I don't see how you can say that they haven't generated any cash. It turns out that they pay for new outlets out of the cash flow so the cash position can ebb and flow with those expenditures.
All those new outlets generate more profits for future quarters.
Mo money, mo outlets, mo money, etc. and it looks like it can go on for another 300 outlets that could be prospects. (I started investing in BJRI when they had about 16 restaurants, so I'm biased. It has worked out very well.)
I am long, and these earnings were exactly what I wanted to hear. I simply cannot understand why you would short this stock or sell it at this point in the game. Companies can stay "over valued" for a very long time as they grow.