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DineEquity, Inc. Reports Fourth Quarter And Fiscal 2012 Results

Stocks in this article: DIN

Non-GAAP Financial Measures

This news release includes references to the Company's non-GAAP financial measures "adjusted net income available to common stockholders (adjusted EPS)," "EBITDA," "free cash flow," and "segment EBITDA." "Adjusted EPS" is computed for a given period by deducting from net income (loss) available to common stockholders for such period the effect of any impairment and closure charges, any gain or loss related to debt extinguishment, any intangible asset amortization, any non-cash interest expense, any debt modification costs, any one-time litigation settlement charges, any general and administrative restructuring costs, net of savings, any gain or loss related to the disposition of assets, and any state income tax impact of deferred taxes due to refranchising incurred in such period. This is presented on an aggregate basis and a per share (diluted) basis. The Company defines "EBITDA" for a given period as income before income taxes less interest expense, loss on retirement of debt, depreciation and amortization, impairment and closure charges, non-cash stock-based compensation, gain/loss on disposition of assets and other charge backs as defined by its credit agreement. "Free cash flow" for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable ("long-term notes receivable"), less dividends paid and capital expenditures. "Segment EBITDA" for a given period is defined as gross segment profit plus depreciation and amortization as well as interest charges related to the segment. Management utilizes EBITDA for debt covenant purposes and free cash flow to determine the amount of cash remaining for general corporate and strategic purposes after the receipts from long-term receivables, and the funding of operating activities, capital expenditures and preferred dividends. Management believes this information is helpful to investors to determine the Company's adherence to debt covenants and the Company's cash available for these purposes. Adjusted EPS, EBITDA, free cash flow and segment EBITDA 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 United States generally accepted accounting principles.

DineEquity, Inc. and Subsidiaries
Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
 
    Three Months Ended     Twelve Months Ended
December 31, December 31,
2012     2011 2012     2011
Segment Revenues:
Franchise revenues $ 107,917 $ 97,757 $ 421,459 $ 398,539
Company restaurant sales 16,862 110,029 291,121 530,984
Rental revenues 30,763 30,957 122,859 125,960
Financing revenues 3,095   3,436   14,489   19,715  
Total segment revenues 158,637   242,179   849,928   1,075,198  
Segment Expenses:
Franchise expenses 28,774 26,350 109,900 105,006
Company restaurant expenses 16,998 95,422 249,296 458,443
Rental expenses 24,090 24,413 97,165 98,147
Financing expenses 37   (28 ) 1,623   5,973  
Total segment expenses 69,899   146,157   457,984   667,569  
Gross segment profit 88,738 96,022 391,944 407,629
General and administrative expenses 37,607 40,670 163,215 155,822
Interest expense 25,571 31,364 114,338 132,707
Impairment and closure charges 2,954 2,918 4,218 29,865
Amortization of intangible assets 3,071 3,075 12,293 12,300
Loss on extinguishment of debt 637 3,274 5,554 11,159
Debt modification costs (72 ) 4,031
Gain on disposition of assets (12,955 ) (21,966 ) (102,597 ) (43,253 )
Income before income taxes 31,853 36,759 194,923 104,998
Income tax provision (13,034 ) (8,139 ) (67,249 ) (29,806 )
Net income $ 18,819   $ 28,620   $ 127,674   $ 75,192  
 
Net income available to common stockholders:
Net income $ 18,819 $ 28,620 $ 127,674 $ 75,192
Less: Accretion of Series B preferred stock (464 ) (658 ) (2,498 ) (2,573 )
Less: Net income allocated to unvested participating restricted stock (318 ) (623 ) (2,718 ) (1,886 )
Net income available to common stockholders $ 18,037   $ 27,339   $ 122,458   $ 70,733  
Net income available to common stockholders per share:
Basic $ 0.98   $ 1.55   $ 6.81   $ 3.96  
Diluted $ 0.97   $ 1.51   $ 6.63   $ 3.89  
Weighted average shares outstanding:
Basic 18,391   17,646   17,992   17,846  
Diluted 18,637   18,578   18,877   18,185  
 
 
DineEquity, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
   

December 31,

2012         2011
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 64,537 $ 60,691
Receivables, net 128,610 115,667
Prepaid income taxes 16,080 13,922
Prepaid gift cards 50,242 45,412
Deferred income taxes 21,772 20,579
Assets held for sale 9,363
Other current assets 13,214     11,313  
Total current assets 294,455 276,947
Long-term receivables 212,269 226,526
Property and equipment, net 294,375 474,154
Goodwill 697,470 697,470
Other intangible assets, net 806,093 822,361
Other assets, net 110,738     116,836  
Total assets $ 2,415,400     $ 2,614,294  
Liabilities and Stockholders’ Equity
Current liabilities:
Current maturities of long-term debt $ 7,420 $ 7,420
Accounts payable 30,751 29,013
Accrued employee compensation and benefits 22,435 26,191
Gift card liability 161,689 146,955
Accrued interest payable 13,236 12,537
Current maturities of capital lease and financing obligations 10,878 13,480
Other accrued expenses 21,351     22,048  
Total current liabilities 267,760 257,644
Long-term debt, less current maturities 1,202,063 1,411,448
Financing obligations, less current maturities 52,049 162,658
Capital lease obligations, less current maturities 124,375 134,407
Deferred income taxes 362,171 383,810
Other liabilities 98,177     109,107  
Total liabilities 2,106,595     2,459,074  
Commitments and contingencies
Stockholders’ equity:
Convertible preferred stock, Series B, at accreted value; shares: 10,000,000 authorized; 2012 - no shares issued or outstanding; 2011 - 35,000 issued, 34,900 outstanding 44,508
Common stock, $0.01 par value; shares: 40,000,000 authorized; 2012 - 25,362,946 issued, 19,197,899 outstanding; 2011 - 24,658,985 issued, 18,060,206 outstanding 254 247
Additional paid-in-capital 264,342 205,663
Retained earnings 322,045 196,869
Accumulated other comprehensive loss (152 ) (294 )
Treasury stock, at cost; shares: 2012 - 6,165,047; 2011 - 6,598,779 (277,684 )   (291,773 )
Total stockholders’ equity 308,805     155,220  
Total liabilities and stockholders’ equity $ 2,415,400     $ 2,614,294  
 
 
DineEquity, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
   
Twelve Months Ended
December 31,
2012         2011
Cash flows from operating activities: ( Unaudited)
Net income $ 127,674 $ 75,192
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization 39,538 50,220
Non-cash interest expense 5,985 6,160
Loss on extinguishment of debt 5,554 11,159
Impairment and closure charges 3,931 8,448
Deferred income taxes (22,832 ) 11,835
Non-cash stock-based compensation expense 11,442 9,492
Tax benefit from stock-based compensation 6,814 6,494
Excess tax benefit from stock options exercised (5,669 ) (5,443 )
Gain on disposition of assets (102,597 ) (43,253 )
Other (8,991 ) (1,765 )
Changes in operating assets and liabilities:
Receivables (11,629 ) (16,722 )
Current income tax receivables and payables 1,272 20,479
Other current assets (9,119 ) (5,354 )
Accounts payable 1,778 (3,533 )
Accrued employee compensation and benefits (3,756 ) (6,656 )
Gift card liability 14,735 21,983
Other accrued expenses (1,251 ) (17,050 )
Cash flows provided by operating activities 52,879   121,686  
Cash flows from investing activities:
Additions to property and equipment (16,952 ) (26,332 )
Proceeds from sale of property and equipment and assets held for sale 168,881 115,642
Principal receipts from notes, equipment contracts and other long-term receivables 12,250 13,122
Other 1,238   (753 )
Cash flows provided by investing activities 165,417   101,679  
Cash flows from financing activities:
Borrowings under revolving credit facilities 50,000 40,000
Repayments under revolving credit facilities (50,000 ) (40,000 )
Repayment of long-term debt (including premiums) (216,037 ) (225,681 )
Payment of debt issuance costs (12,295 )
Purchase of DineEquity common stock (21,170 )
Principal payments on capital lease and financing obligations (10,849 ) (13,391 )
Repurchase of restricted stock (1,740 ) (5,080 )
Proceeds from stock options exercised 9,254 6,725
Excess tax benefit from share-based compensation 5,669 5,443
Change in restricted cash (747 ) 466  
Cash flows used in financing activities (214,450 ) (264,983 )
Net change in cash and cash equivalents 3,846 (41,618 )
Cash and cash equivalents at beginning of year 60,691   102,309  
Cash and cash equivalents at end of year $ 64,537   $ 60,691  
 
 

NON-GAAP FINANCIAL MEASURES (In thousands, except per share amounts) (Unaudited)

Reconciliation of (i) net income available to common stockholders to (ii) net income available to common stockholders excluding impairment and closure charges, loss on extinguishment of debt, amortization of intangible assets, non-cash interest expense, debt modification costs, a one-time litigation settlement, general and administrative ("G&A") restructuring costs, net of savings, gain on disposition of assets, all items net of taxes, and the income tax impact of refranchising and restructuring, and related per share data:

 

    Three Months Ended     Twelve Months Ended
December 31, December 31,
2012     2011 2012     2011
Net income available to common stockholders, as reported $ 18,037 $ 27,339 $ 122,459 $ 70,733
Impairment and closure charges 2,954 2,871 4,218 29,600
Loss on extinguishment of debt 637 3,274 5,554 11,159
Amortization of intangible assets 3,071 3,075 12,293 12,300
Non-cash interest expense 1,438 1,578 5,985 6,160
Debt modification costs (72 ) 4,031
Litigation settlement 77 9,124
G&A restructuring costs, net of savings 495 1,764
Gain on disposition of assets (12,955 ) (21,966 ) (102,597 ) (43,253 )
Income tax benefit 1,655 4,474 24,598 (7,959 )
Income tax impact of refranchising and restructuring (4,422 ) (6,258 ) (4,422 )
Net income allocated to unvested participating restricted stock 45   248   984   (197 )
Net income available to common stockholders, as adjusted $ 15,454   $ 16,399   $ 78,124   $ 78,152  
 
Diluted net income available to common stockholders per share:
Net income available to common stockholders, as reported $ 0.97 $ 1.51 $ 6.63 $ 3.89
Impairment and closure charges 0.10 0.10 0.13 0.95
Loss on extinguishment of debt 0.02 0.11 0.18 0.36
Amortization of intangible assets 0.10 0.10 0.40 0.39
Non-cash interest expense 0.05 0.05 0.20 0.20
Debt modification costs 0.00 0.13
Litigation settlement 0.30
G&A restructuring costs, net of savings 0.02 0.06
Gain on disposition of assets (0.43 ) (0.73 ) (3.33 ) (1.38 )
Income tax impact of refranchising and restructuring (0.25 ) (0.33 ) (0.23 )
Net income allocated to unvested participating restricted stock 0.00 0.01 0.05 (0.01 )
Change due to increase in net income   0.01   (0.01 ) (0.01 )
Diluted net income available to common stockholders per share, as adjusted $ 0.83   $ 0.91   $ 4.28   $ 4.29  
 
Numerator for basic EPS-income available to common stockholders, as adjusted $ 15,454 $ 16,399 $ 78,124 $ 78,152
Effect of unvested participating restricted stock using the two-class method 4 6 81 105
Effect of dilutive securities:
Convertible Series B preferred stock     2,497   2,573  
Numerator for diluted EPS-income available to common stockholders after assumed conversions, as adjusted $ 15,458   $ 16,405   $ 80,702   $ 80,830  
 
Denominator for basic EPS-weighted-average shares 18,391 17,646 17,992 17,846
Effect of dilutive securities:
Stock options 246 289 264 339
Convertible Series B preferred stock     621   643  
Denominator for diluted EPS-weighted-average shares and assumed conversions 18,637   17,935   18,877   18,828  
 
 
DineEquity, Inc. and Subsidiaries
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
       

Reconciliation of U.S. GAAP income before income taxes to EBITDA:

 
Twelve Months Ended
December 31,
2012     2011
U.S. GAAP income before income taxes $ 194,923 $ 104,998
Interest charges 131,869 151,332
Loss on extinguishment of debt 5,554 11,159
Depreciation and amortization 39,538 50,220
Non-cash stock-based compensation 11,442 9,492
Impairment and closure charges 4,218 29,643
Other 15,304 6,830
Gain on sale of assets (102,597 ) (43,253 )
EBITDA $ 300,251   $ 320,421  
 
 

Reconciliation of the Company's cash provided by operating activities to free cash flow:

 
Twelve Months Ended
December 31,
2012 2011
Cash flows provided by operating activities $ 52,879 $ 121,686
Principal receipts from notes, equipment contracts and other long-term receivables 12,250 13,122
Additions to property and equipment (16,952 ) (26,332 )
Free cash flow $ 48,177   $ 108,476  
 
 
DineEquity, Inc. and Subsidiaries
Non-GAAP Financial Measures
(In thousands)
(Unaudited)
   

Reconciliation of U.S. GAAP gross segment profit to segment EBITDA:

 
Three months ended December 31, 2012

Franchise -Applebee's

   

Franchise -IHOP

   

CompanyRestaurants

   

RentalOperations

   

FinancingOperations

    Total
Revenue $ 48,364 $ 59,553 $ 16,862 $ 30,763 $ 3,095 $ 158,637
Expense 2,389   26,385   16,998   24,090   37   69,899
Gross segment profit 45,975 33,168 (136 ) 6,673 3,058 88,738
Plus:
Depreciation/amortization 2,351 599 3,383 6,333
Interest charges     92   4,161     4,253
Segment EBITDA $ 48,326   $ 33,168   $ 555   $ 14,217   $ 3,058   $ 99,324
 
Three months ended December 31, 2011

Franchise -Applebee's

Franchise -IHOP

CompanyRestaurants

RentalOperations

FinancingOperations

Total
Revenue $ 40,941 $ 56,816 $ 110,029 $ 30,957 $ 3,436 $ 242,179
Expense 602   25,748   95,422   24,413   (28 ) 146,157
Gross segment profit 40,339 31,068 14,607 6,544 3,464 96,022
Plus:
Depreciation/amortization 2,484 3,113 3,482 9,079
Interest charges     116   4,374     4,490
Segment EBITDA $ 42,823   $ 31,068   $ 17,836   $ 14,400   $ 3,464   $ 109,591
 
Twelve months ended December 31, 2012

Franchise -Applebee's

Franchise -IHOP

CompanyRestaurants

RentalOperations

FinancingOperations

Total
Revenue $ 185,904 $ 235,555 $ 291,121 $ 122,859 $ 14,489 $ 849,928
Expense 5,464   104,436   249,296   97,165   1,623   457,984
Gross segment profit 180,440 131,119 41,825 25,694 12,866 391,944
Plus:
Depreciation/amortization 9,762 6,953 13,654 30,369
Interest charges     377   16,996     17,373
Segment EBITDA $ 190,202   $ 131,119   $ 49,155   $ 56,344   $ 12,866   $ 439,686
 
Twelve months ended December 31, 2011

Franchise -Applebee's

Franchise -IHOP

CompanyRestaurants

RentalOperations

FinancingOperations

Total
Revenue $ 169,231 $ 229,308 $ 530,984 $ 125,960 $ 19,715 $ 1,075,198
Expense 2,801   102,205   458,443   98,147   5,973   667,569
Gross segment profit 166,430 127,103 72,541 27,813 13,742 407,629
Plus:
Depreciation/amortization 9,885 16,584 14,029 40,498
Interest charges     511   17,972     18,483
Segment EBITDA $ 176,315   $ 127,103   $ 89,636   $ 59,814   $ 13,742   $ 466,610
 
 

Restaurant Data

The following table sets forth, for the three and twelve months ended December 31, 2012 and 2011, the number of effective restaurants in the Applebee’s and IHOP systems and information regarding the percentage change in sales at those restaurants compared to the same periods in the prior year. “Effective restaurants” are the number of restaurants in a given period, adjusted to account for restaurants open for only a portion of the period. Information is presented for all effective restaurants in the Applebee’s and IHOP systems, which includes restaurants owned by the Company, as well as those owned by franchisees and area licensees. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. However, we believe that presentation of this information is useful in analyzing our revenues because franchisees and area licensees pay us royalties and advertising fees that are generally based on a percentage of their sales, as well as rental payments under leases that are usually based on a percentage of their sales. Management also uses this information to make decisions about future plans for the development of additional restaurants as well as evaluation of current operations.

    Three Months Ended     Twelve Months Ended
December 31, December 31,
2012     2011 2012     2011
Applebee's Restaurant Data (unaudited)
Effective restaurants(a)
Franchise 1,992 1,808 1,894 1,770
Company 26   203   123   240  
Total 2,018   2,011   2,017   2,010  
System-wide(b)
Sales percentage change(c) 1.5 % 1.5 % 1.7 % 2.6 %
Domestic same-restaurant sales percentage change(d) 0.9 % 1.0 % 1.2 % 2.0 %
Franchise(b)(f)
Sales percentage change(c) 11.5 % 9.0 % 8.1 % 11.3 %
Domestic same-restaurant sales percentage change(d) 0.9 % 0.8 % 1.3 % 2.0 %
Average weekly domestic unit sales (in thousands) $ 44.5 $ 44.3 $ 46.6 $ 46.4
Company (f)
Sales percentage change(c) (89.3 )% (37.9 )% (47.4 )% (35.7 )%
Same-restaurant sales percentage change(d) (3.3 )% 3.4 % 0.6 % 1.8 %
Average weekly domestic unit sales (in thousands) $ 33.2 $ 39.8 $ 42.0 $ 41.0
 
    Three Months Ended     Twelve Months Ended
December 31, December 31,
2012     2011 2012     2011
(unaudited)
IHOP Restaurant Data
Effective restaurants(a)
Franchise 1,390 1,357 1,379 1,343
Area license 165 164 165 163
Company 16   14   15   11  
Total 1,571   1,535   1,559   1,517  
System-wide(b)
Sales percentage change(c) 0.6 % 2.4 % 1.6 % 1.9 %
Domestic same-restaurant sales percentage change(d) (2.6 )% (1.0 )% (1.6 )% (2.0 )%
Franchise(b)
Sales percentage change(c) 0.5 % 2 % 1.3 % 1.7 %
Domestic same-restaurant sales percentage change(d) (2.6 )% (1 )% (1.6 )% (2.0 )%
Average weekly domestic unit sales (in thousands) $ 33.3 $ 34.0 $ 34.0 $ 34.4
 

Company(e)

n/m n/m n/m n/m
 
Area License(b)
Sales percentage change(c) 0.2 % 4.3 % 2.7 % 2.9 %
 
(a)   “Effective restaurants” are the number of restaurants in a given fiscal period adjusted to account for restaurants open for only a portion of the period. Information is presented for all effective restaurants in the Applebee’s and IHOP systems, which includes restaurants owned by the Company as well as those owned by franchisees and area licensees.
 
(b) “System-wide” sales are retail sales at Applebee’s restaurants operated by franchisees and IHOP restaurants operated by franchisees and area licensees, as reported to the Company, in addition to retail sales at company-operated restaurants. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. Applebee's domestic franchise restaurant sales, IHOP franchise restaurant sales and IHOP area license restaurant sales for the three and twelve months ended December 31, 2012 and 2011 were as follows:
 
    Three Months Ended     Twelve Months Ended
December 31, December 31,
2012     2011 2012     2011
(In millions)

Reported sales (unaudited)

 
Applebee's franchise restaurant sales $ 1,069.5 $ 959.2 $ 4,234.9 $ 3,916.4
IHOP franchise restaurant sales $ 602.6 $ 599.8 $ 2,437.2 $ 2,405.3
IHOP area license restaurant sales $ 56.6 $ 56.5 $ 234.7 $ 228.6
 
(c)   “Sales percentage change” reflects, for each category of restaurants, the percentage change in sales in any given fiscal period compared to the prior fiscal period for all restaurants in that category.
 
(d) “Domestic same-restaurant sales percentage change” reflects the percentage change in sales, in any given fiscal period, compared to the same weeks in the prior year for restaurants that have been operated throughout both fiscal periods that are being compared and have been open for at least 18 months. Because of new unit openings and restaurant closures, the restaurants open throughout both fiscal periods being compared may be different from period to period. Same-restaurant sales percentage change does not include data on IHOP restaurants located in Florida.
 
(e) Sales percentage changes and domestic same-restaurant sales percentage change for IHOP company-operated restaurants are not meaningful (“n/m”) because there are few such restaurants, consisting of a relatively small number of restaurants in a single test market, along with a variable, small number of restaurants that are reacquired from franchisees from time-to-time and temporarily operated by the Company.
 
(f) The sales percentage change for the three and twelve months ended December 31, 2012 and 2011 for Applebee’s franchise and company-operated restaurants was impacted by the refranchising of 154 company-operated restaurants in 2012 and 132 company-operated restaurants during 2011.
 
DineEquity, Inc. and Subsidiaries
Restaurant Data
 

The following table summarizes our restaurant development activity:

 
    Three Months Ended     Twelve Months Ended
December 31, December 31,
2012     2011 2012     2011
(unaudited)
Applebee’s Restaurant Development Activity
Beginning of period 2,016 2,010 2,019 2,010
New openings:
Franchise 20   12   34   24  
Total new openings 20   12   34   24  
Closings:
Franchise (2 ) (3 ) (19 ) (15 )
Total closings (2 ) (3 ) (19 ) (15 )
End of period 2,034   2,019   2,034   2,019  
Summary - end of period:
Franchise 2,011 1,842 2,011 1,842
Company 23   177   23   177  
Total 2,034   2,019   2,034   2,019  
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012 2011 2012 2011
(unaudited)
IHOP Restaurant Development Activity
Beginning of period 1,565 1,532 1,550 1,504
New openings:
Franchise 20 16 47 52
Area license   3   1   6  
Total new openings 20   19   48   58  
Closings:
Company (1 ) (1 )
Franchise (3 ) (1 ) (14 ) (8 )
Area license     (2 ) (4 )
Total closings (4 ) (1 ) (17 ) (12 )
End of period 1,581   1,550   1,581   1,550  
Summary-end of period:
Franchise 1,404 1,369 1,404 1,369
Area license 165 166 165 166
Company 12   15   12   15  
Total 1,581   1,550   1,581   1,550  




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