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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dine Brands Global Inc | NYSE:DIN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 0.37% | 43.83 | 45.08 | 43.745 | 44.29 | 328,096 | 01:00:00 |
Delaware | 95-3038279 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
450 North Brand Boulevard, | 91203-1903 | |||||||||||||
Glendale, | CA | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
(818) | 240-6055 | ||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | |||||||||
Common Stock, $0.01 par value | DIN | New York Stock Exchange |
Large accelerated filer
|
☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer
|
☐ | |||||||||||||
Smaller reporting company | ☐ | |||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
Assets | ||||||||||||||
June 30, 2021 | December 31, 2020 | |||||||||||||
(Unaudited) | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents
|
$ | 259,461 | $ | 383,369 | ||||||||||
Receivables, net of allowance of $10,095 (2021) and $15,057 (2020)
|
99,308 | 121,897 | ||||||||||||
Restricted cash
|
72,137 | 39,884 | ||||||||||||
Prepaid gift card costs
|
21,716 | 29,080 | ||||||||||||
Prepaid income taxes
|
397 | 6,178 | ||||||||||||
Other current assets
|
8,134 | 6,098 | ||||||||||||
Total current assets
|
461,153 | 586,506 | ||||||||||||
Other intangible assets, net | 544,587 | 549,671 | ||||||||||||
Operating lease right-of-use assets | 331,826 | 346,086 | ||||||||||||
Goodwill | 251,628 | 251,628 | ||||||||||||
Property and equipment, net | 178,571 | 187,977 | ||||||||||||
Long-term receivables, net of allowance of $5,503 (2021) and $7,999 (2020)
|
47,839 | 54,512 | ||||||||||||
Deferred rent receivable | 53,017 | 56,449 | ||||||||||||
Non-current restricted cash | 16,400 | 32,800 | ||||||||||||
Other non-current assets, net | 10,902 | 9,316 | ||||||||||||
Total assets
|
$ | 1,895,923 | $ | 2,074,945 | ||||||||||
Liabilities and Stockholders’ Deficit | ||||||||||||||
Current liabilities: | ||||||||||||||
Current maturities of long-term debt
|
$ | 3,250 | $ | 13,000 | ||||||||||
Accounts payable
|
40,126 | 37,424 | ||||||||||||
Gift card liability
|
120,842 | 144,159 | ||||||||||||
Current maturities of operating lease obligations
|
70,491 | 69,672 | ||||||||||||
Current maturities of finance lease and financing obligations
|
10,954 | 11,293 | ||||||||||||
Accrued employee compensation and benefits
|
22,785 | 21,237 | ||||||||||||
Accrued advertising | 52,707 | 21,641 | ||||||||||||
Deferred franchise revenue, short-term
|
7,447 | 7,682 | ||||||||||||
Other accrued expenses
|
16,253 | 22,460 | ||||||||||||
Total current liabilities
|
344,855 | 348,568 | ||||||||||||
Long-term debt | 1,278,504 | 1,491,996 | ||||||||||||
Operating lease obligations, less current maturities | 325,278 | 345,163 | ||||||||||||
Finance lease obligations, less current maturities | 64,095 | 69,012 | ||||||||||||
Financing obligations, less current maturities | 32,393 | 32,797 | ||||||||||||
Deferred income taxes, net | 67,780 | 78,293 | ||||||||||||
Deferred franchise revenue, long-term | 47,794 | 52,237 | ||||||||||||
Other non-current liabilities | 17,975 | 11,530 | ||||||||||||
Total liabilities
|
2,178,674 | 2,429,596 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders’ deficit: | ||||||||||||||
Preferred stock, $1 par value, 10,000,000 shares authorized; no shares issued or outstanding
|
— | — | ||||||||||||
Common stock, $0.01 par value; shares: 40,000,000 authorized; June 30, 2021 - 25,011,253 issued, 17,177,950 outstanding; December 31, 2020 - 24,882,122 issued, 16,452,174 outstanding
|
250 | 249 | ||||||||||||
Additional paid-in-capital
|
250,509 | 257,625 | ||||||||||||
Accumulated deficit | (588) | (55,553) | ||||||||||||
Accumulated other comprehensive loss
|
(57) | (55) | ||||||||||||
Treasury stock, at cost; shares: June 30, 2021 - 7,833,303; December 31, 2020 - 8,429,948
|
(532,865) | (556,917) | ||||||||||||
Total stockholders’ deficit
|
(282,751) | (354,651) | ||||||||||||
Total liabilities and stockholders’ deficit
|
$ | 1,895,923 | $ | 2,074,945 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Revenues:
|
||||||||||||||||||||||||||
Franchise revenues: | ||||||||||||||||||||||||||
Royalties, franchise fees and other
|
$ | 94,630 | $ | 38,781 | $ | 174,721 | $ | 122,095 | ||||||||||||||||||
Advertising revenues
|
72,324 | 29,095 | 133,209 | 90,818 | ||||||||||||||||||||||
Total franchise revenues | 166,954 | 67,876 | 307,930 | 212,913 | ||||||||||||||||||||||
Company restaurant sales | 38,194 | 16,774 | 74,143 | 48,074 | ||||||||||||||||||||||
Rental revenues | 27,382 | 23,707 | 53,524 | 52,716 | ||||||||||||||||||||||
Financing revenues | 1,089 | 1,355 | 2,221 | 2,893 | ||||||||||||||||||||||
Total revenues | 233,619 | 109,712 | 437,818 | 316,596 | ||||||||||||||||||||||
Cost of revenues:
|
||||||||||||||||||||||||||
Franchise expenses: | ||||||||||||||||||||||||||
Advertising expenses
|
72,324 | 29,095 | 133,209 | 90,818 | ||||||||||||||||||||||
Bad debt (credit) expense | (291) | 5,053 | (2,284) | 5,571 | ||||||||||||||||||||||
Other franchise expenses
|
7,224 | 2,932 | 13,275 | 10,141 | ||||||||||||||||||||||
Total franchise expenses | 79,257 | 37,080 | 144,200 | 106,530 | ||||||||||||||||||||||
Company restaurant expenses | 34,759 | 21,139 | 67,643 | 51,471 | ||||||||||||||||||||||
Rental expenses: | ||||||||||||||||||||||||||
Interest expense from finance leases
|
893 | 1,137 | 1,855 | 2,347 | ||||||||||||||||||||||
Other rental expenses
|
19,718 | 20,106 | 39,714 | 41,429 | ||||||||||||||||||||||
Total rental expenses | 20,611 | 21,243 | 41,569 | 43,776 | ||||||||||||||||||||||
Financing expenses | 115 | 128 | 243 | 270 | ||||||||||||||||||||||
Total cost of revenues | 134,742 | 79,590 | 253,655 | 202,047 | ||||||||||||||||||||||
Gross profit
|
98,877 | 30,122 | 184,163 | 114,549 | ||||||||||||||||||||||
General and administrative expenses
|
39,276 | 30,870 | 79,187 | 68,478 | ||||||||||||||||||||||
Interest expense, net
|
15,739 | 17,127 | 32,235 | 32,299 | ||||||||||||||||||||||
Impairment and closure charges | 2,571 | 124,365 | 4,581 | 124,353 | ||||||||||||||||||||||
Amortization of intangible assets
|
2,663 | 2,755 | 5,351 | 5,581 | ||||||||||||||||||||||
(Gain) loss on disposition of assets | (30) | 1,776 | 137 | 1,543 | ||||||||||||||||||||||
Income before income taxes | 38,658 | (146,771) | 62,672 | (117,705) | ||||||||||||||||||||||
Income tax (provision) benefit | (9,296) | 11,992 | (7,707) | 5,254 | ||||||||||||||||||||||
Net income (loss) | 29,362 | (134,779) | 54,965 | (112,451) | ||||||||||||||||||||||
Other comprehensive income net of tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustment | (1) | — | (2) | — | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | 29,361 | $ | (134,779) | $ | 54,963 | $ | (112,451) | ||||||||||||||||||
Net income (loss) available to common stockholders: | ||||||||||||||||||||||||||
Net income (loss) | $ | 29,362 | $ | (134,779) | $ | 54,965 | $ | (112,451) | ||||||||||||||||||
Less: Net income allocated to unvested participating restricted stock | (657) | — | (1,431) | (420) | ||||||||||||||||||||||
Net income (loss) available to common stockholders | $ | 28,705 | $ | (134,779) | $ | 53,534 | $ | (112,871) | ||||||||||||||||||
Net income (loss) available to common stockholders per share: | ||||||||||||||||||||||||||
Basic | $ | 1.70 | $ | (8.33) | $ | 3.21 | $ | (6.96) | ||||||||||||||||||
Diluted | $ | 1.69 | $ | (8.33) | $ | 3.19 | $ | (6.96) | ||||||||||||||||||
Weighted average shares outstanding:
|
||||||||||||||||||||||||||
Basic | 16,886 | 16,177 | 16,673 | 16,215 | ||||||||||||||||||||||
Diluted | 16,977 | 16,177 | 16,802 | 16,215 | ||||||||||||||||||||||
Three Months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
Accumulated
Other Comprehensive Loss |
Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares
Outstanding |
Amount |
Additional
Paid-in Capital |
Retained Earnings (Accumulated Deficit) | Shares | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 17,142 | $ | 250 | $ | 247,498 | $ | (29,950) | $ | (56) | 7,891 | $ | (535,144) | $ | (317,402) | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 29,362 | — | — | — | 29,362 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | 58 | — | 748 | — | — | (58) | 2,279 | 3,027 | ||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares for stock plans | (20) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of restricted shares for taxes | (2) | — | (183) | — | — | — | — | (183) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 2,518 | — | — | — | — | 2,518 | ||||||||||||||||||||||||||||||||||||||||||
Tax payments for share settlement of restricted stock units | — | — | (72) | — | — | — | — | (72) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 17,178 | $ | 250 | $ | 250,509 | $ | (588) | $ | (57) | 7,833 | $ | (532,865) | $ | (282,751) |
Six Months ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
Accumulated
Other Comprehensive Loss |
Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares
Outstanding |
Amount |
Additional
Paid-in Capital |
Retained Earnings (Accumulated Deficit) | Shares | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 16,452 | $ | 249 | $ | 257,625 | $ | (55,553) | $ | (55) | 8,430 | $ | (556,917) | $ | (354,651) | ||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 54,965 | — | — | — | 54,965 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (2) | — | — | (2) | ||||||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | 597 | 1 | (1,542) | — | — | (597) | 24,052 | 22,511 | ||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares for stock plans | 146 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of restricted shares for taxes | (17) | — | (1,403) | — | — | — | — | (1,403) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 5,612 | — | — | — | — | 5,612 | ||||||||||||||||||||||||||||||||||||||||||
Tax payments for share settlement of restricted stock units | — | — | (9,783) | — | — | — | — | (9,783) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 17,178 | $ | 250 | $ | 250,509 | $ | (588) | $ | (57) | 7,833 | $ | (532,865) | $ | (282,751) |
Three Months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
Accumulated
Other Comprehensive Loss |
Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares
Outstanding |
Amount |
Additional
Paid-in Capital |
(Accumulated Deficit) Retained Earnings | Shares | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 16,421 | $ | 249 | $ | 252,443 | $ | 70,769 | $ | (58) | 8,496 | $ | (559,780) | $ | (236,377) | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (134,779) | — | — | — | (134,779) | ||||||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | 14 | — | (600) | — | — | (13) | 599 | (1) | ||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares for stock plans | (14) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of restricted shares for taxes | (3) | — | (129) | — | — | — | — | (129) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 2,632 | — | — | — | — | 2,632 | ||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock | — | — | 261 | — | — | — | — | 261 | ||||||||||||||||||||||||||||||||||||||||||
Tax payments for share settlement of restricted stock units | — | — | (178) | — | — | — | — | (178) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 16,418 | $ | 249 | $ | 254,429 | $ | (64,010) | $ | (58) | 8,483 | $ | (559,181) | $ | (368,571) |
Six Months ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock |
Accumulated
Other Comprehensive Loss |
Treasury Stock | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares
Outstanding |
Amount |
Additional
Paid-in Capital |
(Accumulated Deficit) Retained Earnings | Shares | Cost | Total | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 16,522 | $ | 249 | $ | 246,192 | $ | 61,653 | $ | (58) | 8,404 | $ | (549,810) | $ | (241,774) | ||||||||||||||||||||||||||||||||||||
Adoption of credit loss accounting guidance (Note 3) | — | — | — | (497) | — | — | — | (497) | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (112,451) | — | — | — | (112,451) | ||||||||||||||||||||||||||||||||||||||||||
Purchase of Company common stock | (460) | — | — | — | — | 460 | (26,527) | (26,527) | ||||||||||||||||||||||||||||||||||||||||||
Reissuance of treasury stock | 381 | — | 3,367 | — | — | (381) | 17,156 | 20,523 | ||||||||||||||||||||||||||||||||||||||||||
Net issuance of shares for stock plans | 4 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Repurchase of restricted shares for taxes | (29) | — | (2,129) | — | — | — | — | (2,129) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 6,670 | — | — | — | — | 6,670 | ||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock | — | — | 507 | (12,715) | — | — | — | (12,208) | ||||||||||||||||||||||||||||||||||||||||||
Tax payments for share settlement of restricted stock units | — | — | (178) | — | — | — | — | (178) | ||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 16,418 | $ | 249 | $ | 254,429 | $ | (64,010) | $ | (58) | 8,483 | $ | (559,181) | $ | (368,571) |
Six Months Ended | ||||||||||||||
June 30, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income (loss) | $ | 54,965 | $ | (112,451) | ||||||||||
Adjustments to reconcile net income (loss) to cash flows provided by (used in) operating activities: | ||||||||||||||
Non-cash impairment and closure charges | 4,514 | 124,343 | ||||||||||||
Depreciation and amortization | 19,976 | 21,345 | ||||||||||||
Non-cash stock-based compensation expense | 5,612 | 6,670 | ||||||||||||
Non-cash interest expense | 1,427 | 1,318 | ||||||||||||
Deferred income taxes | (10,007) | (10,793) | ||||||||||||
Deferred revenue | (4,678) | (4,840) | ||||||||||||
Loss on disposition of assets | 137 | 1,543 | ||||||||||||
Other | (3,608) | (252) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable, net | 4,928 | (31,039) | ||||||||||||
Current income tax receivables and payables | 5,315 | (5,456) | ||||||||||||
Gift card receivables and payables | (3,837) | 2,293 | ||||||||||||
Other current assets | (2,036) | (2,503) | ||||||||||||
Accounts payable | 6,195 | (903) | ||||||||||||
Accrued employee compensation and benefits | 1,466 | (13,336) | ||||||||||||
Accrued advertising | 31,066 | 13,012 | ||||||||||||
Other current liabilities | (5,419) | 532 | ||||||||||||
Cash flows provided by (used in) operating activities | 106,016 | (10,517) | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Principal receipts from notes, equipment contracts and other long-term receivables | 9,703 | 10,772 | ||||||||||||
Net additions to property and equipment | (4,064) | (7,380) | ||||||||||||
Proceeds from sale of property and equipment | 946 | 456 | ||||||||||||
Additions to long-term receivables | — | (1,475) | ||||||||||||
Other | (237) | (276) | ||||||||||||
Cash flows provided by investing activities | 6,348 | 2,097 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Repayment of long-term debt | (6,500) | — | ||||||||||||
Borrowing from revolving credit facility | — | 220,000 | ||||||||||||
Repayment of revolving credit facility | (220,000) | — | ||||||||||||
Dividends paid on common stock | — | (23,934) | ||||||||||||
Repurchase of common stock | — | (29,853) | ||||||||||||
Principal payments on finance lease obligations | (5,244) | (5,993) | ||||||||||||
Proceeds from stock options exercised | 22,511 | 20,523 | ||||||||||||
Repurchase of restricted stock for tax payments upon vesting | (1,403) | (2,129) | ||||||||||||
Tax payments for share settlement of restricted stock units | (9,783) | (178) | ||||||||||||
Cash flows (used in) provided by financing activities | (220,419) | 178,436 | ||||||||||||
Net change in cash, cash equivalents and restricted cash | (108,055) | 170,016 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 456,053 | 172,475 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 347,998 | $ | 342,491 | ||||||||||
Supplemental disclosures: | ||||||||||||||
Interest paid in cash | $ | 33,405 | $ | 34,108 | ||||||||||
Income taxes paid in cash | $ | 13,341 | $ | 11,103 | ||||||||||
Non-cash conversion of accounts receivable to notes receivable | $ | 1,640 | $ | — | ||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Franchise Revenue:
|
||||||||||||||||||||||||||
Royalties | $ | 78,124 | $ | 31,011 | $ | 142,401 | $ | 98,611 | ||||||||||||||||||
Advertising fees | 72,324 | 29,095 | 133,209 | 90,818 | ||||||||||||||||||||||
Pancake and waffle dry mix sales and other | 13,525 | 4,037 | 24,415 | 16,885 | ||||||||||||||||||||||
Franchise and development fees | 2,981 | 3,733 | 7,905 | 6,599 | ||||||||||||||||||||||
Total franchise revenue
|
$ | 166,954 | $ | 67,876 | $ | 307,930 | $ | 212,913 |
Deferred Franchise Revenue (short- and long-term) | ||||||||
(In thousands) | ||||||||
Balance at December 31, 2020 | $ | 59,919 | ||||||
Recognized as revenue during the six months ended June 30, 2021 | (7,433) | |||||||
Fees deferred during the six months ended June 30, 2021 | 2,755 | |||||||
Balance at June 30, 2021 | $ | 55,241 |
(In thousands) | |||||
Remainder of 2021 | $ | 3,743 | |||
2022 | 7,278 | ||||
2023 | 6,644 | ||||
2024 | 6,051 | ||||
2025 | 5,274 | ||||
Thereafter | 26,251 | ||||
Total | $ | 55,241 |
June 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Accounts receivable | $ | 72.8 | $ | 85.7 | |||||||
Gift card receivables | 6.9 | 22.5 | |||||||||
Notes receivable | 20.1 | 18.6 | |||||||||
Financing receivables: | |||||||||||
Equipment leases receivable | 37.5 | 43.9 | |||||||||
Direct financing leases receivable | 18.9 | 22.7 | |||||||||
Franchise fee notes receivable | 0.1 | 0.1 | |||||||||
Other | 6.4 | 6.0 | |||||||||
162.7 | 199.5 | ||||||||||
Less: allowance for credit losses | (15.6) | (23.1) | |||||||||
147.1 | 176.4 | ||||||||||
Less: current portion | (99.3) | (121.9) | |||||||||
Long-term receivables | $ | 47.8 | $ | 54.5 |
Accounts Receivable | Notes receivable, short-term | Notes receivable, long-term | Lease Receivables | Equipment Notes |
Other (1)
|
Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | 11.2 | $ | 3.6 | $ | 5.3 | $ | 0.4 | $ | 2.3 | $ | 0.3 | $ | 23.1 | |||||||||||||||||||||||||||
Bad debt (credit) expense for the six months ended June 30, 2021 | (2.2) | 0.4 | (0.1) | 0.1 | (0.4) | (0.1) | (2.3) | ||||||||||||||||||||||||||||||||||
Advertising provision adjustment | (2.9) | 0.0 | — | — | — | — | (2.9) | ||||||||||||||||||||||||||||||||||
Write-offs | (0.2) | — | — | (0.5) | (1.7) | — | (2.4) | ||||||||||||||||||||||||||||||||||
Other | — | — | — | 0.1 | 0.0 | — | 0.1 | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | 5.9 | $ | 4.0 | $ | 5.2 | $ | 0.1 | $ | 0.2 | $ | 0.2 | $ | 15.6 |
Notes receivable, short-term | Notes receivable, long-term | Lease Receivables | Equipment Notes |
Other (1)
|
Total | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Current | $ | 5.3 | $ | 12.0 | $ | 18.9 | $ | 37.5 | $ | 1.8 | $ | 75.5 | |||||||||||||||||||||||
30-59 days | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||||||||||||
60-89 days | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||
90-119 days | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||||||||||||
120+ days | 2.5 | — | — | — | — | 2.5 | |||||||||||||||||||||||||||||
Total | $ | 8.2 | $ | 12.0 | $ | 18.9 | $ | 37.5 | $ | 1.8 | $ | 78.4 |
Notes receivable, short and long-term | Lease Receivables | Equipment Notes | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
2021 | $ | 2.3 | $ | 1.0 | $ | — | $ | 3.3 | |||||||||||||||
2020 | 0.8 | 1.5 | — | 2.3 | |||||||||||||||||||
2019 | 2.5 | 0.8 | — | 3.3 | |||||||||||||||||||
2018 | 8.0 | — | — | 8.0 | |||||||||||||||||||
2017 | 6.4 | — | — | 6.4 | |||||||||||||||||||
Prior | 0.1 | 15.6 | 37.5 | 53.2 | |||||||||||||||||||
Total | $ | 20.1 | $ | 18.9 | $ | 37.5 | $ | 76.5 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||
Amortization of right-of-use assets
|
$ | 1.1 | $ | 1.3 | $ | 2.3 | $ | 2.5 | |||||||||||||||
Interest on lease liabilities
|
1.4 | 1.6 | 2.8 | 3.4 | |||||||||||||||||||
Operating lease cost | 24.7 | 26.6 | 49.8 | 53.1 | |||||||||||||||||||
Variable lease cost | 0.5 | (0.1) | 0.8 | 0.3 | |||||||||||||||||||
Short-term lease cost | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||||||
Sublease income | (24.9) | (21.5) | (49.1) | (48.1) | |||||||||||||||||||
Lease cost | $ | 2.8 | $ | 7.9 | $ | 6.6 | $ | 11.2 |
Finance
Leases |
Operating
Leases |
||||||||||
(In millions) | |||||||||||
2021 (remaining six months) | $ | 7.7 | $ | 46.0 | |||||||
2022 | 14.4 | 87.9 | |||||||||
2023 | 11.6 | 72.4 | |||||||||
2024 | 9.7 | 67.2 | |||||||||
2025 | 8.6 | 58.6 | |||||||||
Thereafter | 51.0 | 150.4 | |||||||||
Total minimum lease payments | 103.0 | 482.5 | |||||||||
Less: interest/imputed interest | (28.7) | (86.7) | |||||||||
Total obligations | 74.3 | 395.8 | |||||||||
Less: current portion | (10.2) | (70.5) | |||||||||
Long-term lease obligations | $ | 64.1 | $ | 325.3 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Principal payments on finance lease obligations | $ | 2.6 | $ | 3.0 | $ | 5.2 | $ | 6.0 | |||||||||||||||
Interest payments on finance lease obligations | $ | 1.4 | $ | 1.6 | $ | 2.8 | $ | 3.4 | |||||||||||||||
Payments on operating leases | $ | 22.8 | $ | 23.0 | $ | 45.8 | $ | 46.5 | |||||||||||||||
Variable lease payments | $ | 0.3 | $ | 0.2 | $ | 0.6 | $ | 0.5 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Minimum lease payments | $ | 23.9 | $ | 22.5 | $ | 47.7 | $ | 47.9 | |||||||||||||||
Variable lease income | 2.8 | 0.4 | 4.4 | 2.8 | |||||||||||||||||||
Total operating lease income | $ | 26.7 | $ | 22.9 | $ | 52.1 | $ | 50.7 |
(In millions) | |||||
2021 (remaining six months) | $ | 50.2 | |||
2022 | 100.0 | ||||
2023 | 96.4 | ||||
2024 | 87.7 | ||||
2025 | 76.2 | ||||
Thereafter | 178.9 | ||||
Total minimum rents receivable | $ | 589.4 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Interest income | $ | 0.5 | $ | 0.8 | $ | 1.1 | $ | 1.8 | |||||||||||||||
Variable lease income | 0.2 | 0.0 | 0.3 | 0.2 | |||||||||||||||||||
Total operating lease income | $ | 0.7 | $ | 0.8 | $ | 1.4 | $ | 2.0 |
(In millions) | |||||
2021 (remaining six months) | $ | 4.8 | |||
2022 | 7.6 | ||||
2023 | 3.7 | ||||
2024 | 1.6 | ||||
2025 | 0.8 | ||||
Thereafter | 4.0 | ||||
Total minimum rents receivable | 22.5 | ||||
Less: unearned income | (3.6) | ||||
Total net investment in direct financing leases | 18.9 | ||||
Less: current portion | (7.5) | ||||
Long-term investment in direct financing leases | $ | 11.4 |
June 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
|
$ | 694.8 | $ | 698.3 | |||||||
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
|
595.5 | 598.5 | |||||||||
Series 2019-1 Variable Funding Senior Notes Class A-1, variable interest rate of 2.42% at December 31, 2020
|
— | 220.0 | |||||||||
Debt issuance costs | (8.5) | (11.8) | |||||||||
Long-term debt, net of debt issuance costs | 1,281.8 | 1,505.0 | |||||||||
Current portion of long-term debt | (3.3) | (13.0) | |||||||||
Long-term debt | $ | 1,278.5 | $ | 1,492.0 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Dividends declared per common share | $ | — | $ | — | $ | — | $ | 0.76 | |||||||||||||||
Dividends paid per common share | $ | — | $ | 0.76 | $ | — | $ | 1.45 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Total stock-based compensation expense: | (In millions) | ||||||||||||||||||||||
Equity classified awards expense
|
$ | 2.5 | $ | 2.6 | $ | 5.6 | $ | 6.7 | |||||||||||||||
Liability classified awards expense (credit) | 0.5 | 0.1 | 2.0 | (0.5) | |||||||||||||||||||
Total pre-tax stock-based compensation expense | 3.0 | 2.7 | 7.6 | 6.2 | |||||||||||||||||||
Book income tax benefit | (0.8) | (0.7) | (1.9) | (1.6) | |||||||||||||||||||
Total stock-based compensation expense, net of tax | $ | 2.2 | $ | 2.0 | $ | 5.7 | $ | 4.6 |
Risk-free interest rate | 0.5 | % | |||
Historical volatility | 67.7 | % | |||
Dividend yield | — | % | |||
Expected years until exercise | 4.5 | ||||
Fair value of options granted | $40.25 |
Shares |
Weighted
Average Exercise Price |
Weighted Average
Remaining Contractual Term (in Years) |
Aggregate
Intrinsic Value (in Millions) |
|||||||||||||||||||||||
Outstanding at December 31, 2020 | 1,014,670 | $ | 64.16 | |||||||||||||||||||||||
Granted | 95,891 | 75.28 | ||||||||||||||||||||||||
Exercised | (474,686) | 47.96 | ||||||||||||||||||||||||
Expired | (24,540) | 98.26 | ||||||||||||||||||||||||
Forfeited | (56,582) | 88.34 | ||||||||||||||||||||||||
Outstanding at June 30, 2021 | 554,753 | 75.97 | 6.4 | $ | 8.3 | |||||||||||||||||||||
Vested at June 30, 2021 and Expected to Vest | 533,000 | 75.81 | 6.3 | $ | 8.1 | |||||||||||||||||||||
Exercisable at June 30, 2021 | 372,922 | $ | 72.86 | 5.1 | $ | 6.9 |
Restricted
Stock |
Weighted
Average Grant Date Fair Value |
Stock-Settled Restricted
Stock Units |
Weighted
Average Grant Date Fair Value |
|||||||||||||||||||||||
Outstanding at December 31, 2020 | 254,331 | $ | 76.50 | 355,570 | $ | 28.01 | ||||||||||||||||||||
Granted | 127,041 | 83.73 | 68,578 | 62.92 | ||||||||||||||||||||||
Released | (46,223) | 67.14 | (314,713) | 22.84 | ||||||||||||||||||||||
Forfeited | (40,105) | 83.34 | — | — | ||||||||||||||||||||||
Outstanding at June 30, 2021 | 295,044 | $ | 80.15 | 109,435 | $ | 64.76 |
Cash-Settled Restricted
Stock Units |
||||||||
Outstanding at December 31, 2020 | 52,956 | |||||||
Released | (38,916) | |||||||
Forfeited | (740) | |||||||
Outstanding at June 30, 2021 | 13,300 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Revenues from external customers: | ||||||||||||||||||||||||||
Franchise operations | $ | 166.9 | $ | 67.8 | $ | 307.9 | $ | 212.9 | ||||||||||||||||||
Rental operations | 27.4 | 23.7 | 53.5 | 52.7 | ||||||||||||||||||||||
Company restaurants | 38.2 | 16.8 | 74.2 | 48.1 | ||||||||||||||||||||||
Financing operations | 1.1 | 1.4 | 2.2 | 2.9 | ||||||||||||||||||||||
Total
|
$ | 233.6 | $ | 109.7 | $ | 437.8 | $ | 316.6 | ||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Rental operations | $ | 1.3 | $ | 1.5 | $ | 2.6 | $ | 3.1 | ||||||||||||||||||
Company restaurants | 0.8 | 0.5 | 1.7 | 1.0 | ||||||||||||||||||||||
Corporate | 15.7 | 17.1 | 32.2 | 32.3 | ||||||||||||||||||||||
Total
|
$ | 17.8 | $ | 19.1 | $ | 36.5 | $ | 36.4 | ||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||||||||
Franchise operations | $ | 2.5 | $ | 2.6 | $ | 5.0 | $ | 5.1 | ||||||||||||||||||
Rental operations | 2.8 | 3.1 | 5.6 | 6.3 | ||||||||||||||||||||||
Company restaurants | 1.8 | 1.7 | 3.5 | 3.2 | ||||||||||||||||||||||
Corporate | 2.9 | 3.4 | 5.9 | 6.7 | ||||||||||||||||||||||
Total
|
$ | 10.0 | $ | 10.7 | $ | 20.0 | $ | 21.3 | ||||||||||||||||||
Gross profit (loss), by segment: | ||||||||||||||||||||||||||
Franchise operations | $ | 87.7 | $ | 30.8 | $ | 163.7 | $ | 106.4 | ||||||||||||||||||
Rental operations | 6.8 | 2.4 | 12.0 | 8.9 | ||||||||||||||||||||||
Company restaurants | 3.4 | (4.4) | 6.5 | (3.4) | ||||||||||||||||||||||
Financing operations | 1.0 | 1.2 | 2.0 | 2.6 | ||||||||||||||||||||||
Total gross profit
|
98.9 | 30.0 | 184.2 | 114.5 | ||||||||||||||||||||||
Corporate and unallocated expenses, net
|
(60.2) | (176.9) | (121.5) | (232.3) | ||||||||||||||||||||||
Income (loss) before income taxes | $ | 38.7 | $ | (146.8) | $ | 62.7 | $ | (117.7) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||
Numerator for basic and diluted income (loss) per common share: | |||||||||||||||||||||||
Net income (loss) | $ | 29,362 | $ | (134,779) | $ | 54,965 | $ | (112,451) | |||||||||||||||
Less: Net income allocated to unvested participating restricted stock | (657) | — | (1,431) | (420) | |||||||||||||||||||
Net income (loss) available to common stockholders - basic | 28,705 | (134,779) | 53,534 | (112,871) | |||||||||||||||||||
Effect of unvested participating restricted stock in two-class calculation | 3 | — | 10 | — | |||||||||||||||||||
Net income (loss) available to common stockholders - diluted | $ | 28,708 | $ | (134,779) | $ | 53,544 | $ | (112,871) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average outstanding shares of common stock - basic | 16,886 | 16,177 | 16,673 | 16,215 | |||||||||||||||||||
Dilutive effect of stock options | 91 | — | 129 | — | |||||||||||||||||||
Weighted average outstanding shares of common stock - diluted | 16,977 | 16,177 | 16,802 | 16,215 | |||||||||||||||||||
Net income (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 1.70 | $ | (8.33) | $ | 3.21 | $ | (6.96) | |||||||||||||||
Diluted | $ | 1.69 | $ | (8.33) | $ | 3.19 | $ | (6.96) |
Impairment and Closure Charges | Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Closure charges | $ | 1.0 | $ | 0.7 | $ | 2.9 | $ | 0.7 | ||||||||||||||||||
Long-lived tangible asset impairment | 1.6 | 17.2 | 1.7 | 17.2 | ||||||||||||||||||||||
Goodwill impairment | — | 92.2 | — | 92.2 | ||||||||||||||||||||||
Tradename impairment | — | 11.0 | — | 11.0 | ||||||||||||||||||||||
Impairment of reacquired franchise rights | — | 3.3 | — | 3.3 | ||||||||||||||||||||||
Total impairment and closure charges | $ | 2.6 | $ | 124.4 | $ | 4.6 | $ | 124.4 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||
(In millions) | |||||||||||||||||
Face Value of Class A-2 Notes | $ | 1,290.3 | $ | 1,296.8 | |||||||||||||
Fair Value of Class A-2 Notes | $ | 1,354.9 | $ | 1,259.5 |
|
June 30, 2021 | December 31, 2020 | |||||||||
(In millions) | |||||||||||
Money market funds | $ | 30.0 | $ | 175.0 | |||||||
IHOP advertising funds and gift card programs | 76.2 | 71.6 | |||||||||
Other depository accounts | 153.3 | 136.8 | |||||||||
Total cash and cash equivalents | $ | 259.5 | $ | 383.4 |
|
June 30, 2021 | December 31, 2020 | |||||||||
(In millions) | |||||||||||
Securitized debt reserves | $ | 33.7 | $ | 27.0 | |||||||
Applebee's advertising funds | 38.3 | 12.8 | |||||||||
Other | 0.1 | 0.1 | |||||||||
Total current restricted cash | $ | 72.1 | $ | 39.9 |
Status as of June 30, 2021 | |||||||||||||||||
Domestic | |||||||||||||||||
Dining room capacity %/other status | Applebee's | IHOP | International | ||||||||||||||
100% capacity | 1,568 | 1,617 | 16 | ||||||||||||||
> 50% capacity | 19 | 12 | 77 | ||||||||||||||
26%-50% capacity | — | — | 75 | ||||||||||||||
Up to 25% capacity | — | — | 6 | ||||||||||||||
Off-premise/outdoors only and other | 1 | 5 | 19 | ||||||||||||||
Restaurants temporarily closed | 2 | 20 | 7 | ||||||||||||||
Total | 1,590 | 1,654 | 200 |
Status as of March 31, 2021 | |||||||||||||||||
Domestic | |||||||||||||||||
Dining room capacity %/other status | Applebee's | IHOP | International | ||||||||||||||
100% capacity | 374 | 183 | — | ||||||||||||||
> 50% capacity | 142 | 135 | 31 | ||||||||||||||
26%-50% capacity | 959 | 1,086 | 112 | ||||||||||||||
Up to 25% capacity | 106 | 209 | 28 | ||||||||||||||
Off-premise/outdoors only and other | 9 | 21 | 22 | ||||||||||||||
Restaurants temporarily closed | 6 | 26 | 9 | ||||||||||||||
Total | 1,596 | 1,660 | 202 |
Restaurant Status | Status as of 2020 Fiscal Month Ended | |||||||||||||||||||||||||
Mar | Apr | May | June | |||||||||||||||||||||||
Dining rooms open* | 271 | 85 | 1,808 | 3,138 | ||||||||||||||||||||||
Limited to off-premise sales | 2,615 | 2,820 | 1,429 | 202 | ||||||||||||||||||||||
Temporarily closed | 729 | 698 | 355 | 232 | ||||||||||||||||||||||
Total | 3,615 | 3,603 | 3,592 | 3,572 | ||||||||||||||||||||||
Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
|||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 38.7 | $ | (146.8) | $ | 185.4 | $ | 62.7 | $ | (117.7) | $ | 180.4 | ||||||||||||||||||||||||||
Income tax (provision) benefit | (9.3) | 12.0 | (21.3) | (7.7) | 5.3 | (13.0) | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 29.4 | $ | (134.8) | $ | 164.1 | $ | 55.0 | $ | (112.5) | $ | 167.4 | ||||||||||||||||||||||||||
Effective tax rate | 24.0 | % | 8.2 | % | (15.9) | % | 12.3 | % | 4.5 | % | (7.8) | % | ||||||||||||||||||||||||||
Net income (loss) per diluted share | $ | 1.69 | $ | (8.33) | $ | 10.02 | $ | 3.19 | $ | (6.96) | $ | 10.15 | ||||||||||||||||||||||||||
% increase | % increase | |||||||||||||||||||||||||||||||||||||
Weighted average diluted shares | 17.0 | 16.2 | 4.9 | % | 16.8 | 16.2 | 3.6 | % |
Favorable
(Unfavorable) Variance |
|||||||||||
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||
(In millions) | |||||||||||
Increase in gross profit: | |||||||||||
Applebee's franchise operations
|
$ | 26.8 | $ | 27.8 | |||||||
IHOP franchise operations
|
30.1 | 29.5 | |||||||||
Company restaurant operations
|
7.8 | 9.9 | |||||||||
Rental and financing operations
|
4.1 | 2.5 | |||||||||
Total increase in gross profit | 68.8 | 69.7 | |||||||||
Impairment and closure charges | 121.8 | 119.8 | |||||||||
Increase in G&A expenses | (8.4) | (10.7) | |||||||||
Other | 3.2 | 1.6 | |||||||||
Increase in income before income taxes | $ | 185.4 | $ | 180.4 |
Three months ended June 30, 2021 | Six months ended June 30, 2021 | ||||||||||||||||||||||
Applebee's |
IHOP
|
Applebee's |
IHOP
|
||||||||||||||||||||
Sales percentage increase in reported retail sales | 125.3 | % | 163.6 | % | 43.3 | % | 39.2 | % | |||||||||||||||
% increase in domestic system-wide same-restaurant sales - 2021 vs 2020 | 102.2 | % | 120.1 | % | 46.4 | % | 40.7 | % | |||||||||||||||
% increase (decrease) in domestic system-wide same-restaurant sales - 2021 vs 2019 | 10.5 | % | (3.4) | % | 2.0 | % | (12.2) | % | |||||||||||||||
Net franchise restaurant reduction (1)
|
(9) | (5) | (13) | (25) | |||||||||||||||||||
Net increase in total effective restaurants (2)
|
98 | 204 | 14 | 59 |
Average Weekly Unit Sales | Applebee's | IHOP | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
June | $ | 52.9 | $ | 33.8 | $ | 47.5 | $ | 37.6 | $ | 22.1 | $ | 37.2 | |||||||||||||||||||||||
May | $ | 53.1 | $ | 22.5 | $ | 48.4 | $ | 35.8 | $ | 13.7 | $ | 36.2 | |||||||||||||||||||||||
April | $ | 53.9 | $ | 14.5 | $ | 48.2 | $ | 35.5 | $ | 8.7 | $ | 36.9 | |||||||||||||||||||||||
March | $ | 54.3 | $ | 35.1 | $ | 51.1 | $ | 35.1 | $ | 25.3 | $ | 39.2 | |||||||||||||||||||||||
February | $ | 43.5 | $ | 49.7 | $ | 47.9 | $ | 27.4 | $ | 35.0 | $ | 35.8 | |||||||||||||||||||||||
January | $ | 39.6 | $ | 49.8 | $ | 48.2 | $ | 24.8 | $ | 36.1 | $ | 35.9 |
Applebee's Off-premise Sales Data | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Off-premise sales (in millions) (1)
|
$ | 317.1 | $ | 293.9 | $ | 661.6 | $ | 447.0 | |||||||||||||||
% sales mix | 30.3 | % | 56.6 | % | 33.3 | % | 33.0 | % |
IHOP Off-premise Sales Data | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Off-premise sales (in millions) (1)
|
$ | 167.4 | $ | 152.9 | $ | 350.3 | $ | 232.9 | |||||||||||||||
% sales mix | 26.1 | % | 56.9 | % | 29.4 | % | 26.1 | % |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Applebee's Restaurant Data | (Unaudited) | |||||||||||||||||||||||||
Effective Restaurants(a)
|
||||||||||||||||||||||||||
Franchise | 1,623 | 1,527 | 1,625 | 1,612 | ||||||||||||||||||||||
Company | 69 | 67 | 69 | 68 | ||||||||||||||||||||||
Total | 1,692 | 1,594 | 1,694 | 1,680 | ||||||||||||||||||||||
System-wide(b)
|
||||||||||||||||||||||||||
Domestic sales percentage change(c)
|
125.3 | % | (53.5) | % | 43.3 | % | (32.5) | % | ||||||||||||||||||
Domestic same-restaurant sales percentage change(d)
|
102.2 | % | (49.4) | % | 46.4 | % | (29.1) | % | ||||||||||||||||||
Franchise(b)
|
||||||||||||||||||||||||||
Domestic sales percentage change(c)
|
125.2 | % | (53.6) | % | 43.0 | % | (32.5) | % | ||||||||||||||||||
Domestic same-restaurant sales percentage change(d)
|
102.1 | % | (49.4) | % | 46.1 | % | (29.0) | % | ||||||||||||||||||
Average weekly domestic unit sales (in thousands) | $ | 53.8 | $ | 25.0 | $ | 50.3 | $ | 35.2 | ||||||||||||||||||
IHOP Restaurant Data | ||||||||||||||||||||||||||
Effective Restaurants(a)
|
||||||||||||||||||||||||||
Franchise | 1,568 | 1,375 | 1,566 | 1,510 | ||||||||||||||||||||||
Area license | 155 | 144 | 156 | 153 | ||||||||||||||||||||||
Total | 1,723 | 1,519 | 1,722 | 1,663 | ||||||||||||||||||||||
System-wide(b)
|
||||||||||||||||||||||||||
Sales percentage change(c)
|
163.6 | % | (64.3) | % | 39.2 | % | (39.1) | % | ||||||||||||||||||
Domestic same-restaurant sales percentage change, including area license restaurants(d)
|
120.1 | % | (59.1) | % | 40.7 | % | (35.6) | % | ||||||||||||||||||
Franchise(b)
|
||||||||||||||||||||||||||
Sales percentage change(c)
|
163.1 | % | (64.4) | % | 38.5 | % | (39.2) | % | ||||||||||||||||||
Domestic same-restaurant sales percentage change(d)
|
118.2 | % | (58.9) | % | 39.4 | % | (35.4) | % | ||||||||||||||||||
Average weekly unit sales (in thousands) | $ | 36.4 | $ | 15.8 | $ | 32.9 | $ | 24.6 | ||||||||||||||||||
Area License(b)
|
||||||||||||||||||||||||||
Sales percentage change(c)
|
168.8 | % | (63.3) | % | 46.7 | % | (38.1) | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Reported sales (in millions) | (Unaudited) | ||||||||||||||||||||||
Applebee's domestic franchise restaurant sales | $ | 1,062.8 | $ | 472.0 | $ | 1,987.5 | $ | 1,390.2 | |||||||||||||||
Applebee's company-operated restaurants | 38.2 | 16.8 | 74.1 | 48.1 | |||||||||||||||||||
IHOP franchise restaurant sales | 742.0 | 282.1 | 1,338.8 | 966.9 | |||||||||||||||||||
IHOP area license restaurant sales | 70.9 | 26.4 | 132.6 | 90.4 | |||||||||||||||||||
Total
|
$ | 1,913.9 | $ | 797.3 | $ | 3,533.0 | $ | 2,495.6 |
Restaurant Development Activity | Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Applebee's | (Unaudited) | ||||||||||||||||||||||
Summary - beginning of period: | |||||||||||||||||||||||
Franchise
|
1,636 | 1,706 | 1,640 | 1,718 | |||||||||||||||||||
Company | 69 | 69 | 69 | 69 | |||||||||||||||||||
Beginning of period | 1,705 | 1,775 | 1,709 | 1,787 | |||||||||||||||||||
Franchise restaurants opened: | |||||||||||||||||||||||
Domestic | — | — | 2 | — | |||||||||||||||||||
International | 1 | — | 1 | — | |||||||||||||||||||
Total franchise restaurants opened
|
1 | — | 3 | — | |||||||||||||||||||
Franchise restaurants permanently closed: | |||||||||||||||||||||||
Domestic | (6) | (24) | (10) | (32) | |||||||||||||||||||
International | (4) | (2) | (6) | (6) | |||||||||||||||||||
Total franchise restaurants permanently closed
|
(10) | (26) | (16) | (38) | |||||||||||||||||||
Net franchise restaurant reduction | (9) | (26) | (13) | (38) | |||||||||||||||||||
Summary - end of period: | |||||||||||||||||||||||
Franchise
|
1,627 | 1,680 | 1,627 | 1,680 | |||||||||||||||||||
Company | 69 | 69 | 69 | 69 | |||||||||||||||||||
Total Applebee's restaurants, end of period | 1,696 | 1,749 | 1,696 | 1,749 | |||||||||||||||||||
Domestic
|
1,590 | 1,633 | 1,590 | 1,633 | |||||||||||||||||||
International
|
106 | 116 | 106 | 116 |
Restaurant Development Activity
|
Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
IHOP | |||||||||||||||||||||||
Summary - beginning of period: | |||||||||||||||||||||||
Franchise
|
1,593 | 1,680 | 1,611 | 1,680 | |||||||||||||||||||
Area license
|
156 | 160 | 158 | 161 | |||||||||||||||||||
Company
|
4 | — | 3 | — | |||||||||||||||||||
Total IHOP restaurants, beginning of period | 1,753 | 1,840 | 1,772 | 1,841 | |||||||||||||||||||
Franchise/area license restaurants opened: | |||||||||||||||||||||||
Domestic franchise
|
7 | 1 | 15 | 7 | |||||||||||||||||||
Domestic area license
|
1 | — | 1 | 1 | |||||||||||||||||||
International franchise
|
1 | — | 1 | 2 | |||||||||||||||||||
Total franchise/area license restaurants opened
|
9 | 1 | 17 | 10 | |||||||||||||||||||
Franchise/area license restaurants permanently closed: | |||||||||||||||||||||||
Domestic franchise
|
(14) | (13) | (30) | (19) | |||||||||||||||||||
Domestic area license
|
— | (1) | (2) | (3) | |||||||||||||||||||
International franchise
|
— | (2) | (9) | (4) | |||||||||||||||||||
International area license
|
(1) | (2) | (1) | (2) | |||||||||||||||||||
Total franchise/area license restaurants permanently closed
|
(15) | (18) | (42) | (28) | |||||||||||||||||||
Net franchise/area license restaurant reduction | (6) | (17) | (25) | (18) | |||||||||||||||||||
Refranchised by the Company | 1 | — | 1 | — | |||||||||||||||||||
Franchise restaurants reacquired by the Company | — | — | (1) | — | |||||||||||||||||||
Net reduction in franchise/area license restaurants | (5) | (17) | (25) | (18) | |||||||||||||||||||
Summary - end of period: | |||||||||||||||||||||||
Franchise
|
1,588 | 1,666 | 1,588 | 1,666 | |||||||||||||||||||
Area license
|
156 | 157 | 156 | 157 | |||||||||||||||||||
Company
|
3 | — | 3 | — | |||||||||||||||||||
Total IHOP restaurants, end of period | 1,747 | 1,823 | 1,747 | 1,823 | |||||||||||||||||||
Domestic
|
1,654 | 1,696 | 1,654 | 1,696 | |||||||||||||||||||
International
|
93 | 127 | 93 | 127 |
Revenue | Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Franchise operations | $ | 166.9 | $ | 67.8 | $ | 99.1 | $ | 307.9 | $ | 212.9 | $ | 95.0 | ||||||||||||||||||||||||||
Rental operations | 27.4 | 23.7 | 3.7 | 53.5 | 52.7 | 0.8 | ||||||||||||||||||||||||||||||||
Company restaurant operations | 38.2 | 16.8 | 21.4 | 74.2 | 48.1 | 48.1 | ||||||||||||||||||||||||||||||||
Financing operations | 1.1 | 1.4 | (0.3) | 2.2 | 2.9 | (0.7) | ||||||||||||||||||||||||||||||||
Total revenue | $ | 233.6 | $ | 109.7 | $ | 123.9 | $ | 437.8 | $ | 316.6 | $ | 121.2 | ||||||||||||||||||||||||||
Change vs. prior period | 112.9 | % | 38.3 | % |
Gross Profit (Loss) | Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Franchise operations | $ | 87.7 | $ | 30.8 | $ | 56.9 | $ | 163.7 | $ | 106.4 | $ | 57.3 | ||||||||||||||||||||||||||
Rental operations | 6.8 | 2.5 | 4.3 | 12.0 | 8.9 | 3.1 | ||||||||||||||||||||||||||||||||
Company restaurant operations | 3.4 | (4.4) | 7.8 | 6.5 | (3.4) | 9.9 | ||||||||||||||||||||||||||||||||
Financing operations | 1.0 | 1.2 | (0.2) | 2.0 | 2.6 | (0.6) | ||||||||||||||||||||||||||||||||
Total gross profit | $ | 98.9 | $ | 30.1 | $ | 68.8 | $ | 184.2 | $ | 114.5 | $ | 69.7 | ||||||||||||||||||||||||||
Change vs. prior period | 228.3 | % | 60.8 | % |
Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
|||||||||||||||||||||||||||||||||||
Franchise Operations | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||
(In millions, except number of restaurants) | ||||||||||||||||||||||||||||||||||||||
Effective Franchise Restaurants:(1)
|
||||||||||||||||||||||||||||||||||||||
Applebee’s
|
1,623 | 1,527 | 96 | 1,625 | 1,612 | 13 | ||||||||||||||||||||||||||||||||
IHOP
|
1,723 | 1,519 | 204 | 1,722 | 1,663 | 59 | ||||||||||||||||||||||||||||||||
Franchise Revenues: | ||||||||||||||||||||||||||||||||||||||
Applebee’s franchise fees | $ | 43.9 | $ | 19.9 | $ | 24.0 | $ | 82.5 | $ | 57.7 | $ | 24.8 | ||||||||||||||||||||||||||
IHOP franchise fees | 50.8 | 18.9 | 31.9 | 92.2 | 64.4 | 27.8 | ||||||||||||||||||||||||||||||||
Advertising fees | 72.3 | 29.1 | 43.2 | 133.2 | 90.8 | 42.4 | ||||||||||||||||||||||||||||||||
Total franchise revenues | 167.0 | 67.9 | 99.1 | 307.9 | 212.9 | 95.0 | ||||||||||||||||||||||||||||||||
Franchise Expenses: | ||||||||||||||||||||||||||||||||||||||
Applebee’s | 0.7 | 3.5 | 2.8 | 1.7 | 4.7 | 3.0 | ||||||||||||||||||||||||||||||||
IHOP | 6.3 | 4.5 | (1.8) | 9.3 | 11.0 | 1.7 | ||||||||||||||||||||||||||||||||
Advertising expenses | 72.3 | 29.1 | (43.2) | 133.2 | 90.8 | (42.4) | ||||||||||||||||||||||||||||||||
Total franchise expenses | 79.3 | 37.1 | (42.2) | 144.2 | 106.5 | (37.7) | ||||||||||||||||||||||||||||||||
Franchise Gross Profit: | ||||||||||||||||||||||||||||||||||||||
Applebee’s | 43.2 | 16.4 | 26.8 | 80.8 | 53.0 | 27.8 | ||||||||||||||||||||||||||||||||
IHOP | 44.5 | 14.4 | 30.1 | 82.9 | 53.4 | 29.5 | ||||||||||||||||||||||||||||||||
Total franchise gross profit | $ | 87.7 | $ | 30.8 | $ | 56.9 | $ | 163.7 | $ | 106.4 | $ | 57.3 | ||||||||||||||||||||||||||
Gross profit as % of revenue (2)
|
52.5 | % | 45.4 | % | 53.2 | % | 50.0 | % | ||||||||||||||||||||||||||||||
Gross profit as % of franchise fees (2)(3)
|
92.7 | % | 79.4 | % | 93.7 | % | 87.1 | % |
Three months ended June 30, | Increase | Six months ended June 30, | Increase | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Advertising Revenues and Expenses: | ||||||||||||||||||||||||||||||||||||||
Applebee’s | $ | 44.9 | $ | 18.4 | $ | 26.5 | $ | 83.5 | $ | 54.9 | $ | 28.6 | ||||||||||||||||||||||||||
IHOP | 27.4 | 10.7 | 16.7 | 49.7 | 35.9 | 13.8 | ||||||||||||||||||||||||||||||||
Total advertising revenues and expenses | $ | 72.3 | $ | 29.1 | $ | 43.2 | $ | 133.2 | $ | 90.8 | $ | 42.4 | ||||||||||||||||||||||||||
Rental Operations | Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Rental revenues | $ | 27.4 | $ | 23.7 | $ | 3.7 | $ | 53.5 | $ | 52.7 | $ | 0.8 | ||||||||||||||||||||||||||
Rental expenses | 20.6 | 21.2 | 0.6 | 41.5 | 43.8 | 2.3 | ||||||||||||||||||||||||||||||||
Rental operations gross profit | $ | 6.8 | $ | 2.5 | $ | 4.3 | $ | 12.0 | $ | 8.9 | $ | 3.1 | ||||||||||||||||||||||||||
Gross profit as % of revenue (1)
|
24.7 | % | 10.4 | % | 22.3 | % | 17.0 | % |
Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
|||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
Effective Restaurants | 69 | 67 | 2 | 69 | 68 | 1 | ||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Applebee's Company restaurant sales (1)
|
$ | 38.2 | $ | 16.8 | $ | 21.4 | $ | 74.2 | $ | 48.1 | $ | 26.1 | ||||||||||||||||||||||||||
Applebee's Company restaurant expenses (1)
|
34.6 | 20.1 | (14.4) | 67.3 | 50.5 | (16.8) | ||||||||||||||||||||||||||||||||
IHOP restaurant expenses (2)
|
0.2 | 1.0 | 0.8 | 0.4 | 1.0 | 0.6 | ||||||||||||||||||||||||||||||||
Company restaurant gross profit | $ | 3.4 | $ | (4.4) | $ | 7.8 | $ | 6.5 | $ | (3.4) | $ | 9.9 | ||||||||||||||||||||||||||
Gross profit as % of revenue (3)
|
9.5 | % | (19.9) | % | 9.3 | % | (4.9) | % |
G&A Expenses | Three months ended June 30, | Increase | Six months ended June 30, | Increase | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Total G&A expenses | $ | 39.3 | $ | 30.9 | $ | (8.4) | $ | 79.2 | $ | 68.5 | $ | (10.7) |
Impairment and Closure Charges | Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Closure charges | $ | 1.0 | $ | 0.7 | $ | (0.3) | $ | 2.9 | $ | 0.7 | $ | (2.2) | ||||||||||||||||||||||||||
Long-lived tangible asset impairment | 1.6 | 17.2 | 15.6 | 1.7 | 17.2 | 15.5 | ||||||||||||||||||||||||||||||||
Goodwill impairment | — | 92.2 | 92.2 | — | 92.2 | 92.2 | ||||||||||||||||||||||||||||||||
Tradename impairment | — | 11.0 | 11.0 | — | 11.0 | 11.0 | ||||||||||||||||||||||||||||||||
Impairment of reacquired franchise rights | — | 3.3 | 3.3 | — | 3.3 | 3.3 | ||||||||||||||||||||||||||||||||
Total impairment and closure charges | $ | 2.6 | $ | 124.4 | $ | 121.8 | $ | 4.6 | $ | 124.4 | $ | 119.8 |
Other Income and Expense Items
|
Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Interest expense, net | $ | 15.7 | $ | 17.1 | $ | 1.4 | $ | 32.2 | $ | 32.3 | $ | 0.1 | ||||||||||||||||||||||||||
Amortization of intangible assets | 2.7 | 2.8 | 0.1 | 5.4 | 5.6 | 0.2 | ||||||||||||||||||||||||||||||||
(Gain) loss on disposition of assets | (0.0) | 1.8 | 1.8 | 0.1 | 1.5 | 1.4 | ||||||||||||||||||||||||||||||||
Total | $ | 18.4 | $ | 21.7 | $ | 3.3 | $ | 37.7 | $ | 39.4 | $ | 1.7 |
Income Taxes | Three months ended June 30, |
Favorable
(Unfavorable) Variance |
Six months ended June 30, |
Favorable
(Unfavorable) Variance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 38.7 | $ | (146.8) | $ | 185.4 | $ | 62.7 | $ | (117.7) | $ | 180.4 | ||||||||||||||||||||||||||
Income tax provision (benefit) | $ | 9.3 | $ | (12.0) | $ | (21.3) | $ | 7.7 | $ | (5.3) | $ | (13.0) | ||||||||||||||||||||||||||
Effective tax rate | 24.0 | % | 8.2 | % | (15.9) | % | 12.3 | % | 4.5 | % | (7.8) | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Dividends declared per common share | $ | — | $ | — | $ | — | $ | 0.76 | |||||||||||||||
Dividends paid per common share | $ | — | $ | 0.76 | $ | — | $ | 1.45 |
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | Variance | |||||||||||||||
(In millions) | |||||||||||||||||
Net cash provided by (used in) operating activities | $ | 106.0 | $ | (10.5) | $ | 116.5 | |||||||||||
Net cash provided by investing activities | 6.3 | 2.1 | 4.2 | ||||||||||||||
Net cash (used in) provided by financing activities | (220.4) | 178.4 | (398.8) | ||||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | $ | (108.1) | $ | 170.0 | $ | (278.1) |
June 30, 2021 | December 31, 2020 | |||||||||||||
(In millions) | ||||||||||||||
Cash and cash equivalents | $ | 259.5 | $ | 383.4 | ||||||||||
Restricted cash, current | 72.1 | 39.9 | ||||||||||||
Restricted cash, non-current | 16.4 | 32.8 | ||||||||||||
Total | $ | 348.0 | $ | 456.1 |
Six months ended June 30, | |||||||||||||||||
2021 | 2020 | Variance | |||||||||||||||
(In millions) | |||||||||||||||||
Cash flows provided by (used in) operating activities | $ | 106.0 | $ | (10.5) | $ | 116.5 | |||||||||||
Receipts from notes and equipment contracts receivable | 5.4 | 5.5 | (0.1) | ||||||||||||||
Additions to property and equipment | (4.1) | (7.4) | 3.3 | ||||||||||||||
Adjusted free cash flow | $ | 107.3 | $ | (12.4) | $ | 119.7 |
Purchases of Equity Securities by the Company | ||||||||||||||||||||||||||
Period |
Total number of
shares purchased (a) |
Average price
paid per share |
Total number of
shares purchased as part of publicly announced plans or programs (b) |
Approximate dollar value of
shares that may yet be purchased under the plans or programs (b) |
||||||||||||||||||||||
April 5, 2021 - May 2, 2021 | 402 | $ | 92.34 | — | $ | 70,200,000 | ||||||||||||||||||||
May 3, 2021 - May 30, 2021
|
840 | 97.05 | — | $ | 70,200,000 | |||||||||||||||||||||
May 31, 2021 - July 4, 2021 | 697 | 90.94 | — | $ | 70,200,000 | |||||||||||||||||||||
1,939 | $ | 93.88 | — | $ | 70,200,000 |
*†10.1 | ||||||||
*†10.2 | ||||||||
*31.1 | ||||||||
*31.2 | ||||||||
*32.1 | ||||||||
*32.2 | ||||||||
101.INS |
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|||||||
101.SCH | Inline XBRL Schema Document.*** | |||||||
101.CAL | Inline XBRL Calculation Linkbase Document.*** | |||||||
101.DEF | Inline XBRL Definition Linkbase Document.*** | |||||||
101.LAB | Inline XBRL Label Linkbase Document.*** | |||||||
101.PRE | Inline XBRL Presentation Linkbase Document.*** | |||||||
104 | Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Dine Brands Global, Inc.
(Registrant) |
|||||||||||
Dated: | 5th day of August, 2021 | By: | /s/ John W. Peyton | ||||||||
John W. Peyton
Chief Executive Officer
(Principal Executive Officer)
|
|||||||||||
Dated: | 5th day of August, 2021 | By: | /s/ Vance Y. Chang | ||||||||
Vance Y. Chang
Chief Financial Officer
(Principal Financial Officer)
|
|||||||||||
Dated: | 5th day of August, 2021 | By: | /s/ Allison Hall | ||||||||
Allison Hall
Chief Accounting Officer
(Principal Accounting Officer)
|
1 Year Dine Brands Global Chart |
1 Month Dine Brands Global Chart |
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