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Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Rental revenues $ 27,991 $ 29,128 $ 86,546 $ 90,519
Financing revenues 422 628 1,421 2,009
Total revenues 195,034 202,584 607,536 624,766
Cost of revenues:        
Franchise expenses 79,727 83,138 251,153 258,784
Bad debt (credit) expense 151 (51) (395) 2,593
Company restaurant expenses 304 323 915 1,833
Interest expense from finance leases 729 668 2,208 2,072
Other rental expenses 20,879 21,066 63,005 63,538
Total rental expenses 21,608 21,734 65,213 65,610
Financing expenses 76 91 241 283
Total cost of revenues 101,715 105,286 317,522 326,510
Gross profit 93,319 97,298 290,014 298,256
General and administrative expenses 45,390 48,618 144,435 147,545
Interest expense, net 18,369 19,059 54,291 51,549
Closure and impairment charges 366 1,774 1,442 3,088
Amortization of intangible assets 2,724 2,709 8,169 8,202
Loss on extinguishment of debt 0 0 0 10
Loss (gain) on disposition of assets 6 191 (57) 2,309
Income before income taxes 26,464 24,947 81,734 85,553
Income tax provision (7,403) (6,468) (22,018) (21,416)
Net income 19,061 18,479 59,716 64,137
Other comprehensive income (loss) net of tax:        
Foreign currency translation adjustment 2 (2) (3) (2)
Total comprehensive income 19,063 18,477 59,713 64,135
Net income available to common stockholders:        
Net income 19,061 18,479 59,716 64,137
Less: Net income allocated to unvested participating restricted stock (553) (431) (1,760) (1,551)
Net income available to common stockholders - basic $ 18,508 $ 18,048 $ 57,956 $ 62,586
Net income available to common stockholders per share:        
Basic (in dollars per share) $ 1.24 $ 1.19 $ 3.88 $ 4.10
Diluted (in dollars per share) $ 1.24 $ 1.19 $ 3.88 $ 4.09
Weighted average shares outstanding:        
Basic (in shares) 14,897 15,217 14,940 15,275
Diluted (in shares) 14,897 15,220 14,940 15,289
Franchise Revenues:        
Revenues:        
Revenue from contract with customer $ 166,354 $ 172,520 $ 518,729 $ 530,399
Royalties, franchise fees and other        
Revenues:        
Revenue from contract with customer 96,565 99,135 299,161 303,998
Advertising revenues        
Revenues:        
Revenue from contract with customer 69,789 73,385 219,568 226,401
Company restaurant sales        
Revenues:        
Revenue from contract with customer 267 308 840 1,839
Advertising revenues        
Revenues:        
Revenue from contract with customer 69,800 73,400 219,600 226,400
Cost of revenues:        
Franchise expenses 69,789 73,385 219,568 226,401
Other franchise expenses        
Cost of revenues:        
Franchise expenses $ 9,787 $ 9,804 $ 31,980 $ 29,790