awards are typically granted according to a predetermined schedule or based on an event such as the recipient’s appointment as an officer or director of our Company, to ensure consistency and avoid the appearance of timing based on MNPI.
Award Timing Predetermined	true
Award Timing MNPI Considered	false
MNPI Disclosure Timed for Compensation Value	false

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Revenue
Total revenue	$ 353,801	$ 230,867
Costs and expenses
Food and beverage costs	87,414	53,512
Labor and benefits costs	103,234	64,024
Other operating costs	67,155	37,722
Occupancy costs	26,198	13,112
Advertising expense	19,751	16,792
Pre-Opening expense	1,632	1,136
General and administrative expense	33,232	19,252
Depreciation and amortization	23,515	12,377
Total costs and expenses	362,131	217,927
(Loss) income from operations	(8,330)	12,940
Other (expense) income, net
Interest expense	(46,137)	(29,714)
Net loss on extinguishment of debt	(2,353)	0
Other income, net	248	2,704
Total other expense, net	(48,242)	(27,010)
Loss before income tax provision (benefit)	(56,572)	(14,070)
Income tax provision (benefit)	(8,402)	(230)
Net loss	(48,170)	(13,840)
Restaurant sales
Revenue
Total revenue	320,211	199,369
Franchise revenue
Revenue
Total revenue	$ 33,590	$ 31,498

INCOME TAXES

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

Components of the income tax (benefit) provision, net are as follows (in millions):


	Fiscal Year Ended December 29, 2024		Fiscal Year Ended December 31, 2023
Current
Federal	$	—	$	—
State	—		—
Foreign	—		—
	—		—
Deferred
Federal	(7.7)		(0.2)
State	(0.7)		—
	(8.4)		(0.2)
Total income tax (benefit) provision	$	(8.4)	$	(0.2)

Prior to November 21, 2024, with the exception of Barbeque Integrated, Inc., the Company operated under disregarded limited liability companies. As a result, the income taxes prior to November 21, 2024 relate solely to Barbeque Integrated, Inc.

The Company accounts for income taxes under the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain.

Income tax (benefit) provision related to continuing operations differ from the amounts computed by applying the statutory income tax rate to pretax income as follows (in millions):


	Fiscal Year Ended December 29, 2024		Fiscal Year Ended December 31, 2023
Tax benefit at statutory rate	$	(11.9)	$	(3.0)
State and local income taxes	(0.7)		—
State and federal valuation allowance	(1.7)		0.7
Flow-through income	7.0		2.4
Tax credits	(1.1)		(0.3)
Other	—		—
Total income tax provision	$	(8.4)	$	(0.2)

Deferred taxes reflect the net effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for calculating taxes payable. Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):


	December 29, 2024		December 31, 2023
Deferred Tax Assets:
Net federal and state operating loss carryforwards	$	4.7	$	3.4
Tax credits	20.3		—
Interest expense carryforward	1.7		0.6
Deferred revenue	0.4		—
Reserves and accruals	3.2		0.2
Share-based compensation	0.1		—
Operating lease liabilities	42.8		28.6
Fixed assets	—		0.6
Other	0.4		0.3
Total deferred tax assets	$	73.6	$	33.7
Valuation allowance	$	(20.6)	$	(3.6)
Deferred tax assets net of valuation allowance	53.0		30.1

Deferred Tax Liabilities:
Intangibles	(11.2)		(2.2)
Fixed assets	(2.0)		—
Operating lease right-of-use assets	(42.5)		(27.9)
Total deferred tax liabilities	(55.7)		(30.1)
Net deferred tax liability	$	(2.7)	$	—

Realization of our deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. The valuation allowance decreased by $17.0 million during the fiscal year ended December 29, 2024 and the total valuation allowance recorded was $20.6 million and $3.6 million during the years ended December 29, 2024 and December 31, 2023, respectively.

The Company had federal net operating loss carryforwards (“NOLs”) of $18.7 million and $11.9 million as of December 29, 2024 and December 31, 2023, respectively. The Company’s State NOLs were $18.1 million and $12.6 million as of December 29, 2024 and December 31, 2023, respectively. The NOLs begin to expire in 2038. Utilization of some of the federal and state net operating loss and credit carryforwards are subject to annual limitations due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of net operating losses and credits before utilization.

The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. Increases or decreases to the unrecognized tax benefits could result from management's belief that a position can or cannot be sustained upon examination based on subsequent information or potential lapse of the applicable statute of limitations for certain tax positions.

Barbeque Integrated, Inc. files Federal and state income tax returns. As of December 29, 2024, Barbeque Integrated, Inc.'s annual tax filings for the prior four years are open for audit by Federal and state tax agencies. Twin Hospitality Group, Inc. files Federal and state income tax returns. Twin Hospitality Group Inc.'s annual tax return for the period from November 21, 2024 to December 29, 2024 is open for audit by Federal and state tax agencies.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 29, 2024, the Company had no material uncertain tax positions and provisions for interest or penalties related to uncertain tax positions.

- Definition

The entire disclosure for income tax.

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+ Details

LEASES - Summary of Supplemental Cash Flow Information Related to Finance Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating cash flows from financing leases	$ 0.1	$ 0.1
Financing lease liabilities	$ 0.0	$ 3.6

INCOME TAXES - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Deferred Tax Assets:
Net federal and state operating loss carryforwards	$ 4.7	$ 3.4
Tax credits	20.3	0.0
Interest expense carryforward	1.7	0.6
Deferred revenue	0.4	0.0
Reserves and accruals	3.2	0.2
Share-based compensation	0.1	0.0
Operating lease liabilities	42.8	28.6
Fixed assets	0.0	0.6
Other	0.4	0.3
Total deferred tax assets	73.6	33.7
Valuation allowance	(20.6)	(3.6)
Deferred tax assets net of valuation allowance	53.0	30.1
Deferred Tax Liabilities:
Intangibles	(11.2)	(2.2)
Fixed assets	(2.0)	0.0
Operating lease right-of-use assets	(42.5)	(27.9)
Total deferred tax liabilities	(55.7)	(30.1)
Net deferred tax liability	$ (2.7)	$ 0.0

REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Contract Liabilities Related to Franchise Fees (Details) - Franchise revenue - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Franchise Fees [Roll Forward]
Franchise fees liability at the beginning of the year	$ 4,582	$ 4,362
Revenue recognized	257	520
Franchise fees received during the period	700	740
Franchise fees liability at the end of the year	$ 5,025	$ 4,582

STOCKHOLDERS’ EQUITY (Details)	Jan. 24, 2025	Jan. 29, 2025 shares	Dec. 29, 2024 shares	Dec. 16, 2024 shares	Dec. 31, 2023 shares	Aug. 16, 2021 vote
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, authorized (in shares)			102,870,000		5,000
Common stock, outstanding (in shares)			5,000		5,000
Subsequent Event \| Fat Brands
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stockholders equity, spin off share distribute on pro rata basis		2,659,415
Common stock percentage	100.00%
Class A Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, authorized (in shares)			100,000,000	100,000,000	5,000
Number of votes per share \| vote						1
Common stock, outstanding (in shares)			5,000		5,000
Class A Common Stock \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock exercisable for warrants issued (in shares)		2,364,913
Class B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, authorized (in shares)			2,870,000	2,870,000	0
Number of votes per share \| vote						50
Common stock, outstanding (in shares)			0		0

REVENUE FROM CONTRACTS WITH CUSTOMERS - Schedule of Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 353,801	$ 230,867
Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	353,544	230,347
Franchise fees \| Revenue recognized over time
Disaggregation of Revenue [Line Items]
Total revenue	257	520
Restaurant sales \| Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	20,487	19,019
Advertising fees \| Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	10,243	9,548
Restaurant sales
Disaggregation of Revenue [Line Items]
Total revenue	320,211	199,369
Restaurant sales \| Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	320,211	199,369
Management fees and other income \| Revenue recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,603	$ 2,411

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 29, 2024	Feb. 24, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 29, 2024
Current Fiscal Year End Date	--12-29
Document Transition Report	false
Entity File Number	001-42395
Entity Registrant Name	Twin Hospitality Group Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-1232362
Entity Address, Address Line One	5151 Belt Line Road
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254
City Area Code	(972)
Local Phone Number	941-3150
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	TWNP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float	$ 0
Entity Central Index Key	0002011954
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2024
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		47,298,271
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,870,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (48,170)	$ (13,840)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

ORGANIZATION AND RELATIONSHIPS - Schedule of Allocation of Consideration to the Net Tangible and Intangible Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023	Sep. 25, 2023
Debt Instrument [Line Items]
Goodwill	$ 117,185	$ 117,159
Barbeque Holding LLC \| Fat Brands
Debt Instrument [Line Items]
Cash			$ 1,900
Accounts receivable, net of allowances			1,200
Other current assets			4,100
Operating lease right-of-use assets			109,600
Goodwill			12,000
Other intangible assets, net			8,800
Property and equipment, net			18,100
Other assets			1,800
Accounts payable			(3,600)
Accrued expenses and other liabilities			(12,500)
Operating lease liability, current portion			(4,000)
Operating lease liability, net of current portion			(105,600)
Total net identifiable assets			$ 31,800

DEBT - Long-term Debt (Details) - USD ($) $ in Thousands		12 Months Ended
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 28, 2023	Dec. 29, 2024	Nov. 21, 2024	Sep. 20, 2024	Mar. 31, 2024	Dec. 31, 2023	Dec. 04, 2023	Sep. 30, 2023	Dec. 25, 2022	Oct. 01, 2021
Debt Instrument [Line Items]
Face Value		$ 424,600				$ 353,100
Book Value		415,700				343,900
Current portion of long-term debt		(10,691)				(9,861)
Long-term debt, net of current portion		405,007				334,020
Twin Securitization Notes
Debt Instrument [Line Items]
Face Value			$ 416,700
Securitized Debt
Debt Instrument [Line Items]
Face Value		416,700				348,000
Book Value		$ 407,800				$ 338,800
Equipment Notes
Debt Instrument [Line Items]
Rate		11.50%				11.50%
Equipment Notes \| Minimum
Debt Instrument [Line Items]
Rate									7.99%
Equipment Notes \| Maximum
Debt Instrument [Line Items]
Rate									8.49%
Super Senior Debt \| Twin Securitization Notes
Debt Instrument [Line Items]
Rate		9.00%	9.00%
Face Value		$ 12,100	$ 12,000			$ 0
Book Value		$ 12,000				0
Senior Debt \| Twin Securitization Notes
Debt Instrument [Line Items]
Rate		9.00%	9.00%
Face Value		$ 269,300	$ 269,300			0
Book Value		$ 265,500				0
Senior Debt \| Prior Securitization Notes
Debt Instrument [Line Items]
Rate		7.00%								7.00%
Face Value		$ 0			$ 50,000	198,000		$ 48,000		$ 150,000
Book Value		$ 0				193,700
Senior Subordinated Debt \| Twin Securitization Notes
Debt Instrument [Line Items]
Rate		10.00%	10.00%
Face Value		$ 57,600	$ 57,600			0
Book Value		$ 53,700				0
Senior Subordinated Debt \| Prior Securitization Notes
Debt Instrument [Line Items]
Rate		9.00%								9.00%
Face Value		$ 0				50,000				$ 50,000
Book Value		$ 0				48,600
Subordinated Debt \| Twin Securitization Notes
Debt Instrument [Line Items]
Rate		11.00%	11.00%
Face Value		$ 77,700	$ 77,700			0
Book Value		$ 76,600				0
Subordinated Debt \| Prior Securitization Notes
Debt Instrument [Line Items]
Rate		10.00%								10.00%
Face Value		$ 0				100,000		$ 50,000		$ 50,000
Book Value		0				96,500
Notes Payable \| Equipment Notes
Debt Instrument [Line Items]
Face Value		4,700
Book Value		$ 4,700				1,900
Notes Payable \| Equipment Notes \| Minimum
Debt Instrument [Line Items]
Rate		7.99%
Notes Payable \| Equipment Notes \| Maximum
Debt Instrument [Line Items]
Rate		11.50%
Notes Payable \| Promissory Note
Debt Instrument [Line Items]
Rate		5.30%					5.30%
Face Value		$ 0					$ 1,000
Book Value		$ 0				1,000
Construction Loan \| Construction Loan III
Debt Instrument [Line Items]
Variable Rate	1.00%	1.00%
Face Value	$ 4,750	$ 0
Book Value		$ 0				2,200
Construction Loan \| Construction Loan IV
Debt Instrument [Line Items]
Rate		12.50%		12.50%
Face Value		$ 3,200		$ 3,200
Book Value		$ 3,200				$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Future Amortization Expense (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 2.9
2026	2.9
2027	2.9
2028	2.9
2029	2.9
Thereafter	15.5
Total	$ 30.0	$ 32.9	$ 26.1

ORGANIZATION AND RELATIONSHIPS (Tables)

12 Months Ended

Dec. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Allocation of Consideration to the Net Tangible and Intangible Assets Acquired

The allocation of the consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):


Cash	$	1.9
Accounts receivable, net of allowances	1.2
Other current assets	4.1
Operating lease right-of-use assets	109.6
Goodwill	12.0
Other intangible assets, net	8.8
Property and equipment, net	18.1
Other assets	1.8
Accounts payable	(3.6)
Accrued expenses and other liabilities	(12.5)
Operating lease liability, current portion	(4.0)
Operating lease liability, net of current portion	(105.6)
Total net identifiable assets	$	31.8

DEBT (Tables)

12 Months Ended

Dec. 29, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following (in millions):


					December 29, 2024				December 31, 2023
	Final Maturity	Anticipated Call Date	Rate		Face Value		Book Value		Face Value		Book Value
Twin Securitization Notes
Super Senior Debt	10/26/2054	10/25/2027	9.00%		$	12.1	$	12.0	$	—	$	—
Senior Debt	10/26/2054	10/25/2027	9.00%		269.3		265.5		—		—
Senior Subordinated Debt	10/26/2054	10/25/2027	10.00%		57.6		53.7		—		—
Subordinated Debt	10/26/2054	10/25/2027	11.00%		77.7		76.6		—		—

Prior Securitization Notes
Senior Debt	7/25/2051	1/25/2025	7.00%		—		—		198.0		193.7
Senior Subordinated Debt	7/25/2051	1/25/2025	9.00%		—		—		50.0		48.6
Subordinated Debt	7/25/2051	1/25/2025	10.00%		—		—		100.0		96.5
Total Securitized Debt					416.7		407.8		348.0		338.8

Equipment Notes	5/5/2027 to 7/31/2028	N/A	7.99% to 11.50%		4.7		4.7		1.9		1.9


Construction Loan III	12/28/2024	N/A	Prime + 1%		—		—		2.2		2.2
Construction Loan IV	10/1/2025	N/A	12.50	%	3.2		3.2		—		—
Promissory Note	10/4/2024	N/A	5.30	%	—		—		1.0		1.0
Total debt					$	424.6	415.7		$	353.1	343.9
Current portion of long-term debt							(10.7)				(9.9)
Long-term debt							$	405.0			$	334.0

Schedule of Maturities of Long-term Debt and Redemptions of Redeemable Preferred Stock

Scheduled principal maturities of long-term debt for the next five fiscal years are as follows (in millions):


Fiscal Year	Long-Term Debt
2025	$	10.7
2026	10.3
2027	10.4
2028	9.5
2029	8.9

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

ORGANIZATION AND RELATIONSHIPS

12 Months Ended

Dec. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND RELATIONSHIPS

Organization and Nature of Business

Twin Hospitality Group Inc. (the “Company”) is a leading franchisor and operator of two specialty casual dining restaurant concepts: Twin Peaks and Smokey Bones. As of December 29, 2024, our total restaurant footprint consisted of 170 restaurants, of which 74 are domestic franchised Twin Peaks restaurants operated by our franchisee partners, seven are international franchised Twin Peaks restaurants operated by a franchisee partner in Mexico, 34 are domestic company-owned Twin Peaks restaurants and 55 are domestic company-owned Smokey Bones restaurants.

Each franchising subsidiary licenses the right to use its brand name and provides franchisees with operating procedures and methods of merchandising. Upon signing a franchise agreement, the franchisor is committed to provide training, some supervision and assistance, and access to operations manuals. As needed, the franchisor will also provide advice and written materials concerning techniques of managing and operating the restaurants.

We operate as one operating segment and our chief operating decision maker reviews operating results and performance for all company-owned and franchised locations together. Our revenues are derived from franchised Twin Peaks restaurants (comprised of royalties, franchise fees and advertising revenue) as well as sales of food and beverages at our Company-owned restaurant locations. The Company licenses the right to use the Twin Peaks brand name and provides franchisees with operating procedures and methods of merchandising. Upon signing a franchise agreement, the franchisor is committed to provide training, some supervision and assistance, and access to operations manuals. As needed, the franchisor will also provide advice and written materials concerning techniques of managing and operating the restaurants.

Prior to November 21, 2024 as described below, our financial statements include Twin Hospitality I, LLC (formerly known as FAT Brands Twin Peaks I, LLC) and its consolidated subsidiaries (collectively, the “Twin Group”), which includes, after its acquisition by FAT Brands Inc. (“FAT Brands”) on September 25, 2023, Barbeque Integrated, Inc., which is the entity that owns Smokey Bones Bar & Fire Grill (“Smokey Bones”) and its consolidated subsidiaries. The only operations of Twin Hospitality Group are those of its wholly owned subsidiary Twin Hospitality I, LLC.

The Twin Group was acquired by FAT Brands in October 2021 and, prior to the Reorganization, the Twin Group was comprised of a number of companies that were wholly-owned subsidiaries of FAT Brands, with all of the outstanding equity interests in the Twin Group beneficially owned, directly or indirectly, by FAT Brands. In connection with the Spin-Off, we and FAT Brands completed a series of separation and reorganization transactions, as described below, whereby the Twin Group was transferred to Twin Hospitality Group Inc. The Company refers to these separation and reorganization transactions as the "Reorganization." The Reorganization included the following:

•On February 6, 2024, FAT Brands formed Twin Hospitality Group, as a Delaware corporation;

•In November 2024, FAT Brands Twin Peaks I, LLC, a Delaware limited liability company, filed an amendment to its certificate of formation to change its name to Twin Hospitality I, LLC, which is the top tier company in the Twin Group (“Top Tier Twin Subsidiary”); Note 12. Related Party Transactions

•On November 21, 2024, Twin Hospitality Group Inc. and FAT Brands entered into a Sale and Contribution Agreement, pursuant to which FAT Brands sold and contributed to the Company all of the equity interests in the Top Tier Twin Subsidiary, such that following such sale and contribution, the Top Tier Twin Subsidiary, along with all of the other companies in the Twin Group, became direct or indirect wholly-owned subsidiaries of Twin Hospitality Group Inc. (see Note 12 - Related Party Transactions);

•In November 2024, the Top Tier Twin Subsidiary called and redeemed all of the Prior Securitization Notes, using the net proceeds from the issuance of the new Twin Securitization Notes (see Note 8 - Debt);

•The Company filed an Amended and Restated Certificate of Incorporation, which authorized 100,000,000 shares of Class A Common Stock and 2,870,000 shares of Class B Common Stock;

•On January 24, 2025, the Company and FAT Brands entered into the Master Separation and Distribution Agreement, pursuant to which FAT Brands exchanged all 5,000 shares of Class A Common Stock that it held (representing 100% of the issued and outstanding capital stock of the Company) for 47,298,271 shares of Class A Common Stock and 2,870,000 shares of Class B Common Stock, which was issued by the Company to FAT Brand (see Note 12 - Related Party Transactions); and

•On January 24, 2025, the Company and FAT Brands entered into the Tax Matters Agreement (see Note 12 - Related Party Transactions).

Immediately following the Reorganization, the Company is a holding company directly owning all of the outstanding equity interests in the Top Tier Twin Subsidiary, and indirectly owning all of the outstanding equity interests in the other companies in the Twin Group, such that all of the companies in the Twin Group are direct or indirect wholly-owned subsidiaries of Twin Hospitality Group Inc.

Contribution of Barbeque Integrated, Inc. “Smokey Bones”

On September 25, 2023 (the “Acquisition Date,” FAT Brands Inc. completed their acquisition of Smokey Bones and on March 21, 2024 (the "Contribution Date") contributed all of the equity in Smokey Bones to the Company at FAT Brands' carry over basis. The contribution was non-taxable for federal income tax purposes. The Company retroactively recorded the contribution of Smokey Bones and consolidated the assets, liabilities and operating results since FAT Brands' acquisition date as required by the business combinations under common control guidance in ASC 805-850, Business Combinations - Related Issues. The net purchase price of FAT Brands for Smokey Bones was $31.8 million.

The allocation of the consideration to the net tangible and intangible assets acquired is presented in the table below (in millions):


Cash	$	1.9
Accounts receivable, net of allowances	1.2
Other current assets	4.1
Operating lease right-of-use assets	109.6
Goodwill	12.0
Other intangible assets, net	8.8
Property and equipment, net	18.1
Other assets	1.8
Accounts payable	(3.6)
Accrued expenses and other liabilities	(12.5)
Operating lease liability, current portion	(4.0)
Operating lease liability, net of current portion	(105.6)
Total net identifiable assets	$	31.8

On the contribution date, the approximate carrying values of current assets, total assets, current liabilities and total liabilities were $8.1 million, $154.4 million, $16.3 million and $127.4 million, respectively.

The identifiable intangible assets acquired in connection with the transaction are based on valuations performed by management and third-party experts. Identifiable intangible assets totaled $8.8 million in trademarks.

ACCRUED EXPENSES (Tables)

12 Months Ended

Dec. 29, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following (in millions):


	December 29, 2024		December 31, 2023
Accrued interest	$	3.7	6.1
Payroll and payroll related	5.9		6.2
Sales and beverage taxes payable	2.1		3.1
Property taxes payable	3.2		2.6
Accrued advertising	1.3		1.5
Other accrued expenses	7.1		6.2
Total	$	23.3	$	25.7

STOCKHOLDERS’ EQUITY	12 Months Ended
STOCKHOLDERS’ EQUITY	Dec. 29, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY On December 16, 2024, the Company filed its Amended and Restated Certificate of Incorporation (the “Amended Certificate”) with the Secretary of State of the State of Delaware, which among other things, authorized 100,000,000 shares of Class A Common Stock and 2,870,000 shares of Class B Common Stock. The terms of the Amended Certificate require equal or better treatment for the Class A Common Stock to the Class B Common Stock in transactions such as distributions, mergers, dissolution or recapitalization. Generally, each holder of shares of Class A Common Stock shall be entitled to one vote for each share of Class A Common Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the stockholders of the Company, while each holder of shares of Class B Common Stock shall be entitled to 50 votes for each share of Class B Common Stock held as of the applicable date on any matter that is submitted to a vote or for the consent of the stockholders of the Company. The foregoing is qualified in its entirety by reference to the full text of the Amended Certificate, which is filed as Exhibit 3.1 to this Annual Report on Form 10-K and incorporated by reference herein. On December 16, 2024, the Company filed its Amended and restated Bylaws (the “Amendment”), effective as of the same date. The Amendment revised the stockholder voting provisions of the Bylaws to reflect the dual class common stock structure adopted by the Company in December 2024. In addition, the Amendment revised the provisions in the Bylaws for stockholder voting by written consent and the procedure for fixing the size of the Board of Directors and made certain other conforming changes. As of December 29, 2024, the total number of authorized shares of Class A and Class B Common Stock was 102,870,000. As of December 31, 2023, the total number of authorized shares of Class A Common Stock was 5,000. There were 5,000 shares of Class A Common Stock and no shares of Class B Common Stock outstanding at December 29, 2024 and December 31, 2023. On January 29, 2025, FAT Brands Inc. completed the legal and structural separation of our Company from FAT Brands (the “Spin-Off”). In the Spin-Off, FAT Brands distributed on a pro rata basis to the FAT Brands Common Stockholders 2,659,415 of our Class A Common Stock with FAT Brands retaining the remaining 44,638,856 outstanding shares of our Class A Common Stock and 100% of the 2,870,000 outstanding shares of our Class B Common Stock. Following the Spin-Off, we are an independent publicly traded reporting company. In connection with Spin-Off, the Company issued to the holders of the Twin Securitization Notes warrants exercisable for 2,364,913 shares of our Class A Common Stock. See Note 8, Debt, for further discussion.

- Definition

The entire disclosure for equity.

+ References

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+ Details

SHARE-BASED COMPENSATION

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

On November 16, 2021, FAT Brands Inc. granted certain employees of the Company 200,000 stock options exercisable for FAT Brands Inc. stock with an exercise price of $11.43. The options vest over a period of three years, with one-third of each grant vesting annually. The related compensation expense is recognized over the vesting period.

During 2024 and 2023, the Company recognized equity-based compensation expense in the amount of $0.2 million and $0.3 million, respectively, representing the allocation from our Parent of share-based compensation expense for grants to the Company’s employees. As of December 29, 2024, there is no share-based compensation expense relating to non-vested grants to be recognized.

The fair value on the date of grant was $1.2 million. The range of assumptions used in the Black-Scholes option pricing model to value the options granted on November 16, 2021 are as follows:


Expected dividend yield	4.6%
Expected volatility	88.8	%
Risk-free interest rate	1.4%
Expected term (in years)	6.0

As of December 29, 2024, there were 200,000 options outstanding with a weighted average exercise price of $11.43.

Effective January 15, 2025, the Company adopted the Twin Hospitality Group Inc. 2025 Incentive Compensation Plan (the “Incentive Compensation Plan”). The Incentive Compensation Plan is a comprehensive incentive compensation plan under which the Company can grant equity-based and other incentive awards to officers, employees and directors of, and consultants and advisers to, Twin Hospitality Group Inc. and its subsidiaries. The Incentive Compensation Plan provides a maximum of 1,000,000 shares available for grant. As of December 29, 2024, no shares were granted under the Incentive Compensation Plan.

Effective January 15, 2025, the Company adopted the Twin Hospitality Group Inc. Management Equity Plan (the "Management Equity Plan"). The Management Equity Plan is an incentive compensation plan to assist the Company in motivating, retaining and rewarding high-quality executives and other key service providers to the Company in connection with the Spin-Off of the Company from FAT Brands Inc. as a standalone publicly-traded company. The Management Equity Plan is intended to provide one-time restricted stock unit grants to select executives and key service providers to align their interests with the interests of the Company’s stockholders. The Management Equity Plan provides a maximum of 4,742,346 shares available for grant. As of December 29, 2024, no shares were granted under the Management Equity Plan.

SUBSEQUENT EVENTS (Details) - $ / shares	Jan. 29, 2025	Jan. 24, 2025	Oct. 25, 2025	Dec. 29, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Common stock, issued (in shares)				5,000	5,000
Common stock, outstanding (in shares)				5,000	5,000
Class A Common Stock
Subsequent Event [Line Items]
Common stock, issued (in shares)				5,000	5,000
Common stock, outstanding (in shares)				5,000	5,000
Class B Common Stock
Subsequent Event [Line Items]
Common stock, issued (in shares)				0	0
Common stock, outstanding (in shares)				0	0
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Warrants term			5 years
Warrants exercise price (in dollars per share)			$ 0.01
Subsequent Event \| Fat Brands
Subsequent Event [Line Items]
Number of shares exchanged (in shares)		5,000
Common stock percentage		100.00%
Stockholders equity, spin off share distribute on pro rata basis	2,659,415
Subsequent Event \| Class A Common Stock
Subsequent Event [Line Items]
Stock exercisable for warrants issued (in shares)	2,364,913
Subsequent Event \| Class A Common Stock \| Fat Brands
Subsequent Event [Line Items]
Common stock, issued (in shares)		47,298,271
Common stock, outstanding (in shares)	44,638,856
Subsequent Event \| Class A Common Stock \| Fat Brands
Subsequent Event [Line Items]
Number of shares exchanged (in shares)		5,000
Subsequent Event \| Class B Common Stock \| Fat Brands
Subsequent Event [Line Items]
Common stock percentage	100.00%
Common stock, issued (in shares)		2,870,000
Common stock, outstanding (in shares)	2,870,000

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Affiliates
Related Party Transaction [Line Items]
Due to affiliates	$ 10,458	$ 18,013

SEGMENT INFORMATION (Details)	12 Months Ended
SEGMENT INFORMATION (Details)	Dec. 29, 2024 franchise salesChannel segment
Segment Reporting [Abstract]
Number of franchise brands \| franchise	2
Number of sales channels \| salesChannel	2
Number of reportable segments \| segment	1

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 29, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION As of December 29, 2024, the Company owned two restaurant brands, and our revenues are derived primarily from two sales channels, franchised restaurants and company-owned restaurants, which we aggregate and operate as one reportable operating segment as they contain similar products and services managed by the Company, and are economically similar, and share similar types of customers, production and distribution. The primary sources of revenues are the sale of food and beverages at our company restaurants and the collection of royalties, franchise fees and advertising revenue from sales of food and beverages at our franchised restaurants. Resources are allocated and performance is assessed by our Chief Executive Officer and Chief Financial Officer, whom we have determined to be our Chief Operating Decision Makers (the "CODM”). The CODMs regularly review and use the consolidated net loss on our audited consolidated statements of operations and total assets on our audited consolidated balance sheets as measurements in the annual budgeting and forecasting process and considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel. The CODMs use those measurements to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the segment or into other parts of our Company. The CODMs also use the same measurements for evaluating products and services pricing, and assessing the performance for the Company by comparing the results and return on assets with the prior periods. In addition, the CODMs use those same measurements as well in competitive analysis by benchmarking to our competitors. The competitive analysis is used in assessing performance of the segment and in establishing management’s compensation and determining the compensation of the Company’s employees. The consolidated net loss includes significant expenses such as general and administrative expense, cost of restaurant and factory revenues, depreciation and amortization, advertising fees, interest expense, and income tax provision (benefit), which are regularly provided to and reviewed by the CODMs. Other segment items include impairment of goodwill and other intangible assets, refranchising loss, acquisition costs, net loss on extinguishment of debt, and other income, net. Geographically, we have no assets in a foreign country that are significant enough to require separate disclosure. We have no single major customer representing greater than 10% of our total revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

LEASES

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

LEASES

Operating Leases

As of December 29, 2024 and December 31, 2023, the Company had 98 and 96 operating leases for corporate offices and for certain owned restaurant properties, respectively. The leases have remaining terms ranging from 0.5 to 23.0 years. The Company recognized lease expense of $21.2 million and $10.5 million for the fiscal years ended December 29, 2024 and December 31, 2023, respectively. The weighted average remaining lease term of the operating leases as of December 29, 2024 was 16.6 years.

Operating lease right-of-use assets and operating lease liabilities are as follows (in millions):


	December 29, 2024		December 31, 2023
Operating lease right-of-use assets	$	141.9	$	166.7
Operating lease liabilities	$	152.5	$	168.2

The operating lease right-of-use assets and operating lease liabilities include obligations relating to the optional term extensions available on certain restaurant leases based on management’s intention to exercise the options. The weighted average discount rate used to calculate the carrying value of the right-of-use assets and lease liabilities was 9.1% which is based on the Company’s incremental borrowing rate at the time the lease is acquired.

The contractual future maturities of the Company’s operating lease liabilities as of December 29, 2024, including anticipated lease extensions, are as follows (in millions):


Fiscal year:
2025	$	20.3
2026	19.7
2027	19.3
2028	17.3
2029	17.4
Thereafter	216.3
Total lease payments	310.3
Less imputed interest	157.8
Total	$	152.5

Supplemental cash flow information for the fiscal years ended December 29, 2024 and December 31, 2023 related to leases is as follows (in millions):


	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	21.2	$	6.5
Operating lease right-of-use assets obtained in exchange for new lease obligations:
Operating lease liabilities	$	4.1	$	8.1

Financing Leases

On December 1, 2023, the Company executed a financing lease for restaurant equipment for two newly constructed corporate restaurants.

Financing lease right-of-use assets and financing lease liabilities as of December 29, 2024 and December 31, 2023 were as follows (in millions):


	2024		2023
Financing lease right-of-use assets	$	1.8	$	3.6
Financing lease liabilities	1.7		2.9

The weighted average discount rate used to calculate the carrying value of the right-of-use assets and lease liabilities was 8.3%, which is based on the Company’s incremental borrowing rate at the time the lease is acquired.

The contractual future maturities of the Company’s financing lease liabilities as of December 29, 2024 including anticipated lease extensions are as follows (in millions):


Fiscal year:
2025	$	1.8
Less imputed interest	0.1
Total	$	1.7

Supplemental cash flow information for the fiscal years ended December 29, 2024 and December 31, 2023 related to leases is as follows (in millions):


	2024		2023
Cash paid for amounts included in the measurement of financing lease liabilities:
Operating cash flows from financing leases	$	0.1	$	0.1
Financing lease right-of-use assets obtained in exchange for new lease obligations:
Financing lease liabilities	$	—	$	3.6

Restaurant Properties Sale Leaseback Transactions

In the fourth quarter of 2023, we completed sale leaseback transactions of two newly constructed restaurant properties. The restaurant properties were sold at the construction cost resulting in proceeds of $9.3 million with no gain or loss. The initial term of the leases is 20 years and they have been accounted for as operating leases.

In the fourth quarter of 2024, we completed a sale leaseback transaction on a newly constructed restaurant property. The property was sold at the construction cost resulting in proceeds of $4.6 million with no gain or loss. The initial term of the lease is 20 years and is accounted for as an operating lease.

LEASES

Operating Leases

Operating lease right-of-use assets and operating lease liabilities are as follows (in millions):


	December 29, 2024		December 31, 2023
Operating lease right-of-use assets	$	141.9	$	166.7
Operating lease liabilities	$	152.5	$	168.2

The contractual future maturities of the Company’s operating lease liabilities as of December 29, 2024, including anticipated lease extensions, are as follows (in millions):


Fiscal year:
2025	$	20.3
2026	19.7
2027	19.3
2028	17.3
2029	17.4
Thereafter	216.3
Total lease payments	310.3
Less imputed interest	157.8
Total	$	152.5

Supplemental cash flow information for the fiscal years ended December 29, 2024 and December 31, 2023 related to leases is as follows (in millions):


	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	21.2	$	6.5
Operating lease right-of-use assets obtained in exchange for new lease obligations:
Operating lease liabilities	$	4.1	$	8.1

Financing Leases

On December 1, 2023, the Company executed a financing lease for restaurant equipment for two newly constructed corporate restaurants.

Financing lease right-of-use assets and financing lease liabilities as of December 29, 2024 and December 31, 2023 were as follows (in millions):


	2024		2023
Financing lease right-of-use assets	$	1.8	$	3.6
Financing lease liabilities	1.7		2.9

The contractual future maturities of the Company’s financing lease liabilities as of December 29, 2024 including anticipated lease extensions are as follows (in millions):


Fiscal year:
2025	$	1.8
Less imputed interest	0.1
Total	$	1.7

Supplemental cash flow information for the fiscal years ended December 29, 2024 and December 31, 2023 related to leases is as follows (in millions):


	2024		2023
Cash paid for amounts included in the measurement of financing lease liabilities:
Operating cash flows from financing leases	$	0.1	$	0.1
Financing lease right-of-use assets obtained in exchange for new lease obligations:
Financing lease liabilities	$	—	$	3.6

Restaurant Properties Sale Leaseback Transactions

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued interest	$ 3,700	$ 6,100
Payroll and payroll related	5,900	6,200
Sales and beverage taxes payable	2,100	3,100
Property taxes payable	3,200	2,600
Accrued advertising	1,300	1,500
Other accrued expenses	7,100	6,200
Total	$ 23,335	$ 25,677

LEASES - Schedule of Contractual Future Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 20.3
2026	19.7
2027	19.3
2028	17.3
2029	17.4
Thereafter	216.3
Total lease payments	310.3
Less imputed interest	157.8
Total	$ 152.5	$ 168.2

ACCRUED EXPENSES

12 Months Ended

Dec. 29, 2024

Payables and Accruals [Abstract]

ACCRUED EXPENSES

Accrued expenses consist of the following (in millions):


	December 29, 2024		December 31, 2023
Accrued interest	$	3.7	6.1
Payroll and payroll related	5.9		6.2
Sales and beverage taxes payable	2.1		3.1
Property taxes payable	3.2		2.6
Accrued advertising	1.3		1.5
Other accrued expenses	7.1		6.2
Total	$	23.3	$	25.7

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Income Tax Disclosure [Line Items]
Decrease in valuation allowance	$ 17.0
Valuation allowance	20.6	$ 3.6
Federal
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	18.7	11.9
State
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 18.1	$ 12.6

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)		12 Months Ended
	Nov. 16, 2021	Dec. 29, 2024	Dec. 31, 2023	Jan. 15, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options granted (in shares)	200,000
Exercise price for options granted (in dollars per share)	$ 11.43
Share-based compensation expense		$ 200,000	$ 300,000
Share-based compensation expense related to non-vested grants to be recognized		0
Options granted, fair value		$ 1,200,000
Stock options outstanding through share-based compensation agreement (in shares)		200,000
Weighted average exercise price of options (in dollars per share)		$ 11.43
2025 Incentive Compensation Plan \| Subsequent Event \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)				1,000,000
Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Stock Option \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	33.33%
Stock Option \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	33.33%
Stock Option \| Share-Based Payment Arrangement, Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting rights (percent)	33.33%
Restricted Stock Units (RSUs) \| Management Equity Plan \| Subsequent Event \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)				4,742,346

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 29, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 18.6	$ 10.1

PROPERTY AND EQUIPMENT, NET - Carrying Value of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 112,500	$ 92,700
Less: accumulated depreciation	(35,800)	(17,900)
Total property and equipment, net	76,675	74,822
Real estate
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,700	4,800
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	66,300	53,700
Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	37,800	29,500
Construction in process
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 6,700	$ 4,700

Audit Information	12 Months Ended
Audit Information	Dec. 29, 2024
Audit Information [Abstract]
Auditor Firm ID	324
Auditor Name	Macias Gini & O’Connell LLP
Auditor Location	Irvine, CA

LEASES - Schedule of Financing Lease Right of Use Assets and Financing Lease Liabilities Relating to Financing Leases (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Financing lease right-of-use assets	$ 1.8	$ 3.6
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets	Operating lease right-of-use assets
Financing lease liabilities	$ 1.7	$ 2.9
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating lease liability, current portion	Operating lease liability, current portion, Operating lease liability, net of current portion

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 29, 2024
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation – The accompanying audited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our revenues are derived primarily from two sales channels, franchised restaurants and company-owned locations, which we operate as one reportable segment. The accompanying audited consolidated financial statements have been prepared pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company’s results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature.
Nature of operations	Nature of operations – The Company operates on a 52-week calendar and its fiscal year ends on the last Sunday of the calendar year. Consistent with the industry practice, the Company measures its stores’ performance based upon 7-day work weeks. Using the 52-week cycle ensures consistent weekly reporting for operations and ensures that each week has the same days, since certain days are more profitable than others. The use of this fiscal year means a 53rd week is added to the fiscal year every 5 or 6 years, as was the case in fiscal year 2023. In a 52-week year, all four quarters are comprised of 13 weeks. In a 53-week year, one extra week is added to the fourth quarter. Fiscal year 2024 was a 52-week year and 2023 was a 53-week year.
Principles of consolidation	Principles of consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Newly-acquired subsidiaries are included from the date of acquisition. Intercompany accounts have been eliminated in consolidation.
Use of estimates in the preparation of the consolidated financial statements	Use of estimates in the preparation of the consolidated financial statements – The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the determination of fair values of goodwill and other intangible assets, the allocation of basis between assets acquired, sold or retained, allowances for uncollectible notes receivable and accounts receivable, and the valuation allowance related to deferred tax assets. Estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Credit and depository risks	Credit and depository risks – Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Cash and cash equivalents balances are maintained in financial institutions, which at times exceed federally insured limits. The Company monitors the financial condition of these institutions and has not experienced losses on these accounts in the past. Management evaluates each of its franchisee’s financial condition prior to entry into a franchise or other agreement, as well as periodically through the term of the agreement, and believes that it has adequately provided for any exposure to potential credit losses. Concentration Risk - 46% of the Company’s franchise revenue is derived from three franchisees.
Restricted cash	Restricted cash – The Company has restricted cash consisting of funds required to be held in trust in connection with its securitized debt. The current portion of restricted cash was $8.7 million and $15.0 million as of December 29, 2024 and December 31, 2023, respectively. Noncurrent restricted cash of $7.8 million and $4.6 million as of December 29, 2024 and December 31, 2023, respectively, represents interest reserves required to be set aside for the duration of the securitized debt.
Accounts receivable	Accounts receivable – Accounts receivable are recorded at the invoiced amount and are stated net of an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The allowance is based on historical collection data and current franchisee information. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Impairment of long-lived assets	Impairment of Long-Lived Assets - Long-lived assets, which include property and equipment and operating lease right-of-use assets, are reviewed for impairment on a regular basis, in addition to whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the assets to the undiscounted future cash flows expected to be generated by the asset group. If the assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Estimates of future cash flows are based on the Company’s experience and knowledge of local operations.
Leases	Leases - We currently lease all of our domestic Company-operated restaurants, our home office and certain equipment under various non-cancelable lease agreements that expire on various dates. Upon the possession of a leased asset, we determine its classification as an operating or financing lease. All of our real estate leases are classified as operating leases and most of our equipment leases are classified as finance leases. Rent expense for the Company’s leases, which generally have escalating rentals over the term of the lease, is recorded on a straight-line basis over the lease term. Our real estate leases typically provide for fixed minimum rent payments and/or contingent rent payments based upon sales in excess of specified thresholds. When the achievement of such sales thresholds is deemed to be probable, contingent rent is accrued in proportion to the sales recognized during the period. Lease expense associated with rent escalation and contingent rental provisions is not material and is included within operating lease cost. We calculate operating lease assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. We measure the lease liability by discounting the future fixed contractual payments included in the lease agreement, using our incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less (“short-term lease”), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the consolidated balance sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We expend cash for leasehold improvements to build out and equip our leased premises. Generally, a portion of the leasehold improvements and building costs are reimbursed by our landlords as landlord incentives pursuant to agreed-upon terms in our lease agreements. If obtained, landlord incentives usually take the form of up-front cash, full or partial credits against our future minimum or contingent rents otherwise payable by us, or a combination thereof. In most cases, landlord incentives are received after we take possession of the property, as we meet required milestones during the construction of the property. We include these amounts in the measurement of the initial operating lease liability, which are also reflected as a reduction to the initial measurement of the right-of-use asset.
Inventory	Inventory – Inventories consist of food, beverages, supplies and small wares, and are stated at the lower of cost (weighted-average cost method) or net realizable value. Inventory costs are included in the line item “Other current assets” on the consolidated balance sheets.
Pre-opening costs	Pre-Opening Costs - Pre-opening costs including rent, wages, benefits and travel for the training and opening teams, food, beverage and other restaurant operating costs, are expensed as incurred prior to a restaurant opening.
Share-based compensation	Share-based compensation – The Parent has a stock option plan which provides for options to purchase shares of the Parent’s common stock. Options issued under the plan may have a variety of terms as determined by the Parent’s Board of Directors including the option term, the exercise price and the vesting period. Options granted to employees and directors are valued at the date of grant and recognized as an expense over the vesting period in which the options are earned. Cancellations or forfeitures are accounted for as they occur. Stock options issued to non-employees as compensation for services are accounted for based upon the estimated fair value of the stock option. The Company recognizes this expense over the period in which the services are provided. Management utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options issued by the Parent.
Employee Retention Tax Credits	Employee Retention Tax Credits - On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Security Act (the “CARES Act”) to provide certain relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including a provision for an Employee Retention Credit (“ERC”). As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company accounts for the ERC by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). During 2022, the Company filed with the Internal Revenue Service (“IRS”) credits totaling $1.9 million and, in accordance with IAS 20, fully reserved the amounts claimed until such time when it was determined that the Company has reasonable assurance that the credits will be realized. During 2023, the Company received in cash from the IRS all of the credits claimed and recognized $1.9 million as other income in the 2023 consolidated statement of operations.
Goodwill and other intangible assets	Goodwill and other intangible assets – Intangible assets are stated at the estimated fair value at the date of acquisition and include goodwill, trademarks, and franchise agreements. Goodwill and other intangible assets with indefinite lives, such as trademarks, are not amortized but are reviewed for impairment annually or more frequently if indicators arise. All other intangible assets are amortized over their estimated weighted average useful lives, which range from nine to fourteen years. Management assesses potential impairments to goodwill at least annually at reporting unit level, or more frequently when there is evidence that events or changes in circumstances indicate that the carrying amount of goodwill may not be recovered. The Company performs the annual goodwill and indefinite-lived intangible assets impairment analysis as of the first day of the fourth quarter. The Company has a single reporting unit. Judgments regarding the existence of impairment indicators and future cash flows related to intangible assets are based on operational performance of the acquired businesses, market conditions and other factors.
Property and equipment, net	Property and Equipment, net - Property and Equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The useful lives of our property and equipment typically range from three to seven years. Upon retirement or other disposal of property and equipment, the cost and related amounts of accumulated depreciation are eliminated from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds, is recorded in earnings. On an annual basis the Company assesses its property and equipment for impairment.
Fair value measurements	Fair value measurements - The Company determines the fair market values of its financial assets and liabilities, as well as non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis, based on the fair value hierarchy established in U.S. GAAP. As necessary, the Company measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy: •Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities. •Level 2 - Inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities. •Level 3 - Inputs are unobservable and reflect the Company’s own assumptions. The Company does not have a material amount of financial assets or liabilities that are required to be measured at fair value on a recurring basis under U.S. GAAP. None of the Company’s non-financial assets or non-financial liabilities are required to be measured at fair value on a recurring basis.
Income taxes	Income taxes – The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A valuation allowance is recognized when the realization of our deferred tax assets is expected to be less than our carrying amounts. A two-step approach is utilized to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon the ultimate settlement.
Earnings per share	Earnings per share – Prior to the Spin-Off (see Note 10 - Stockholder's Equity), as a single member LLC, the Company did not compute or disclose earnings per share calculations. Beginning in fiscal 2025, the Company will report basic earnings or loss per share in accordance with FASB ASC 260, “Earnings Per Share.”
Revenue recognition	Revenue Recognition — Revenue consists of Company owned restaurant sales and franchise revenue (franchise fees, royalties, advertising revenue and management fees). Generally, revenue is recognized as promised goods or services transfer to the guest or customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Company owned restaurant revenue is recognized at the point in time when food and beverage products are sold. We present company restaurant sales net of sales-related taxes collected from customers and remitted to governmental taxing authorities. The franchise arrangement is documented in the form of a franchise agreement. The franchise arrangement requires the Company to perform various activities to support the brand that do not directly transfer goods and services to the franchisee, but instead represent a single performance obligation, which includes the transfer of the franchise license. The services provided by the Company are highly interrelated with the franchise license and are considered a single performance obligation. Franchise fee revenue from the sale of individual franchises is recognized over the term of the individual franchise agreement on a straight-line basis. Unamortized non-refundable deposits collected in relation to the sale of franchises are recorded as deferred franchise fees. Franchise fees recorded as deferred revenue to be recognized over the life of the franchise agreements were $5.0 million and $4.6 million at December 29, 2024 and December 31, 2023, respectively. The franchise fee may be adjusted from time to time at management’s discretion and the adjusted franchise fee is included in franchise agreement modifications or renewal contracts. Deposits are non-refundable upon acceptance of the franchise application. In the event a franchisee does not comply with its development timeline for opening franchise stores, the franchise rights may be terminated, at which point the franchise fee revenue is recognized as non-refundable deposits. In addition to franchise fee revenue, the Company collects a royalty calculated as a percentage of net sales from our franchisees. Royalties are recognized as revenue when the related sales are made by the franchisees. Royalties collected in advance of sales are classified as deferred income until earned. The Company requires advertising fee payments from franchisees based on a percent of net sales. The Company also receives, from time to time, payments from vendors that are to be used for advertising. Advertising funds collected are required to be spent for specific advertising purposes. Advertising revenue and the associated expense are recorded gross on the Company’s consolidated statements of operations. Assets and liabilities associated with the related advertising fees are reflected in the Company’s consolidated balance sheets. Deferred income pertains to gift cards that have been sold but not yet redeemed and earned awards under the Company’s loyalty program but not yet redeemed. Revenue is recognized when gift cards and loyalty rewards are redeemed by the customer. Breakage for unredeemed amounts is estimated based on historical experience and is recognized as revenue in proportion to the pattern of rights exercised by the customer. Gift card liability balance at December 29, 2024 and December 31, 2023 was $3.7 million and $3.4 million, respectively.
Recently adopted accounting standards and recently issued accounting standards	Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. The amendments improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities. The Company adopted ASU No. 2023-07 for our annual financial statements for fiscal year 2024 and interim financial statements thereafter and have applied this standard retrospectively for all periods presented in the consolidated financial statements. See Note 14 for more details on the Company’s segment information. Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Income Statement —Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued update 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The amendments require disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting within annual reporting periods beginning after December 15, 2027. The update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that all entities disclose on an annual basis the income taxes paid disaggregated by jurisdiction. The amendments eliminate the requirement for all entities to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company plans to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of this standard will impact certain of our income tax disclosures.

DEBT

12 Months Ended

Dec. 29, 2024

Debt Disclosure [Abstract]

DEBT

Long-term debt consisted of the following (in millions):


					December 29, 2024				December 31, 2023
	Final Maturity	Anticipated Call Date	Rate		Face Value		Book Value		Face Value		Book Value
Twin Securitization Notes
Super Senior Debt	10/26/2054	10/25/2027	9.00%		$	12.1	$	12.0	$	—	$	—
Senior Debt	10/26/2054	10/25/2027	9.00%		269.3		265.5		—		—
Senior Subordinated Debt	10/26/2054	10/25/2027	10.00%		57.6		53.7		—		—
Subordinated Debt	10/26/2054	10/25/2027	11.00%		77.7		76.6		—		—

Prior Securitization Notes
Senior Debt	7/25/2051	1/25/2025	7.00%		—		—		198.0		193.7
Senior Subordinated Debt	7/25/2051	1/25/2025	9.00%		—		—		50.0		48.6
Subordinated Debt	7/25/2051	1/25/2025	10.00%		—		—		100.0		96.5
Total Securitized Debt					416.7		407.8		348.0		338.8

Equipment Notes	5/5/2027 to 7/31/2028	N/A	7.99% to 11.50%		4.7		4.7		1.9		1.9


Construction Loan III	12/28/2024	N/A	Prime + 1%		—		—		2.2		2.2
Construction Loan IV	10/1/2025	N/A	12.50	%	3.2		3.2		—		—
Promissory Note	10/4/2024	N/A	5.30	%	—		—		1.0		1.0
Total debt					$	424.6	415.7		$	353.1	343.9
Current portion of long-term debt							(10.7)				(9.9)
Long-term debt							$	405.0			$	334.0

Terms of Outstanding Debt

Securitization Notes

On October 1, 2021, the Company completed the issuance and sale in a private offering through its special purpose, wholly-owned subsidiary, Twin Hospitality I, LLC (formerly FAT Twin Peaks I, LLC), the following three tranches of fixed rate secured notes: (i) $150.0 million aggregate principal amount of 7.00% Fixed Rate Senior Secured Notes, Class A-2 (“Prior Class A-2 Notes”), (ii) $50.0 million aggregate principal amount of Series 2021-1 9.00% Fixed Rate Senior Subordinated Secured Notes, Class B-2 (“Prior Class B-2 Notes”) and (iii) $50.0 million aggregate principal amount of Series 2021-1 10.00% Fixed Rate Subordinated Secured Notes, Class M-2 (“Prior Class M-2 Notes”) and collectively with the Prior A-2 Notes and the Prior B-2 Notes, the “Prior Securitization Notes.”

In September 2023, Twin Hospitality I, LLC issued an additional $48.0 million aggregate principal amount of Prior Class A-2 Notes and $50.0 million aggregate principal amount of Prior Class M-2 Notes to FAT Brands, pending sale to third party investors. FAT Brands subsequently sold the $48.0 million aggregate principal amount of Prior Class A-2 Notes and $12.3 million aggregate principal amount of the prior Class M-2 Notes, resulting in net proceeds of approximately $56.0 million, which consisted of the aggregate principal amount of $60.0 million, net of aggregate original issue discount and debt offering expenses of approximately $4.3 million, and such net proceeds were used by FAT Brands to fund its operations and for general corporate purposes.

In March 2024, Twin Hospitality I, LLC issued an additional $50.0 million aggregate principal amount of Prior Class A-2 Notes to FAT Brands, pending sale to third party investors. FAT Brands subsequently sold the $50.0 million aggregate principal amount of Prior Class A-2 Notes, resulting in net proceeds of approximately $47.0 million, which consisted of the aggregate principal amount of $50.0 million, net of aggregate original issue discount and debt offering expenses of

approximately $2.9 million, and such net proceeds were used by FAT Brands to fund its operations and for general corporate purposes.

On November 21, 2024, Twin Hospitality I, LLC completed the issuance and sale in a private offering the following four tranches of fixed rate secured notes: (i) $12.0 million aggregate principal amount of 9.00% Fixed Rate Super Senior Notes, Class A-2-I, (ii) $269.3 million aggregate principal amount of 9.00% Fixed Rate Senior Notes, Class A-2-II, (iii) $57.6 million aggregate principal amount of 10.00% Fixed Rate Senior Subordinated Secured Notes, Class B-2 and (iv) $77.7 million aggregate principal amount of 11.00% Fixed Rate Subordinated Secured Notes, Class M-2, collectively the “Twin Securitization Notes.”

Net proceeds from the issuance and sale of the Twin Securitization Notes were $407.5 million, which consisted of the aggregate principal amount of $416.7 million, net of aggregate original issue discounts of $3.2 million and debt offering costs of $6.0 million. The net proceeds from the sale of the Twin Securitization Notes were used to redeem all of the Prior Securitization Notes, which included principal of $388.8 million and accrued interest of $2.3 million, with the remainder to be used for working capital and general corporate purposes. The Company recognized a loss on extinguishment of debt of $2.4 million.

The Prior Twin Peaks Securitization Notes were and the Twin Peaks Securitization Notes are generally secured by a security interest in substantially all the assets of Twin Hospitality I, LLC and its subsidiaries.

Terms and Debt Covenant Compliance

The Twin Securitization Notes require that the principal (if any) and interest obligations be segregated to ensure appropriate funds are reserved to pay the quarterly principal and interest amounts due. The amount of monthly cash flow that exceeds the required monthly interest reserve is generally remitted to the Company. Interest payments are required to be made on a quarterly basis. The legal final maturity date of the Twin Securitization Notes is October 26, 2054; however, it is currently anticipated that, unless earlier prepaid to the extent permitted under the Base Indenture, the Twin Securitization Notes will be repaid on October 25, 2027 (the “Anticipated Repayment Date”). If the Twin Securitization Notes are not repaid or refinanced by the Anticipated Repayment Date, additional interest will accrue on the then outstanding balance of each class of the Twin Securitization Notes at a rate of 5.0% per annum. Each class of the Twin Securitization Notes may be prepaid in whole or in part on any business day; provided that optional prepayment made after the Anticipated Repayment Date must be applied first to Class A-2-I, second to Class A-2-II, third to Class B-2 and fourth to Class M-2 of the Twin Securitization Notes.

Additionally, pursuant to the Base Indenture, upon each “Qualified Equity Offering” (as defined in the Base Indenture), which is a public or private offering by Twin Hospitality Group Inc. of our common equity securities for cash, subject to certain limited exceptions, Twin Hospitality Group Inc. is required to deposit 75% of the net proceeds from such offering into a segregated, non-interest bearing trust account to be used towards the repayment of the Twin Securitization Notes, until an aggregate of $75.0 million has been repaid in that manner. If the amount of net proceeds from our Qualified Equity Offerings used for repayment of the Twin Securitization Notes is not at least $25.0 million on or prior to each of April 25, 2025, July 25, 2025 and October 27, 2025, or is not at least $75.0 million on or prior to January 26, 2026, then under any such circumstance, a Cash Flow Sweeping Event (as defined in the Base Indenture) would occur, whereupon certain excess cash flows from our operations will be used to make additional principal payments, on a pro rata basis, on the three most senior classes of the Twin Securitization Notes.

The material terms of the Twin Securitization Notes contain covenants which are standard and customary for these types of agreements, including the following financial covenants: (i) debt service coverage ratio, (ii) interest-only debt service coverage ratio and (iii) senior leverage ratio. As of December 29, 2024, the Company was in compliance with these covenants.

In connection with the issuance and sale of the Twin Securitization Notes, we entered into a letter agreement, pursuant to which Twin Hospitality Group Inc. agreed to issue to the holders of the Twin Securitization Notes warrants (the “Noteholders’ Warrants”) exercisable for the aggregate number of shares of our Class A Common Stock equal to 5.0% of the number of issued and outstanding shares of our Class A Common Stock at the time of the Spin-Off, which occurred on January 29, 2025. The Noteholders' Warrants will be exercisable during the period commencing on October 25, 2025 and ending on the five-year anniversary of the date of issuance, at an exercise price of $0.01 per share.

Equipment Financing (Twin Peaks)

During 2022, one of our wholly-owned subsidiaries entered into certain equipment financing arrangements to borrow up to $1.0 million, the proceeds of which were used to purchase certain equipment for a company-owned restaurant that opened in 2022 and to retrofit certain existing company-owned restaurants with equipment (the “2022 Equipment Financings”). The 2022

Equipment Financings have maturity dates between May 5, 2027 and March 7, 2028 and bear interest at fixed rates between 7.99% and 8.49% per annum.

During 2023, one of our wholly-owned subsidiaries entered into certain equipment financing arrangements to borrow up to $1.4 million, the proceeds of which will be used to purchase certain equipment for a new company-owned restaurant (the “2023 Equipment Financing”). The 2023 Equipment Financing has maturity dates that are 48 months from the date of each draw, and bears interest at 11.5% per annum.

During 2024, one of our wholly-owned subsidiaries entered into certain equipment financing arrangements to borrow up to $4.2 million, the proceeds of which will be used to purchase certain equipment for three new company-owned Twin Peaks restaurants (“2024 Equipment Financing”). The 2024 Equipment Financing has maturity dates that are 48 months from the date of each draw, and bears interest at 11.5% per annum.

The 2022 Equipment Financings, the 2023 Equipment Financing, and the 2024 Equipment Financing are secured by certain equipment of such respective company-owned restaurants. As of December 29, 2024, the total outstanding principal amount under them on a collective basis was $4.7 million, and as of December 31, 2023, the total outstanding principal amount was $1.9 million.

Construction Loan Agreement (Twin Peaks)

On December 28, 2023, an indirect subsidiary of the Company entered into a construction loan agreement to borrow up to $4.75 million, the proceeds of which will be used for a new corporate Twin Peaks in McKinney, TX (the “Construction Loan III”). The Construction Loan III has an initial maturity of December 28, 2024, with an optional 12-month extension, bearing interest at Wall Street Journal Prime plus 100 basis per year and is secured by land and building. The Construction Loan III was paid in full during the fourth quarter of 2024.

On September 20, 2024, an indirect subsidiary of the Company entered into a loan agreement to borrow $3.2 million with an initial maturity of October 1, 2025, bearing interest at 12.5% per annum and is secured by land and building of a new corporate restaurant. As of December 29, 2024, the total amount outstanding on this loan was $3.2 million.

Promissory Note (Twin Peaks)

On December 4, 2023, an indirect subsidiary of the Company purchased all member interest units of a joint venture entity for $1.3 million in the form of a $0.3 million cash payment and 10 equal monthly payments of $0.1 million beginning in January 2024. The $1.0 million promissory note bears interest of 5.3% and has a maturity of October 4, 2024. This promissory note was paid in full on its maturity date.

Scheduled Principal Maturities

Scheduled principal maturities of long-term debt for the next five fiscal years are as follows (in millions):


Fiscal Year	Long-Term Debt
2025	$	10.7
2026	10.3
2027	10.4
2028	9.5
2029	8.9

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

REVENUE FROM CONTRACTS WITH CUSTOMERS

12 Months Ended

Dec. 29, 2024

Revenue from Contract with Customer [Abstract]

REVENUE FROM CONTRACTS WITH CUSTOMERS

The following table summarizes contract liabilities related to the franchise fees as of December 29, 2024 and December 31, 2023 (in thousands): As part of its ongoing franchising efforts, the Company may, from time to time, make opportunistic acquisitions of operating restaurants in order to convert them to franchise locations or acquire existing franchise locations to resell to another franchisee across all of its brands.

The following table summarizes contract liabilities related to the franchise fees as of December 29, 2024 and December 31, 2023 (in thousands):


	December 29, 2024		December 31, 2023
Franchise fees liability at the beginning of the year	$	4,582	$	4,362
Revenue recognized	257		520
Franchise fees received during the period	700		740
Franchise fees liability at the end of the year	$	5,025	$	4,582

The following table presents disaggregated revenue by the method of recognition (in thousands):


	Twelve Months Ended
	December 29, 2024		December 31, 2023
Revenue recognized over time
Franchise fees	$	257	$	520
Revenue recognized at a point in time
Royalties	$	20,487	$	19,019
Advertising fees	10,243		9,548
Restaurant sales	320,211		199,369
Management fees and other income	2,603		2,411
Total	$	353,544	$	230,347

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 29, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company's registration statement on Form 10, as amended, related to the Spin-Off from FAT Brands Inc. was declared effective January 17, 2025 and the Company’s Class A Common Stock began trading on the Nasdaq Global Market on January 30, 2025. In connection with the Spin-Off, we and FAT Brands entered into a master separation and distribution agreement, pursuant to which FAT Brands exchanged all 5,000 shares of our Class A Common Stock that it held (representing 100% of the issued and outstanding capital stock of our Company) for 47,298,271 shares of our Class A Common Stock and 2,870,000 shares of our Class B Common Stock. On January 29, 2025, FAT Brands Inc. completed the legal and structural separation of our Company from FAT Brands (the “Spin-Off”). In the Spin-Off, FAT Brands distributed on a pro rata basis to the FAT Brands common stockholders 2,659,415 of our Class A Common Stock with FAT Brands retaining the remaining 44,638,856 outstanding shares of our Class A Common Stock and 100% of the 2,870,000 outstanding shares of our Class B Common Stock. Following the Spin-Off, we are an independent publicly traded reporting company. In connection with Spin-Off, the Company issued to the holders of the Twin Securitization Notes warrants (the “Noteholder’s warrants”) exercisable for 2,364,913 shares of our Class A Common Stock exercisable during the period commencing on October 25, 2025 and ending on the five-year anniversary of the date of issuance at an exercise price of $0.01 per share. See Note 8, Debt, for further discussion.

LEASES (Tables)

12 Months Ended

Dec. 29, 2024

Leases [Abstract]

Schedule of Operating Lease Right of Use Assets and Operating Lease Liabilities Relating to Operating Leases

Operating lease right-of-use assets and operating lease liabilities are as follows (in millions):


	December 29, 2024		December 31, 2023
Operating lease right-of-use assets	$	141.9	$	166.7
Operating lease liabilities	$	152.5	$	168.2

Schedule of Contractual Future Maturities of Operating Lease Liabilities

The contractual future maturities of the Company’s operating lease liabilities as of December 29, 2024, including anticipated lease extensions, are as follows (in millions):


Fiscal year:
2025	$	20.3
2026	19.7
2027	19.3
2028	17.3
2029	17.4
Thereafter	216.3
Total lease payments	310.3
Less imputed interest	157.8
Total	$	152.5

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information for the fiscal years ended December 29, 2024 and December 31, 2023 related to leases is as follows (in millions):


	2024		2023
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	21.2	$	6.5
Operating lease right-of-use assets obtained in exchange for new lease obligations:
Operating lease liabilities	$	4.1	$	8.1

Supplemental cash flow information for the fiscal years ended December 29, 2024 and December 31, 2023 related to leases is as follows (in millions):


	2024		2023
Cash paid for amounts included in the measurement of financing lease liabilities:
Operating cash flows from financing leases	$	0.1	$	0.1
Financing lease right-of-use assets obtained in exchange for new lease obligations:
Financing lease liabilities	$	—	$	3.6

Schedule of Financing Lease Right of Use Assets and Financing Lease Liabilities Relating to Financing Leases

Financing lease right-of-use assets and financing lease liabilities as of December 29, 2024 and December 31, 2023 were as follows (in millions):


	2024		2023
Financing lease right-of-use assets	$	1.8	$	3.6
Financing lease liabilities	1.7		2.9

Schedule of Contractual Future Maturities of Financing Lease Liabilities

The contractual future maturities of the Company’s financing lease liabilities as of December 29, 2024 including anticipated lease extensions are as follows (in millions):


Fiscal year:
2025	$	1.8
Less imputed interest	0.1
Total	$	1.7

DEBT - Maturities of Long-term Debt and Redemptions of Redeemable Preferred Stock (Details) $ in Millions	Dec. 29, 2024 USD ($)
Long-Term Debt
2025	$ 10.7
2026	10.3
2027	10.4
2028	9.5
2029	$ 8.9

LEASES - Narrative (Details)	3 Months Ended		12 Months Ended
LEASES - Narrative (Details)	Dec. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) lease	Dec. 29, 2024 USD ($) lease	Dec. 31, 2023 USD ($) lease
Lessee, Lease, Description [Line Items]
Number of leased properties \| lease		2	98	96
Lease expense			$ 21,200,000	$ 10,500,000
Weighted average remaining lease term	16 years 7 months 6 days		16 years 7 months 6 days
Operating lease, weighted average discount rate	9.10%		9.10%
Finance lease, weighted average discount rate	8.30%		8.30%
Proceeds from sale leaseback transaction	$ 4,600,000	$ 9,300,000
Gain (loss) on sale leaseback transaction	$ 0	$ 0
Sale leaseback transaction term	20 years	20 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	6 months		6 months
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	23 years		23 years

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The following table reflects the changes in carrying amounts of goodwill for the fiscal years ended December 29, 2024 and December 31, 2023 (in millions):


	December 29, 2024		December 31, 2023
Gross goodwill:
Balance, beginning of year	$	117.2	$	105.1
Acquired - Smokey Bones	—		12.1
Balance, end of year	117.2		117.2

Accumulated impairment:
Balance, beginning of year	—		—
Impairment	—		—
Balance, end of year	—		—

Net carrying value	$	117.2	$	117.2

Schedule of Finite-Lived Intangible Assets

The changes in carrying value of other intangible assets for the fiscal years ended December 29, 2024 and December 31, 2023 are as follows (in millions):


	Amortizing				Non-Amortizing				Total
	2024		2023		2024		2023		2024		2023
Balance, beginning of year	$	32.9	$	26.1	$	136.8	$	136.8	$	169.7	$	162.9
Acquisition - Smokey Bones	—		8.8		—		—		—		8.8
Repurchased franchise right	—		0.3		—		—		—		0.3
Amortization expense	(2.9)		(2.3)		—		—		(2.9)		(2.3)
Impairments	—		—		—		—		—		—
Balance, end of year	$	30.0	$	32.9	$	136.8	$	136.8	$	166.8	$	169.7

The carrying value of amortizing other intangible assets is as follows as of December 29, 2024 and December 31, 2023 (in millions):


	December 29, 2024							December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizing intangible assets
Franchise agreements		$	28.2	$	(6.5)	$	21.7	$	28.2	$	(4.7)	$	23.5
Trademarks		8.8		(1.2)		7.6		8.8		(0.2)		8.6
Other		0.9		(0.2)		0.7		0.9		(0.1)		0.8
Balance, end of year		$	37.9	$	(7.9)	$	30.0	$	37.9	$	(5.0)	$	32.9

Schedule of Indefinite-Lived Intangible Assets

The changes in carrying value of other intangible assets for the fiscal years ended December 29, 2024 and December 31, 2023 are as follows (in millions):


	Amortizing				Non-Amortizing				Total
	2024		2023		2024		2023		2024		2023
Balance, beginning of year	$	32.9	$	26.1	$	136.8	$	136.8	$	169.7	$	162.9
Acquisition - Smokey Bones	—		8.8		—		—		—		8.8
Repurchased franchise right	—		0.3		—		—		—		0.3
Amortization expense	(2.9)		(2.3)		—		—		(2.9)		(2.3)
Impairments	—		—		—		—		—		—
Balance, end of year	$	30.0	$	32.9	$	136.8	$	136.8	$	166.8	$	169.7

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization of the Company’s amortizable intangible assets is as follows (in millions):


Fiscal year:
2025	$	2.9
2026	2.9
2027	2.9
2028	2.9
2029	2.9
Thereafter	15.5
Total	$	30.0

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 29, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation – The accompanying audited consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Our revenues are derived primarily from two sales channels, franchised restaurants and company-owned locations, which we operate as one reportable segment. The accompanying audited consolidated financial statements have been prepared pursuant to accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company’s results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. Nature of operations – The Company operates on a 52-week calendar and its fiscal year ends on the last Sunday of the calendar year. Consistent with the industry practice, the Company measures its stores’ performance based upon 7-day work weeks. Using the 52-week cycle ensures consistent weekly reporting for operations and ensures that each week has the same days, since certain days are more profitable than others. The use of this fiscal year means a 53rd week is added to the fiscal year every 5 or 6 years, as was the case in fiscal year 2023. In a 52-week year, all four quarters are comprised of 13 weeks. In a 53-week year, one extra week is added to the fourth quarter. Fiscal year 2024 was a 52-week year and 2023 was a 53-week year. Principles of consolidation – The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Newly-acquired subsidiaries are included from the date of acquisition. Intercompany accounts have been eliminated in consolidation. Use of estimates in the preparation of the consolidated financial statements – The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the determination of fair values of goodwill and other intangible assets, the allocation of basis between assets acquired, sold or retained, allowances for uncollectible notes receivable and accounts receivable, and the valuation allowance related to deferred tax assets. Estimates and assumptions also affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Credit and depository risks – Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. Cash and cash equivalents balances are maintained in financial institutions, which at times exceed federally insured limits. The Company monitors the financial condition of these institutions and has not experienced losses on these accounts in the past. Management evaluates each of its franchisee’s financial condition prior to entry into a franchise or other agreement, as well as periodically through the term of the agreement, and believes that it has adequately provided for any exposure to potential credit losses. Concentration Risk - 46% of the Company’s franchise revenue is derived from three franchisees. Restricted cash – The Company has restricted cash consisting of funds required to be held in trust in connection with its securitized debt. The current portion of restricted cash was $8.7 million and $15.0 million as of December 29, 2024 and December 31, 2023, respectively. Noncurrent restricted cash of $7.8 million and $4.6 million as of December 29, 2024 and December 31, 2023, respectively, represents interest reserves required to be set aside for the duration of the securitized debt. Accounts receivable – Accounts receivable are recorded at the invoiced amount and are stated net of an allowance for doubtful accounts. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in existing accounts receivable. The allowance is based on historical collection data and current franchisee information. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 29, 2024, December 31, 2023 and December 25, 2022, accounts receivable was stated net of an allowance for doubtful accounts of $—, $— and $1.9 million, respectively. Impairment of Long-Lived Assets - Long-lived assets, which include property and equipment and operating lease right-of-use assets, are reviewed for impairment on a regular basis, in addition to whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of the assets to the undiscounted future cash flows expected to be generated by the asset group. If the assets are determined to be impaired, the amount of impairment recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. Estimates of future cash flows are based on the Company’s experience and knowledge of local operations. Leases - We currently lease all of our domestic Company-operated restaurants, our home office and certain equipment under various non-cancelable lease agreements that expire on various dates. Upon the possession of a leased asset, we determine its classification as an operating or financing lease. All of our real estate leases are classified as operating leases and most of our equipment leases are classified as finance leases. Rent expense for the Company’s leases, which generally have escalating rentals over the term of the lease, is recorded on a straight-line basis over the lease term. Our real estate leases typically provide for fixed minimum rent payments and/or contingent rent payments based upon sales in excess of specified thresholds. When the achievement of such sales thresholds is deemed to be probable, contingent rent is accrued in proportion to the sales recognized during the period. Lease expense associated with rent escalation and contingent rental provisions is not material and is included within operating lease cost. We calculate operating lease assets and lease liabilities as the present value of fixed lease payments over the reasonably certain lease term beginning at the commencement date. We measure the lease liability by discounting the future fixed contractual payments included in the lease agreement, using our incremental borrowing rate. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. For operating leases, fixed lease payments are recognized as operating lease cost on a straight-line basis over the lease term. For finance leases, the asset is depreciated on a straight-line basis over the remaining lease term, along with recognition of interest expense associated with accretion of the lease liability. For leases with a lease term of 12 months or less (“short-term lease”), any fixed lease payments are recognized on a straight-line basis over such term, and are not recognized on the consolidated balance sheets. Variable lease cost for both operating and finance leases, if any, is recognized as incurred. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We expend cash for leasehold improvements to build out and equip our leased premises. Generally, a portion of the leasehold improvements and building costs are reimbursed by our landlords as landlord incentives pursuant to agreed-upon terms in our lease agreements. If obtained, landlord incentives usually take the form of up-front cash, full or partial credits against our future minimum or contingent rents otherwise payable by us, or a combination thereof. In most cases, landlord incentives are received after we take possession of the property, as we meet required milestones during the construction of the property. We include these amounts in the measurement of the initial operating lease liability, which are also reflected as a reduction to the initial measurement of the right-of-use asset. Inventory – Inventories consist of food, beverages, supplies and small wares, and are stated at the lower of cost (weighted-average cost method) or net realizable value. Inventory costs are included in the line item “Other current assets” on the consolidated balance sheets. Pre-Opening Costs - Pre-opening costs including rent, wages, benefits and travel for the training and opening teams, food, beverage and other restaurant operating costs, are expensed as incurred prior to a restaurant opening. Share-based compensation – The Parent has a stock option plan which provides for options to purchase shares of the Parent’s common stock. Options issued under the plan may have a variety of terms as determined by the Parent’s Board of Directors including the option term, the exercise price and the vesting period. Options granted to employees and directors are valued at the date of grant and recognized as an expense over the vesting period in which the options are earned. Cancellations or forfeitures are accounted for as they occur. Stock options issued to non-employees as compensation for services are accounted for based upon the estimated fair value of the stock option. The Company recognizes this expense over the period in which the services are provided. Management utilizes the Black-Scholes option-pricing model to determine the fair value of the stock options issued by the Parent. See Note 11 for more details on the Company’s share-based compensation expense. Employee Retention Tax Credits - On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Security Act (the “CARES Act”) to provide certain relief as a result of the COVID-19 pandemic. The CARES Act provides tax relief, along with other stimulus measures, including a provision for an Employee Retention Credit (“ERC”). As there is no authoritative guidance under U.S. GAAP on accounting for government assistance to for-profit business entities, the Company accounts for the ERC by analogy to International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). During 2022, the Company filed with the Internal Revenue Service (“IRS”) credits totaling $1.9 million and, in accordance with IAS 20, fully reserved the amounts claimed until such time when it was determined that the Company has reasonable assurance that the credits will be realized. During 2023, the Company received in cash from the IRS all of the credits claimed and recognized $1.9 million as other income in the 2023 consolidated statement of operations. Goodwill and other intangible assets – Intangible assets are stated at the estimated fair value at the date of acquisition and include goodwill, trademarks, and franchise agreements. Goodwill and other intangible assets with indefinite lives, such as trademarks, are not amortized but are reviewed for impairment annually or more frequently if indicators arise. All other intangible assets are amortized over their estimated weighted average useful lives, which range from nine to fourteen years. Management assesses potential impairments to goodwill at least annually at reporting unit level, or more frequently when there is evidence that events or changes in circumstances indicate that the carrying amount of goodwill may not be recovered. The Company performs the annual goodwill and indefinite-lived intangible assets impairment analysis as of the first day of the fourth quarter. The Company has a single reporting unit. Judgments regarding the existence of impairment indicators and future cash flows related to intangible assets are based on operational performance of the acquired businesses, market conditions and other factors. Property and Equipment, net - Property and Equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The useful lives of our property and equipment typically range from three to seven years. Upon retirement or other disposal of property and equipment, the cost and related amounts of accumulated depreciation are eliminated from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds, is recorded in earnings. On an annual basis the Company assesses its property and equipment for impairment. Fair value measurements - The Company determines the fair market values of its financial assets and liabilities, as well as non-financial assets and liabilities that are recognized or disclosed at fair value on a recurring basis, based on the fair value hierarchy established in U.S. GAAP. As necessary, the Company measures its financial assets and liabilities using inputs from the following three levels of the fair value hierarchy: •Level 1 - Inputs are quoted prices in active markets for identical assets or liabilities. •Level 2 - Inputs are observable for the asset or liability, either directly or indirectly, including quoted prices in active markets for similar assets or liabilities. •Level 3 - Inputs are unobservable and reflect the Company’s own assumptions. The Company does not have a material amount of financial assets or liabilities that are required to be measured at fair value on a recurring basis under U.S. GAAP. None of the Company’s non-financial assets or non-financial liabilities are required to be measured at fair value on a recurring basis. Income taxes – The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the differences between financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Realization of deferred tax assets is dependent upon future earnings, the timing and amount of which are uncertain. A valuation allowance is recognized when the realization of our deferred tax assets is expected to be less than our carrying amounts. A two-step approach is utilized to recognize and measure uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon the ultimate settlement. Earnings per share – Prior to the Spin-Off (see Note 10 - Stockholder's Equity), as a single member LLC, the Company did not compute or disclose earnings per share calculations. Beginning in fiscal 2025, the Company will report basic earnings or loss per share in accordance with FASB ASC 260, “Earnings Per Share.” Revenue Recognition — Revenue consists of Company owned restaurant sales and franchise revenue (franchise fees, royalties, advertising revenue and management fees). Generally, revenue is recognized as promised goods or services transfer to the guest or customer in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Company owned restaurant revenue is recognized at the point in time when food and beverage products are sold. We present company restaurant sales net of sales-related taxes collected from customers and remitted to governmental taxing authorities. The franchise arrangement is documented in the form of a franchise agreement. The franchise arrangement requires the Company to perform various activities to support the brand that do not directly transfer goods and services to the franchisee, but instead represent a single performance obligation, which includes the transfer of the franchise license. The services provided by the Company are highly interrelated with the franchise license and are considered a single performance obligation. Franchise fee revenue from the sale of individual franchises is recognized over the term of the individual franchise agreement on a straight-line basis. Unamortized non-refundable deposits collected in relation to the sale of franchises are recorded as deferred franchise fees. Franchise fees recorded as deferred revenue to be recognized over the life of the franchise agreements were $5.0 million and $4.6 million at December 29, 2024 and December 31, 2023, respectively. The franchise fee may be adjusted from time to time at management’s discretion and the adjusted franchise fee is included in franchise agreement modifications or renewal contracts. Deposits are non-refundable upon acceptance of the franchise application. In the event a franchisee does not comply with its development timeline for opening franchise stores, the franchise rights may be terminated, at which point the franchise fee revenue is recognized as non-refundable deposits. In addition to franchise fee revenue, the Company collects a royalty calculated as a percentage of net sales from our franchisees. Royalties are recognized as revenue when the related sales are made by the franchisees. Royalties collected in advance of sales are classified as deferred income until earned. The Company requires advertising fee payments from franchisees based on a percent of net sales. The Company also receives, from time to time, payments from vendors that are to be used for advertising. Advertising funds collected are required to be spent for specific advertising purposes. Advertising revenue and the associated expense are recorded gross on the Company’s consolidated statements of operations. Assets and liabilities associated with the related advertising fees are reflected in the Company’s consolidated balance sheets. Deferred income pertains to gift cards that have been sold but not yet redeemed and earned awards under the Company’s loyalty program but not yet redeemed. Revenue is recognized when gift cards and loyalty rewards are redeemed by the customer. Breakage for unredeemed amounts is estimated based on historical experience and is recognized as revenue in proportion to the pattern of rights exercised by the customer. Gift card liability balance at December 29, 2024 and December 31, 2023 was $3.7 million and $3.4 million, respectively. Recently Adopted Accounting Standards In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments require that a public entity disclose, on an annual and interim basis, an amount for other segment items by reportable segment and a description of its composition. The other segment items category is the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss. The amendments improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities. The Company adopted ASU No. 2023-07 for our annual financial statements for fiscal year 2024 and interim financial statements thereafter and have applied this standard retrospectively for all periods presented in the consolidated financial statements. See Note 14 for more details on the Company’s segment information. Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, Income Statement —Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued update 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The amendments require disclosure in the notes to financial statements of specified information about certain costs and expenses. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting within annual reporting periods beginning after December 15, 2027. The update should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments require that public business entities on an annual basis disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The amendments also require that all entities disclose on an annual basis the income taxes paid disaggregated by jurisdiction. The amendments eliminate the requirement for all entities to disclose the nature and estimate of the range of the reasonably possible change in the unrecognized tax benefits balance in the next 12 months or make a statement that an estimate of the range cannot be made. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis. Retrospective application is permitted. The Company plans to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of this standard will impact certain of our income tax disclosures.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 29, 2024	Dec. 31, 2023
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	102,870,000	5,000
Common stock, issued (in shares)	5,000	5,000
Common stock, outstanding (in shares)	5,000	5,000
Class A Common Stock
Common stock, authorized (in shares)	100,000,000	5,000
Common stock, issued (in shares)	5,000	5,000
Common stock, outstanding (in shares)	5,000	5,000
Class B Common Stock
Common stock, authorized (in shares)	2,870,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 29, 2024 USD ($) salesChannel segment	Dec. 31, 2023 USD ($)	Dec. 25, 2022 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of sales channels \| salesChannel	2
Number of reportable segments \| segment	1
Current restricted cash	$ 8,725	$ 15,046
Non-current restricted cash	7,793	4,608
Accounts receivable, allowance for doubtful accounts	0	0	$ 1,900
CARES Act, ERCs received	$ 1,900
Minimum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	3 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Property and equipment useful life	7 years
Franchise
Summary Of Significant Accounting Policies [Line Items]
Deferred income	$ 5,025	4,582	$ 4,362
Franchise \| Revenue from Contract with Customer Benchmark \| Customer Concentration Risk \| Three Franchisees
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	46.00%
Gift Card
Summary Of Significant Accounting Policies [Line Items]
Deferred income	$ 3,700	$ 3,400

ORGANIZATION AND RELATIONSHIPS - Narrative (Details) $ in Thousands				12 Months Ended
	Jan. 29, 2025	Jan. 24, 2025 shares	Sep. 25, 2023 USD ($)	Dec. 29, 2024 USD ($) franchise restaurant shares	Dec. 16, 2024 shares	Mar. 21, 2024 USD ($)	Dec. 31, 2023 USD ($) shares
Debt Securities, Available-for-Sale [Line Items]
Number of franchise brands \| franchise				2
Number of restaurants \| restaurant				170
Common stock, authorized (in shares) \| shares				102,870,000			5,000
Common stock, issued (in shares) \| shares				5,000			5,000
Current assets \| $				$ 28,805			$ 28,093
Total assets \| $				542,446			565,582
Current liabilities \| $				55,230			70,728
Total liabilities \| $				$ 627,055			$ 581,093
Barbeque Holding LLC
Debt Securities, Available-for-Sale [Line Items]
Current assets \| $						$ 8,100
Total assets \| $						154,400
Current liabilities \| $						16,300
Total liabilities \| $						$ 127,400
Class A Common Stock
Debt Securities, Available-for-Sale [Line Items]
Common stock, authorized (in shares) \| shares				100,000,000	100,000,000		5,000
Common stock, issued (in shares) \| shares				5,000			5,000
Class B Common Stock
Debt Securities, Available-for-Sale [Line Items]
Common stock, authorized (in shares) \| shares				2,870,000	2,870,000		0
Common stock, issued (in shares) \| shares				0			0
Fat Brands \| Class A Common Stock \| Subsequent Event
Debt Securities, Available-for-Sale [Line Items]
Common stock, issued (in shares) \| shares		47,298,271
Fat Brands \| Class B Common Stock \| Subsequent Event
Debt Securities, Available-for-Sale [Line Items]
Common stock percentage	100.00%
Common stock, issued (in shares) \| shares		2,870,000
Fat Brands \| Barbeque Holding LLC
Debt Securities, Available-for-Sale [Line Items]
Purchase price \| $			$ 31,800
Other intangible assets, net \| $			$ 8,800
Fat Brands \| Subsequent Event
Debt Securities, Available-for-Sale [Line Items]
Number of shares exchanged (in shares) \| shares		5,000
Common stock percentage		100.00%
Fat Brands \| Class A Common Stock \| Subsequent Event
Debt Securities, Available-for-Sale [Line Items]
Number of shares exchanged (in shares) \| shares		5,000
Franchised \| Domestic
Debt Securities, Available-for-Sale [Line Items]
Number of restaurants \| restaurant				74
Franchised \| International
Debt Securities, Available-for-Sale [Line Items]
Number of restaurants \| restaurant				7
Company-Owned Twin Peaks Restaurants \| Domestic
Debt Securities, Available-for-Sale [Line Items]
Number of restaurants \| restaurant				34
Company-Owned Smokey Bones Restaurants \| Domestic
Debt Securities, Available-for-Sale [Line Items]
Number of restaurants \| restaurant				55

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Carrying Value of Amortizing Intangible Assets (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 37.9	$ 37.9
Accumulated Amortization	(7.9)	(5.0)
Total	30.0	32.9	$ 26.1
Franchise agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	28.2	28.2
Accumulated Amortization	(6.5)	(4.7)
Total	21.7	23.5
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	8.8	8.8
Accumulated Amortization	(1.2)	(0.2)
Total	7.6	8.6
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0.9	0.9
Accumulated Amortization	(0.2)	(0.1)
Total	$ 0.7	$ 0.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax (Benefit) Provision, Net

Components of the income tax (benefit) provision, net are as follows (in millions):


	Fiscal Year Ended December 29, 2024		Fiscal Year Ended December 31, 2023
Current
Federal	$	—	$	—
State	—		—
Foreign	—		—
	—		—
Deferred
Federal	(7.7)		(0.2)
State	(0.7)		—
	(8.4)		(0.2)
Total income tax (benefit) provision	$	(8.4)	$	(0.2)

Schedule of Effective Income Tax Rate Reconciliation

Income tax (benefit) provision related to continuing operations differ from the amounts computed by applying the statutory income tax rate to pretax income as follows (in millions):


	Fiscal Year Ended December 29, 2024		Fiscal Year Ended December 31, 2023
Tax benefit at statutory rate	$	(11.9)	$	(3.0)
State and local income taxes	(0.7)		—
State and federal valuation allowance	(1.7)		0.7
Flow-through income	7.0		2.4
Tax credits	(1.1)		(0.3)
Other	—		—
Total income tax provision	$	(8.4)	$	(0.2)

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):


	December 29, 2024		December 31, 2023
Deferred Tax Assets:
Net federal and state operating loss carryforwards	$	4.7	$	3.4
Tax credits	20.3		—
Interest expense carryforward	1.7		0.6
Deferred revenue	0.4		—
Reserves and accruals	3.2		0.2
Share-based compensation	0.1		—
Operating lease liabilities	42.8		28.6
Fixed assets	—		0.6
Other	0.4		0.3
Total deferred tax assets	$	73.6	$	33.7
Valuation allowance	$	(20.6)	$	(3.6)
Deferred tax assets net of valuation allowance	53.0		30.1

Deferred Tax Liabilities:
Intangibles	(11.2)		(2.2)
Fixed assets	(2.0)		—
Operating lease right-of-use assets	(42.5)		(27.9)
Total deferred tax liabilities	(55.7)		(30.1)
Net deferred tax liability	$	(2.7)	$	—

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 29, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The range of assumptions used in the Black-Scholes option pricing model to value the options granted on November 16, 2021 are as follows:


Expected dividend yield	4.6%
Expected volatility	88.8	%
Risk-free interest rate	1.4%
Expected term (in years)	6.0

LEASES - Summary of Operating Lease Right of Use Assets and Operating Lease Liabilities Relating to Operating Leases (Details) - USD ($) $ in Millions	Dec. 29, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 141.9	$ 166.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Operating lease right-of-use assets	Operating lease right-of-use assets
Operating lease liabilities	$ 152.5	$ 168.2