Popeye's 2015 Annual Report Download - page 41

pay (quarterly in arrears) an annual commitment fee based on its Total Leverage Ratio on the unused portions of the
new facility.
• The Company may obtain other short-term borrowings of up to $10.0 million and letters of credit up to $20.0 million.
Collectively, these other borrowings and letters of credit may not exceed the amount of unused borrowings under the
facility.
• The Company can request incremental revolving credit commitments up to an additional $150 million.
• No principal payments will be due until the maturity date January 22, 2021.
See Note 9 and Note 22 to our Consolidated Financial Statements included in this Form 10-K for a description of the 2013
Revolving Credit Facility and 2016 Revolving Credit Facility, respectively.
Consolidated Total Leverage Ratio, as defined in the 2016 Revolving Credit Facility, is the ratio of the Company’s
Consolidated Total Indebtedness to Consolidated EBITDA for the four immediately preceding fiscal quarters. Consolidated
Total Indebtedness means, as at any date of determination, the aggregate principal amount of indebtedness of the Company. The
Company's Consolidated Total Leverage Ratio was 1.2 and 1.4 for as of December 27, 2015 and December 28, 2014, respectively.
Consolidated Total Leverage Ratio, Consolidated Total Indebtedness, and Consolidated EBITDA are supplemental non-GAAP
financial measures. See the heading “Management’s Use of Non-GAAP Financial Measures.”
Consolidated Minimum Fixed Charge Coverage Ratio, as defined in the 2016 Revolving Credit Facility, is the ratio of the
company’s Consolidated EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) less provisions for
current taxes less Consolidated Maintenance Capital Expenditures to Consolidated Fixed Charges. Consolidated Fixed Charges
is defined as the sum of aggregate amounts of scheduled principal payments made during such period on Indebtedness, including
Capital Lease Obligations, Consolidated Cash Interest, and Consolidated Rental Expense.
Contractual Obligations
The following table summarizes our contractual obligations, due over the next five years and thereafter, as of December 27,
2015:
(In millions) 2016 2017 2018 2019 2020 There-
after Total
Long-term debt, excluding capital leases(1) $ 0.3 $ 0.3 $ 109.4 $ 0.4 $ — $ — $ 110.4
Interest on long-term debt, excluding capital leases(1) 2.2 2.1 2.0 — — — 6.3
Leases(2) 7.8 7.7 7.4 7.3 7.3 119.1 156.6
Information technology outsourcing(3) 0.7—————0.7
Business process services(3) 1.4 1.4 0.4 — — — 3.2
Total(4) $ 12.4 $ 11.5 $ 119.2 $ 7.7 $ 7.3 $ 119.1 $ 277.2
(1) For variable rate debt, the Company estimated average outstanding balances for the respective periods and applied interest
rates in effect at December 27, 2015. See Note 9 to our Consolidated Financial Statements included in this Form 10-K
for information concerning the terms of our 2013 Credit Facility.
(2) Of the $156.6 million of minimum lease payments, $151.0 million of those payments relate to operating leases and the
remaining $5.6 million of payments relate to capital leases. See Note 10 to our Consolidated Financial Statements included
in this Form 10-K.
(3) See Note 15 to our Consolidated Financial Statements included in this Form 10-K.
(4) We have not included in the contractual obligations table approximately $1.3 million for uncertain tax positions we have
taken on tax returns. These liabilities may increase or decrease over time as a result of tax examinations, and given the
status of the examinations, we cannot reliably estimate the amount or period of cash settlement, if any, with the respective
taxing authorities. These liabilities also include amounts that are temporary in nature and for which we anticipate that
over time there will be no net cash outflow.
Off-Balance Sheet Arrangements
The Company has no significant Off-Balance Sheet Arrangements.
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