| Goodwill and Intangible Assets, Net |
Goodwill and Intangible Assets, Net The following is a summary of the components of intangible assets and the related amortization expense and impairment
charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 1, 2024 |
| (in thousands) |
|
|
Weighted Average Remaining Useful Life (years) |
Amount |
|
|
Accumulated Amortization |
|
Accumulated Impairment Charges |
|
|
Net Carrying Value |
| Franchise agreements |
|
|
3.7 |
$ |
24,839 |
|
|
|
$ |
(11,680) |
|
|
$ |
— |
|
|
|
13,159 |
|
| BurgerFi trade names / trademarks |
|
|
26.7 |
83,033 |
|
|
|
(9,111) |
|
|
— |
|
|
|
73,922 |
|
| Anthony's trade names / trademarks |
|
|
27.6 |
60,690 |
|
|
|
(4,889) |
|
|
— |
|
|
|
55,801 |
|
| Other intangibles |
|
|
6.7 |
9,018 |
|
|
|
(1,221) |
|
|
(7,706) |
|
|
|
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subtotal |
|
|
|
177,580 |
|
|
|
(26,901) |
|
|
(7,706) |
|
|
|
142,973 |
|
| Liquor licenses |
|
|
|
5,930 |
|
|
|
— |
|
|
(113) |
|
|
|
5,818 |
|
| Total intangible assets, net |
|
|
|
$ |
183,510
|
|
|
|
$ |
(26,901) |
|
|
$ |
(7,818) |
|
|
|
$ |
148,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2024 |
| (in thousands) |
|
|
Weighted Average Remaining Useful Life (years) |
Amount |
|
|
Accumulated Amortization |
|
Accumulated Impairment Charges |
|
|
Net Carrying Value |
| Franchise agreements |
|
|
4.0 |
$ |
24,839 |
|
|
|
$ |
(10,793) |
|
|
$ |
— |
|
|
|
14,046 |
|
| BurgerFi trade names / trademarks |
|
|
27.0 |
83,033 |
|
|
|
(8,419) |
|
|
— |
|
|
|
74,614 |
|
| Anthony's trade names / trademarks |
|
|
27.8 |
60,690 |
|
|
|
(4,383) |
|
|
— |
|
|
|
56,307 |
|
| Other intangibles |
|
|
7.0 |
9,018 |
|
|
|
(1,241) |
|
|
(7,706) |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subtotal |
|
|
|
177,580 |
|
|
|
(24,836) |
|
|
(7,706) |
|
|
|
145,038 |
|
| Liquor licenses |
|
|
|
5,930 |
|
|
|
— |
|
|
(113) |
|
|
|
5,818 |
|
| Total intangible assets, net |
|
|
|
$ |
183,510
|
|
|
|
$ |
(24,836) |
|
|
$ |
(7,818) |
|
|
|
$ |
150,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
|
|
Anthony’s Segment |
|
BurgerFi Segment |
|
|
Total |
| Balance as of January 2, 2023 |
|
|
|
|
|
|
|
|
Goodwill |
|
|
$ |
80,684 |
|
|
123,981 |
|
|
|
$ |
204,665 |
|
Accumulated impairment losses |
|
|
(49,064) |
|
|
(123,981) |
|
|
|
(173,045) |
|
| Goodwill, net as of January 1, 2024 |
|
|
$ |
31,621 |
|
|
$ |
— |
|
|
|
$ |
31,621 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
$ |
80,684 |
|
|
$ |
123,981 |
|
|
|
$ |
204,665 |
|
Accumulated impairment losses |
|
|
(49,064) |
|
|
$ |
(123,981) |
|
|
|
(173,045) |
|
| Goodwill, net as of April 1, 2024 |
|
|
$ |
31,621 |
|
|
$ |
— |
|
|
|
$ |
31,621 |
|
|