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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended December 28, 2022
Commission File Number 1-10275
https://cdn.kscope.io/0da5df66a8259b2c4467f1532f1b226d-eat-20221228_g1.jpg
BRINKER INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
DE
75-1914582
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
3000 Olympus Blvd
Dallas
TX
75019
(Address of principal executive offices)(Zip Code)
(972)
980-9917
(Registrant’s telephone number, including area code)
Title of each class
Trading Symbol(s)
Name of exchange on which registered
Common Stock, $0.10 par value
EAT
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
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.    ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of January 27, 2023: 44,062,888 shares



BRINKER INTERNATIONAL, INC.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
Page

2

Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
BRINKER INTERNATIONAL, INC.
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
(In millions, except per share amounts)
Thirteen Week Periods EndedTwenty-Six Week Periods Ended
December 28,
2022
December 29,
2021
December 28,
2022
December 29,
2021
Revenues
Company sales$1,009.4 $915.8 $1,955.5 $1,781.4 
Franchise revenues9.6 10.0 19.0 20.8 
Total revenues1,019.0 925.8 1,974.5 1,802.2 
Operating costs and expenses
Food and beverage costs289.4 252.8 578.9 487.1 
Restaurant labor334.6 315.4 665.2 620.3 
Restaurant expenses268.4 236.7 537.2 468.0 
Depreciation and amortization41.8 41.6 83.7 80.9 
General and administrative35.6 33.1 75.1 69.6 
Other (gains) and charges8.5 6.4 13.5 10.9 
Total operating costs and expenses978.3 886.0 1,953.6 1,736.8 
Operating income40.7 39.8 20.9 65.4 
Interest expenses13.9 11.2 26.2 23.7 
Other income, net(0.3)(0.5)(0.7)(0.8)
(Loss) Income before income taxes27.1 29.1 (4.6)42.5 
(Benefit) Provision for income taxes(0.8)1.5 (2.3)1.7 
Net (loss) income$27.9 $27.6 $(2.3)$40.8 
Basic net (loss) income per share$0.63 $0.61 $(0.05)$0.90 
Diluted net (loss) income per share$0.62 $0.60 $(0.05)$0.88 
Basic weighted average shares outstanding44.0 45.1 44.0 45.5 
Diluted weighted average shares outstanding44.8 45.9 44.0 46.4 
Other comprehensive income (loss)
Foreign currency translation adjustment$0.1 $(0.1)$(0.9)$(0.5)
Other comprehensive income (loss)0.1 (0.1)(0.9)(0.5)
Comprehensive (loss) income$28.0 $27.5 $(3.2)$40.3 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
3

Table of Contents

BRINKER INTERNATIONAL, INC.
Consolidated Balance Sheets
(In millions, except per share amounts)
Unaudited
December 28,
2022
June 29,
2022
ASSETS
Current assets
Cash and cash equivalents$14.7 $13.5 
Accounts receivable, net92.0 66.4 
Inventories36.9 35.6 
Restaurant supplies55.6 55.5 
Prepaid expenses34.7 25.7 
Income taxes receivable, net3.3 4.5 
Total current assets237.2 201.2 
Property and equipment, at cost
Land44.2 43.4 
Buildings and leasehold improvements1,623.4 1,603.9 
Furniture and equipment750.6 793.0 
Construction-in-progress50.5 33.6 
2,468.7 2,473.9 
Less accumulated depreciation and amortization(1,641.8)(1,657.2)
Net property and equipment826.9 816.7 
Other assets
Operating lease assets1,142.9 1,160.5 
Goodwill194.8 195.1 
Deferred income taxes, net72.6 62.5 
Intangibles, net25.9 27.4 
Other19.3 21.0 
Total other assets1,455.5 1,466.5 
Total assets$2,519.6 $2,484.4 
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities
Accounts payable$142.2 $134.3 
Gift card liability105.8 83.9 
Accrued payroll91.3 111.0 
Operating lease liabilities112.2 112.7 
Other accrued liabilities122.0 116.1 
Total current liabilities573.5 558.0 
Long-term debt and finance leases, less current installments1,023.3 989.1 
Long-term operating lease liabilities, less current portion1,133.1 1,151.1 
Other liabilities57.2 54.3 
Commitments and contingencies (Note 13)
Shareholders’ deficit
Common stock (250.0 million authorized shares; $0.10 par value; 60.3 million shares issued and 44.0 million shares outstanding at December 28, 2022, and 70.3 million shares issued and 43.8 million shares outstanding at June 29, 2022)
6.0 7.0 
Additional paid-in capital688.7 690.9 
Accumulated other comprehensive loss(6.2)(5.3)
Accumulated deficit(456.8)(148.4)
Treasury stock, at cost (16.3 million shares at December 28, 2022, and 26.5 million shares at June 29, 2022)
(499.2)(812.3)
Total shareholders’ deficit(267.5)(268.1)
Total liabilities and shareholders’ deficit$2,519.6 $2,484.4 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
4

Table of Contents

BRINKER INTERNATIONAL, INC.
Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Twenty-Six Week Periods Ended
December 28,
2022
December 29,
2021
Cash flows from operating activities
Net (loss) income$(2.3)$40.8 
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities:
Depreciation and amortization83.7 80.9 
Stock-based compensation5.9 9.9 
Restructure and impairment charges7.2 5.4 
Net loss on disposal of assets2.1 1.6 
Other0.9 2.1 
Changes in assets and liabilities, net of the impact of acquisitions:
Accounts receivable, net(28.4)(24.6)
Inventories(2.0)(2.7)
Restaurant supplies(0.4)(0.5)
Prepaid expenses(9.2)(5.0)
Operating lease assets, net of liabilities(1.5)6.4 
Deferred income taxes, net(10.3)(2.8)
Other assets(0.1)(0.1)
Accounts payable5.0 (5.7)
Gift card liability22.0 28.0 
Accrued payroll(20.2)(49.0)
Other accrued liabilities9.3 6.3 
Current income taxes4.0 16.4 
Other liabilities2.3 0.0 
Net cash provided by operating activities68.0 107.4 
Cash flows from investing activities
Payments for property and equipment(95.3)(74.1)
Proceeds from note receivable2.1  
Payments for franchise restaurant acquisitions (104.5)
Proceeds from sale leaseback transactions, net of related expenses 20.5 
Net cash used in investing activities(93.2)(158.1)
Cash flows from financing activities
Borrowings on revolving credit facility280.0 487.5 
Payments on revolving credit facility(240.0)(355.0)
Payments on long-term debt(11.3)(11.7)
Purchases of treasury stock(2.1)(74.7)
Payments of dividends(0.2)(1.0)
Payments for debt issuance costs (3.1)
Proceeds from issuance of treasury stock0.0 0.4 
Net cash provided by financing activities26.4 42.4 
Net change in cash and cash equivalents1.2 (8.3)
Cash and cash equivalents at beginning of period13.5 23.9 
Cash and cash equivalents at end of period$14.7 $15.6 
See accompanying Notes to Consolidated Financial Statements (Unaudited)
5

Table of Contents

BRINKER INTERNATIONAL, INC.
Consolidated Statements of Shareholders’ Deficit (Unaudited)
(In millions)
Twenty-Six Week Period Ended December 28, 2022
Common StockAdditional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balances at June 29, 2022$7.0 $690.9 $(148.4)$(812.3)$(5.3)$(268.1)
Net loss  (30.2)  (30.2)
Other comprehensive loss    (1.0)(1.0)
Dividends  0.0   0.0 
Stock-based compensation 4.7    4.7 
Purchases of treasury stock 0.2  (2.2) (2.0)
Issuances of treasury stock (7.8) 7.8   
Retirement of stock(1.0) (306.1)307.1   
Balances at September 28, 2022$6.0 $688.0 $(484.7)$(499.6)$(6.3)$(296.6)
Net income  27.9   27.9 
Other comprehensive income    0.1 0.1 
Dividends      
Stock-based compensation 1.2    1.2 
Purchases of treasury stock 0.0  (0.1) (0.1)
Issuances of treasury stock (0.5) 0.5  0.0 
Balances at December 28, 2022$6.0 $688.7 $(456.8)$(499.2)$(6.2)$(267.5)
Twenty-Six Week Period Ended December 29, 2021
Common StockAdditional
Paid-In
Capital
Accumulated DeficitTreasury
Stock
Accumulated
Other
Comprehensive
Loss
Total
Balances at June 30, 2021$7.0 $685.4 $(266.1)$(724.9)$(4.7)$(303.3)
Net income  13.2   13.2 
Other comprehensive loss    (0.4)(0.4)
Dividends   0.0   0.0 
Stock-based compensation 4.3    4.3 
Purchases of treasury stock (2.0) (37.6) (39.6)
Issuances of treasury stock (8.3) 8.6  0.3 
Balances at September 29, 2021$7.0 $679.4 $(252.9)$(753.9)$(5.1)$(325.5)
Net income  27.6   27.6 
Other comprehensive loss    (0.1)(0.1)
Dividends   0.0   0.0 
Stock-based compensation 5.6    5.6 
Purchases of treasury stock 0.0  (35.1) (35.1)
Issuances of treasury stock (1.3) 1.4  0.1 
Balances at December 29, 2021$7.0 $683.7 $(225.3)$(787.6)$(5.2)$(327.4)
See accompanying Notes to Consolidated Financial Statements (Unaudited)
6

Table of Contents
Footnote Index
BRINKER INTERNATIONAL, INC.
Notes to Consolidated Financial Statements (Unaudited)
Footnote Index
Note #DescriptionPage
Basis of Presentation
Revenue Recognition
Other Gains and Charges
Income Taxes
Net (Loss) Income Per Share
Segment Information
Fair Value Measurements
Leases
Debt
Accrued Liabilities
Shareholders’ Deficit
Supplemental Cash Flow Information
Contingencies
Fiscal 2022 Chili’s Restaurant Acquisitions

7

Table of Contents
Footnote Index

1. BASIS OF PRESENTATION
References to “Brinker,” the “Company,” “we,” “us,” and “our” in this Form 10-Q refer to Brinker International, Inc. and its subsidiaries and any predecessor companies of Brinker International, Inc. Our Consolidated Financial Statements (Unaudited) as of December 28, 2022 and June 29, 2022, and for the thirteen and twenty-six week periods ended December 28, 2022 and December 29, 2021, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).
Effective for the first quarter of fiscal 2023, we are presenting certain revenue streams related to gift cards, digital entertainment, Maggiano’s banquet service charges and delivery fees within Company sales to better align with the presentation used within the casual dining industry. Our presentation of Franchise revenues will now include only revenues related to the ongoing franchise-operated restaurants. Comparative figures in prior years have been adjusted to conform to the current year’s presentation. These reclassifications have no effect on Total revenues or Net income previously reported.
We are principally engaged in the ownership, operation, development and franchising of the Chili’s® Grill & Bar (“Chili’s”) and Maggiano’s Little Italy® (“Maggiano’s”) restaurant brands, as well as virtual brands including It’s Just Wings® and Maggiano’s Italian Classics®. As of December 28, 2022, we owned, operated or franchised 1,648 restaurants, consisting of 1,182 Company-owned restaurants and 466 franchised restaurants, located in the United States, 28 countries and two United States territories.
Use of Estimates
The preparation of the Consolidated Financial Statements (Unaudited) is in conformity with generally accepted accounting principles in the United States (“GAAP”) and requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements (Unaudited), and the reported amounts of revenues and costs and expenses in the reporting periods. Actual results could differ from those estimates.
The information furnished herein reflects all adjustments (consisting only of normal recurring accruals and adjustments) which are, in our opinion, necessary to fairly state the interim operating results, financial position and cash flows for the respective periods. However, these operating results are not necessarily indicative of the results expected for the full fiscal year. Certain information and footnote disclosures, normally included in annual financial statements prepared in accordance with GAAP, have been omitted pursuant to SEC rules and regulations. The Notes to Consolidated Financial Statements (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements contained in our June 29, 2022 Form 10-K. We believe the disclosures are sufficient for interim financial reporting purposes. All amounts in the Notes to Consolidated Financial Statements (Unaudited) are presented in millions unless otherwise specified.
Foreign Currency Translation
The foreign currency translation adjustment included in Comprehensive (loss) income in the Consolidated Statements of Comprehensive (Loss) Income (Unaudited) represents the unrealized impact of translating the financial statements of our Canadian restaurants from Canadian dollars to United States dollars. This amount is not included in Net (loss) income and would only be realized upon disposition of our Canadian restaurants. The related Accumulated other comprehensive loss is presented in the Consolidated Balance Sheets (Unaudited).
COVID-19 Pandemic and Other Impacts to Our Operating Environment
During fiscal 2022, increasing COVID-19 cases in the United States, including the Omicron variant, significantly impacted our guest traffic and sales. Many of our restaurants had face mask requirements and some of our restaurants had proof of vaccination requirements, for our customers, team members or both. During fiscal 2022 and fiscal 2023, our operating results were impacted by geopolitical and other macroeconomic events, leading to higher than usual inflation on wages and food and beverage costs. The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events could lead to further capacity restrictions, mask and

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vaccine mandates, wage inflation, staffing challenges, product cost inflation and disruptions in the supply chain that impact our restaurants’ ability to obtain the products needed to support their operation. Such events could also negatively affect consumer spending potentially reducing guest traffic and/or reducing the average amount guests spend in our restaurants.
New Accounting Standards Implemented in Fiscal 2023
We reviewed accounting pronouncements that became effective for our fiscal 2023 and determined that either they were not applicable or they did not have a material impact on the Consolidated Financial Statements (Unaudited). We also reviewed recently issued accounting pronouncements to be adopted in future periods and determined that they are not expected to have a material impact on the Consolidated Financial Statements (Unaudited).
2. REVENUE RECOGNITION
Deferred Franchise and Development Fees
Our deferred franchise and development fees consist of the unrecognized fees received from franchisees. Recognition of these fees in subsequent periods is based on satisfaction of the contractual performance obligations of our active contracts with franchisees. We also expect to earn subsequent period royalties and advertising fees related to our franchise contracts; however, due to the variability and uncertainty of these future revenues based upon a sales-based measure, these future revenues are not yet estimable as the performance obligations remain unsatisfied.
Deferred franchise and development fees are classified within Other accrued liabilities for the current portion expected to be recognized within the next 12 months, and Other liabilities for the long-term portion in the Consolidated Balance Sheets (Unaudited).
The following table reflects the changes in deferred franchise and development fees between June 29, 2022 and December 28, 2022:
Deferred Franchise and Development Fees
Balance as of June 29, 2022$10.1 
Additions1.7 
Amount recognized to Franchise revenues(0.5)
Balance as of December 28, 2022$11.3 
The following table illustrates franchise and development fees expected to be recognized in the future related to performance obligations that were unsatisfied or partially unsatisfied as of December 28, 2022:
Fiscal YearFranchise and Development Fees Revenue Recognition
Remainder of 2023$0.4 
20240.9 
20250.8 
20260.8 
20270.7 
Thereafter7.7 
$11.3 

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Deferred Gift Card Revenues
Deferred revenues related to our gift cards include the full value of unredeemed gift card balances less recognized breakage and the unamortized portion of third party fees. The following table reflects the changes in the Gift card liability between June 29, 2022 and December 28, 2022:
Gift Card Liability
Balance as of June 29, 2022$83.9 
Gift card sales80.3 
Gift card redemptions recognized to Company sales(50.2)
Gift card breakage recognized to Company sales(6.6)
Other(1.6)
Balance as of December 28, 2022
$105.8 
3. OTHER GAINS AND CHARGES
Other (gains) and charges in the Consolidated Statements of Comprehensive (Loss) Income (Unaudited) consist of the following:
Thirteen Week Periods EndedTwenty-Six Week Periods Ended
December 28,
2022
December 29,
2021
December 28,
2022
December 29,
2021
Restaurant closure charges$3.3 $0.3 $4.8 $0.5 
Severance and other benefit charges2.4  2.9  
Loss from natural disasters, net of (insurance recoveries)1.1 0.2 0.9 0.8 
Enterprise system implementation costs1.0 0.3 2.0 0.9 
Remodel-related costs0.2 1.6 1.0 3.1 
Lease contingencies 2.9  2.9 
Other0.5 1.1 1.9 2.7 
$8.5 $6.4 $13.5 $10.9 
Restaurant closure charges relates to closure costs and leases associated with certain closed Chili’s restaurants for all periods presented and one closed Maggiano’s in the first quarter of fiscal 2023.
Severance and other benefit charges relates to changes in our management team and organizational structure.
Loss from natural disasters, net of (insurance recoveries) in the current year primarily consists of costs incurred related to Hurricane Ian and the Winter Storm in December 2022.
Enterprise system implementation costs primarily consists of consulting fees and subscription fees related to the ongoing enterprise system implementation for all periods presented.
Remodel-related costs relates to existing fixed asset write-offs associated with the ongoing Chili’s and Maggiano’s remodel projects for all periods presented.
Lease contingencies in the prior year were recorded for potential lease defaults on certain lease guarantees and subleases.

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4. INCOME TAXES
Thirteen Week Periods EndedTwenty-Six Week Periods Ended
December 28,
2022
December 29,
2021
December 28,
2022
December 29,
2021
Effective income tax rate(3.0)%5.2 %50.0 %4.0 %
The federal statutory tax rate was 21.0% for the thirteen and twenty-six week periods ended December 28, 2022 and December 29, 2021.
The change in the effective income tax rate in the twenty-six week period ended December 28, 2022 to the twenty-six week period ended December 29, 2021, is primarily due to lower Income before income taxes and leverage of the FICA tip credit, partially offset by the excess tax shortfalls associated with stock-based compensation.
5. NET (LOSS) INCOME PER SHARE
Basic net (loss) income per share is computed by dividing Net (loss) income by the Basic weighted average shares outstanding for the reporting period. Diluted net (loss) income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of Diluted net (loss) income per share, the Basic weighted average shares outstanding is increased by the dilutive effect of stock options and restricted share awards. Stock options and restricted share awards with an anti-dilutive effect are not included in the Diluted net (loss) income per share calculation. Basic weighted average shares outstanding are reconciled to Diluted weighted average shares outstanding as follows:
Thirteen Week Periods EndedTwenty-Six Week Periods Ended
December 28,
2022
December 29,
2021
December 28,
2022
December 29,
2021
Basic weighted average shares outstanding44.0 45.1 44.0 45.5 
Dilutive stock options(1)
0.0 0.2  0.3 
Dilutive restricted shares(1)
0.8 0.6  0.6 
Total dilutive impact0.8 0.8  0.9 
Diluted weighted average shares outstanding44.8 45.9 44.0 46.4 
Awards excluded due to anti-dilutive effect1.4 0.9 2.8 0.5 
(1)Due to the net loss for the twenty-six week period ended December 28, 2022, zero incremental shares are included because the effect would be anti-dilutive.
6. SEGMENT INFORMATION
Our operating segments are Chili’s and Maggiano’s. The Chili’s segment includes the results of our Company-owned Chili’s restaurants, which are principally located in the United States, within the full-service casual dining segment of the industry. The Chili’s segment also has Company-owned restaurants in Canada, and franchised locations in the United States, 28 countries and two United States territories. The Maggiano’s segment includes the results of our Company-owned Maggiano’s restaurants in the United States as well as the results from our domestic franchise business. The Other segment includes costs related to our restaurant support teams for the Chili’s and Maggiano’s brands, including operations, finance, franchise, marketing, human resources and culinary innovation. The Other segment also includes costs related to the common and shared infrastructure, including accounting, information technology, purchasing, guest relations, legal and restaurant development.
Company sales for each segment include revenues generated by the operation of Company-owned restaurants including food and beverage sales, net of discounts, Maggiano’s banquet service charge income, gift card breakage, delivery income, digital entertainment revenues, merchandise income and gift card discount costs from third-party gift card sales. Franchise revenues for each operating segment include royalties, franchise advertising fees, franchise and development fees and gift card equalization.

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We do not rely on any major customers as a source of sales, and the customers and long-lived assets of our operating segments are predominantly located in the United States. There were no material transactions amongst our operating segments.
Our chief operating decision maker uses Operating income as the measure for assessing performance of our segments. Operating income includes revenues and expenses directly attributable to segment-level results of operations. Restaurant expenses during the periods presented primarily included restaurant rent, supplies, repair and maintenance expenses, delivery fees, utilities, credit card processing fees, property taxes, and workers’ compensation and general liability expenses.
The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP:
Thirteen Week Period Ended December 28, 2022
Chili’sMaggiano'sCorporateConsolidated
Company sales$869.3 $140.1 $ $1,009.4 
Franchise revenues9.4 0.2  9.6 
Total revenues878.7 140.3  1,019.0 
Food and beverage costs253.7 35.7  289.4 
Restaurant labor292.3 42.3  334.6 
Restaurant expenses234.1 34.2 0.1 268.4 
Depreciation and amortization36.0 3.3 2.5 41.8 
General and administrative8.5 1.5 25.6 35.6 
Other (gains) and charges5.7 0.3 2.5 8.5 
Total operating costs and expenses830.3 117.3 30.7 978.3 
Operating income (loss)48.4 23.0 (30.7)40.7 
Interest expenses0.9 0.1 12.9 13.9 
Other income, net  (0.3)(0.3)
Income (loss) before income taxes$47.5 $22.9 $(43.3)$27.1 
Thirteen Week Period Ended December 29, 2021
Chili's(1)
Maggiano'sCorporateConsolidated
Company sales(2)
$798.4 $117.4 $ $915.8 
Franchise revenues(2)
9.8 0.2  10.0 
Total revenues808.2 117.6  925.8 
Food and beverage costs224.8 28.0  252.8 
Restaurant labor277.6 37.8  315.4 
Restaurant expenses205.0 31.5 0.2 236.7 
Depreciation and amortization35.4 3.4 2.8 41.6 
General and administrative7.2 1.9 24.0 33.1 
Other (gains) and charges2.2  4.2 6.4 
Total operating costs and expenses752.2 102.6 31.2 886.0 
Operating income (loss)56.0 15.0 (31.2)39.8 
Interest expenses1.4 0.1 9.7 11.2 
Other income, net(0.2) (0.3)(0.5)
Income (loss) before income taxes$54.8 $14.9 $(40.6)$29.1 

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Twenty-Six Week Period Ended December 28, 2022
Chili’sMaggiano'sCorporateConsolidated
Company sales$1,709.9 $245.6 $ $1,955.5 
Franchise revenues18.7 0.3  19.0 
Total revenues1,728.6 245.9  1,974.5 
Food and beverage costs514.6 64.3  578.9 
Restaurant labor586.7 78.5  665.2 
Restaurant expenses471.0 65.9 0.3 537.2 
Depreciation and amortization72.0 6.5 5.2 83.7 
General and administrative18.0 4.0 53.1 75.1 
Other (gains) and charges8.7 0.8 4.0 13.5 
Total operating costs and expenses1,671.0 220.0 62.6 1,953.6 
Operating income (loss)57.6 25.9