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However, other factors that we do not anticipate or that we do not consider material based on currently available information may also have an adverse effect on our results.
−Removed: Risks Related to Operating in the Restaurant Industry
−Removed: The COVID-19 pandemic has disrupted and is expected to continue to disrupt our business, which has affected and could continue to materially affect our operations, financial condition and results of operations for an extended period of time.
+Added: Risks Related to the COVID-19 Pandemic
+Added: The COVID-19 pandemic has disrupted and may continue to disrupt our business, which has affected and could continue to materially affect our operations, financial condition, and results of operations for an extended period of time.
The COVID-19 pandemic outbreak, federal, state and local government responses to COVID-19 and our responses to the outbreak have all disrupted and may continue to disrupt our business.
−Removed: Individuals are being encouraged to practice social distancing, restricted from gathering in groups, and in some areas, placed on complete restriction from non-essential movements outside of their homes.
−Removed: In response to the COVID-19 outbreak and these changing conditions, the majority of our company-owned and franchise-operated restaurants have operated in an off-premise capacity, including drive-thru, third-party delivery and carry-out throughout the pandemic.
−Removed: We have implemented a number of safety procedures, including implementing heightened sanitation requirements, practicing employee social distancing, and adhering to glove and mask protocol for all restaurant employees.
−Removed: Our operating results substantially depend upon our franchisees’ sales volumes, restaurant profitability, and financial stability.
−Removed: The financial impact of COVID-19 has had, and could continue to have in the future, an adverse effect on our franchisees’ liquidity.
−Removed: To ensure financial health of our valued franchise operators, we reduced March and April marketing fees and postponed collection of these marketing fees, postponed the collection of certain franchisee rental payments and extended all fiscal 2020 franchise development agreements by at least six months and suspended other required capital investments.
−Removed: To the extent our franchisees experience financial distress, our operating results may be adversely impacted, potentially materially affecting our liquidity, financial condition, or results of operations.
−Removed: As discussed in this report, we have a significant amount of debt outstanding and have previously drawn down on our Variable Funding Notes, which provided us $107.9 million of unrestricted cash, to provide additional security to our liquidity position and provide financial flexibility given uncertain market and economic conditions as a result of the COVID-19 pandemic.
−Removed: A material increase in our level of debt could have certain material adverse effects on us.
−Removed: There can be no guarantee that additional liquidity will be readily available or available on favorable terms, especially the longer the COVID-19 outbreak lasts.
−Removed: Our business could be further disrupted if any of our company or franchised restaurant employees are diagnosed with COVID-19 since this could require us or our franchisees to quarantine some or all of a restaurant’s employees and disinfect the restaurant’s facilities.
−Removed: If a significant percentage of our or our franchisees’ workforce is unable to work, whether because of illness, quarantine, limitations on travel or other government restrictions in connection with COVID-19, our results may be adversely impacted, potentially materially affecting our liquidity, financial condition, or results of operations.
−Removed: Our suppliers could be adversely impacted by the COVID-19 outbreak.
−Removed: If our suppliers’ employees are unable to work, whether because of illness, quarantine, limitations on travel or other government restrictions in connection with COVID-19, we could face cost increases and/or shortages of food items or other supplies across our restaurants and our results could be adversely impacted by such supply interruptions.
−Removed: The equity markets in the United States have been extremely volatile due to the COVID-19 outbreak and our stock price has fluctuated significantly.
−Removed: Additional government regulations or legislation as a result of COVID-19 in addition to decisions we have made and may make in the future relating to the compensation of and benefit offerings for our company-operated restaurant team members could also have an adverse effect on our business.
−Removed: We cannot predict the types of government regulations or legislation that may be passed relating to employee compensation as a result of the COVID-19 outbreak.
−Removed: We have implemented an emergency paid sick leave program at our company-operated restaurants and taken other compensation and benefit actions to support our restaurant team members during the COVID-19 business interruption, but those actions may not be sufficient to compensate our team members for the entire duration of any business interruption resulting from COVID-19.
−Removed: Those team members might seek and find other employment during that interruption, which could materially adversely affect our ability to properly staff and reopen our restaurants with experienced team members when the business interruptions caused by COVID-19 abate or end.
−Removed: The COVID-19 outbreak also may have the effect of heightening other risks disclosed, including, but not limited to, those related to consumer confidence, increase in food and commodity costs, supply chain interruptions, labor availability and cost, cybersecurity incidents, increased indebtedness, regulatory and legal complexity, and governmental regulations.
+Added: Our operating results substantially depend upon our sales volumes, restaurant profitability, and financial stability, and to the extent we and/or our franchisees experience financial distress due to the COVID-19 pandemic, our operating results may be adversely impacted, potentially materially affecting our liquidity, financial condition, or results of operations.
+Added: Our business could be further disrupted if any of our company or franchised restaurant employees are diagnosed with COVID-19 since this could require us or our franchisees to quarantine some or all of a restaurant’s employees, disinfect the restaurant’s facilities, and/or reduce restaurant operating hours.
+Added: If a significant percentage of our or our franchisees’ workforce is unable to work, whether because of illness, quarantine, limitations on travel or other government regulations or restrictions in connection with COVID-19, our results may be adversely impacted, potentially materially affecting our liquidity, financial condition, or results of operations.
+Added: The impending federal vaccine mandate may also materially impact our results if we or our franchised restaurants were to lose employees and/or incur additional costs for testing as a result of the mandate.
+Added: Our business has been disrupted and could be further disrupted to the extent our suppliers, distributors, and/or third-party delivery partners are adversely impacted by the COVID-19 pandemic.
+Added: If our suppliers, distributors, and/or third-party delivery partners experience labor shortages or their employees are unable to work, whether because of illness, quarantine, limitations on travel or other government restrictions in connection with COVID-19, we could face cost increases, shortages of food items, shortages of delivery services, and/or shortages of other supplies across our restaurants, and our results could be adversely impacted by such interruptions.
+Added: The COVID-19 outbreak also may have the effect of heightening many other risks disclosed herein, including, but not limited to, those related to consumer confidence, increase in food and commodity costs, supply chain interruptions, labor availability and cost, cybersecurity incidents, increased indebtedness, regulatory and legal complexity, governmental regulations, and our stock price.
+Added: Risks Related to Operating in the Restaurant Industry
We face significant competition in the food service industry and our inability to compete may adversely affect our business.
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As is true of all companies in the restaurant industry, we are susceptible to increases in food costs that are outside of our control.
−Removed: Factors that can impact food and commodity costs include general economic conditions, seasonal fluctuations, weather and climate conditions, global demand, trade protections and subsidies, food safety issues, infectious diseases, possible terrorist activity, currency fluctuations, product recalls, and government regulatory schemes.
+Added: Factors that can impact food and commodity costs include general economic conditions, inflation, labor shortages, seasonal fluctuations, weather and climate conditions, energy costs, global demand, trade protections and subsidies, food safety issues, infectious diseases, possible terrorist activity, cyberattacks, transportation issues, currency fluctuations, product recalls, and government regulatory schemes.
Additionally, some of our produce, meats, and restaurant supplies are sourced from outside the United States.
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Dependence on frequent deliveries of fresh produce and other food products subjects food service businesses such as ours to the risk that shortages or interruptions in supply could adversely affect the availability, quality or cost of ingredients or require us to incur additional costs to obtain adequate supplies.
−Removed: Deliveries of supplies may be affected by adverse weather conditions, natural disasters, labor shortages, or financial or solvency issues of our distributors or suppliers, product recalls, or other issues.
+Added: Deliveries of supplies may be affected by adverse weather conditions, natural disasters, labor shortages, or financial or solvency issues of our distributors or suppliers, product recalls, production disruptions such as mechanical failures, or other issues.
Further, increases in fuel prices could result in increased distribution costs.
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Labor is a primary component of our operating costs.
−Removed: Increased labor costs due to factors such as competition for workers, labor market pressures, increased minimum wage requirements, paid sick leave or vacation accrual mandates, or other legal or regulatory changes, such as predictive scheduling, may adversely impact operating costs for us and our franchisees.
+Added: Increased labor costs due to factors such as competition for workers, labor shortages, labor market pressures, increased minimum wage requirements, paid sick leave or vacation accrual mandates, or other legal or regulatory changes, such as predictive scheduling, may adversely impact operating costs for us and our franchisees.
Additional taxes or requirements to incur additional employee benefit costs, including the requirements of the Patient Protection and Affordable Care Act (the “Affordable Care Act”) or any new or replacement healthcare requirements, could also adversely impact our operating costs.
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Inability to attract, train and retain top-performing personnel could adversely impact our financial results or business.
−Removed: We believe that our continued success will depend, in part, on our ability to attract and retain the services of skilled personnel, from our senior management to our restaurant employees.
−Removed: The loss of the services of, or our inability to attract and retain, such personnel could have a material adverse effect on our business.
+Added: We believe that our continued success will depend, in part, on our ability to attract and retain the services of skilled personnel.
+Added: The loss of the services of, or our inability to attract and retain, such personnel could have a material adverse effect on our business, including reduced restaurant operating hours.
We believe good managers and crew are a key part of our success, and we devote significant resources to recruiting and training our restaurant managers and crew.
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We may be adversely impacted by severe weather conditions, natural disasters, terrorist acts, or civil unrest that could result in property damage, injury to employees and staff, and lost restaurant sales.
−Removed: Food service businesses such as ours can be materially and adversely affected by severe weather conditions, such as severe storms, hurricanes, flooding, prolonged drought, or protracted heat or cold waves, and by natural disasters, such as earthquakes and wild fires, or “man-made” calamities such as terrorist incidents or civil unrest, and their aftermath.
+Added: Food service businesses such as ours can be materially and adversely affected by severe weather conditions, such as severe storms, hurricanes, flooding, prolonged drought, or protracted heat or cold waves, and by natural disasters, such as earthquakes and wildfires, or “man-made” calamities such as terrorist incidents or civil unrest, and their aftermath.
Such occurrences could result in lost restaurant sales, property damage, lost products, interruptions in supply, and increased costs.
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• development costs exceeding budgeted or contracted amounts;
−Removed: • delays in completion of construction;
+Added: • the negative impact of any re-imaging strategy if not adopted by franchisees or embraced by guests;
+Added: • delays in completion of construction or shortages of any equipment or construction materials;
• the inability to identify, or the unavailability of suitable sites at acceptable cost and other leasing or purchase terms;
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• the challenge of identifying, recruiting, and training qualified franchisees or company restaurant management;
−Removed: • the inability to obtain all required permits;
−Removed: • changes in laws, regulations, and interpretations, including interpretations of the requirements of the Americans with Disabilities Act;
−Removed: • unique regulations or challenges applicable to operating in non-traditional locations, such as airports, and military or government facilities;
−Removed: • general economic and business conditions.
Although we manage our growth and development activities to help reduce such risks, we cannot assure that our present or future growth and development activities will perform in accordance with our expectations.
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Our highly-franchised business model presents a number of risks, and the failure of our franchisees to operate successful and profitable restaurants could negatively impact our business.
−Removed: As of September 27, 2020, approximately 94% of our operating restaurant properties were franchised restaurants;
+Added: As of October 3, 2021, approximately 93% of our operating restaurant properties were franchised restaurants;
therefore, our success increasingly relies on the financial success and cooperation of our franchisees, yet we have limited influence over their operations.
Our income arises from two sources:
−Removed: fees from franchised restaurants (e.g., rent and royalties based on a percentage of sales) and, to a lesser degree, sales from our remaining Company-operated restaurants.
+Added: fees from franchised restaurants (e.g., rent and royalties based on a percentage of sales) and, to a lesser degree, profit from our remaining Company-operated restaurants.
Our franchisees manage their businesses independently, and therefore are responsible for the day-to-day operation of their restaurants.
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If our franchisees do not experience sales growth, our revenues and margins could be negatively affected as a result.
−Removed: Also, if sales trends worsen for franchisees, their financial results may deteriorate, which could result in, among other things, restaurant closures, or delayed or reduced payments to us.
−Removed: Our refranchising strategy has increased that dependence and the potential effect of those factors.
+Added: Also, if sales trends worsen for franchisees, their financial results may deteriorate, which could result in, among other things, franchisee bankruptcies, restaurant closures, or delayed or reduced payments to us.
Our success also increasingly depends on the willingness and ability of our independent franchisees to implement shared strategies and major initiatives, which may include financial investment, and to remain aligned with us on operating and promotional plans.
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Additionally, the potential losses associated with our inability to cancel leases may result in our keeping open restaurant locations that are performing significantly below targeted levels.
−Removed: As a result, ongoing lease obligations at closed or underperforming restaurant locations could impair our results of operations.
+Added: As a result, ongoing lease obligations at closed or underperforming restaurant locations could unfavorably impact our results of operations.
In addition, at the end of the lease term and expiration of all renewal periods, we may be unable to renew the lease without substantial additional cost, if at all.
As a result, we may be required to close or relocate a restaurant, which could subject us to construction and other costs and risks and may have an adverse effect on our operating performance.
−Removed: Our tax provision may fluctuate due to changes in expected earnings.
−Removed: Our income tax provision is sensitive to expected earnings and, as those expectations change, our income tax provisions may vary from quarter-to-quarter and year-to-year.
−Removed: In addition, we may occasionally take positions on our tax returns that differ from their treatment for financial reporting purposes.
−Removed: The difference in treatment of such positions could have an adverse impact on our effective tax rate.
−Removed: General Business Risks
+Added: Information and Technology Related Risks
We are subject to the risk of cybersecurity breaches, intrusions, data loss, or other data security incidents.
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A material failure or interruption of service, or a breach in the security of our computer systems caused by malware, ransomware or other attack, could cause reduced efficiency in operations, or other business interruptions;
−Removed: could negatively impact delivery of food to restaurants, or financial functions such as vendor payment, employee payroll, franchise operations reporting, or our ability to receive customer payments through our POS or other systems, or could result in the loss or misappropriation of customer or employee data.
+Added: could negatively impact delivery of food to restaurants, or financial functions such as vendor payment, employee payroll and scheduling, franchise operations reporting, or our ability to receive customer payments through our POS or other systems, or could result in the loss or misappropriation of customer or employee data.
Such events could negatively impact cash flows or require significant capital investment to rectify;
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We collect and maintain personal information about our employees and our guests and are seeking to provide our guests with new digital experiences.
−Removed: These digital experiences will require us to open up access into our Point of Sale systems to allow for capabilities like mobile order and pay, third party delivery, and digital menu boards.
+Added: These digital experiences will require us to open up access into our POS systems to allow for capabilities like mobile order and pay, third party delivery, and digital menu boards.
The collection and use of personal information are regulated at the federal and state levels;
such regulations include the California Consumer Privacy Act.
−Removed: We increasingly rely on cloud computing and other technologies that result in third parties holding significant amounts of customer or employee information on our behalf.
+Added: We increasingly rely on cloud computing and other technologies that result in third parties holding significant amounts of customer, employee, and franchisee information on our behalf.
There has been an increase over the past several years in the frequency and sophistication of attempts to compromise the security of these types of systems.
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We may pursue certain of those technologies and consumer offerings if we believe they offer a sustainable guest proposition and can be successfully integrated into our business model.
−Removed: However, we cannot predict consumer acceptance of these digital platforms, delivery channels or systems or other technologies or their impact on our business.
+Added: However, we cannot predict consumer acceptance or our success in implementing these digital platforms, delivery channels or systems or other technologies or their impact on our business.
We are dependent on information technology and digital service providers and any material failure, misuse or interruption of our computer systems, supporting infrastructure, consumer-facing digital capabilities or social media platforms could adversely affect our business.
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Additionally, the success of certain of our strategic initiatives, including to expand our consumer-facing digital capabilities to connect with customers and drive growth, is highly dependent on our technology systems and digital service providers.
+Added: General Business Risks
If we fail to maintain an effective system of internal controls, we may not be able to accurately determine our financial results or prevent fraud.
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Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and report on our internal controls over financial reporting.
−Removed: During the fourth quarter of fiscal 2019, management identified a material weakness in internal control related to ineffective information technology general controls (ITGCs) as further disclosed in Part II, Item 9A.
−Removed: As a result, management concluded that our internal control over financial reporting was not effective as of the end of our fiscal year 2019.
−Removed: During fiscal year 2020, we completed the remediation measures related to the material weakness and management concluded that our internal control over financial reporting was effective as of the fiscal year ended September 27, 2020.
We cannot be certain that we will be successful in maintaining adequate internal controls over our financial reporting and financial processes in the future.
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Such indebtedness, along with the other contractual commitments of our Company or its subsidiaries, could adversely affect our business, financial condition and results of operations, as well as the ability of certain of our subsidiaries to meet debt payment obligations.
−Removed: Under the Indenture, the Master Issuer has approximately $1.4 billion of outstanding debt as of September 27, 2020, which includes $107.9 million of borrowings we drew down on our revolving credit facility during the year to provide additional security and liquidity given the uncertainty of the COVID-19 pandemic.
+Added: Under the Indenture, the Master Issuer has approximately $1.3 billion of outstanding debt as of October 3, 2021.
This level of debt could have certain material adverse effects on the Company, including but not limited to:
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As a result of these restrictions, we may not have adequate resources or the flexibility to continue to manage the business and provide for growth of the Jack in the Box system, including product development and marketing for the Jack in the Box brand, which could adversely affect our future growth prospects, financial condition, results of operations and liquidity.
−Removed: Changes in accounting standards may negatively impact our results of operations.
−Removed: Changes in accounting standards, policies, or related interpretations by accountants or regulatory entities may negatively impact our financial results.
−Removed: Many accounting standards require management to make subjective assumptions and estimates, such as those required for long-lived assets, retirement benefits, self-insurance, restaurant closing costs, goodwill and other intangibles, legal accruals, and income taxes.
−Removed: Changes in those underlying assumptions and estimates could significantly change our results.
We are subject to increasing legal complexity and may be subject to claims or lawsuits that are costly to defend and could result in our payment of substantial damages or settlement costs.
−Removed: We are subject to complaints or litigation brought by current or former employees, customers, current or former franchisees, vendors, landlords, shareholders, competitors, government agencies, or others.
−Removed: We assess contingencies to determine the degree of probability and range of possible losses for potential accrual in our financial statements.
−Removed: An estimated loss contingency is accrued if it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.
−Removed: Because lawsuits are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about future events.
−Removed: We regularly review contingencies to determine the adequacy of the accruals and related disclosures.
−Removed: However, the amount of ultimate loss may differ from these estimates.
+Added: We are subject to complaints or litigation brought by current or former employees, customers, current or former franchisees, vendors, landlords, shareholders, competitors (e.g., intellectual property related claims), government agencies, or others.
A judgment that is not covered by insurance or that is significantly in excess of our insurance coverage for any claims could materially adversely affect our financial results.
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Resolution of such disputes may be costly and time-consuming, and thus increase our costs and distract management resources.
+Added: Our insurance may not provide adequate levels of coverage against claims.
+Added: We believe that we maintain insurance policies customary for businesses of our size, type, and experience.
+Added: Historically, through the use of deductibles or self-insurance retentions, we retained a portion of expected losses for our workers’ compensation, general liability, certain employee medical and dental, employment, property, and other claims.
+Added: However, there are types of losses that we may incur that cannot be insured against or that we believe are not economically reasonable to insure.
+Added: Such losses could have a material adverse effect on our business and results of operations.
+Added: Changes in tax laws, interpretations of existing tax law, or adverse determinations by tax authorities could adversely affect our income tax expense and income tax payments.
+Added: We are subject to income taxation at the federal, state, and local levels in the U.S.
+Added: Any significant changes in income tax laws, including, but not limited to, income tax rate increases, authoritative interpretations of the tax laws, and/or comprehensive tax reform measures could adversely affect our financial condition or results of operations.
+Added: Risks Related to Government Regulations
Increasing regulatory and legal complexity may adversely affect restaurant operations and our financial results.
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Acceptance of this or similar arguments by the courts in California or elsewhere could impact our financial results or affect restaurant operations.
−Removed: Our insurance may not provide adequate levels of coverage against claims.
−Removed: We believe that we maintain insurance policies customary for businesses of our size, type, and experience.
−Removed: Historically, through the use of deductibles or self-insurance retentions, we retained a portion of expected losses for our workers’ compensation, general liability, certain employee medical and dental, employment, property, and other claims.
−Removed: However, there are types of losses that we may incur that cannot be insured against or that we believe are not economically reasonable to insure.
−Removed: Such losses could have a material adverse effect on our business and results of operations.
−Removed: Risks Related to Government Regulations
Governmental regulation, including in one or more of the following areas, may adversely affect our existing and future operations and results, including by harming our ability to profitably operate our restaurants.
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The expenses associated with any modifications we may be required to undertake with respect to our restaurants or services, or any damages, legal fees, and costs associated with litigating or resolving claims under the ADA or similar state laws, could be material.
+Added: Consumer Protection and Privacy Laws
+Added: We are subject to various federal, state, and local laws and regulations concerning consumer protection and privacy as it relates to our marketing, advertising, and promotional programs, including, but not limited to, the California Consumer Privacy Act and the Telephone Consumer Protection Act.
+Added: Any damages, legal fees, or costs associated with litigating or resolving claims under any such law could be material.
Food Regulation
−Removed: The Food Safety Modernization Act signed into law in January 2011, granted the FDA new authority regarding the safety of the entire food system, including through increased inspections and mandatory food recalls.
+Added: The Food Safety Modernization Act granted the FDA new authority regarding the safety of the entire food system, including through increased inspections and mandatory food recalls.
Although restaurants are not directly implicated by these requirements, our suppliers may initiate or otherwise be subject to food recalls or other consequences impacting the availability of certain products, which could result in adverse publicity, or require us to take actions that could be costly for us or otherwise impact our business and financial results.
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Unauthorized workers are subject to deportation and may subject us to fines or penalties, and if any of our employees or our franchisees’ employees are found to be unauthorized, we could experience adverse publicity that negatively impacts our brand and may make it more difficult to hire and keep qualified employees.
−Removed: Termination of a significant number of employees who are found to be unauthorized workers may disrupt operations, cause temporary increases in labor costs to train
−Removed: new employees, and result in additional adverse publicity.
+Added: Termination of a significant number of employees who are found to be unauthorized workers may disrupt operations, cause temporary increases in labor costs to train new employees, and result in additional adverse publicity.
We could also become subject to fines, penalties, and other costs related to claims that we did not fully comply with all record keeping obligations of federal and state immigration compliance laws.
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• climate change, including regulations related to the potential impact of greenhouse gases, water consumption, or taxes on carbon emissions;
−Removed: • privacy obligations, including the recently passed California Consumer Privacy Act and other new or proposed federal and state regulations.
+Added: • consumer protection and privacy obligations, including the California Consumer Privacy Act, the Telephone Consumer Protection Act, and other new or proposed federal and state regulations.
The increasing amount and complexity of regulations and their interpretation may increase the costs to us and our franchisees of labor and compliance and increase our exposure to legal and regulatory claims which, in turn, could have a material adverse effect on our business.
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all of which can impact sales and profitability.
−Removed: Compliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and serviceware may be costly and time-consuming.
+Added: Compliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and service ware may be costly and time-consuming.
Additionally, if consumer health regulations change significantly, we may be required to modify our menu offerings or packaging, and as a result, may experience higher costs or reduced demand associated with such changes.
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If we fail to comply with such laws and regulations, our business could also experience a material adverse effect.
−Removed: Failure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and, thereby, harm our business.
−Removed: We are required, as a restaurant business, under state and local government regulations to obtain and maintain licenses, permits, and approvals to operate our businesses.
−Removed: Such regulations are subject to change from time to time.
−Removed: Any failure by us or our franchisees to obtain and maintain these licenses, permits, and approvals could adversely affect our financial results.
Risks Related to Our Common Stock
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.