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DE 87-1041305 110 SW 4th Street Grants Pass, OR 97526 541 955-4700 Class A Common Stock, par value $0.00001 per share BROS NYSE Yes Yes Non-accelerated Filer false true false false 39556909 64699136 45385636 14061817 26754000 18506000 12870000 10644000 26927000 23345000 5892000 8796000 72443000 61291000 257912000 301998000 141874000 154939000 11923000 11103000 21629000 18715000 223376000 159031000 410000 1562000 884506000 553700000 21837000 20440000 19571000 20970000 6291000 6471000 23828000 22807000 25527000 64104000 450000 450000 4491000 3389000 8698000 1979000 103000 112672000 138734000 4591000 5030000 164460000 109283000 142884000 79588000 148483000 97294000 3503000 0 3153000 672000 680000 671056000 339971000 0.00001 0.00001 20000000 20000000 20000000 0 0 0 0 0 0.00001 0.00001 400000000 400000000 39557000 39557000 34433000 34433000 0 0 0.00001 0.00001 144000000 144000000 64699000 64699000 64699000 64699000 1000 1000 0.00001 0.00001 105000000 105000000 45386000 45386000 49006000 49006000 1000 1000 0.00001 0.00001 42000000 42000000 14062000 14062000 15441000 15441000 0 0 122655000 107193000 -17240000 -12679000 105417000 94516000 108033000 119213000 213450000 213729000 884506000 553700000 130187000 77917000 21969000 20868000 152156000 98785000 121167000 66508000 45214000 35986000 166381000 102494000 -14225000 -3709000 -2489000 -1017000 221000 -53000 -2268000 -1070000 -16493000 -4779000 -214000 43000 -16279000 -4822000 0 -4822000 -11332000 0 -4947000 0 -0.10 -0.10 48059000 48059000 34433000 0 64699000 1000 49006000 1000 15441000 0 107193000 -12679000 119213000 213729000 386000 957000 1343000 -4947000 -11332000 -16279000 3122000 0 6778000 9900000 124000 -1145000 -2755000 -3900000 8657000 8657000 4828000 -4828000 0 5000000 3620000 1379000 0 39557000 0 64699000 1000 45386000 1000 14062000 0 122655000 -17240000 108033000 213450000 1535772000 -1458285000 77487000 3618000 3618000 174750000 -174750000 0 -4822000 -4822000 1710522000 -1641475000 69047000 -16279000 -4822000 9182000 5350000 147000 25000 -290000 274000 9900000 14650000 511000 -5000 2310000 2226000 1681000 3515000 -1131000 -2904000 -853000 -1158000 -18000 -132000 -3845000 -1903000 1065000 -193000 2308000 332000 631000 0 82000 -8000 -9000 -2212000 -756000 15487000 39982000 7942000 12000 875000 6051000 0 -46021000 -7067000 62705000 0 997000 531000 34000 935000 2749000 0 0 3618000 3900000 0 55025000 -5084000 8248000 3336000 18506000 31640000 26754000 34976000 2054000 1272000 130000 7000 1723000 3748000 997000 0 4621000 1959000 391000 250000 0 100000000 0 64954000 157249000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 1 — Organization and Background</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Business</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dutch Bros Inc. (the Company) is in the business of operating and franchising drive-thru coffee shops as well as the wholesale and distribution of coffee, coffee-related products and accessories. As of March 31, 2022, there were 572 shops in operation in 12 U.S. states, of which 310 were company-operated and 262 were franchised.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dutch Bros Inc. was formed on June 4, 2021 as a Delaware corporation for the purpose of facilitating an IPO and other related transactions in order to carry on the business of Dutch Bros OpCo. The Company is the sole managing member of Dutch Bros OpCo and operates and controls all of the business and affairs of Dutch Bros OpCo. As a result, the Company consolidates the financial results of Dutch Bros OpCo and reports a non-controlling interest representing the economic interest in Dutch Bros OpCo held by the other members of Dutch Bros OpCo. The Company’s fiscal year end is December 31.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, the Company held 100.0% of the voting interest and 32.8% of the economic interest of Dutch Bros OpCo. The Continuing Members held none of the voting interest and the remaining 67.2% of the economic interest of Dutch Bros OpCo.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 17, 2021, the Company completed its IPO of approximately 24.2 million shares of Class A common stock at a public offering price of $23.00 per share, which included approximately 3.2 million shares issued pursuant to the exercise in full of the underwriters’ option to purchase additional shares. The Company received proceeds of approximately $520.8 million, net of offering costs. The proceeds were used to purchase approximately 10.9 million newly-issued Class A common units from Dutch Bros OpCo for approximately $234.4 million. The proceeds were also used to purchase approximately 11.7 million Class A common units from the Continuing Members for approximately $253.3 million, and approximately 1.6 million shares of Class D common stock from the Pre-IPO Blocker Holders for approximately $34.4 million.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reorganization Transactions </span></div><div style="text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the IPO, the Company completed the following transactions (the Reorganization Transactions):</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Amended and restated the Second Dutch Bros OpCo Agreement to, among other things, effect a recapitalization in which (i) the outstanding Common Units were converted into Class A common units paired with an equal number of either Class B voting units or Class C voting units, and (ii) the outstanding Profits Interest (PI) Units were converted into Class A common units. </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Amended and restated the Company’s certificate of incorporation to, among other things, authorize four classes of common stock. </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Acquired Class A common units and Class C voting units indirectly held by the Pre-IPO Blocker Holders in exchange for shares of Class D common stock.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Pre-IPO Dutch Bros OpCo Unitholders’ contribution of Class A common units, Class B voting units, and Class C voting units to the Company in exchange for Class A common stock, Class B common stock, and Class C common stock, respectively.</span></div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The Company’s designation as managing member of Dutch Bros OpCo.</span>•Entered into two tax receivable agreements (Tax Receivable Agreements or TRAs), which provide for payment by Dutch Bros PubCo to the Continuing Members and the Pre-IPO Blocker Holders of 85% of the benefits, if any, that Dutch Bros PubCo would be deemed to realize (calculated using certain assumptions) as a result of certain tax attributes and benefits covered by the TRAs. 572 12 310 262 1.000 0.328 0 0.672 24200000 23.00 3200000 520800000 10900000 234400000 11700000 253300000 1600000 34400000 4 2 0.85 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 2 — Basis of Presentation and Summary of Significant Accounting Policies</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Financial Statements Presentation</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. Therefore, the unaudited financial statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and on March 11, 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Immaterial Correction of Previously Issued Consolidated Financial Statements</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequent to the issuance of the Company’s 2021 consolidated financial statements, management of the Company identified an error in application of Accounting Standards Codification (ASC) 710, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Compensation-General</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, related to accrued sick leave pay. ASC 710-10-25-7 states that an employer is not required to accrue a liability for nonvesting accumulating rights to receive sick pay benefits. Historically, the Company accrued sick leave pay expense for each employee. As unused sick leave pay does not carry forward and is not paid out upon termination, the accrued liability should not have been recorded. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has evaluated the effects of the corrections detailed in the table below on the previously issued consolidated financial statements, individually and in the aggregate, in accordance with the guidance in ASC 250, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Changes and Error Corrections. </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has concluded such corrections to be immaterial to its previously issued consolidated financial statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While management believes the effect of the error is immaterial to the Company’s previously issued consolidated financial statements as of December 31, 2021, and as of and for the three months ended March 31, 2021, the financial statement line items impacted by this error have been corrected. In addition, the immaterial error will be corrected prospectively in the Company’s subsequent quarterly and annual filings.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tables below reflect the sections of the Company’s condensed consolidated financial statements that were impacted by the error.</span></div><div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Balance Sheets:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2021</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current liabilities:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">24,513 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,543)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,970 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total current liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,277 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,543)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">138,734 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">343,514 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,543)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">339,971 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stockholders’ equity:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additional paid in capital</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">106,410 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">783 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">107,193 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accumulated deficit</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(12,914)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">235 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(12,679)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total stockholders’ equity attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">93,498 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,018 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">94,516 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">116,688 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,525 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">119,213 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total equity</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">210,186 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,543 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213,729 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Statement of Operations:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Costs and expenses</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66,925 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(417)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66,508 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">36,354 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(368)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">35,986 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total costs and expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">103,279 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(785)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">102,494 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss from operations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,494)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,709)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss before income taxes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,564)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,779)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,607)</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,822)</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Statement of Changes in Members’ Equity:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Permanent equity: members’ deficit</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Balance, December 31, 2020</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,459,782)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,497 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,458,285)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,607)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,822)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Balance, March 31, 2021</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,643,757)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,282 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,641,475)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Statement of Cash Flows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows from operating activities:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,607)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,822)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in operating assets and liabilities, net of acquisitions</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(785)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,065 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div>Significant Accounting Policies<div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Principles of Consolidation</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements include the accounts of the Company and its subsidiaries that it controls due to ownership of a majority voting interest or pursuant to accounting guidance for non-controlling interests. All intercompany transactions and balances have been eliminated in consolidation.</span></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, primarily related to long-lived asset valuation, leases, deferred revenue, tax receivable agreements, income taxes, and equity-based compensation that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates.</span></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassifications</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. On the condensed consolidated statements of cash flows, deferred income tax assets have been reclassified from other long-term assets.</span></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Leases</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted ASC Topic 842 (ASC 842), </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, as amended, with an effective date of January 1, 2022. Details of the adoption and the Company’s accounting policies related to leases are provided in NOTE 8 — Leases.</span></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Revenue Recognition</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated revenues are recognized net of any discounts, returns, allowances and sales incentives in accordance with Accounting Standard Codification (ASC) Topic 606, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Loyalty and Gift Card Programs</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, the Company transitioned from a traditional loyalty program to a digital loyalty program. Under the previous program, a customer earned a “Stamp” for each purchase at a Dutch Bros coffee shop. After accumulating a certain number of Stamps, the customer earned a reward that may be redeemed for free product that, regardless of where the related Stamps were earned, would have been honored at company-operated shops and franchised shop locations. The Company deferred revenue associated with the estimated selling price of Stamps earned by customers towards free product as each Stamp was earned, and a corresponding contract liability was established. The estimated selling price of each Stamp earned was based on the estimated value of the product for which the reward was expected to be redeemed, net of Stamps not expected to be redeemed, based on historical redemption patterns. Stamps did not expire. As a result of the COVID-19 pandemic beginning in March 2020, the Company discontinued new Stamps. The Company continued to redeem previously earned Stamps through March 2021. In February 2021, the Company developed a new loyalty program (Dutch Rewards) in which the customer earns rewards through use of the Company’s mobile app that can be redeemed for free drinks. Earned rewards expire six months after issuance, and points collected but not redeemed expire after six months. The Company defers revenue as rewards are earned under the new loyalty program.</span></div><div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Deferred Revenue</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue primarily consists of the unredeemed gift card liability and unredeemed points from our Dutch Rewards loyalty program, as discussed above. Deferred revenue also includes customer advance payments and bean and beverage sales to distributors where the performance obligation has not yet been satisfied as control has not transferred to the customer.</span></div>Vendor IncentivesThe Company has entered into food and beverage supply agreements with certain major vendors. Pursuant to the terms of these arrangements, rebates are provided to the Company from the vendors based upon the dollar value of purchases for company-operated shops and franchised shops. These incentives are recognized as earned throughout the year and are classified as a reduction of cost of sales in the accompanying consolidated statements of operations.<div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Advertising Expense</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Advertising costs are expensed as they are incurred. Most franchise shops contribute to an advertising fund that the Company manages on behalf of the shops. Under the Company’s standard franchise agreement, the contributions received must be spent on marketing, creative efforts, media support, or other related purposes specified in the agreement. The expenditures are primarily amounts paid to third parties but may also include personnel expenses and allocated costs. Advertising expense was as follows for the periods presented:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Advertising expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,624 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,917 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Issued Accounting Standards</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments—Credit Losses</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(Topic 326)</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Measurement of Credit Losses on Financial Instruments</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. ASU 2016-13, as amended, replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For accounts receivable and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. ASU 2016-13, as amended, is effective for fiscal years beginning after December 15, 2022. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the impact of this standard on its consolidated financial statements.</span></div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2021, the FASB issued ASU No. 2021-08, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</span>. The amendments in this update provide specific guidance to address diversity in practice related to (1) recognition of an acquired contract liability, and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 are applied on a prospective basis, and are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact of this standard on its consolidated financial statements<div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Adopted Accounting Standards</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2016, the FASB issued ASU No. 2016-02, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases (Topic 842</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). The pronouncement requires lessees to recognize a liability for lease obligations, which represent the discounted obligation to make future lease payments, and a corresponding right-of-use asset on the balance sheet, as well as new disclosure requirements. The Company adopted Topic 842 effective January 1, 2022 using the modified transition approach. For additional information, refer to NOTE 8 — Leases.</span></div> <div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Financial Statements Presentation</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements as of March 31, 2022 and for the three months ended March 31, 2022 and 2021 are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements. Therefore, the unaudited financial statements should be read in conjunction with the audited consolidated financial statements contained in our Annual Report on Form 10-K filed with the SEC and on March 11, 2022.</span></div> The tables below reflect the sections of the Company’s condensed consolidated financial statements that were impacted by the error.<div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Balance Sheets:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2021</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current liabilities:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">24,513 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,543)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,970 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total current liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,277 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,543)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">138,734 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">343,514 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,543)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">339,971 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stockholders’ equity:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additional paid in capital</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">106,410 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">783 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">107,193 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accumulated deficit</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(12,914)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">235 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(12,679)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total stockholders’ equity attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">93,498 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,018 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">94,516 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">116,688 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,525 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">119,213 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total equity</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">210,186 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,543 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213,729 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Statement of Operations:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Costs and expenses</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66,925 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(417)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66,508 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">36,354 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(368)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">35,986 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total costs and expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">103,279 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(785)</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">102,494 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss from operations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,494)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,709)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss before income taxes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,564)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,779)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,607)</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,822)</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Statement of Changes in Members’ Equity:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Permanent equity: members’ deficit</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Balance, December 31, 2020</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,459,782)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,497 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,458,285)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,607)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,822)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Balance, March 31, 2021</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,643,757)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,282 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,641,475)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Condensed Consolidated Statement of Cash Flows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Three Months Ended March 31, 2021</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Reported</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As Corrected</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows from operating activities:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(5,607)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">785 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,822)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in operating assets and liabilities, net of acquisitions</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accrued expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,850 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(785)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,065 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> 24513000 -3543000 20970000 142277000 -3543000 138734000 343514000 -3543000 339971000 106410000 783000 107193000 -12914000 235000 -12679000 93498000 1018000 94516000 116688000 2525000 119213000 210186000 3543000 213729000 66925000 -417000 66508000 36354000 -368000 35986000 103279000 -785000 102494000 -4494000 785000 -3709000 -5564000 785000 -4779000 -5607000 785000 -4822000 -1459782000 1497000 -1458285000 -5607000 785000 -4822000 -1643757000 2282000 -1641475000 -5607000 785000 -4822000 1850000 -785000 1065000 <div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Principles of Consolidation</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements include the accounts of the Company and its subsidiaries that it controls due to ownership of a majority voting interest or pursuant to accounting guidance for non-controlling interests. All intercompany transactions and balances have been eliminated in consolidation.</span></div> <div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The presentation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions, primarily related to long-lived asset valuation, leases, deferred revenue, tax receivable agreements, income taxes, and equity-based compensation that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could differ from those estimates.</span></div> <div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Reclassifications</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has reclassified certain amounts in prior-period financial statements to conform to the current period's presentation. On the condensed consolidated statements of cash flows, deferred income tax assets have been reclassified from other long-term assets.</span></div> Leases<span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted ASC Topic 842 (ASC 842), </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span>, as amended, with an effective date of January 1, 2022. <div style="margin-bottom:9pt"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Revenue Recognition</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Consolidated revenues are recognized net of any discounts, returns, allowances and sales incentives in accordance with Accounting Standard Codification (ASC) Topic 606, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Revenue from Contracts with Customers</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Loyalty and Gift Card Programs</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2021, the Company transitioned from a traditional loyalty program to a digital loyalty program. Under the previous program, a customer earned a “Stamp” for each purchase at a Dutch Bros coffee shop. After accumulating a certain number of Stamps, the customer earned a reward that may be redeemed for free product that, regardless of where the related Stamps were earned, would have been honored at company-operated shops and franchised shop locations. The Company deferred revenue associated with the estimated selling price of Stamps earned by customers towards free product as each Stamp was earned, and a corresponding contract liability was established. The estimated selling price of each Stamp earned was based on the estimated value of the product for which the reward was expected to be redeemed, net of Stamps not expected to be redeemed, based on historical redemption patterns. Stamps did not expire. As a result of the COVID-19 pandemic beginning in March 2020, the Company discontinued new Stamps. The Company continued to redeem previously earned Stamps through March 2021. In February 2021, the Company developed a new loyalty program (Dutch Rewards) in which the customer earns rewards through use of the Company’s mobile app that can be redeemed for free drinks. Earned rewards expire six months after issuance, and points collected but not redeemed expire after six months. The Company defers revenue as rewards are earned under the new loyalty program.</span></div><div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Deferred Revenue</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue primarily consists of the unredeemed gift card liability and unredeemed points from our Dutch Rewards loyalty program, as discussed above. Deferred revenue also includes customer advance payments and bean and beverage sales to distributors where the performance obligation has not yet been satisfied as control has not transferred to the customer.</span></div> Vendor IncentivesThe Company has entered into food and beverage supply agreements with certain major vendors. Pursuant to the terms of these arrangements, rebates are provided to the Company from the vendors based upon the dollar value of purchases for company-operated shops and franchised shops. These incentives are recognized as earned throughout the year and are classified as a reduction of cost of sales in the accompanying consolidated statements of operations. Vendor incentives recognized in cost of sales were as follows for the periods presented:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vendor incentives</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,006 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,277 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table>Advertising expense was as follows for the periods presented:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Advertising expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,624 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,917 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table> 9006000 9277000 Advertising ExpenseAdvertising costs are expensed as they are incurred. Most franchise shops contribute to an advertising fund that the Company manages on behalf of the shops. Under the Company’s standard franchise agreement, the contributions received must be spent on marketing, creative efforts, media support, or other related purposes specified in the agreement. The expenditures are primarily amounts paid to third parties but may also include personnel expenses and allocated costs. 7624000 5917000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recently Issued Accounting Standards</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments—Credit Losses</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">(Topic 326)</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Measurement of Credit Losses on Financial Instruments</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. ASU 2016-13, as amended, replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For accounts receivable and other financial instruments, the Company will be required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. ASU 2016-13, as amended, is effective for fiscal years beginning after December 15, 2022. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is evaluating the impact of this standard on its consolidated financial statements.</span></div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2021, the FASB issued ASU No. 2021-08, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</span>. The amendments in this update provide specific guidance to address diversity in practice related to (1) recognition of an acquired contract liability, and (2) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in ASU 2021-08 are applied on a prospective basis, and are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact of this standard on its consolidated financial statementsRecently Adopted Accounting Standards<span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2016, the FASB issued ASU No. 2016-02, </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases (Topic 842</span>). The pronouncement requires lessees to recognize a liability for lease obligations, which represent the discounted obligation to make future lease payments, and a corresponding right-of-use asset on the balance sheet, as well as new disclosure requirements. The Company adopted Topic 842 effective January 1, 2022 using the modified transition approach. <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 3 — Revenue Recognition</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue</span></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table disaggregates revenue by major component:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">130,187 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">77,917 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,773 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">19,806 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,196 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,062 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total revenues</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">152,156 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">98,785 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred Revenue </span></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue activity related to the Company’s loyalty and gift card programs was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, January 1</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22,765 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10,576 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue deferred - card activations and rewards earned</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">53,107 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25,257 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue recognized - card and rewards redemptions and breakage</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(52,318)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(24,101)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,554 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,732 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(20,959)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(9,601)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue, net of current portion, gift card and loyalty programs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,595 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,131 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue also includes customer advances and sales to distributors where the performance obligation has not been satisfied and control has not been transferred to the customer as of the reporting date, as well as initial unearned franchise fees from franchisees. These deferred revenues reported in the Company’s consolidated balance sheets were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.611%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.965%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Customer advances and outstanding performance obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,437 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,512 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Initial unearned franchise fees from franchisees</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,428 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total deferred revenue, excluding gift card and loyalty programs</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,865 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,072 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,869)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,964)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue, net of current portion, excluding gift card and loyalty programs</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,996 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,108 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue recognized from initial unearned franchise fees was as follows for the periods presented:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Earned franchise fees</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">120 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future amortization of initial unearned franchise fees is as follows for the years ending December 31:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">330 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">390 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">332 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">278 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">236 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">862 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,428 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> <div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table disaggregates revenue by major component:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">130,187 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">77,917 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,773 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">19,806 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,196 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,062 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total revenues</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">152,156 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">98,785 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> 130187000 77917000 20773000 19806000 1196000 1062000 152156000 98785000 <div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue activity related to the Company’s loyalty and gift card programs was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, January 1</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22,765 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10,576 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue deferred - card activations and rewards earned</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">53,107 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25,257 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue recognized - card and rewards redemptions and breakage</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(52,318)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(24,101)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,554 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,732 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(20,959)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(9,601)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue, net of current portion, gift card and loyalty programs</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,595 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,131 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>These deferred revenues reported in the Company’s consolidated balance sheets were as follows:<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.611%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.965%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Customer advances and outstanding performance obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,437 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,512 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Initial unearned franchise fees from franchisees</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,428 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,560 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total deferred revenue, excluding gift card and loyalty programs</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,865 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,072 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,869)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,964)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred revenue, net of current portion, excluding gift card and loyalty programs</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,996 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,108 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue recognized from initial unearned franchise fees was as follows for the periods presented:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Earned franchise fees</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">120 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> 22765000 10576000 53107000 25257000 52318000 24101000 23554000 11732000 20959000 9601000 2595000 2131000 2437000 2512000 2428000 2560000 4865000 5072000 2869000 2964000 1996000 2108000 156000 120000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future amortization of initial unearned franchise fees is as follows for the years ending December 31:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">330 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">390 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">332 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">278 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">236 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">862 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,428 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 330000 390000 332000 278000 236000 862000 2428000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 4 — Shop Acquisitions</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2022, the Company repurchased the franchise rights and assets of five shops from one franchisee in California. The following table summarizes the allocations of the purchase prices to the estimated fair values of assets acquired and liabilities assumed. The fair values for the 2022 acquisitions are considered preliminary and subject to change within the measurement period (up to one year from the acquisition dates), as we have not obtained all of the detailed information to finalize the opening balance sheet related to the building and leasehold improvements purchased and franchise rights reacquired.</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:81.432%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.727%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquisition consideration:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Purchase price consideration</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,051 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equipment and fixtures</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">197 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Building and leasehold improvements</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,470 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inventories</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,327 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reacquired franchise rights</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,735 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(88)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gift card liability</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(250)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,327)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net assets acquired</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,137 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,914 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reacquired franchise rights acquired have weighted-average useful lives of 4.2 years at the time of purchase for the acquisitions made during the three months ended March 31, 2022. The excess of the purchase price over the aggregate fair value of net assets acquired was allocated to goodwill and is attributable to the benefits expected as a result of the acquisitions, including sales and growth opportunities, and is expected to be fully deductible for tax purposes. Goodwill is allocated entirely to the Company-operated shops segment.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value measurement of tangible and intangible assets and liabilities as of the acquisition dates is based on significant inputs not observed in the market and thus represents a Level 3 fair value measurement. Fair value measurements for reacquired franchise rights were determined using the income approach. Fair value measurements for property and equipment were determined using the cost approach. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations for the 2022 acquisitions are included in the Company’s consolidated statements of operations beginning on the dates of acquisition. Revenues of approximately $1.0 million and net income of approximately $0.2 million are included in the Company’s consolidated statements of operations for the three months ended March 31, 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table reflects the unaudited pro forma results of the Company and the five shops purchased in 2022 as if the acquisitions had taken place as of January 1, 2021:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands; unaudited)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">154,107 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">101,708 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(15,902)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,256)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 5 1 The following table summarizes the allocations of the purchase prices to the estimated fair values of assets acquired and liabilities assumed. The fair values for the 2022 acquisitions are considered preliminary and subject to change within the measurement period (up to one year from the acquisition dates), as we have not obtained all of the detailed information to finalize the opening balance sheet related to the building and leasehold improvements purchased and franchise rights reacquired.<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:81.432%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.727%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Acquisition consideration:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Purchase price consideration</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,051 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equipment and fixtures</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">197 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Building and leasehold improvements</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,470 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inventories</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,327 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reacquired franchise rights</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,735 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(88)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gift card liability</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(250)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,327)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net assets acquired</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,137 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,914 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table> 6051000 197000 1470000 67000 6000 2327000 1735000 88000 250000 2327000 3137000 2914000 P4Y2M12D 1000000.0 200000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table reflects the unaudited pro forma results of the Company and the five shops purchased in 2022 as if the acquisitions had taken place as of January 1, 2021:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands; unaudited)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">154,107 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">101,708 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(15,902)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,256)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 5 154107000 101708000 -15902000 -4256000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 5 — Inventories</span></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inventories, net consist of the following:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.451%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.125%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,709 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,549 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21,218 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">17,796 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total inventories</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">26,927 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,345 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>As of March 31, 2022 and 2021, reserves for inventories were $1,936 and $2,126, respectively. <span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Inventories, net consist of the following:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.451%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.125%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Raw materials</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,709 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,549 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finished goods</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21,218 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">17,796 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total inventories</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">26,927 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,345 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table> 5709000 5549000 21218000 17796000 26927000 23345000 1936000 2126000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 6 — Property and Equipment</span></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net consists of the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:52.906%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.310%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.883%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.310%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.126%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt;text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Useful Life </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Years)</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Software</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="9" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,213 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,132 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equipment and fixtures</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">68,214 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">57,952 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Leasehold improvements</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22,991 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,744 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Buildings</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,509 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">168,395 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Land</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="9" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,034 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,242 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Aircraft </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,195 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,531 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Construction-in-progress </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="9" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">94,809 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">88,050 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, gross</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">307,965 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">357,046 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: accumulated depreciation</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(50,053)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(55,048)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">257,912 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">301,998 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">    Aircraft are depreciated under the consumption method.</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-indent:-9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">2    </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Construction-in-progress primarily consists of construction and equipment costs for new and existing shops.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation expense included in the Company’s condensed consolidated statements of operations was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,568 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,975 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">699 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">587 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total depreciation expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,267 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,562 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No impairment charges were recognized for the three months ended March 31, 2022 and 2021.</span></div> <div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net consists of the following:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:52.906%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.310%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:1.883%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.310%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.126%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt;text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Useful Life </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Years)</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Software</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="9" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,213 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,132 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equipment and fixtures</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">68,214 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">57,952 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Leasehold improvements</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22,991 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,744 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Buildings</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%">—</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,509 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">168,395 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Land</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="9" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,034 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,242 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Aircraft </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="9" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,195 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,531 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Construction-in-progress </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="9" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">N/A</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">94,809 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">88,050 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, gross</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">307,965 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">357,046 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: accumulated depreciation</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(50,053)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(55,048)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">257,912 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">301,998 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">    Aircraft are depreciated under the consumption method.</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-indent:-9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">2    </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Construction-in-progress primarily consists of construction and equipment costs for new and existing shops.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation expense included in the Company’s condensed consolidated statements of operations was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,568 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,975 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative expenses</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">699 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">587 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total depreciation expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,267 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,562 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> P3Y 7213000 7132000 P3Y P7Y 68214000 57952000 P5Y P9Y 22991000 20744000 P10Y P20Y 100509000 168395000 5034000 5242000 9195000 9531000 94809000 88050000 307965000 357046000 50053000 55048000 257912000 301998000 7568000 3975000 699000 587000 8267000 4562000 0 0 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 7 — Intangible Assets and Goodwill</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Intangible Assets</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The details of the intangible assets are as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:45.534%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.175%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.126%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average amortization period </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in years)</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reacquired franchise rights</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.9</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">27,049 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25,314 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: accumulated amortization</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(15,126)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(14,211)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangibles, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,923 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,103 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization expense included in the Company’s condensed consolidated statements of operations was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">915 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">788 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated future amortization expense of the reacquired franchise rights intangible assets for the five succeeding fiscal years and the aggregate thereafter as of March 31, 2022 are as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,119 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,389 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,469 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,435 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">681 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">830 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,923 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Goodwill</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill is allocated entirely to the Company-operated shops segment. The carrying amount and activity of goodwill was as follows:</span></div><div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, December 31, 2021</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">18,715 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Business combinations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,914 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31, 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21,629 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No impairment charges were recognized for the three months ended March 31, 2022 and 2021.</span></div> <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The details of the intangible assets are as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:45.534%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.175%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.126%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average amortization period </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in years)</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Reacquired franchise rights</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.9</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">27,049 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25,314 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: accumulated amortization</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(15,126)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(14,211)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangibles, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,923 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,103 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> P3Y10M24D 27049000 25314000 15126000 14211000 11923000 11103000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization expense included in the Company’s condensed consolidated statements of operations was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">915 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">788 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated future amortization expense of the reacquired franchise rights intangible assets for the five succeeding fiscal years and the aggregate thereafter as of March 31, 2022 are as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,119 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,389 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,469 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,435 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">681 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">830 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,923 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #131e29;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 915000 788000 3119000 3389000 2469000 1435000 681000 830000 11923000 The carrying amount and activity of goodwill was as follows:<div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, December 31, 2021</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">18,715 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Business combinations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,914 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31, 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21,629 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 18715000 2914000 21629000 0 0 <span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 8 — Leases</span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Adoption of ASC 842</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted ASC 842, as amended, using the modified retrospective transition method with an effective date of January 1, 2022. The modified retrospective approach permits a company to use its effective date as the date of initial application to apply the standard to its leases, and, therefore, not restate comparative prior period financial information. As such, results for reporting periods beginning on or after January 1, 2022 are presented under ASC 842. Prior period amounts were not revised and continue to be reported in accordance with ASC Topic 840 (ASC 840). Further, disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2022. The adoption of the lease standard resulted in a cumulative adjustment to opening equity of $1.3 million.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon adoption, the Company recognized additional operating lease liabilities of $152.8 million based on the present value of the remaining lease payments for existing operating leases, and right-of-use assets of $150.7 million, net of reductions for the impacts of deferred rents. As part of the transition, the Company derecognized all landlord funded lease incentives and deemed landlord financing liabilities, including capital assets related to previous sale and leaseback transactions which were remeasured under ASC 842.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The standard provides several optional practical expedients in transition. The Company elected the package of practical expedients, which permits it to not reassess, under the new standard, the Company's prior conclusions about lease identification, lease classification and initial direct costs. As such, the Company applied the modified retrospective transition method as of the adoption date to those lease contracts for which it had taken possession of the property as of January 1, 2022. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also elected the practical expedient pertaining to land easements and did not elect the practical expedient related to use-of-hindsight. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption and also the practical expedient to not separate lease and non-lease components for all its leases.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon transition, on January 1, 2022, the Company recorded the following increases (decreases) to the respective line items on its condensed consolidated balance sheet:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:78.387%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.772%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustments as of January 1, 2022</span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(79,821)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">111,826 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">150,689 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred rent</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,153)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of finance lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">607 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of operating lease obligations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,430 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of long-term debt</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(46)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32,534 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">144,405 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-term debt, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,426)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Retained earnings (accumulated deficit)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">386 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Nature of Leases</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company leases all of its domestic company-operated shops, warehouse facilities, headquarters buildings, and certain equipment under various non-cancelable lease agreements that expire on various dates through 2041. The Company evaluates contracts entered into to determine whether the contract involves the use of property or equipment, which is either explicitly or implicitly identified in the contract. The Company evaluates whether it controls the use of the asset, which is determined by assessing whether it obtains substantially all economic benefits from the use of the asset, and whether the Company has the right to direct the use of the asset. If these criteria are met and a lease has been identified, the Company accounts for the contract under the requirements of ASC 842.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease commencement is determined when the Company takes possession of a leased asset, at which time the Company also determines the lease classification as an operating or finance lease. The Company’s real estate leases are comprised of commercial ground leases (land only) and build-to-suit leases (land and building).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The real estate leases are a combination of both operating and finance leases, depending an evaluation of the lease terms. Generally, the Company’s real estate leases have an initial term of 15 years and typically include two to three renewal options at five-years each. These renewal options are included in the lease term when it is reasonably certain that the option will be exercised. For commercial ground leases, one five-year renewal is included in the Company’s initial lease term calculations. The Company’s real estate leases typically provide for fixed minimum rent payments. For operating leases, the Company recognizes lease expense on a straight-line basis over the lease term from the date the Company takes possession of the leased property. Lease expense incurred before a lease commences is included in the calculation of the right-of-use asset. Once a lease commences, the Company records lease expense in cost of sales or selling, general and administrative expense on the Company’s condensed consolidated statements of operations, depending on the lease classification. Variable lease costs generally include payments for additional rent such as real estate taxes, insurance, and common area maintenance, and are excluded from the measurement of the lease liability. Variable lease costs are included in cost of sales on the condensed consolidated statements of operations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company calculates right-of-use assets and lease liabilities based on the present value of the fixed lease payments, including any estimated lease incentives, at lease commencement using its incremental borrowing rate, applied on a portfolio basis. As the rate implicit in the Company’s leases cannot be readily determined, the discount rate used to measure the lease liability is equal to the rate the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company expends cash for leasehold improvements to build out and equip its leased premises. For certain leases, a portion of the leasehold improvements and building costs are reimbursed by landlords as landlord incentives pursuant to agreed-upon terms in the Company’s lease agreements. Landlord incentives, if obtained, are received in cash after the Company takes possession of the property, and as the Company meets required milestones during the construction of the property. The Company includes these amounts in the measurement of the initial right-of-use asset and lease liability.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of finance and operating lease right-of-use assets and lease liabilities as of March 31, 2022 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:31.271%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.098%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.049%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance Sheet Classification</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">141,874 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">154,939 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">296,813 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of finance lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,491 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of operating lease obligations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,698 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">304,556 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The components of lease cost were as follows for the period presented:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.679%"><tr><td style="width:1.0%"/><td style="width:35.395%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:38.610%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.409%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statement of Operations Classification</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease cost</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization of right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,194 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest on lease liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,723 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total finance lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,917 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,847 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Variable lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total lease cost</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,257 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments for finance and operating lease liabilities as of March 31, 2022 were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Finance</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,718 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,104 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,549 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,503 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,645 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,040 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,760 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,193 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,647 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156,631 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">146,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">216,607 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213,292 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: imputed interest</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(69,232)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(56,111)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Present value of minimum lease payments</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">147,375 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">157,181 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,491)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(8,698)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease liabilities, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of lease terms and discount rates for finance and operating leases as of March 31, 2022 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:81.432%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.727%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average remaining lease term (years)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15.8</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15.4</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average discount rate (percentages)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.1%</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.0%</span></td></tr></table></div> <span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 8 — Leases</span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Adoption of ASC 842</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company adopted ASC 842, as amended, using the modified retrospective transition method with an effective date of January 1, 2022. The modified retrospective approach permits a company to use its effective date as the date of initial application to apply the standard to its leases, and, therefore, not restate comparative prior period financial information. As such, results for reporting periods beginning on or after January 1, 2022 are presented under ASC 842. Prior period amounts were not revised and continue to be reported in accordance with ASC Topic 840 (ASC 840). Further, disclosures required under the new standard will not be provided for dates and periods prior to January 1, 2022. The adoption of the lease standard resulted in a cumulative adjustment to opening equity of $1.3 million.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon adoption, the Company recognized additional operating lease liabilities of $152.8 million based on the present value of the remaining lease payments for existing operating leases, and right-of-use assets of $150.7 million, net of reductions for the impacts of deferred rents. As part of the transition, the Company derecognized all landlord funded lease incentives and deemed landlord financing liabilities, including capital assets related to previous sale and leaseback transactions which were remeasured under ASC 842.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The standard provides several optional practical expedients in transition. The Company elected the package of practical expedients, which permits it to not reassess, under the new standard, the Company's prior conclusions about lease identification, lease classification and initial direct costs. As such, the Company applied the modified retrospective transition method as of the adoption date to those lease contracts for which it had taken possession of the property as of January 1, 2022. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also elected the practical expedient pertaining to land easements and did not elect the practical expedient related to use-of-hindsight. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company elected the short-term lease recognition exemption and also the practical expedient to not separate lease and non-lease components for all its leases.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon transition, on January 1, 2022, the Company recorded the following increases (decreases) to the respective line items on its condensed consolidated balance sheet:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:78.387%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.772%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustments as of January 1, 2022</span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(79,821)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">111,826 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">150,689 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred rent</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,153)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of finance lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">607 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of operating lease obligations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,430 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of long-term debt</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(46)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32,534 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">144,405 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-term debt, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,426)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Retained earnings (accumulated deficit)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">386 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Nature of Leases</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company leases all of its domestic company-operated shops, warehouse facilities, headquarters buildings, and certain equipment under various non-cancelable lease agreements that expire on various dates through 2041. The Company evaluates contracts entered into to determine whether the contract involves the use of property or equipment, which is either explicitly or implicitly identified in the contract. The Company evaluates whether it controls the use of the asset, which is determined by assessing whether it obtains substantially all economic benefits from the use of the asset, and whether the Company has the right to direct the use of the asset. If these criteria are met and a lease has been identified, the Company accounts for the contract under the requirements of ASC 842.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease commencement is determined when the Company takes possession of a leased asset, at which time the Company also determines the lease classification as an operating or finance lease. The Company’s real estate leases are comprised of commercial ground leases (land only) and build-to-suit leases (land and building).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The real estate leases are a combination of both operating and finance leases, depending an evaluation of the lease terms. Generally, the Company’s real estate leases have an initial term of 15 years and typically include two to three renewal options at five-years each. These renewal options are included in the lease term when it is reasonably certain that the option will be exercised. For commercial ground leases, one five-year renewal is included in the Company’s initial lease term calculations. The Company’s real estate leases typically provide for fixed minimum rent payments. For operating leases, the Company recognizes lease expense on a straight-line basis over the lease term from the date the Company takes possession of the leased property. Lease expense incurred before a lease commences is included in the calculation of the right-of-use asset. Once a lease commences, the Company records lease expense in cost of sales or selling, general and administrative expense on the Company’s condensed consolidated statements of operations, depending on the lease classification. Variable lease costs generally include payments for additional rent such as real estate taxes, insurance, and common area maintenance, and are excluded from the measurement of the lease liability. Variable lease costs are included in cost of sales on the condensed consolidated statements of operations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company calculates right-of-use assets and lease liabilities based on the present value of the fixed lease payments, including any estimated lease incentives, at lease commencement using its incremental borrowing rate, applied on a portfolio basis. As the rate implicit in the Company’s leases cannot be readily determined, the discount rate used to measure the lease liability is equal to the rate the Company would pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company expends cash for leasehold improvements to build out and equip its leased premises. For certain leases, a portion of the leasehold improvements and building costs are reimbursed by landlords as landlord incentives pursuant to agreed-upon terms in the Company’s lease agreements. Landlord incentives, if obtained, are received in cash after the Company takes possession of the property, and as the Company meets required milestones during the construction of the property. The Company includes these amounts in the measurement of the initial right-of-use asset and lease liability.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of finance and operating lease right-of-use assets and lease liabilities as of March 31, 2022 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:31.271%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.098%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.049%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance Sheet Classification</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">141,874 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">154,939 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">296,813 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of finance lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,491 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of operating lease obligations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,698 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">304,556 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The components of lease cost were as follows for the period presented:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.679%"><tr><td style="width:1.0%"/><td style="width:35.395%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:38.610%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.409%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statement of Operations Classification</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease cost</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization of right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,194 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest on lease liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,723 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total finance lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,917 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,847 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Variable lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total lease cost</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,257 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments for finance and operating lease liabilities as of March 31, 2022 were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Finance</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,718 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,104 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,549 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,503 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,645 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,040 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,760 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,193 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,647 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156,631 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">146,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">216,607 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213,292 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: imputed interest</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(69,232)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(56,111)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Present value of minimum lease payments</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">147,375 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">157,181 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,491)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(8,698)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease liabilities, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of lease terms and discount rates for finance and operating leases as of March 31, 2022 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:81.432%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.727%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average remaining lease term (years)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15.8</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15.4</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average discount rate (percentages)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.1%</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.0%</span></td></tr></table></div> 1300000 152800000 150700000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon transition, on January 1, 2022, the Company recorded the following increases (decreases) to the respective line items on its condensed consolidated balance sheet:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:78.387%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.772%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Adjustments as of January 1, 2022</span></div></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property and equipment, net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(79,821)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">111,826 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">150,689 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred rent</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,153)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of finance lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">607 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of operating lease obligations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,430 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of long-term debt</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(46)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32,534 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">144,405 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-term debt, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,426)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Retained earnings (accumulated deficit)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">386 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">957 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> -79821000 111826000 150689000 -3153000 607000 8430000 -46000 32534000 144405000 -1426000 386000 957000 P15Y 2 3 P5Y 1 P5Y <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of finance and operating lease right-of-use assets and lease liabilities as of March 31, 2022 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:31.271%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.098%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.049%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance Sheet Classification</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">141,874 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease right-of-use assets</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">154,939 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">296,813 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of finance lease obligations</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,491 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current portion of operating lease obligations</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,698 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease obligations, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total lease liabilities</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">304,556 </span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A summary of lease terms and discount rates for finance and operating leases as of March 31, 2022 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:81.432%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.727%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average remaining lease term (years)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15.8</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15.4</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average discount rate (percentages)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance leases</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.1%</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating leases</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.0%</span></td></tr></table></div> 141874000 154939000 296813000 4491000 142884000 8698000 148483000 304556000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The components of lease cost were as follows for the period presented:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.679%"><tr><td style="width:1.0%"/><td style="width:35.395%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:38.610%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.409%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Statement of Operations Classification</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease cost</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amortization of right-of-use assets</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,194 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest on lease liabilities</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,723 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total finance lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,917 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,847 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Variable lease cost</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">493 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total lease cost</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,257 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 2194000 1723000 3917000 3847000 493000 8257000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments for finance and operating lease liabilities as of March 31, 2022 were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Finance</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,718 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,104 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,549 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,503 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,645 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,040 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,760 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,193 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,647 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156,631 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">146,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">216,607 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213,292 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: imputed interest</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(69,232)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(56,111)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Present value of minimum lease payments</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">147,375 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">157,181 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,491)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(8,698)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease liabilities, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments for finance and operating lease liabilities as of March 31, 2022 were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Finance</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,718 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,104 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,549 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,503 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,645 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,040 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,871 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,760 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,193 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,647 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156,631 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">146,238 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">216,607 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">213,292 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: imputed interest</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(69,232)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(56,111)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Present value of minimum lease payments</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">147,375 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">157,181 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,491)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(8,698)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease liabilities, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142,884 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148,483 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 8718000 11104000 12549000 14503000 12645000 14040000 12871000 13760000 13193000 13647000 156631000 146238000 216607000 213292000 69232000 56111000 147375000 157181000 4491000 8698000 142884000 148483000 <div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future minimum lease payments under noncancellable operating leases and capital lease liabilities as of December 31, 2021 were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,824 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,398 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,672 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12,002 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,743 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,699 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,926 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,420 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,229 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11,297 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">85,985 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">125,774 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">130,379 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">184,590 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: imputed interest</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:3pt double #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(47,402)</span></td><td style="background-color:#ffffff;border-top:3pt double #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Present value of minimum lease payments</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">82,977 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3,389)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease liabilities, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">79,588 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/></tr></table></div> 8824000 12398000 8672000 12002000 8743000 11699000 8926000 11420000 9229000 11297000 85985000 125774000 130379000 184590000 47402000 82977000 3389000 79588000 P15Y9M18D P15Y4M24D 0.051 0.040 NOTE 9 — Debt<div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Senior Secured Credit Facility</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 28, 2022 (the Effective Date) the Company amended its credit facility entered into on May 12, 2021 with JPMorgan Chase, N.A. (the Senior Secured Credit Facility). The amended facility (the 2022 Credit Facility) has a total capacity of $500 million, consisting of a $250 million revolving credit facility, a delayed draw term loan facility of up to $150 million, and a term loan facility of up to $100 million. The revolving credit facility includes sub-limits for issuance of letters of credit and swing line loans of up to $50 million and $15 million, respectively. It also contains an option allowing the Company to increase the size of the 2022 Credit Facility by up to an additional $150 million, with the agreement of the committing lenders. The 2022 Credit Facility expires five years after the Effective Date.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon entering into the 2022 Credit Facility, in February 2022, the Company drew the full $100 million term loan facility and approximately $28 million in revolving loans, and the existing credit facility was repaid and terminated.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest on borrowings under the 2022 Credit Facility is based on (a) the Alternate Base Rate plus an applicable margin, or (b) the Adjusted Term SOFR Rate plus an applicable margin, and is payable in accordance with the selected interest rate period (at least quarterly) and upon maturity. Principal payments for the term loans are required on a quarterly basis in accordance with an amortization schedule and upon certain disposition of assets. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is required to pay a commitment fee on a quarterly basis, at a per annum rate of between 0.20% and 0.45% (depending on the Company’s maximum net lease-adjusted total leverage ratio) based on the (i) average daily unused portion of the revolving credit facility, and (ii) the daily undrawn amount of the delayed draw term loan facility.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2022 Credit Facility contains financial covenants that require the Company to not exceed a maximum net lease-adjusted total leverage ratio and maintain a minimum fixed charge coverage ratio. The 2022 Credit Facility also contains certain negative covenants that, among other things, restrict the Company’s ability to incur additional debt, grant liens on assets, merge with or acquire other companies, make other investments, dispose of assets, and enter into sale and leaseback transactions and swap agreements. Obligations under the 2022 Credit Facility are guaranteed by Dutch Bros OpCo and its subsidiaries, and secured by a first priority perfected security interest in substantially all of the assets of the guarantors.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, $100 million and approximately $28 million was outstanding on the term loan and revolving loans, respectively, and $222 million was available for borrowing on the revolving loans. The term loan bears interest at 2.54% and revolving loans bear interest at 2.66% as of March 31, 2022, and the Company was in compliance with its financial covenants as of that date.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-Term Debt</span></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s long-term debt consisted of the following for the periods presented:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.451%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.125%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Terms loan under credit facility</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,000 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligation</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,978 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured note payable</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">602 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">628 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total debt</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,602 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,606 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: loan origination fees</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,329)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,979)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(103)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total long-term debt, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">97,294 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,503 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Effective January 1, 2022, with our adoption of ASC 842 (Leases), this sales-leaseback transaction was remeasured and included in our lease obligations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future annual maturities of long-term debt as of March 31, 2022 are as follows: </span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,953 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,609 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,491 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,998 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,256 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">71,295 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,602 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 500000000 250000000 150000000 100000000 50000000 15000000 150000000 P5Y 100000000 28000000 0.0020 0.0045 100000000 28000000 222000000 0.0254 0.0266 <div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s long-term debt consisted of the following for the periods presented:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:68.451%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.125%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">December 31, 2021</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Terms loan under credit facility</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,000 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finance lease obligation</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,978 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unsecured note payable</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">602 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">628 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total debt</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,602 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,606 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: loan origination fees</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,329)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: current portion</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,979)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(103)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total long-term debt, net of current portion</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">97,294 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,503 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_______________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1    </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Effective January 1, 2022, with our adoption of ASC 842 (Leases), this sales-leaseback transaction was remeasured and included in our lease obligations.</span></div> 100000000 0 0 2978000 602000 628000 100602000 3606000 1329000 0 1979000 103000 97294000 3503000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Future annual maturities of long-term debt as of March 31, 2022 are as follows: </span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Remainder of 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,953 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,609 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,491 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,998 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2026</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13,256 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thereafter</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">71,295 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100,602 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 1953000 2609000 4491000 6998000 13256000 71295000 100602000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 10 — Income Taxes</span></div><div style="margin-bottom:6pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.335%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.720%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.720%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="12" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Income tax expense (benefit)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(214)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective tax rate</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(0.9)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Three Months Ended March 31, 2022 v 2021</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax benefit was primarily driven by losses allocated from Dutch Bros OpCo to the Company, partially offset by state taxes and the tax expense of the corporate subsidiary. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s estimated annual effective tax rate is less than the statutory rate of 21%, primarily because the Company is not liable for income taxes on the portion of earnings that are attributable to non-controlling interests. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the Secondary Offering, the Company recorded an additional deferred tax asset, net of valuation allowance, of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$63.8 million</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, which primarily consists of the Company’s outside basis differences in its limited liability company subsidiaries. As of March 31, 2022, the Company recognized deferred tax assets of approximately $223.4 million, net of a valuation allowance of approximately $1.5 million. </span></div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Secondary Offering also resulted in the Company recording an additional TRA liability of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$55.2 million</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. As of March 31, 2022, the Company had a liability of approximat</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ely $164.9 million re</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">lated to its projected obligations under the TRAs in connection with the 2021 reorganization and exchange transactions, and the Secondary Offering. TRAs-related liabilities are classified as current or non-current based on the expected date of payment and are included in the Company’s consolidated balance sheets under the captions “Current portion of tax receivable agreements liability” and “Tax receivable agreements liability, net of current portion,” respectively. For additional information, refer to NOTE 1 — Organization and Background.</span>For additional information related to the Secondary Offering, refer to NOTE 11 — Equity and Equity-Based Compensation. <table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:71.335%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.720%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.720%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.443%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="12" style="border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Income tax expense (benefit)</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(214)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Effective tax rate</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.3 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(0.9)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table> -214000 43000 0.013 -0.009 0.21 63800000 223400000 1500000 55200000 164900000 NOTE 11 — Equity and Equity-Based Compensation<div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity Transactions</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2022, the Company’s Sponsor executed the Secondary Offering, and exchanged approximately 3.6 million Dutch Bros OpCo Class A common units for Dutch Bros PubCo Class A common stock, and also converted approximately 1.4 million shares of Dutch Bros PubCo Class D common stock into Dutch Bros PubCo Class A common stock, for a total of 5.0 million shares of Dutch Bros PubCo Class A common stock. Subsequent to these exchanges and conversions, the Company’s Sponsor sold the 5.0 million shares of Class A common stock in the public market in accordance with Rule 144 of the Securities Act of 1933. These transactions were executed directly by the Sponsor, and no sales proceeds were received by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity Awards</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, the Company had equity-based compensation awards outstanding consisting of RSAs and RSUs. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless indicated otherwise, the equity-based compensation awards described below are subject to time-based service requirements. The service vesting condition is currently a period of three years. For awards granted prior to 2022, vesting will occur in equal one-third installments on each anniversary of the vesting commencement date, subject to grantee’s continued service to the Company through each vesting date. Beginning with awards granted in 2022, vesting may occur as either (i) 50% each of the total award on the second and third anniversaries of the vesting commencement date, or (ii) 100% cliff vesting of the total award on the third anniversary of the vesting commencement date, subject to grantee’s continued service to the Company through the applicable vesting date(s).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the three months ended March 31, 2022, the total weighted-average grant date fair value of RSAs and RSUs vested was approximately $29.0 million and $8.6 million, respectively.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restricted Stock Awards</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity for the Company’s RSAs was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands, except per share amounts)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Restricted Stock Awards</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average grant date fair value per share</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, December 31, 2021</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,000 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23.00 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vested</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,263)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23.00 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31, 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,737 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23.00 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restricted Stock Units</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity for the Company’s RSUs was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands, except per share amounts)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Restricted Stock Units</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average grant date fair value per share</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, December 31, 2021</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">596 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43.55 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New grants</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">145 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">49.37 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vested</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(198)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43.55 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forfeitures</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">49.37 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31, 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">542 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">45.11 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Equity-Based Compensation</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equity-based compensation expense is recognized on a straight-line basis and is included in the Company’s condensed consolidated statements of operations was as follows: </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative expenses</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,900 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,650 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, total unrecognized stock-based compensation related to unvested stock awards was $76.6 million, which will be recognized as follows: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">31,457 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">41,650 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,056 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">393 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total unrecognized stock-based compensation expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">76,556 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 3600000 1400000 5000000.0 5000000.0 P3Y 0.50 0.50 1 29000000.0 8600000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity for the Company’s RSAs was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands, except per share amounts)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Restricted Stock Awards</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average grant date fair value per share</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, December 31, 2021</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,000 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23.00 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vested</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,263)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23.00 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31, 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,737 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23.00 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 4000000 23.00 1263000 23.00 2737000 23.00 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Activity for the Company’s RSUs was as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.323%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.047%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.048%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands, except per share amounts)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Restricted Stock Units</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Weighted-average grant date fair value per share</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, December 31, 2021</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">596 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43.55 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New grants</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">145 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">49.37 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vested</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(198)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43.55 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Forfeitures</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">49.37 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Balance, March 31, 2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">542 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">45.11 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 596000 43.55 145000 49.37 198000 43.55 1000 49.37 542000 45.11 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Equity-based compensation expense is recognized on a straight-line basis and is included in the Company’s condensed consolidated statements of operations was as follows: </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative expenses</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9,900 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14,650 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> 9900000 14650000 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022, total unrecognized stock-based compensation related to unvested stock awards was $76.6 million, which will be recognized as follows: </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:84.316%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2022</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">31,457 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #131e29;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">41,650 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024</span></td><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,056 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025</span></td><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">393 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total unrecognized stock-based compensation expense</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">76,556 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div> 76600000 31457000 41650000 3056000 393000 76556000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 12 — Non-Controlling Interests</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is the sole managing member of Dutch Bros OpCo, and, as a result, consolidates the financial results of Dutch Bros OpCo. The Company reports a non-controlling interest representing the economic interest in the Dutch Bros OpCo held by the other members of Dutch Bros OpCo. The Dutch Bros OpCo Agreement provides that holders of OpCo Units may, from time to time, require Dutch Bros OpCo to redeem all or a portion of its OpCo Units for newly-issued shares of Class A common shares on a one-for-one basis. In connection with any redemption or exchange, the Company will receive a corresponding number of OpCo Units, increasing the Company’s total ownership in Dutch Bros OpCo. Changes in the Company’s ownership in Dutch Bros OpCo, while the Company retains its controlling interest in Dutch Bros OpCo, will be accounted for as equity transactions. As such, future redemptions or direct exchanges of OpCo Units in Dutch Bros OpCo by the other members of Dutch Bros OpCo will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in-capital.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the ownership interest in Dutch Bros OpCo:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:65.566%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OpCo Units</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ownership %</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Class A common units held by Dutch Bros Inc.</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">53,619 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32.8 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Class A common units held by non-controlling interest holders</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">110,085 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total Class A common units outstanding</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">163,703 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_________________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1    </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes approximately 2.7 million common units related to unvested restricted stock awards held by former Profits Interest Units holders. These common units are excluded from non-controlling interest calculations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The weighted-average ownership percentage for the applicable reporting period is used to attribute net income (loss) to Dutch Bros Inc. and the non-controlling interest holders. The non-controlling interest holders’ weighted-average ownership percentage for the three months ended March 31, 2022 was 70.1%.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the effect of changes in ownership of Dutch Bros OpCo on the Company’s equity:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.342%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.817%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,947)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transfers to non-controlling interests:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increase in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo common units</span></div></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,828 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Change from net loss attributable to Dutch Bros Inc. and transfers from <br/>non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(119)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the ownership interest in Dutch Bros OpCo:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:65.566%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.925%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.927%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">March 31, 2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OpCo Units</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ownership %</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Class A common units held by Dutch Bros Inc.</span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">53,619 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32.8 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Class A common units held by non-controlling interest holders</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">110,085 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67.2 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total Class A common units outstanding</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">163,703 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100.0 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_________________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1    </span><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Includes approximately 2.7 million common units related to unvested restricted stock awards held by former Profits Interest Units holders. These common units are excluded from non-controlling interest calculations.</span></div> 53619000 0.328 110085000 0.672 163703000 1.000 2700000 0.701 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the effect of changes in ownership of Dutch Bros OpCo on the Company’s equity:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.342%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.817%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,947)</span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transfers to non-controlling interests:</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Increase in additional paid-in capital as a result of the acquisition of Dutch Bros OpCo common units</span></div></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,828 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Change from net loss attributable to Dutch Bros Inc. and transfers from <br/>non-controlling interests</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(119)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> -4947000 4828000 -119000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 13 — Loss Per Share</span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic loss per share of Class A and Class D common stock is computed by dividing net loss attributable to Dutch Bros Inc. by the weighted-average number of shares of Class A and Class D common stock outstanding during the period. Diluted loss per share of Class A and Class D common stock is computed by dividing loss attributable to Dutch Bros Inc., adjusted for the assumed exchange of all potentially dilutive instruments for Class A common stock, by the weighted-average number of shares of Class A and Class D common stock outstanding, adjusted to give effect to potentially dilutive elements. Share counts used in the diluted loss per share calculations are adjusted for the deemed repurchases provided for in the treasury stock method for restricted stock awards and restricted stock units, and under the if-converted method for the outstanding convertible Class B and Class C common stock.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prior to the Reorganization Transactions, the Dutch Bros OpCo had multiple classes of units with different economic rights. The Company analyzed the calculation of earnings per unit for periods prior to the IPO and determined that it resulted in values that would not be meaningful to the users of these consolidated financial statements. Therefore, earnings per unit information has not been presented for the three months ended March 31, 2021.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted loss per share of Class A and Class D common stock for the three months ended March 31, 2022:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.342%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.817%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Numerator:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(16,279)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: net loss attributable to non-controlling interests</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(11,332)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,947)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the computation of basic and diluted net loss per share of Class A and Class D common stock:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.342%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.817%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands, except per share amounts)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Numerator:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,947)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Denominator:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weighted-average number of shares of Class A and Class D common stock outstanding - basic</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">48,059 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dilutive effect of restricted stock awards</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dilutive effect of restricted stock units</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weighted-average number of shares of Class A and Class D common stock outstanding - diluted</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">48,059 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic net loss per share attributable to common stockholders</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(0.10)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Diluted net loss per share attributable to common stockholders</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(0.10)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shares of the Company’s Class B and Class C common stock do not participate in the earnings or losses of Dutch Bros Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted loss per share of Class B and Class C common stock under the two-class method has not been presented. In addition, the Company has not included the effects of conversion of Class B and Class C common stock to Class A common stock in the diluted loss per share calculation using the if-converted method, because doing so has no impact on diluted loss per share.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following common stock equivalents were excluded from diluted loss per share in the period presented because they were anti-dilutive:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.823%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.336%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted stock awards</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,737 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted stock units</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">542 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total anti-dilutive securities</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,279 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted loss per share of Class A and Class D common stock for the three months ended March 31, 2022:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.342%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.817%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Numerator:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(16,279)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Less: net loss attributable to non-controlling interests</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(11,332)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,947)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table sets forth the computation of basic and diluted net loss per share of Class A and Class D common stock:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.342%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:21.817%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands, except per share amounts)</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Numerator:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net loss attributable to Dutch Bros Inc.</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,947)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Denominator:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weighted-average number of shares of Class A and Class D common stock outstanding - basic</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">48,059 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dilutive effect of restricted stock awards</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dilutive effect of restricted stock units</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">— </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weighted-average number of shares of Class A and Class D common stock outstanding - diluted</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">48,059 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:14pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic net loss per share attributable to common stockholders</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(0.10)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Diluted net loss per share attributable to common stockholders</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(0.10)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> -16279000 -11332000 -4947000 -4947000 48059000 0 0 48059000 -0.10 -0.10 <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following common stock equivalents were excluded from diluted loss per share in the period presented because they were anti-dilutive:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:75.823%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.336%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31, 2022</span></td></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted stock awards</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,737 </span></td><td style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Restricted stock units</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">542 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total anti-dilutive securities</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,279 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> 2737000 542000 3279000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 14 — Commitments and Contingencies</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Purchase Obligations</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company enters into fixed-price and price-to-be fixed green coffee purchase commitments. For both fixed-price and price-to-be fixed purchase commitments, the Company expects to take delivery of green coffee and to utilize the coffee in a reasonable period of time in the ordinary course of business. Such contracts are used in the normal purchases of green coffee and not for speculative purposes. The Company does not enter into futures contracts or other derivative instruments related to its green coffee purchase commitments.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Guarantees</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company periodically provides guarantees to franchisees for lease payments. Annually, the Company determines if a liability needs to be recorded related to these guarantees. As of March 31, 2022 and December 31, 2021, the Company had guaranteed approximately $1.7 million and $1.7 million, respectively, in franchisee lease payments and has not established a liability for these guarantees as any liability arising from the guarantees is not material to the condensed consolidated financial statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Legal Proceedings</span></div>The Company is a party to legal actions arising in the ordinary course of its business. These claims, legal proceedings and litigation principally arise from alleged casualty, employment, and other disputes. In determining loss contingencies, the Company considers the likelihood of loss as well as the ability to reasonably estimate the amount of such loss or liability. An estimated loss is recognized when it is considered probable that a liability has been incurred and when the amount of loss can be reasonably estimated. While any claim, proceeding or litigation has an element of uncertainty, the Company believes the outcome of any of these that are pending or threatened will not have a material adverse effect on its financial condition, results of operations, or cash flows. 1700000 1700000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 15 — Related Party Transactions</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s donations to Dutch Bros Foundation, a not-for-profit founded by the Company that provides philanthropy to coffee farmers and local communities and for which the Company’s Chief Executive Officer serves on the board of directors, were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Donations to Dutch Bros Foundation</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,373 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,125 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> <div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s donations to Dutch Bros Foundation, a not-for-profit founded by the Company that provides philanthropy to coffee farmers and local communities and for which the Company’s Chief Executive Officer serves on the board of directors, were as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Donations to Dutch Bros Foundation</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,373 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2,125 </span></td><td style="background-color:#d2dce5;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div> 1373000 2125000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 16 — Segment Reporting</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Segment information is prepared on the same basis that the Company’s Chief Executive Officer (CEO), who is the chief operating decision maker (CODM), manages the segments, evaluates financial results and makes key operating decisions. The Company’s CEO evaluates the financial performance of the Company based on two operating segments: Company-operated shops and Franchising and other. The Company-operated shops segment includes coffee shop sales to customers. The Franchising and other segment includes bean and product sales to franchisees and includes the initial franchise fees, royalties, and marketing fees.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The CODM reviews segment performance and allocates resources based upon segment contribution, which is defined as segment gross profit before depreciation and amortization. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All segment revenue is earned in the United States, and there are no intersegment revenues. As the CODM is not provided with asset information by segment, assets are reported only on a consolidated basis.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative expenses primarily consist of the Company’s unallocated corporate expenses. Unallocated corporate expenses include corporate administrative functions that support the segments but are not directly attributable to or managed by any segment and are not included in the reported financial results of the segments.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No changes have been made to the Company’s segments during the three months ended March 31, 2022. In addition, no customer represents 10% or more of total accounts receivable or revenues as of and for the three months ended March 31, 2022 and 2021.</span></div><div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial information for the Company’s reportable segments was as follows for the periods presented: </span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021 ¹</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">130,187 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">77,917 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21,969 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,868 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total revenues</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">152,156 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">98,785 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">113,548 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">60,339 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,619 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,169 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">121,167 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66,508 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Segment contribution:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,779 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,849 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15,692 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">16,192 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total segment contribution</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">39,471 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">37,041 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation and amortization:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,140 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,271 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,342 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,493 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total depreciation and amortization</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,482 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,764 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(45,214)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(35,986)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,489)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,017)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other income (expense), net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">221 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(53)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss before income taxes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(16,493)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,779)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:3pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_________________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">    The Company identified immaterial corrections related to the accrual of employee sick leave and the application of ASC 710, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Compensation - General</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, which resulted in revisions to segments’ prior period reported amounts for the three months ended March 31, 2021. The impacted line items are presented below. </span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in company-operated shops cost of sales (labor costs) of $0.38 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in franchising and other cost of sales of $0.03 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in total cost of sales of $0.4 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Increase in company-operated shops gross profit and segment contribution of $0.38 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Increase in franchising and other gross profit and segment contribution of $0.03 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Increase in total gross profit and segment contribution of $0.4 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in selling, general and administrative expenses of $0.4 million</span></div>•Decrease in loss before income taxes of 2 <div style="margin-bottom:9pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial information for the Company’s reportable segments was as follows for the periods presented: </span><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:69.733%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.842%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.843%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#ee2724;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></td><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Three Months Ended March 31,</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(in thousands)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2021 ¹</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">130,187 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">77,917 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21,969 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,868 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total revenues</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">152,156 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">98,785 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost of sales:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">113,548 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">60,339 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,619 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6,169 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total cost of sales</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">121,167 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66,508 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Segment contribution:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23,779 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20,849 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15,692 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">16,192 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total segment contribution</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">39,471 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">37,041 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depreciation and amortization:</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="3" style="background-color:#d2dce5;border-top:3pt double #000;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company-operated shops</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7,140 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,271 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt 2px 10pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Franchising and other</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,342 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,493 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total depreciation and amortization</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,482 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,764 </span></td><td style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Selling, general and administrative</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(45,214)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(35,986)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest expense, net</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2,489)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,017)</span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#d2dce5;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other income (expense), net</span></td><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">221 </span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#d2dce5;padding:0 1pt"/><td colspan="2" style="background-color:#d2dce5;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(53)</span></td><td style="background-color:#d2dce5;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 19pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Loss before income taxes</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(16,493)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(4,779)</span></td><td style="background-color:#ffffff;border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:3pt"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">_________________</span></div><div style="margin-bottom:9pt;padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">    The Company identified immaterial corrections related to the accrual of employee sick leave and the application of ASC 710, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Compensation - General</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">, which resulted in revisions to segments’ prior period reported amounts for the three months ended March 31, 2021. The impacted line items are presented below. </span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in company-operated shops cost of sales (labor costs) of $0.38 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in franchising and other cost of sales of $0.03 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in total cost of sales of $0.4 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Increase in company-operated shops gross profit and segment contribution of $0.38 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Increase in franchising and other gross profit and segment contribution of $0.03 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Increase in total gross profit and segment contribution of $0.4 million</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in selling, general and administrative expenses of $0.4 million</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:15.2pt">Decrease in loss before income taxes of $0.8 million</span> 130187000 77917000 21969000 20868000 152156000 98785000 113548000 60339000 7619000 6169000 121167000 66508000 23779000 20849000 15692000 16192000 39471000 37041000 7140000 3271000 1342000 1493000 8482000 4764000 45214000 35986000 -2489000 -1017000 221000 -53000 -16493000 -4779000 -380000 -30000.00 -400000 380000 30000.00 400000 -400000 800000 <div style="margin-bottom:9pt"><span style="color:#00416b;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">NOTE 17 — Subsequent Events</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Interest Rate Swap Contract</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 1, 2022, the Company completed an interest rate swap transaction with JPMorgan Chase Bank, N.A. as administrative agent and other financial institutions as the lenders party thereto, with respect to $70 million of the term loan under the 2022 Credit Facility. The purpose of the floating-to-fixed interest rate swap transaction (the Interest Rate Swap) was to fix the term loan interest rate at 2.67%. The Interest Rate Swap has a maturity date of February 28, 2027.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006098;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Property Sale</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#131e29;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 19, 2022, the Company sold the land and building at its Kansas City, Kansas shop location for approximately $2.6 million, net of closing costs. The Company will continue to operate at this location, and will leaseback the land and building.</span></div> 70000000 0.0267 2600000 70000000 0.0267 Basic and diluted net loss per share of Class A and Class D common stock are applicable only for periods subsequent to September 14, 2021, the effective date of the Company’s Reorganization Transactions and IPO.