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Dine Brands Global, Inc. Reports First Quarter 2024 Results
"While we are not content with the start of the year, we are encouraged by the response of our value offerings and targeted promotions which drove improved performance as the quarter progressed," said John Peyton, chief executive officer, Dine Brands Global, Inc. "This quarter is an important reminder that our guests are craving abundant value and we are committed to meet their need through our upcoming campaigns and new menu items, while leveraging the resources of our platform to support franchisees."
Vance Chang, chief financial officer, Dine Brands Global, Inc. added, "Our brands have been tested through many economic cycles in the past decades and while our first quarter results reflect the impact of consumer price sensitivity and challenging weather conditions, our fundamental business model remains steady with solid cash flow and positioning us to deliver on our guidance for the year."
Domestic Restaurant Sales for the First Quarter of 2024
Applebee's year-over-year domestic comparable same-restaurant sales declined 4.6% for the first quarter of 2024. Off-premise sales mix accounted for 22.1% in the first quarter of 2024 compared to 23.1% in the first quarter of 2023. IHOP's year-over-year domestic comparable same-restaurant sales declined 1.7% for the first quarter of 2024. Off-premise sales mix accounted for 21.0% in the first quarter of 2024 compared to 21.7% in the first quarter of 2023.
First Quarter of 2024 Summary
Total revenues for the first quarter of 2024 were $206.2 million compared to $213.8 million for the first quarter of 2023. The decline was primarily due to the negative comparable same-restaurant sales growth at Applebee's and IHOP, partially offset by increases in the number of effective franchise restaurants and proprietary product sales at IHOP. General and Administrative ("G&A") expenses for the first quarter of 2024 were $52.2 million compared to $51.1 million for the first quarter of 2023. The variance was primarily attributable to an increase in compensation-related expenses (predominantly stock-based compensation) and an increase in consumer research expenses, partially offset by a decrease in professional services. GAAP net income available to common stockholders was $17.0 million, or earnings per diluted share of $1.13, for the first quarter of 2024 compared to net income available to common stockholders of $26.7 million, or earnings per diluted share of $1.74 for the first quarter of 2023. The decline was primarily due to a decrease in segment profit, an increase in interest expense as a result of our April 2023 refinancing and a prior year gain on debt extinguishment, partially offset by a decrease in income taxes. Adjusted net income available to common stockholders was $19.9 million, or adjusted earnings per diluted share of $1.33, for the first quarter of 2024 compared to adjusted net income available to common stockholders of $30.2 million, or adjusted earnings per diluted share of $1.97, for the first quarter of 2023. The decline was primarily due to a decrease in segment profit, an increase in interest expense as a result of our April 2023 refinancing and an increase in G&A expenses, partially offset by a decrease in income taxes. (See "Non-GAAP Financial Measures" and reconciliation of GAAP net income available to common stockholders to adjusted net income available to common stockholders.) Consolidated adjusted EBITDA for the first quarter of 2024 was $60.8 million compared to $66.4 million for the first quarter of 2023. (See "Non-GAAP Financial Measures" and reconciliation of GAAP net income to consolidated adjusted EBITDA.) Cash flows provided by operating activities for the first quarter of 2024 were $30.6 million. This compares to cash flows provided by operating activities of $16.1 million for the first quarter of 2023. The increase was primarily due to a favorable increase in working capital, partially offset by a decrease in segment profit. Adjusted free cash flow was $29.7 million for the first quarter of 2024. This compares to adjusted free cash flow of $2.3 million for the first quarter of 2023. (See "Non-GAAP Financial Measures" and reconciliation of the Company's cash provided by operating activities to adjusted free cash flow.) Development activity by Applebee's and IHOP franchisees for the first quarter of 2024 resulted in nine new restaurant openings and the closure of 20 restaurants.
Key Balance Sheet Metrics (as of March 31, 2024)
Total cash, cash equivalents and restricted cash of approximately $212.1 million, of which approximately $145.0 million was unrestricted cash. Leverage ratio of approximately 4.3x compared to approximately 4.2x as of December 31, 2023. Available borrowing capacity under the Variable Funding Senior Secured Notes is over $220 million.
GAAP Effective Tax Rate
The Company's effective tax rate was 27.3% for the three months ended March 31, 2024, as compared to 24.2% for the three months ended March 31, 2023. The effective tax rate for the three months ended March 31, 2024, was higher than the rate of the prior comparable period primarily due to a lower tax deduction related to stock-based compensation.
Capital Returns to Equity Holders
During the first quarter of 2024, the Company repurchased approximately $6.0 million of its common stock and paid quarterly cash dividends totaling approximately $7.8 million.
Financial Performance Guidance for 2024
The Company reiterated its fiscal year 2024 guidance items:
Reiterated: Applebee's domestic system-wide comparable same-restaurant sales performance is expected to range between 0% and 2%. Reiterated: IHOP's domestic system-wide comparable same-restaurant sales performance is expected to range between 1% and 3%. Reiterated: Domestic development activity for Applebee's franchisees is between 25 and 35 net fewer restaurants. Reiterated: Domestic development activity by IHOP franchisees and area licensees is expected to be between 15 and 25 net new openings. Reiterated: Consolidated adjusted EBITDA is expected to range between approximately $255 million and $265 million. Reiterated: G&A expenses are expected to range between approximately $200 million and $210 million. This total includes non-cash stock-based compensation expense and depreciation of approximately $35 million. Reiterated: Gross capital expenditures are expected to range between approximately $15 million and $20 million.
Dine Brands does not provide forward-looking guidance for GAAP net income because it is unable to predict certain items contained in the GAAP measure without unreasonable efforts. These items may include closure and impairment charges, loss on extinguishment of debt, gain or loss on disposition of assets, other non-income-based taxes and other items deemed not reflective of current operations.
First quarter of 2024 Earnings Conference Call Details
Dine Brands will host a conference call to discuss its results on May 8, 2024, at 9:00 a.m. Eastern time. To access the call, please click this conference call registration link, and you will be provided with dial in details. A live webcast of the call, along with a replay will be available for a limited time at https://investors.dinebrands.com. Participants should allow approximately ten minutes prior to the call's start time to visit the site and download any streaming media software needed to listen to the webcast. An online archive of the webcast will also be available on Events and Presentations under the Investors section of the Company's website.
About Dine Brands Global, Inc.
Based in Pasadena, California, Dine Brands Global, Inc. (NYSE: DIN), through its subsidiaries and franchisees, supports and operates restaurants under the Applebee's Neighborhood Grill + Bar(R), IHOP(R), and Fuzzy's Taco Shop(R) brands. As of March 31, 2024, these three brands consisted of close to 3,600 restaurants across 18 international markets. Dine Brands is one of the largest full-service restaurant companies in the world and in 2022 expanded into the Fast Casual segment. For more information on Dine Brands, visit the Company's website located at www.dinebrands.com.
Forward-Looking Statements
Statements contained in this press release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan," "goal" and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: general economic conditions, including the impact of inflation, particularly as it may impact our franchisees directly; our level of indebtedness; compliance with the terms of our securitized debt; our ability to refinance our current indebtedness or obtain additional financing; our dependence on information technology; potential cyber incidents; the implementation of restaurant development plans; our dependence on our franchisees; the concentration of our Applebee's franchised restaurants in a limited number of franchisees; the financial health of our franchisees including any insolvency or bankruptcy; credit risks from our IHOP franchisees operating under our previous IHOP business model in which we built and equipped IHOP restaurants and then franchised them to franchisees; insufficient insurance coverage to cover potential risks associated with the ownership and operation of restaurants; our franchisees' and other licensees' compliance with our quality standards and trademark usage; general risks associated with the restaurant industry; potential harm to our brands' reputation; risks of food-borne illness or food tampering; possible future impairment charges; trading volatility and fluctuations in the price of our stock; our ability to achieve the financial guidance we provide to investors; successful implementation of our business strategy; the availability of suitable locations for new restaurants; shortages or interruptions in the supply or delivery of products from third parties or availability of utilities; the management and forecasting of appropriate inventory levels; development and implementation of innovative marketing and use of social media; changing health or dietary preference of consumers; risks associated with doing business in international markets; the results of litigation and other legal proceedings; third-party claims with respect to intellectual property assets; delivery initiatives and use of third-party delivery vendors; our allocation of human capital and our ability to attract and retain management and other key employees; compliance with federal, state and local governmental regulations; risks associated with our self-insurance; natural disasters, pandemics, epidemics, or other serious incidents; our success with development initiatives outside of our core business; the adequacy of our internal controls over financial reporting and future changes in accounting standards; and other factors discussed from time to time in the Corporation's Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Corporation's other filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.
Non-GAAP Financial Measures
This press release includes references to the Company's non-GAAP financial measure "adjusted net income available to common stockholders", "adjusted earnings per diluted share (Adjusted EPS)", "Adjusted EBITDA" and "Adjusted free cash flow." Adjusted EPS is computed for a given period by deducting from net income or loss available to common stockholders for such period the effect of any closure and impairment charges, any intangible asset amortization, any non-cash interest expense, any gain or loss related to the disposition of assets, any gain or loss related to debt extinguishment, and other items deemed not reflective of current operations. This is presented on an aggregate basis and a per share (diluted) basis. Adjusted EBITDA is computed for a given period by deducting from net income or loss for such period the effect of any interest charges, any income tax provision or benefit, any depreciation and amortization, any non-cash stock-based compensation, any closure and impairment charges, any gain or loss related to debt extinguishment, any gain or loss related to the disposition of assets, and other items deemed not reflective of current operations. "Adjusted free cash flow" for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less capital expenditures. Management may use certain of these non-GAAP financial measures along with the corresponding U.S. GAAP measures to evaluate the performance of the business and to make certain business decisions. Management uses adjusted free cash flow in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock and we believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes. Additionally, adjusted EPS is one of the metrics used in determining payouts under the Company's annual cash incentive plan. Total revenues excluding the refranchised Applebee's restaurants is helpful for Management to evaluate the performance of franchised restaurants over comparative periods. Management believes that these non-GAAP financial measures provide additional meaningful information that should be considered when assessing the business and the Company's performance compared to prior periods and the marketplace. Adjusted EPS and adjusted free cash flow are supplemental non-GAAP financial measures and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
FBN-R
Dine Brands Global, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
-------------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------------------------------------ -----------------------------------------------
Revenues:
Franchise revenues:
$ $ 100,616 $ 102,925
Royalties, franchise fees and other
75,261 77,037
Advertising revenues
-------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
175,877 179,962
Total franchise revenues
274 1,057
Company restaurant sales
29,549 31,951
Rental revenues
535 797
Financing revenues
-------------------- -------------------- -------------- -------------------- -------------------- ------- --------------------
206,235 213,767
Total revenues
-------------------- -------------- -------------------- -------------------- ------- --------------------
Cost of revenues:
Franchise expenses:
75,261 77,037
Advertising expenses
183 923
Bad debt expense
11,029 9,406
Other franchise expenses
-------------------- -------------- -------------------- -------------------- ------- --------------------
86,473 87,366
Total franchise expenses
299 1,079
Company restaurant expenses
Rental expenses:
740 709
Interest expense from finance leases
21,215 20,899
Other rental expenses
-------------------- -------------- -------------------- -------------------- ------- --------------------
21,955 21,608
Total rental expenses
84 98
Financing expenses
-------------------- -------------- -------------------- -------------------- ------- --------------------
108,811 110,151
Total cost of revenues
-------------------- -------------- -------------------- -------------------- ------- --------------------
Gross profit 97,424 103,616
General and administrative expenses 52,187 51,087
Interest expense, net 18,072 14,709
Closure and impairment charges 634 467
Amortization of intangible assets 2,722 2,774
Gain on extinguishment of debt -- (1,661 )
(Gain) loss on disposition of assets (237 ) 71
-------------------- -------------- -------------------- -------------------- ------- --------------------
Income before income taxes 24,046 36,169
Income tax provision (6,573 ) (8,759 )
-------------------- -------------- -------------------- -------------------- ------- --------------------
Net income 17,473 27,410
Other comprehensive (loss) income net of tax:
(2 ) 1
Foreign currency translation adjustment
-------------------- -------------- -------------------- -------------------- ------- --------------------
Total comprehensive income $ 17,471 $ 27,411
==================== ============== ==================== ==================== ======= ====================
Net income available to common stockholders:
Net income $ 17,473 $ 27,410
(512 ) (679 )
Less: Net income allocated to unvested participating restricted stock
-------------------- -------------- -------------------- -------------------- ------- --------------------
Net income available to common stockholders $ 16,961 $ 26,731
==================== ============== ==================== ==================== ======= ====================
Net income available to common stockholders per share:
$ 1.13 $ 1.75
Basic
==================== ============== ==================== ==================== ======= ====================
$ 1.13 $ 1.74
Diluted
==================== ============== ==================== ==================== ======= ====================
Weighted average shares outstanding:
14,980 15,304
Basic
==================== ============== ==================== ==================== ======= ====================
Dine Brands Global, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
March 31, 2024 December 31, 2023
------------------------------------------------------ -------------------------------------------------
Assets (Unaudited)
Current assets:
$ 144,994 $ 146,034
Cash and cash equivalents
90,694 127,937
Receivables, net of allowance
47,631 35,058
Restricted cash
23,242 29,545
Prepaid gift card costs
-- 3,445
Prepaid income taxes
10,638 15,759
Other current assets
-------------------- -------------- -------------------- -------------------- --------- --------------------
317,199 357,778
Total current assets
Non-current restricted cash 19,500 19,500
Property and equipment, net 159,706 161,891
Operating lease right-of-use assets 278,056 275,214
Deferred rent receivable 31,140 33,326
Long-term receivables, net of allowance 35,439 35,602
Goodwill 254,062 254,062
Other intangible assets, net 583,373 586,033
Other non-current assets, net 16,734 16,881
-------------------- -------------- -------------------- -------------------- --------- --------------------
$ 1,695,209 $ 1,740,287
Total assets
==================== ============== ==================== ==================== ========= ====================
Liabilities and Stockholders' Deficit
Current liabilities:
$ 100,000 $ 100,000
Current maturities of long-term debt
42,975 36,193
Accounts payable
146,714 175,640
Gift card liability
63,110 63,498
Current maturities of operating lease obligations
6,886 7,243
Current maturities of finance lease and financing obligations
11,600 23,211
Accrued employee compensation and benefits
2,290 9,446
Accrued advertising expenses
. 7,881 7,827
Dividends payable
28,514 37,394
Other accrued expenses
-------------------- -------------- -------------------- -------------------- --------- --------------------
409,970 460,452
Total current liabilities
Long-term debt, net, less current maturities 1,085,002 1,084,502
Operating lease obligations, less current maturities 269,913 269,097
Finance lease obligations, less current maturities 36,489 34,389
Financing obligations, less current maturities 25,657 26,984
Deferred income taxes, net 58,808 60,829
Deferred franchise revenue, long-term 37,288 38,658
Other non-current liabilities 16,887 16,350
-------------------- -------------- -------------------- -------------------- --------- --------------------
1,940,014 1,991,261
Total liabilities
-------------------- -------------- -------------------- -------------------- --------- --------------------
Commitments and contingencies
Stockholders' deficit:
248 249
Common stock
245,680 256,542
Additional paid-in-capital
159,597 150,008
Retained earnings
(66 ) (64 )
Accumulated other comprehensive loss
(650,264 ) (657,709 )
Treasury stock, at cost
-------------------- -------------- -------------------- -------------------- --------- --------------------
(244,805 ) (250,974 )
Total stockholders' deficit
-------------------- -------------- -------------------- -------------------- --------- --------------------
Dine Brands Global, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------------------------------------ ------------------------------------------------------
Cash flows from operating activities:
Net income $ 17,473 $ 27,410
Adjustments to reconcile net income to cash flows provided by operating activities:
9,741 9,222
Depreciation and amortization
634 459
Non-cash closure and impairment charges
4,923 1,718
Non-cash stock-based compensation expense
803 1,171
Non-cash interest expense
-- (1,661 )
Gain on extinguishment of debt
1,086 (2,901 )
Deferred income taxes
(1,583 ) (1,193 )
Deferred revenue
(237 ) 71
(Gain) loss on disposition of assets
(212 ) (308 )
Other
Changes in operating assets and liabilities:
1,833 (2,369 )
Receivables, net
2,186 2,557
Deferred rent receivable
9,388 224
Current income tax receivables and payables
(978 ) (2,310 )
Gift card receivables and payables
5,120 5,024
Other current assets
(2,158 ) (7,579 )
Accounts payable
(3,327 ) 340
Operating lease assets and liabilities
(11,449 ) (11,801 )
Accrued employee compensation and benefits
(2,801 ) (5,067 )
Accrued advertising
111 3,069
Other current liabilities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
30,553 16,076
Cash flows provided by operating activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from investing activities:
2,525 3,345
Principal receipts from notes, equipment contracts and other long-term receivables
(3,335 ) (16,030 )
Additions to property and equipment
81 --
Proceeds from sale of property and equipment
(371 ) --
Additions to long-term receivables
(74 ) (54 )
Other
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(1,174 ) (12,739 )
Cash flows used in investing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
Cash flows from financing activities:
-- (66,574 )
Repayment of long-term debt
(7,827 ) (15,971 )
Dividends paid on common stock
(6,000 ) (5,000 )
Repurchase of common stock
(1,640 ) (1,870 )
Principal payments on finance lease and financing obligations
-- 584
Proceeds from stock options exercised
(2,347 ) (3,527 )
Repurchase of restricted stock for tax payments upon vesting
(29 ) (859 )
Tax payments for share settlement of restricted stock units
(3 ) --
Other
-------------------- -------------- -------------------- -------------------- -------------- --------------------
(17,846 ) (93,217 )
Cash flows used in financing activities
-------------------- -------------- -------------------- -------------------- -------------- --------------------
11,533 (89,880 )
Net change in cash, cash equivalents and restricted cash
200,592 324,984
Cash, cash equivalents and restricted cash at beginning of period
-------------------- -------------- -------------------- -------------------- -------------- --------------------
$ 212,125 $ 235,104
Cash, cash equivalents and restricted cash at end of period
==================== ============== ==================== ==================== ============== ====================
Supplemental disclosures:
$ 19,846 $ 16,702
Interest paid in cash
Dine Brands Global, Inc. and Subsidiaries
Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
------------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------------------------------------ -------------------- ----------------------------------------------
Net income available to common stockholders $ 16,961 $ $ 26,731
Closure and impairment charges 634 467
Amortization of intangible assets 2,722 2,774
Non-cash interest expense 803 1,171
(Gain) loss on disposition of assets (237 ) 71
Gain on extinguishment of debt -- (1,661 )
Acquisition costs -- 771
Other EBITDA adjustments 200 1,217
Net income tax provision for above adjustments (1,072 ) (1,251 )
Net income allocated to unvested participating restricted stock (85 ) (89 )
-------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Net income available to common stockholders, as adjusted $ 19,926 $ $ 30,201
==================== ============== ==================== ==================== ==================== ====== ====================
Diluted net income available to common stockholders per share:
Net income available to common stockholders $ 1.13 $ $ 1.74
Closure and impairment charges 0.03 0.02
Amortization of intangible assets 0.13 0.13
Non-cash interest expense 0.04 0.06
(Gain) loss on disposition of assets (0.01 ) 0.00
Gain on extinguishment of debt -- (0.08 )
Acquisition costs -- 0.04
Other EBITDA adjustments 0.01 0.06
Net income allocated to unvested participating restricted stock (0.01 ) (0.01 )
Rounding 0.01 0.01
-------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Diluted net income available to common stockholders per share, as adjusted $ 1.33 $ $ 1.97
==================== ============== ==================== ==================== ==================== ====== ====================
Numerator for basic EPS - net income available to common stockholders, as adjusted $ 19,926 $ $ 30,201
Effect of unvested participating restricted stock using the two-class method -- 2
-------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Numerator for diluted EPS - net income available to common stockholders, as adjusted $ 19,926 $ $ 30,203
==================== ============== ==================== ==================== ==================== ====== ====================
Denominator for basic EPS - weighted-average shares 14,980 15,304
Dilutive effect of stock options -- 35
-------------------- -------------- -------------------- -------------------- -------------------- ------ --------------------
Dine Brands Global, Inc. and Subsidiaries
Non-GAAP Financial Measures
(Unaudited)
Three Months Ended March 31,
2024 2023
------------------------------------------------------ -----------------------------------------------
(In thousands)
Cash flows provided by operating activities $ 30,553 $ 16,076
Principal receipts from notes and equipment contracts 2,525 2,223
Net additions to property and equipment (3,335 ) (16,030 )
-------------------- -------------- -------------------- -------------------- ------- --------------------
Adjusted free cash flow 29,743 2,269
Repayment of long-term debt, net -- (66,574 )
Dividends paid on common stock (7,827 ) (15,971 )
Repurchase of common stock (6,000 ) (5,000 )
-------------------- -------------- -------------------- -------------------- ------- --------------------
Dine Brands Global, Inc. and Subsidiaries
Non-GAAP Financial Measures
(Unaudited)
Three Months Ended March 31,
2024 2023
------------------------------------------------------ -------------------- ----------------------------------------------
(In thousands)
Net income, as reported $ 17,473 $ 27,410
Interest charges on finance leases 740 709
All other interest charges 20,763 17,681
Income tax provision 6,573 8,759
Depreciation and amortization 9,741 9,213
Non-cash stock-based compensation 4,923 1,718
Closure and impairment charges 634 467
Gain on extinguishment of debt -- (1,661 )
Loss (gain) on disposition of assets (237 ) 71
Merger and acquisition costs -- 771
Other 200 1,217
-------------------- -------------- -------------------- -------------------- ------ --------------------
Dine Brands Global, Inc. and Subsidiaries
Restaurant Data
(Unaudited)
Three Months Ended March 31,
--------------------------------------------------------------------------------------------------------------------------------
2024 2023
------------------------------------------------------ ------------------------------------------------------
Applebee's Restaurant Data
Global Effective Restaurants(a)
1,635 1,673
Franchise
-- --
Company
-------------------- -------------- -------------------- -------------------- -------------- --------------------
1,635 1,673
Total
==================== ============== ==================== ==================== ============== ====================
System-wide(b)
(5.9 )% 5.6 %
Domestic sales percentage change(c)
(4.6 )% 6.1 %
Domestic same-restaurant sales percentage change(d)
Franchise(b)
(5.9 )% 9.6 %
Domestic sales percentage change(c)
(4.6 )% 5.6 %
Domestic same-restaurant sales percentage change(d)
$ 54.7 $ 56.8
Average weekly domestic unit sales (in thousands)
IHOP Restaurant Data
Global Effective Restaurants(a)
1,644 1,617
Franchise
156 156
Area license
-------------------- -------------- -------------------- -------------------- -------------- --------------------
1,800 1,773
Total
==================== ============== ==================== ==================== ============== ====================
System-wide(b)
0.2 % 11.4 %
Sales percentage change(c)
(1.7 )% 8.7 %
Domestic same-restaurant sales percentage change, including area license restaurants(d)
Franchise(b)
0.2 % 11.5 %
Sales percentage change(c)
(1.9 )% 8.8 %
Domestic same-restaurant sales percentage change(d)
$ 37.6 $ 38.2
Average weekly unit sales (in thousands)
Area License(b)
Dine Brands Global, Inc. and Subsidiaries
Restaurant Data
(Unaudited)
Three Months Ended March 31,
----------------------------------------------------------------------------------------------------------------
2024 2023
---------------------------------------------- ----------------------------------------------
Fuzzy's Restaurant Data
Global Effective Restaurants(a)
127 134
Franchise
1 3
Company
-------------------- ------ -------------------- -------------------- ------ --------------------
128 137
Total
==================== ====== ==================== ==================== ====== ====================
System-wide(b)