Dine Brands(DIN) - 2024 Q4 - Annual Results

Revenue Performance - Total revenues for Q4 2024 were $204.8 million, a decrease from $206.3 million in Q4 2023, primarily due to lower franchise revenues[6] - Total revenues for the three months ended December 31, 2024, were $204.77 million, a slight decrease of 0.8% compared to $206.30 million in the same period of 2023[19] - The total system-wide sales for all brands decreased to $1,944.4 million in Q4 2024 from $2,046.2 million in Q4 2023, a decline of 5.0%[35] Comparable Sales - Applebee's domestic comparable same-restaurant sales declined by 4.7% year-over-year in Q4 2024, while IHOP's comparable sales declined by 2.8%[3] - For 2025, Applebee's comparable same-restaurant sales are expected to range between negative 2% and positive 1%, while IHOP's is expected to range between negative 1% and positive 2%[13] - Domestic same-restaurant sales for Applebee's decreased by 4.7% in Q4 2024 compared to a decrease of 0.5% in Q4 2023[35] Net Income and Earnings - GAAP net income available to common stockholders for 2024 was $63.0 million, or $4.22 per diluted share, down from $94.9 million, or $6.22 per diluted share in 2023[8] - Adjusted net income available to common stockholders for 2024 was $79.8 million, or adjusted earnings per diluted share of $5.34, compared to $101.4 million, or $6.65 per diluted share in 2023[8] - Net income for the twelve months ended December 31, 2024, was $64.89 million, down 33.0% from $97.18 million in 2023[19] - Basic net income available to common stockholders per share for the twelve months ended December 31, 2024, was $4.22, down from $6.23 in 2023[19] Cash Flow and Expenses - The company had adjusted free cash flow of $106.4 million for 2024, compared to $103.3 million in 2023[8] - Cash flows provided by operating activities for the twelve months ended December 31, 2024, were $108.16 million, down from $131.14 million in 2023[23] - Cash flows provided by operating activities for the twelve months ended December 31, 2024, were $108,160 thousand, a decrease from $131,140 thousand in 2023[28] Restaurant Operations - Development activity resulted in 65 new restaurant openings and the closure of 83 restaurants in 2024[8] - Total Applebee's restaurants at the end of Q4 2024 were 1,614, down from 1,642 at the end of Q4 2023, reflecting a net reduction of 28 restaurants over the year[39] - IHOP's total restaurants increased to 1,824 at the end of Q4 2024, up from 1,814 at the end of Q4 2023, indicating a net increase of 10 restaurants[39] Franchise Sales - Applebee's franchise restaurant sales decreased to $1,011.6 million in Q4 2024 from $1,088.6 million in Q4 2023, a decline of 7.1%[35] - IHOP franchise restaurant sales were $812.9 million in Q4 2024, down from $832.4 million in Q4 2023, representing a decrease of 2.7%[35] - Fuzzy's franchise restaurant sales fell to $39.0 million in Q4 2024 from $47.7 million in Q4 2023, a decline of 18.1%[35] Assets and Liabilities - Total current assets rose to $385.99 million as of December 31, 2024, compared to $357.78 million in 2023, reflecting a 7.9% increase[21] - Total liabilities increased to $2.01 billion in 2024 from $1.99 billion in 2023, marking a growth of 1.4%[21] - The company’s total assets increased to $1.79 billion in 2024 from $1.74 billion in 2023, representing a growth of 2.0%[21] Charges and Costs - The company incurred closure and impairment charges of $9.24 million for the twelve months ended December 31, 2024, compared to $3.59 million in 2023, indicating increased restructuring efforts[19] - The company reported closure and impairment charges of $7,798 thousand for the three months ended December 31, 2024, compared to $506 thousand in the same period of 2023[31] - The company incurred merger and acquisition costs of $804 thousand for the twelve months ended December 31, 2023[31] Sales Performance Metrics - Average weekly domestic unit sales for Applebee's were $51.0 thousand in Q4 2024, down from $52.6 thousand in Q4 2023[34] - Average weekly unit sales for IHOP were $37.9 thousand in Q4 2024, a decrease from $39.1 thousand in Q4 2023[34] - Company restaurant sales increased significantly to $8.42 million in Q4 2024 from $0.29 million in Q4 2023[19] Future Projections - G&A expenses for 2025 are expected to range between approximately $200 million and $205 million[13] - Capital expenditures for 2025 are expected to range between approximately $20 million and $30 million[13]