Delaware
(State or other jurisdiction of incorporation or
organization)
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95-3038279
(I.R.S. Employer Identification No.)
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450 North Brand Boulevard, Glendale, California
(Address of principal executive offices)
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91203-1903
(Zip Code)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Class
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Outstanding as of July 24, 2015
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Common Stock, $0.01 par value
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18,871,808
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Page
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Assets
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June 30,
2015 |
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December 31, 2014
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||||
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(Unaudited)
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||||
Current assets:
|
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|
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Cash and cash equivalents
|
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$
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104,383
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$
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104,004
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Receivables, net
|
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107,807
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153,498
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Restricted cash
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41,255
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52,262
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|
||
Prepaid gift card costs
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41,559
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51,268
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||
Prepaid income taxes
|
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1,278
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11,753
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Deferred income taxes
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38,465
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30,860
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Other current assets
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12,835
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9,239
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||
Total current assets
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347,582
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412,884
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Long-term receivables, net
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170,368
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180,856
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Property and equipment, net
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231,124
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241,229
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Goodwill
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697,470
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697,470
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Other intangible assets, net
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777,425
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782,336
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Deferred rent receivable
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90,917
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91,117
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Other non-current assets, net
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40,972
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42,216
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Total assets
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$
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2,355,858
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$
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2,448,108
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Liabilities and Stockholders’ Equity
|
|
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Current liabilities:
|
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Accounts payable
|
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$
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39,162
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$
|
41,771
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Gift card liability
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116,865
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179,760
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||
Accrued advertising
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13,374
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10,150
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||
Accrued employee compensation and benefits
|
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14,932
|
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25,722
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||
Dividends payable
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16,546
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|
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16,635
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||
Accrued interest payable
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3,886
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|
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14,126
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||
Current maturities of capital lease and financing obligations
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15,291
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14,852
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Other accrued expenses
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15,566
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10,033
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Total current liabilities
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235,622
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313,049
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Long-term debt
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1,300,000
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1,300,000
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Capital lease obligations, less current maturities
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91,505
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98,119
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Financing obligations, less current maturities
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42,461
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42,524
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Deferred income taxes
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309,159
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319,111
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Deferred rent payable
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74,874
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75,375
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Other non-current liabilities
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21,365
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20,857
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Total liabilities
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2,074,986
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2,169,035
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Commitments and contingencies
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Stockholders’ equity:
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Common stock, $0.01 par value, shares: 40,000,000 authorized; June 30, 2015 - 25,212,715 issued, 18,873,985 outstanding; December 31, 2014 - 25,240,055 issued, 18,953,567 outstanding
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252
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252
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Additional paid-in-capital
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284,055
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279,946
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Retained earnings
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335,750
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313,644
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Accumulated other comprehensive loss
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(85
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)
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(73
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)
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Treasury stock, at cost; shares: June 30, 2015 - 6,338,730; December 31, 2014 - 6,286,488
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(339,100
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)
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(314,696
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)
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Total stockholders’ equity
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280,872
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279,073
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Total liabilities and stockholders’ equity
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$
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2,355,858
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$
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2,448,108
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|
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Three Months Ended
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Six Months Ended
|
||||||||||||
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June 30,
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June 30,
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||||||||||||
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2015
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2014
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2015
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2014
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||||||||
Revenues:
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||||||
Franchise and restaurant revenues
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$
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137,768
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$
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126,444
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$
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279,586
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$
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258,239
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Rental revenues
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31,132
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30,709
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62,534
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61,462
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||||
Financing revenues
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2,649
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3,368
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5,243
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|
|
8,021
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||||
Total revenues
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171,549
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160,521
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|
|
347,363
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327,722
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||||
Cost of revenues:
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||||||
Franchise and restaurant expenses
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51,423
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42,155
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103,449
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87,833
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||||
Rental expenses
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23,319
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23,653
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|
|
46,809
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|
|
47,519
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||||
Financing expenses
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|
—
|
|
|
240
|
|
|
12
|
|
|
825
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|
||||
Total cost of revenues
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74,742
|
|
|
66,048
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150,270
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136,177
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||||
Gross profit
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96,807
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|
94,473
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|
|
197,093
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191,545
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||||
General and administrative expenses
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34,577
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34,816
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|
68,807
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|
|
69,001
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||||
Interest expense
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|
15,677
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|
|
24,942
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|
|
31,323
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|
|
49,911
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|
||||
Amortization of intangible assets
|
|
2,500
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|
|
3,070
|
|
|
5,000
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|
|
6,141
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|
||||
Closure and impairment charges, net
|
|
475
|
|
|
637
|
|
|
2,302
|
|
|
837
|
|
||||
Loss on extinguishment of debt
|
|
—
|
|
|
6
|
|
|
—
|
|
|
12
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|
||||
Loss (gain) on disposition of assets
|
|
66
|
|
|
(130
|
)
|
|
57
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|
|
797
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|
||||
Income before income tax provision
|
|
43,512
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|
|
31,132
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|
|
89,604
|
|
|
64,846
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|
||||
Income tax provision
|
|
(16,615
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)
|
|
(11,965
|
)
|
|
(34,295
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)
|
|
(24,855
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)
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||||
Net income
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|
26,897
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|
|
19,167
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|
|
55,309
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|
|
39,991
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||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Adjustment to unrealized loss on available-for-sale investments
|
|
—
|
|
|
107
|
|
|
—
|
|
|
107
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|
||||
Foreign currency translation adjustment
|
|
3
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|
|
7
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(12
|
)
|
|
1
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|
||||
Total comprehensive income
|
|
$
|
26,900
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|
|
$
|
19,281
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|
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$
|
55,297
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|
|
$
|
40,099
|
|
Net income available to common stockholders:
|
|
|
|
|
|
|
|
|
|
|||||||
Net income
|
|
$
|
26,897
|
|
|
$
|
19,167
|
|
|
$
|
55,309
|
|
|
$
|
39,991
|
|
Less: Net income allocated to unvested participating restricted stock
|
|
(359
|
)
|
|
(307
|
)
|
|
(726
|
)
|
|
(649
|
)
|
||||
Net income available to common stockholders
|
|
$
|
26,538
|
|
|
$
|
18,860
|
|
|
$
|
54,583
|
|
|
$
|
39,342
|
|
Net income available to common stockholders per share:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
$
|
1.41
|
|
|
$
|
1.00
|
|
|
$
|
2.90
|
|
|
$
|
2.09
|
|
Diluted
|
|
$
|
1.40
|
|
|
$
|
1.00
|
|
|
$
|
2.88
|
|
|
$
|
2.07
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
|
18,763
|
|
|
18,776
|
|
|
18,819
|
|
|
18,785
|
|
||||
Diluted
|
|
18,895
|
|
|
18,955
|
|
|
18,959
|
|
|
19,003
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
|
$
|
0.875
|
|
|
$
|
0.75
|
|
|
$
|
1.75
|
|
|
$
|
1.50
|
|
Dividends paid per common share
|
|
$
|
0.875
|
|
|
$
|
0.75
|
|
|
$
|
1.75
|
|
|
$
|
1.50
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30,
|
||||||
|
|
2015
|
|
2014
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
55,309
|
|
|
$
|
39,991
|
|
Adjustments to reconcile net income to cash flows provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
15,855
|
|
|
17,498
|
|
||
Non-cash interest expense
|
|
1,519
|
|
|
3,315
|
|
||
Deferred income taxes
|
|
(16,768
|
)
|
|
(16,047
|
)
|
||
Non-cash stock-based compensation expense
|
|
4,593
|
|
|
5,508
|
|
||
Tax benefit from stock-based compensation
|
|
4,688
|
|
|
3,578
|
|
||
Excess tax benefit from stock-based compensation
|
|
(4,572
|
)
|
|
(4,455
|
)
|
||
Closure and impairment charges
|
|
2,302
|
|
|
837
|
|
||
Loss on disposition of assets
|
|
57
|
|
|
797
|
|
||
Other
|
|
(1,534
|
)
|
|
(1,704
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
||
Accounts receivable, net
|
|
(11,249
|
)
|
|
(4,949
|
)
|
||
Current income tax receivables and payables
|
|
9,717
|
|
|
16,004
|
|
||
Gift card receivables and payables
|
|
(3,256
|
)
|
|
(4,165
|
)
|
||
Prepaid expenses and other current assets
|
|
(2,299
|
)
|
|
(1,608
|
)
|
||
Accounts payable
|
|
6,024
|
|
|
10,103
|
|
||
Accrued employee compensation and benefits
|
|
(10,790
|
)
|
|
(10,552
|
)
|
||
Other current liabilities
|
|
(1,473
|
)
|
|
1,841
|
|
||
Cash flows provided by operating activities
|
|
48,123
|
|
|
55,992
|
|
||
Cash flows from investing activities:
|
|
|
|
|
|
|
||
Additions to property and equipment
|
|
(4,612
|
)
|
|
(4,086
|
)
|
||
Proceeds from sale of property and equipment
|
|
800
|
|
|
681
|
|
||
Principal receipts from notes, equipment contracts and other long-term receivables
|
|
9,517
|
|
|
6,066
|
|
||
Other
|
|
(110
|
)
|
|
75
|
|
||
Cash flows provided by investing activities
|
|
5,595
|
|
|
2,736
|
|
||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Repayment of long-term debt
|
|
—
|
|
|
(2,400
|
)
|
||
Principal payments on capital lease and financing obligations
|
|
(5,975
|
)
|
|
(5,570
|
)
|
||
Repurchase of DineEquity common stock
|
|
(35,007
|
)
|
|
(30,006
|
)
|
||
Dividends paid on common stock
|
|
(33,271
|
)
|
|
(28,518
|
)
|
||
Tax payments for restricted stock upon vesting
|
|
(3,010
|
)
|
|
(1,944
|
)
|
||
Proceeds from stock options exercised
|
|
8,374
|
|
|
6,658
|
|
||
Excess tax benefit from stock-based compensation
|
|
4,572
|
|
|
4,455
|
|
||
Change in restricted cash
|
|
11,007
|
|
|
(7,064
|
)
|
||
Other
|
|
(29
|
)
|
|
—
|
|
||
Cash flows used in financing activities
|
|
(53,339
|
)
|
|
(64,389
|
)
|
||
Net change in cash and cash equivalents
|
|
379
|
|
|
(5,661
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
104,004
|
|
|
106,011
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
104,383
|
|
|
$
|
100,350
|
|
Supplemental disclosures:
|
|
|
|
|
|
|
||
Interest paid in cash
|
|
$
|
46,419
|
|
|
$
|
53,767
|
|
Income taxes paid in cash
|
|
$
|
36,968
|
|
|
$
|
22,169
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(In millions)
|
||||||||||||||
Total stock-based compensation expense:
|
|
|
|
|
|
|
|
||||||||
Equity classified awards expense
|
$
|
2.2
|
|
|
$
|
2.4
|
|
|
$
|
4.6
|
|
|
$
|
5.5
|
|
Liability classified awards (credit) expense
|
(1.1
|
)
|
|
0.6
|
|
|
(0.8
|
)
|
|
0.5
|
|
||||
Total pre-tax stock-based compensation expense
|
1.1
|
|
|
3.0
|
|
|
3.8
|
|
|
6.0
|
|
||||
Book income tax benefit
|
(0.4
|
)
|
|
(1.1
|
)
|
|
(1.4
|
)
|
|
(2.3
|
)
|
||||
Total stock-based compensation expense, net of tax
|
$
|
0.7
|
|
|
$
|
1.9
|
|
|
$
|
2.4
|
|
|
$
|
3.7
|
|
Risk-free interest rate
|
1.54
|
%
|
Weighted average historical volatility
|
36.8
|
%
|
Dividend yield
|
3.17
|
%
|
Expected years until exercise
|
4.5
|
|
Weighted average fair value of options granted
|
$27.20
|
|
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted Average
Remaining
Contractual Term
(in Years)
|
|
Aggregate
Intrinsic
Value (in Millions)
|
|||
Outstanding at December 31, 2014
|
|
618,115
|
|
|
$
|
53.10
|
|
|
|
|
|
Granted
|
|
133,814
|
|
|
111.54
|
|
|
|
|
|
|
Exercised
|
|
(197,591
|
)
|
|
42.38
|
|
|
|
|
|
|
Forfeited
|
|
(14,348
|
)
|
|
96.83
|
|
|
|
|
|
|
Outstanding at June 30, 2015
|
|
539,990
|
|
|
70.35
|
|
|
7.4
|
|
$17.1
|
|
Vested at June 30, 2015 and Expected to Vest
|
|
507,678
|
|
|
68.37
|
|
|
7.2
|
|
$16.9
|
|
Exercisable at June 30, 2015
|
|
324,927
|
|
|
$
|
51.87
|
|
|
6.2
|
|
$15.3
|
|
|
Restricted
Stock
|
|
Weighted
Average
Grant Date
Fair Value
|
|
Restricted
Stock Units
|
|
Weighted
Average
Grant Date
Fair Value
|
||||||
Outstanding at December 31, 2014
|
|
233,818
|
|
|
$
|
70.14
|
|
|
41,622
|
|
|
$
|
66.92
|
|
Granted
|
|
95,057
|
|
|
108.02
|
|
|
9,985
|
|
|
113.72
|
|
||
Released
|
|
(63,414
|
)
|
|
52.93
|
|
|
(16,567
|
)
|
|
52.19
|
|
||
Forfeited
|
|
(15,232
|
)
|
|
79.83
|
|
|
(72
|
)
|
|
113.72
|
|
||
Outstanding at June 30, 2015
|
|
250,229
|
|
|
$
|
88.30
|
|
|
34,968
|
|
|
$
|
86.49
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
|
(In millions)
|
||||||||||||||
Revenues from external customers:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Franchise operations
|
|
$
|
120.3
|
|
|
$
|
110.7
|
|
|
$
|
244.8
|
|
|
$
|
226.3
|
|
Rental operations
|
|
31.1
|
|
|
30.7
|
|
|
62.5
|
|
|
61.4
|
|
||||
Company restaurants
|
|
17.4
|
|
|
15.7
|
|
|
34.8
|
|
|
32.0
|
|
||||
Financing operations
|
|
2.7
|
|
|
3.4
|
|
|
5.3
|
|
|
8.0
|
|
||||
Total
|
|
$
|
171.5
|
|
|
$
|
160.5
|
|
|
$
|
347.4
|
|
|
$
|
327.7
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Rental operations
|
|
$
|
3.4
|
|
|
$
|
3.7
|
|
|
$
|
6.9
|
|
|
$
|
7.6
|
|
Company restaurants
|
|
0.1
|
|
|
0.1
|
|
|
0.2
|
|
|
0.2
|
|
||||
Corporate
|
|
15.7
|
|
|
24.9
|
|
|
31.3
|
|
|
49.9
|
|
||||
Total
|
|
$
|
19.2
|
|
|
$
|
28.7
|
|
|
$
|
38.4
|
|
|
$
|
57.7
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Franchise operations
|
|
$
|
2.6
|
|
|
$
|
2.6
|
|
|
$
|
5.2
|
|
|
$
|
5.2
|
|
Rental operations
|
|
3.2
|
|
|
3.3
|
|
|
6.4
|
|
|
6.7
|
|
||||
Company restaurants
|
|
0.2
|
|
|
0.5
|
|
|
0.4
|
|
|
1.0
|
|
||||
Corporate
|
|
2.1
|
|
|
2.3
|
|
|
3.9
|
|
|
4.6
|
|
||||
Total
|
|
$
|
8.1
|
|
|
$
|
8.7
|
|
|
$
|
15.9
|
|
|
$
|
17.5
|
|
|
|
|
|
|
|
|
|
|
||||||||
Income before income tax provision:
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||||
Franchise operations
|
|
$
|
86.2
|
|
|
$
|
84.2
|
|
|
$
|
175.2
|
|
|
$
|
170.3
|
|
Rental operations
|
|
7.8
|
|
|
7.1
|
|
|
15.7
|
|
|
13.9
|
|
||||
Company restaurants
|
|
0.1
|
|
|
0.1
|
|
|
0.9
|
|
|
0.2
|
|
||||
Financing operations
|
|
2.7
|
|
|
3.1
|
|
|
5.3
|
|
|
7.2
|
|
||||
Corporate
|
|
(53.3
|
)
|
|
(63.4
|
)
|
|
(107.5
|
)
|
|
(126.8
|
)
|
||||
Total
|
|
$
|
43.5
|
|
|
$
|
31.1
|
|
|
$
|
89.6
|
|
|
$
|
64.8
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
Numerator for basic and dilutive income per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Net income
|
$
|
26,897
|
|
|
$
|
19,167
|
|
|
$
|
55,309
|
|
|
$
|
39,991
|
|
Less: Net income allocated to unvested participating restricted stock
|
(359
|
)
|
|
(307
|
)
|
|
(726
|
)
|
|
(649
|
)
|
||||
Net income available to common stockholders - basic
|
26,538
|
|
|
18,860
|
|
|
54,583
|
|
|
39,342
|
|
||||
Effect of unvested participating restricted stock in two-class calculation
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Net income available to common stockholders - diluted
|
$
|
26,539
|
|
|
$
|
18,861
|
|
|
$
|
54,585
|
|
|
$
|
39,344
|
|
Denominator:
|
|
|
|
|
|
|
|
|
|
||||||
Weighted average outstanding shares of common stock - basic
|
18,763
|
|
|
18,776
|
|
|
18,819
|
|
|
18,785
|
|
||||
Dilutive effect of stock options
|
132
|
|
|
179
|
|
|
140
|
|
|
218
|
|
||||
Weighted average outstanding shares of common stock - diluted
|
18,895
|
|
|
18,955
|
|
|
18,959
|
|
|
19,003
|
|
||||
Net income per common share:
|
|
|
|
|
|
|
|
|
|
||||||
Basic
|
$
|
1.41
|
|
|
$
|
1.00
|
|
|
$
|
2.90
|
|
|
$
|
2.09
|
|
Diluted
|
$
|
1.40
|
|
|
$
|
1.00
|
|
|
$
|
2.88
|
|
|
$
|
2.07
|
|
|
|
June 30, 2015
|
|
December 31, 2014
|
||||||||||||
|
|
Carrying
Amount
|
|
Fair Value
|
|
Carrying
Amount
|
|
Fair Value
|
||||||||
|
|
(In millions)
|
||||||||||||||
Long-term debt
|
|
$
|
1,300.0
|
|
|
$
|
1,317.1
|
|
|
$
|
1,300.0
|
|
|
$
|
1,302.0
|
|
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance |
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance |
||||||||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
||||||||||||||
|
|
(In millions, except per share information)
|
||||||||||||||||||||||
Revenue
|
|
$
|
171.5
|
|
|
$
|
160.5
|
|
|
$
|
11.0
|
|
|
$
|
347.4
|
|
|
$
|
327.7
|
|
|
$
|
19.7
|
|
Gross profit
|
|
$
|
96.8
|
|
|
$
|
94.5
|
|
|
$
|
2.3
|
|
|
$
|
197.1
|
|
|
$
|
191.6
|
|
|
$
|
5.5
|
|
General and administrative expenses
|
|
34.6
|
|
|
34.8
|
|
|
0.2
|
|
|
68.8
|
|
|
69.0
|
|
|
0.2
|
|
||||||
Interest expense
|
|
15.7
|
|
|
24.9
|
|
|
9.2
|
|
|
31.3
|
|
|
49.9
|
|
|
18.6
|
|
||||||
Other expenses, net
(1)
|
|
3.0
|
|
|
3.6
|
|
|
0.6
|
|
|
7.4
|
|
|
7.8
|
|
|
0.4
|
|
||||||
Income tax provision
|
|
16.6
|
|
|
12.0
|
|
|
(4.6
|
)
|
|
34.3
|
|
|
24.9
|
|
|
(9.4
|
)
|
||||||
Net income
|
|
$
|
26.9
|
|
|
$
|
19.2
|
|
|
$
|
7.7
|
|
|
$
|
55.3
|
|
|
$
|
40.0
|
|
|
$
|
15.3
|
|
Net income per diluted share
|
|
$
|
1.40
|
|
|
$
|
1.00
|
|
|
$
|
0.40
|
|
|
$
|
2.88
|
|
|
$
|
2.07
|
|
|
$
|
0.81
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
June 30, 2015
|
|
June 30, 2015
|
||||
|
Applebee's
|
|
IHOP
|
|
Applebee's
|
|
IHOP
|
Percentage increase in domestic system-wide same-restaurant sales
|
1.0%
|
|
6.2%
|
|
2.0%
|
|
5.5%
|
Net franchise restaurant (reduction) development
(1)
|
2
|
|
8
|
|
(1)
|
|
8
|
|
Six Months Ended
|
|
|
||||||||
|
June 30,
|
|
Increase
|
||||||||
|
2015
|
|
2014
|
|
(Decrease)
|
||||||
|
(In millions)
|
||||||||||
Cash flows from operating activities
|
$
|
48.1
|
|
|
$
|
56.0
|
|
|
$
|
(7.9
|
)
|
Free cash flow
|
$
|
49.7
|
|
|
$
|
54.6
|
|
|
$
|
(4.9
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
(Unaudited)
|
||||||||||
Applebee's Restaurant Development Activity
|
|
|
|
|
|
|
|||||
Summary - beginning of period:
|
|
|
|
|
|
|
|
||||
Franchise
|
1,991
|
|
|
1,988
|
|
|
1,994
|
|
|
1,988
|
|
Company restaurants
|
23
|
|
|
23
|
|
|
23
|
|
|
23
|
|
Total Applebee's restaurants, beginning of period
|
2,014
|
|
|
2,011
|
|
|
2,017
|
|
|
2,011
|
|
Franchise restaurants opened:
|
|
|
|
|
|
|
|
|
|
||
Domestic
|
6
|
|
|
5
|
|
|
10
|
|
|
13
|
|
International
|
2
|
|
|
1
|
|
|
4
|
|
|
1
|
|
Total franchise restaurants opened
|
8
|
|
|
6
|
|
|
14
|
|
|
14
|
|
Franchise restaurants closed:
|
|
|
|
|
|
|
|
|
|
||
Domestic
|
(4
|
)
|
|
(5
|
)
|
|
(8
|
)
|
|
(10
|
)
|
International
|
(2
|
)
|
|
(3
|
)
|
|
(7
|
)
|
|
(6
|
)
|
Total franchise restaurants closed
|
(6
|
)
|
|
(8
|
)
|
|
(15
|
)
|
|
(16
|
)
|
Net franchise restaurant development (reduction)
|
2
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
Summary - end of period:
|
|
|
|
|
|
|
|
||||
Franchise
|
1,993
|
|
|
1,986
|
|
|
1,993
|
|
|
1,986
|
|
Company restaurants
(1)
|
23
|
|
|
23
|
|
|
23
|
|
|
23
|
|
Total Applebee's restaurants, end of period
|
2,016
|
|
|
2,009
|
|
|
2,016
|
|
|
2,009
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
June 30,
|
|
June 30,
|
||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
(Unaudited)
|
||||||||||
IHOP Restaurant Development Activity
|
|
|
|
|
|
|
|
|
|
||
Summary - beginning of period:
|
|
|
|
|
|
|
|
||||
Franchise
|
1,470
|
|
|
1,449
|
|
|
1,472
|
|
|
1,439
|
|
Area license
|
167
|
|
|
168
|
|
|
167
|
|
|
168
|
|
Company
|
13
|
|
|
10
|
|
|
11
|
|
|
13
|
|
Total IHOP restaurants, beginning of period
|
1,650
|
|
|
1,627
|
|
|
1,650
|
|
|
1,620
|
|
|
|
|
|
|
|
|
|
||||
Franchise/area license restaurants opened:
|
|
|
|
|
|
|
|
||||
Domestic franchise
|
7
|
|
|
7
|
|
|
13
|
|
|
16
|
|
Domestic area license
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
International franchise
|
3
|
|
|
5
|
|
|
3
|
|
|
9
|
|
Total franchise/area license restaurants opened
|
11
|
|
|
13
|
|
|
18
|
|
|
27
|
|
Franchise/area license restaurants closed:
|
|
|
|
|
|
|
|
|
|
||
Domestic franchise
|
(1
|
)
|
|
(6
|
)
|
|
(7
|
)
|
|
(11
|
)
|
Domestic area license
|
(2
|
)
|
|
(2
|
)
|
|
(3
|
)
|
|
(2
|
)
|
International franchise
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
International area license
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
Total franchise/area license restaurants closed
|
(3
|
)
|
|
(8
|
)
|
|
(10
|
)
|
|
(15
|
)
|
Net franchise/area license restaurant development
|
8
|
|
|
5
|
|
|
8
|
|
|
12
|
|
Refranchised from Company restaurants
|
—
|
|
|
1
|
|
|
1
|
|
|
4
|
|
Franchise restaurants reacquired by the Company
|
—
|
|
|
(1
|
)
|
|
(3
|
)
|
|
(1
|
)
|
Net franchise/area license restaurant additions
|
8
|
|
|
5
|
|
|
6
|
|
|
15
|
|
|
|
|
|
|
|
|
|
||||
Summary - end of period:
|
|
|
|
|
|
|
|
||||
Franchise
|
1,479
|
|
|
1,455
|
|
|
1,479
|
|
|
1,455
|
|
Area license
|
166
|
|
|
167
|
|
|
166
|
|
|
167
|
|
Company
|
13
|
|
|
10
|
|
|
13
|
|
|
10
|
|
Total IHOP restaurants, end of period
|
1,658
|
|
|
1,632
|
|
|
1,658
|
|
|
1,632
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|||||||||||||
—
|
|
|
June 30,
|
|
June 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|||||||||
|
|
(Unaudited)
|
|||||||||||||||
Applebee's Restaurant Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Effective Restaurants
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Franchise
|
|
1,990
|
|
|
1,985
|
|
|
1,991
|
|
|
1,985
|
|
|||||
Company
|
|
23
|
|
|
23
|
|
|
23
|
|
|
23
|
|
|||||
Total
|
|
2,013
|
|
|
2,008
|
|
|
2,014
|
|
|
2,008
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
System-wide
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales percentage change
(c)
|
|
2.0
|
%
|
|
0.6
|
%
|
|
2.9
|
%
|
|
(0.1
|
)%
|
|||||
Domestic same-restaurant sales percentage change
(d)
|
|
1.0
|
%
|
|
0.6
|
%
|
|
2.0
|
%
|
|
0.0
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Franchise
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales percentage change
(c)
|
|
2.0
|
%
|
|
0.6
|
%
|
|
2.9
|
%
|
|
(0.1
|
)%
|
|||||
Domestic same-restaurant sales percentage change
(d)
|
|
1.0
|
%
|
|
0.6
|
%
|
|
2.0
|
%
|
|
0.1
|
%
|
|||||
Average weekly domestic unit sales (in thousands)
|
|
$
|
48.9
|
|
|
$
|
48.2
|
|
|
$
|
50.0
|
|
|
$
|
48.8
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
IHOP Restaurant Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Effective Restaurants
(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Franchise
|
|
1,471
|
|
|
1,448
|
|
|
1,471
|
|
|
1,444
|
|
|||||
Area license
|
|
167
|
|
|
167
|
|
|
167
|
|
|
167
|
|
|||||
Company
|
|
13
|
|
|
10
|
|
|
13
|
|
|
11
|
|
|||||
Total
|
|
1,651
|
|
|
1,625
|
|
|
1,651
|
|
|
1,622
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
System-wide
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales percentage change
(c)
|
|
7.1
|
%
|
|
6.0
|
%
|
|
6.6
|
%
|
|
6.2
|
%
|
|||||
Domestic same-restaurant sales percentage change
(d)
|
|
6.2
|
%
|
|
3.2
|
%
|
|
5.5
|
%
|
|
3.6
|
%
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Franchise
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales percentage change
(c)
|
|
6.8
|
%
|
|
6.1
|
%
|
|
6.4
|
%
|
|
6.3
|
%
|
|||||
Domestic same-restaurant sales percentage change
(d)
|
|
6.2
|
%
|
|
3.2
|
%
|
|
5.5
|
%
|
|
3.6
|
%
|
|||||
Average weekly domestic unit sales (in thousands)
|
|
$
|
37.4
|
|
|
$
|
35.6
|
|
|
$
|
37.6
|
|
|
$
|
36.4
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Area License
(b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sales percentage change
(c)
|
|
7.7
|
%
|
|
5.8
|
%
|
|
7.4
|
%
|
|
6.9
|
%
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Reported sales (unaudited)
|
(In millions)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
Applebee's domestic franchise restaurant sales
|
$
|
1,174.6
|
|
|
$
|
1,150.7
|
|
|
$
|
2,400.6
|
|
|
$
|
2,333.8
|
|
IHOP franchise restaurant sales
|
$
|
715.1
|
|
|
$
|
669.5
|
|
|
$
|
1,436.4
|
|
|
$
|
1,349.8
|
|
IHOP area license restaurant sales
|
$
|
69.8
|
|
|
$
|
64.8
|
|
|
$
|
144.8
|
|
|
$
|
134.9
|
|
REVENUE
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance |
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance |
||||||||||||||||
|
|
June 30,
|
|
June 30,
|
|
|||||||||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Franchise operations
|
|
$
|
120.3
|
|
|
$
|
110.7
|
|
|
$
|
9.6
|
|
|
$
|
244.8
|
|
|
$
|
226.3
|
|
|
$
|
18.5
|
|
Rental operations
|
|
31.1
|
|
|
30.7
|
|
|
0.4
|
|
|
62.5
|
|
|
61.4
|
|
|
1.1
|
|
||||||
Company restaurant operations
|
|
17.4
|
|
|
15.7
|
|
|
1.7
|
|
|
34.8
|
|
|
32.0
|
|
|
2.8
|
|
||||||
Financing operations
|
|
2.7
|
|
|
3.4
|
|
|
(0.7
|
)
|
|
5.3
|
|
|
8.0
|
|
|
(2.7
|
)
|
||||||
Total revenue
|
|
$
|
171.5
|
|
|
$
|
160.5
|
|
|
$
|
11.0
|
|
|
$
|
347.4
|
|
|
$
|
327.7
|
|
|
$
|
19.7
|
|
Change vs. prior period
|
|
6.9
|
%
|
|
|
|
|
|
6.0
|
%
|
|
|
|
|
GROSS PROFIT (LOSS)
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance
|
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance
|
||||||||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Franchise operations
|
|
$
|
86.2
|
|
|
$
|
84.2
|
|
|
$
|
2.0
|
|
|
$
|
175.2
|
|
|
$
|
170.3
|
|
|
$
|
4.9
|
|
Rental operations
|
|
7.8
|
|
|
7.1
|
|
|
0.7
|
|
|
15.7
|
|
|
13.9
|
|
|
1.8
|
|
||||||
Company restaurant operations
|
|
0.1
|
|
|
0.1
|
|
|
0.0
|
|
|
0.9
|
|
|
0.2
|
|
|
0.7
|
|
||||||
Financing operations
|
|
2.7
|
|
|
3.1
|
|
|
(0.4
|
)
|
|
5.3
|
|
|
7.2
|
|
|
(1.9
|
)
|
||||||
Total gross profit
|
|
$
|
96.8
|
|
|
$
|
94.5
|
|
|
$
|
2.3
|
|
|
$
|
197.1
|
|
|
$
|
191.6
|
|
|
$
|
5.5
|
|
Change vs. prior period
|
|
2.4
|
%
|
|
|
|
|
|
2.9
|
%
|
|
|
|
|
FRANCHISE OPERATIONS
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance
|
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance
|
||||||||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
||||||||||||||
|
|
(In millions, except number of restaurants)
|
||||||||||||||||||||||
Effective Franchise Restaurants:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Applebee’s
|
|
1,990
|
|
|
1,985
|
|
|
5
|
|
|
1,991
|
|
|
1,985
|
|
|
6
|
|
||||||
IHOP
|
|
1,638
|
|
|
1,615
|
|
|
23
|
|
|
1,638
|
|
|
1,611
|
|
|
27
|
|
||||||
Franchise Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Applebee’s
|
|
$
|
49.9
|
|
|
$
|
50.0
|
|
|
$
|
(0.1
|
)
|
|
$
|
102.3
|
|
|
$
|
100.8
|
|
|
$
|
1.5
|
|
IHOP
|
|
44.1
|
|
|
40.0
|
|
|
4.1
|
|
|
89.5
|
|
|
83.6
|
|
|
5.9
|
|
||||||
IHOP advertising
|
|
26.3
|
|
|
20.7
|
|
|
5.6
|
|
|
53.0
|
|
|
41.9
|
|
|
11.1
|
|
||||||
Total franchise revenues
|
|
120.3
|
|
|
110.7
|
|
|
9.6
|
|
|
244.8
|
|
|
226.3
|
|
|
18.5
|
|
||||||
Franchise Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Applebee’s
|
|
1.7
|
|
|
1.2
|
|
|
(0.5
|
)
|
|
3.3
|
|
|
2.7
|
|
|
(0.6
|
)
|
||||||
IHOP
|
|
6.1
|
|
|
4.6
|
|
|
(1.5
|
)
|
|
13.3
|
|
|
11.4
|
|
|
(1.9
|
)
|
||||||
IHOP advertising
|
|
26.3
|
|
|
20.7
|
|
|
(5.6
|
)
|
|
53.0
|
|
|
41.9
|
|
|
(11.1
|
)
|
||||||
Total franchise expenses
|
|
34.1
|
|
|
26.5
|
|
|
(7.6
|
)
|
|
69.6
|
|
|
56.0
|
|
|
(13.6
|
)
|
||||||
Franchise Segment Profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Applebee’s
|
|
48.2
|
|
|
48.8
|
|
|
(0.6
|
)
|
|
99.0
|
|
|
98.1
|
|
|
0.9
|
|
||||||
IHOP
|
|
38.0
|
|
|
35.4
|
|
|
2.6
|
|
|
76.2
|
|
|
72.2
|
|
|
4.0
|
|
||||||
Total franchise segment profit
|
|
$
|
86.2
|
|
|
$
|
84.2
|
|
|
$
|
2.0
|
|
|
$
|
175.2
|
|
|
$
|
170.3
|
|
|
$
|
4.9
|
|
Gross profit as % of revenue
(2)
|
|
71.7
|
%
|
|
76.0
|
%
|
|
|
|
71.6
|
%
|
|
75.3
|
%
|
|
|
RENTAL OPERATIONS
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance |
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance |
||||||||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Rental revenues
|
|
$
|
31.1
|
|
|
$
|
30.7
|
|
|
$
|
0.4
|
|
|
$
|
62.5
|
|
|
$
|
61.4
|
|
|
$
|
1.1
|
|
Rental expenses
|
|
23.3
|
|
|
23.6
|
|
|
0.3
|
|
|
46.8
|
|
|
47.5
|
|
|
0.7
|
|
||||||
Rental operations segment profit
|
|
$
|
7.8
|
|
|
$
|
7.1
|
|
|
$
|
0.7
|
|
|
$
|
15.7
|
|
|
$
|
13.9
|
|
|
$
|
1.8
|
|
Gross profit as % of revenue
(1)
|
|
25.1
|
%
|
|
23.0
|
%
|
|
|
|
25.1
|
%
|
|
22.7
|
%
|
|
|
FINANCING OPERATIONS
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance |
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance |
||||||||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
Financing revenues
|
|
$
|
2.7
|
|
|
$
|
3.4
|
|
|
$
|
(0.7
|
)
|
|
$
|
5.3
|
|
|
$
|
8.0
|
|
|
$
|
(2.7
|
)
|
Financing expenses
|
|
—
|
|
|
0.3
|
|
|
0.3
|
|
|
0.0
|
|
|
0.8
|
|
|
0.8
|
|
||||||
Financing operations segment profit
|
|
$
|
2.7
|
|
|
$
|
3.1
|
|
|
$
|
(0.4
|
)
|
|
$
|
5.3
|
|
|
$
|
7.2
|
|
|
$
|
(1.9
|
)
|
Gross profit as % of revenue
(1)
|
|
100.0
|
%
|
|
92.9
|
%
|
|
|
|
|
99.8
|
%
|
|
89.7
|
%
|
|
|
|
|
Three Months Ended
|
|
Favorable
(Unfavorable) Variance |
|
Six Months Ended
|
|
Favorable
(Unfavorable) Variance |
||||||||||||||||
|
|
June 30,
|
|
|
June 30,
|
|
||||||||||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
||||||||||||||
|
|
(In millions)
|
||||||||||||||||||||||
General and administrative expenses
|
|
$
|
34.6
|
|
|
$
|
34.8
|
|
|
$
|
0.2
|
|
|
$
|
68.8
|
|
|
$
|
69.0
|
|
|
$
|
0.2
|
|
Interest expense
|
|
15.7
|
|
|
24.9
|
|
|
9.2
|
|
|
31.3
|
|
|
49.9
|
|
|
18.6
|
|
||||||
Amortization of intangible assets
|
|
2.5
|
|
|
3.1
|
|
|
0.6
|
|
|
5.0
|
|
|
6.1
|
|
|
1.1
|
|
||||||
Closure and impairment charges
|
|
0.5
|
|
|
0.6
|
|
|
0.1
|
|
|
2.3
|
|
|
0.8
|
|
|
(1.5
|
)
|
||||||
Loss (gain) on disposition of assets
|
|
0.1
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
|
0.1
|
|
|
0.8
|
|
|
0.7
|
|
||||||
Income tax provision
|
|
16.6
|
|
|
12.0
|
|
|
(4.6
|
)
|
|
34.3
|
|
|
24.9
|
|
|
(9.4
|
)
|
|
Six Months Ended
|
|
|
||||||||
|
June 30,
|
|
|
||||||||
|
2015
|
|
2014
|
|
Variance
|
||||||
|
(In millions)
|
||||||||||
Net cash provided by operating activities
|
$
|
48.1
|
|
|
$
|
56.0
|
|
|
$
|
(7.9
|
)
|
Net cash provided by investing activities
|
5.6
|
|
|
2.7
|
|
|
2.9
|
|
|||
Net cash used in financing activities
|
(53.3
|
)
|
|
(64.4
|
)
|
|
11.1
|
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
0.4
|
|
|
$
|
(5.7
|
)
|
|
$
|
6.1
|
|
|
Six Months Ended
|
|
|
||||||||
|
June 30,
|
|
|
||||||||
|
2015
|
|
2014
|
|
Variance
|
||||||
|
(In millions)
|
||||||||||
Cash flows provided by operating activities
|
$
|
48.1
|
|
|
$
|
56.0
|
|
|
$
|
(7.9
|
)
|
Net receipts from notes and equipment contracts receivable
|
6.2
|
|
|
2.7
|
|
|
3.5
|
|
|||
Additions to property and equipment
|
(4.6
|
)
|
|
(4.1
|
)
|
|
(0.5
|
)
|
|||
Free cash flow
|
$
|
49.7
|
|
|
$
|
54.6
|
|
|
$
|
(4.9
|
)
|
Purchases of Equity Securities by the Company
|
||||||||||
Period
|
|
Total number of
shares
purchased
|
|
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)
|
||
March 30, 2015 – April 26, 2015
|
|
—
|
|
|
—
|
|
—
|
|
|
$83,000,000
|
April 27, 2015 – May 24, 2015
(a)
|
|
154,470
|
|
|
$97.17
|
|
154,398
|
|
|
$68,000,000
|
May 25, 2015 – June 28, 2015
(a)
|
|
50,826
|
|
|
$99.23
|
|
50,396
|
|
|
$63,000,000
|
Total
|
|
205,296
|
|
|
$97.68
|
|
204,794
|
|
|
$63,000,000
|
**
|
The certifications attached as Exhibits 32.1 and 32.2 accompany this Quarterly Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
|
***
|
Pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
†
|
A contract, compensatory plan or arrangement in which directors or executive officers are eligible to participate.
|
|
|
DineEquity, Inc.
(Registrant)
|
|
|
|
|
|
|
|
|
|
Dated:
|
July 29, 2015
|
By:
|
/s/ Julia A. Stewart
|
|
|
|
Julia A. Stewart
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
Dated:
|
July 29, 2015
|
By:
|
/s/ Thomas W. Emrey
|
|
|
|
Thomas W. Emrey
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
|
|
Dated:
|
July 29, 2015
|
By:
|
/s/ Greggory Kalvin
|
|
|
|
Greggory Kalvin
Senior Vice President, Corporate Controller
(Principal Accounting Officer)
|
Leverage Ratio Calculation:
|
|
||
Indebtedness, net
(1)
|
$
|
1,319,601
|
|
Covenant Adjusted EBITDA
(1)
|
280,772
|
|
|
Leverage Ratio
|
4.70
|
|
|
Debt Service Coverage Ratio (DSCR) Calculation:
|
|
||
Net Cash Flow
(1)
|
$
|
286,669
|
|
Debt Service
(1)
|
56,752
|
|
|
DSCR
|
5.05
|
|
(1)
|
Definitions of all components used in calculating the above ratios are found in the Base Indenture and the related Series 2014-1 Supplement to the Base Indenture, dated September 30, 2014, filed as Exhibits 4.1 and 4.2, respectively, to our Current Report on Form 8-K filed on October 3, 2014.
|
Dated:
|
July 29, 2015
|
/s/ Julia A. Stewart
|
|
|
Julia A. Stewart
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
Dated:
|
July 29, 2015
|
/s/ Thomas W. Emrey
|
|
|
Thomas W. Emrey
Chief Financial Officer
(Principal Financial Officer) |
Dated:
|
July 29, 2015
|
/s/ Julia A. Stewart
|
|
|
Julia A. Stewart
Chairman and Chief Executive Officer
(Principal Executive Officer)
|
Dated:
|
July 29, 2015
|
/s/ Thomas W. Emrey
|
|
|
Thomas W. Emrey
Chief Financial Officer
(Principal Financial Officer)
|