Noodles & Company Files 2023 Annual Report on Form 10-K
Ticker: NDLS · Form: 10-K · Filed: Mar 8, 2024 · CIK: 1275158
Sentiment: neutral
Topics: 10-K, Noodles & Company, Financial Report, Restaurant Industry, Fiscal Year 2023
TL;DR
<b>Noodles & Company has filed its 2023 10-K report detailing financial performance and business operations.</b>
AI Summary
NOODLES & Co (NDLS) filed a Annual Report (10-K) with the SEC on March 8, 2024. Noodles & Company filed its 10-K for the fiscal year ending January 2, 2024. The filing covers financial performance and business operations for the period. Key financial data and disclosures are provided in the report. The company operates in the retail-eating places industry. The filing includes information on asset disposals, closure costs, and restaurant impairments.
Why It Matters
For investors and stakeholders tracking NOODLES & Co, this filing contains several important signals. This 10-K provides investors with a comprehensive overview of Noodles & Company's financial health and strategic direction for the fiscal year 2023. The detailed financial statements and risk factors within the filing are crucial for understanding the company's performance and potential challenges in the competitive restaurant industry.
Risk Assessment
Risk Level: medium — NOODLES & Co shows moderate risk based on this filing. The company operates in the highly competitive restaurant industry, facing challenges related to labor, occupancy costs, and consumer preferences, as indicated by the various financial and operational disclosures in the 10-K.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to assess Noodles & Company's performance and future outlook.
Key Numbers
- 2024-01-02 — Fiscal Year End (The end date of the reporting period.)
- 2024-03-08 — Filing Date (The date the 10-K was filed with the SEC.)
- 5812 — SIC Code (Standard Industrial Classification for Retail-Eating Places.)
Key Players & Entities
- NOODLES & Co (company) — Filer name
- 0001275158 (company) — Central Index Key
- 5812 (regulator) — Standard Industrial Classification for Retail-Eating Places
- 2024-01-02 (date) — Fiscal year end
- 2024-03-08 (date) — Filing date
- 720-214-1906 (company) — Business phone number
FAQ
When did NOODLES & Co file this 10-K?
NOODLES & Co filed this Annual Report (10-K) with the SEC on March 8, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by NOODLES & Co (NDLS).
Where can I read the original 10-K filing from NOODLES & Co?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by NOODLES & Co.
What are the key takeaways from NOODLES & Co's 10-K?
NOODLES & Co filed this 10-K on March 8, 2024. Key takeaways: Noodles & Company filed its 10-K for the fiscal year ending January 2, 2024.. The filing covers financial performance and business operations for the period.. Key financial data and disclosures are provided in the report..
Is NOODLES & Co a risky investment based on this filing?
Based on this 10-K, NOODLES & Co presents a moderate-risk profile. The company operates in the highly competitive restaurant industry, facing challenges related to labor, occupancy costs, and consumer preferences, as indicated by the various financial and operational disclosures in the 10-K.
What should investors do after reading NOODLES & Co's 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to assess Noodles & Company's performance and future outlook. The overall sentiment from this filing is neutral.
Risk Factors
- Asset Disposals, Closure Costs and Restaurant Impairments [medium — operational]: The company may incur significant costs related to asset disposals, restaurant closures, and impairments, impacting financial results.
- Labor Costs [medium — financial]: Increases in labor costs can adversely affect profitability.
- Restaurant Occupancy Costs [medium — financial]: Rising occupancy costs can negatively impact financial performance.
Key Dates
- 2024-01-02: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-03-08: Filing Date — The date the 10-K was officially submitted to the SEC.
Glossary
- 10-K
- An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview for Noodles & Company.)
Filing Stats: 4,575 words · 18 min read · ~15 pages · Grade level 13.4 · Accepted 2024-03-07 18:08:25
Key Financial Figures
- $0.01 — stered Class A common stock, par value $0.01 per share NDLS Nasdaq Global Select Mar
Filing Documents
- ndls-20240102.htm (10-K) — 1535KB
- a2023q4ex211_listingofsubs.htm (EX-21.1) — 7KB
- a2023q4ex231_eyconsent.htm (EX-23.1) — 4KB
- a2023q4exhibit311.htm (EX-31.1) — 13KB
- a2023q4exhibit312.htm (EX-31.2) — 13KB
- a2023q4exhibit321.htm (EX-32.1) — 9KB
- a2023q4ex971ndlsdoddfrankc.htm (EX-97.1) — 16KB
- 0001275158-24-000007.txt ( ) — 8112KB
- ndls-20240102.xsd (EX-101.SCH) — 62KB
- ndls-20240102_cal.xml (EX-101.CAL) — 113KB
- ndls-20240102_def.xml (EX-101.DEF) — 205KB
- ndls-20240102_lab.xml (EX-101.LAB) — 791KB
- ndls-20240102_pre.xml (EX-101.PRE) — 511KB
- ndls-20240102_htm.xml (XML) — 1032KB
Risk Factors
ITEM 1A. Risk Factors 8
Unresolved Staff Comments
ITEM 1B. Unresolved Staff Comments 23 ITEM 1C. C ybersecurity 23
Properties
ITEM 2. Properties 25
Legal Proceedings
ITEM 3. Legal Proceedings 26
Mine Safety Disclosures
ITEM 4. Mine Safety Disclosures 26 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27
[ Reserved ]
ITEM 6. [ Reserved ] 27
Management's Discussion and Analysis of Financial Condition and Results of Operations
ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 28
Quantitative and Qualitative Disclosures About Market Risk
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk 40
Financial Statements and Supplementary Data
ITEM 8. Financial Statements and Supplementary Data 41
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66
Controls and Procedures
ITEM 9A. Controls and Procedures 66
Other Information
ITEM 9B. Other Information 68
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III
Directors, Executive Officers and Corporate Governance
ITEM 10. Directors, Executive Officers and Corporate Governance 68
Executive Compensation
ITEM 11. Executive Compensation 68
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68
Certain Relationships and Related Transactions, and Director Independence
ITEM 13. Certain Relationships and Related Transactions, and Director Independence 68
Principal Accounting Fees and Services
ITEM 14. Principal Accounting Fees and Services 68 PART IV
Exhibits, Financial Statement Schedules
ITEM 15. Exhibits, Financial Statement Schedules 69
Form 10-K Summary
ITEM 16. Form 10-K Summary 74
SIGNATURES
SIGNATURES EXHIBITS i Table of Contents PART I
Business
ITEM 1. Business General Noodles & Company is a restaurant concept offering lunch and dinner within the fast-casual segment of the restaurant industry. Our core offerings include noodle and pasta dishes, staples of many different cuisines, with the goal of delivering fresh ingredients and flavors from around the world under one roof. Today, our globally-inspired menu includes a wide variety of high quality, cooked-to-order dishes, including noodles and pasta, salads, soups and appetizers. As of January 2, 2024, we operated 470 restaurants in 31 states, which included 380 company locations and 90 franchise locati ons. Noodles & Company is a Delaware corporation that was organized in 2002. Noodles & Company and its subsidiaries are sometimes referred to as "Noodles," "we," "us," "our," and the "Company" in this report. We refer to our Class A Common Stock, par value $0.01 per share, as our "common stock." Our Concept and Business Strategy We believe Noodles is a broadly appealing concept in the national fast-casual dining space. We are focused on offering customers flavorful, cooked-to-order dishes in a warm and welcoming environment at an attractive value. We offer approximately 20 globally-inspired and highly customizable dishes that can be enjoyed inside our restaurants, taken to-go, or delivered to our customers. Our customers experience the Noodles brand through our company-owned and franchise operated locations, and digitally through our mobile app, website www.noodles.com and third-party delivery services. In 2023, approximately 54% of our sales were deri ved from digital ordering, where guests have the opportunity to select in restaurant quick pick-up or delivery to their home or office. We believe that the breadth of ways that consumers can access our brand, the variety inherent in our menu, and how well our food travels is a business strength in relation to consumer trends towards convenience. We have purposefully chosen a range of healthy to indu