What is the Free Cash Flow?

Nathan's Famous, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 29, 2020 March 31, 2019 ASSETS $ CURRENT ASSETS Cash and cash equivalents Accounts and other receivables, net (Note D) Inventories Prepaid expenses and other current assets (Note E) Total current assets 77,117 $ 11,108 378 1,181 89,784 75,446 10,173 535 1,007 87,161 4,889 Property and equipment, net of accumulated depreciation of $9,468 and $8,611, respectively Operating lease assets (Note L) Goodwill Intangible asset Deferred income taxes Other assets 4,610 9,181 95 1,269 95 1,353 343 465 343 105,282 S Total assets 94,306 LIABILITIES AND STOCKHOLDERS' DEFICIT S 5,222 9,384 CURRENT LIABILITIES Accounts payable Accrued expenses and other current liabilities (Note H) Current portion of operating lease liabilities (Note L) Deferred franchise fees Total current liabilities 3,509 9,297 1,583 230 14,619 318 14,924 145,449 Long-term debt, net of unamortized debt issuance costs of $3,860 and $4,551, respectively (Note K) Operating lease liabilities Other liabilities (Note H) Deferred franchise fees Deferred income taxes 146,140 8,532 696 1,687 9 1,390 2,687 Total liabilities 171,683 164,450 COMMITMENTS AND CONTINGENCIES (Note N) STOCKHOLDERS' DEFICIT Common stock, $.01 par value; 30,000,000 shares authorized; 9,368,792 and 9,336,338 shares issued; and 4,141,387 and 4,194,575 shares outstanding at March 29, 2020 and March 31, 2019, respectively Additional paid-in capital (Accumulated deficit) Stockholders' equity before treasury stock 94 62,130 (45,356) 16,868 93 60,945 (52,879) 8,159 Treasury stock, at cost, 5,227,405 and 5,141,763 shares at March 29, 2020 and March 31, 2019 Total stockholders' deficit (83,269) (66,401) (78,303) (70,144 Total liabilities and stockholders' deficit $ 105.282 94,306 The accompanying notes are an integral part of these consolidated financial statements. F-3 Nathan's Famous, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 29, 2020 March 31, 2019 ASSETS $ CURRENT ASSETS Cash and cash equivalents Accounts and other receivables, net (Note D) Inventories Prepaid expenses and other current assets (Note E) Total current assets 77,117 $ 11,108 378 1,181 89,784 75,446 10,173 535 1,007 87,161 4,889 Property and equipment, net of accumulated depreciation of $9,468 and $8,611, respectively Operating lease assets (Note L) Goodwill Intangible asset Deferred income taxes Other assets 4,610 9,181 95 1,269 95 1,353 343 465 343 105,282 S Total assets 94,306 LIABILITIES AND STOCKHOLDERS' DEFICIT S 5,222 9,384 CURRENT LIABILITIES Accounts payable Accrued expenses and other current liabilities (Note H) Current portion of operating lease liabilities (Note L) Deferred franchise fees Total current liabilities 3,509 9,297 1,583 230 14,619 318 14,924 145,449 Long-term debt, net of unamortized debt issuance costs of $3,860 and $4,551, respectively (Note K) Operating lease liabilities Other liabilities (Note H) Deferred franchise fees Deferred income taxes 146,140 8,532 696 1,687 9 1,390 2,687 Total liabilities 171,683 164,450 COMMITMENTS AND CONTINGENCIES (Note N) STOCKHOLDERS' DEFICIT Common stock, $.01 par value; 30,000,000 shares authorized; 9,368,792 and 9,336,338 shares issued; and 4,141,387 and 4,194,575 shares outstanding at March 29, 2020 and March 31, 2019, respectively Additional paid-in capital (Accumulated deficit) Stockholders' equity before treasury stock 94 62,130 (45,356) 16,868 93 60,945 (52,879) 8,159 Treasury stock, at cost, 5,227,405 and 5,141,763 shares at March 29, 2020 and March 31, 2019 Total stockholders' deficit (83,269) (66,401) (78,303) (70,144 Total liabilities and stockholders' deficit $ 105.282 94,306 The accompanying notes are an integral part of these consolidated financial statements. F-3