IHOP 2015 Annual Report Download - page 47

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Item 6. Selected Financial Data.
The following selected consolidated financial data should be read in conjunction with the consolidated financial statements
and notes thereto and “Management's Discussion and Analysis of Financial Condition and Results of Operations” appearing
elsewhere in this Annual Report on Form 10-K. The consolidated statement of operations information and the consolidated
balance sheet data for the years ended and as of December 31, 2015, 2014, 2013, 2012 and 2011 are derived from our audited
consolidated financial statements.
Fiscal Year Ended December 31,
2015 2014 2013 2012 2011
(In millions, except per share amounts and restaurant data)
Revenues:
Franchise and restaurant revenues (a) .................................................................. $ 542.6 $ 518.6 $ 502.6 $ 712.5 $ 929.5
Rental revenues .................................................................................................... 127.7 122.9 124.8 122.9 126.0
Financing revenues............................................................................................... 10.8 13.5 13.1 14.5 19.7
Total revenues................................................................................................. 681.1 655.0 640.5 849.9 1,075.2
Cost of revenues:
Franchise and restaurant expenses (a).................................................................. 187.0 184.5 173.3 359.2 563.4
Rental expenses.................................................................................................... 94.6 94.6 97.3 97.2 98.2
Financing expenses............................................................................................... 0.5 0.8 0.2 1.6 6.0
Total cost of revenues..................................................................................... 282.1 279.9 270.8 458.0 667.6
Gross profit................................................................................................................. 399.0 375.1 369.7 391.9 407.6
General and administrative expenses ......................................................................... 155.4 145.9 143.6 163.2 155.8
Interest expense.......................................................................................................... 63.3 96.6 100.3 114.3 132.7
Closure and impairment charges................................................................................ 2.6 3.7 1.8 4.2 29.9
Loss on extinguishment of debt and temporary equity .............................................. — 64.9 0.1 5.6 11.2
(Gain) loss on disposition of assets (a)....................................................................... (0.9) 0.3 (0.2) (102.6) (43.3)
Other expense (b) ....................................................................................................... 10.0 12.1 13.6 12.3 16.3
Income before income taxes....................................................................................... 168.6 51.6 110.6 194.9 105.0
Income tax provision.................................................................................................. (63.7) (15.1) (38.6) (67.2) (29.8)
Net income................................................................................................................. 104.9 36.5 72.0 127.7 75.2
Less: Accretion of Series B preferred stock............................................................... — — — (2.5) (2.6)
Less: Net income allocated to unvested participating restricted stock....................... (1.4) (0.5) (1.2) (2.7) (1.9)
Net income available to common stockholders...................................................... $ 103.5 $ 35.9 $ 70.8 $ 122.5 $ 70.7
Net income available to common stockholders per share:
Basic..................................................................................................................... $ 5.55 $ 1.92 $ 3.75 $ 6.81 $ 3.96
Diluted.................................................................................................................. $ 5.52 $ 1.90 $ 3.70 $ 6.63 $ 3.89
Weighted average shares outstanding:
Basic..................................................................................................................... 18.6 18.8 18.9 18.0 17.8
Diluted.................................................................................................................. 18.8 19.0 19.1 18.9 18.2
Dividends declared per common share................................................................... $ 3.545 $ 3.125 $ 3.00 $ — $ —
Dividends paid per common share.......................................................................... $ 3.50 $ 2.25 $ 3.00 $ — $ —
Balance Sheet Data (end of year):
Cash and cash equivalents.................................................................................... $ 144.8 $ 104.0 $ 106.0 $ 64.5 $ 60.7
Restricted cash—short-term and long-term (c).................................................... 47.2 67.0 0.7 1.9 1.2
Property and equipment, net (a) ........................................................................... 219.6 241.2 274.3 294.4 474.2
Total assets (d)...................................................................................................... 2,331.9 2,393.7 2,366.8 2,376.8 2,572.0
Long-term debt, less current maturities (d).......................................................... 1,279.5 1,276.5 1,189.5 1,185.3 1,389.8
Capital lease obligations, less current maturities ................................................. 84.8 98.1 111.7 124.4 134.4
Financing obligations, less current maturities...................................................... 42.4 42.5 48.8 52.0 162.7
Stockholders' equity ............................................................................................. 267.2 279.1 315.2 308.8 155.2
Other Financial Data:
Cash flows provided by operating activities ........................................................ $ 135.5 $ 118.5 $ 127.8 $ 52.9 $ 121.7
Capital expenditures............................................................................................. 6.6 5.9 7.0 17.0 26.3
Domestic system-wide same-restaurant sales percentage change:
Applebee's ............................................................................................................ 0.2% 1.1% (0.3)% 1.2 % 2.0 %
IHOP..................................................................................................................... 4.5% 3.9% 2.4 % (1.6)% (2.0)%
Total restaurants (end of year):
Applebee's ............................................................................................................ 2,033 2,017 2,011 2,034 2,019
IHOP..................................................................................................................... 1,683 1,650 1,620 1,581 1,550
Total restaurants....................................................................................................... 3,716 3,667 3,631 3,615 3,569
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(a) We refranchised 23 Applebee's company-operated restaurants in 2015 and a total of 286 Applebee's company-operated restaurants between 2011 and 2012.
(b) Includes amortization of intangible assets in each year as well as $1.3 and $4.0 of debt modification costs in 2013 and 2011, respectively.
(c) Restricted cash increased in 2014 due to refinancing of long-term debt. See Note 7 of Notes to Consolidated Financial Statements.
(d) Prior year amounts restated to reflect accounting standards adopted in 2015 on a retroactive basis. See Note 2 of Notes to Consolidated Financial Statements.