10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended July 2, 2024


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ______

Commission file number 0-21423

BJ’S RESTAURANTS, INC.

(Exact name of registrant as specified in its charter)

    California

    33-0485615

    (State or other jurisdiction of
incorporation or organization)

    (I.R.S. Employer
Identification Number)

7755 Center Avenue, Suite 300

Huntington Beach, California 92647

(714) 500-2400

Securities registered pursuant to Section 12(b) of the Act:

    Title of Each Class

    Trading
Symbol

    Name of each exchange on which registered

    Common Stock, No Par Value

    BJRI

    NASDAQ Global Select Market

(Address, including zip code, and telephone number, including

area code, of registrant’s principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☑	Large accelerated filer	☐	Accelerated filer
☐	Non-accelerated filer	☐	Smaller reporting company
☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of August 2, 2024, there were 23,154,521 shares of Common Stock of the Registrant outstanding.

BJ’S RESTAURANTS, INC.

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	1

	Consolidated Balance Sheets – July 2, 2024 (Unaudited) and January 2, 2024	1

	Unaudited Consolidated Statements of Operations – Thirteen and Twenty-Six Weeks Ended July 2, 2024 and July 4, 2023	2
	Unaudited Consolidated Statements of Shareholders’ Equity – Thirteen and Twenty-Six Weeks Ended July 2, 2024 and July 4, 2023	3
	Unaudited Consolidated Statements of Cash Flows – Thirteen and Twenty-Six Weeks Ended July 2, 2024 and July 4, 2023	4

	Notes to Unaudited Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	18

Item 4.	Controls and Procedures	18

Item 5.	Other Information	18

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	18

Item 1A.	Risk Factors	19

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19

Item 6.	Exhibits	20


	SIGNATURES	21

PART I. FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

BJ’S RESTAURANTS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)


	July 2, 2024		January 2, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	16,185	$	29,070
Accounts and other receivables, net		15,616		19,469
Inventories, net		13,380		13,245
Prepaid expenses and other current assets		14,869		21,237
Total current assets		60,050		83,021

Property and equipment, net		529,190		525,190
Operating lease assets		347,456		350,091
Goodwill		4,673		4,673
Equity method investment		4,477		4,770
Deferred income taxes, net		54,978		50,147
Other assets, net		43,312		40,562
Total assets	$	1,044,136	$	1,058,454

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	50,617	$	60,641
Accrued expenses		88,858		101,295
Current operating lease obligations		32,279		37,389
Total current liabilities		171,754		199,325

Long-term operating lease obligations		409,015		414,114
Long-term debt		63,500		68,000
Other liabilities		13,378		11,254
Total liabilities		657,647		692,693

Commitments and contingencies

Shareholders’ equity:
Preferred stock, 5,000 shares authorized, none issued or outstanding		—		—
Common stock, no par value, 125,000 shares authorized and 23,138 and 23,184 shares issued and outstanding as of July 2, 2024 and January 2, 2024, respectively		—		—
Capital surplus		72,037		77,036
Retained earnings		314,452		288,725
Total shareholders’ equity		386,489		365,761
Total liabilities and shareholders’ equity	$	1,044,136	$	1,058,454

See accompanying notes to unaudited consolidated financial statements.

BJ’S RESTAURANTS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)


	For the Thirteen Weeks Ended				For the Twenty-Six Weeks Ended
	July 2, 2024		July 4, 2023		July 2, 2024		July 4, 2023
Revenues	$	349,927	$	349,670	$	687,261	$	690,950
Restaurant operating costs (excluding depreciation and amortization):
Cost of sales		89,836		90,614		174,789		181,491
Labor and benefits		126,309		126,522

SEC Form 10-Q filed by BJ's Restaurants Inc.