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Purchase Price Allocation | |||
Cash and cash equivalents | $ | 5,173 | |
Accounts receivable and other receivables | 3,228 | ||
Inventories | 2,541 | ||
Prepaid expenses and other current assets | 4,266 | ||
Total current assets | 15,208 | ||
Property and equipment | 105,524 | ||
Intangible assets | 250,490 | ||
Other assets | 4,194 | ||
Total identifiable assets acquired | 375,416 | ||
Accounts payable | (18,866 | ) | |
Other accrued liabilities | (26,607 | ) | |
Current portion of capital lease obligations and deemed landlord financing liabilities | (1,670 | ) | |
Long-term debt, capital lease obligations and deemed landlord financing liabilities | (246,562 | ) | |
Deferred income taxes | (80,254 | ) | |
Other long-term liabilities | (36,208 | ) | |
Net identifiable liabilities assumed | (34,751 | ) | |
Goodwill | 319,056 | ||
Total gross consideration | $ | 284,305 |
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Total | ||||
Balance at December 29, 2015 (Successor) | $ | 1,023 | ||
Charges for accretion in current period | 39 | |||
Cash payments | (37 | ) | ||
Balance at June 14, 2016 (Successor) | $ | 1,025 |
Contract termination costs | Other associated costs | Total | ||||||||||
Balance at December 29, 2015 (Successor) | $ | 3,637 | $ | 163 | $ | 3,800 | ||||||
Charges for accretion in current period | 67 | — | 67 | |||||||||
Cash payments | (800 | ) | (163 | ) | (963 | ) | ||||||
Adjustments to estimates based on current activity | (273 | ) | — | (273 | ) | |||||||
Balance at June 14, 2016 (Successor) | $ | 2,631 | $ | — | $ | 2,631 |
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Successor | ||||||||||||||||||||||||
June 14, 2016 | December 29, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Favorable lease assets | $ | 14,207 | $ | (1,946 | ) | $ | 12,261 | $ | 14,207 | $ | (1,020 | ) | $ | 13,187 | ||||||||||
Franchise rights | 15,789 | (1,358 | ) | 14,431 | 15,897 | (711 | ) | 15,186 | ||||||||||||||||
Total amortized other intangible assets | $ | 29,996 | $ | (3,304 | ) | $ | 26,692 | $ | 30,104 | $ | (1,731 | ) | $ | 28,373 |
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Successor | ||||||||
June 14, 2016 | December 29, 2015 | |||||||
2015 Senior Credit Facility, net of debt discount of $1,195 and $1,328 and deferred financing costs of $403 and $448 at June 14, 2016 (Successor) and December 29, 2015 (Successor), respectively | $ | 152,402 | $ | 152,224 | ||||
Total outstanding indebtedness | 152,402 | 152,224 | ||||||
Obligations under capital leases and deemed landlord financing liabilities | 16,652 | 17,469 | ||||||
Total debt | 169,054 | 169,693 | ||||||
Less: amounts due within one year | 1,667 | 1,725 | ||||||
Total amounts due after one year, net | $ | 167,387 | $ | 167,968 |
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Successor | ||||||||||||||||
June 14, 2016 | December 29, 2015 | |||||||||||||||
Estimated Fair Value | Book Value | Estimated Fair Value | Book Value | |||||||||||||
2015 Senior Credit Facility | $ | 152,402 | $ | 152,402 | $ | 152,224 | $ | 152,224 |
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Successor | ||||||||
June 14, 2016 | December 29, 2015 | |||||||
Employee compensation and related items | $ | 7,852 | $ | 7,818 | ||||
Accrued insurance | 7,003 | 7,168 | ||||||
Accrued sales tax | 4,448 | 3,604 | ||||||
Accrued bonus | 1,885 | 5,352 | ||||||
Accrued income taxes | 1,632 | 30 | ||||||
Restaurant closure liability | 1,172 | 1,617 | ||||||
Accrued real property tax | 1,113 | 1,378 | ||||||
Other | 4,214 | 5,930 | ||||||
$ | 29,319 | $ | 32,897 |
Successor | ||||||||
June 14, 2016 | December 29, 2015 | |||||||
Unfavorable lease liabilities | $ | 18,479 | $ | 19,685 | ||||
Insurance reserves | 6,168 | 5,963 | ||||||
Restaurant closure liability | 2,484 | 3,206 | ||||||
Unearned trade discount, non-current | 1,843 | 2,028 | ||||||
Deferred development and initial franchise fees | 1,720 | 1,920 | ||||||
Deferred gift card income | 1,484 | 2,217 | ||||||
Deferred rent liability | 1,136 | 731 | ||||||
Other | 521 | 501 | ||||||
$ | 33,835 | $ | 36,251 |
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Shares | Weighted-Average Grant Date Fair Value | ||||||
Nonvested at December 29, 2015 (Successor) | 946,494 | $ | 11.16 | ||||
Granted | 114,004 | 9.90 | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Nonvested at June 14, 2016 (Successor) | 1,060,498 | $ | 11.03 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(in years) | ||||||||||||||
Options outstanding at December 29, 2015 (Successor) | 224,000 | $ | 10.40 | 6.5 | $ | — | ||||||||
Granted | 7,000 | 9.88 | 6.6 | — | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (2,000 | ) | 10.40 | — | — | |||||||||
Options outstanding at June 14, 2016 (Successor) | 229,000 | $ | 10.38 | 6.4 | $ | — | ||||||||
Options exercisable at June 14, 2016 (Successor) | — | $ | — | — | $ | — | ||||||||
Options exercisable and expected to vest at June 14, 2016 (Successor) | 207,173 | $ | 10.38 | 6.4 | $ | — |
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Purchase Price Allocation | |||
Cash and cash equivalents | $ | 5,173 | |
Accounts receivable and other receivables | 3,228 | ||
Inventories | 2,541 | ||
Prepaid expenses and other current assets | 4,266 | ||
Total current assets | 15,208 | ||
Property and equipment | 105,524 | ||
Intangible assets | 250,490 | ||
Other assets | 4,194 | ||
Total identifiable assets acquired | 375,416 | ||
Accounts payable | (18,866 | ) | |
Other accrued liabilities | (26,607 | ) | |
Current portion of capital lease obligations and deemed landlord financing liabilities | (1,670 | ) | |
Long-term debt, capital lease obligations and deemed landlord financing liabilities | (246,562 | ) | |
Deferred income taxes | (80,254 | ) | |
Other long-term liabilities | (36,208 | ) | |
Net identifiable liabilities assumed | (34,751 | ) | |
Goodwill | 319,056 | ||
Total gross consideration | $ | 284,305 |
|
Total | ||||
Balance at December 29, 2015 (Successor) | $ | 1,023 | ||
Charges for accretion in current period | 39 | |||
Cash payments | (37 | ) | ||
Balance at June 14, 2016 (Successor) | $ | 1,025 |
Contract termination costs | Other associated costs | Total | ||||||||||
Balance at December 29, 2015 (Successor) | $ | 3,637 | $ | 163 | $ | 3,800 | ||||||
Charges for accretion in current period | 67 | — | 67 | |||||||||
Cash payments | (800 | ) | (163 | ) | (963 | ) | ||||||
Adjustments to estimates based on current activity | (273 | ) | — | (273 | ) | |||||||
Balance at June 14, 2016 (Successor) | $ | 2,631 | $ | — | $ | 2,631 |
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Successor | ||||||||||||||||||||||||
June 14, 2016 | December 29, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||||||||
Favorable lease assets | $ | 14,207 | $ | (1,946 | ) | $ | 12,261 | $ | 14,207 | $ | (1,020 | ) | $ | 13,187 | ||||||||||
Franchise rights | 15,789 | (1,358 | ) | 14,431 | 15,897 | (711 | ) | 15,186 | ||||||||||||||||
Total amortized other intangible assets | $ | 29,996 | $ | (3,304 | ) | $ | 26,692 | $ | 30,104 | $ | (1,731 | ) | $ | 28,373 |
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Successor | ||||||||
June 14, 2016 | December 29, 2015 | |||||||
2015 Senior Credit Facility, net of debt discount of $1,195 and $1,328 and deferred financing costs of $403 and $448 at June 14, 2016 (Successor) and December 29, 2015 (Successor), respectively | $ | 152,402 | $ | 152,224 | ||||
Total outstanding indebtedness | 152,402 | 152,224 | ||||||
Obligations under capital leases and deemed landlord financing liabilities | 16,652 | 17,469 | ||||||
Total debt | 169,054 | 169,693 | ||||||
Less: amounts due within one year | 1,667 | 1,725 | ||||||
Total amounts due after one year, net | $ | 167,387 | $ | 167,968 |
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Successor | ||||||||||||||||
June 14, 2016 | December 29, 2015 | |||||||||||||||
Estimated Fair Value | Book Value | Estimated Fair Value | Book Value | |||||||||||||
2015 Senior Credit Facility | $ | 152,402 | $ | 152,402 | $ | 152,224 | $ | 152,224 |
|
Successor | ||||||||
June 14, 2016 | December 29, 2015 | |||||||
Employee compensation and related items | $ | 7,852 | $ | 7,818 | ||||
Accrued insurance | 7,003 | 7,168 | ||||||
Accrued sales tax | 4,448 | 3,604 | ||||||
Accrued bonus | 1,885 | 5,352 | ||||||
Accrued income taxes | 1,632 | 30 | ||||||
Restaurant closure liability | 1,172 | 1,617 | ||||||
Accrued real property tax | 1,113 | 1,378 | ||||||
Other | 4,214 | 5,930 | ||||||
$ | 29,319 | $ | 32,897 |
Successor | ||||||||
June 14, 2016 | December 29, 2015 | |||||||
Unfavorable lease liabilities | $ | 18,479 | $ | 19,685 | ||||
Insurance reserves | 6,168 | 5,963 | ||||||
Restaurant closure liability | 2,484 | 3,206 | ||||||
Unearned trade discount, non-current | 1,843 | 2,028 | ||||||
Deferred development and initial franchise fees | 1,720 | 1,920 | ||||||
Deferred gift card income | 1,484 | 2,217 | ||||||
Deferred rent liability | 1,136 | 731 | ||||||
Other | 521 | 501 | ||||||
$ | 33,835 | $ | 36,251 |
|
Shares | Weighted-Average Grant Date Fair Value | ||||||
Nonvested at December 29, 2015 (Successor) | 946,494 | $ | 11.16 | ||||
Granted | 114,004 | 9.90 | |||||
Vested | — | — | |||||
Forfeited | — | — | |||||
Nonvested at June 14, 2016 (Successor) | 1,060,498 | $ | 11.03 |
Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(in years) | ||||||||||||||
Options outstanding at December 29, 2015 (Successor) | 224,000 | $ | 10.40 | 6.5 | $ | — | ||||||||
Granted | 7,000 | 9.88 | 6.6 | — | ||||||||||
Exercised | — | — | — | — | ||||||||||
Forfeited | (2,000 | ) | 10.40 | — | — | |||||||||
Options outstanding at June 14, 2016 (Successor) | 229,000 | $ | 10.38 | 6.4 | $ | — | ||||||||
Options exercisable at June 14, 2016 (Successor) | — | $ | — | — | $ | — | ||||||||
Options exercisable and expected to vest at June 14, 2016 (Successor) | 207,173 | $ | 10.38 | 6.4 | $ | — |
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