Scenario B Historical

in millions USD 12/31/15 12/31/16 12/31/17

Circular Switch 1 2015 2016 2017

Openings 183
% of last year's restaurants
Bear (A):
Base (B):
Bull (C):

Closings 25
% of last year's restaurants
Bear (A):
Base (B):
Bull (C):

---------
Restaurants (End Of Period) 2,408
Restaurant count growth
Restaurants (Average Over Period)

Average sales per restaurant ("Average Unit Volumes" "AUVs") 1.9

Comparable restaurant growth 6.4%
Bear (A):
Base (B):
Bull (C):

Income Statement

Revenue 4,501 3,904 4,476

growth (13.3%) 14.7%

Food, beverage and packaging costs 1,504 1,366 1,535

% of revenue 33.4% 35.0% 34.3%
Bear (A):
Base (B):
Bull (C):

Labor costs 1,046 1,105 1,206

% of revenue 23.2% 28.3% 26.9%
Bear (A):
Base (B):
Bull (C):

Occupancy costs 262 294 327

per restaurant
growth
 Other operating costs 515 642 652
per restaurant

Bear (A):
Base (B):
Bull (C):

--------- --------- ---------

Restaurant-Level Profit 1,174 498 756
Restaurant-Level Margin 26.1% 12.8% 16.9%

General and administrative expenses 250 276 296

growth 10.4% 7.3%
Bear (A):
Base (B):
Bull (C):

Depreciation and amortization 130 146 163

% of revenue 2.9% 3.7% 3.6%
Average useful life of PP&E (years)

--------- --------- ---------

Corporate-Level Profit 794 76 296
% of revenue 17.6% 1.9% 6.6%

Pre-opening costs 17 17 12
per opening 0.067

Impairment, closure costs and asset disposals 13 24 13

per closing 0.534

--------- --------- ---------

Operating Income 764 35 271
Operating Margin 17.0% 0.9% 6.0%

Interest and other income, net 6 4 5

Interest on cash
--------- --------- ---------
Earnings Before Taxes 770 39 276

Provision for income taxes (294) (16) (99)

Effective Tax Rate 38.2% 40.8% 36.1%

--------- --------- ---------

Net Income 476 23 176
Adjusted EBITDA (ex. SBC, opening/closing costs) 924 222 460

Balance Sheet

Cash and cash equivalents

Accounts receivable, net
Inventory
Prepaid expenses and other current assets
Income tax receivable
Investments

Total current assets

Leasehold improvements, property and equipment, net

Restricted cash
Operating lease assets
Other assets
Goodwill

Total assets

Accounts payable
Accrued payroll and benefits
Accrued liabilities
Unearned revenue
Current operating lease liabilities
Income tax payable

Total current liabilities

Deferred rent
Long-term operating lease liabilities
Deferred income tax liabilities
Other liabilities

Total liabilities

Common stock
Additional paid-in capital
Treasury stock
Accumulated other comprehensive loss
Retained earnings
 Total shareholders equity
Total liabilities + shareholders equity
BALANCE CHECK

Cash Flow Statement

Net income 176

Depreciation and amortization 163

Amortization of operating lease assets -
Deferred income tax (benefit) provision (18)
Impairment, closure costs, and asset disposals 13
Bad debt allowance 0
Stock-based compensation expense 65
Other (0)

Changes in Balance Sheet Accounts

Accounts receivable (0)
Inventory (5)
Prepaid expenses and other current assets (7)
Other assets (1)
Accounts payable 11
Accrued payroll and benefits 6
Accrued liabilities 28
Unearned revenue 4
Income tax payable/receivable (4)
Deferred rent 30
Operating lease liabilities -
Other long-term liabilities 6
---------
Net cash provided by operating activities 468

Total Capital Expenditures (217)

Of Which Maintenance Capex
Maintenance Capex per restaurant

Capex per restaurant opening

growth
Bear (A):
Base (B):
Bull (C):

Purchases of investments (200)

Maturities of investments 330
Proceeds from sale of equipment -
---------
Net cash provided by investing activities (87)
Acquisition of treasury stock (285)
Tax withholding on stock-based compensation awards (1)
Stock plan transactions and other financing activities 0
---------
Net cash provided by financing activities (286)

Effect of exchange rate changes on cash, cash equivalents and restricted cash 2
---------
Net change in cash, cash equivalents, and restricted cash 98

Unlevered Discounted Cash Flow Model

Tax Rate 23.6%

Perpetuity Growth Rate 3.0%

Risk Free Rate 0.8%

CMG Beta 0.84
Expected Return of the Equity Market 8.0%
Cost of Equity 6.8%
% of cap structure Equity 100.0%

Cost of Debt 3.0%

After Tax Cost of Debt 2.3%
% of cap structure Debt 0.0%

W.A. Cost of Capital (WACC) 6.8%

Unlevered Free Cash Flow (Free Cash Flow to Firm)

Terminal Value

Cash Flows to Discount

Fair Enterprise Value Err:504
- Market Value of Debt
+ Cash 606
- Preferred Stock
- Minority Interest
- Capitalized Operating Leases 372
Fair Equity Value Err:504

FDSO 28

Fair Value of Stock Err:504

A Case Fair Value Err:522
B Case Fair Value Err:504
C Case Fair Value Err:522
W.A. Target Price Err:522
Historical Quarterly Projected Annual Projected
12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24
2018 2019 2020 2021 2022 2023 2024

137 140 132 156 143 149 124

5.7% 5.6% 5.0% 5.7% 5.0% 5.0% 4.0%
2.5% 2.5% 2.5%
5.0% 5.0% 4.0%
8.0% 8.0% 7.0%

54 9 21 24 23 24 25
2.2% 0.4% 0.8% 0.9% 0.8% 0.8% 0.8%
1.0% 1.0% 1.0%
0.8% 0.8% 0.8%
0.6% 0.6% 0.6%

--------- --------- --------- --------- --------- --------- ---------

2,491 2,622 2,733 2,865 2,985 3,110 3,209
3.4% 5.3% 4.2% 4.8% 4.2% 4.2% 3.2%
2,450 2,557 2,678 2,799 2,925 3,048 3,160

2.0 2.2 2.1 2.3 2.4 2.5 2.6

4.0% 11.1% (2.5%) 7.0% 5.0% 4.0% 4.0%
3.0% 3.0% 3.0%
5.0% 4.0% 4.0%
7.0% 6.0% 5.0%

4,865 5,586 5,598 6,420 7,049 7,638 8,235

8.7% 14.8% 0.2% 14.7% 9.8% 8.4% 7.8%

1,601 1,848 1,820 2,055 2,256 2,444 2,635

32.9% 33.1% 32.5% 32.0% 32.0% 32.0% 32.0%
34.0% 34.0% 34.0%
32.0% 32.0% 32.0%
33.0% 33.0% 33.0%

1,326 1,472 1,524 1,695 1,861 2,016 2,174

27.3% 26.4% 27.2% 26.4% 26.4% 26.4% 26.4%
28.4% 28.4% 28.4%
26.4% 26.4% 26.4%
24.4% 24.4% 24.4%

347 363 386 405 418 437 454

0.142 0.142 0.142 0.143 0.143 0.143 0.144
0.2% 0.2% 0.2% 0.2% 0.2% 0.2%
 680 761 908 982 1,057 1,135 1,212
0.278 0.298 0.339 0.351 0.361 0.372 0.383
7.2% 14.0% 3.4% 3.0% 3.0% 3.0%
5.0% 4.0% 3.0%
3.0% 3.0% 3.0%
2.0% 2.0% 2.0%

--------- --------- --------- --------- --------- --------- ---------

911 1,142 960 1,284 1,457 1,606 1,761
18.7% 20.5% 17.1% 20.0% 20.7% 21.0% 21.4%

375 452 399 419 461 503 543

26.7% 20.3% (11.6%) 5.0% 10.0% 9.0% 8.0%
15.0% 13.0% 10.0%
10.0% 9.0% 8.0%
9.0% 7.0% 5.0%

202 213 242 261 280 295 312

4.2% 3.8% 4.3% 4.1% 4.0% 3.9% 3.8%
6.5 6.0 5.9 5.9 5.9 5.9

--------- --------- --------- --------- --------- --------- ---------

334 478 318 603 716 808 906
6.9% 8.6% 5.7% 9.4% 10.2% 10.6% 11.0%

9 11 15 16 15 16 14
0.062 0.079 0.111 0.099 0.104 0.109 0.112

67 23 41 50 48 50 53
1.234 2.566 1.958 2.102 2.102 2.102 2.102
-- -- --
--------- --------- --------- --------- --------- --------- ---------
258 444 262 537 653 742 840
5.3% 7.9% 4.7% 8.4% 9.3% 9.7% 10.2%

10 14 15 36 29 Err:522 Err:522
3.9% 2.7% 4.0% 2.0% 2.0% 2.0%
--------- --------- --------- --------- --------- --------- ---------
268 458 278 573 681 Err:522 Err:522

(92) (108) (34) (135) (161) Err:522 Err:522

34.2% 23.6% 12.3% 23.6% 23.6% 23.6% 23.6%

--------- --------- --------- --------- --------- --------- ---------

177 350 244 438 520 Err:522 Err:522
 536 691 560 864 996 1,104 1,218

250 481 679 1,139 1,719 Err:522 Err:522

62 81 71 79 88 95 103
22 26 25 28 31 34 36
54 57 57 64 70 76 82
- 28 77 77 68 78 89
427 400 301 301 301 301 301
--------- --------- --------- --------- --------- --------- ---------
815 1,072 1,210 1,689 2,278 Err:522 Err:522

1,379 1,459 1,554 1,665 1,755 1,855 1,909

30 28 28 28 28 28 28
- 2,505 2,634 2,634 2,634 2,634 2,634
19 18 38 38 38 38 38
22 22 22 22 22 22 22
--------- --------- --------- --------- --------- --------- ---------
2,266 5,105 5,486 6,076 6,754 Err:522 Err:522

113 116 121 134 146 157 169

113 127 129 145 160 173 187
148 156 163 180 196 212 227
70 95 24 27 30 33 35
- 173 197 197 197 197 197
5 - - - - - -
--------- --------- --------- --------- --------- --------- ---------
450 667 634 683 729 772 815

331 - - - - - -
- 2,678 2,809 2,809 2,809 2,809 2,809
12 38 97 97 97 97 97
32 39 37 37 37 37 37
--------- --------- --------- --------- --------- --------- ---------
824 3,422 3,577 3,626 3,672 3,714 3,758

0 0
1,374 1,466
(2,501) (2,699)
(6) (5)
2,574 2,921
--------- --------- --------- --------- --------- --------- ---------
 1,441 1,683 1,909 2,450 3,083 Err:522 Err:522
2,266 5,105 5,486 6,076 6,754 Err:522 Err:522
- - - - - Err:522 -

177 350 244 438 520 Err:522 Err:522

202 213 242 261 280 295 312

- 164 88 - - - -
11 30 82 -
62 15 23 -
0 0 (0) -
69 91 86 103 113 122 132
(3) (11) 2 - - - -

(8) (3) 20 (9) (8) (7) (7)

(2) (5) 1 (3) (3) (3) (3)
(4) (23) (9) (7) (7) (6) (6)
(2) 3 (9) - - - -
32 (1) 1 13 12 11 12
30 12 2 16 15 13 14
15 37 9 17 16 15 16
7 30 (69) 3 3 3 3
14 (32) (50) - 9 (10) (11)
21 - - - - - -
- (152) (69) - - - -
1 2 1 - - - -
--------- --------- --------- --------- --------- --------- ---------
622 722 594 833 950 Err:522 Err:522

(287) (334) (346) (372) (370) (395) (366)

(122) (128) (134) (140) (146) (152) (158)
0.05 0.05 0.05 0.05 0.05

(1.2) (1.5) (1.7) (1.5) (1.6) (1.6) (1.7)

22.3% 15.4% (12.3%) 5.0% 4.0% 3.0%
7.0% 5.0% 4.0%
5.0% 4.0% 3.0%
4.0% 3.0% 3.0%

(485) (449) - - - - -
385 477 - - - - -
- 14 - - - - -
--------- --------- --------- --------- --------- --------- ---------
(388) (292) (346) (372) (370) (395) (366)
 (161) (191)
(5) (10)
(0) (1)
--------- --------- --------- --------- --------- --------- ---------
(167) (202) - - - - -

(1) 0
--------- --------- --------- --------- --------- --------- ---------
66 228 249 460 580 Err:522 Err:522

306 433 558 Err:522 Err:522

--------- --------- --------- --------- ---------

(686) 433 558 Err:522 Err:522
20%
50%
30%
 Annual Projected 2019
12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 3/31/19
2025 2026 2027 2028 2029 Q1

96 66 66 67 - 15
3.0% 2.0% 2.0% 2.0% --
1.5% 1.0% 1.0% 1.0%
3.0% 2.0% 2.0% 2.0%
5.0% 4.0% 3.0% 3.0%

26 26 27 27 - 2
0.8% 0.8% 0.8% 0.8% --
1.0% 1.0% 1.0% 1.0%
0.8% 0.8% 0.8% 0.8%
0.6% 0.6% 0.6% 0.6%

--------- --------- --------- --------- --------- ---------

3,279 3,319 3,358 3,398 3,398 2,504
2.2% 1.2% 1.2% 1.2% --
3,244 3,299 3,339 3,378 3,398 2,504

2.7 2.8 2.9 2.9 3.0 2.0

4.0% 3.0% 3.0% 2.0% 2.0% 9.9%
3.0% 3.0% 3.0% 2.0% 2.0%
4.0% 3.0% 3.0% 2.0% 2.0%
5.0% 4.0% 4.0% 3.0% 2.0%

8,794 9,211 9,601 9,909 10,167 1,308

6.8% 4.7% 4.2% 3.2% 2.6%

2,814 2,948 3,072 3,171 3,253 421

32.0% 32.0% 32.0% 32.0% 32.0% 32.2%
34.0% 34.0% 34.0% 34.0% 34.0%
32.0% 32.0% 32.0% 32.0% 32.0%
33.0% 33.0% 33.0% 33.0% 33.0%

2,322 2,432 2,535 2,616 2,684 349

26.4% 26.4% 26.4% 26.4% 26.4% 26.7%
28.4% 28.4% 28.4% 28.4% 28.4%
26.4% 26.4% 26.4% 26.4% 26.4%
24.4% 24.4% 24.4% 24.4% 24.4%

467 476 482 489 493 89

0.144 0.144 0.145 0.145 0.145 0.035
0.2% 0.2% 0.2% 0.2% 0.2%
 1,269 1,316 1,359 1,402 1,439 175
0.391 0.399 0.407 0.415 0.423 0.070
2.0% 2.0% 2.0% 2.0% 2.0%
2.0% 2.0% 2.0% 2.0% 2.0%
2.0% 2.0% 2.0% 2.0% 2.0%
2.0% 2.0% 2.0% 2.0% 2.0%

--------- --------- --------- --------- --------- ---------

1,923 2,040 2,153 2,231 2,298 274
21.9% 22.1% 22.4% 22.5% 22.6% 21.0%

570 593 611 629 648 103

5.0% 4.0% 3.0% 3.0% 3.0%
8.0% 5.0% 2.0% 2.0% 2.0%
5.0% 4.0% 3.0% 3.0% 3.0%
3.0% 2.0% 2.0% 2.0% 2.0%

321 322 315 310 306 54

3.6% 3.5% 3.3% 3.1% 3.0%
5.9 5.9 5.9 5.9 5.9

--------- --------- --------- --------- --------- ---------

1,032 1,125 1,228 1,292 1,344 118
11.7% 12.2% 12.8% 13.0% 13.2% 9.0%

11 8 8 8 - 1
0.114 0.116 0.119 0.121 0.123 0.063

55 55 57 57 - 7
2.102 2.102 2.102 2.102 2.102 3.471
-- -- -- -- --
--------- --------- --------- --------- --------- ---------
966 1,063 1,163 1,227 1,344 110
11.0% 11.5% 12.1% 12.4% 13.2% 8.4%

Err:522 Err:522 Err:522 Err:522 Err:522 3

2.0% 2.0% 2.0% 2.0% 2.0%
--------- --------- --------- --------- --------- ---------
Err:522 Err:522 Err:522 Err:522 Err:522 113

Err:522 Err:522 Err:522 Err:522 Err:522 (25)

23.6% 23.6% 23.6% 23.6% 23.6% 22.2%

--------- --------- --------- --------- --------- ---------

Err:522 Err:522 Err:522 Err:522 Err:522 88
 1,353 1,447 1,543 1,602 1,650 172

Err:522 Err:522 Err:522 Err:522 Err:522

110 115 120 123 127
39 41 43 44 45
88 92 96 99 102
104 116 128 137 151
301 301 301 301 301
--------- --------- --------- --------- ---------
Err:522 Err:522 Err:522 Err:522 Err:522

1,914 1,872 1,842 1,822 1,686

28 28 28 28 28
2,634 2,634 2,634 2,634 2,634
38 38 38 38 38
22 22 22 22 22
--------- --------- --------- --------- ---------
Err:522 Err:522 Err:522 Err:522 Err:522

179 187 194 200 205

200 209 218 225 231
241 251 261 269 276
37 39 41 42 43
197 197 197 197 197
- - - - -
--------- --------- --------- --------- ---------
854 884 911 934 952

- - - - -
2,809 2,809 2,809 2,809 2,809
97 97 97 97 97
37 37 37 37 37
--------- --------- --------- --------- ---------
3,797 3,826 3,854 3,876 3,895

--------- --------- --------- --------- ---------

Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 Err:522 Err:522 Err:522 Err:522
Err:522 - Err:522 Err:522 Err:522

Err:522 Err:522 Err:522 Err:522 Err:522 88

-
321 322 315 310 306 54
- - - - - 38
2
4
0
141 147 154 159 163 19
- - - - - (1)
-
-
(7) (5) (5) (4) (3) 16
(2) (2) (2) (1) (1) 3
(6) (4) (4) (3) (3) (4)
- - - - - 0
10 8 7 6 5 (4)
13 9 9 7 6 6
14 11 10 8 7 (5)
2 2 2 1 1 (13)
(14) (12) (12) (9) (14) 16
- - - - - -
- - - - - (36)
- - - - - 0
--------- --------- --------- --------- --------- ---------
Err:522 Err:522 Err:522 Err:522 Err:522 183

(326) (280) (284) (290) (170) (64)

(162) (165) (167) (169) (170) (31)
0.05 0.05 0.05 0.05 0.05 0.01

(1.7) (1.7) (1.8) (1.8) (1.9) (2.2)

2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 2.0% 2.0% 2.0% 2.0%
2.0% 2.0% 2.0% 2.0% 2.0%
3.0% 2.0% 2.0% 2.0% 2.0%

- - - - - (89)
- - - - - 60
- - - - - -
--------- --------- --------- --------- --------- ---------
(326) (280) (284) (290) (170) (93)
 (53)
(10)
(0)
--------- --------- --------- --------- --------- ---------
- - - - - (64)

0
--------- --------- --------- --------- --------- ---------
Err:522 Err:522 Err:522 Err:522 Err:522 26

Err:522 Err:522 Err:522 Err:522 Err:522

35,433
--------- --------- --------- --------- ---------
Err:522 Err:522 Err:522 Err:522 Err:522
 2019 2020
6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20
Q2 Q3 Q4 Q1 Q2 Q3 Q4

20 25 80 19 37 38 38
0.7% 1.4% 1.4% 1.4%
0.5% 0.5%
1.4% 1.4%
2.0% 2.0%

1 2 4 3 6 6 6
0.0% 0.1% 0.2% 0.1% 0.2% 0.2% 0.2%
0.5% 0.5%
0.2% 0.2%
0.2% 0.2%

--------- --------- --------- --------- --------- --------- ---------

2,523 2,546 2,622 2,638 2,669 2,701 2,733

2,514 2,535 2,584 2,630 2,654 2,685 2,717

2.1 2.2 2.2 2.2 2.2 2.1 2.1

10.0% 11.0% 3.3% (9.8%) (5.0%) (5.0%)
(7.0%) (5.0%)
(5.0%) (5.0%)
(2.0%) (2.0%)

1,434 1,404 1,440 1,411 1,365 1,403 1,420

7.8% (4.8%) (0.1%) (1.4%)

483 466 477 462 455 449 454

33.7% 33.2% 33.1% 32.8% 33.3% 32.0% 32.0%
33.0% 33.0%
32.0% 32.0%
32.0% 32.0%

368 374 382 394 385 370 375

25.7% 26.6% 26.5% 27.9% 28.2% 26.4% 26.4%
27.0% 27.0%
26.4% 26.4%
26.4% 26.4%

90 91 93 95 96 97 98
0.036 0.036 0.036 0.036 0.036 0.036 0.036
2.2% 0.7% 0.2% 0.2%
 193 180 213 211 262 201 235
0.077 0.071 0.082 0.080 0.099 0.075 0.086
14.8% 28.6% 5.0% 5.0%
7.0% 6.0%
5.0% 5.0%
5.0% 5.0%

--------- --------- --------- --------- --------- --------- ---------

300 292 276 249 167 286 258
20.9% 20.8% 19.2% 17.6% 12.2% 20.4% 18.2%

121 115 112 106 103 98 93

3.7% (15.4%) (5.0%) (5.0%)
(5.0%) (5.0%)
(5.0%) (5.0%)
(5.0%) (5.0%)

52 52 55 58 60 61 63
4.4% 4.4% 4.4%
6.1 6.1 6.1

--------- --------- --------- --------- --------- --------- ---------

127 125 109 84 4 127 103
8.8% 8.9% 7.6% 6.0% 0.3% 9.1% 7.2%

2 3 5 4 4 4 4
0.106 0.123 0.062 0.188 0.098 0.099 0.099

4 6 6 9 5 18 9
4.487 2.964 1.435 3.112 0.898 2.964 1.435

--------- --------- --------- --------- --------- --------- ---------

120 116 98 71 (5) 106 90
8.4% 8.2% 6.8% 5.0% (0.4%) 7.5% 6.4%

4 4 3 3 1 6 6
3.9% 3.9%
--------- --------- --------- --------- --------- --------- ---------
124 120 101 74 (4) 112 97

(33) (21) (29) 3 12 (26) (23)

26.6% 17.9% 28.3% (3.4%) 289.4% 23.6% 23.6%

--------- --------- --------- --------- --------- --------- ---------

91 99 72 76 8 85 74
178 177 164 142 64 189 165

500 606 599 679

63 68 70 71
23 24 25 25
51 54 56 57
57 98 77 77
381 301 301 301
--------- --------- --------- ---------
1,076 1,150 1,128 1,210

1,466 1,498 1,526 1,554

28 28 28 28
2,591 2,634 2,634 2,634
24 38 38 38
22 22 22 22
--------- --------- --------- ---------
5,206 5,370 5,376.23 5,486

130 161 116 121

132 130 127 129
147 146 157 163
77 89 24 24
178 197 197 197
- - - -
--------- --------- --------- ---------
666 723 622 634

- -
2,765 2,809 2,809 2,809
65 97 97 97
39 37 37 37
--------- --------- --------- ---------
3,534 3,666 3,564 3,577

0 0
1,483 1,507
(2,801) (2,801)
(7) (6)
2,997 3,005
--------- --------- --------- ---------
 1,672 1,704 1,812 1,909
5,206 5,370 5,376.23 5,486
- - - -

179 278 - 76 8 85 74
- - - - -
105 158 - 58 60 61 63
77 118 - 43 45 - -
(6) (15) - 27 55
5 10 - 9 14
0 0 - (0) 0
40 66 - 17 23 22 23
(3) (3) - 1 1 - -
- - -
- - -
18 19 - 26 (3) (2) (1)
0 (2) - 3 (1) (1) (0)
(14) (18) - (4) (2) (2) (1)
3 3 - (5) (3) - -
(10) (4) - 20 20 (44) 5
(17) 30 - 6 (3) (3) 2
8 26 - (9) 1 10 6
(9) (9) - (16) 12 (65) 0
(5) (9) - (29) (41) 21 -
- - - - - - -
(74) (112) - (41) (29) - -
1 0 - 0 0 - -
--------- --------- --------- --------- --------- --------- ---------
301 535 - 182 159 83 170

(142) (238) - (78) (88) (90) (90)

(31) (32) (32) (33) (33) (34) (34)
0.01 0.01 0.01 0.01 0.01 0.01 0.01

(5.5) (8.3) 0.4 (2.4) (1.5) (1.5) (1.5)

0.2% 0.2%
0.3% 0.3%
0.2% 0.2%
0.1% 0.1%

(208) (328) -
220 328 -
- - -
--------- --------- --------- --------- --------- --------- ---------
(130) (238) - (78) (88) (90) (90)
 (112) (152) -
(10) (10) -
(1) (1) -
--------- --------- --------- --------- --------- --------- ---------
(122) (163) - - - - -

0 0 -
--------- --------- --------- --------- --------- --------- ---------
48 135 0 104 71 -7 80
 2021
3/31/21 6/30/21 9/30/21 12/31/21
Q1 Q2 Q3 Q4

38 39 39 40
1.4% 1.4% 1.4% 1.4%
0.5% 0.5% 0.5% 0.5%
1.4% 1.4% 1.4% 1.4%
2.0% 2.0% 2.0% 2.0%

6 6 6 6
0.2% 0.2% 0.2% 0.2%
0.5% 0.5% 0.5% 0.5%
0.2% 0.2% 0.2% 0.2%
0.2% 0.2% 0.2% 0.2%

--------- --------- --------- ---------

2,765 2,798 2,831 2,865

2,749 2,782 2,815 2,848

2.4 2.4 2.2 2.2

7.0% 7.0% 7.0% 7.0%
2.0% 2.0% 5.0% 10.0%
7.0% 7.0% 7.0% 7.0%
10.0% 10.0% 10.0% 10.0%

1,618 1,637 1,574 1,592

14.7% 19.9% 12.2% 12.2%

518 524 504 510

32.0% 32.0% 32.0% 32.0%
33.0% 33.0% 33.0% 33.0%
32.0% 32.0% 32.0% 32.0%
32.0% 32.0% 32.0% 32.0%

427 432 415 420

26.4% 26.4% 26.4% 26.4%
27.0% 27.0% 27.0% 27.0%
26.4% 26.4% 26.4% 26.4%
26.4% 26.4% 26.4% 26.4%

100 100 102 103

0.036 0.036 0.036 0.036
0.2% 0.2% 0.2% 0.2%
 229 283 216 253
0.083 0.102 0.077 0.089
4.0% 3.0% 3.0% 3.0%
5.0% 4.0% 4.0% 4.0%
4.0% 3.0% 3.0% 3.0%
3.0% 2.0% 2.0% 2.0%

--------- --------- --------- ---------

344 297 336 306
21.3% 18.2% 21.4% 19.2%

97 102 107 113

5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0%
5.0% 5.0% 5.0% 5.0%

64 65 66 67
3.9% 4.0% 4.2% 4.2%
6.1 6.1 6.1 6.1

--------- --------- --------- ---------

183 130 163 127
11.3% 8.0% 10.4% 7.9%

4 4 4 4
0.099 0.099 0.099 0.100

19 5 18 9
3.112 0.898 2.964 1.435

--------- --------- --------- ---------

161 121 141 114
9.9% 7.4% 9.0% 7.2%

7 Err:522 Err:522 Err:522

3.9% 3.9% 3.9% 3.9%
--------- --------- --------- ---------
168 Err:522 Err:522 Err:522

(40) Err:522 Err:522 Err:522

23.6% 23.6% 23.6% 23.6%

--------- --------- --------- ---------

128 Err:522 Err:522 Err:522
 247 195 229 194

833 Err:522 Err:522 Err:522

81 82 78 79
29 29 28 28
65 65 63 64
77 77 77 77
301 301 301 301
--------- --------- --------- ---------
1,386 Err:522 Err:522 Err:522

1,581 1,609 1,637 1,665

28 28 28 28
2,634 2,634 2,634 2,634
38 38 38 38
22 22 22 22
--------- --------- --------- ---------
5,689 Err:522 Err:522 Err:522

133 140 129 134

147 149 143 145
179 188 174 180
28 28 27 27
197 197 197 197
- - - -
--------- --------- --------- ---------
683 701 669 683

- - - -
2,809 2,809 2,809 2,809
97 97 97 97
37 37 37 37
--------- --------- --------- ---------
3,626 3,644 3,612 3,626

--------- --------- --------- ---------

 2,063 Err:522 Err:522 Err:522
5,689 Err:522 Err:522 Err:522
- Err:522 Err:522 Err:522

128 Err:522 115 Err:522

64 65 66 67
- - - -

26 26 25 25
- - - -

(10) (1) 3 (1)

(4) (0) 1 (0)
(8) (1) 3 (1)
- - - -
12 7 (11) 5
18 2 (6) 2
16 9 (14) 7
3 0 (1) 0
- - - -
- - - -
- - - -
- - - -
--------- --------- --------- ---------
245 Err:522 181 Err:522

(91) (93) (93) (95)

(34) (35) (35) (36)
0.01 0.01 0.01 0.01

(1.5) (1.5) (1.5) (1.5)

0.2% 0.2% 0.2% 0.2%
0.3% 0.3% 0.3% 0.3%
0.2% 0.2% 0.2% 0.2%
0.1% 0.1% 0.1% 0.1%

--------- --------- --------- ---------

(91) (93) (93) (95)
--------- --------- --------- ---------
- - - -

--------- --------- --------- ---------

155 Err:522 88 Err:522
Scenario Historical
2015 2016 2017

Balance Sheet Assumptions

Accounts receivable, net

Days Sales Outstanding (DSO)

Inventory
% of annual sales

Prepaid expenses and other current assets

% of annual sales

Income tax receivable

% of Earnings Before Taxes (EBT)

Accounts payable
Days Payable Outstanding (DPO)

Accrued payroll and benefits

% of labor costs

Accrued liabilities
% of restaurant costs

Unearned revenue
% of sales

Operating NWC

Cash Flow Statement Assumptions

Stock-based compensation expense 65

% of sales
Historical Quarterly Projected Annual Projected
2018 2019 2020 2021 2022 2023 2024

62 81 68 80 88 95 103
4.7 5.3 4.4 4.5 4.5 4.5 4.5

22 26 24 28 31 34 36
0.4% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4%

54 57 54 64 70 76 82
1.1% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

- 28 28 57 68 78 89
-- 6.0% 10.0% 10.0% 10.0% 10.0% 10.0%

113 116 132 134 146 157 169

10.4 9.5 10.4 9.5 9.5 9.5 9.5

113 127 130 146 160 173 187

8.6% 8.6% 8.5% 8.6% 8.6% 8.6% 8.6%

148 156 153 180 196 212 227

3.7% 3.5% 3.3% 3.5% 3.5% 3.5% 3.5%

70 95 54 27 30 33 35
1.4% 1.7% 1.0% 0.4% 0.4% 0.4% 0.4%

(307) (302) (294) (257) (274) (291) (307)

(6.3%) (5.4%) (5.3%) (4.0%) (3.9%) (3.8%) (3.7%)

69 91 86 103 113 122 132

1.4% 1.6% 1.5% 1.6% 1.6% 1.6% 1.6%
 Annual Projected 2019
2025 2026 2027 2028 2029 Q1

110 115 120 123 127

4.5 4.5 4.5 4.5 4.5

39 41 43 44 45
0.4% 0.4% 0.4% 0.4% 0.4%

88 92 96 99 102
1.0% 1.0% 1.0% 1.0% 1.0%

104 116 128 137 151

10.0% 10.0% 10.0% 10.0% 10.0%

179 187 194 200 205

9.5 9.5 9.5 9.5 9.5

200 209 218 225 231

8.6% 8.6% 8.6% 8.6% 8.6%

241 251 261 269 276

3.5% 3.5% 3.5% 3.5% 3.5%

37 39 41 42 43
0.4% 0.4% 0.4% 0.4% 0.4%

(317) (324) (328) (334) (331)

(3.6%) (3.5%) (3.4%) (3.4%) (3.3%)

141 147 154 159 163

1.6% 1.6% 1.6% 1.6% 1.6%
 2019 2020
Q2 Q3 Q4 Q1 Q2 Q3 Q4

63 68 70 71
4.1 4.5 4.5 4.5

23 24 25 25
0.4% 0.4% 0.4% 0.4%

51 54 56 57
3.6% 3.9% 1.0% 1.0%

57 98

130 161 116 121

9.5 9.5

132 130 127 129

8.6% 8.6%

147 146 157 163

3.5% 3.5%

77 89 24 24
1.7% 1.7%

17 23 22 23
1.2% 1.7% 1.6% 1.6%
 2021
Q1 Q2 Q3 Q4

81 82 78 79
4.5 4.5 4.5 4.5

29 29 28 28
0.4% 0.4% 0.4% 0.4%

65 65 63 64
1.0% 1.0% 1.0% 1.0%

133 140 129 134

9.5 9.5 9.5 9.5

147 149 143 145

8.6% 8.6% 8.6% 8.6%

179 188 174 180

3.5% 3.5% 3.5% 3.5%

28 28 27 27
1.7% 1.7% 1.7% 1.7%

26 26 25 25
1.6% 1.6% 1.6% 1.6%