Dine Brands(US:DIN)2024-08-07 11:15Financial Performance - Total revenues for Q2 2024 were $206.3 million, a decrease from $208.4 million in Q2 2023, primarily due to negative comparable same-restaurant sales growth at Applebee's and IHOP[3]. - GAAP net income for Q2 2024 was $22.5 million, or $1.50 per diluted share, compared to $17.8 million, or $1.16 per diluted share in Q2 2023[4]. - Adjusted net income for Q2 2024 was $25.6 million, or $1.71 per diluted share, down from $27.8 million, or $1.82 per diluted share in Q2 2023[5]. - Consolidated adjusted EBITDA for Q2 2024 was $67.0 million, slightly down from $67.3 million in Q2 2023[5]. - For the first six months of 2024, total revenues were $412.5 million, compared to $422.2 million in the same period of 2023[6]. - Adjusted free cash flow for the first six months of 2024 was $52.9 million, significantly up from $24.1 million in the first half of 2023[8]. - Net income for the six months ended June 30, 2024, was $39,449,000, compared to $44,533,000 for the same period in 2023, reflecting a decrease of approximately 11.7%[19]. - Adjusted EBITDA for the six months ended June 30, 2024, was $127.790 million, compared to $133.685 million in the prior year, reflecting a decrease of 4.4%[23]. Sales Performance - Applebee's domestic comparable same-restaurant sales declined by 1.8% year-over-year in Q2 2024, while IHOP's comparable sales declined by 1.4%[2][3]. - Applebee's domestic same-restaurant sales percentage change for the three months ended June 30, 2024, was (1.8)%, compared to (1.0)% in the same period last year[25]. - IHOP's domestic same-restaurant sales percentage change for the three months ended June 30, 2024, was (1.4)%, down from 2.1% in the prior year[25]. - Fuzzy's domestic same-restaurant sales percentage change for the three months ended June 30, 2024, was (7.5)%, compared to (4.0)% in the same period last year[26]. - Total reported sales for Applebee's franchise restaurants for the three months ended June 30, 2024, was $1,066.4 million, a decrease from $1,099.3 million in the prior year[27]. - Total reported sales for IHOP franchise restaurants for the three months ended June 30, 2024, was $822.0 million, slightly down from $822.7 million in the same period last year[27]. Cash and Assets - As of June 30, 2024, total cash and cash equivalents were approximately $218.4 million, with $153.5 million being unrestricted cash[8]. - The company reported a gross profit of $99,271 for the three months ended June 30, 2024, up from $97,342 in the same period last year, indicating a gross margin improvement[15]. - The company’s cash and cash equivalents increased to $153,534 as of June 30, 2024, compared to $146,034 at the end of 2023[16]. - Cash, cash equivalents, and restricted cash at the end of the period increased to $218,391,000 in 2024 from $156,818,000 in 2023, an increase of approximately 39.2%[17]. - The company reported a net change in cash of $17,799,000 for the six months ended June 30, 2024, compared to a net decrease of $168,166,000 in 2023, indicating a significant turnaround[17]. Liabilities and Equity - Total current assets decreased to $319,602 as of June 30, 2024, down from $357,778 at the end of 2023, primarily due to a reduction in receivables[16]. - Total liabilities decreased to $1,925,204 as of June 30, 2024, from $1,991,261 at the end of 2023, reflecting improved financial health[16]. - The gift card liability decreased to $142,206 as of June 30, 2024, down from $175,640 at the end of 2023, indicating improved cash flow management[16]. - Basic and diluted net income available to common stockholders per share for the three months ended June 30, 2024, was $1.50, up from $1.16 in the same period of 2023[15]. - The company paid dividends of $15,707,000 on common stock during the first half of 2024, slightly down from $15,970,000 in 2023, a decrease of about 1.6%[21]. Franchise Operations - The company revised its fiscal year 2024 guidance, expecting Applebee's same-restaurant sales to decline between 4% and 2%, and IHOP's to decline between 2% and 0%[10]. - The number of effective Applebee's restaurants decreased to 1,627 in the three months ended June 30, 2024, from 1,662 in the same period last year[25]. - Applebee's franchise restaurants decreased by 11 in Q2 2024, totaling 1,625 at the end of the period, compared to 1,661 in Q2 2023, reflecting a reduction of 2.2%[28]. - IHOP franchise and area license restaurants increased by 2 in Q2 2024, totaling 1,811 at the end of the period, compared to 1,790 in Q2 2023, representing an increase of 1.2%[29]. - Total franchise restaurants opened for Applebee's in Q2 2024 was 3, compared to 2 in Q2 2023, indicating a growth of 50%[28]. - Total franchise/area license restaurants opened for IHOP in the first half of 2024 was 20, down from 30 in the same period of 2023, a decrease of 33.3%[29]. - The total number of IHOP restaurants increased by 21 in the first half of 2024, with 124 international locations at the end of the period, compared to 109 in the previous year, an increase of 13.8%[28]. - The total number of franchise restaurants permanently closed for IHOP in the first half of 2024 was 23, compared to 21 in the same period of 2023, reflecting an increase of 9.5%[29].