Dine Brands(DIN) - 2023 Q4 - Annual Results

Financial Performance - Total revenues for Q4 2023 were $206.3 million, a decrease from $208.0 million in Q4 2022, primarily due to the refranchising of 69 Applebee's units[6] - GAAP net income for Q4 2023 was $32.3 million, or $2.14 per diluted share, compared to $11.0 million, or $0.72 per diluted share in Q4 2022[6] - Adjusted EBITDA for Q4 2023 was $62.2 million, up from $57.0 million in Q4 2022[6] - Total revenues for 2023 were $831.1 million, down from $909.4 million in 2022, with revenues excluding refranchised units at $822.7 million[8] - GAAP net income for 2023 was $94.9 million, or $6.22 per diluted share, compared to $78.9 million, or $4.96 per diluted share in 2022[8] - Consolidated adjusted EBITDA for 2023 was $256.4 million, compared to $251.9 million in 2022[8] - Net income for the twelve months ended December 31, 2023, was $97,176,000, an increase of 19.8% compared to $81,111,000 in 2022[25] - Adjusted EBITDA for the twelve months ended December 31, 2023, was $256,404,000, compared to $251,872,000 in 2022, reflecting a slight increase of 1.1%[33] - The company reported a diluted net income per share of $6.22 for the twelve months ended December 31, 2023, compared to $4.96 in 2022, marking a 25.4% increase[27] Cash Flow and Expenses - Cash flows provided by operating activities increased to $131,140,000 in 2023 from $89,336,000 in 2022, representing a growth of 46.7%[25] - Adjusted free cash flow for the twelve months ended December 31, 2023, was $103,287,000, up from $64,633,000 in 2022, indicating a 59.8% increase[30] - The company incurred $31,715,000 in dividends paid on common stock in 2023, slightly up from $30,765,000 in 2022[30] - Interest paid for the twelve months ended December 31, 2023, was $73,976,000, compared to $64,599,000 in 2022, an increase of 14.5%[25] - The company reported a net change in cash, cash equivalents, and restricted cash of $(124,392,000) for the year, compared to $(100,369,000) in 2022[25] Franchise Performance - Applebee's comparable same-restaurant sales declined by 0.5% year-over-year in Q4 2023, while IHOP's increased by 1.6%[3][4] - Franchise revenues increased to $175.97 million in Q4 2023, up 4.3% from $168.04 million in Q4 2022[21] - Domestic sales percentage change for Applebee's was -1.5% for the three months ended December 31, 2023, compared to a 1.0% increase in the same period of 2022[36] - IHOP's total effective restaurants increased to 1,796 as of December 31, 2023, up from 1,766 in the same period of 2022, with franchise restaurants growing from 1,610 to 1,639[36] - IHOP reported a 4.2% increase in system-wide sales for the three months ended December 31, 2023, compared to a 3.9% increase in the same period of 2022[37] - The net franchise restaurant development for Applebee's showed a reduction of 10 restaurants in the three months ended December 31, 2023, while IHOP saw a net increase of 20 restaurants[40] Assets and Liabilities - Total assets decreased to $1.74 billion as of December 31, 2023, down from $1.88 billion as of December 31, 2022[23] - Total liabilities decreased to $1.99 billion as of December 31, 2023, compared to $2.18 billion in the previous year[23] - Cash and cash equivalents decreased to $146.03 million in Q4 2023 from $269.66 million in Q4 2022[23] - General and administrative expenses decreased to $50.51 million in Q4 2023 from $58.80 million in Q4 2022, a reduction of 14.5%[21] Stock and Shareholder Returns - The company repurchased approximately $26 million of its common stock in 2023[10] - The company repurchased $26,130,000 of common stock in 2023, significantly lower than $120,452,000 in 2022, indicating a reduction in stock buybacks[30]