BRINKER INTERNATIONAL REPORTS THIRD QUARTER OF FISCAL 2024 RESULTS; AND UPDATES FISCAL 2024 GUIDANCE
Brinker International reported strong financial results for the third quarter of fiscal 2024, with company sales reaching $1.108.9 million, a 3.3% increase in comparable restaurant sales, and net income per diluted share of $1.08. The company's operating income margin increased to 6.2% and restaurant operating margin to 14.2%. CEO Kevin Hochman attributes the success to guest and team member experience improvements, driving industry outperformance in sales and traffic.
Company sales increased to $1.108.9 million in the third quarter of fiscal 2024.
Comparable restaurant sales saw a 3.3% increase, with Chili's at 3.5% and Maggiano's at 1.7%.
Net income per diluted share was $1.08 in the third quarter of fiscal 2024.
Operating income margin rose to 6.2% and restaurant operating margin to 14.2% for the quarter.
CEO Kevin Hochman credits the strong results to improvements in guest experience, team member experience, and traffic driving initiatives.
The company reported a decline in overall traffic by 1.8%, attributed to a strategic decision to de-emphasize virtual brands.
Net income decreased to $48.7 million in the third quarter of fiscal 2024.
Operating income as a percentage of total revenues increased to 6.2%, compared to 5.9% in the previous year.
Insights
Third Quarter Fiscal 2024 Financial Highlights
Company sales were
Net income and diluted net income per share were
"Our strong third quarter results were driven by the continued progress on guest experience, team member experience, and traffic driving initiatives," said Kevin Hochman, Chief Executive Officer and President of Brinker International. "Those initiatives are allowing us to significantly outperform the industry on sales and traffic as well as continue to improve our restaurant four wall economics."
Third Quarter Financial Results
Third Quarter | |||||
2024 | 2023 | Variance | |||
Company sales | $ 36.0 | ||||
Total revenues | $ 37.1 | ||||
Operating income | $ 69.9 | $ 64.2 | $ 5.7 | ||
Operating income as a % of Total revenues | 6.2 % | 5.9 % | 0.3 % | ||
Restaurant operating margin, non-GAAP(1) | $ 157.1 | $ 143.3 | $ 13.8 | ||
Restaurant operating margin as a % of Company sales, non-GAAP(1) | 14.2 % | 13.4 % | 0.8 % | ||
Net income | $ 48.7 | $ 50.7 | $ (2.0) | ||
Adjusted EBITDA, non-GAAP(1) | $ 122.4 | $ 113.0 | $ 9.4 | ||
Net income per diluted share | $ 1.08 | $ 1.12 | $ (0.04) | ||
Net income per diluted share, excluding special items, non-GAAP(1) | $ 1.24 | $ 1.23 | $ 0.01 | ||
Comparable Restaurant Sales(2)
Q3:24 vs 23 | |
Brinker | 3.3 % |
Chili's | 3.5 % |
Maggiano's | 1.7 % |
(1) | See Non-GAAP Information and Reconciliations section below for more details. |
(2) | Comparable Restaurant Sales include restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed for 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
Updates to Full Year Fiscal 2024 Guidance
We are providing the following updates to our full year fiscal 2024 guidance:
- Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of
$3.80 $4.00 - Total revenues are expected to be in the range of
$4.33 billion $4.35 billion - Capital expenditures are expected to be in the range of
$185 million $195 million
We are reiterating the following full year fiscal 2024 guidance:
- Weighted average shares are expected to be in the range of 45 million - 46 million.
The potential for changes in macroeconomic conditions, among other risks, could cause actual results to differ materially from those projected. We are unable to reliably forecast special items without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.
Third Quarter of Fiscal 2024 Operating Performance
Segment Performance
The table below presents selected financial information (in millions, except as noted) related to our segments' operational performance for the thirteen week periods ended March 27, 2024 and March 29, 2023:
Chili's | Maggiano's | ||||||||||
Third Quarter | Variance | Third Quarter | Variance | ||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Company sales | $ 988.4 | $ 953.2 | $ 35.2 | $ 120.5 | $ 119.7 | $ 0.8 | |||||
Franchise revenues | 11.2 | 10.2 | 1.0 | 0.2 | 0.1 | 0.1 | |||||
Total revenues | $ 999.6 | $ 963.4 | $ 36.2 | $ 120.7 | $ 119.8 | $ 0.9 | |||||
Company restaurant expenses(1) | $ 849.3 | $ 827.4 | $ 21.9 | $ 102.4 | $ 101.9 | $ 0.5 | |||||
Company restaurant expenses as a % of Company sales | 85.9 % | 86.8 % | (0.9) % | 85.0 % | 85.1 % | (0.1) % | |||||
Operating income | $ 97.2 | $ 88.3 | $ 8.9 | $ 12.3 | $ 12.2 | $ 0.1 | |||||
Operating income as a % of Total revenues | 9.7 % | 9.2 % | 0.5 % | 10.2 % | 10.2 % | — % | |||||
Restaurant operating margin, non-GAAP(2) | $ 139.1 | $ 125.8 | $ 13.3 | $ 18.1 | $ 17.8 | $ 0.3 | |||||
Restaurant operating margin as a % of Company sales, non-GAAP(2) | 14.1 % | 13.2 % | 0.9 % | 15.0 % | 14.9 % | 0.1 % | |||||
(1) | Company restaurant expenses includes Food and beverage costs, Restaurant labor and Restaurant expenses, and excludes Depreciation and amortization, General and administrative and Other (gains) and charges. |
(2) | See Non-GAAP Information and Reconciliations section below for more details. |
Chili's
- Chili's Company sales increased primarily due to favorable comparable restaurant sales driven by increased menu pricing, partially offset by lower traffic driven by our strategic decision to de-emphasize our virtual brands and unfavorable menu item mix.
- Chili's Company restaurant expenses, as a percentage of Company sales, decreased primarily due to sales leverage, menu pricing, and lower delivery fees & to-go supplies, partially offset by increased advertising, hourly labor, and other restaurant expenses.
- Chili's franchisees generated sales of
$216.2 million $213.6 million
Maggiano's
- Maggiano's Company sales increased primarily due to favorable comparable restaurant sales driven by increased menu pricing and favorable menu item mix, partially offset by lower traffic.
- Maggiano's Company restaurant expenses, as a percentage of Company sales, decreased slightly, primarily due to menu pricing, partially offset by increased repairs and maintenance and other restaurant expenses.
Corporate
- General and administrative expenses increased
$5.5 million - On a GAAP basis, the effective income tax rate was
9.6% in the third quarter of fiscal 2024. The effective income tax rate is lower than the statutory rate of21% due primarily to leverage of the FICA tip credit. Excluding the impact of special items, the effective income tax rate was an expense of12.4% in the third quarter of fiscal 2024.
Webcast Information
Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter and business updates. The call will be broadcast live on Brinker's website today, April 30, 2024 at 9 a.m. CDT:
For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on Brinker's website until at least the end of the day April 30, 2025.
Additional financial information, including statements of income which detail operations excluding special items, and comparable restaurant sales trends by brand, is also available on Brinker's website under the Financial Information and Events & Presentations sections of the Investor tab.
Forward Calendar
- SEC Form 10-Q for the third quarter of fiscal 2024 filing on or before May 6, 2024
- Earnings release call for the fourth quarter of fiscal 2024 on August 14, 2024
Non-GAAP Measures
Brinker management uses certain non-GAAP measures in analyzing operating performance and believes that the presentation of these measures in this release provides investors with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in the tables below.
About Brinker
Brinker International, Inc. is one of the world's leading casual dining restaurant companies and home of Chili's® Grill & Bar, Maggiano's Little Italy,® and the It's Just Wings® virtual brand. Founded in 1975 in
Forward-Looking Statements
The statements and tables contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only based on our current plans and expectations as of the date such statements are made, and we undertake no obligation to update forward-looking statements to reflect events or circumstances arising after the date such statements are made. Forward-looking statements are neither predictions nor guarantees of future events or performance and are subject to risks and uncertainties which could cause actual results to differ materially from our historical results or from those projected in forward-looking statements. Such risks and uncertainties include, among other things, the impact of general economic conditions, including inflation, on economic activity and on our operations; disruptions on our business including consumer demand, costs, product mix, our strategic initiatives, our partners' supply chains, operations, technology and assets, and our financial performance; the impact of competition; changes in consumer preferences; consumer perception of food safety; reduced consumer discretionary spending; unfavorable publicity; governmental regulations; the Company's ability to meet its business strategy plan; loss of key management personnel; failure to hire and retain high-quality restaurant management and team members; increasing regulation surrounding wage inflation and competitive labor markets; the impact of social media or other unfavorable publicity; reliance on technology and third party delivery providers; failure to protect the security of data of our guests and team members; product availability and supply chain disruptions; regional business and economic conditions; volatility in consumer, commodity, transportation, labor, currency and capital markets; litigation; franchisee success; technology failures; failure to protect our intellectual property; outsourcing; impairment of goodwill or assets; failure to maintain effective internal control over financial reporting; downgrades in credit ratings; changes in estimates regarding our assets; actions of activist shareholders; failure to comply with new environmental, social and governance ("ESG") requirements; failure to achieve any goals, targets or objectives with respect to ESG matters; adverse weather conditions; terrorist acts; health epidemics or pandemics; tax reform; inadequate insurance coverage and limitations imposed by our credit agreements as well as the risks and uncertainties described in "Risk Factors" in our Annual Report on Form 10-K and future filings with the Securities and Exchange Commission.
BRINKER INTERNATIONAL, INC. | |||||||
Consolidated Statements of Comprehensive Income (Unaudited) | |||||||
(In millions, except per share amounts) | |||||||
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||
March 27, 2024 | March 29, 2023 | March 27, 2024 | March 29, 2023 | ||||
Revenues | |||||||
Company sales | $ 1,108.9 | $ 1,072.9 | $ 3,174.6 | $ 3,028.4 | |||
Franchise revenues | 11.4 | 10.3 | 32.3 | 29.3 | |||
Total revenues | 1,120.3 | 1,083.2 | 3,206.9 | 3,057.7 | |||
Operating costs and expenses | |||||||
Food and beverage costs | 277.8 | 287.5 | 809.7 | 866.4 | |||
Restaurant labor | 370.6 | 361.2 | 1,074.8 | 1,026.4 | |||
Restaurant expenses | 303.4 | 280.9 | 888.9 | 818.1 | |||
Depreciation and amortization | 42.6 | 42.5 | 125.8 | 126.2 | |||
General and administrative | 46.1 | 40.6 | 131.7 | 115.7 | |||
Other (gains) and charges(1) | 9.9 | 6.3 | 19.5 | 19.8 | |||
Total operating costs and expenses | 1,050.4 | 1,019.0 | 3,050.4 | 2,972.6 | |||
Operating income | 69.9 | 64.2 | 156.5 | 85.1 | |||
Interest expenses | 16.2 | 14.2 | 49.9 | 40.4 | |||
Other income, net | (0.2) | (0.6) | (0.3) | (1.3) | |||
Income before income taxes | 53.9 | 50.6 | 106.9 | 46.0 | |||
Provision (benefit) for income taxes | 5.2 | (0.1) | 8.9 | (2.4) | |||
Net income | $ 48.7 | $ 50.7 | $ 98.0 | $ 48.4 | |||
Basic net income per share | $ 1.10 | $ 1.15 | $ 2.21 | $ 1.10 | |||
Diluted net income per share | $ 1.08 | $ 1.12 | $ 2.17 | $ 1.08 | |||
Basic weighted average shares outstanding | 44.3 | 44.1 | 44.4 | 44.0 | |||
Diluted weighted average shares outstanding | 45.2 | 45.1 | 45.2 | 44.8 | |||
Other comprehensive income (loss) | |||||||
Foreign currency translation adjustment | $ (0.2) | $ 0.1 | $ (0.2) | $ (0.8) | |||
Comprehensive income | $ 48.5 | $ 50.8 | $ 97.8 | $ 47.6 | |||
(1) | Other (gains) and charges included in the Consolidated Statements of Comprehensive Income (Unaudited) included (in millions): |
Thirteen Week Periods Ended | Thirty-Nine Week Periods Ended | ||||||
March 27, 2024 | March 29, 2023 | March 27, 2024 | March 29, 2023 | ||||
Restaurant closure asset write-offs and charges | $ 4.0 | $ 1.8 | $ 4.8 | $ 6.6 | |||
Enterprise system implementation costs | 3.3 | 1.3 | 7.4 | 3.3 | |||
Litigation & claims, net | 2.0 | 0.4 | 5.2 | 1.2 | |||
Severance | 0.4 | 1.0 | 0.5 | 3.9 | |||
Lease contingencies | 0.3 | 2.0 | 0.8 | 2.0 | |||
Remodel-related asset write-offs | 0.1 | 0.1 | 0.4 | 1.1 | |||
Other | (0.2) | (0.3) | 0.4 | 1.7 | |||
Total other (gains) and charges | $ 9.9 | $ 6.3 | $ 19.5 | $ 19.8 | |||
BRINKER INTERNATIONAL, INC. | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(In millions) | |||
March 27, 2024 | June 28, 2023 | ||
ASSETS | |||
Total current assets | $ 170.9 | $ 183.3 | |
Net property and equipment | 849.4 | 808.3 | |
Operating lease assets | 1,096.7 | 1,134.9 | |
Deferred income taxes, net | 106.2 | 93.4 | |
Other assets | 272.5 | 267.1 | |
Total assets | $ 2,495.7 | $ 2,487.0 | |
LIABILITIES AND SHAREHOLDERS' DEFICIT | |||
Total current liabilities | $ 579.1 | $ 535.9 | |
Long-term debt and finance leases, less current installments | 818.5 | 912.2 | |
Long-term operating lease liabilities, less current portion | 1,083.9 | 1,125.8 | |
Other liabilities | 60.9 | 57.4 | |
Total shareholders' deficit | (46.7) | (144.3) | |
Total liabilities and shareholders' deficit | $ 2,495.7 | $ 2,487.0 | |
BRINKER INTERNATIONAL, INC. | |||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||
(In millions) | |||
Thirty-Nine Week Periods Ended | |||
March 27, 2024 | March 29, 2023 | ||
Cash flows from operating activities | |||
Net income | $ 98.0 | $ 48.4 | |
Adjustments to reconcile Net income to Net cash provided by operating activities: | |||
Depreciation and amortization | 125.8 | 126.2 | |
Deferred income taxes, net | (12.9) | (18.9) | |
Stock-based compensation | 16.5 | 10.3 | |
Non-cash other (gains) and charges | 10.1 | 12.2 | |
Net loss on disposal of assets | 3.2 | 2.9 | |
Other | 2.1 | 1.3 | |
Changes in assets and liabilities | 37.6 | 18.4 | |
Net cash provided by operating activities | 280.4 | 200.8 | |
Cash flows from investing activities | |||
Payments for property and equipment | (140.9) | (136.6) | |
Proceeds from note receivable | 1.3 | 3.3 | |
Proceeds from sale of assets | 0.9 | — | |
Insurance recoveries | 0.7 | — | |
Net cash used in investing activities | (138.0) | (133.3) | |
Cash flows from financing activities | |||
Borrowings on revolving credit facility | 304.0 | 375.0 | |
Payments on revolving credit facility | (414.0) | (425.0) | |
Payments on long-term debt | (14.4) | (16.7) | |
Purchases of treasury stock | (25.6) | (2.2) | |
Proceeds from issuance of treasury stock | 8.9 | 2.1 | |
Payments for debt issuance costs | (0.7) | — | |
Payments of dividends | (0.2) | (0.4) | |
Net cash used in financing activities | (142.0) | (67.2) | |
Net change in cash and cash equivalents | 0.4 | 0.3 | |
Cash and cash equivalents at beginning of period | 15.1 | 13.5 | |
Cash and cash equivalents at end of period | $ 15.5 | $ 13.8 | |
BRINKER INTERNATIONAL, INC. | |||||||||
Restaurant Summary | |||||||||
Fiscal 2024 New Openings | |||||||||
Restaurants | Restaurants | Third Quarter | Fiscal Year | Full Year | |||||
Company-owned restaurants | |||||||||
Chili's domestic | 1,122 | 1,129 | 2 | 7 | 9 | ||||
Chili's international | 4 | 5 | — | — | — | ||||
Maggiano's domestic | 50 | 50 | — | — | — | ||||
Total Company-owned | 1,176 | 1,184 | 2 | 7 | 9 | ||||
Franchise restaurants | |||||||||
Chili's domestic | 99 | 102 | — | — | 0-1 | ||||
Chili's international | 341 | 366 | 2 | 16 | 19-24 | ||||
Maggiano's domestic | 2 | 2 | — | — | — | ||||
Total franchise | 442 | 470 | 2 | 16 | 19-25 | ||||
Total Company-owned and franchise | |||||||||
Chili's domestic | 1,221 | 1,231 | 2 | 7 | 9-10 | ||||
Chili's international | 345 | 371 | 2 | 16 | 19-24 | ||||
Maggiano's domestic | 52 | 52 | — | — | — | ||||
Total | 1,618 | 1,654 | 4 | 23 | 28-34 | ||||
NON-GAAP INFORMATION AND RECONCILIATIONS | |||||||||||||||
Comparable Restaurant Sales | |||||||||||||||
Comparable Restaurant | Price Impact | Mix-Shift(2) | Traffic | ||||||||||||
Q3:24 vs 23 | Q3:23 vs 22 | Q3:24 vs 23 | Q3:23 vs 22 | Q3:24 vs 23 | Q3:23 vs 22 | Q3:24 vs 23 | Q3:23 vs 22 | ||||||||
Company-owned | 3.3 % | 10.8 % | 6.4 % | 9.6 % | (0.7) % | 5.3 % | (2.4) % | (4.1) % | |||||||
Chili's | 3.5 % | 9.6 % | 6.1 % | 9.8 % | (0.8) % | 5.6 % | (1.8) % | (5.8) % | |||||||
Maggiano's | 1.7 % | 21.6 % | 8.2 % | 8.3 % | 1.0 % | 3.8 % | (7.5) % | 9.5 % | |||||||
Franchise(3) | 1.2 % | 9.9 % | |||||||||||||
4.9 % | 5.6 % | ||||||||||||||
International | (0.8) % | 12.5 % | |||||||||||||
Chili's domestic(4) | 3.6 % | 9.1 % | |||||||||||||
System-wide(5) | 3.0 % | 10.7 % | |||||||||||||
(1) | Comparable Restaurant Sales include all restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed 14 days or more are excluded from Comparable Restaurant Sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
(2) | Mix-Shift is calculated as the year-over-year percentage change in Company sales resulting from the change in menu items ordered by guests. |
(3) | Franchise sales generated by franchisees are not included in Total revenues in the Consolidated Statements of Comprehensive Income (Unaudited); however, we generate royalty revenues and advertising fees based on franchisee revenues, where applicable. We believe presenting Franchise Comparable Restaurant Sales provides investors relevant information regarding total brand performance. |
(4) | Chili's domestic Comparable Restaurant Sales percentages are derived from sales generated by Company-owned and franchise-operated Chili's restaurants in |
(5) | System-wide Comparable Restaurant Sales are derived from sales generated by Chili's and Maggiano's Company-owned and franchise-operated restaurants. |
Reconciliation of Net Income Excluding Special Items (in millions, except per share amounts)
Brinker believes excluding special items from its financial results provides investors with a clearer perspective of the Company's ongoing operating performance and a more relevant comparison to prior period results.
Third Quarter | |||||||
Q3 24 | EPS Q3 24 | Q3 23 | EPS Q3 23 | ||||
Net income, GAAP | $ 48.7 | $ 1.08 | $ 50.7 | $ 1.12 | |||
Special items - Other (gains) and charges(1) | 9.9 | 0.22 | 6.3 | 0.14 | |||
Special items - Depreciation | — | — | 0.1 | — | |||
Income tax effect related to special items(2) | (2.5) | (0.05) | (1.6) | (0.03) | |||
Special items, net of taxes | 7.4 | 0.17 | 4.8 | 0.11 | |||
Adjustment for special tax items | (0.3) | (0.01) | 0.0 | — | |||
Net income, excluding special items, non-GAAP | $ 55.8 | $ 1.24 | $ 55.5 | $ 1.23 | |||
(1) | See footnote (1) to the Consolidated Statements of Comprehensive Income (Unaudited) for additional details on the composition of Other (gains) and charges. |
(2) | Income tax effect related to special items is based on the statutory tax rate in effect at the end of each period. |
Reconciliation of Restaurant Operating Margin (in millions, except percentages) | |||||||||||
Q3 24 | |||||||||||
Chili's | Maggiano's | Brinker | |||||||||
Q3 24 | Q3 23 | Q3 24 | Q3 23 | Q3 24 | Q3 23 | ||||||
Operating income, GAAP | $ 97.2 | $ 88.3 | $ 12.3 | $ 12.2 | $ 69.9 | $ 64.2 | |||||
Operating income as a % of Total revenues | 9.7 % | 9.2 % | 10.2 % | 10.2 % | 6.2 % | 5.9 % | |||||
Operating income, GAAP | $ 97.2 | $ 88.3 | $ 12.3 | $ 12.2 | $ 69.9 | $ 64.2 | |||||
Less: Franchise revenues | (11.2) | (10.2) | (0.2) | (0.1) | (11.4) | (10.3) | |||||
Plus: Depreciation and amortization | 36.6 | 36.7 | 3.4 | 3.3 | 42.6 | 42.5 | |||||
General and administrative | 10.8 | 8.8 | 2.4 | 2.0 | 46.1 | 40.6 | |||||
Other (gains) and charges | 5.7 | 2.2 | 0.2 | 0.4 | 9.9 | 6.3 | |||||
Restaurant operating margin, non-GAAP | $ 18.1 | $ 17.8 | |||||||||
Restaurant operating margin as a % of Company sales, non-GAAP | 14.1 % | 13.2 % | 15.0 % | 14.9 % | 14.2 % | 13.4 % | |||||
Restaurant operating margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to operating income as an indicator of financial performance. Restaurant operating margin is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations. This non-GAAP measure is not indicative of overall Company performance and profitability because this measure does not directly accrue benefit to the shareholders due to the nature of costs excluded.
We define Restaurant operating margin as Company sales less Food and beverage costs, Restaurant labor and Restaurant expenses. We believe this metric provides a more useful comparison between periods and enables investors to focus on the performance of restaurant-level operations by excluding revenues not related to food and beverage sales at Company-owned restaurants, corporate General and administrative expenses, Depreciation and amortization, and Other (gains) and charges. Restaurant operating margin as presented may not be comparable to other similarly titled measures of other companies in our industry.
Reconciliation of Adjusted EBITDA (in millions)
Adjusted EBITDA is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to net income as an indicator of financial performance. Brinker believes presenting Adjusted EBITDA provides a useful measure of our operating performance, excluding the impacts of financing costs, capital expenditures and special items. We define Adjusted EBITDA as Net income before Provision (benefit) for income taxes, Other income, net, Interest expenses, Depreciation and amortization and Other (gains) and charges.
Quarter | Year-to-Date | ||||||
Q3 24 | Q3 23 | Q3 24 | Q3 23 | ||||
Net income, GAAP | $ 48.7 | $ 50.7 | $ 98.0 | $ 48.4 | |||
Provision (benefit) for income taxes | 5.2 | (0.1) | 8.9 | (2.4) | |||
Other income, net | (0.2) | (0.6) | (0.3) | (1.3) | |||
Interest expenses | 16.2 | 14.2 | 49.9 | 40.4 | |||
Depreciation and amortization | 42.6 | 42.5 | 125.8 | 126.2 | |||
Other (gains) and charges | 9.9 | 6.3 | 19.5 | 19.8 | |||
Adjusted EBITDA, non-GAAP | $ 122.4 | $ 113.0 | $ 301.8 | $ 231.1 | |||
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FAQ
What were Brinker International's company sales for the third quarter of fiscal 2024?
Brinker International reported company sales of $1.108.9 million in the third quarter of fiscal 2024.
How much was the increase in comparable restaurant sales for Chili's in the third quarter of fiscal 2024?
Chili's experienced an increase of 3.5% in comparable restaurant sales during the third quarter of fiscal 2024.
What was Brinker International's net income per diluted share for the third quarter of fiscal 2024?
Brinker International reported a net income per diluted share of $1.08 in the third quarter of fiscal 2024.
Who is the CEO of Brinker International?
Kevin Hochman serves as the Chief Executive Officer and President of Brinker International.
Where can investors listen to the conference call discussing Brinker International's third quarter financial results?
Investors can listen to the conference call live on Brinker's website on April 30, 2024, at 9 a.m. CDT. A replay will also be available on the website.
