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v3.25.2

Segments (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | Information on segments and a reconciliation of operating profit to income before income taxes is as follows:
| Three Months Ended June 30, 2025
| Franchise |  | Company Restaurants |  | Rental |  | Financing |  | Total
| (In millions)
Revenues | $ | 174.7 |  |  | $ | 28.2 |  |  | $ | 27.5 |  |  | $ | 0.3 |  |  | $ | 230.8 |
Less: Advertising revenue | 73.5 |  | — |  | — |  | — |  | 73.5
Revenues excluding advertising revenue | 101.2 |  |  | 28.2 |  |  | 27.5 |  |  | 0.3 |  |  | 157.3 |
Less: |  |  |  |  |  |  |  |  |
Interest expense from finance leases | — |  | — |  | 0.7 |  | — |  | 0.7
Depreciation and amortization | 0.2 |  | 0.8 |  | 2.5 |  | — |  | 3.4
Other segment items(a) | 12.8 |  | 30.2 |  | 18.0 |  | 0.1 |  | 61.0
Segment profit | 88.3 |  | (2.7) |  | 6.4 |  | 0.2 |  | 92.2
Stock based compensation (direct) | 1.0 |  | — |  | — |  | — |  | 1.0
Gain on disposition of assets | 0.0 |  | — |  | — |  | — |  | 0.0
Other G&A expenses (direct and allocated) | 32.0 |  | 1.9 |  | — |  | — |  | 33.9
Segment operating profit (loss) | $ | 55.3 |  |  | $ | (4.6) |  |  | $ | 6.4 |  |  | $ | 0.2 |  |  | $ | 57.3 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |  |
Segment operating profit |  |  |  |  |  |  |  |  | $ | 57.3 |
Depreciation and amortization (unallocated) |  |  |  |  |  |  |  |  | 4.4
Stock based compensation (unallocated) |  |  |  |  |  |  |  |  | 2.2
Other G&A expenses (unallocated) |  |  |  |  |  |  |  |  | 9.2
Interest expense, net |  |  |  |  |  |  |  |  | 17.8
Closure and impairment charges |  |  |  |  |  |  |  |  | 1.2
Amortization of intangible assets |  |  |  |  |  |  |  |  | 2.7
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 0.9
Income before income taxes |  |  |  |  |  |  |  |  | $ | 18.9 |
| Six Months Ended June 30, 2025
| Franchise |  | Company Restaurants |  | Rental |  | Financing |  | Total
| (In millions)
Revenues | $ | 340.9 |  |  | $ | 49.8 |  |  | $ | 54.2 |  |  | $ | 0.6 |  |  | $ | 445.6 |
Less: Advertising revenue | 144.0 |  | — |  | — |  | — |  | 144.0
Revenues excluding advertising revenue | 196.9 |  |  | 49.8 |  |  | 54.2 |  |  | 0.6 |  |  | 301.6 |
Less: |  |  |  |  |  |  |  |  |
Interest expense from finance leases | — |  | — |  | 1.4 |  | — |  | 1.4
Depreciation and amortization | 0.3 |  | 1.3 |  | 4.9 |  | — |  | 6.5
Other segment items(a) | 23.3 |  | 51.6 |  | 36.1 |  | 0.1 |  | 111.2
Segment profit | 173.3 |  | (3.1) |  | 11.8 |  | 0.5 |  | 182.5
Stock based compensation (direct) | 2.1 |  | — |  | — |  | — |  | 2.1
Gain on disposition of assets | (0.1) |  | — |  | — |  | — |  | (0.1)
Other G&A expenses (direct and allocated) | 63.2 |  | 3.3 |  | — |  | — |  | 66.5
Segment operating profit (loss) | $ | 108.1 |  |  | $ | (6.4) |  |  | $ | 11.8 |  |  | $ | 0.5 |  |  | $ | 114.1 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |  |
Segment operating profit |  |  |  |  |  |  |  |  | $ | 114.1 |
Depreciation and amortization (unallocated) |  |  |  |  |  |  |  |  | 8.9
Stock based compensation (unallocated) |  |  |  |  |  |  |  |  | 4.6
Other G&A expenses (unallocated) |  |  |  |  |  |  |  |  | 20.1
Interest expense, net |  |  |  |  |  |  |  |  | 35.5
Closure and impairment charges |  |  |  |  |  |  |  |  | 7.0
Amortization of intangible assets |  |  |  |  |  |  |  |  | 5.4
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | 0.9
Income before income taxes |  |  |  |  |  |  |  |  | $ | 31.7 |
| Three Months Ended June 30, 2024
| Franchise |  | Company Restaurants |  | Rental |  | Financing |  | Total
| (In millions)
Revenues | $ | 176.5 |  |  | $ | 0.3 |  |  | $ | 29.0 |  |  | $ | 0.5 |  |  | $ | 206.3 |
Less: Advertising revenue | 74.5 |  | — |  | — |  | — |  | 74.5
Revenues excluding advertising revenue | 102.0 |  | 0.3 |  | 29.0 |  | 0.5 |  | 131.7
Less: |  |  |  |  |  |  |  |  |
Interest expense from finance leases | — |  | — |  | 0.7 |  | — |  | 0.7
Depreciation and amortization | 0.1 |  | 0.0 |  | 2.6 |  | — |  | 2.7
Other segment items(a) | 10.3 |  | 0.3 |  | 18.3 |  | 0.1 |  | 29.0
Segment profit | 91.5 |  | 0.0 |  | 7.4 |  | 0.4 |  | 99.3
Stock based compensation (direct) | 1.5 |  | — |  | — |  | — |  | 1.5
Loss on disposition of assets | 0.2 |  | — |  | — |  | — |  | 0.2
Other G&A expenses (direct and allocated) | 29.6 |  | — |  | — |  | — |  | 29.6
Segment operating profit | $ | 60.3 |  |  | $ | 0.0 |  |  | $ | 7.4 |  |  | $ | 0.4 |  |  | $ | 68.0 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |  |
Segment operating profit |  |  |  |  |  |  |  |  | $ | 68.0 |
Depreciation and amortization (unallocated) |  |  |  |  |  |  |  |  | 4.2
Stock based compensation (unallocated) |  |  |  |  |  |  |  |  | 2.4
Other G&A expenses (unallocated) |  |  |  |  |  |  |  |  | 9.2
Interest expense, net |  |  |  |  |  |  |  |  | 17.8
Closure and impairment charges |  |  |  |  |  |  |  |  | 0.4
Amortization of intangible assets |  |  |  |  |  |  |  |  | 2.7
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | —
Income before income taxes |  |  |  |  |  |  |  |  | $ | 31.2 |
| Six Months Ended June 30, 2024
| Franchise |  | Company Restaurants |  | Rental |  | Financing |  | Total
| (In millions)
Revenues | $ | 352.4 |  |  | $ | 0.6 |  |  | $ | 58.6 |  |  | $ | 1.0 |  |  | $ | 412.5 |
Less: Advertising revenue | 149.8 |  | — |  | — |  | — |  | 149.8
Revenues excluding advertising revenue | 202.6 |  | 0.6 |  | 58.6 |  | 1.0 |  | 262.7
Less: |  |  |  |  |  |  |  |  |
Interest expense from finance leases | — |  | — |  | 1.5 |  | — |  | 1.5
Depreciation and amortization | 0.2 |  | 0.0 |  | 5.2 |  | — |  | 5.5
Other segment items(a) | 21.4 |  | 0.6 |  | 36.9 |  | 0.2 |  | 59.1
Segment profit | 180.9 |  | 0.0 |  | 14.9 |  | 0.8 |  | 196.7
Stock based compensation (direct) | 3.3 |  | — |  | — |  | — |  | 3.3
Gain on disposition of assets | (0.1) |  | — |  | — |  | — |  | (0.1)
Other G&A expenses (direct and allocated) | 60.1 |  | 0.0 |  | — |  | — |  | 60.1
Segment operating profit | $ | 117.7 |  |  | $ | 0.0 |  |  | $ | 14.9 |  |  | $ | 0.8 |  |  | $ | 133.4 |
Reconciliation of segment operating profit |  |  |  |  |  |  |  |  |
Segment operating profit |  |  |  |  |  |  |  |  | $ | 133.4 |
Depreciation and amortization (unallocated) |  |  |  |  |  |  |  |  | 8.5
Stock based compensation (unallocated) |  |  |  |  |  |  |  |  | 5.5
Other G&A expenses (unallocated) |  |  |  |  |  |  |  |  | 21.7
Interest expense, net |  |  |  |  |  |  |  |  | 35.9
Closure and impairment charges |  |  |  |  |  |  |  |  | 1.1
Amortization of intangible assets |  |  |  |  |  |  |  |  | 5.4
Loss on extinguishment of debt |  |  |  |  |  |  |  |  | —
Income before income taxes |  |  |  |  |  |  |  |  | $ | 55.3 |
(a) For each reportable segment, the other segment item category includes: Franchise: Costs of proprietary products, bad debt expense, pre-opening training expenses and other franchise-related costs. Company Restaurants: Operating expenses at company-owned restaurants and include food, beverage, labor, benefits, utilities, rent and other operating costs. Rental: Costs of operating leases and interest expense of finance leases on franchisee-operated restaurants. Financing: Costs of restaurant equipment.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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