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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