Lucky Strike Entertainment Corp 10-K for FY2026

Lucky Strike Entertainment Corp (LUCK)

10-K 2026-08-27 For: 2026-06-28

Added on August 27, 2026

About this 10-K

Lucky Strike Entertainment Corp filed this 10-K on August 27, 2026, covering the fiscal year ended June 28, 2026 (FY2026).

Headline figures

Fiscal year ended June 28, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.25B; up 3.7% from $1.2B a year earlier
Net loss: $35.78M; compared with a net loss of $10.02M a year earlier
Diluted EPS: -$0.33; compared with -$0.13 a year earlier

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Delaware									98-1632024
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

7313 Bell Creek Road
Mechanicsville, Virginia									23111
(Address of Principal Executive Offices)									(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, par value $0.0001 per share	LUCK	The New York Stock Exchange


Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐


		Page
Part I
	Item 1. Business	1
	Item 1A. Risk Factors	5
	Item 1B. Unresolved Staff Comments	17
	Item 1C. Cybersecurity	18
	Item 2. Properties	19
	Item 3. Legal Proceedings	20
	Item 4. Mine Safety Disclosures	20
Part II
	Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	21
	Item 6. Reserved	22
	Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	22
	Item 7A. Quantitative and Qualitative Disclosures About Market Risk	31
	Item 8. Financial Statements and Supplementary Data	32
	Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures	76
	Item 9A. Controls and Procedures	76
	Item 9B. Other Information	76
	Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection	76
Part III
	Item 10. Directors, Executive Officers and Corporate Governance	77
	Item 11. Executive Compensation	77
	Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters	77
	Item 13. Certain Relationships and Related Transactions, and Director Independence	77
	Item 14. Principal Accounting Fees and Services	77
Part IV
	Item 15. Exhibits, Financial Statement Schedules	78
	Item 16. For m 10-K Summary	81
Signatures


Locations in United States
Leased			292
Owned			69
Total locations in the United States			361

Locations in Mexico
Leased			1
Owned			3
Total locations in Mexico			4

Locations in Canada
Owned			1
Total locations in Canada			1

Total locations			366


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


State	Number of Locations	State	Number of Locations
California	63	Washington	5
Florida	35	Connecticut	5
Virginia	29	Wisconsin	4
Texas	23	Kansas	4
New York	20	Missouri	4
Arizona	19	Oklahoma	3
Maryland	17	South Carolina	3
Illinois	17	Iowa	2
Colorado	16	Delaware	1
North Carolina	14	Indiana	1
Georgia	13	Louisiana	1
Pennsylvania	10	Nebraska	1
New Jersey	9	Oregon	1
Ohio	9	Puerto Rico	1
Massachusetts	8	Rhode Island	1
Alabama	7	Tennessee	1
Michigan	7	Hawaii	1
Minnesota	6


Fiscal Period	Total Number of Class A Shares Purchased	Average Price Paid per Class A Share*		Total Number of Shares Purchased as Part of Publicly Announced Programs	Dollar Value of Shares That May Yet Be Purchased Under The Publicly Announced Repurchase Program*
March 30, 2026 to May 3, 2026	98,070	$	7.61	98,070	$	59,360
May 4, 2026 to May 31, 2026	238,434	8.32		238,434	57,376
June 1, 2026 to June 28, 2026	76,750	7.75		76,750	56,781
Total	413,254	$	8.05	413,254


	Fiscal Year Ended
	June 28, 2026		%(1)		June 29, 2025		%(1)		Change		% Change
Revenues
Bowling	$	561,581	45	%	$	549,895	46	%	$	11,686	2	%
Food & beverage	431,066		35	%	424,214		35	%	6,852		2	%
Amusement & other	252,671		20	%	227,224		19	%	25,447		11	%
Total revenues	1,245,318		100	%	1,201,333		100	%	43,985		4	%

Costs and expenses
Location operating costs, excluding depreciation and amortization	401,193		32	%	375,573		31	%	25,620		7	%
Location payroll and benefit costs	310,950		25	%	284,131		24	%	26,819		9	%
Location food and beverage costs	96,557		8	%	94,553		8	%	2,004		2	%
Selling, general and administrative expenses, excluding depreciation and amortization	150,867		12	%	143,173		12	%	7,694		5	%
Depreciation and amortization	129,270		10	%	156,852		13	%	(27,582)		(18)	%
Loss on impairment and disposal of fixed assets, net	22,128		2	%	10,905		1	%	11,223		*
Other operating income, net	(2,441)		—	%	(1,041)		—	%	(1,400)		*
Total costs and expenses	1,108,524		89	%	1,064,146		89	%	44,378		4	%

Operating income	136,794		11	%	137,187		11	%	(393)		—	%

Other (income) expenses
Interest expense, net	205,342		16	%	196,371		16	%	8,971		5	%
Change in fair value of earnout liability	(34,033)		(3)	%	(101,484)		(8)	%	67,451		*
Other expense	4,939		—	%	817		—	%	4,122		*
Total other expense	176,248		14	%	95,704		8	%	80,544		84	%

(Loss) income before income tax (benefit) expense	(39,454)		(3)	%	41,483		3	%	(80,937)		*

Income tax (benefit) expense	(3,677)		—	%	51,505		4	%	(55,182)		*
Net loss	$	(35,777)	(3)	%	$	(10,022)	(1)	%	(25,755)		*


	Fiscal Year Ended
(in thousands)	June 28, 2026		June 29, 2025		Change		% Change
Revenues on a same-store basis (1)	$	1,115,006	$	1,117,236	$	(2,230)	—	%
Revenues for media, new and closed locations	128,222		81,633		46,589		57	%
Service fee revenue (2)	2,090		2,464		(374)		(15)	%
Total revenues	$	1,245,318	$	1,201,333	$	43,985	4	%


	Fiscal Year Ended				$ Change		% Change
(in thousands)	June 28, 2026		June 29, 2025
Net cash provided by operating activities	$	103,896	$	177,221	$	(73,325)	(41)	%
Net cash used in investing activities	(453,265)		(220,311)		(232,954)		*
Net cash provided by financing activities	328,452		35,860		292,592		*
Effect of exchange rate changes on cash	591		(56)		647		*
Net change in cash and cash equivalents	$	(20,326)	$	(7,286)	$	(13,040)	*


Index to the Consolidated Financial Statements		Page

Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)		33
Consolidated Balance Sheets as of June 28, 2026 and June 29, 2025		37
Consolidated Statements of Operations for the years ended June 28, 2026, June 29, 2025 and June 30, 2024		39
Consolidated Statements of Comprehensive Loss for the years ended June 28, 2026, June 29, 2025 and June 30, 2024		40
Consolidated Statements of Changes in Temporary Equity and Stockholders’ (Deficit) Equity for the years ended J une 28, 2026, June 29, 2025 and June 30, 2024		41
Consolidated Statements of Cash Flows for the years ended June 28, 2026, June 29, 2025 and June 30, 2024		42

Notes to Consolidated Financial Statements		44
Note 1	Description of Business	44
Note 2	Significant Accounting Policies	44
Note 3	Business Combinations and Acquisitions	52
Note 4	Goodwill and Other Intangible Assets	55
Note 5	Property and Equipment	56
Note 6	Leases	57
Note 7	Supplemental Cash Flow Information	60
Note 8	Accounts Payable and Accrued Expenses	60
Note 9	Debt	60
Note 10	Income Taxes	62
Note 11	Commitments and Contingencies	66
Note 12	Earnouts	66
Note 13	Fair Value of Financial Instruments	66
Note 14	Common Stock, Preferred Stock and Stockholders’ Equity	67
Note 15	Share-Based Compensation	69
Note 16	Net Loss Per Share	74
Note 17	Segment Reporting	75


	June 28, 2026		June 29, 2025
Assets
Current assets:
Cash and cash equivalents	$	39,360	$	59,686
Accounts and notes receivable, net	10,136		7,998
Inventories, net	16,314		15,500
Prepaid expenses and other current assets	37,356		29,366
Assets held-for-sale	756		—
Total current assets	103,922		112,550

Property and equipment, net	1,237,484		944,917
Operating lease right of use assets	514,731		588,594
Finance lease right of use assets, net	324,124		507,701
Intangible assets, net	50,604		45,562
Goodwill	887,823		844,351
Deferred income tax asset	62,225		67,919
Other assets	46,508		48,145
Total assets	$	3,227,421	$	3,159,739

Liabilities, Temporary Equity and Stockholders’ Deficit
Current liabilities:
Accounts payable and accrued expenses	$	154,261	$	145,188
Current maturities of long-term debt	9,543		10,162
Current obligations of operating lease liabilities	35,053		33,103
Earnout liability	2,163		—
Other current liabilities	5,955		5,932
Total current liabilities	206,975		194,385

Long-term debt, net	1,771,759		1,300,708
Long-term obligations of operating lease liabilities	541,360		606,692
Long-term obligations of finance lease liabilities	453,097		683,161
Long-term financing obligations	457,737		449,215
Earnout liability	—		36,183
Other long-term liabilities	55,854		56,307
Deferred income tax liabilities	4,440		4,434
Total liabilities	3,491,222		3,331,085

Commitments and Contingencies (Note 11)


	June 28, 2026		June 29, 2025
Temporary Equity
Series A preferred stock	$	134,424	$	127,325

Stockholders’ Deficit
Class A common stock	$	13	$	12
Class B common stock	6		6
Additional paid-in capital	444,103		472,889
Treasury stock, at cost	(493,676)		(457,917)
Accumulated deficit	(348,958)		(313,181)
Accumulated other comprehensive income (loss)	287		(480)
Total stockholders’ deficit	(398,225)		(298,671)
Total liabilities, temporary equity and stockholders’ deficit	$	3,227,421	$	3,159,739


/s/ Deloitte & Touche LLP


/s/ Deloitte & Touche LLP


Buildings and improvements			2 – 39 years
Leasehold improvements			lesser of asset’s useful life or lease term (1 month– 15 years)
Equipment, software, furniture, and fixtures			2 – 15 years


Identifiable assets acquired and liabilities assumed	Finalized acquisitions		Preliminary acquisitions		Totals
Current assets	$	1,447	$	284	$	1,731
Property and equipment	34,524		22,051		56,575
Operating lease ROU	25,780		3,275		29,055
Identifiable intangible assets(1)	3,960		4,710		8,670
Goodwill	19,006		23,880		42,886
Other assets	—		21		21
Total assets acquired	$	84,717	$	54,221	$	138,938

Current liabilities	$	(5,099)	$	(166)	$	(5,265)
Operating lease liabilities	(24,930)		(3,275)		(28,205)
Deferred income tax liability	(9,556)		(5,905)		(15,461)
Other liabilities	(985)		(895)		(1,880)
Total liabilities assumed	$	(40,570)	$	(10,241)	$	(50,811)
Total fair value, net of cash of $549	$	44,147	$	43,980	$	88,127

Components of consideration transferred
Cash	$	44,147	$	43,980	$	88,127
Total	$	44,147	$	43,980	$	88,127


	Series A preferred stock			Class A common Stock			Class B common Stock			Treasury stock			Additional Paid-in capital		Accumulated deficit		Accumulated other comprehensive income (loss)		Total stockholders’ (deficit) equity
	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
Balance, July 2, 2023	136,373	$	144,329	107,666,301	$	11	60,819,437	$	6	11,312,302	$	(135,401)	$	506,112	$	(219,659)	$	4,152	$	155,221
Net loss	—	—		—	—		—	—		—	—		—		(83,581)		—		(83,581)
Unrealized loss on derivatives	—	—		—	—		—	—		—	—		—		—		(2,878)		(2,878)
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		—		(1,054)		(1,054)
Share-based compensation	—	—		406,219	—		—	—		—	—		13,436		—		—		13,436
Conversion of Class B common stock into Class A common stock	—	—		2,300,000	—		(2,300,000)	—		—	—		—		—		—		—
Settlement of Series A preferred stock	(15,986)	(16,919)		1,240,960	—		—	—		—	—		16,087		81		—		16,168
Cash dividends	—	—		—	—		—	—		—	—		(24,960)		—		—		(24,960)
Repurchase of Class A common stock into Treasury stock	—	—		(22,758,993)	—		—	—		22,758,993	(249,614)		—		—		—		(249,614)
Balance, June 30, 2024	120,387	$	127,410	88,854,487	$	11	58,519,437	$	6	34,071,295	$	(385,015)	$	510,675	$	(303,159)	$	220	$	(177,262)
Net loss	—	—		—	—		—	—		—	—		—		(10,022)		—		(10,022)
Unrealized loss on derivatives	—	—		—	—		—	—		—	—		—		—		(525)		(525)
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		—		(175)		(175)
Share-based compensation	—	—		1,104,309	1		—	—		—	—		11,924		—		—		11,925
Settlement of equity awards	—	—		(1,747,434)	—		—	—		—	—		(16,244)		—		—		(16,244)
Settlement of Series A preferred stock	(3,300)	(3,492)		269,886	—		—	—		—	—		3,492		—		—		3,492
Accrual of paid-in-kind dividends on Series A preferred stock	—	3,407		—	—		—	—		—	—		(3,407)		—		—		(3,407)
Cash dividends	—	—		—	—		—	—		—	—		(33,551)		—		—		(33,551)
Repurchase of Class A common stock into Treasury stock	—	—		(6,796,938)	—		—	—		6,796,938	(72,902)		—		—		—		(72,902)
Balance, June 29, 2025	117,087	$	127,325	81,684,310	$	12	58,519,437	$	6	40,868,233	$	(457,917)	$	472,889	$	(313,181)	$	(480)	$	(298,671)
Net loss	—	—		—	—		—	—		—	—		—		(35,777)		—		(35,777)
Unrealized gain on derivatives	—	—		—	—		—	—		—	—		—		—		12		12
Foreign currency translation adjustment	—	—		—	—		—	—		—	—		—		—		755		755
Share-based compensation	—	—		431,005	1		—	—		—	—		12,932		—		—		12,933
Conversion of Class B common stock into Class A common stock	—	—		3,000,000	—		(3,000,000)	—		—	—		—		—		—		—
Accrual of paid-in-kind dividends on Series A preferred stock	—	7,099		—	—		—	—		—	—		(7,099)		—		—		(7,099)
Cash dividends	—	—		—	—		—	—		—	—		(34,619)		—		—		(34,619)
Repurchase of Class A common stock into Treasury stock	—	—		(4,325,490)	—		—	—		4,325,490	(35,759)		—		—		—		(35,759)
Balance, June 28, 2026	117,087	$	134,424	80,789,825	$	13	55,519,437	$	6	45,193,723	$	(493,676)	$	444,103	$	(348,958)	$	287	$	(398,225)


Lucky Strike			132
Bowlero			109
AMF			82
Other locations			24
Boomers & other FEC's			9
Water parks			5
Total locations in the United States			361
Mexico (Bowlero)			4
Canada (Bowlero)			1
Total			366


	Fiscal Year Ended
	June 28, 2026
Decrease to depreciation expense	$	31,858
Decrease to net loss	31,858
Decrease to net loss per share	$	0.23


	June 28, 2026		June 29, 2025
Prepaid expenses	$	22,609	$	17,731
Non-trade receivables	12,655		10,087
Other	2,092		1,548
Total prepaid expenses and other current assets	$	37,356	$	29,366


Identifiable assets acquired and liabilities assumed	As finalized
Current assets	$	3,414
Assets held for sale	16,376
Property and equipment	70,424
Operating lease ROU	42,657
Identifiable intangible assets(1)	5,782
Goodwill	10,976
Deferred income tax asset	1,386
Other assets	419
Total assets acquired	$	151,434

Current liabilities	$	(8,456)
Liabilities held for sale	(15,698)
Operating lease liabilities	(44,860)
Other liabilities	(1,520)
Total liabilities assumed	$	(70,534)
Total fair value, net of cash of $428	$	80,900

Components of consideration transferred
Cash	$	80,900
Total	$	80,900


Balance as of June 30, 2024	$	833,888
Goodwill resulting from acquisitions during fiscal year 2025	10,390
Adjustments to preliminary fair values for prior year acquisitions	73
Balance as of June 29, 2025	844,351
Goodwill resulting from acquisitions during fiscal year 2026	42,886
Adjustments to preliminary fair values for prior year acquisitions	586
Balance as of June 28, 2026	$	887,823


	June 28, 2026							June 29, 2025
	Weighted average life remaining (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount		Weighted average life remaining (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount
Finite-lived intangible assets:
Bowlero trade name	1	$	14,870	$	(11,180)	$	3,690	2	$	14,870	$	(5,366)	$	9,504
Other acquisition trade names	2	1,890		(1,519)		371		3	2,510		(1,611)		899
Customer relationships	2	1,874		(1,583)		291		2	4,285		(3,541)		744
Management contracts	5	4,500		(605)		3,895		0	300		(300)		—
Non-compete agreements	2	3,284		(2,470)		814		3	3,724		(2,313)		1,411
PBA member, sponsor & media relationships	4	1,200		(762)		438		5	1,200		(651)		549
Other intangible assets	8	1,564		(750)		814		2	754		(519)		235
	3	29,182		(18,869)		10,313		2	27,643		(14,301)		13,342
Indefinite-lived intangible assets:
Liquor licenses		13,041		—		13,041			12,830		—		12,830
Lucky Strike trade name		8,360		—		8,360			8,360		—		8,360
Other trade names		18,890		—		18,890			11,030		—		11,030
		40,291		—		40,291			32,220		—		32,220
		$	69,473	$	(18,869)	$	50,604		$	59,863	$	(14,301)	$	45,562


	2027		2028		2029		2030		2031		Thereafter
Amortization expense	$	5,528	$	1,530	$	1,187	$	972	$	802	$	294


	June 28, 2026		June 29, 2025
Land	$	243,981	$	139,389
Buildings and leasehold improvements	956,072		754,647
Equipment, software, furniture, and fixtures	708,000		645,200
Construction in progress	23,266		27,021
	1,931,319		1,566,257
Accumulated depreciation	(693,835)		(621,340)
Property and equipment, net of accumulated depreciation	$	1,237,484	$	944,917


		Fiscal Year Ended
Lease Costs:	Location on Consolidated Statements of Operations	June 28, 2026		June 29, 2025		June 30, 2024
Operating Lease Costs: (1)
Operating lease costs associated with master leases for locations	Primarily Location operating costs	$	14,804	$	17,709	$	17,711
Operating lease costs associated with non-master leases for locations	Primarily Location operating costs	65,137		61,856		52,355
Percentage rental costs for locations (2)	Primarily Location operating costs	7,800		6,650		7,041
Equipment and other operating lease costs (3)	Primarily Location operating costs	8,855		4,832		6,983
Total Operating Lease Costs:		96,596		91,047		84,090

Finance Lease Costs:
Amortization of right-of-use assets	Depreciation and amortization	11,094		17,446		17,160
Interest expense	Interest expense, net	30,750		49,653		49,198
Total Finance Lease Costs:		41,844		67,099		66,358

Financing Obligation Costs:
Interest expense	Interest expense, net	41,502		40,742		28,333
Total Financing Obligation Costs:		41,502		40,742		28,333

Other Costs, Net:
Variable occupancy costs (4)	Primarily Location operating costs	60,541		68,443		60,189
Gains from modifications and terminations of operating leases	Other operating (income) expense, net	(3,276)		(903)		(499)
Other lease costs (5)	Primarily Location operating costs	1,278		811		6,866
Sublease income (6)	Revenues - Amusement & other	(4,870)		(4,748)		(5,071)
Total Other Costs, Net		53,673		63,603		61,485

Total Lease Costs, Net		$	233,615	$	262,491	$	240,266


	Balance Sheet Location	June 28, 2026		June 29, 2025
Operating leases:
ROU Assets	Operating lease right of use assets	$	514,731	$	588,594
Lease liabilities, Short-term(1)	Current obligations of operating lease liabilities	35,053		33,103
Lease liabilities, Long-term	Long-term obligations of operating lease liabilities	541,360		606,692

Finance leases:
ROU Assets, net	Finance lease right of use assets, net	324,124		507,701
Lease liabilities, Short-term(1)	Other current liabilities	1,730		780
Lease liabilities, Long-term	Long-term obligations of finance lease liabilities	453,097		683,161

Financing Obligations:

Financing obligation, long-term	Long-term financing obligations	457,737		449,215


Weighted average remaining lease terms in years	June 28, 2026		June 29, 2025
Operating leases	17.38		18.26
Finance leases	28.51		29.91
Financing obligations	51.92		52.91

Weighted average discount rate
Operating leases	7.45	%	7.50	%
Finance leases	7.34	%	7.56	%
Financing obligations	9.53	%	9.53	%


	June 28, 2026		June 29, 2025
Accounts Payable	$	39,224	$	33,863
Deferred revenue	19,645		17,804
Taxes and licenses	16,491		16,622
Compensation	16,279		13,677
Interest	15,669		9,164
Customer deposits	14,596		12,811
Insurance	14,416		13,288
Utilities	5,345		5,070
Professional fees	3,116		4,221
Other	9,480		18,668
Total accounts payable and accrued expenses	$	154,261	$	145,188


	June 28, 2026		June 29, 2025
Term Loan (Maturing September 22, 2032 and bearing variable rate interest; 6.87% and 7.83% at June 28, 2026 and June 29, 2025, respectively)	$	1,197,000	$	1,279,116
7.25% Senior Secured Notes (Due October 15, 2032)	500,000		—
Revolver (Maturing September 22, 2030 and bearing variable rate interest; 6.37% and 6.93% at June 28, 2026 and June 29, 2025)	100,000		30,000
Other Equipment Loans	11,584		12,674
	1,808,584		1,321,790
Less:
Unamortized financing costs	(27,282)		(10,920)
Current portion of unamortized financing costs	3,617		3,947
Current maturities of long-term debt	(13,160)		(14,109)
Total long-term debt	$	1,771,759	$	1,300,708


2027	$	13,160
2028	16,221
2029	13,291
2030	19,912
2031	109,000
Thereafter	1,637,000
	$	1,808,584


	Amount		%
Income tax benefit at U.S. federal statutory rate	$	(8,285)	21	%
State and local income tax, net of federal effect
Illinois	1,370		(3)	%
Maryland	545		(1)	%
Colorado	474		(1)	%
California	(1,218)		3	%
Other states	1,220		(4)	%
Total state and local income tax, net of federal effect	2,391		(7)	%
Nontaxable or nondeductible items
Business combination and asset acquisition items, including earnouts	(7,147)		18	%
Compensation limited by Section 162(m)	1,294		(3)	%
Section 45B FICA tip wage deduction disallowance	928		(2)	%
Other permanent differences	840		(2)	%
Total nontaxable or nondeductible items	(4,085)		10	%
Tax credits
Work opportunity tax credit	(996)		3	%
FICA tip credit	(4,418)		11	%
Total tax credits	(5,414)		14	%
Other	125		—	%
Changes in valuation allowances — federal	11,160		(28)	%
Foreign tax effects	247		(1)	%
Effect of cross-border tax laws — GILTI	133		—	%
Effect of changes in tax laws or rates enacted in the current period	51		—	%
Income tax benefit and effective tax rate	$	(3,677)	9	%


	Income Taxes Paid (Net of Refunds Received)		% of Total Income Taxes Paid (Net of Refunds Received)
Illinois	$	2,732	27	%
Maryland	916		9	%
New Jersey	912		9	%
Florida	713		7	%
Virginia	711		7	%
Colorado	618		6	%
California	554		6	%
Other states	2,411		24	%
Total Income Taxes Paid (Net of Refunds Received) by State	9,567		96	%
Federal	—		—	%
Foreign - Mexico	409		4	%
Total Income Taxes Paid (Net of Refunds Received)	$	9,976	100	%


	June 28, 2026		June 29, 2025
Deferred income tax assets:
Reserves not currently deductible	$	27,934	$	26,296
Finance lease liability	271,905		348,048
R&D Costs (Section 174)	—		2,108
Investment in partnership	38,691		39,137
Net operating loss, interest, and tax credit carryforwards	151,792		109,352
Subtotal	490,322		524,941
Less: Valuation allowance	79,704		66,039
Total net deferred income tax assets	410,618		458,902

Deferred income tax liabilities:
Property and equipment	$	121,446	$	102,313
ROU assets	219,122		285,883
R&D Costs (Section 174)	2,111		—
Favorable and unfavorable leases	28		82
Goodwill and intangibles	10,126		7,139
Total deferred income tax liabilities	352,833		395,417
Net deferred income tax asset (liabilities)	$	57,785	$	63,485


	June 28, 2026		June 29, 2025
Carrying value	$	1,808,584	$	1,321,790
Fair value	1,567,317		1,316,993


	June 28, 2026
	Level 1		Level 2		Level 3		Total
Earnout shares	$	—	$	—	$	2,163	$	2,163
Total liabilities	$	—	$	—	$	2,163	$	2,163