BJRI · BJ's Restaurants, Inc.

Notes & Operating Detail

Balance Sheet & Liquidity

As of July 1, 2025, the company had $26.0 million in cash and equivalents, with total debt of $60.5 million (all under its revolving credit facility). Shareholders' equity stood at $386.6 million. Inventory was $12.5 million. Deferred loyalty revenue of $3.1 million reflects unearned rewards. The credit facility provides $215 million in commitments, with $135.2 million available after outstanding borrowings and letters of credit.

Commitments & Contractual Obligations

No material purchase commitments or contractual obligations beyond lease and debt were disclosed in the Notes. Operating lease obligations are substantial but already captured as operating lease assets and liabilities on the balance sheet.

Capital Allocation

• Share Repurchases: The company repurchased 842,000 shares for $29.2 million in the first half of 2025. The board approved a $50 million increase in the buyback program in February 2025, leaving $56.7 million in remaining authorization.
• Dividends: No cash dividends were paid or declared.
• Debt: Net debt decreased by $6.0 million during the period, with borrowings of $418 million and repayments of $424 million under the line of credit.
• Capex: Capital expenditures totaled $37.1 million (5.2% of revenue), primarily for new restaurant construction and existing restaurant maintenance.

Segment / Geographic Mix

The company operates in a single segment: full-service company-owned restaurants. All revenues are generated in the United States. Segment revenue for Q2 2025 was $365.6 million, up 4.5% year-over-year, with operating income of $21.2 million (5.8% margin) compared to $13.2 million (3.8% margin) in the prior-year quarter.

Cash Flow Quality

Cash Flow Statement Analysis

The provided cash flow statement excerpt is incomplete, showing only the net change in cash and supplemental disclosures. For the twenty-six weeks ended July 1, 2025, net cash decreased by $0.1 million, a significant improvement from a $12.9 million decrease in the prior year period. The cash balance ended at $26.0 million versus $16.2 million a year ago.

Supplemental disclosures reveal cash paid for operating lease obligations of $32.4 million (2025) vs. $31.2 million (2024), indicating steady lease commitments. Cash paid for income taxes fell sharply to $1.2 million from $3.7 million, potentially due to lower taxable income or timing. Interest paid was $2.0 million, slightly lower than $2.3 million.

Non-cash items include $2.8 million in operating lease assets obtained (down from $13.6 million) and $5.7 million in property and equipment acquired but not yet paid for (vs. $8.6 million), suggesting reduced capital expenditure activity. Stock-based compensation capitalized was negligible.

Without operating, investing, or financing cash flow details, a full cash flow quality assessment is not possible. The net decrease is the only headline figure, and its improvement is notable.