0001628280-24-035379 | 10-Q | XBRL Viewer

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Segments - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Rental revenues	$ 29,006	$ 29,440	$ 58,555	$ 61,391
Financing revenues	464	584	999	1,381
Total revenues	206,267	208,415	412,502	422,182
Interest expense	18,800	18,800	38,000	34,500
Total depreciation and amortization	9,700	8,400	19,395	17,651
Income before income taxes	31,224	24,437	55,270	60,606
Operating Segments
Segment Reporting Information [Line Items]
Income before income taxes	99,300	97,300	196,700	201,000
Corporate
Segment Reporting Information [Line Items]
Interest expense	17,800	17,800	35,900	32,500
Total depreciation and amortization	4,800	3,300	9,500	7,500
Income before income taxes	(68,000)	(72,900)	(141,400)	(140,400)
Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Total depreciation and amortization	2,400	2,400	4,700	4,900
Income before income taxes	91,500	89,600	180,900	182,200
Rental operations \| Operating Segments
Segment Reporting Information [Line Items]
Rental revenues	29,000	29,400	58,600	61,400
Interest expense	1,000	1,000	2,100	2,000
Total depreciation and amortization	2,600	2,600	5,200	5,300
Income before income taxes	7,400	7,200	15,000	17,500
Company restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Interest expense	0	0	0	0
Total depreciation and amortization	0	0	0	0
Income before income taxes	0	0	0	0
Financing operations \| Operating Segments
Segment Reporting Information [Line Items]
Financing revenues	500	600	1,000	1,400
Income before income taxes	400	500	800	1,200
Franchise operations
Segment Reporting Information [Line Items]
Revenue from contract with customer	176,498	177,917	352,375	357,879
Franchise operations \| Franchise operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenue from contract with customer	176,500	177,900	352,400	357,900
Company restaurants
Segment Reporting Information [Line Items]
Revenue from contract with customer	299	474	573	1,531
Company restaurants \| Company restaurants
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 300	$ 500	$ 600	$ 1,500

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Lease Cost

The Company's lease (income) cost for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.6	$	1.3	$	1.2
Interest on lease liabilities	0.7		0.7		1.5		1.4
Operating lease cost	18.3		18.9		36.5		38.1
Variable lease cost	2.0		2.2		4.0		4.1
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(26.6)		(27.0)		(53.8)		(56.5)
Lease income	$	(4.9)	$	(4.6)	$	(10.5)	$	(11.7)

Schedule of Operating Lease Liability Future Maturity

Future minimum lease payments under noncancellable leases as lessee as of June 30, 2024 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024 (remaining six months)	$	4.0	$	41.1
2025	7.9		76.4
2026	7.6		70.0
2027	6.5		51.1
2028	4.8		36.7
Thereafter	26.1		136.4
Total minimum lease payments	56.9		411.8
Less: interest/imputed interest	(14.6)		(78.5)
Total obligations	42.3		333.3
Less: current portion	(5.3)		(62.2)
Long-term lease obligations	$	37.1	$	271.1

Schedule of Finance Lease Liability Future Maturity

Future minimum lease payments under noncancellable leases as lessee as of June 30, 2024 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024 (remaining six months)	$	4.0	$	41.1
2025	7.9		76.4
2026	7.6		70.0
2027	6.5		51.1
2028	4.8		36.7
Thereafter	26.1		136.4
Total minimum lease payments	56.9		411.8
Less: interest/imputed interest	(14.6)		(78.5)
Total obligations	42.3		333.3
Less: current portion	(5.3)		(62.2)
Long-term lease obligations	$	37.1	$	271.1

Schedule of Lease Payments

During the three and six months ended June 30, 2024 and 2023, the Company made the following cash payments for leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Principal payments on finance lease obligations	$	1.4	$	1.7	$	3.1	$	3.6
Interest payments on finance lease obligations	0.7		0.7		1.5		1.4
Payments on operating leases	19.9		20.4		39.6		41.3
Variable lease payments	1.9		2.1		4.1		4.2

Schedule of Operating Lease Income

The Company's income from operating leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Minimum lease payments	$	24.1	$	24.4	$	48.6	$	51.7
Variable lease income	4.5		4.6		9.0		8.9
Total operating lease income	$	28.6	$	29.0	$	57.6	$	60.6

Schedule of Future Minimum Payments as a Lessor Under Operating Leases

Future minimum payments to be received as lessor under noncancellable operating leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	50.2
2025	90.5
2026	76.9
2027	59.6
2028	43.0
Thereafter	144.2
Total minimum rents receivable	$	464.4

Schedule of Direct Finance Lease Income

The Company's income from real estate leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Interest income	$	0.3	$	0.3	$	0.6	$	0.6
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	—		—		0.2		—
Total real estate lease income	$	0.4	$	0.4	$	1.0	$	0.8

Schedule of Future Minimum Payments as a Lessor Under Direct Financing Leases

Future minimum payments to be received as lessor under noncancellable real estate leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	1.4
2025	2.5
2026	2.5
2027	2.5
2028	2.5
Thereafter	15.5
Total minimum rents receivable	26.9
Less: unearned income	(7.8)
Total real estate leases receivable	19.1
Less: current portion	(1.5)
Long-term real estate leases receivable	$	17.6

Current Expected Credit Losses ("CECL")

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Current Expected Credit Losses ("CECL")

Current Expected Credit Losses (“CECL”)

The CECL reserve methodology requires companies to measure expected credit losses on financial instruments based on the total estimated amount to be collected over the lifetime of the instrument. Under the CECL model, reserves may be established against financial asset balances even if the risk of loss is remote or has not yet manifested itself. The Company records specific reserves against account balances of franchisees deemed at-risk when a potential loss is likely or imminent as a result of prolonged payment delinquency (greater than 90 days past due) and where notable credit deterioration has become evident. For financial assets that are not currently deemed at-risk, an allowance is recorded based on expected loss rates derived pursuant to the Company's CECL methodology that assesses four components - historical losses, current conditions, reasonable and supportable forecasts, and a reversion to history, if applicable.

The Company considers its portfolio segments to be the following:

Accounts Receivable (Franchise-Related)

Most of the Company’s short-term receivables due from franchisees are derived from royalty, advertising and other franchise-related fees.

Gift Cards Receivable

Gift card receivables consist primarily of amounts due from third-party vendors. Receivables related to gift card sales are subject to seasonality and usually peak around year-end as a result of the December holiday season.

Notes Receivable

Notes receivable balances primarily relate to the conversion of certain past due franchisee accounts receivable to notes receivable, cash loans to franchisees for working capital purposes, a note receivable in connection with the sale of IHOP company restaurants, franchise fees, and other notes. The notes are typically collateralized by the franchise. During the three months ended June 30, 2024, the Company wrote off $4.3 million of Applebee's notes receivable which were fully reserved. The remaining notes have reserves recorded against them amounting to $1.0 million as of June 30, 2024.

Equipment Leases Receivable

Equipment leases receivable primarily relate to IHOP franchise development activity prior to 2003 when IHOP typically leased or purchased the restaurant site, built and equipped the restaurant, then franchised the restaurant to a franchisee. Equipment lease contracts are collateralized by the equipment in the restaurant. The estimated fair value of the equipment collateralizing these lease contracts are not deemed to be significant given the very seasoned and mature nature of this portfolio. The weighted average remaining life of the Company’s equipment leases is 2.9 years as of June 30, 2024.

Real Estate Leases Receivable

Real estate leases receivable primarily relate to IHOP franchise development activity prior to 2003 when IHOP provided the financing for leasing or subleasing the site. Real estate leases at June 30, 2024 comprised of 20 leases with a weighted average remaining life of 10.8 years, and relate to locations that IHOP is leasing from third parties and subleasing to franchisees.

Distributor Receivables

Receivables due from distributors are related to the sale of proprietary products to franchisees through the Company’s network of suppliers and distributors and are included as part of Other receivables.


	June 30, 2024		December 31, 2023
	(In millions)
Accounts receivable	$	64.9	$	68.0
Gift cards receivable	6.6		33.7
Notes receivable	8.4		14.9
Financing receivable:
Equipment leases receivable	16.3		19.7
Real estate leases receivable	19.1		18.4
Other receivables	6.0		18.3
	121.3		173.0
Less: allowance for credit losses and notes receivable	(4.4)		(9.5)
	116.9		163.5
Less: current portion	(83.2)		(127.9)
Long-term receivables	$	33.7	$	35.6

Changes in the allowance for credit losses during the six months ended June 30, 2024 were as follows:



	Accounts Receivable		Notes Receivable, short-term		Notes Receivable, long-term		Real estate leases receivable		Equipment leases receivable		Other (1)		Total
	(In millions)
Balance, December 31, 2023	$	2.5	$	1.8	$	4.8	$	0.2	$	0.2	$	0.0	$	9.5
Bad debt expense (credit)	0.5		(0.7)		(0.5)		0.0		0.1		0.0		(0.5)
Advertising provision adjustment	(0.0)		—		—		—		—		—		0.0
Write-offs	0.0		(0.5)		(3.8)		—		(0.2)		(0.0)		(4.5)

Balance, June 30, 2024	$	3.0	$	0.6	$	0.5	$	0.2	$	0.1	$	0.0	$	4.4

(1) Primarily distributor receivables, gift card receivables and credit card receivables.

The Company's primary credit quality indicator for all portfolio segments is delinquency. Generally, the notes receivables, leases receivables, equipment receivables, and other receivables (primarily consists of credit card receivables) are not delinquent.

The year of origination of the Company's financing receivables at June 30, 2024 is as follows:



	Notes Receivable, short and long-term		Real estate leases receivable		Equipment leases receivable		Total
	(In millions)
2024	$	1.5	$	2.0	$	0.2	$	3.7
2023	5.5		3.4		0.8		9.7
2022	0.7		7.9		—		8.6
2021	0.5		2.2		—		2.7
2020	0.2		1.2		—		1.4
Prior	—		2.4		15.3		17.7
Total	$	8.4	$	19.1	$	16.3	$	43.8

The Company does not place its financing receivables in non-accrual status.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

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+ Details

Stock-Based Compensation - Weighted Average Assumptions of Options Value (Details) - Stock Options	6 Months Ended
	Jun. 30, 2024 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate (in percent)	4.30%
Historical volatility (in percent)	70.20%
Dividend yield (in percent)	4.20%
Expected years until exercise (in years)	4 years 6 months
Fair value of options granted (in dollars per share)	$ 22.26

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-15283
Entity Registrant Name	Dine Brands Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3038279
Entity Address, Address Line One	10 West Walnut Street, 5th Floor
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91103
City Area Code	(818)
Local Phone Number	240-6055
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DIN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,299,015
Entity Central Index Key	0000049754
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Current Expected Credit Losses ("CECL") - Components of Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 64,900	$ 68,000
Gift cards receivable	6,600	33,700
Notes receivable	8,400	14,900
Accounts and financing receivable, before allowance for credit loss	121,300	173,000
Less: allowance for credit losses and notes receivable	(4,400)	(9,500)
Receivables, net	116,900	163,500
Less: current portion	(83,184)	(127,937)
Long-term receivables	33,700	35,600
Equipment leases receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	16,300	19,700
Real estate leases receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	19,100	18,400
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	$ 6,000	$ 18,300

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 3,300	$ 2,200	$ 8,900	$ 4,700
Accrued employee compensation and benefits	14,173		14,173		$ 23,211
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	23,700		$ 23,700
Total compensation cost not yet recognized, period for recognition (in years)			1 year 7 months 6 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	4,100		$ 4,100
Total compensation cost not yet recognized, period for recognition (in years)			1 year 7 months 6 days
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
Share-based compensation expense	(600)	$ (1,300)	$ 100	$ (600)
Accrued employee compensation and benefits	$ 800		$ 800		$ 700
LTIP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (in percent)			0.00%
LTIP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (in percent)			200.00%

Closure and Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Charges [Abstract]
Closure charges	$ 400	$ 400	$ 1,100	$ 800
Long-lived tangible asset impairment	0	400	0	500
Total closure and impairment charges	$ 442	$ 847	$ 1,076	$ 1,314

Current Expected Credit Losses ("CECL") - Narrative (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) lease	Jun. 30, 2024 USD ($) lease
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-offs		$ 4.5
Operating lease, weighted average remaining lease term (in years)	5 years 10 months 24 days	5 years 10 months 24 days
Finance lease, weighted average remaining lease term (in years)	5 years 10 months 24 days	5 years 10 months 24 days
Notes Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts and financing receivable, allowance for credit loss	$ 1.0	$ 1.0
Notes Receivable \| Applebee's
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-offs	$ 4.3
Equipment leases receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-offs		$ 0.2
Operating lease, weighted average remaining lease term (in years)	2 years 10 months 24 days	2 years 10 months 24 days
Real estate leases receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Write-offs		$ 0.0
Number of properties subject to ground leases \| lease	20	20
Finance lease, weighted average remaining lease term (in years)	10 years 9 months 18 days	10 years 9 months 18 days

Fair Value Measurements - Fair Value of Non-Current Financial Liabilities (Details) - Level 2 - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Face Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,094.0	$ 1,094.0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,089.5	$ 1,085.8

Long-Term Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long-Term Debt

At June 30, 2024 and December 31, 2023, long-term debt consisted of the following components:


	June 30, 2024		December 31, 2023
	(In millions)

Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	$	594.0	$	594.0
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively	100.0		100.0
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2	500.0		500.0
Unamortized debt issuance costs	(8.5)		(9.5)
Long-term debt, net of debt issuance costs	1,185.5		1,184.5
Less: current portion of long-term debt	(100.0)		(100.0)
Long-term debt	$	1,085.5	$	1,084.5

On June 5, 2019, Applebee’s Funding LLC and IHOP Funding LLC (the “Co-Issuers”), each a special purpose, wholly-owned indirect subsidiary of the Company, issued two tranches of fixed rate senior secured notes, the Series 2019-1 4.194%

Fixed Rate Senior Secured Notes, Class A-2-I (“2019 Class A-2-I Notes”) in an initial aggregate principal amount of $700 million and the Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II in an initial aggregate principal amount of $600 million (the “2019 Class A-2-II Notes” and, together with the 2019 Class A-2-I Notes, the “2019 Class A-2 Notes”). The 2019 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended.

On August 12, 2022, the Co-Issuers established a new revolving financing facility, the 2022-1 Variable Funding Senior Secured Notes, Class A-1 (the “Credit Facility”), that allows for drawings up to $325 million of variable funding notes on a revolving basis and the issuance of letters of credit. In connection with this transaction, the Co-Issuers terminated their $225 million revolving financing facility, the 2019-1 Variable Funding Senior Secured Notes, Class A-1.

On April 17, 2023, the Co-Issuers completed a refinancing transaction and issued $500 million of Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 (the “2023 Class A-2 Notes”). The 2023 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended. The Company used the net proceeds of the 2023 Class A-2 Notes to repay the entire outstanding balance of approximately $585.1 million of the 2019 Class A-2-I Notes and to pay fees and expenses incurred in connection with the issuance of the 2023 Class A-2 Notes. The remaining 2019 Class A-2-II Notes and the Credit Facility, together with the 2023 Class A-2 Notes are referred to collectively herein as the “Notes.” The Notes were issued in securitization transactions pursuant to which substantially all the domestic revenue-generating assets and domestic intellectual property held by the Co-Issuers and certain other special-purpose, wholly-owned indirect subsidiaries of the Company (the “Guarantors”) were pledged as collateral to secure the Notes.

The Notes were issued under a Base Indenture, dated as of September 30, 2014, amended and restated as of June 5, 2019 and further amended and restated as of April 17, 2023 (the “Base Indenture”). In addition, the 2019 Class A-2-II Notes were issued under the related Series 2019-1 Supplement to the Base Indenture, dated June 5, 2019 (the “Series 2019-1 Supplement”), among the Co-Issuers and Citibank, N.A., as the trustee (in such capacity, the “Trustee”) and securities intermediary, the Credit Facility was issued under the related Series 2022-1 Supplement to the Base Indenture, dated August 12, 2022 (“Series 2022-1 Supplement”), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary, and the 2023 Class A-2 Notes were issued under the related Series 2023-1 Supplement to the Base Indenture, dated April 17, 2023 (the “Series 2023-1 Supplement”), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary. The Base Indenture, Series 2019-1 Supplement, Series 2022-1 Supplement, and Series 2023-1 Supplement (collectively, the “Indenture”) will allow the Co-Issuers to issue additional series of notes in the future subject to certain conditions set forth therein.

2019 Class A-2 Notes

The 2019 Class A-2-I Notes were voluntarily repaid in full on April 17, 2023, while the 2019 Class A-2-II Notes remain outstanding as of June 30, 2024. For a description of the 2019 Class A-2-I Notes, refer to Note 8 — Long-Term Debt of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The legal final maturity of the 2019 Class A-2-II Notes is June 2049, but rapid amortization will apply if the 2019 Class A-2-II Notes are not repaid by June 2026 (the “2019 Class A-2-II Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the 2019 Class A-2-II Notes by the 2019 Class A-2-II Anticipated Repayment Date, then additional interest will accrue on the 2019 Class A-2-II Notes, as applicable, at the greater of: (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the applicable 2019 Class A-2-II Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the 2019 Class A-2-II Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (y) 7.64% for the 2019 Class A-2-II Notes.

While the 2019 Class A-2-II Notes are outstanding, payment of principal and interest is required to be made on the 2019 Class A-2-II Notes on a quarterly basis. The quarterly principal payment of $1.5 million on the 2019 Class A-2-II Notes may be suspended when the leverage ratio for the Company and its subsidiaries is less than or equal to 5.25x. Exceeding the leverage ratio of 5.25x does not violate any covenant related to the Notes. In general, the leverage ratio is the Company's indebtedness (as defined in the Indenture) divided by adjusted EBITDA (as defined in the Indenture) for the four preceding quarterly periods. The complete definitions of all calculation elements of the leverage ratio are contained in the Indenture.

As of June 30, 2024, the Company's leverage ratio was approximately 4.2x. As a result, quarterly principal payments on the 2019 Class A-2-II Notes of $1.5 million currently are not required.

The Company may voluntarily repay the 2019 Class A-2-II Notes at any time without any associated make-whole premium.

2022 Class A-1 Notes

In August 2022, the Co-Issuers entered into the Credit Facility that allows for drawings up to $325 million of variable funding notes on a revolving basis and the issuance of letters of credit. The applicable interest rate under the Credit Facility depends on the type of borrowing by the Co-Issuers. The applicable interest rate for advances is generally calculated at a per annum rate equal to the commercial paper funding rate or one-, two-, three- or six-month Term SOFR Rate, in either case, plus 2.50%. The applicable interest rate for swingline advances and unreimbursed draws on outstanding letters of credit is a per annum base rate equal to the sum of (A) the greatest of (i) the Prime Rate in effect from time to time; (ii) the Federal Funds Rate in effect from time to time plus 0.50%; and (iii) Term SOFR for a one-month tenor in effect at such time plus 0.50% plus (B) 2.00%.

The legal final maturity of the Credit Facility is June 2052, but rapid amortization will apply if there are outstanding amounts under the Credit Facility after June 2027 (the “Class A-1 Renewal Date”). The Class A-1 Renewal Date may be extended at the Co-Issuers’ election for up to two successive one-year periods if certain conditions are met. If the Co-Issuers have not repaid or refinanced the Credit Facility by the Class A-1 Renewal Date (after giving effect to any extensions), then interest will accrue on the Credit Facility at a rate equal to 5.00% in addition to the regular interest rate applicable to the Credit Facility.

As of June 30, 2024, the outstanding balance of the Credit Facility was $100 million. The amount of $1.9 million was pledged against the Credit Facility for outstanding letters of credit, leaving $223.1 million of the Credit Facility available for borrowing at June 30, 2024. It is anticipated that any principal and interest on the Credit Facility outstanding will be repaid in full on or prior to the quarterly payment date in June 2027, subject to two additional one-year extensions at the option of the Company upon the satisfaction of certain conditions. The letters of credit are used primarily to satisfy insurance-related collateral requirements. The weighted average interest rate for the period outstanding during the six months ended June 30, 2024 was 7.94%.

2023 Class A-2 Notes

The legal final maturity of the 2023 Class A-2 Notes is in March 2053, but it is anticipated that, unless repaid earlier to the extent permitted under the Indenture, the 2023 Class A-2 Notes will be repaid in June 2029 (the “2023 Class A-2 Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the 2023 Class A-2 Notes by the 2023 Class A-2 Anticipated Repayment Date, then additional interest will accrue on the 2023 Class A-2 Notes, as applicable, at the greater of: (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the Series 2023-1 Class A-2 Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the 2023 Class A-2 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (y) 9.24% for the 2023 Class A-2 Notes.

While the 2023 Class A-2 Notes are outstanding, payment of principal and interest is required to be made on the 2023 Class A-2 Notes on a quarterly basis. The quarterly principal payment of $1.25 million on the 2023 Class A-2 Notes may be suspended when the leverage ratio for the Company and its subsidiaries is less than or equal to 5.25x.

As of June 30, 2024, the Company's leverage ratio was approximately 4.2x. As a result, quarterly principal payments on the 2023 Class A-2 Notes of $1.25 million currently are not required.

The Company may voluntarily repay the 2023 Class A-2 Notes at any time; however, if the 2023 Class A-2 Notes are repaid prior to certain dates, the Company would be required to pay make-whole premiums. As of June 30, 2024, the make-whole premium associated with voluntary prepayment of the 2023 Class A-2 Notes was approximately $29.7 million. The Company also would be subject to a make-whole premium in the event of a mandatory prepayment required following a Rapid Amortization Event or certain asset dispositions. The mandatory make-whole premium requirements are considered derivatives embedded in the Notes that must be bifurcated for separate valuation. The Company estimated the fair value of these derivatives to be immaterial as of June 30, 2024, based on the probability-weighted discounted cash flows associated with either event.

Repurchase Program

On February 16, 2023, the Company's Board of Directors authorized a debt repurchase program of up to $100 million. Repurchases of the Company’s debt, if any, are expected to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption. Under the authorization, the Company may make repurchases of the Company's debt from time to time in the open market or in privately negotiated transactions upon such terms and at such prices as management may determine.

Covenants and Restrictions

The Notes are subject to a series of covenants and restrictions customary for transactions of this type, including: (i) that the Co-Issuers maintain specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments, and the related payment of specified amounts, including specified call redemption premiums in the case of Class A-2 Notes under certain circumstances; (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are subject to customary rapid amortization events provided for in the Indenture, including events tied to failure of the Securitization Entities (as defined in the Indenture) to maintain the stated debt service coverage ratio (“DSCR”), the sum of domestic retail sales for all restaurants being below certain levels on certain measurement dates, certain manager termination events, certain events of default and the failure to repay or refinance the Class A-2 Notes on the anticipated repayment dates. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure of the Securitization Entities to maintain the stated DSCR, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties and certain judgments.

In general, the DSCR ratio is Net Cash Flow (as defined in the Indenture) for the four quarters preceding the calculation date divided by the total debt service payments (as defined in the Indenture) of the preceding four quarters. The complete definitions of the DSCR and all calculation elements are contained in the Indenture. Failure to maintain a prescribed DSCR can trigger a Cash Flow Sweeping Event, A Rapid Amortization Event, a Manager Termination Event or a Default Event (each as defined in the Indenture) as described below. In a Cash Flow Sweeping Event, the Trustee is required to retain 50% of excess Cash Flow (as defined in the Indenture) in a restricted account. In a Rapid Amortization Event, all excess Cash Flow is retained and used to retire principal amounts of debt. In a Manager Termination Event, the Company may be replaced as manager of the assets securitized under the Indenture. In a Default Event, the outstanding principal amount and any accrued but unpaid interest can be called to become immediately due and payable. Key DSCRs are as follows:

•DSCR less than 1.75x - Cash Flow Sweeping Event

•DSCR less than 1.20x - Rapid Amortization Event

•Interest-only DSCR less than 1.20x - Manager Termination Event

•Interest-only DSCR less than 1.10x - Default Event

The Company's DSCR for the reporting period ended June 30, 2024 was approximately 3.5x.

Debt Issuance Costs

2023 Class A-2 Notes

The Company incurred costs of approximately $8.0 million in connection with the issuance of the 2023 Class A-2 Notes. These debt issuance costs are being amortized using the effective interest method over the estimated life of the 2023 Class A-2 Notes. Amortization costs of $0.3 million and $0.5 million, respectively, were included in interest expense for the three and six months ended June 30, 2024. As of June 30, 2024, unamortized debt issuance costs of $6.7 million are reported as a direct reduction of the 2023 Series Class A-2 Notes in the Consolidated Balance Sheets.

2022 Class A-1 Notes

In August 2022, the Company incurred costs of approximately $6.3 million in connection with the issuance of the Credit Facility. These debt issuance costs are being amortized over the estimated life of the Credit Facility. Amortization costs of $0.3 million and $0.6 million of these costs were included in interest expense for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, unamortized debt issuance costs of $4.1 million related to the Credit Facility are classified as other non-current assets in the Consolidated Balance Sheets.

2019 Class A-2 Notes

The Company incurred costs of approximately $12.9 million in connection with the issuance of the 2019 Class A-2 Notes. These debt issuance costs are being amortized using the effective interest method over estimated life of each tranche of the 2019 Class A-2 Notes. Amortization costs of $0.2 million and $0.5 million were included in interest expense for the three and six months ended June 30, 2024, respectively. Amortization costs of $0.2 million and $1.1 million were included in interest expense for the three and six months ended June 30, 2023, respectively. The Company repaid the entire outstanding balance of

approximately $585.1 million of its 2019 Class A-2-I Notes during the second quarter of fiscal year 2023 and wrote off the related remaining issuance costs of $1.7 million. As of June 30, 2024, unamortized debt issuance costs of $1.7 million are reported as a direct reduction of the 2019 Class A-2-II Notes in the Consolidated Balance Sheets.

Loss (Gain) on Extinguishment of Debt

The Company purchased $67.9 million of its 2019 Class A-2-I Notes under par and recognized a $1.7 million gain on extinguishment of debt during the six months ended June 30, 2023.

In connection with the repayment of the 2019 Class A-2-I Notes, the Company recognized a loss on extinguishment of debt of $1.7 million, representing the remaining unamortized costs related to the 2019 Class A-2-I Notes, during the three months ended June 30, 2023.

Maturities of Long-term Debt

•The final maturity of the 2019 Class A-2-II Notes is in June 2049, but it is anticipated that, unless repaid earlier, the 2019 Class A-2-II Notes will be repaid in June 2026.

•The final maturity of the 2023 Class A-2 Notes is in March 2053, but it is anticipated that, unless repaid earlier, to the extent permitted under the Indenture, the 2023 Class A-2 Notes will be repaid in June 2029.

•The renewal date of the Credit Facility is June 2027, subject to two additional one-year extensions at the option of the Company upon the satisfaction of certain conditions.

•Quarterly principal payments on the 2019 Class A-2-II Notes totaling $1.5 million ($6.0 million per annum) are required if the Company's leverage ratio is greater than 5.25x.

•Quarterly principal payments on the 2023 Class A-2 Notes totaling $1.25 million ($5.0 million per annum) are required if the Company's leverage ratio is greater than 5.25x.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stock-Based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Equity classified awards expense	$	3.9	$	3.5	$	8.8	$	5.3
Liability classified awards (credit) expense	(0.6)		(1.3)		0.1		(0.6)
Total stock-based compensation expense	$	3.3	$	2.2	$	8.9	$	4.7

As of June 30, 2024, total unrecognized compensation expense of $23.7 million related to restricted stock and restricted stock units and $4.1 million related to stock options is expected to be recognized over a weighted average period of 1.6 years for restricted stock and restricted stock units and 1.6 years for stock options.

Fair Value Assumptions

The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the six months ended June 30, 2024:


Risk-free interest rate	4.3	%
Historical volatility	70.2	%
Dividend yield	4.2	%
Expected years until exercise	4.5
Fair value of options granted	$22.26

Equity Classified Awards - Stock Options

Stock option balances at June 30, 2024, and activity for the six months ended June 30, 2024 were as follows:


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2023	462,506	$	77.59
Granted	133,729	49.06
Exercised	—	—
Expired	(13,366)	92.47
Forfeited	—	—
Outstanding at June 30, 2024	582,869	70.70		6.4	$	—
Vested and Expected to Vest at June 30, 2024	552,725	71.52		6.2	$	—
Exercisable at June 30, 2024	378,828	$	77.83	4.9	$	—

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price of the Company’s common stock on the last trading day of the second quarter of 2024 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on June 30, 2024. The aggregate intrinsic value will change based on the fair market value of the Company’s common stock and the number of in-the-money options.

Equity Classified Awards - Restricted Stock and Restricted Stock Units

Outstanding balances as of June 30, 2024, and activity related to restricted stock and restricted stock units for the six months ended June 30, 2024 were as follows:


	Shares of Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	338,622	$	73.33	58,475	$	54.07
Granted	280,193	48.95		30,314	49.06
Released	(139,781)	75.16		(18,115)	73.97
Forfeited	(21,534)	62.68		(18)	74.94
Outstanding at June 30, 2024	457,500	$	58.34	70,656	$	46.84

Liability Classified Awards - Long-Term Incentive Awards

The Company has granted cash long-term incentive awards (“LTIP awards”) to certain employees. Annual LTIP awards vest over a three-year period and are determined using multipliers from 0% to 200% of the target award based on the total stockholder return of Dine Brands Global common stock compared to the total stockholder returns of a peer group of companies. The awards are considered stock-based compensation and are classified as liabilities measured at fair value as of the respective period end. For the three months ended June 30, 2024 and 2023, credits of $0.6 million and $1.3 million, respectively, were included in total stock-based compensation expense related to LTIP awards. For the six months ended June 30, 2024 and 2023, an expense of $0.1 million and a credit of $0.6 million, respectively, were included in total stock-based compensation expense related to LTIP awards. At June 30, 2024 and December 31, 2023, liabilities of $0.8 million and $0.7 million, respectively, related to LTIP awards were included as part of accrued employee compensation and benefits in the Consolidated Balance Sheets.

Revenues

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Franchise revenues and revenues from company-operated restaurants are recognized in accordance with current guidance for revenue recognition as codified in Accounting Standards Topic 606 (“ASC 606”). Under ASC 606, revenue is recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration the Company expects to receive for those services or goods.

Franchise Revenues

The Company franchises the Applebee's Neighborhood Grill & Bar® (“Applebee's”) concept in the American full-service restaurant segment within the casual dining category of the restaurant industry, the International House of Pancakes® (“IHOP”) concept in the family dining mid-scale full-service category of the restaurant industry, and the Fuzzy's Taco Shop® (“Fuzzy's”) concept in the Mexican food segment within the fast-casual dining category of the restaurant industry. The franchise arrangement for the brands is documented in the form of a franchise agreement and, in most cases, a development agreement. The franchise arrangement between the Company as the franchisor and the franchisee as the customer requires the Company to perform various activities to support the brands that do not directly transfer goods and services to the franchisee, but instead represent a single performance obligation, which is the transfer of the franchise license. The intellectual property subject to the franchise license is symbolic intellectual property as it does not have significant standalone functionality, and substantially all the utility is derived from its association with the Company’s past or ongoing activities. The nature of the Company’s promise in granting the franchise license is to provide the franchisee with access to the respective brand’s symbolic intellectual property over the term of the license. The services provided by the Company are highly interrelated with the franchise license and as such are considered to represent a single performance obligation.

The transaction price in a standard franchise arrangement for the brands primarily consists of (a) initial franchise/development fees; (b) continuing franchise fees (royalties); and (c) advertising fees. Since the Company considers the licensing of the franchising right to be a single performance obligation, no allocation of the transaction price is required. Additionally, all domestic IHOP franchise agreements require franchisees to purchase proprietary pancake and waffle dry mix from the Company.

The Company recognizes the primary components of the transaction price as follows:

•Franchise and development fees are recognized as revenue ratably on a straight-line basis over the term of the franchise agreement commencing with the restaurant opening date. As these fees are typically received in cash at or near the beginning of the franchise term, the cash received is initially recorded as a contract liability until recognized as revenue over time;

•The Company is entitled to royalties and advertising fees based on a percentage of the franchisee's gross sales as defined in the franchise agreement. Royalty and advertising revenues are recognized when the franchisee's reported sales occur. Depending on timing within a fiscal period, the recognition of revenue results in either what is considered a contract asset (unbilled receivable) or once billed, accounts receivable, and are included in “receivables, net” on the balance sheet;

•Revenue from the sale of proprietary pancake and waffle dry mix and other proprietary products is recognized in the period in which distributors ship the franchisee's order; recognition of revenue results in an accounts receivable included in “receivables, net” on the balance sheet.

In determining the amount and timing of revenues from contracts with customers, the Company exercises significant judgment with respect to collectability of the amount; however, the timing of recognition does not require significant judgments as it is based on either the term of the franchise agreement, the month of reported sales by the franchisee or the date of product shipment, none of which require estimation.

The Company does not incur a significant amount of contract acquisition costs in conducting franchising activities. The Company believes its franchising arrangements do not contain a significant financing component.

Company Restaurant Revenues

Company restaurant revenues comprise retail sales at company-operated restaurants. Sales by company-operated restaurants are recognized when food and beverage items are sold. Company restaurant sales are reported net of sales taxes collected from guests that are remitted to the appropriate taxing authorities, with no significant judgements required.

The following table disaggregates franchise revenues by major type for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Franchise Revenues:
Royalties	$	80.6	$	82.8	$	160.7	$	166.2
Advertising fees	74.5		76.0		149.8		153.0
Proprietary product sales and other	18.9		17.2		36.9		34.4
Franchise and development fees	2.5		2.0		5.0		4.3
Total franchise revenues	$	176.5	$	177.9	$	352.4	$	357.9

Accounts and other receivables from franchisees as of June 30, 2024 and December 31, 2023 were $63.6 million (net of allowance of $3.1 million) and $68.7 million (net of allowance of $2.7 million), respectively, and were included in receivables, net in the Consolidated Balance Sheets.

Changes in the Company's contract liability for deferred franchise and development fees during the six months ended June 30, 2024 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In millions)
Balance at December 31, 2023	$	45.3
Recognized as revenue during the six months ended June 30, 2024	(4.8)
Fees deferred during the six months ended June 30, 2024	2.7
Balance at June 30, 2024	$	43.2

The balance of deferred revenue as of June 30, 2024 is expected to be recognized as follows:


	(In millions)
2024 (remaining six months)	$	3.2
2025	5.8
2026	5.0
2027	4.1
2028	3.2
Thereafter	21.9
Total	$	43.2

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 23,182	$ 18,248	$ 40,655	$ 45,658

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stockholders' Deficit - Dividends Declared and Paid per Share (Details) - $ / shares				3 Months Ended		6 Months Ended
	May 14, 2024	Feb. 26, 2024	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 1.02	$ 1.02
Dividends paid per common share (in dollars per share)				$ 0.51	$ 0	$ 1.02	$ 1.02

Revenues - Changes in the Company's Contract Liability for Deferred Franchise and Development Fees (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Deferred Franchise Revenue (short- and long-term)
Balance at December 31, 2023	$ 45.3
Recognized as revenue during the six months ended June 30, 2024	(4.8)
Fees deferred during the six months ended June 30, 2024	2.7
Balance at June 30, 2024	$ 43.2

Segments - Narrative (Details)	3 Months Ended	6 Months Ended
Segments - Narrative (Details)	Jun. 30, 2023 restaurant	Jun. 30, 2024 restaurant segment territory country	Dec. 31, 2022 restaurant
Franchisor Disclosure [Line Items]
Number of operating segments (segment) \| segment		6
Number of reportable segments (segment) \| segment		4
Applebee's
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) \| territory		2
Number of countries in which entity operates (country) \| country		12
IHOP
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) \| territory		2
Number of countries in which entity operates (country) \| country		13
Franchised Units \| Applebee's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)		1,625
Franchised Units \| IHOP
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)		1,811
Franchised Units \| Fuzzy's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)		124
Entity Operated Units \| Fuzzy's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)		1	3
Number of restaurants refranchised (restaurant)	2

Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Common stock, beginning of period (in shares) at Dec. 31, 2022		15,599,239
Stockholders' equity, beginning of period at Dec. 31, 2022	$ (301,084)	$ 250	$ 259,339	$ 84,538	$ (65)	$ (645,146)
Treasury stock, beginning of period (in shares) at Dec. 31, 2022						9,360,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,658			45,658
Other comprehensive loss	0
Purchase of Company common stock (in shares)		(212,492)				(212,492)
Purchase of Company common stock	(14,017)					$ (14,017)
Reissuance of treasury stock (in shares)		(270,960)				(270,960)
Reissuance of treasury stock	3,812	$ (1)	(9,131)			$ 12,944
Net issuance of shares for stock plans (in shares)		(16,415)
Repurchase of restricted shares for taxes (in shares)		(53,358)
Repurchase of restricted shares for taxes	(3,941)		(3,941)
Stock-based compensation	5,309		5,309
Dividends on common stock	(15,879)		91	(15,970)
Tax payments for share settlement of restricted stock units	(859)		(859)
Common stock, end of period (in shares) at Jun. 30, 2023		15,587,934
Stockholders' equity, end of the period at Jun. 30, 2023	(281,001)	$ 249	250,808	114,226	(65)	$ (646,219)
Treasury stock, end of period (in shares) at Jun. 30, 2023						9,302,265
Common stock, beginning of period (in shares) at Mar. 31, 2023		15,674,739
Stockholders' equity, beginning of period at Mar. 31, 2023	(288,683)	$ 249	248,187	103,931	(64)	$ (640,986)
Treasury stock, beginning of period (in shares) at Mar. 31, 2023						9,240,633
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,248			18,248
Other comprehensive loss	(1)				(1)
Purchase of Company common stock (in shares)		(137,632)				(137,632)
Purchase of Company common stock	(9,017)					$ (9,017)
Reissuance of treasury stock (in shares)		(76,000)				(76,000)
Reissuance of treasury stock	3,228		(556)			$ 3,784
Net issuance of shares for stock plans (in shares)		(18,445)
Repurchase of restricted shares for taxes (in shares)		(6,728)
Repurchase of restricted shares for taxes	(414)		(414)
Stock-based compensation	3,591		3,591
Dividends on common stock	(7,953)			(7,953)
Common stock, end of period (in shares) at Jun. 30, 2023		15,587,934
Stockholders' equity, end of the period at Jun. 30, 2023	$ (281,001)	$ 249	250,808	114,226	(65)	$ (646,219)
Treasury stock, end of period (in shares) at Jun. 30, 2023						9,302,265
Common stock, beginning of period (in shares) at Dec. 31, 2023	15,344,768	15,344,768
Stockholders' equity, beginning of period at Dec. 31, 2023	$ (250,974)	$ 249	256,542	150,008	(64)	$ (657,709)
Treasury stock, beginning of period (in shares) at Dec. 31, 2023	9,525,761					9,525,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 40,655			40,655
Other comprehensive loss	(5)				(5)
Purchase of Company common stock (in shares)		(269,621)				(269,621)
Purchase of Company common stock	(12,000)					$ (12,000)
Reissuance of treasury stock (in shares)		(280,193)				(280,193)
Reissuance of treasury stock	0	$ (1)	(13,590)			$ 13,591
Net issuance of shares for stock plans (in shares)		(4,030)
Repurchase of restricted shares for taxes (in shares)		(52,040)
Repurchase of restricted shares for taxes	(2,486)		(2,486)
Stock-based compensation	8,757		8,757
Dividends on common stock	(15,619)		72	(15,691)
Tax payments for share settlement of restricted stock units	$ (30)		(30)
Common stock, end of period (in shares) at Jun. 30, 2024	15,299,270	15,299,270
Stockholders' equity, end of the period at Jun. 30, 2024	$ (231,702)	$ 248	249,265	174,972	(69)	$ (656,118)
Treasury stock, end of period (in shares) at Jun. 30, 2024	9,515,189					9,515,189
Common stock, beginning of period (in shares) at Mar. 31, 2024		15,453,001
Stockholders' equity, beginning of period at Mar. 31, 2024	$ (244,805)	$ 248	245,680	159,597	(66)	$ (650,264)
Treasury stock, beginning of period (in shares) at Mar. 31, 2024						9,377,123
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	23,182			23,182
Other comprehensive loss	(3)				(3)
Purchase of Company common stock (in shares)		(141,142)				(141,142)
Purchase of Company common stock	(6,000)					$ (6,000)
Reissuance of treasury stock (in shares)		(3,076)				(3,076)
Reissuance of treasury stock	1		(145)			$ 146
Net issuance of shares for stock plans (in shares)		(12,298)
Repurchase of restricted shares for taxes (in shares)		(3,367)
Repurchase of restricted shares for taxes	(139)		(139)
Stock-based compensation	3,834		3,834
Dividends on common stock	(7,771)		36	(7,807)
Tax payments for share settlement of restricted stock units	$ (1)		(1)
Common stock, end of period (in shares) at Jun. 30, 2024	15,299,270	15,299,270
Stockholders' equity, end of the period at Jun. 30, 2024	$ (231,702)	$ 248	$ 249,265	$ 174,972	$ (69)	$ (656,118)
Treasury stock, end of period (in shares) at Jun. 30, 2024	9,515,189					9,515,189

Net Income per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of the Company’s Basic and Diluted Net Income per Share

The computation of the Company's basic and diluted net income per share is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income	$	23,182	$	18,248	$	40,655	$	45,658
Less: Net income allocated to unvested participating restricted stock	(703)		(446)		(1,206)		(1,125)
Net income available to common stockholders - basic	22,479		17,802		39,449		44,533
Effect of unvested participating restricted stock in two-class calculation	—		—		—		—
Net income available to common stockholders - diluted	$	22,479	$	17,802	$	39,449	$	44,533
Denominator:
Weighted average outstanding shares of common stock - basic	14,943		15,308		14,962		15,304
Dilutive effect of stock options	—		9		—		20
Weighted average outstanding shares of common stock - diluted	14,943		15,317		14,962		15,324
Net income per common share:
Basic	$	1.50	$	1.16	$	2.64	$	2.91
Diluted	$	1.50	$	1.16	$	2.64	$	2.91

Revenues - Deferred Revenue Expected to be Recognized (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 43.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	43.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	3.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3.2
Performance obligations expected to be satisfied, expected timing	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 5.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5.8
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 5.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5.0
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 4.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4.1
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 3.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3.2
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue from Contract with Customer [Abstract]
Performance obligations expected to be satisfied	$ 21.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 21.9
Performance obligations expected to be satisfied, expected timing

Leases - Payment for Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Principal payments on finance lease obligations	$ 1,400	$ 1,700	$ 3,080	$ 3,623
Interest payments on finance lease obligations	700	700	1,500	1,400
Payments on operating leases	19,900	20,400	39,600	41,300
Variable lease payments	$ 1,900	$ 2,100	$ 4,100	$ 4,200

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2024 began on January 1, 2024 and ended on March 31, 2024, and the second fiscal quarter of 2024 ended on June 30, 2024. The first fiscal quarter of 2023 began on January 2, 2023 and ended on April 2, 2023, and the second fiscal quarter of 2023 ended on July 2, 2023. The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in accordance with U.S. GAAP. All intercompany balances and transactions have been eliminated. The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make assumptions and estimates that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, if any, at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates are made in the calculation and assessment of the following: impairment of tangible and intangible assets and goodwill; income taxes; allowance for doubtful accounts and notes receivables; lease accounting estimates; contingencies; and stock-based compensation. On an ongoing basis, the Company evaluates its estimates based on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Long-Term Debt - Narrative (Details)		1 Months Ended	3 Months Ended		6 Months Ended
Long-Term Debt - Narrative (Details)	Apr. 17, 2023 USD ($)	Aug. 31, 2022 USD ($) renewalPeriod	Jun. 30, 2024 USD ($) extensionTerm Rate	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) extensionTerm Rate	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 16, 2023 USD ($)	Aug. 12, 2022 USD ($)	Jun. 05, 2019 USD ($) tranche
Debt Instrument [Line Items]
Repayments of long-term debt					$ 0	$ 651,713,000
Debt instrument, repurchase program, maximum amount								$ 100,000,000
Threshold percentage			50.00%		50.00%
Cash sweeping event \| Rate			175.00%		175.00%
Rapid amortization event \| Rate			120.00%		120.00%
Manager termination event \| Rate			120.00%		120.00%
Interest-only debt service coverage ratio, default event \| Rate			110.00%		110.00%
Debt service coverage ratio			3.5		3.5
Gain (loss) on extinguishment of debt			$ 0	$ (1,671,000)	$ 0	(10,000)
Unamortized debt issuance costs			$ 8,500,000		$ 8,500,000		$ 9,500,000
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Debt interest rate (in percent)										4.194%
Debt instrument, face amount										$ 700,000,000
Repayments of long-term debt	$ 585,100,000
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II and Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Number of tranches issued \| tranche										2
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
Debt Instrument [Line Items]
Debt interest rate (in percent)			4.723%		4.723%		4.723%			4.723%
Debt instrument, face amount										$ 600,000,000
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively
Debt Instrument [Line Items]
Debt interest rate (in percent)			7.94%		7.94%		7.95%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 325,000,000							$ 325,000,000
Line of credit facility, amount outstanding			$ 100,000,000		$ 100,000,000
Number of renewal periods \| renewalPeriod		2
Renewal period term (in years)		1 year
Interest rate after renewal date (in percent)		5.00%
Letters of credit outstanding, amount			1,900,000		1,900,000
Line of credit facility, current borrowing capacity			$ 223,100,000		$ 223,100,000
Debt, weighted average interest rate (in percent)			7.94%		7.94%
Debt issuance costs, gross		$ 6,300,000
Amortization of debt issuance costs			$ 300,000		$ 600,000
Debt issuance costs, net			$ 4,100,000		$ 4,100,000
Number of additional extensions \| extensionTerm			2		2
Additional extension (in years)					1 year
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		2.50%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively \| Letter of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		0.50%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively \| Letter of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		0.50%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively \| Letter of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)		2.00%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expired amount									$ 225,000,000
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Debt interest rate (in percent)	7.824%		7.824%		7.824%		7.824%
Debt instrument, face amount	$ 500,000,000
Additional interest on fixed rate (in percent)					5.00%
Debt instrument, term (in years)					10 years
Quarterly principal payment					$ 1,250,000
Covenant compliance, leverage ratio, maximum \| Rate			525.00%		525.00%
Make-whole premium			$ 29,700,000		$ 29,700,000
Annual principal payment			5,000,000		$ 5,000,000
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Additional interest on fixed rate (in percent)					9.24%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross			8,000,000		$ 8,000,000
Amortization of debt issuance costs			300,000		500,000
Debt issuance costs, net			$ 6,700,000		$ 6,700,000
2019 Class A-2-I And 2019 Class A-2-II Notes
Debt Instrument [Line Items]
Repayments of long-term debt				585,100,000
Additional interest on fixed rate (in percent)					5.00%
Debt instrument, term (in years)					10 years
Quarterly principal payment					$ 1,500,000
Covenant compliance, leverage ratio, maximum \| Rate			525.00%		525.00%
Ratio of indebtedness to net capital \| Rate			420.00%		420.00%
Debt issuance costs, gross			$ 12,900,000		$ 12,900,000
Amortization of debt issuance costs			200,000	200,000	500,000	1,100,000
Gain (loss) on extinguishment of debt				(1,700,000)
Unamortized debt issuance costs			1,700,000		1,700,000
Annual principal payment			$ 6,000,000		$ 6,000,000
2019 Class A-2-I And 2019 Class A-2-II Notes \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Additional interest on fixed rate (in percent)					7.64%
Class A-2-I Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ (1,700,000)		1,700,000
Extinguishment of debt						$ 67,900,000

Segments

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segments

The Company identifies its reporting segments based on the organizational units used by management to monitor performance and make operating decisions. The Company currently has six operating segments: Applebee's franchise operations, IHOP franchise operations, Fuzzy's franchise operations, rental operations, financing operations, and company-operated restaurant operations. The Company has four reporting segments: franchise operations (an aggregation of each restaurant concept's franchise operations), company-operated restaurant operations, rental operations and financing operations.

As of June 30, 2024, the franchise operations segment consisted of 1,625 restaurants operated by Applebee’s franchisees in the United States, two U.S. territories and 12 countries outside the United States; 1,811 restaurants operated by IHOP franchisees and area licensees in the United States, two U.S. territories and 13 countries outside the United States; and 124 restaurants operated by Fuzzy's franchisees in the United States. Franchise operations revenue consists primarily of franchise royalty revenues, franchise advertising revenue, sales of proprietary products to franchisees, and other franchise fees. Franchise operations expenses include advertising expense, the cost of proprietary products, pre-opening training expenses and other franchise-related costs.

Rental operations revenue includes revenue from operating leases and interest income from real estate leases. Rental operations expenses are costs of operating leases and interest expense from finance leases on which the Company is the lessee.

Financing operations revenue primarily consists of interest income from the financing of IHOP equipment leases and franchise fees and interest income on notes receivable due from franchisees. Financing operations expenses primarily are the cost of taxes related to IHOP equipment leases.

In December 2022, three company-operated Fuzzy's restaurants were acquired, of which two were subsequently refranchised in the second quarter of 2023. As of June 30, 2024, the company restaurants segment consisted of one company-operated Fuzzy's restaurant located in the United States. Company-operated restaurant operation revenue consists of retail sales at company-operated restaurants. Company-operated restaurant operation expenses are operating expenses such as food, beverage, labor, benefits, utilities, rent and other operating costs.

Information on segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Revenues from external customers:
Franchise operations	$	176.5	$	177.9	$	352.4	$	357.9
Rental operations	29.0		29.4		58.6		61.4
Company restaurants	0.3		0.5		0.6		1.5
Financing operations	0.5		0.6		1.0		1.4
Total revenues from external customers	$	206.3	$	208.4	$	412.5	$	422.2

Interest expense:
Rental operations	$	1.0	$	1.0	$	2.1	$	2.0
Company restaurants	—		—		—		—
Corporate	17.8		17.8		35.9		32.5
Total interest expense	$	18.8	$	18.8	$	38.0	$	34.5

Depreciation and amortization:
Franchise operations	$	2.4	$	2.4	$	4.7	$	4.9
Rental operations	2.6		2.6		5.2		5.3
Company restaurants	0.0		0.0		0.0		0.0
Corporate	4.8		3.3		9.5		7.5
Total depreciation and amortization	$	9.7	$	8.4	$	19.4	$	17.7

Gross profit by segment:
Franchise operations	$	91.5	$	89.6	$	180.9	$	182.2
Rental operations	7.4		7.2		15.0		17.5
Company restaurants	0.0		0.0		0.0		0.0
Financing operations	0.4		0.5		0.8		1.2
Total gross profit	99.3		97.3		196.7		201.0
Corporate and unallocated expenses, net	(68.0)		(72.9)		(141.4)		(140.4)
Income before income taxes	$	31.2	$	24.4	$	55.3	$	60.6

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Rental revenues	$ 29,006	$ 29,440	$ 58,555	$ 61,391
Financing revenues	464	584	999	1,381
Total revenues	206,267	208,415	412,502	422,182
Cost of revenues:
Franchise expenses	84,953	88,280	171,426	175,646
Bad debt (credit) expense	(729)	1,721	(546)	2,644
Company restaurant expenses	312	431	611	1,510
Interest expense from finance leases	739	695	1,479	1,404
Other rental expenses	20,911	21,573	42,126	42,472
Total rental expenses	21,650	22,268	43,605	43,876
Financing expenses	81	94	165	192
Total cost of revenues	106,996	111,073	215,807	221,224
Gross profit	99,271	97,342	196,695	200,958
General and administrative expenses	46,858	47,840	99,045	98,927
Interest expense, net	17,850	17,781	35,922	32,490
Closure and impairment charges	442	847	1,076	1,314
Amortization of intangible assets	2,723	2,719	5,445	5,493
Loss on extinguishment of debt	0	1,671	0	10
Loss (gain) on disposition of assets	174	2,047	(63)	2,118
Income before income taxes	31,224	24,437	55,270	60,606
Income tax provision	(8,042)	(6,189)	(14,615)	(14,948)
Net income	23,182	18,248	40,655	45,658
Other comprehensive (loss) income net of tax:
Foreign currency translation adjustment	(3)	(1)	(5)	0
Total comprehensive income	23,179	18,247	40,650	45,658
Net income available to common stockholders:
Net income	23,182	18,248	40,655	45,658
Less: Net income allocated to unvested participating restricted stock	(703)	(446)	(1,206)	(1,125)
Net income available to common stockholders - basic	$ 22,479	$ 17,802	$ 39,449	$ 44,533
Net income available to common stockholders per share:
Basic (in dollars per share)	$ 1.50	$ 1.16	$ 2.64	$ 2.91
Diluted (in dollars per share)	$ 1.50	$ 1.16	$ 2.64	$ 2.91
Weighted average shares outstanding:
Basic (in shares)	14,943	15,308	14,962	15,304
Diluted (in shares)	14,943	15,317	14,962	15,324
Franchise Revenues:
Revenues:
Revenue from contract with customer	$ 176,498	$ 177,917	$ 352,375	$ 357,879
Royalties, franchise fees and other
Revenues:
Revenue from contract with customer	101,980	101,938	202,596	204,863
Advertising revenues
Revenues:
Revenue from contract with customer	74,518	75,979	149,779	153,016
Company restaurant sales
Revenues:
Revenue from contract with customer	299	474	573	1,531
Advertising fees
Revenues:
Revenue from contract with customer	74,500	76,000	149,800	153,000
Cost of revenues:
Franchise expenses	74,518	75,979	149,779	153,016
Other franchise expenses
Cost of revenues:
Franchise expenses	$ 11,164	$ 10,580	$ 22,193	$ 19,986

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Non-Current Financial Liabilities

The fair values of the Company's long-term debt, excluding the Credit Facility, at June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024		December 31, 2023
	(In millions)
Face Value	$	1,094.0	$	1,094.0
Fair Value	$	1,089.5	$	1,085.8

Stockholders' Deficit

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Stockholders' Deficit

Dividends

Dividends declared and paid per share for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Dividends declared per common share	$	0.51	$	0.51	$	1.02	$	1.02
Dividends paid per common share	$	0.51	$	—	$	1.02	$	1.02

During the six months ended June 30, 2024 and 2023, the Company paid dividends of $15.7 million and $16.0 million, respectively.

On May 14, 2024, the Board of Directors declared a second quarter 2024 cash dividend of $0.51 per share of common stock, paid on July 5, 2024 to the stockholders of record as of the close of business on June 20, 2024.

On February 26, 2024, the Board of Directors declared a first quarter 2024 cash dividend of $0.51 per share of common stock, paid on April 5, 2024 to the stockholders of record as of the close of business on March 20, 2024.

On November 30, 2023, the Board of Directors declared a fourth quarter 2023 cash dividend of $0.51 per share of common stock, paid on January 5, 2024 to the stockholders of record as of the close of business on December 20, 2023.

Stock Repurchase Program

In February 2022, the Company’s Board of Directors approved a stock repurchase program, effective April 1, 2022, authorizing the Company to repurchase up to $250 million of the Company’s common stock (the “2022 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2022 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time.

During the six months ended June 30, 2024, the Company repurchased 269,621 shares of common stock at a cost of $12.0 million. Cumulatively, the Company repurchased 1,865,399 shares at a cost of $116.7 million. As of June 30, 2024, a remaining amount of $133.3 million in the value of shares may be repurchased under the 2022 Repurchase Program.

Treasury Stock

Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. During the six months ended June 30, 2024, the Company re-issued 280,193 shares of treasury stock at a total FIFO cost of $13.6 million.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Net Income per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income per Share

The computation of the Company's basic and diluted net income per share is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands, except per share data)
Numerator for basic and diluted income per common share:
Net income	$	23,182	$	18,248	$	40,655	$	45,658
Less: Net income allocated to unvested participating restricted stock	(703)		(446)		(1,206)		(1,125)
Net income available to common stockholders - basic	22,479		17,802		39,449		44,533
Effect of unvested participating restricted stock in two-class calculation	—		—		—		—
Net income available to common stockholders - diluted	$	22,479	$	17,802	$	39,449	$	44,533
Denominator:
Weighted average outstanding shares of common stock - basic	14,943		15,308		14,962		15,304
Dilutive effect of stock options	—		9		—		20
Weighted average outstanding shares of common stock - diluted	14,943		15,317		14,962		15,324
Net income per common share:
Basic	$	1.50	$	1.16	$	2.64	$	2.91
Diluted	$	1.50	$	1.16	$	2.64	$	2.91

Stockholders' Deficit (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Dividends Declared

Dividends declared and paid per share for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Dividends declared per common share	$	0.51	$	0.51	$	1.02	$	1.02
Dividends paid per common share	$	0.51	$	—	$	1.02	$	1.02

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2024 began on January 1, 2024 and ended on March 31, 2024, and the second fiscal quarter of 2024 ended on June 30, 2024. The first fiscal quarter of 2023 began on January 2, 2023 and ended on April 2, 2023, and the second fiscal quarter of 2023 ended on July 2, 2023.
Accounting Standards Adopted in the Current Fiscal Year and Newly Issued Accounting Standards Not Yet Adopted	Accounting Standards Adopted in the Current Fiscal Year Additional new accounting guidance became effective for the Company as of the beginning of fiscal 2024 that the Company reviewed and concluded was either not applicable to its operations or had no material effect on its consolidated financial statements in the current or future fiscal years. Newly Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure," which updates reportable segment disclosure requirements. The ASU primarily requires enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profit or loss used to assess segment performance. All annual disclosures of a reportable segment’s profit or loss and assets required by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, will be required to be disclosed in interim periods. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU in our disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting this ASU on our disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the consolidated financial statements.

Leases - Future Minimum Payments to be Received as Lessor Under Noncancelable Direct Financing Leases (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining six months)	$ 1.4
2025	2.5
2026	2.5
2027	2.5
2028	2.5
Thereafter	15.5
Total minimum rents receivable	26.9
Less: unearned income	(7.8)
Total real estate leases receivable	19.1
Less: current portion	(1.5)
Long-term real estate leases receivable	$ 17.6

Current Expected Credit Losses ("CECL") - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 9,500
Bad debt expense (credit)	$ (729)	$ 1,721	(546)	$ 2,644
Advertising provision adjustment			0
Write-offs			(4,500)
Ending balance	4,400		4,400
Accounts Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			2,500
Bad debt expense (credit)			500
Advertising provision adjustment			0
Write-offs			(0)
Ending balance	3,000		3,000
Notes Receivable, short-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			1,800
Bad debt expense (credit)			(700)
Advertising provision adjustment			0
Write-offs			(500)
Ending balance	600		600
Notes Receivable, long-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			4,800
Bad debt expense (credit)			(500)
Advertising provision adjustment			0
Write-offs			(3,800)
Ending balance	500		500
Real estate leases receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			200
Bad debt expense (credit)			0
Advertising provision adjustment			0
Write-offs			0
Ending balance	200		200
Equipment leases receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			200
Bad debt expense (credit)			100
Advertising provision adjustment			0
Write-offs			(200)
Ending balance	100		100
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			0
Bad debt expense (credit)			0
Advertising provision adjustment			0
Write-offs			(0)
Ending balance	$ 0		$ 0

Revenues - Disaggregation of Franchise Revenue by Major Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Franchise Revenues:
Disaggregation of Revenue [Line Items]
Total franchise revenues	$ 176,498	$ 177,917	$ 352,375	$ 357,879
Royalties
Disaggregation of Revenue [Line Items]
Total franchise revenues	80,600	82,800	160,700	166,200
Advertising fees
Disaggregation of Revenue [Line Items]
Total franchise revenues	74,500	76,000	149,800	153,000
Proprietary product sales and other
Disaggregation of Revenue [Line Items]
Total franchise revenues	18,900	17,200	36,900	34,400
Franchise and development fees
Disaggregation of Revenue [Line Items]
Total franchise revenues	$ 2,500	$ 2,000	$ 5,000	$ 4,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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-Publisher FASB
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+ Details

Leases - Schedule of Income From Direct Financing Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Interest income	$ 0.3	$ 0.3	$ 0.6	$ 0.6
Variable lease income	0.1	0.1	0.2	0.2
Selling profit	0.0	0.0	0.2	0.0
Total real estate lease income	$ 0.4	$ 0.4	$ 1.0	$ 0.8
Direct Financing Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental revenues	Rental revenues	Rental revenues	Rental revenues

Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates franchise revenues by major type for the three and six months ended June 30, 2024 and 2023:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Franchise Revenues:
Royalties	$	80.6	$	82.8	$	160.7	$	166.2
Advertising fees	74.5		76.0		149.8		153.0
Proprietary product sales and other	18.9		17.2		36.9		34.4
Franchise and development fees	2.5		2.0		5.0		4.3
Total franchise revenues	$	176.5	$	177.9	$	352.4	$	357.9

Schedule of Changes in Deferred Revenue

Changes in the Company's contract liability for deferred franchise and development fees during the six months ended June 30, 2024 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In millions)
Balance at December 31, 2023	$	45.3
Recognized as revenue during the six months ended June 30, 2024	(4.8)
Fees deferred during the six months ended June 30, 2024	2.7
Balance at June 30, 2024	$	43.2

Schedule of Remaining Performance Obligations

The balance of deferred revenue as of June 30, 2024 is expected to be recognized as follows:


	(In millions)
2024 (remaining six months)	$	3.2
2025	5.8
2026	5.0
2027	4.1
2028	3.2
Thereafter	21.9
Total	$	43.2

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Minimum lease payments	$ 24.1	$ 24.4	$ 48.6	$ 51.7
Variable lease income	4.5	4.6	9.0	8.9
Total operating lease income	$ 28.6	$ 29.0	$ 57.6	$ 60.6
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Rental revenues	Rental revenues	Rental revenues	Rental revenues

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

At June 30, 2024 and December 31, 2023, long-term debt consisted of the following components:


	June 30, 2024		December 31, 2023
	(In millions)

Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	$	594.0	$	594.0
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively	100.0		100.0
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2	500.0		500.0
Unamortized debt issuance costs	(8.5)		(9.5)
Long-term debt, net of debt issuance costs	1,185.5		1,184.5
Less: current portion of long-term debt	(100.0)		(100.0)
Long-term debt	$	1,085.5	$	1,084.5

Net Income per Share - Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator for basic and diluted income per common share:
Net income	$ 23,182	$ 18,248	$ 40,655	$ 45,658
Less: Net income allocated to unvested participating restricted stock	(703)	(446)	(1,206)	(1,125)
Net income available to common stockholders - basic	22,479	17,802	39,449	44,533
Effect of unvested participating restricted stock in two-class calculation	0	0	0	0
Net income available to common stockholders - diluted	$ 22,479	$ 17,802	$ 39,449	$ 44,533
Denominator:
Weighted average outstanding shares of common stock - basic (in shares)	14,943	15,308	14,962	15,304
Dilutive effect of stock options (in shares)	0	9	0	20
Weighted average outstanding shares of common stock - diluted (in shares)	14,943	15,317	14,962	15,324
Net income per common share:
Basic (in dollars per share)	$ 1.50	$ 1.16	$ 2.64	$ 2.91
Diluted (in dollars per share)	$ 1.50	$ 1.16	$ 2.64	$ 2.91

Segments (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information on segments is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Revenues from external customers:
Franchise operations	$	176.5	$	177.9	$	352.4	$	357.9
Rental operations	29.0		29.4		58.6		61.4
Company restaurants	0.3		0.5		0.6		1.5
Financing operations	0.5		0.6		1.0		1.4
Total revenues from external customers	$	206.3	$	208.4	$	412.5	$	422.2

Interest expense:
Rental operations	$	1.0	$	1.0	$	2.1	$	2.0
Company restaurants	—		—		—		—
Corporate	17.8		17.8		35.9		32.5
Total interest expense	$	18.8	$	18.8	$	38.0	$	34.5

Depreciation and amortization:
Franchise operations	$	2.4	$	2.4	$	4.7	$	4.9
Rental operations	2.6		2.6		5.2		5.3
Company restaurants	0.0		0.0		0.0		0.0
Corporate	4.8		3.3		9.5		7.5
Total depreciation and amortization	$	9.7	$	8.4	$	19.4	$	17.7

Gross profit by segment:
Franchise operations	$	91.5	$	89.6	$	180.9	$	182.2
Rental operations	7.4		7.2		15.0		17.5
Company restaurants	0.0		0.0		0.0		0.0
Financing operations	0.4		0.5		0.8		1.2
Total gross profit	99.3		97.3		196.7		201.0
Corporate and unallocated expenses, net	(68.0)		(72.9)		(141.4)		(140.4)
Income before income taxes	$	31.2	$	24.4	$	55.3	$	60.6

Current Expected Credit Losses ("CECL") (Tables)

6 Months Ended

Jun. 30, 2024

Credit Loss [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	June 30, 2024		December 31, 2023
	(In millions)
Accounts receivable	$	64.9	$	68.0
Gift cards receivable	6.6		33.7
Notes receivable	8.4		14.9
Financing receivable:
Equipment leases receivable	16.3		19.7
Real estate leases receivable	19.1		18.4
Other receivables	6.0		18.3
	121.3		173.0
Less: allowance for credit losses and notes receivable	(4.4)		(9.5)
	116.9		163.5
Less: current portion	(83.2)		(127.9)
Long-term receivables	$	33.7	$	35.6

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses during the six months ended June 30, 2024 were as follows:



	Accounts Receivable		Notes Receivable, short-term		Notes Receivable, long-term		Real estate leases receivable		Equipment leases receivable		Other (1)		Total
	(In millions)
Balance, December 31, 2023	$	2.5	$	1.8	$	4.8	$	0.2	$	0.2	$	0.0	$	9.5
Bad debt expense (credit)	0.5		(0.7)		(0.5)		0.0		0.1		0.0		(0.5)
Advertising provision adjustment	(0.0)		—		—		—		—		—		0.0
Write-offs	0.0		(0.5)		(3.8)		—		(0.2)		(0.0)		(4.5)

Balance, June 30, 2024	$	3.0	$	0.6	$	0.5	$	0.2	$	0.1	$	0.0	$	4.4

(1) Primarily distributor receivables, gift card receivables and credit card receivables.

Financing Receivable Credit Quality Indicators

The year of origination of the Company's financing receivables at June 30, 2024 is as follows:



	Notes Receivable, short and long-term		Real estate leases receivable		Equipment leases receivable		Total
	(In millions)
2024	$	1.5	$	2.0	$	0.2	$	3.7
2023	5.5		3.4		0.8		9.7
2022	0.7		7.9		—		8.6
2021	0.5		2.2		—		2.7
2020	0.2		1.2		—		1.4
Prior	—		2.4		15.3		17.7
Total	$	8.4	$	19.1	$	16.3	$	43.8

Cash, Cash Equivalents and Restricted Cash

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. These cash equivalents are stated at cost which approximates market value. Cash held related to IHOP advertising funds and the Company's gift card programs is not considered to be restricted cash as there are no

restrictions on the use of these funds.

The components of cash and cash equivalents were as follows:


	June 30, 2024		December 31, 2023
	(In millions)
Money market funds	$	9.0	$	42.0
IHOP advertising funds and gift card programs	70.5		82.8
Other depository accounts	74.0		21.2
Total cash and cash equivalents	$	153.5	$	146.0

Current Restricted Cash

Current restricted cash primarily consisted of funds required to be held in trust in connection with the Company's securitized debt and funds from Applebee's franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities.

The components of current restricted cash were as follows:



	June 30, 2024		December 31, 2023
	(In millions)
Securitized debt reserves	$	41.7	$	31.2
Applebee's advertising funds	2.1		2.0
Other	1.6		1.9
Total current restricted cash	$	45.4	$	35.1

Non-current Restricted Cash

Non-current restricted cash was $19.5 million at June 30, 2024 and December 31, 2023 and represents interest reserves required to be set aside for the duration of the Company's securitized debt.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 40,655	$ 45,658
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	19,395	17,651
Non-cash closure and impairment charges	1,076	1,296
Non-cash stock-based compensation expense	8,757	5,309
Non-cash interest expense	1,619	1,935
Loss on extinguishment of debt	0	10
Deferred income taxes	(1,931)	(2,939)
Deferred revenue	(3,387)	(1,730)
(Gain) loss on disposition of assets	(63)	2,118
Other	(940)	88
Changes in operating assets and liabilities:
Receivables, net	6,085	(285)
Deferred rent receivable	4,438	4,651
Current income tax receivables and payables	487	(3,006)
Gift card receivables and payables	(6,228)	(6,204)
Other current assets	4,472	4,502
Accounts payable	(2,260)	(13,307)
Operating lease assets and liabilities	(6,569)	3,806
Accrued employee compensation and benefits	(8,948)	(10,170)
Accrued advertising	(1,941)	(13,177)
Other current liabilities	(2,538)	6,478
Cash flows provided by operating activities	52,179	42,684
Cash flows from investing activities:
Principal receipts from notes, equipment contracts and other long-term receivables	7,542	6,261
Additions to property and equipment	(6,779)	(22,787)
Proceeds from sale of property and equipment	81	0
Additions to long-term receivables	(1,790)	0
Other	(126)	(46)
Cash flows used in investing activities	(1,072)	(16,572)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	0	500,000
Repayment of long-term debt	0	(651,713)
Borrowing from revolving credit facility	0	15,000
Repayment of revolving credit facility	0	(15,000)
Payment of debt issuance costs	0	(7,967)
Dividends paid on common stock	(15,707)	(15,970)
Repurchase of common stock	(12,000)	(14,017)
Principal payments on finance lease and financing obligations	(3,080)	(3,623)
Proceeds from stock options exercised	0	3,812
Repurchase of restricted stock for tax payments upon vesting	(2,486)	(3,941)
Tax payments for share settlement of restricted stock units	(30)	(859)
Other	(5)	0
Cash flows used in financing activities	(33,308)	(194,278)
Net change in cash, cash equivalents and restricted cash	17,799	(168,166)
Cash, cash equivalents and restricted cash at beginning of period	200,592	324,984
Cash, cash equivalents and restricted cash at end of period	218,391	156,818
Supplemental disclosures:
Interest paid in cash	39,711	34,818
Income taxes paid in cash	22,872	21,400
Non-cash conversion of accounts receivable to notes receivable	1,296	0
Non-cash balance sheet gross-up of receivables and other accrued expenses	$ 11,000	$ 0

Commitments and Contingencies - Narrative (Details) - Applebee's - Property Lease Guarantee $ in Millions	Jun. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Potential liability for guaranteed leases	$ 372.6
Potential liability for guaranteed leases excluding unexercised option periods	$ 92.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance for credit loss	$ 3,772	$ 4,462
Long-term receivables, allowance for credit loss	$ 652	$ 5,002
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	40,000,000	40,000,000
Common stock, issued (in shares)	24,814,459	24,870,529
Common stock, outstanding (in shares)	15,299,270	15,344,768
Treasury stock (in shares)	9,515,189	9,525,761

Closure and Impairment Charges

6 Months Ended

Jun. 30, 2024

Restructuring Charges [Abstract]

Closure and Impairment Charges

Closure and impairment charges for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Closure charges	$	0.4	$	0.4	$	1.1	$	0.8
Long-lived tangible asset impairment	—		0.4		—		0.5



Total closure and impairment charges	$	0.4	$	0.8	$	1.1	$	1.3

The closure charges for the three and six months ended June 30, 2024 were related to the establishment of or revisions to existing closure reserves, including accretion, primarily for 21 IHOP restaurants closed prior to December 31, 2023.

The closure charges for the three and six months ended June 30, 2023 are related to revisions to existing closure reserves, including accretion, for approximately 30 IHOP restaurants.

The long-lived asset impairment for the three and six months ended June 30, 2023 primarily related to technology that was developed in connection with the IHOP Flip'd initiative that was stopped.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 26.4% for the six months ended June 30, 2024, as compared to 24.7% for the six months ended June 30, 2023. The effective tax rate for the six months ended June 30, 2024 was higher than the rate of the prior comparable period primarily due to a lower tax deduction related to stock-based compensation. The total gross unrecognized tax benefit as of June 30, 2024 and December 31, 2023 was $3.8 million and $3.5 million, respectively, excluding interest, penalties and related income tax benefits. The Company estimates the unrecognized tax benefit as of June 30, 2024 may decrease over the upcoming 12 months by $1.4 million related to settlements with taxing authorities and statute of limitations expirations. For the remaining liability, due to the uncertainties related to these tax matters, the Company is unable to make a reasonable estimate as to when cash settlement with a taxing authority will occur. As of June 30, 2024, the accrued interest was $0.9 million, excluding any related income tax benefits. As of December 31, 2023, the accrued interest was $0.9 million, excluding any related income tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as a component of the income tax provision recognized in the Consolidated Statements of Comprehensive Income. The Company files federal income tax returns and the Company or one of its subsidiaries file income tax returns in various state and international jurisdictions. With few exceptions, the Company is no longer subject to federal tax examinations by tax authorities for years before 2020 and state or non-United States tax examinations by tax authorities for years before 2019. The Company believes that adequate reserves have been provided relating to all matters contained in the tax periods open to examination.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 153,534	$ 146,034
Receivables, net of allowance of $3,772 (2024) and $4,462 (2023)	83,184	127,937
Restricted cash	45,357	35,058
Prepaid gift card costs	23,501	29,545
Prepaid income taxes	2,767	3,445
Other current assets	11,259	15,759
Total current assets	319,602	357,778
Non-current restricted cash	19,500	19,500
Property and equipment, net	158,101	161,891
Operating lease right-of-use assets	280,641	275,214
Deferred rent receivable	28,888	33,326
Long-term receivables, net of allowance of $652 (2024) and $5,002 (2023)	33,720	35,602
Goodwill	254,062	254,062
Other intangible assets, net	580,793	586,033
Other non-current assets, net	18,195	16,881
Total assets	1,693,502	1,740,287
Current liabilities:
Current maturities of long-term debt	100,000	100,000
Accounts payable	31,512	36,193
Gift card liability	142,206	175,640
Current maturities of operating lease obligations	62,216	63,498
Current maturities of finance lease and financing obligations	6,630	7,243
Accrued employee compensation and benefits	14,173	23,211
Accrued advertising expenses	494	9,446
Dividends payable	7,805	7,827
Other accrued expenses	29,135	37,394
Total current liabilities	394,171	460,452
Long-term debt, net, less current maturities	1,085,510	1,084,502
Operating lease obligations, less current maturities	271,100	269,097
Finance lease obligations, less current maturities	37,090	34,389
Financing obligations, less current maturities	25,304	26,984
Deferred income taxes, net	58,898	60,829
Deferred franchise revenue, long-term	37,201	38,658
Other non-current liabilities	15,930	16,350
Total liabilities	1,925,204	1,991,261
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, $1 par value, 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; shares: 40,000,000 authorized; June 30, 2024 - 24,814,459 issued, 15,299,270 outstanding; December 31, 2023 - 24,870,529 issued, 15,344,768 outstanding	248	249
Additional paid-in-capital	249,265	256,542
Retained earnings	174,972	150,008
Accumulated other comprehensive loss	(69)	(64)
Treasury stock, at cost; shares: June 30, 2024 - 9,515,189; December 31, 2023 - 9,525,761	(656,118)	(657,709)
Total stockholders’ deficit	(231,702)	(250,974)
Total liabilities and stockholders’ deficit	$ 1,693,502	$ 1,740,287

Cash, Cash Equivalents and Restricted Cash - Schedule of Current Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 45.4	$ 35.1
Securitized debt reserves
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	41.7	31.2
Applebee's advertising funds \| Applebee's
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	2.1	2.0
Other
Restricted Cash and Cash Equivalents Items [Line Items]
Total current restricted cash	$ 1.6	$ 1.9

Leases - Future Minimum Payments to be Received as Lessor Under Noncancelable Operating Leases (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024 (remaining six months)	$ 50.2
2025	90.5
2026	76.9
2027	59.6
2028	43.0
Thereafter	144.2
Total minimum rents receivable	$ 464.4

Stockholders' Deficit - Narrative (Details) - USD ($)				3 Months Ended		6 Months Ended		29 Months Ended
Stockholders' Deficit - Narrative (Details) - USD ($)	May 14, 2024	Feb. 26, 2024	Nov. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Feb. 28, 2022
Equity, Class of Treasury Stock [Line Items]
Dividends paid						$ 15,700,000	$ 16,000,000.0
Dividends declared per common share (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 1.02	$ 1.02
Stock repurchased during period				$ 6,000,000	$ 9,017,000	$ 12,000,000	$ 14,017,000
Reissuance of treasury stock				$ 1,000	$ 3,228,000	$ 0	$ 3,812,000
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase of restricted shares for taxes (in shares)				141,142	137,632	269,621	212,492
Reissuance of treasure stock (in shares)				3,076	76,000	280,193	270,960
Reissuance of treasury stock						$ (1,000)	$ (1,000)
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase of restricted shares for taxes (in shares)				141,142	137,632	269,621	212,492
Stock repurchased during period				$ 6,000,000	$ 9,017,000	$ 12,000,000	$ 14,017,000
Reissuance of treasure stock (in shares)				3,076	76,000	280,193	270,960
Reissuance of treasury stock				$ 146,000	$ 3,784,000	$ 13,591,000	$ 12,944,000
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount									$ 250,000,000
Repurchase of restricted shares for taxes (in shares)						269,621		1,865,399
Stock repurchased during period						$ 12,000,000.0		$ 116,700,000
Remaining dollar value of shares that may be repurchased				$ 133,300,000		$ 133,300,000		$ 133,300,000

Leases - Components of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finance lease cost:
Amortization of right-of-use assets	$ 0.7	$ 0.6	$ 1.3	$ 1.2
Interest on lease liabilities	0.7	0.7	1.5	1.4
Operating lease cost	18.3	18.9	36.5	38.1
Variable lease cost	2.0	2.2	4.0	4.1
Short-term lease cost	0.0	0.0	0.0	0.0
Sublease income	(26.6)	(27.0)	(53.8)	(56.5)
Lease income	$ (4.9)	$ (4.6)	$ (10.5)	$ (11.7)

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The Company engages in leasing activity as both a lessee and a lessor. The Company currently leases from third parties the real property on which approximately 509 IHOP franchisee-operated restaurants and one Applebee's franchisee-operated restaurant are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the franchisees that operate approximately 50 IHOP restaurants and one Applebee's restaurant. The Company leases from a third party the real property on which one Fuzzy's company-operated restaurant is located. The Company also leases office space for its principal corporate office in Pasadena, California and a restaurant support center in Irving, Texas. The Company does not have a significant amount of non-real estate leases.

The Company's existing leases/subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Approximately 290 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales during the six months ended June 30, 2024. Approximately 45 of the leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales during the six months ended June 30, 2024.

The Company's lease (income) cost for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.6	$	1.3	$	1.2
Interest on lease liabilities	0.7		0.7		1.5		1.4
Operating lease cost	18.3		18.9		36.5		38.1
Variable lease cost	2.0		2.2		4.0		4.1
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(26.6)		(27.0)		(53.8)		(56.5)
Lease income	$	(4.9)	$	(4.6)	$	(10.5)	$	(11.7)

Future minimum lease payments under noncancellable leases as lessee as of June 30, 2024 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024 (remaining six months)	$	4.0	$	41.1
2025	7.9		76.4
2026	7.6		70.0
2027	6.5		51.1
2028	4.8		36.7
Thereafter	26.1		136.4
Total minimum lease payments	56.9		411.8
Less: interest/imputed interest	(14.6)		(78.5)
Total obligations	42.3		333.3
Less: current portion	(5.3)		(62.2)
Long-term lease obligations	$	37.1	$	271.1

The weighted average remaining lease term as of June 30, 2024 was 5.9 years for finance leases and 5.9 years for operating leases. The weighted average discount rate as of June 30, 2024 was 9.2% for finance leases and 5.9% for operating leases.

During the three and six months ended June 30, 2024 and 2023, the Company made the following cash payments for leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Principal payments on finance lease obligations	$	1.4	$	1.7	$	3.1	$	3.6
Interest payments on finance lease obligations	0.7		0.7		1.5		1.4
Payments on operating leases	19.9		20.4		39.6		41.3
Variable lease payments	1.9		2.1		4.1		4.2

The Company's income from operating leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Minimum lease payments	$	24.1	$	24.4	$	48.6	$	51.7
Variable lease income	4.5		4.6		9.0		8.9
Total operating lease income	$	28.6	$	29.0	$	57.6	$	60.6

Future minimum payments to be received as lessor under noncancellable operating leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	50.2
2025	90.5
2026	76.9
2027	59.6
2028	43.0
Thereafter	144.2
Total minimum rents receivable	$	464.4

The Company's income from real estate leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Interest income	$	0.3	$	0.3	$	0.6	$	0.6
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	—		—		0.2		—
Total real estate lease income	$	0.4	$	0.4	$	1.0	$	0.8

Future minimum payments to be received as lessor under noncancellable real estate leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	1.4
2025	2.5
2026	2.5
2027	2.5
2028	2.5
Thereafter	15.5
Total minimum rents receivable	26.9
Less: unearned income	(7.8)
Total real estate leases receivable	19.1
Less: current portion	(1.5)
Long-term real estate leases receivable	$	17.6

Leases

The Company's lease (income) cost for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.6	$	1.3	$	1.2
Interest on lease liabilities	0.7		0.7		1.5		1.4
Operating lease cost	18.3		18.9		36.5		38.1
Variable lease cost	2.0		2.2		4.0		4.1
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(26.6)		(27.0)		(53.8)		(56.5)
Lease income	$	(4.9)	$	(4.6)	$	(10.5)	$	(11.7)

Future minimum lease payments under noncancellable leases as lessee as of June 30, 2024 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024 (remaining six months)	$	4.0	$	41.1
2025	7.9		76.4
2026	7.6		70.0
2027	6.5		51.1
2028	4.8		36.7
Thereafter	26.1		136.4
Total minimum lease payments	56.9		411.8
Less: interest/imputed interest	(14.6)		(78.5)
Total obligations	42.3		333.3
Less: current portion	(5.3)		(62.2)
Long-term lease obligations	$	37.1	$	271.1

During the three and six months ended June 30, 2024 and 2023, the Company made the following cash payments for leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Principal payments on finance lease obligations	$	1.4	$	1.7	$	3.1	$	3.6
Interest payments on finance lease obligations	0.7		0.7		1.5		1.4
Payments on operating leases	19.9		20.4		39.6		41.3
Variable lease payments	1.9		2.1		4.1		4.2

The Company's income from operating leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Minimum lease payments	$	24.1	$	24.4	$	48.6	$	51.7
Variable lease income	4.5		4.6		9.0		8.9
Total operating lease income	$	28.6	$	29.0	$	57.6	$	60.6

Future minimum payments to be received as lessor under noncancellable operating leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	50.2
2025	90.5
2026	76.9
2027	59.6
2028	43.0
Thereafter	144.2
Total minimum rents receivable	$	464.4

The Company's income from real estate leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Interest income	$	0.3	$	0.3	$	0.6	$	0.6
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	—		—		0.2		—
Total real estate lease income	$	0.4	$	0.4	$	1.0	$	0.8

Future minimum payments to be received as lessor under noncancellable real estate leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	1.4
2025	2.5
2026	2.5
2027	2.5
2028	2.5
Thereafter	15.5
Total minimum rents receivable	26.9
Less: unearned income	(7.8)
Total real estate leases receivable	19.1
Less: current portion	(1.5)
Long-term real estate leases receivable	$	17.6

Leases

The Company's lease (income) cost for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.6	$	1.3	$	1.2
Interest on lease liabilities	0.7		0.7		1.5		1.4
Operating lease cost	18.3		18.9		36.5		38.1
Variable lease cost	2.0		2.2		4.0		4.1
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(26.6)		(27.0)		(53.8)		(56.5)
Lease income	$	(4.9)	$	(4.6)	$	(10.5)	$	(11.7)

Future minimum lease payments under noncancellable leases as lessee as of June 30, 2024 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024 (remaining six months)	$	4.0	$	41.1
2025	7.9		76.4
2026	7.6		70.0
2027	6.5		51.1
2028	4.8		36.7
Thereafter	26.1		136.4
Total minimum lease payments	56.9		411.8
Less: interest/imputed interest	(14.6)		(78.5)
Total obligations	42.3		333.3
Less: current portion	(5.3)		(62.2)
Long-term lease obligations	$	37.1	$	271.1

During the three and six months ended June 30, 2024 and 2023, the Company made the following cash payments for leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Principal payments on finance lease obligations	$	1.4	$	1.7	$	3.1	$	3.6
Interest payments on finance lease obligations	0.7		0.7		1.5		1.4
Payments on operating leases	19.9		20.4		39.6		41.3
Variable lease payments	1.9		2.1		4.1		4.2

The Company's income from operating leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Minimum lease payments	$	24.1	$	24.4	$	48.6	$	51.7
Variable lease income	4.5		4.6		9.0		8.9
Total operating lease income	$	28.6	$	29.0	$	57.6	$	60.6

Future minimum payments to be received as lessor under noncancellable operating leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	50.2
2025	90.5
2026	76.9
2027	59.6
2028	43.0
Thereafter	144.2
Total minimum rents receivable	$	464.4

The Company's income from real estate leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Interest income	$	0.3	$	0.3	$	0.6	$	0.6
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	—		—		0.2		—
Total real estate lease income	$	0.4	$	0.4	$	1.0	$	0.8

Future minimum payments to be received as lessor under noncancellable real estate leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	1.4
2025	2.5
2026	2.5
2027	2.5
2028	2.5
Thereafter	15.5
Total minimum rents receivable	26.9
Less: unearned income	(7.8)
Total real estate leases receivable	19.1
Less: current portion	(1.5)
Long-term real estate leases receivable	$	17.6

Leases

The Company's lease (income) cost for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.6	$	1.3	$	1.2
Interest on lease liabilities	0.7		0.7		1.5		1.4
Operating lease cost	18.3		18.9		36.5		38.1
Variable lease cost	2.0		2.2		4.0		4.1
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(26.6)		(27.0)		(53.8)		(56.5)
Lease income	$	(4.9)	$	(4.6)	$	(10.5)	$	(11.7)

Future minimum lease payments under noncancellable leases as lessee as of June 30, 2024 were as follows:


	Finance Leases		Operating Leases
	(In millions)
2024 (remaining six months)	$	4.0	$	41.1
2025	7.9		76.4
2026	7.6		70.0
2027	6.5		51.1
2028	4.8		36.7
Thereafter	26.1		136.4
Total minimum lease payments	56.9		411.8
Less: interest/imputed interest	(14.6)		(78.5)
Total obligations	42.3		333.3
Less: current portion	(5.3)		(62.2)
Long-term lease obligations	$	37.1	$	271.1

During the three and six months ended June 30, 2024 and 2023, the Company made the following cash payments for leases:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Principal payments on finance lease obligations	$	1.4	$	1.7	$	3.1	$	3.6
Interest payments on finance lease obligations	0.7		0.7		1.5		1.4
Payments on operating leases	19.9		20.4		39.6		41.3
Variable lease payments	1.9		2.1		4.1		4.2

The Company's income from operating leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Minimum lease payments	$	24.1	$	24.4	$	48.6	$	51.7
Variable lease income	4.5		4.6		9.0		8.9
Total operating lease income	$	28.6	$	29.0	$	57.6	$	60.6

Future minimum payments to be received as lessor under noncancellable operating leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	50.2
2025	90.5
2026	76.9
2027	59.6
2028	43.0
Thereafter	144.2
Total minimum rents receivable	$	464.4

The Company's income from real estate leases for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Interest income	$	0.3	$	0.3	$	0.6	$	0.6
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	—		—		0.2		—
Total real estate lease income	$	0.4	$	0.4	$	1.0	$	0.8

Future minimum payments to be received as lessor under noncancellable real estate leases as of June 30, 2024 were as follows:



	(In millions)
2024 (remaining six months)	$	1.4
2025	2.5
2026	2.5
2027	2.5
2028	2.5
Thereafter	15.5
Total minimum rents receivable	26.9
Less: unearned income	(7.8)
Total real estate leases receivable	19.1
Less: current portion	(1.5)
Long-term real estate leases receivable	$	17.6

Recent Accounting Pronouncements	6 Months Ended
Recent Accounting Pronouncements	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted in the Current Fiscal Year Additional new accounting guidance became effective for the Company as of the beginning of fiscal 2024 that the Company reviewed and concluded was either not applicable to its operations or had no material effect on its consolidated financial statements in the current or future fiscal years. Newly Issued Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure," which updates reportable segment disclosure requirements. The ASU primarily requires enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and the title and position of the CODM with an explanation of how the CODM uses the reported measure(s) of segment profit or loss used to assess segment performance. All annual disclosures of a reportable segment’s profit or loss and assets required by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, will be required to be disclosed in interim periods. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU in our disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company is currently evaluating the impact of adopting this ASU on our disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476173/280-10-65-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation, Claims and Disputes The Company is subject to various lawsuits, administrative proceedings, audits and claims arising in the ordinary course of business. Some of these lawsuits purport to be class actions and/or seek substantial damages. The Company is required under U.S. GAAP to record an accrual for litigation loss contingencies that are both probable and reasonably estimable. Legal fees and expenses associated with the defense of all of the Company's litigation are expensed as such fees and expenses are incurred. Management regularly assesses the Company's insurance coverage, analyzes litigation information with the Company's attorneys and evaluates the Company's loss experience in connection with pending legal proceedings. While the Company does not presently believe that any of the legal proceedings to which it is currently a party will ultimately have a material adverse impact on the Company, there can be no assurance that the Company will prevail in all the proceedings the Company is party to, or that the Company will not incur material losses from them. Lease Guarantees In connection with the refranchising of Applebee’s restaurants to franchisees, the Company has, in certain cases, guaranteed or has potential continuing liability for lease payments totaling $372.6 million as of June 30, 2024. This amount represents the maximum potential liability for future payments under these leases. These leases have been assigned to the buyers and expire at the end of the respective lease terms, which range from 2024 through 2058. Excluding unexercised option periods, the Company's potential liability for future payments under these leases is $92.5 million. In the event of default, the indemnity and default clauses in the sale or assignment agreements govern the Company's ability to pursue and recover damages incurred.

Current Expected Credit Losses ("CECL") - Year of Origination of Financing Receivables (Details) $ in Millions	Jun. 30, 2024 USD ($)
Total
Financing Receivable, Credit Quality Indicator [Line Items]
2024	$ 3.7
2023	9.7
2022	8.6
2021	2.7
2020	1.4
Prior	17.7
Total	43.8
Notes Receivable, short and long-term
Financing Receivable, Credit Quality Indicator [Line Items]
2024	1.5
2023	5.5
2022	0.7
2021	0.5
2020	0.2
Prior	0.0
Total	8.4
Real estate leases receivable
Financing Receivable, Credit Quality Indicator [Line Items]
2024	2.0
2023	3.4
2022	7.9
2021	2.2
2020	1.2
Prior	2.4
Total	19.1
Equipment leases receivable
Financing Receivable, Credit Quality Indicator [Line Items]
2024	0.2
2023	0.8
2022	0.0
2021	0.0
2020	0.0
Prior	15.3
Total	$ 16.3

Leases - Future Minimum Lease Payments Under Noncancelable Leases as Lessee (Details) $ in Millions	Jun. 30, 2024 USD ($)
Finance Leases
2024 (remaining six months)	$ 4.0
2025	7.9
2026	7.6
2027	6.5
2028	4.8
Thereafter	26.1
Total minimum lease payments	56.9
Less: interest/imputed interest	(14.6)
Total obligations	42.3
Less: current portion	$ (5.3)
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Current maturities of finance lease and financing obligations
Long-term lease obligations	$ 37.1
Operating Leases
2024 (remaining six months)	41.1
2025	76.4
2026	70.0
2027	51.1
2028	36.7
Thereafter	136.4
Total minimum lease payments	411.8
Less: interest/imputed interest	(78.5)
Total obligations	333.3
Less: current portion	(62.2)
Long-term lease obligations	$ 271.1

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Non-current restricted cash	$ 19,500	$ 19,500

General	6 Months Ended
General	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The accompanying unaudited consolidated financial statements of Dine Brands Global, Inc. (the “Company” or “Dine Brands Global”) have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2024. The consolidated balance sheet at December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all of information and footnotes required by U.S. GAAP for complete financial statements. These consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Components of the Company’s Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:



	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Equity classified awards expense	$	3.9	$	3.5	$	8.8	$	5.3
Liability classified awards (credit) expense	(0.6)		(1.3)		0.1		(0.6)
Total stock-based compensation expense	$	3.3	$	2.2	$	8.9	$	4.7

Schedule of Stock Option Valuation Assumptions

The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the six months ended June 30, 2024:


Risk-free interest rate	4.3	%
Historical volatility	70.2	%
Dividend yield	4.2	%
Expected years until exercise	4.5
Fair value of options granted	$22.26

Schedule of Stock Option Activity

Stock option balances at June 30, 2024, and activity for the six months ended June 30, 2024 were as follows:


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2023	462,506	$	77.59
Granted	133,729	49.06
Exercised	—	—
Expired	(13,366)	92.47
Forfeited	—	—
Outstanding at June 30, 2024	582,869	70.70		6.4	$	—
Vested and Expected to Vest at June 30, 2024	552,725	71.52		6.2	$	—
Exercisable at June 30, 2024	378,828	$	77.83	4.9	$	—

Schedule of Restricted Stock Unit Activity

Outstanding balances as of June 30, 2024, and activity related to restricted stock and restricted stock units for the six months ended June 30, 2024 were as follows:


	Shares of Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2023	338,622	$	73.33	58,475	$	54.07
Granted	280,193	48.95		30,314	49.06
Released	(139,781)	75.16		(18,115)	73.97
Forfeited	(21,534)	62.68		(18)	74.94
Outstanding at June 30, 2024	457,500	$	58.34	70,656	$	46.84

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Number of Shares Under Option
Outstanding, beginning of period (in shares) \| shares	462,506
Granted (in shares) \| shares	133,729
Exercised (in shares) \| shares	0
Expired (in shares) \| shares	(13,366)
Forfeited (in shares) \| shares	0
Outstanding, end of period (in shares) \| shares	582,869
Vested and Expected to Vest (in shares) \| shares	552,725
Exercisable (in shares) \| shares	378,828
Weighted Average Exercise Price Per Share
Beginning of period (in dollars per share) \| $ / shares	$ 77.59
Granted (in dollars per share) \| $ / shares	49.06
Exercised (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	92.47
Forfeited (in dollars per share) \| $ / shares	0
End of period (in dollars per share) \| $ / shares	70.70
Vested and expected to vest (in dollars per share) \| $ / shares	71.52
Exercisable (in dollars per share) \| $ / shares	$ 77.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term (in years)	6 years 4 months 24 days
Weighted Average Remaining Contractual Term, Vested and Expected to Vest (in years)	6 years 2 months 12 days
Weighted Average Remaining Contractual Term, Exercisable (in years)	4 years 10 months 24 days
Aggregate Intrinsic Value, Outstanding \| $	$ 0.0
Aggregate Intrinsic Value, Vested and Expected to Vest \| $	0.0
Aggregate Intrinsic Value, Exercisable \| $	$ 0.0

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity classified awards expense	$ 3.9	$ 3.5	$ 8.8	$ 5.3
Liability classified awards (credit) expense	(0.6)	(1.3)	0.1	(0.6)
Total stock-based compensation expense	$ 3.3	$ 2.2	$ 8.9	$ 4.7

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company does not have a material amount of financial assets or liabilities that are required under U.S. GAAP to be measured on a recurring basis at fair value. The Company is not a party to any material derivative financial instruments. The Company does not have a material amount of non-financial assets or non-financial liabilities that are required under U.S. GAAP to be measured at fair value on a recurring basis. The Company has not elected to use the fair value measurement option, as permitted under U.S. GAAP, for any assets or liabilities for which fair value measurement is not presently required.

The Company believes the fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts due to their short duration.

The fair values of the Company's long-term debt, excluding the Credit Facility, at June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024		December 31, 2023
	(In millions)
Face Value	$	1,094.0	$	1,094.0
Fair Value	$	1,089.5	$	1,085.8

The fair values were determined based on Level 2 inputs, including information gathered from brokers who trade in the Company’s long-term debt, as well as information on notes that are similar to those of the Company.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 107
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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (in percent)	26.40%	24.70%
Gross unrecognized tax benefit	$ 3.8		$ 3.5
Expected change in unrecognized tax benefits	1.4
Accrued interest on income taxes	$ 0.9		$ 0.9

Revenues - Narrative (Details) - Receivables from Franchise Revenue Transactions - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Billed and unbilled receivables	$ 63.6	$ 68.7
Billed and unbilled receivables, accumulated allowance for credit loss	$ 3.1	$ 2.7

Stock-Based Compensation - Restricted Stock Activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares of Restricted Stock
Shares of Restricted Stock
Beginning of period (in shares) \| shares	338,622
Granted (in shares) \| shares	280,193
Released (in shares) \| shares	(139,781)
Forfeited (in shares) \| shares	(21,534)
End of period (in shares) \| shares	457,500
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 73.33
Granted (in dollars per share) \| $ / shares	48.95
Released (in dollars per share) \| $ / shares	75.16
Forfeited (in dollars per share) \| $ / shares	62.68
Ending balance (in dollars per share) \| $ / shares	$ 58.34
Stock-Settled Restricted Stock Units
Shares of Restricted Stock
Beginning of period (in shares) \| shares	58,475
Granted (in shares) \| shares	30,314
Released (in shares) \| shares	(18,115)
Forfeited (in shares) \| shares	(18)
End of period (in shares) \| shares	70,656
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 54.07
Granted (in dollars per share) \| $ / shares	49.06
Released (in dollars per share) \| $ / shares	73.97
Forfeited (in dollars per share) \| $ / shares	74.94
Ending balance (in dollars per share) \| $ / shares	$ 46.84

Closure and Impairment Charges - Narrative (Details) - restaurant	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
IHOP
Restructuring Cost and Reserve [Line Items]
Number of restaurants related to prior period closure charge revisions	21	30	21	30

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Cash, Cash Equivalents and Restricted Cash (Tables)

6 Months Ended

Jun. 30, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The components of cash and cash equivalents were as follows:


	June 30, 2024		December 31, 2023
	(In millions)
Money market funds	$	9.0	$	42.0
IHOP advertising funds and gift card programs	70.5		82.8
Other depository accounts	74.0		21.2
Total cash and cash equivalents	$	153.5	$	146.0

Restrictions on Cash and Cash Equivalents

The components of current restricted cash were as follows:



	June 30, 2024		December 31, 2023
	(In millions)
Securitized debt reserves	$	41.7	$	31.2
Applebee's advertising funds	2.1		2.0
Other	1.6		1.9
Total current restricted cash	$	45.4	$	35.1

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 153,534	$ 146,034
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	9,000	42,000
IHOP advertising funds and gift card programs \| IHOP
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	70,500	82,800
Other depository accounts
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 74,000	$ 21,200

Long-Term Debt - Schedule of Debt Components (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Apr. 17, 2023	Jun. 05, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (8,500)	$ (9,500)
Long-term debt, net of debt issuance costs	1,185,500	1,184,500
Less: current portion of long-term debt	(100,000)	(100,000)
Long-term debt, net, less current maturities	1,085,510	1,084,502
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
Debt Instrument [Line Items]
Senior Notes	$ 594,000	$ 594,000
Debt interest rate (in percent)	4.723%	4.723%		4.723%
Series 2022-1 Variable Funding Senior Secured Notes, Class A-1, variable interest rate of 7.94% and 7.95% at June 30, 2024 and December 31, 2023, respectively
Debt Instrument [Line Items]
Senior Notes	$ 100,000	$ 100,000
Debt interest rate (in percent)	7.94%	7.95%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Senior Notes	$ 500,000	$ 500,000
Debt interest rate (in percent)	7.824%	7.824%	7.824%

Closure and Impairment Charges (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring Charges [Abstract]

Schedule of Impairment and Closure Charges

Closure and impairment charges for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In millions)
Closure charges	$	0.4	$	0.4	$	1.1	$	0.8
Long-lived tangible asset impairment	—		0.4		—		0.5



Total closure and impairment charges	$	0.4	$	0.8	$	1.1	$	1.3

Leases - Narrative (Details)	Jun. 30, 2024 lease restaurant
Lessee, Lease, Description [Line Items]
Lessor, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	290
Lessee, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	45
Finance lease, weighted average remaining lease term (in years)	5 years 10 months 24 days
Operating lease, weighted average remaining lease term (in years)	5 years 10 months 24 days
Finance lease, weighted average discount rate (in percent)	9.20%
Operating lease, weighted average discount rate (in percent)	5.90%
IHOP
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	509
Number of properties leased	50
Lessee, operating lease, renewal term (in years)	5 years
IHOP \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	20 years
IHOP \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	25 years
Applebee's
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	1
Number of properties leased	1
Applebee's \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	10 years
Lessee, operating lease, renewal term (in years)	5 years
Applebee's \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	20 years
Lessee, operating lease, renewal term (in years)	20 years
Fuzzy's
Lessee, Lease, Description [Line Items]
Number of company-operated restaurants	1