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Company Description (as filed with the SEC)
DineEquity, Inc., together with its subsidiaries (referred to as the “Company,”
“we,” “our” and “us,”), owns, franchises and operates two restaurant concepts:
Applebee's Neighborhood Grill & Bar® (“Applebee's®”), in the bar and grill
segment within the casual dining category of the restaurant industry, and
International House of Pancakes® (“IHOP®”), in the family dining category of the
restaurant industry. References herein to Applebee's and IHOP restaurants are to
these two restaurant concepts, whether operated by franchisees, area licensees
or by us. As of December 31, 2013, 99% of our 3,631 restaurants across both
brands were franchised. We believe this highly franchised business model
requires less capital investment and general and administrative overhead,
generates higher gross profit margins and reduces the volatility of free cash
flow performance, as compared to owning a significant number of company-operated
restaurants. ... More ...
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