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    Dine Brands Global Inc (DIN)

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    Dine Brands Global, Inc. (DIN) is one of the largest full-service restaurant companies in the world, operating through a highly franchised business model. The company owns and franchises three restaurant concepts: Applebee's Neighborhood Grill & Bar, International House of Pancakes (IHOP), and Fuzzy's Taco Shop, catering to casual dining, family dining, and fast-casual dining categories, respectively. DIN generates revenue through franchise operations, rental income, financing activities, and company-operated restaurants, with a focus on delivering value to franchisees and shareholders.

    1. Franchise Operations - Generates revenue from franchise royalties, advertising fees, sales of proprietary products to franchisees, and other franchise-related income.
    2. Rental Operations - Earns income from lease and sublease agreements for franchised restaurants, primarily covering IHOP and Applebee's locations.
    3. Company Restaurant Operations - Includes retail sales from company-operated restaurants, such as Applebee's and Fuzzy's Taco Shop.
    4. Financing Operations - Provides interest income from equipment leases, franchise fee notes, and other receivables from franchisees.
    NamePositionExternal RolesShort Bio

    John W. Peyton

    Executive

    Chief Executive Officer (CEO)

    None

    CEO of DIN since January 2021. Previously held leadership roles at Realogy Franchise Group and Starwood Hotels & Resorts.

    View Report →

    Lawrence Kim

    Executive

    President, IHOP Business Unit

    None

    President of IHOP since January 2025. Former Chief Innovation Officer at YUM! Brands and held leadership roles at Taco Bell, Samsung, and P&G.

    Vance Y. Chang

    Executive

    Chief Financial Officer (CFO)

    None

    CFO of DIN since June 2021. Previously CFO at Exer Urgent Care and YogaWorks.

    Arthur F. Starrs

    Board

    Director

    CEO of Topgolf International; Board Member at Five Iron Golf

    Director since 2023. Extensive experience in restaurant and hospitality industries. Former Global CEO of Pizza Hut.

    Caroline W. Nahas

    Board

    Director; Chair of Nominating and Corporate Governance Committee

    Senior Advisor at Korn Ferry; Chair of UCLA Anderson School of Management Board of Advisors

    Director since 1992. Extensive experience in executive recruiting and human resources. Former Vice Chair at Korn Ferry.

    Douglas M. Pasquale

    Board

    Director; Chair of Audit Committee

    CEO of Capstone Enterprises Corporation; Board Member at Alexander & Baldwin, Terreno Realty, and Sunstone Hotel Investors

    Director since 2013. Extensive expertise in finance, strategic planning, and real estate.

    Howard M. Berk

    Board

    Director; Chair of Compensation Committee

    Senior Advisor at BDT & MSD Partners

    Director since 2009. Extensive experience in finance and private capital investment. Former Partner at MSD Capital/MSD Partners.

    Lilian C. Tomovich

    Board

    Director

    Chief Marketing Officer at Barclays US Consumer Bank

    Director since 2017. Over 25 years of marketing experience across hospitality, retail, and financial services. Former CMO at MGM Resorts.

    Martha C. Poulter

    Board

    Director

    Senior VP & CIO at Royal Caribbean Group

    Director since 2021. Extensive IT leadership experience, including roles at Starwood Hotels and GE Capital.

    Matthew T. Ryan

    Board

    Director; Member of Audit Committee

    CEO of Soli Organic; Board Member at Kaiser Permanente Health Plan and Hospitals

    Director since 2024. Over 35 years of experience in strategic planning, marketing, and digital innovation. Former CMO at Starbucks.

    Richard J. Dahl

    Board

    Chairman of the Board

    Chairman of American Savings Bank; Board Member at IDACORP, Inc. and Idaho Power Company

    Chairman of DIN since 2017. Extensive leadership experience, including roles at Dole Food Company and James Campbell Company LLC.

    1. Given the negative same-restaurant sales at both Applebee's (-4.2%) and IHOP (-2%) in 2024, what specific strategies are you implementing to drive traffic and sales growth in 2025, and how do you plan to mitigate the ongoing macroeconomic pressures impacting your core customer base?

    2. You took back 47 Applebee's restaurants from two franchisees in November; can you elaborate on the issues that led to these takebacks, and what measures are in place to prevent similar situations with other franchisees and to maintain the health of your franchise network?

    3. With the departure of Applebee's President and you stepping in as interim president, how will you ensure that this leadership transition does not disrupt the execution of Applebee's turnaround plan, and what qualifications are you seeking in the new permanent leader to drive the brand forward?

    4. Fuzzy's Taco Shop underperformed in 2024, not meeting financial expectations; what are the primary challenges facing Fuzzy's, and what specific actions are you taking to reset its brand strategy and improve its performance in 2025?

    5. While the initial dual-brand location in Seguin, Texas, showed promising results with sales nearly three times higher than as a standalone IHOP, what potential risks do you foresee in scaling the dual-brand concept domestically, and how will you address concerns such as operational complexity and possible cannibalization of existing locations?

    Program DetailsProgram 1
    Approval DateFebruary 17, 2022
    End Date/DurationOngoing
    Total Additional Amount$250 million
    Remaining Authorization$133.2 million as of December 31, 2024
    DetailsRepurchases are made opportunistically based on business, market, and legal considerations. The program can be terminated at any time.

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    Buffalo Wild Wings

    Competes in the casual dining category against the company, offering full table service and typically featuring bars or serving liquor, wine, and beer.

    Olive Garden

    Operates in the casual dining category, directly competing with the company in terms of full-service dining experiences.

    Chili's Grill & Bar

    A competitor in the casual dining category, offering similar services and dining experiences.

    Competes in the casual dining category, focusing on full-service dining and similar customer demographics.

    Outback Steakhouse

    Another competitor in the casual dining category, providing full-service dining options.

    Competes in the family dining category, offering full table service and breakfast, lunch, and dinner options.

    Operates in the family dining category, competing with the company by offering full-service dining and a variety of meal options.

    Golden Corral

    A competitor in the family dining category, known for its buffet-style offerings.

    Waffle House

    Competes in the family dining category, focusing on breakfast and casual dining experiences.

    Bob Evans Restaurants

    Operates in the family dining category, offering similar services and meal options.

    Velvet Taco

    Competes in the fast-casual dining category, focusing on Mexican limited-service offerings.

    Torchy's Tacos

    A competitor in the fast-casual dining category, specializing in Mexican limited-service dining.

    Rusty Taco

    Operates in the fast-casual dining category, competing with the company in the Mexican limited-service segment.

    CustomerRelationshipSegmentDetails

    Largest Applebee's Franchisee

    Franchise arrangement

    Applebee's

    Owned 460 restaurants (32% of Applebee's franchised in the US ); accounted for 14.4% of total consolidated revenue in 2024 (~$117.0 million of $812.3 million ) and 13.9% in 2023, 12.5% in 2022.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Fuzzy's Taco Shop

    2022

    Dine Brands Global acquired the fast-casual Fuzzy's Taco Shop for $80 million in cash (net approximately $70 million after tax benefits) to diversify its portfolio and capture growth in the Mexican dining and fast-casual segments. The deal, completed with the brand operating 138 franchised restaurants (98% franchised) and a pipeline of over 125 new locations, is expected to be immediately accretive to earnings.

    No recent press releases or 8-K filings found for DIN.