XML 19 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Rental revenues   $ 29,066   $ 57,873
Total revenues $ 208,415 237,794 $ 422,182 468,217
Cost of revenues:        
Franchise expenses 88,280 82,269 175,646 160,301
Bad debt expense (credit) 1,721 (147) 2,644 (446)
Company restaurant expenses 431 37,881 1,510 75,289
Interest expense from finance leases 695 746 1,404 1,514
Other rental expenses 21,573 21,097 42,472 42,452
Total rental expenses 22,268 21,843 43,876 43,966
Financing expenses 94 106 192 213
Total cost of revenues 111,073 142,099 221,224 279,769
Gross profit 97,342 95,695 200,958 188,448
General and administrative expenses 47,840 44,063 98,927 85,611
Interest expense, net 17,781 15,359 32,490 30,892
Closure and impairment charges 847 1,311 1,314 1,457
Amortization of intangible assets 2,719 2,665 5,493 5,330
Loss on extinguishment of debt 1,671 0 10 0
Loss (gain) on disposition of assets 2,047 (234) 2,118 (1,530)
Income before income taxes 24,437 32,531 60,606 66,688
Income tax provision (6,189) (8,569) (14,948) (17,876)
Net income 18,248 23,962 45,658 48,812
Other comprehensive income net of tax:        
Foreign currency translation adjustment (1) (3) 0 (4)
Total comprehensive income 18,247 23,959 45,658 48,808
Net income available to common stockholders:        
Net income 18,248 23,962 45,658 48,812
Less: Net income allocated to unvested participating restricted stock (446) (673) (1,125) (1,273)
Net income available to common stockholders $ 17,802 $ 23,289 $ 44,533 $ 47,539
Net income available to common stockholders per share:        
Basic (USD per share) $ 1.16 $ 1.45 $ 2.91 $ 2.90
Diluted (USD per share) $ 1.16 $ 1.45 $ 2.91 $ 2.90
Weighted average shares outstanding:        
Basic (in shares) 15,308 16,050 15,304 16,386
Diluted (in shares) 15,317 16,080 15,324 16,418
Franchise Revenue:        
Revenues:        
Revenue from contract with customer $ 177,917 $ 168,259 $ 357,879 $ 329,491
Royalties, franchise fees and other        
Revenues:        
Revenue from contract with customer 101,938 94,148 204,863 184,497
Advertising revenues        
Revenues:        
Revenue from contract with customer 75,979 74,111 153,016 144,994
Company restaurant sales        
Revenues:        
Revenue from contract with customer   39,511   78,927
Financing revenues        
Revenues:        
Revenue from contract with customer   958   1,926
Advertising fees        
Revenues:        
Revenue from contract with customer 75,979 74,111 153,016 144,994
Cost of revenues:        
Franchise expenses 75,979 74,111 153,016 144,994
Other franchise expenses        
Cost of revenues:        
Franchise expenses $ 10,580 $ 8,305 $ 19,986 $ 15,753