IHOP 2008 Annual Report Download - page 106
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
3. Business Acquisition (Continued)
indicative of the results of future operations of the Company or of the results that would have actually
been attained had the acquisition taken place at the beginning of 2007.
2007
Pro Forma
(In thousands, except
per share amounts)
Total revenues ............................................ $1,663,836
Net loss ................................................. $ (46,335)
Net loss per share
Basic ................................................. $ (2.69)
Diluted ............................................... $ (2.69)
4. Receivables
2008 2007
(In thousands)
Accounts receivable ..................................... $ 55,241 $ 57,735
Gift card receivables .................................... 32,345 27,746
Credit card receivables ................................... 7,587 9,124
Notes receivable ....................................... 22,664 25,210
Equipment leases receivable ............................... 153,560 160,000
Direct financing leases receivable ........................... 115,517 118,480
Other ............................................... 11,063 8,491
397,977 406,786
Less: allowance for doubtful accounts ........................ (2,941) (2,999)
395,036 403,787
Less: current portion .................................... (117,930) (115,335)
Long-term receivables ................................... $277,106 $ 288,452
Accounts receivable primarily includes receivables due from franchisees and distributors. Gift card
receivables consist primarily of amounts due from third-party vendors. Credit card receivables consist
primarily of amounts due from the Company’s credit card companies. Notes receivable include
franchise fee notes in the amount of $16.1 million and $22.1 million at December 31, 2008 and 2007,
respectively. IHOP franchise fee notes have a term of five to eight years and are due in equal weekly
installments, primarily bear interest averaging 8.77% and 9.47% per annum at December 31, 2008 and
2007, respectively, and are collateralized by the franchise. The term of an equipment lease contract
coincides with the term of the corresponding restaurant building lease. Equipment lease contracts are
due in equal weekly installments, primarily bear interest averaging 10.11% and 10.22% per annum at
December 31, 2008 and 2007, respectively, and are collateralized by the equipment. Where applicable,
franchise fee notes, equipment contracts and building leases contain cross-default provisions wherein a
default under one constitutes a default under all. There is not a disproportionate concentration of
credit risk in any geographic area.
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