What changed in this filing

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Item 1. Financial Statements

2024-01-31 compared with 2023-11-01 · 135 added, 82 removed, 377 unchanged (37% of the section changed)

3 unchanged sentences

(In millions, except per share amounts)

Thirteen Week Periods Ended

September 27,

2023 September 28,

Thirteen Week Periods Ended Twenty-Six Week Periods Ended

2023 December 28,

2022 December 27,

2023 December 28,

Company sales $ 1,063.7 $ 1,009.4 $ 2,065.7 $ 1,955.5

9 unchanged sentences

Total operating costs and expenses 1,011.7 978.3 2,000.0 1,953.6

Operating income (loss) 24.2 ( 19.8 )

Operating income 62.4 40.7 86.6 20.9

Interest expenses 16.7 13.9 33.7 26.2

3 unchanged sentences

Net income (loss) $ 42.1 $ 27.9 $ 49.3 $ ( 2.3 )

Basic net income per share $ 0.16 $ ( 0.69 )

Diluted net income per share $ 0.16 $ ( 0.69 )

Basic net income (loss) per share $ 0.95 $ 0.63 $ 1.11 $ ( 0.05 )

Diluted net income (loss) per share $ 0.94 $ 0.62 $ 1.09 $ ( 0.05 )

Basic weighted average shares outstanding 44.2 44.0 44.4 44.0

Diluted weighted average shares outstanding 44.9 44.8 45.1 44.0

Other comprehensive loss

Other comprehensive income (loss)

Foreign currency translation adjustment $ 0.2 $ 0.1 $ 0.0 $ ( 0.9 )

4 unchanged sentences

(In millions, except per share amounts)

September 27,

2023 June 28,

39 unchanged sentences

60.3 million shares issued;

and 44.2 million shares outstanding at September 27, 2023 and 44.6 million shares outstanding at June 28, 2023)

and 44.2 million shares outstanding at December 27, 2023 and 44.6 million shares outstanding at June 28, 2023)

Additional paid-in capital 687.0 690.0

1 unchanged sentence

Accumulated deficit ( 302.6 ) ( 351.9 )

Treasury stock, at cost ( 16.1 million shares at September 27, 2023, and 15.7 million shares at June 28, 2023)

Treasury stock, at cost ( 16.1 million shares at December 27, 2023, and 15.7 million shares at June 28, 2023)

( 493.9 ) ( 482.4 )

5 unchanged sentences

(In millions)

Thirteen Week Periods Ended

September 27,

2023 September 28,

Twenty-Six Week Periods Ended

2023 December 28,

Cash flows from operating activities

14 unchanged sentences

Operating lease assets, net of liabilities ( 3.9 ) ( 1.5 )

Other assets ( 6.5 ) ( 0.1 )

Accounts payable 19.4 5.0

7 unchanged sentences

Proceeds from note receivable 1.3 2.1

Proceeds from sale of assets 0.7 —

Insurance recoveries 0.7 —

Net cash used in investing activities ( 86.8 ) ( 93.2 )

5 unchanged sentences

Payments for debt issuance costs ( 0.7 ) —

Proceeds from issuance of treasury stock 0.5 —

Payments of dividends 0.0 ( 0.2 )

11 unchanged sentences

(In millions)

Thirteen Week Period Ended September 27, 2023

Twenty-Six Week Period Ended December 27, 2023

Common Stock Additional

9 unchanged sentences

Balances at September 27, 2023 $ 6.0 $ 683.8 $ ( 344.7 ) $ ( 495.2 ) $ ( 6.2 ) $ ( 156.3 )

Thirteen Week Period Ended September 28, 2022

Net income — — 42.1 — — 42.1

Other comprehensive income — — — — 0.2 0.2

Stock-based compensation — 4.4 — — — 4.4

Purchases of treasury stock — ( 0.1 ) — ( 0.3 ) — ( 0.4 )

Issuances of treasury stock — ( 1.1 ) — 1.6 — 0.5

Balances at December 27, 2023 $ 6.0 $ 687.0 $ ( 302.6 ) $ ( 493.9 ) $ ( 6.0 ) $ ( 109.5 )

Twenty-Six Week Period Ended December 28, 2022

Common Stock Additional

10 unchanged sentences

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

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 — —

Balances at December 28, 2022 $ 6.0 $ 688.7 $ ( 456.8 ) $ ( 499.2 ) $ ( 6.2 ) $ ( 267.5 )

See accompanying Notes to Consolidated Financial Statements (Unaudited)

18 unchanged sentences

and its subsidiaries and any predecessor companies of Brinker International, Inc.

Our Consolidated Financial Statements (Unaudited) as of September 27, 2023 and June 28, 2023, and for the thirteen week periods ended September 27, 2023 and September 28, 2022, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

Our Consolidated Financial Statements (Unaudited) as of December 27, 2023 and June 28, 2023, and for the thirteen and twenty-six week periods ended December 27, 2023 and December 28, 2022, have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).

The Company is 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 of September 27, 2023, we owned, operated or franchised 1,651 restaurants, consisting of 1,181 Company-owned restaurants and 470 franchised restaurants, located in the United States, 29 other countries and two United States territories.

As of December 27, 2023, we owned, operated or franchised 1,658 restaurants, consisting of 1,184 Company-owned restaurants and 474 franchised restaurants, located in the United States, 29 other countries and two United States territories.

Use of Estimates

22 unchanged sentences

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 28, 2023 and September 27, 2023:

The following table reflects the changes in deferred franchise and development fees between June 28, 2023 and December 27, 2023:

Deferred Franchise and Development Fees

Balance as of June 28, 2023 $ 11.1

Additions 0.2

Amount recognized to Franchise revenues ( 0.8 )

Balance as of September 27, 2023 $ 10.7

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 September 27, 2023:

Balance as of December 27, 2023 $ 10.5

Fiscal Year Franchise and Development Fees Revenue Recognition

3 unchanged sentences

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 28, 2023 and September 27, 2023:

The following table reflects the changes in the Gift card liability between June 28, 2023 and December 27, 2023:

Gift Card Liability

3 unchanged sentences

Gift card breakage recognized to Company sales ( 6.8 )

Balance as of September 27, 2023

Other ( 1.2 )

Balance as of December 27, 2023

FAIR VALUE MEASUREMENTS

11 unchanged sentences

The 5.000 % notes and 8.250 % notes carrying amounts, which are net of unamortized debt issuance costs and discounts, and fair values are as follows:

September 27, 2023 June 28, 2023

December 27, 2023 June 28, 2023

Carrying Amount Fair Value Carrying Amount Fair Value

8 unchanged sentences

Any impairment charges are included in Other (gains) and charges in the Consolidated Statements of Comprehensive Income (Loss) (Unaudited).

During the thirteen week periods ended September 27, 2023 and September 28, 2022, no indicators of impairment were identified.

During the thirteen and twenty-six week periods ended December 27, 2023 and December 28, 2022, no indicators of impairment were identified.

Intangibles, net in the Consolidated Balance Sheets (Unaudited) includes both indefinite-lived intangible assets such as transferable liquor licenses and definite-lived intangible assets such as reacquired franchise rights.

Accumulated amortization associated with definite-lived intangible assets at September 27, 2023 and June 28, 2023, was $ 16.0 million and $ 15.3 million, respectively.

Accumulated amortization associated with definite-lived intangible assets at December 27, 2023 and June 28, 2023, was $ 15.7 million and $ 15.3 million, respectively.

ACCRUED LIABILITIES

Other accrued liabilities consist of the following:

September 27,

2023 June 28,

Property tax $ 29.4 $ 24.5

Insurance $ 28.9 $ 29.3

Property tax 25.9 24.5

Interest 19.9 6.4

Sales tax 18.3 17.3

Utilities and services 10.7 10.4

Current installments of finance lease obligations 10.6 10.2

Utilities and services 10.5 10.4

Other 20.5 18.2

4 unchanged sentences

The components of lease expenses included in the Consolidated Statements of Comprehensive Income (Loss) (Unaudited) were as follows:

Thirteen Week Periods Ended

September 27,

2023 September 28,

Thirteen Week Periods Ended Twenty-Six Week Periods Ended

2023 December 28,

2022 December 27,

2023 December 28,

Operating lease cost $ 45.6 $ 45.1 $ 91.2 $ 90.2

6 unchanged sentences

Supplemental cash flow information related to leases:

Thirteen Week Periods Ended

September 27,

2023 September 28,

Twenty-Six Week Periods Ended

2023 December 28,

Operating lease assets obtained in exchange for operating lease liabilities

$ 21.3 $ 45.5

Finance leases assets obtained in exchange for finance lease liabilities

Finance lease assets are recorded in Property and equipment, at cost, and the net balance as of September 27, 2023 and June 28, 2023 was $ 48.1 million and $ 51.3 million, respectively.

Finance lease assets are recorded in Property and equipment, at cost, and the net balance as of December 27, 2023 and June 28, 2023 was $ 45.9 million and $ 51.3 million, respectively.

Long-term debt consists of the following:

September 27,

2023 June 28,

9 unchanged sentences

Total long-term debt, less current portion $ 882.4 $ 912.2

(1) Obligations under our 5.000% notes, which will mature in October 2024, have been classified as long-term, reflecting our intent and ability to refinance these notes through our existing revolving credit facility.

(2) Current installments of long-term debt consist of finance leases and are recorded within Other accrued liabilities in the Consolidated Balance Sheets (Unaudited).

2 unchanged sentences

Revolving Credit Facility

In the thirteen week period ended September 27, 2023, net borrowings of $ 14.0 million were drawn on our revolving credit facility.

As of September 27, 2023, $ 724.7 million of credit was available under the revolving credit facility.

In the twenty-six week period ended December 27, 2023, net repayments of $ 25.0 million were made on our revolving credit facility.

As of December 27, 2023, $ 763.7 million of credit was available under the revolving credit facility.

The $ 900.0 million revolving credit facility matures on August 18, 2026 and bears interest of SOFR plus an applicable margin of 1.50 % to 2.25 % and an undrawn commitment fee of 0.25 % to 0.35 %, both based on a function of our debt-to-cash-flow ratio.

As of September 27, 2023, our interest rate was 7.17 % consisting of SOFR of 5.32 % plus the applicable margin and spread adjustment of 1.85 %.

As of December 27, 2023, our interest rate was 7.21 % consisting of SOFR of 5.36 % plus the applicable margin and spread adjustment of 1.85 %.

Financial Covenants

Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios.

As of September 27, 2023, we were in compliance with our covenants pursuant to the $900.0 million revolving credit facility and under the terms of the indentures governing our 5.000% and 8.250% notes .

As of December 27, 2023, we were in compliance with our covenants pursuant to the $900.0 million revolving credit facility and under the terms of the indentures governing our 5.000% and 8.250% notes .

CONTINGENCIES

1 unchanged sentence

We have, in certain cases, divested brands or sold restaurants to franchisees and have not been released from lease guarantees for the related restaurants.

As of September 27, 2023 and June 28, 2023, we have outstanding lease guarantees or are secondarily liable for an estimated $ 14.6 million and $ 16.9 million, respectively.

As of December 27, 2023 and June 28, 2023, we have outstanding lease guarantees or are secondarily liable for an estimated $ 13.5 million and $ 16.9 million, respectively.

These amounts represent the maximum known potential liability of rent payments under the leases, but outstanding rent payments can exist outside of our knowledge as a result of the landlord and tenant relationship being between two third parties.

2 unchanged sentences

In the event of default under a lease by an owner of a divested brand, the indemnity and default clauses in our agreements with such third parties and applicable laws govern our ability to pursue and recover amounts we may pay on behalf of such parties.

In the thirteen week period ended September 27, 2023 we recorded a $ 0.5 million charge in Other (gains) and charges in the Consolidated Statements of Comprehensive Income.

In the twenty-six week period ended December 27, 2023 we recorded a $ 0.5 million charge in Other (gains) and charges in the Consolidated Statements of Comprehensive Income.

Letters of Credit

We provide letters of credit to various insurers to collateralize obligations for outstanding claims.

As of September 27, 2023, we had $ 5.8 million in undrawn standby letters of credit outstanding.

As of December 27, 2023, we had $ 5.8 million in undrawn standby letters of credit outstanding.

All standby letters of credit are renewable within the next 12 months.

4 unchanged sentences

In the Litigation, plaintiffs assert various claims at the Company’s Chili’s restaurants involving customer payment card information and seek monetary damages in excess of $ 5.0 million, injunctive and declaratory relief, and attorney’s fees and costs.

On August 15, 2023, we filed a Petition for Panel or En Banc Rehearing seeking further review by the Eleventh Circuit Court of Appeals of the panel’s July 11, 2023, decision vacating in part the district court’s class certification order.

Rehearing was sought to address the panel’s upholding of the plaintiffs’ damages methodology.

The Eleventh Circuit denied our petition on September 15, 2023.

We are exploring the option of petitioning the United States Supreme Court for further review.

All matters at the district court remain stayed.

We believe we have defenses and

On December 13, 2023, we filed a petition for writ of certiorari in the United States Supreme Court seeking review of the 11 th Circuit’s decision to uphold the plaintiff’s damages calculation methodology.

We also sought further stay of the district court proceedings pending final adjudication of our petition and await the court’s ruling on such request.

We believe we have defenses and intend to continue defending the Litigation.

As such, as of December 27, 2023, we have concluded that a loss, or range of loss, from this matter is not determinable, therefore, we have not

Footnote Index

intend to continue defending the Litigation.

As such, as of September 27, 2023, we have concluded that a loss, or range of loss, from this matter is not determinable, therefore, we have not recorded a liability related to the Litigation.

recorded a liability related to the Litigation.

We will continue to evaluate this matter based on new information as it becomes available.

5 unchanged sentences

Based upon consultation with legal counsel, management is of the opinion that there are no matters pending or threatened which are expected to have a material adverse effect, individually or in the aggregate, on the consolidated financial condition or results of operations.

Thirteen Week Periods Ended

September 27,

2023 September 28,

Twenty-Six Week Periods Ended

2023 December 28,

Effective income tax rate 7.0 % 50.0 %

The federal statutory tax rate was 21.0 % for the thirteen week periods ended September 27, 2023 and September 28, 2022.

The effective income tax rate in the thirteen week period ended September 27, 2023 decreased compared to the thirteen week period ended September 28, 2022.

The decrease is primarily due to a less favorable impact from the FICA tip tax credit against higher Income before income taxes.

The federal statutory tax rate was 21.0 % for the twenty-six week periods ended December 27, 2023 and December 28, 2022.

The change in the effective income tax rate in the twenty-six week period ended December 27, 2023 to the twenty-six week period ended December 28, 2022 is primarily due to a less favorable impact from the FICA tip tax credit against higher Income before income taxes.

SHAREHOLDERS’ DEFICIT

1 unchanged sentence

During the first quarter of fiscal 2023, the Board of Directors approved the retirement of 10.0 million shares of Treasury stock for a weighted average price per share of $ 30.71 .

As of September 27, 2023, 16.1 million shares remain in treasury.

As of December 27, 2023, 16.1 million shares remain in treasury.

Share Repurchases

2 unchanged sentences

We evaluate potential share repurchases under our plan based on several factors, including our cash position, share price, operational liquidity, proceeds from divestitures, borrowings and planned investment and financing needs.

In the thirteen week period ended September 27, 2023, we repurchased 0.8 million shares of our common stock for $ 24.7 million, including 0.7 million shares purchased for $ 21.0 million as part of our share repurchase program and 0.1 million shares purchased from team members to satisfy tax withholding obligations on the vesting of restricted shares.

In the twenty-six week period ended December 27, 2023, we repurchased 0.8 million shares of our common stock for $ 25.1 million, including 0.7 million shares purchased for $ 21.0 million as part of our share repurchase program and 0.1 million shares purchased from team members to satisfy tax withholding obligations on the vesting of restricted shares.

These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan.

As of September 27, 2023, approximately $ 183.0 million of share repurchase authorization remains under the current share repurchase program.

As of December 27, 2023, approximately $ 183.0 million of share repurchase authorization remains under the current share repurchase program.

Footnote Index

1 unchanged sentence

The following table presents the restricted share awards granted and related weighted average fair value per share amounts.

Thirteen Week Periods Ended

September 27,

2023 September 28,

Twenty-Six Week Periods Ended

2023 December 28,

Restricted share awards

2 unchanged sentences

NET INCOME PER SHARE

Basic net income per share is computed by dividing Net income (loss) by the Basic weighted average shares outstanding for the reporting period.

Diluted net 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 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 income per share calculation.

Basic net income (loss) per share is computed by dividing Net income (loss) by the Basic weighted average shares outstanding for the reporting period.

Diluted net income (loss) 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 income (loss) 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 income (loss) per share calculation.

Basic weighted average shares outstanding are reconciled to Diluted weighted average shares outstanding as follows:

Thirteen Week Periods Ended

September 27,

2023 September 28,

Thirteen Week Periods Ended Twenty-Six Week Periods Ended

2023 December 28,

2022 December 27,

2023 December 28,

Basic weighted average shares outstanding 44.2 44.0 44.4 44.0

Dilutive stock options (1)

0.0 0.0 0.0 —

Dilutive restricted shares (1)

0.7 0.8 0.7 —

Total dilutive impact 0.7 0.8 0.7 —

1 unchanged sentence

Awards excluded due to anti-dilutive effect 0.8 1.4 0.8 2.8

(1) Due to the net loss for the thirteen week period ended September 28, 2022, zero incremental shares are included because the effect would be anti-dilutive.

(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.

OTHER GAINS AND CHARGES

Other (gains) and charges in the Consolidated Statements of Comprehensive Income (Loss) (Unaudited) consist of the following:

Thirteen Week Periods Ended

September 27,

2023 September 28,

Litigation & claims, net $ 2.2 $ 0.5

Thirteen Week Periods Ended Twenty-Six Week Periods Ended

2023 December 28,

2022 December 27,

2023 December 28,

Enterprise system implementation costs $ 2.1 $ 1.0 $ 4.1 $ 2.0

Litigation & claims, net 1.0 0.3 3.2 0.8

Restaurant closure asset write-offs and charges 0.2 3.3 0.8 4.8

1 unchanged sentence

Remodel-related asset write-offs 0.1 0.2 0.3 1.0

Loss from natural disasters, net of (insurance recoveries) ( 0.6 ) 1.1 ( 0.4 ) 0.9

Gain on the disposition of restaurants ( 0.4 ) — ( 0.4 ) —

Other 0.9 2.6 1.5 4.0

• Litigation & claims, net primarily relates to legal contingencies and claims on alcohol service cases.

$ 3.3 $ 8.5 $ 9.6 $ 13.5

Footnote Index

• Enterprise system implementation costs primarily consists of software subscription fees, certain consulting fees, and contract labor associated with the ongoing enterprise system implementation that are not capitalized.

• Litigation & claims, net primarily relates to legal contingencies and claims on alcohol service cases.

• Restaurant closure asset write-offs and charges includes costs associated with the closure of certain Chili’s restaurants in the current year and both Chili’s and Maggiano’s restaurants in the prior year.

2 unchanged sentences

• Remodel-related asset write-offs relates to assets that are removed or discarded in connection with Maggiano’s and Chili’s remodel projects.

• Loss from natural disasters, net of (insurance recoveries) primarily relates to the receipt of insurance proceeds for the Hurricane Ida claim in the current year and to costs incurred related to Hurricane Ian & Winter Storm in the prior year.

• Gain on the disposition of restaurants relates to the net proceeds from the sale of a Canada Company-owned restaurant.

SEGMENT INFORMATION

9 unchanged sentences

There were no material transactions amongst our operating segments.

Our chief operating decision maker uses Operating income (loss) as the measure for assessing performance of our 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 includes restaurant rent, repairs and maintenance, delivery fees and to-go supplies, supplies, utilities, advertising, credit card processing fees, and workers’ compensation and general liability insurance.

Footnote Index

Restaurant expenses during the periods presented primarily include restaurant rent, repairs and maintenance, delivery fees and to-go supplies, utilities, advertising, supplies, payment processing fees, franchise and property taxes, workers’ compensation and general liability insurance and supervision expenses.

The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP:

Thirteen Week Period Ended September 27, 2023

Footnote Index

Thirteen Week Period Ended December 27, 2023

Chili's Maggiano's Corporate Consolidated

13 unchanged sentences

Income (loss) before income taxes $ 69.3 $ 28.2 $ ( 51.7 ) $ 45.8

Thirteen Week Period Ended December 28, 2022

Chili's Maggiano's Corporate Consolidated

Company sales $ 869.3 $ 140.1 $ — $ 1,009.4

Franchise revenues 9.4 0.2 — 9.6

Total revenues 878.7 140.3 — 1,019.0

Food and beverage costs 253.7 35.7 — 289.4

Restaurant labor 292.3 42.3 — 334.6

Restaurant expenses 234.1 34.2 0.1 268.4

Depreciation and amortization 36.0 3.3 2.5 41.8

General and administrative 8.5 1.5 25.6 35.6

Other (gains) and charges 5.7 0.3 2.5 8.5

Total operating costs and expenses 830.3 117.3 30.7 978.3

Operating income (loss) 48.4 23.0 ( 30.7 ) 40.7

Interest expenses 0.9 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

Footnote Index

Twenty-Six Week Period Ended December 27, 2023

Chili's Maggiano's Corporate Consolidated

Company sales $ 1,814.7 $ 251.0 $ — $ 2,065.7

Franchise revenues 20.6 0.3 — 20.9

Total revenues 1,835.3 251.3 — 2,086.6

Food and beverage costs 472.3 59.6 — 531.9

Restaurant labor 624.0 80.2 — 704.2

Restaurant expenses 516.8 68.4 0.3 585.5

Depreciation and amortization 71.7 6.4 5.1 83.2

General and administrative 20.2 4.5 60.9 85.6

Other (gains) and charges 4.6 0.4 4.6 9.6

Total operating costs and expenses 1,709.6 219.5 70.9 2,000.0

Operating income (loss) 125.7 31.8 ( 70.9 ) 86.6

Interest expenses 1.7 0.1 31.9 33.7

Other income, net ( 0.1 ) — — ( 0.1 )

Income (loss) before income taxes $ 124.1 $ 31.7 $ ( 102.8 ) $ 53.0

Segment assets $ 2,052.5 $ 246.6 $ 211.6 $ 2,510.7

Payments for property and equipment 74.6 9.4 5.5 89.5

Thirteen Week Period Ended September 28, 2022

Maggiano's Corporate Consolidated

Twenty-Six Week Period Ended December 28, 2022

Chili's Maggiano's Corporate Consolidated

Company sales

16 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements