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_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
______________________________________
FORM 8-K

_____________________________________
 
Current Report
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 25, 2017
 
_____________________________________
BRINKER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
 _____________________________________
 
 
 
 
 
 
Delaware
 
1-10275
 
75-1914582
(State of
Incorporation)
 
(Commission
File Number)
 
(IRS Employment
Identification No.)
6820 LBJ Freeway
Dallas, Texas 75240
(Address of principal executive offices)
Registrant’s telephone number, including area code 972-980-9917
_____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
_________________________________________________________________________________________________________________
_________________________________________________________________________________________________________________




Section 2 – Financial Information.
Item 2.02. Results of Operations and Financial Conditions.
The information contained in this Current Report on Form 8-K, including the Exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. Furthermore, the information contained in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended.
On April 25, 2017, Brinker International, Inc. ("Company") issued a Press Release announcing its third quarter fiscal 2017 results. A copy of this Press Release is attached hereto as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press Release dated April 25, 2017.




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
BRINKER INTERNATIONAL, INC.
 
 
 
Dated: April 25, 2017
By:
 
/s/ Wyman T. Roberts
 
 
 
Wyman T. Roberts,
 
 
 
President and Chief Executive Officer



Exhibit
Exhibit 99.1

https://cdn.kscope.io/92ed8f2eb01eacc59c2f574c45291656-image0a03a01a01a02a08.jpg

BRINKER INTERNATIONAL REPORTS THIRD QUARTER RESULTS
DALLAS (April 25, 2017) – Brinker International, Inc. (NYSE: EAT) today announced results for the fiscal third quarter ended March 29, 2017.
Highlights include the following:

•
On a GAAP basis, earnings per diluted share in the third quarter of fiscal 2017 decreased 14.0 percent to $0.86 compared to $1.00 for the third quarter of fiscal 2016

•
Earnings per diluted share, excluding special items, in the third quarter of fiscal 2017 decreased 6.0 percent to $0.94 compared to $1.00 for the third quarter of fiscal 2016 (see non-GAAP reconciliation below)

•
Brinker's total revenues in the third quarter of fiscal 2017 decreased 1.7 percent to $810.6 million compared to the third quarter of fiscal 2016 and company sales in the third quarter of fiscal 2017 decreased 1.8 percent to $790.6 million compared to the third quarter of fiscal 2016

•
Chili’s company-owned comparable restaurant sales in the third quarter of fiscal 2017 decreased 2.3 percent compared to the third quarter of fiscal 2016 but increased sequentially by 1.0 percent from the second quarter of fiscal 2017. Chili's U.S. franchise comparable restaurant sales in the third quarter of fiscal 2017 increased 0.3 percent compared to the third quarter of fiscal 2016 and also improved sequentially by 3.3 percent from the second quarter of fiscal 2017

•
Maggiano’s comparable restaurant sales in the third quarter of fiscal 2017 decreased 1.6 percent compared to the third quarter of fiscal 2016

•
Chili's international franchise comparable restaurant sales in the third quarter of fiscal 2017 decreased 7.1 percent compared to the third quarter of fiscal 2016

•
Operating income, as a percent of total revenues, declined approximately 150 basis points to 9.0 percent in the third quarter of fiscal 2017 compared to 10.5 percent for the third quarter of fiscal 2016

•
Restaurant operating margin, as a percent of company sales, declined approximately 40 basis points to 17.0 percent in the third quarter of fiscal 2017 compared to 17.4 percent for the third quarter of fiscal 2016 (see non-GAAP reconciliation below) but improved sequentially by 190 basis points from the second quarter of fiscal 2017

•
For the first nine months of fiscal 2017, cash flows provided by operating activities were $243.6 million and capital expenditures totaled $79.7 million. Free cash flow was $163.9 million (see non-GAAP reconciliation below)

"Our third quarter earnings performance reflects the operational focus of our restaurant level leadership at both our brands," said Wyman Roberts, chief executive officer and president. "We are also encouraged by our progress with the strategic work designed to better position our brands and capture market share."





1


Table 1: Q3 comparable restaurant sales1 
Company-owned, reported brands and franchise; percentage
 
 
Q3 17
 
Q3 16
Brinker International
 
(2.2
)
 
(3.6
)
  Chili’s Company-Owned
 
 
 
 
     Comparable Restaurant Sales
 
(2.3
)
 
(4.1
)
     Pricing Impact
 
2.9

 
1.1

     Mix-Shift2
 
1.0

 
(0.3
)
     Traffic
 
(6.2
)
 
(4.9
)
  Maggiano’s
 
 
 
 
     Comparable Restaurant Sales
 
(1.6
)
 
0.2

     Pricing Impact
 
2.4

 
1.5

     Mix-Shift2
 
1.4

 
(2.4
)
     Traffic
 
(5.4
)
 
1.1

 
 
 
 
 
Chili's Franchise3
 
(2.5
)
 
(1.7
)
  U.S. Comparable Restaurant Sales
 
0.3

 
(2.2
)
  International Comparable Restaurant Sales
 
(7.1
)
 
(0.7
)
 
 
 
 
 
Chili's Domestic4
 
(1.7
)
 
(3.6
)
System-wide5
 
(2.3
)
 
(3.1
)
1

Comparable restaurant sales includes all restaurants that have been in operation for more than 18 months.
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

Revenues generated by franchisees are not included in revenues on the consolidated statements of comprehensive income; however, we generate royalty revenue and advertising fees based on franchisee revenues, where applicable. We believe including franchise comparable restaurant sales provides investors information regarding brand performance that is relevant to current operations and may impact future restaurant development.
4

Chili's Domestic comparable restaurant sales percentages are derived from sales generated by company-owned and franchise operated Chili's restaurants in the United States.
5

System-wide comparable restaurant sales are derived from sales generated by company-owned Chili’s and Maggiano’s restaurants in addition to the sales generated at franchise operated Chili's restaurants.

Quarterly Operating Performance
CHILI’S third quarter company sales decreased 2.0 percent to $689.6 million from $703.5 million in the prior year primarily due to a decline in comparable restaurant sales. As compared to the prior year, Chili's restaurant operating margin1 declined. Restaurant expenses, as a percent of company sales, increased due to sales deleverage, higher advertising and marketing related expenses and increased workers' compensation insurance expenses, partially offset by decreased repairs and maintenance expenses. Restaurant labor, as a percent of company sales, increased compared to the prior year due to higher wage rates and sales deleverage. Cost of sales, as a percent of company sales, decreased due to increased menu pricing and favorable commodity pricing primarily related to poultry and beef.

MAGGIANO’S third quarter company sales decreased 0.6 percent to $101.0 million from $101.6 million in the prior year primarily due to a decline in comparable restaurant sales, partially offset by an increase in restaurant capacity. As compared to the prior year, Maggiano's restaurant operating margin1 declined. Restaurant expenses, as a percent of company sales, increased primarily due to higher workers' compensation insurance and advertising expenses. Restaurant labor, as a percent of company sales, increased due to higher wages, partially offset by lower manager bonuses. Cost of sales, as a percent of company sales, was positively impacted by favorable commodity pricing and increased menu pricing, partially offset by unfavorable menu item mix.
1Restaurant operating margin is defined as Company sales less Cost of sales, Restaurant labor and Restaurant expenses and excludes Depreciation and amortization expenses. (See non-GAAP reconciliation below)


2

FRANCHISE AND OTHER revenues increased 2.6 percent to $20.0 million for the third quarter compared to $19.5 million in the prior year third quarter. Brinker franchisees generated approximately $336 million in sales2 for the third quarter of fiscal 2017.

2Royalty revenues are recognized based on the sales generated and reported to the company by franchisees.
Other
Depreciation and amortization expense increased $0.3 million for the quarter compared to the third quarter of fiscal 2016 primarily due to depreciation on asset replacements and new restaurant openings, partially offset by an increase in fully depreciated assets and restaurant closures.

General and administrative expense increased $5.8 million for the quarter compared to the third quarter of fiscal 2016 primarily due to higher performance-based compensation.

On a GAAP basis, the effective income tax rate increased to 28.9 percent in the current quarter from 26.4 percent in the third quarter of fiscal 2016 due to the prior year benefit associated with the resolution of certain tax positions, partially offset by lower profits. Excluding the impact of special items, the effective income tax rate decreased to 29.9 percent in the current quarter compared to 30.1 percent in the third quarter of fiscal 2016 primarily due to lower profits.

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 operating results. Non-GAAP disclosures should not be viewed as a substitute for operating 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.


Table 2: Reconciliation of net income excluding special items
Q3 17 and Q3 16; $ millions and $ per diluted share after-tax

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.
 
 
Q3 17
 
EPS Q3 17
 
Q3 16
 
EPS Q3 16
Net Income
 
42.4

 
0.86

 
57.5

 
1.00

Special items1
 
6.6

 
0.13

 
3.9

 
0.07

Income tax effect related to special items
 
(2.6
)
 
(0.05
)
 
(1.5
)
 
(0.03
)
Adjustment for tax items2
 
—

 
—

 
(2.6
)
 
(0.04
)
Special items, net of taxes
 
4.0

 
0.08

 
(0.2
)
 
0.00

Net Income excluding special items
 
46.4

 
0.94

 
57.3

 
1.00

1

See footnote "b" to the consolidated statements of comprehensive income for additional details on the composition of these amounts.
2

Discrete tax items result from the resolution of certain tax positions which directly impacts tax expense.


3

Table 3: Reconciliation of restaurant operating margin
Q3 17 and Q3 16; $ millions

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 industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations. We define restaurant operating margin as Company sales less Company restaurant expenses, including Cost of sales, Restaurant labor and Restaurant expenses. Restaurant expenses includes advertising expense. 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 expense, depreciation and amortization, and other gains and charges.

Restaurant operating margin excludes Franchise and other revenues which are earned primarily from franchise royalties and other non-food and beverage revenue streams such as banquet service charges, digital entertainment revenues and gift card breakage. Depreciation and amortization expense, substantially all of which is related to restaurant-level assets, is excluded because such expenses represent historical costs which do not reflect current cash outlays for the restaurants. General and administrative expense includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate offices and is therefore excluded. We believe that excluding special items, included within Other gains and charges, from restaurant operating margin provides investors with a clearer perspective of the Company’s ongoing operating performance and a more useful comparison to prior period results. Restaurant operating margin as presented may not be comparable to other similarly titled measures of other companies in our industry. 
 
 
Q3F17
 
Q3F16
Operating income
 
72.9

 
86.3

Operating income as a percent of total revenues
 
9.0
%
 
10.5
%
 
 
 
 
 
Operating income
 
72.9

 
86.3

Less: Franchise and other revenues
 
(20.0
)
 
(19.5
)
Plus: Depreciation and amortization
 
39.3

 
39.1

General and administrative
 
35.9

 
30.2

Other gains and charges
 
6.6

 
3.9

Restaurant operating margin
 
134.7

 
140.0

Restaurant operating margin as a percent of company sales
 
17.0
%
 
17.4
%


Table 4: Reconciliation of free cash flow
Q3 17; $ millions

Brinker believes presenting free cash flow provides a useful measure to evaluate the cash flow available for reinvestment after considering the capital requirements of our business operations.
 
 
Thirty-Nine Week Period Ended March 29, 2017
Cash flows provided by operating activities
 
243.6

Capital expenditures
 
(79.7
)
Free cash flow
 
163.9



Guidance Policy
Brinker provides annual guidance as it relates to comparable restaurant sales, earnings per diluted share, excluding special items, and other key line items in the statements of comprehensive income and will only provide updates if there is a material change versus the original guidance. We do not provide annual guidance as it relates to US GAAP earnings per diluted share as we are unable to reliably forecast special items such as restaurant impairments, restaurant closures, reorganization charges and legal settlements without unreasonable effort.


4

 Webcast Information
Investors and interested parties are invited to listen to today’s conference call, as management will provide further details of the quarter. The call will broadcast live on Brinker's Web site at 9 a.m. CDT today (April 25) -

http://investors.brinker.com/phoenix.zhtml?c=119205&p=irol-EventDetails&EventId=5250905

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 Web site until the end of the day May 23, 2017.
Additional financial information, including statements of income which detail operations excluding special items, franchise and other revenues, and comparable restaurant sales trends by brand, is also available on Brinker's Web site under the Financial Information section of the Investor tab.
Forward Calendar
- SEC Form 10-Q for the third quarter of fiscal 2017 filing on or before May 8, 2017; and
- Fourth quarter earnings release, before market opens, Aug. 10, 2017.
About Brinker
Brinker International, Inc. is one of the world’s leading casual dining restaurant companies. Founded in 1975 and based in Dallas, Texas, as of March 29, 2017, Brinker owned, operated, or franchised 1,660 restaurants under the names Chili’s® Grill & Bar (1,608 restaurants) and Maggiano’s Little Italy® (52 restaurants).
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on our current plans and expectations and involve risks and uncertainties which are, in many instances, beyond our control. Such risks and uncertainties include, among other things, general business and economic conditions, financial and credit market conditions, credit availability, reduced disposable income, the impact of competition, the impact of mergers, acquisitions, divestitures and other strategic transactions, franchisee success, the seasonality of the company’s business, increased minimum wages, increased health care costs, adverse weather conditions, future commodity prices, product availability, fuel and utility costs and availability, terrorist acts, consumer perception of food safety, changes in consumer taste, health epidemics or pandemics, changes in demographic trends, availability of employees, unfavorable publicity, the company’s ability to meet its business strategy plan, acts of God, governmental regulations, inflation, technology failures, and failure to protect the security of data of our guests and teammates, as well as the risks described under the caption “Risk Factors” in our Annual Report on Form 10-K and future filings with the Securities and Exchange Commission.

5

BRINKER INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
 
 
 
Thirteen Week Periods Ended
 
Thirty-Nine Week Periods Ended
 
 
March 29, 2017
 
March 23, 2016
 
March 29, 2017
 
March 23, 2016
Revenues:
 
 
 
 
 
 
 
 
Company sales
 
$
790,624

 
$
805,145

 
$
2,276,743

 
$
2,311,298

Franchise and other revenues (a)
 
20,017

 
19,494

 
63,433

 
64,510

Total revenues
 
810,641

 
824,639

 
2,340,176

 
2,375,808

Operating costs and expenses:
 
 
 
 
 
 
 
 
Company restaurants (excluding depreciation and amortization)
 
 
 
 
 
 
 
 
Cost of sales
 
201,903

 
215,362

 
587,742

 
615,764

Restaurant labor
 
261,632

 
262,701

 
760,894

 
756,874

Restaurant expenses
 
192,372

 
187,216

 
582,146

 
567,049

Company restaurant expenses
 
655,907

 
665,279

 
1,930,782

 
1,939,687

Depreciation and amortization
 
39,335

 
39,050

 
117,526

 
117,335

General and administrative
 
35,931

 
30,170

 
102,014

 
95,190

Other gains and charges (b)
 
6,600

 
3,864

 
13,984

 
5,454

Total operating costs and expenses
 
737,773

 
738,363

 
2,164,306

 
2,157,666

Operating income
 
72,868

 
86,276

 
175,870

 
218,142

Interest expense
 
13,658

 
8,403

 
36,108

 
24,077

Other, net
 
(402
)
 
(277
)
 
(1,084
)
 
(1,110
)
Income before provision for income taxes
 
59,612

 
78,150

 
140,846

 
195,175

Provision for income taxes
 
17,243

 
20,648

 
40,607

 
56,772

Net income
 
$
42,369

 
$
57,502

 
$
100,239

 
$
138,403

 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.87

 
$
1.01

 
$
1.96

 
$
2.36

 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
0.86

 
$
1.00

 
$
1.93

 
$
2.33

 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
48,954

 
56,673

 
51,211

 
58,699

 
 
 
 
 
 
 
 
 
Diluted weighted average shares outstanding
 
49,506

 
57,407

 
51,854

 
59,505

 
 
 
 
 
 
 
 
 
Other comprehensive gain (loss):
 
 
 
 
 
 
 
 
Foreign currency translation adjustment (c)
 
$
734

 
$
(29
)
 
$
(1,411
)
 
$
(3,294
)
Other comprehensive gain (loss)
 
734

 
(29
)
 
(1,411
)
 
(3,294
)
Comprehensive income
 
$
43,103

 
$
57,473

 
$
98,828

 
$
135,109

 
 
 
 
 
 
 
 
 
 
(a)
Franchise and other revenues primarily includes royalties, development fees, franchise fees, Maggiano's banquet service charge income, gift card breakage and discounts, digital entertainment revenue, Chili's retail food product royalties and delivery fee income.










6

(b)
Other gains and charges include:
 
Thirteen Week Periods Ended
 
Thirty-Nine Week Periods Ended
 
March 29, 2017
 
March 23, 2016
 
March 29, 2017
 
March 23, 2016
Severance
$
5,929

 
$
—

 
$
6,222

 
$
2,368

Restaurant closure charges
794

 
89

 
3,621

 
89

Gain on the sale of assets, net
(55
)
 
(1,096
)
 
(2,624
)
 
(2,858
)
Information technology restructuring
—

 
—

 
2,700

 
—

Restaurant impairment charges
—

 
3,413

 
1,851

 
3,937

Impairment of investment
—

 
1,000

 
—

 
1,000

Litigation
—

 
—

 
—

 
(2,032
)
Acquisition costs
—

 
120

 
—

 
700

Other
(68
)
 
338

 
2,214

 
2,250

 
$
6,600

 
$
3,864

 
$
13,984

 
$
5,454



(c)
The foreign currency translation adjustment included in comprehensive income on the consolidated statements of comprehensive income represents the unrealized impact of translating the financial statements of the Canadian restaurants and the Mexican joint venture from their respective functional currencies to U.S. dollars. This amount is not included in net income and would only be realized upon disposition of the businesses.


7


BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
 
 
March 29, 2017
 
June 29, 2016
 
 
 
 
 
ASSETS
 
 
 
 
Current assets
 
$
148,196

 
$
176,774

Net property and equipment (a)
 
997,053

 
1,043,152

Total other assets
 
257,829

 
249,534

Total assets
 
$
1,403,078

 
$
1,469,460

LIABILITIES AND SHAREHOLDERS’ DEFICIT
 
 
 
 
Current installments of long-term debt
 
$
3,860

 
$
3,563

Other current liabilities
 
433,407

 
428,880

Long-term debt, less current installments
 
1,325,604

 
1,110,693

Other liabilities
 
138,907

 
139,423

Total shareholders’ deficit
 
(498,700
)
 
(213,099
)
Total liabilities and shareholders’ deficit
 
$
1,403,078

 
$
1,469,460


(a)
At March 29, 2017, the company owned the land and buildings for 190 of the 1,000 company-owned restaurants. The net book values of the land totaled $143.2 million and the buildings totaled $99.9 million associated with these restaurants.


8

BRINKER INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
 
Thirty-Nine Week Periods Ended
 
 
March 29, 2017
 
March 23, 2016
Cash Flows From Operating Activities:
 
 
 
 
Net income
 
$
100,239

 
$
138,403

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
117,526

 
117,335

Stock-based compensation
 
13,237

 
12,095

Restructure charges and other impairments
 
8,837

 
5,937

Net gain on disposal of assets
 
(628
)
 
(633
)
Changes in assets and liabilities
 
4,411

 
26,444

Net cash provided by operating activities
 
243,622

 
299,581

Cash Flows from Investing Activities:
 
 
 
 
Payments for property and equipment
 
(79,730
)
 
(76,090
)
Proceeds from sale of assets
 
3,077

 
4,256

Payment for business acquisition, net of cash acquired
 
—

 
(105,577
)
Net cash used in investing activities
 
(76,653
)
 
(177,411
)
Cash Flows from Financing Activities:
 
 
 
 
Proceeds from issuances of long-term debt
 
350,000

 
—

Purchases of treasury stock
 
(350,768
)
 
(266,157
)
Payments on revolving credit facility
 
(328,000
)
 
(50,000
)
Borrowings on revolving credit facility
 
200,000

 
256,500

Payments of dividends
 
(54,087
)
 
(56,192
)
Payments for debt issuance costs
 
(10,216
)
 
—

Proceeds from issuances of treasury stock
 
4,505

 
4,725

Payments on long-term debt
 
(2,847
)
 
(2,547
)
Excess tax benefits from stock-based compensation
 
2,041

 
5,365

Net cash used in financing activities
 
(189,372
)
 
(108,306
)
Net change in cash and cash equivalents
 
(22,403
)
 
13,864

Cash and cash equivalents at beginning of period
 
31,446

 
55,121

Cash and cash equivalents at end of period
 
$
9,043

 
$
68,985


9

BRINKER INTERNATIONAL, INC.
RESTAURANT SUMMARY
 
 
 
Third Quarter
Openings
Fiscal 2017
 
Total Restaurants
March 29, 2017
 
Projected Openings Fiscal 2017
Company-owned restaurants:
 
 
 
 
 
 
Chili’s domestic
 
1

 
934

 
6-7

Chili’s international
 
—

 
14

 
1

Maggiano’s
 
—

 
52

 
2

Total company-owned
 
1

 
1,000

 
9-10

Franchise restaurants:
 
 
 
 
 
 
Chili’s domestic
 
3

 
316

 
5-8

Chili's international
 
4

 
344

 
31-33

Total franchise
 
7

 
660

 
36-41

Total restaurants:
 
 
 
 
 
 
Chili’s domestic
 
4

 
1,250

 
11-15

Chili's international 
 
4

 
358

 
32-34

Maggiano’s
 
—

 
52

 
2

Grand total
 
8

 
1,660

 
45-51





FOR ADDITIONAL INFORMATION, CONTACT:
JOE TAYLOR
INVESTOR RELATIONS
investor.relations@brinker.com

AISHA FLETCHER
MEDIA RELATIONS
media.requests@brinker.com
(800) 775-7290

6820 LBJ FREEWAY
DALLAS, TEXAS 75240





10