Noodles & Co Files Q2 2024 10-Q
Ticker: NDLS · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 1275158
Sentiment: neutral
Topics: 10-Q, financials, restaurant
TL;DR
Noodles & Co dropped its Q2 10-Q. Check financials for the latest.
AI Summary
Noodles & Company filed a 10-Q for the period ending July 2, 2024. The filing details financial performance for the second quarter of 2024, including revenue and expenses related to its restaurant operations and franchise segments. The company's fiscal year ends on December 31st.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Noodles & Company, crucial for understanding the company's operational health and future prospects.
Risk Assessment
Risk Level: medium — As a publicly traded company in the competitive restaurant industry, Noodles & Company faces inherent market and operational risks that are detailed in its SEC filings.
Key Players & Entities
- NOODLES & Co (company) — Filer
- 0001275158-24-000084 (other) — Accession Number
- 20240702 (date) — Period of Report
- 20240808 (date) — Filed as of Date
- 520 ZANG ST., SUITE D (other) — Business Address
- BROOMFIELD (other) — City
- CO (other) — State
- 80021 (other) — ZIP Code
- 720-214-1904 (other) — Business Phone
FAQ
What was the reporting period for this 10-Q filing?
The Conformed Period of Report was 20240702, indicating the period ending July 2, 2024.
When was this 10-Q filing submitted to the SEC?
The filing was submitted on 20240808.
What is the primary business of NOODLES & Co according to the filing?
The Standard Industrial Classification code indicates NOODLES & Co is in RETAIL-EATING PLACES [5812].
What is the company's fiscal year end?
The company's fiscal year ends on 1231.
What specific financial statement items are referenced with XBRL tags?
The filing references items such as PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization, AccruedLiabilitiesCurrent, and OtherLiabilitiesNoncurrent.
Filing Stats: 4,713 words · 19 min read · ~16 pages · Grade level 14.7 · Accepted 2024-08-07 21:19:44
Key Financial Figures
- $0.01 — which registered Class A Common Stock, $0.01 par value per share NDLS Nasdaq Global
Filing Documents
- ndls-20240702.htm (10-Q) — 954KB
- ex101formof2024restricteds.htm (EX-10.1) — 58KB
- ex102formof2024performance.htm (EX-10.2) — 61KB
- ex103formof2024restricteds.htm (EX-10.3) — 43KB
- ex104scottdavisemploymenta.htm (EX-10.4) — 95KB
- a2024q2exhibit311.htm (EX-31.1) — 13KB
- a2024q2exhibit312.htm (EX-31.2) — 13KB
- a2024q2exhibit321.htm (EX-32.1) — 9KB
- 0001275158-24-000084.txt ( ) — 4803KB
- ndls-20240702.xsd (EX-101.SCH) — 33KB
- ndls-20240702_cal.xml (EX-101.CAL) — 63KB
- ndls-20240702_def.xml (EX-101.DEF) — 72KB
- ndls-20240702_lab.xml (EX-101.LAB) — 434KB
- ndls-20240702_pre.xml (EX-101.PRE) — 267KB
- ndls-20240702_htm.xml (XML) — 539KB
Financial Statements (unaudited)
Financial Statements (unaudited) 2 Condensed Consolidated Balance Sheets 2 Condensed Consolidated Statements of Operations 3 Condensed Consolidated Statements of Stockholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 13 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.
Controls and Procedures
Controls and Procedures 25 PART II Item 1.
Legal Proceedings
Legal Proceedings 26 Item 1A.
Risk Factors
Risk Factors 26 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 26 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 27
SIGNATURES
SIGNATURES 28 1 Table of Contents PART I
Financial Statements
Item 1. Financial Statements Noodles & Company Condensed Consolidated Balance Sheets (in thousands, except share and per share data) July 2, 2024 January 2, 2024 (unaudited) Assets Current assets: Cash and cash equivalents $ 1,806 $ 3,013 Accounts receivable 3,956 5,144 Inventories 10,421 10,251 Prepaid expenses and other assets 5,944 3,879 Income tax receivable 362 337 Total current assets 22,489 22,624 Property and equipment, net 139,985 152,176 Operating lease assets, net 174,362 183,857 Goodwill 7,154 7,154 Intangibles, net 515 538 Other assets, net 1,788 1,746 Total long-term assets 323,804 345,471 Total assets $ 346,293 $ 368,095 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 17,900 $ 16,691 Accrued payroll and benefits 8,194 7,769 Accrued expenses and other current liabilities 13,844 12,950 Current operating lease liabilities 31,390 30,104 Total current liabilities 71,328 67,514 Long-term debt, net 84,780 80,218 Long-term operating lease liabilities, net 174,626 186,285 Deferred tax liabilities, net 430 255 Other long-term liabilities 5,486 6,663 Total liabilities 336,650 340,935 Stockholders' equity: Preferred stock—$ 0.01 par value, 1,000,000 shares authorized and undesignated as of July 2, 2024 and January 2, 2024; no shares issued or outstanding — — Common stock—$ 0.01 par value, 180,000,000 shares authorized as of July 2, 2024 and January 2, 2024; 48,047,131 issued and 45,623,260 outstanding as of July 2, 2024 and 47,413,585 issued and 44,989,714 outstanding as of January 2, 2024 480 474 Treasury stock, at cost, 2,423,871 shares as of July 2, 2024 and January 2, 2024 ( 35,000 ) ( 35,000 ) Additional paid-in capital 212,172 209,930 Accumulated deficit ( 168,009 ) ( 148,244 ) Total stockholders' equity 9,643 27,160 Total liabilities and stockholders' equity $ 346,293 $ 368,095 See accompanying notes to condensed consolidated financial statements. 2 Table of Contents Noodles
Business
Business Noodles & Company (the "Company"), a Delaware corporation, develops and operates fast casual restaurants that serve globally inspired noodle and pasta dishes, soups, salads and appetizers. As of July 2, 2024, the Company had 473 restaurants system-wide in 31 states, comprised of 379 company-owned restaurants and 94 franchise restaurants. The Company operates its business as one operating and reportable segment. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Noodles & Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. In the opinion of the Company, all adjustments considered necessary for the fair presentation of the Company's results of operations, financial position and cash flows for the periods presented have been included and are of a normal, recurring nature. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The results of operations for any interim period are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in the Company's annual consolidated financial statements on Form 10-K have been condensed or omitted. The condensed consolidated balance sheet as of Januar