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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Rental revenues $ 29,128 $ 29,207 $ 90,519 $ 87,080
Total revenues 202,584 233,220 624,766 701,437
Cost of revenues:        
Franchise expenses 83,138 80,264 258,784 240,565
Bad debt (credit) expense (51) (77) 2,593 (523)
Company restaurant expenses 323 36,513 1,833 111,802
Interest expense from finance leases 668 740 2,072 2,254
Other rental expenses 21,066 21,268 63,538 63,720
Total rental expenses 21,734 22,008 65,610 65,974
Financing expenses 91 104 283 317
Total cost of revenues 105,286 138,889 326,510 418,658
Gross profit 97,298 94,331 298,256 282,779
General and administrative expenses 48,618 46,335 147,545 131,946
Interest expense, net 19,059 15,300 51,549 46,192
Closure and impairment charges 1,774 1,636 3,088 3,093
Amortization of intangible assets 2,709 2,664 8,202 7,994
Loss on extinguishment of debt 0 1,161 10 1,161
Loss (gain) on disposition of assets 191 (1,502) 2,309 (3,032)
Income before income taxes 24,947 28,737 85,553 95,425
Income tax provision (6,468) (7,789) (21,416) (25,665)
Net income 18,479 20,948 64,137 69,760
Other comprehensive income net of tax:        
Foreign currency translation adjustment (2) (5) (2) (9)
Total comprehensive income 18,477 20,943 64,135 69,751
Net income available to common stockholders:        
Net income 18,479 20,948 64,137 69,760
Less: Net income allocated to unvested participating restricted stock (431) (575) (1,551) (1,852)
Net income available to common stockholders $ 18,048 $ 20,373 $ 62,586 $ 67,908
Net income available to common stockholders per share:        
Basic (USD per share) $ 1.19 $ 1.32 $ 4.10 $ 4.23
Diluted (USD per share) $ 1.19 $ 1.32 $ 4.09 $ 4.22
Weighted average shares outstanding:        
Basic (in shares) 15,217 15,377 15,275 16,049
Diluted (in shares) 15,220 15,403 15,289 16,079
Franchise Revenue:        
Revenues:        
Revenue from contract with customer $ 172,520 $ 164,907 $ 530,399 $ 494,398
Royalties, franchise fees and other        
Revenues:        
Revenue from contract with customer 99,135 93,215 303,998 277,712
Advertising revenues        
Revenues:        
Revenue from contract with customer 73,385 71,692 226,401 216,686
Company restaurant sales        
Revenues:        
Revenue from contract with customer 308 38,248 1,839 117,175
Financing revenues        
Revenues:        
Revenue from contract with customer 628 858 2,009 2,784
Advertising fees        
Revenues:        
Revenue from contract with customer 73,385 71,692 226,401 216,686
Cost of revenues:        
Franchise expenses 73,385 71,692 226,401 216,686
Other franchise expenses        
Cost of revenues:        
Franchise expenses $ 9,804 $ 8,649 $ 29,790 $ 24,402