Potbelly Corp 2025年季度报告

FORM10-Q oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the Transition Period from ____to ____Commission File Number:001-36104______________________________________________ Potbelly Corporation 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 ExchangeAct 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 subjectto such filing requirements for the past 90 days.YesxNoo with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.oIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐Nox Potbelly Corporation and SubsidiariesTable of Contents PART I.FINANCIAL INFORMATION Condensed Consolidated Statements of Equity (Unaudited)5Condensed Consolidated Statements of Cash Flows (Unaudited)6Notes to Condensed Consolidated Financial Statements (Unaudited)7 Potbelly Corporation and SubsidiariesCondensed Consolidated Balance Sheets Potbelly Corporation and SubsidiariesCondensed Consolidated Statements of Operations Potbelly Corporation and SubsidiariesCondensed Consolidated Statements of Cash Flows Potbelly Corporation and SubsidiariesNotes to Unaudited Condensed Consolidated Financial Statements (unaudited)(Dollars and shares in thousands, except per share amounts or where noted) (1)Organization and Other Matters Business Potbelly Corporation, a Delaware corporation, together with its subsidiaries (collectively referred to as "the Company,""Potbelly," "we," "us" or "our"), owns and operates341company-operated shops in the United States as of March30, 2025. Basis of Presentation The unaudited condensed consolidated financial statements and notes herein should be read in conjunction with the auditedconsolidated financial statements of Potbelly and its subsidiaries and the notes thereto included in our Annual Report on Form 10-Kfor the year ended December29, 2024. The unaudited condensed consolidated financial statements included herein have beenprepared by us without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC")regarding interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared We do not have any components of other comprehensive income recorded within our consolidated financial statements and Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of Potbelly; its wholly-owned subsidiary,Potbelly Illinois, Inc. (“PII”); PII’s wholly-owned subsidiaries, Potbelly Franchising, LLC and Potbelly Sandwich Works, LLC(“PSW”);sevenof PSW’s wholly-owned subsidiaries and PSW’ssixjoint ventures, collectively, the “Company.” All intercompanybalances and transactions have been eliminated in consolidation. For oursixconsolidated joint ventures, "non-controlling interest" Reporting Period We use a 52/53-week fiscal year that ends on the last Sunday of the calendar period. Approximately every five or six years a53rd week is added. Fiscal years 2025 and 2024 each consist of 52 weeks. The fiscal quarters ended March30, 2025 and March31, Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions thataffect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based onmanagement's best knowledge of current events and actions the Company may undertake in the future. Significant estimates are used Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures".ASU 2023-09 enhances transparency of income tax disclosures by requiring additional disclosures on income tax rate reconciliationand income taxes paid, among other things. We will adopt ASU 2023-09 in our Annual Report on Form 10-K for the year endingDecember 28, 2025. The adoption of ASU 2023-09 will not have an impact on our financial condition or results of operations but will TableofContents In November 2024, the FASB issued ASU 2024-03 "Disaggregation of Incomes Statement Expenses". ASU 2024-03 serves toimprove the disclosures about a public business entity's expenses by requiring more detailed information about the types of expensesin commonly presented expense captions We will adopt ASU 2024-03 in our Annual Report on Form 10-K for the year ending We reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not (2)Restricted Cash As of March30, 2025, we had restricted cash related to funds held in a money market account as collateral for letters of credit The reconciliation of cash a