Investor Presentaiton
NON-GAAP FINANCIAL RECONCILIATIONS
Denny's
$ Millions
Net Income (loss)
Provision for Income Taxes²
Operating (Gains) Losses and Other Charges, Net
3.1
Other Non-Operating (Income) Expense, Net
(0.6)
8.0
0.7
9.2
2005 2006 2007
($7.3) $28.5 $29.5 $12.7 $41.6 $22.7 $112.3 $22.3 $24.6
1.2 16.3 6.7 3.5
1.4
1.4 (84.0) 12.8 11.5
(47.9) (31.1) (6.4) (14.5) (4.9) 2.1
(3.1)
20081 2009 2010 2011 2012 2013 20141 2015 2016
$32.7 $36.0 $19.4
16.0
17.8
16.5
0.5
7.1
1.3
2.4
26.9
5.3
2.6
7.9
1.1
(0.6)
0.1
(1.1)
Share-Based Compensation
7.8
7.6
4.8
4.1
4.7
2.8
4.2
3.5
4.9
5.8
6.6
7.6
Adjusted Income Before Taxes
$4.2
$12.5 $10.5
$23.2
$30.0 $27.3
$37.3 $47.0
Interest Expense, Net
55.2
57.7
43.0
Depreciation and Amortization
56.1
55.3 49.3
35.5 32.6
39.8 32.3
25.8
29.6
20.0
28.0 22.3
13.4
$49.2
10.3
21.5
$55.3 $62.9 $69.3
9.2 9.3 12.2
21.2 21.5 22.2
Cash Payments for Restructuring Charges & Exit
Costs
(6.7)
(9.1)
(7.5)
Cash Payments for Share-Based Compensation
Adjusted EBITDA
Adjusted EBITDA Margin %
Cash Interest Expense
Cash Taxes
Capital Expenditures
Free Cash Flow
Net Income (loss)
Pension Settlement Loss
Losses (Gains) on Sales of Assets and Other, Net
Impairment Charges
Early Extinguishment of Debt
Tax Effect of Adjustments³
(5.1) (9.1)
(2.7) (3.8) (2.8) (2.0) (1.5)
(1.2) (0.9) (0.9) (1.0) (2.4) (1.9) (0.8) (1.0)
$107.6 $119.5 $92.9 $88.4 $85.0 $73.8 $81.8 $77.9
11.0% 12.0% 9.9% 11.6% 14.0% 13.5% 15.2% 16.0%
(48.2) (50.9) (38.5) (31.6) (29.3) (23.1)
(11.6)
(1.3) (1.3) (2.3) (1.1) (0.6)
(47.2) (33.1) (33.1) (27.9) (18.4)
(7.0)
(1.8)
(1.2) (1.1) (3.4)
$76.9 $82.5 $88.7 $99.4
16.6% 17.5% 18.1%
19.6%
(2.5)
(17.0)
(0.9)
(1.1)
(2.0)
(9.1) (8.1) (8.3) (11.2)
(2.8) (3.8) (5.4) (3.0)
(27.4)
(16.1)
(15.6)
(20.8) (22.1) (32.8) (34.0)
$11.0 $34.3 $19.0 $27.9
$36.7
$22.4
$47.6 $48.8 $44.2 $48.5 $42.3 $51.1
$112.3 $22.3 $24.6 $32.7 $36.0 $19.4
0.0
0.0
0.0
0.0
0.0
24.3
(3.2)
(7.1)
(0.1)
(0.1)
(0.1)
0.0
4.1
3.7
5.7
0.4
0.9
1.1
1.4
7.9
1.2
0.0
0.3
0.0
(0.8)
(1.6) (2.2) (0.1) (0.4)
(2.5)
Adjusted Provision for Income Taxes4
Adjusted Net Income
(94.3)
Adjusted Net Income Per Share
1. Includes 53 operating weeks.
$19.5 $25.2 $29.3 $32.9 $36.7 $42.3
$0.20 $0.26 $0.31 $0.37 $0.43 $0.55
2. In the fourth quarter of 2011, we recorded an $89 million net deferred tax benefit from the release of a substantial portion of the valuation allowance on certain deferred tax
assets. This release was primarily based on our improved historical and projected pre-tax income.
3. Tax adjustments for full year 2011 and 2012 are calculated using the Company's full year 2012 effective tax rate of 36.4%. Tax adjustments for full year 2013, 2014, and 2015
use full year effective tax rates of 31.9%, 32.9%, and 33.0%, respectively. Tax adjustment for the loss on pension termination for the year ended December 28, 2016 is
calculated using an effective tax rate of 8.8%. The remaining tax adjustments for the year ended December 28, 2016 are calculated using the Company's year-to-date effective
tax rate of 30.9%.
4. Adjusted provision for income taxes based on effective income tax rate of 36.4% for full year ended Dec. 27, 2012 and excludes impact of net deferred tax benefit.
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