Quarterly report [Sections 13 or 15(d)]

Debt (Tables)

v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 27, 2025
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table summarizes the Company’s long-term debt as of March 27, 2025 and December 26, 2024:
in thousands Maturity Date
Interest Rate Per Annum at March 27, 2025
 March 27, 2025 December 26, 2024
Credit Facilities:
Term Loan Facility (1)
 February 14, 2027 6.32% Variable $ 199,767  $ 200,293 
Asset-based Loan Facility (“ABL Facility”) August 4, 2027 5.57% Variable —  — 
Total secured debt at par value 199,767  200,293 
Less: current maturities 2,103  2,103 
Long-term debt maturities 197,664  198,190 
Less: unamortized discount and debt issuance costs 3,240  3,663 
Total long-term debt $ 194,424  $ 194,527 
(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of the interest rate cap agreement. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreement.
Schedule of Maturities of Debt
The following table summarizes scheduled maturities of the Company’s debt as of March 27, 2025:
in thousands Amount
Thirty-nine weeks ending December 25, 2025 $ 1,577 
2026 2,629 
2027 195,561 
Total minimum debt payments $ 199,767 
Schedule of Components of Interest Expense
Components of interest expense are as follows for the periods presented:
Thirteen Weeks Ended
in thousands March 27, 2025 March 28, 2024
Total interest expense, net of interest income (1)
 $ 2,745  $ 3,802 
Less: interest capitalized 1,197  1,847 
Interest expense, net $ 1,548  $ 1,955 
(1)Total interest expense, net of interest income includes interest income related to the Company’s cash on hand and interest rate cap agreements. The Company recognized interest income of $1.6 million for both the thirteen weeks ended March 27, 2025 and March 28, 2024. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreement.
Schedule of Fair Value of Debt The estimated fair value and classification within the fair value hierarchy of the Term Loan Facility was as follows as of March 27, 2025 and December 26, 2024:
in thousands Fair Value Hierarchy Classification March 27, 2025 December 26, 2024
Term Loan Facility Level 3 $ 199,018  $ 199,542