BJ's Restaurants Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>BJ's Restaurants Inc. has filed its annual 10-K report detailing its 2023 fiscal year performance and operations.</b>

AI Summary

BJs RESTAURANTS INC (BJRI) filed a Annual Report (10-K) with the SEC on February 27, 2024. BJ's Restaurants Inc. filed its 10-K report for the fiscal year ending January 2, 2024. The filing covers financial data and business operations for the period. Key dates mentioned include fiscal year end dates such as 2023-01-03 and 2024-01-02. The company's principal business address is 7755 Center Avenue, Suite 300, Huntington Beach, CA 92647. BJ's Restaurants Inc. was formerly known as Chicago Pizza & Brewery Inc., with a name change on 1996-06-14.

Why It Matters

For investors and stakeholders tracking BJs RESTAURANTS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of BJ's Restaurants' financial health, operational strategies, and risk factors for investors and stakeholders. The detailed information within the report is crucial for understanding the company's performance trends, competitive positioning, and future outlook in the casual dining sector.

Risk Assessment

Risk Level: medium — BJs RESTAURANTS INC shows moderate risk based on this filing. The company operates in the highly competitive restaurant industry, facing risks related to consumer spending, labor costs, and supply chain disruptions, as indicated by the numerous operational and financial data points in the filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess BJ's Restaurants' performance and strategic direction.

Key Numbers

• 2024-01-02 — Fiscal Year End (Conformed period of report)
• 2024-02-27 — Filing Date (Filed as of date)
• 1996-06-14 — Name Change Date (Former company name change)

Key Players & Entities

• BJ's Restaurants Inc. (company) — Filer name
• 0000950170-24-021413 (other) — Accession number
• 20240102 (date) — Conformed period of report
• 20240227 (date) — Filed as of date
• 0001013488 (company) — Central Index Key
• 5812 (other) — Standard Industrial Classification
• CA (location) — State of incorporation
• 7755 Center Avenue, Suite 300, Huntington Beach, CA 92647 (location) — Business address

FAQ

Industry Context

BJ's Restaurants Inc. operates in the casual dining sector, a segment of the broader restaurant industry characterized by competition, evolving consumer preferences, and operational complexities.

Regulatory Implications

The company is subject to various federal and state regulations pertaining to food service, labor, and financial reporting, as is standard for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
2. Review the risk factors section to understand potential challenges and management's mitigation strategies.
3. Compare key performance indicators with industry benchmarks and prior year results.

Key Dates

• 2024-01-02: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K report was officially filed with the SEC.
• 1996-06-14: Name Change — Date BJ's Restaurants Inc. changed its name from Chicago Pizza & Brewery Inc.

Year-Over-Year Comparison

This filing represents the annual 10-K report, providing a comprehensive year-end overview, distinct from interim filings like 10-Q reports.

Key Financial Figures

• $100 — ment with estimated annual sales in the $100+ billion range. We believe that the BJ'
• $8.75 — specials, generally range in price from $8.75 to $34.95. We also offer Daily Brewhous
• $34.95 — generally range in price from $8.75 to $34.95. We also offer Daily Brewhouse Specials
• $45 — 4 to 6 guests. These packages start at $45.00, make it easy to order for a family
• $20.00 — beverages, increased from approximately $20.00 in 2022 to approximately $21.00 in 2023
• $21.00 — imately $20.00 in 2022 to approximately $21.00 in 2023, and was impacted by changes in

Filing Documents

• bjri-20240102.htm (10-K) — 2502KB
• bjri-ex10_19.htm (EX-10.19) — 49KB
• bjri-ex21.htm (EX-21) — 5KB
• bjri-ex23_1.htm (EX-23.1) — 4KB
• bjri-ex31.htm (EX-31) — 31KB
• bjri-ex32.htm (EX-32) — 9KB
• bjri-ex97.htm (EX-97) — 46KB
• img186711633_0.jpg (GRAPHIC) — 33KB
• 0000950170-24-021413.txt (&nbsp;) — 9939KB
• bjri-20240102.xsd (EX-101.SCH) — 1276KB
• bjri-20240102_htm.xml (XML) — 1819KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 13 ITEM 1B. UNRESOLVED STAFF COMMENTS 22 ITEM 1C. CYBERSECURITY 22 ITEM 2.

PROPERTIES

PROPERTIES 23 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 24 ITEM 4. MINE SAFETY DISCLOSURES 24 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24 ITEM 6. RESERVED 26 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 26 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 34 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 34 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 34 ITEM 9B. OTHER INFORMATION 37 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 37 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 37 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 37 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS 37 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 37 ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 38 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 38 ITEM 16. FORM 10-K SUMMARY 40

SIGNATURES

SIGNATURES 41 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 42 BJ'S RESTAURANTS, INC. PAR T I Unless the context indicates otherwise, when we use the words "BJ's," "the Company," "we," "us" or "our" in this Form 10-K, we are referring to BJ's Restaurants, Inc., a California corporation, and its subsidiaries. Cautionary Statement Regarding Forward-Looking Statements Information and statements contained in this Form 10-K, in our other filings with the Securities and Exchange Commission ("SEC"), or in our written and verbal communications that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words or phrases such as "believe," "plan," "will likely result," "expect," "intend," "will continue," "is anticipated," "estimate," "project," "may," "could," "would," "should" and similar expressions that convey uncertainty about future events or outcomes in this Form 10-K are intended to identify "forward-looking" statements. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. The risks described in this Form 10-K are not the only risks we face. New risks and uncertainties arise from time to time and we cannot predict those events or how they may affect us. There may be other risks and uncertainties that are not currently known by us or that are currently deemed by us to be immaterial. However, they may ultimately have a material adverse effect on our business, financial condition and/or operating results. We do not have any obligation to modify or revise any "forward-looking" statement to take into account or otherwise reflect subsequent events or circum

B USINESS

ITEM 1. B USINESS INTRODUCTION BJ's Restaurants is a leading casual dining restaurant brand differentiated by a high-quality, varied menu with compelling value, a dining experience that offers our customers (referred to as "guests") best-in-class service, hospitality and enjoyment, in a high-energy, welcoming and approachable atmosphere. BJ's is a national restaurant chain that, as of February 27, 2024, owns and operates 216 restaurants located in 30 states. The first BJ's restaurant opened in 1978 in Orange County, California, and was a small sit-down pizzeria that featured Chicago style deep-dish pizza with a unique California twist. In 1996, we introduced our proprietary craft beers and expanded the BJ's concept to a full-service, high-energy casual dining restaurant when we opened our first large format restaurant with an on-site brewing operation in Brea, California. Today our restaurants feature a broad menu with approximately 100 menu items designed to offer something for everyone including: slow roasted entrees such as prime rib, EnLIGHTened Entrees such as our Cherry Chipotle Glazed Salmon, our original signature deep-dish pizza, and the world-famous Pizookie dessert. We also offer our award-winning BJ's craft beers, which are produced at four in-house brewing facilities, two standalone brewpubs and by independent third-party brewers using our proprietary recipes, alongside a full bar featuring innovative cocktails. Our Internet address is https://www.bjsrestaurants.com . Electronic copies of our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K are available, free of charge, by visiting the "Investors" section of our website. These reports are posted as soon as practical after they are electronically filed with the SEC. We caution that the information on our website is not part of this or any other reports we file with, or furnish to, the SEC. 1 BUSINESS STRATEGY We compete in the casual dining segment

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View this 10-K filing on SEC EDGAR