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FORM 10-Q 
 
 
 
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 28, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from              to             
Commission file number 001-35258 
 
 
 
DUNKIN’ BRANDS GROUP, INC.
(Exact name of registrant as specified in its charter) 
 
 
 
Delaware
 
20-4145825
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
130 Royall Street
Canton, Massachusetts 02021
(Address of principal executive offices) (zip code)
(781) 737-3000
(Registrants’ telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report.)
 
 
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value per share
DNKN
Nasdaq Global Select Market
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, a smaller reporting company, or an emerging growth company. See the 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  
As of May 1, 2020, 82,111,425 shares of common stock of the registrant were outstanding.



DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES

TABLE OF CONTENTS
 


2


Part I.        Financial Information
Item 1.       Financial Statements and Supplementary Data
DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
March 28,
2020
 
December 28,
2019
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
601,226

 
621,152

Restricted cash
72,793

 
85,644

Accounts receivable, net of allowances of $10,052 and $6,533 as of March 28, 2020 and December 28, 2019, respectively
87,676

 
76,019

Notes and other receivables, net of allowances of $825 and $778 as of March 28, 2020 and December 28, 2019, respectively
32,162

 
57,174

Prepaid income taxes
25,063

 
16,701

Prepaid expenses and other current assets
63,275

 
50,611

Total current assets
882,195

 
907,301

Property, equipment, and software, net of accumulated depreciation of $177,917 and $172,001 as of March 28, 2020 and December 28, 2019, respectively
222,973

 
223,120

Operating lease assets
366,447

 
371,264

Equity method investments
151,718

 
154,812

Goodwill
888,253

 
888,286

Other intangible assets, net of accumulated amortization of $257,973 and $253,641 as of March 28, 2020 and December 28, 2019, respectively
1,298,112

 
1,302,721

Other assets
67,571

 
72,520

Total assets
$
3,877,269

 
3,920,024

Liabilities and Stockholders’ Deficit
 
Current liabilities:
 
 
 
Current portion of debt
$
139,400

 
31,150

Operating lease liabilities
34,839

 
35,863

Accounts payable
92,949

 
89,413

Deferred revenue
37,510

 
39,950

Other current liabilities
290,318

 
386,050

Total current liabilities
595,016

 
582,426

Long-term debt, net
3,005,415

 
3,004,216

Operating lease liabilities
375,112

 
380,647

Deferred revenue
315,782

 
324,854

Deferred income taxes, net
202,175

 
197,673

Other long-term liabilities
20,056

 
18,218

Total long-term liabilities
3,918,540

 
3,925,608

Commitments and contingencies (note 9)

 

Stockholders’ deficit:
 
 
 
Preferred stock, $0.001 par value; 25,000,000 shares authorized; no shares issued and outstanding

 

Common stock, $0.001 par value; 475,000,000 shares authorized; 82,088,373 shares issued and 82,087,373 shares outstanding as of March 28, 2020; 82,835,830 shares issued and 82,834,830 shares outstanding as of December 28, 2019
82

 
83

Additional paid-in capital
529,179

 
561,345

Treasury stock, at cost; 1,000 shares as of March 28, 2020 and December 28, 2019
(64
)
 
(64
)
Accumulated deficit
(1,138,697
)
 
(1,129,565
)
Accumulated other comprehensive loss
(26,787
)
 
(19,809
)
Total stockholders’ deficit
(636,287
)
 
(588,010
)
Total liabilities and stockholders’ deficit
$
3,877,269

 
3,920,024


See accompanying notes to unaudited consolidated financial statements.

3

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

 
Three months ended
 
March 28,
2020
 
March 30,
2019
Revenues:
 
 
 
Franchise fees and royalty income
$
139,476

 
139,328

Advertising fees and related income
116,970

 
117,198

Rental income
28,932

 
29,028

Sales of ice cream and other products
23,947

 
20,733

Other revenues
13,819

 
12,804

Total revenues
323,144

 
319,091

Operating costs and expenses:
 
 
 
Occupancy expenses—franchised restaurants
19,499

 
19,475

Cost of ice cream and other products
18,148

 
16,640

Advertising expenses
118,269

 
118,091

General and administrative expenses
60,535

 
56,203

Depreciation
5,049

 
4,621

Amortization of other intangible assets
4,592

 
4,633

Long-lived asset impairment charges
74

 
323

Total operating costs and expenses
226,166

 
219,986

Net income of equity method investments
3,666

 
2,230

Other operating income, net
668

 
37

Operating income
101,312

 
101,372

Other income (expense), net:
 
 
 
Interest income
2,055

 
1,831

Interest expense
(32,037
)
 
(32,129
)
Other loss, net
(670
)
 
(4
)
Total other expense, net
(30,652
)
 
(30,302
)
Income before income taxes
70,660

 
71,070

Provision for income taxes
18,547

 
18,747

Net income
$
52,113

 
52,323

Earnings per share:
 
 
 
Common—basic
$
0.63

 
0.63

Common—diluted
0.63

 
0.63

See accompanying notes to unaudited consolidated financial statements.

4

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)

 
Three months ended
 
March 28,
2020
 
March 30,
2019
Net income
$
52,113

 
52,323

Other comprehensive loss, net:
 
 
 
Effect of foreign currency translation, net of deferred tax (benefit) expense of $(62) and $26 for the three months ended March 28, 2020 and March 30, 2019, respectively
(6,387
)
 
(2,353
)
Other, net
(591
)
 
(173
)
Total other comprehensive loss, net
(6,978
)
 
(2,526
)
Comprehensive income
$
45,135

 
49,797

See accompanying notes to unaudited consolidated financial statements.

5

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Stockholders' Deficit
For the Three Months Ended March 28, 2020 and March 30, 2019
(In thousands)
(Unaudited)


 
Stockholders' Deficit
 
Common stock
 
Additional
paid-in
capital
 
Treasury
stock, at cost
 
Accumulated
deficit
 
Accumulated
other
comprehensive
loss
 
Total
 
Shares
 
Amount
 
Balance at December 28, 2019
82,836

 
$
83

 
561,345

 
(64
)
 
(1,129,565
)
 
(19,809
)
 
(588,010
)
Net income

 

 

 

 
52,113

 

 
52,113

Other comprehensive loss, net

 

 

 

 

 
(6,978
)
 
(6,978
)
Exercise of stock options
66

 

 
3,251

 

 

 

 
3,251

Dividends paid on common stock ($0.4025 per share)

 

 
(33,057
)
 

 

 

 
(33,057
)
Share-based compensation expense
67

 

 
3,365

 

 

 

 
3,365

Repurchases of common stock

 

 

 
(64,292
)
 

 

 
(64,292
)
Retirement of treasury stock
(881
)
 
(1
)
 
(5,615
)
 
64,292

 
(58,676
)
 

 

Other

 

 
(110
)
 

 
(2,569
)
 

 
(2,679
)
Balance at March 28, 2020
82,088

 
$
82

 
529,179

 
(64
)
 
(1,138,697
)
 
(26,787
)
 
(636,287
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 29, 2018
82,437

 
$
82

 
642,017

 
(1,060
)
 
(1,338,709
)
 
(15,127
)
 
(712,797
)
Net income

 

 

 

 
52,323

 

 
52,323

Other comprehensive loss, net

 

 

 

 

 
(2,526
)
 
(2,526
)
Exercise of stock options
84

 

 
3,830

 

 

 

 
3,830

Dividends paid on common stock ($0.3750 per share)

 

 
(30,975
)
 

 

 

 
(30,975
)
Share-based compensation expense
143

 
1

 
3,606

 

 

 

 
3,607

Repurchases of common stock

 

 

 
(129
)
 

 

 
(129
)
Retirement of treasury stock
(2
)
 

 
(14
)
 
129

 
(115
)
 

 

Other
1

 

 
(138
)
 
(2,231
)
 
(2,257
)
 

 
(4,626
)
Balance at March 30, 2019
82,663

 
$
83

 
618,326

 
(3,291
)
 
(1,288,758
)
 
(17,653
)
 
(691,293
)
See accompanying notes to unaudited consolidated financial statements.




6

DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)

 
Three months ended
 
March 28,
2020
 
March 30,
2019
Cash flows from operating activities:
 
 
 
Net income
$
52,113

 
52,323

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Depreciation and amortization
11,501

 
10,425

Amortization of debt issuance costs
1,237

 
1,281

Deferred income taxes
4,549

 
(5,447
)
Provision for uncollectible accounts and notes receivable
3,693

 
689

Share-based compensation expense
3,365

 
3,607

Net income of equity method investments
(3,666
)
 
(2,230
)
Dividends received from equity method investments
589

 
3,777

Other, net
555

 
194

Change in operating assets and liabilities:
 
 
 
Accounts, notes, and other receivables, net
9,564

 
25,222

Prepaid income taxes, net
(8,357
)
 
10,766

Prepaid expenses and other current assets
(12,917
)
 
(6,967
)
Accounts payable
4,970

 
(27,902
)
Other current liabilities
(95,827
)
 
(67,865
)
Deferred revenue
(11,473
)
 
(9,511
)
Other, net
2,849

 
(4,354
)
Net cash used in operating activities
(37,255
)
 
(15,992
)
Cash flows from investing activities:
 
 
 
Additions to property, equipment, and software
(6,145
)
 
(1,946
)
Other, net
(128
)
 
(304
)
Net cash used in investing activities
(6,273
)
 
(2,250
)
Cash flows from financing activities:
 
 
 
Borrowings under variable funding notes
116,000

 

Repayment of long-term debt
(7,787
)
 
(7,912
)
Dividends paid on common stock
(33,057
)
 
(30,975
)
Repurchases of common stock
(64,292
)

(129
)
Exercise of stock options
3,251

 
3,830

Other, net
(2,880
)
 
(5,065
)
Net cash provided by (used in) financing activities
11,235

 
(40,251
)
Effect of exchange rates on cash, cash equivalents, and restricted cash
(641
)
 
89

Decrease in cash, cash equivalents, and restricted cash
(32,934
)
 
(58,404
)
Cash, cash equivalents, and restricted cash, beginning of period
707,977

 
598,321

Cash, cash equivalents, and restricted cash, end of period
$
675,043

 
539,917

Supplemental cash flow information:
 
 
 
Cash paid for income taxes
$
22,406

 
13,571

Cash paid for interest
30,812

 
30,763

Noncash activities:
 
 
 
Leased assets obtained in exchange for operating lease liabilities, net
5,069

 
856

Property, equipment, and software included in accounts payable and other current liabilities
3,177

 
1,405

See accompanying notes to unaudited consolidated financial statements.

7


DUNKIN’ BRANDS GROUP, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(Unaudited)
(1) Description of business and organization
Dunkin’ Brands Group, Inc. (“DBGI”), together with its consolidated subsidiaries, is one of the world’s leading franchisors of restaurants serving coffee and baked goods, as well as ice cream, within the quick service restaurant segment of the restaurant industry. We franchise and license a system of both traditional and nontraditional quick service restaurants. Through our Dunkin’ brand, we franchise restaurants featuring coffee, espresso, donuts, bagels, breakfast sandwiches, and related products. Additionally, we license Dunkin’ brand products sold in certain retail outlets such as retail packaged coffee, Dunkin’ K-Cup® pods, and ready-to-drink bottled iced coffee. Through our Baskin-Robbins brand, we franchise restaurants featuring ice cream, frozen beverages, and related products. Additionally, we distribute Baskin-Robbins ice cream products to certain international markets for sale in Baskin-Robbins restaurants and certain retail outlets.
Throughout these unaudited consolidated financial statements, “Dunkin’ Brands,” “the Company,” “we,” “us,” “our,” and “management” refer to DBGI and its consolidated subsidiaries taken as a whole.
(2) Summary of significant accounting policies
(a) Unaudited consolidated financial statements
The consolidated balance sheet as of March 28, 2020 and the consolidated statements of operations, comprehensive income, stockholders' deficit, and cash flows for each of the three-month periods ended March 28, 2020 and March 30, 2019 are unaudited.
The accompanying unaudited consolidated financial statements include the accounts of DBGI and its consolidated subsidiaries and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements. All significant transactions and balances between subsidiaries and affiliates have been eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements in accordance with U.S. GAAP have been recorded. Such adjustments consisted only of normal recurring items. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended December 28, 2019, included in the Company's Annual Report on Form 10-K.
(b) Fiscal year
The Company operates and reports financial information on a 52- or 53-week year on a 13-week quarter basis with the fiscal year ending on the last Saturday in December and fiscal quarters ending on the 13th Saturday of each quarter (or 14th Saturday when applicable with respect to the fourth fiscal quarter). The data periods contained within the three-month periods ended March 28, 2020 and March 30, 2019 reflect the results of operations for the 13-week periods ended on those dates. Operating results for the three-month period ended March 28, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 26, 2020.
(c) Cash, cash equivalents, and restricted cash
In accordance with the Company’s securitized financing facility, certain cash accounts have been established in the name of Citibank, N.A. (the “Trustee”) for the benefit of the Trustee and the noteholders, and are restricted in their use. The Company holds restricted cash which primarily represents (i) cash collections held by the Trustee, (ii) interest, principal, and commitment fee reserves held by the Trustee related to the Company’s notes (see note 4), and (iii) real estate reserves used to pay real estate obligations.

8


Cash, cash equivalents, and restricted cash within the consolidated balance sheets that are included in the consolidated statements of cash flows as of March 28, 2020 and December 28, 2019 were as follows (in thousands):
 
March 28,
2020
 
December 28,
2019
Cash and cash equivalents
$
601,226

 
621,152

Restricted cash
72,793

 
85,644

Restricted cash, included in Other assets
1,024

 
1,181

Total cash, cash equivalents, and restricted cash
$
675,043

 
707,977


(d) Fair value of financial instruments
Financial assets and liabilities are categorized, based on the inputs to the valuation technique, into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. Observable market data, when available, is required to be used in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
Financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2020 and December 28, 2019 are summarized as follows (in thousands):
 
March 28, 2020
 
December 28, 2019
 
Significant other observable inputs (Level 2)
 
Total
 
Significant other observable inputs (Level 2)
 
Total
Assets:
 
 
 
 
 
 
 
Company-owned life insurance
$
10,228

 
10,228

 
12,367

 
12,367

Total assets
$
10,228

 
10,228

 
12,367

 
12,367

Liabilities:
 
 
 
 
 
 
 
Deferred compensation liabilities
$
6,512

 
6,512

 
7,216

 
7,216

Total liabilities
$
6,512

 
6,512

 
7,216

 
7,216


The deferred compensation liabilities relate to the Dunkin’ Brands, Inc. non-qualified deferred compensation plans (“NQDC Plans”), which allow for pre-tax deferral of compensation for certain qualifying employees and directors. Changes in the fair value of the deferred compensation liabilities are derived using quoted prices in active markets of the asset selections made by the participants. The deferred compensation liabilities are classified within Level 2, as defined under U.S. GAAP, because their inputs are derived principally from observable market data by correlation to hypothetical investments. The Company holds company-owned life insurance policies to offset the Company’s liabilities under the NQDC Plans. The changes in the fair value of any company-owned life insurance policies are derived using determinable cash surrender value. As such, the company-owned life insurance policies are classified within Level 2, as defined under U.S. GAAP.
The carrying value and estimated fair value of total debt as of March 28, 2020 and December 28, 2019 were as follows (in thousands):
 
March 28, 2020
 
December 28, 2019
 
Carrying value
 
Estimated fair value
 
Carrying value
 
Estimated fair value
 
 
 
 
 
 
 
 
Total debt
$
3,144,815

 
2,956,030

 
3,035,366

 
3,149,505


The estimated fair value of variable funding notes, which is included in the fair value of total debt, approximates carrying value due to the variable interest rate and short-term maturity of the variable funding notes. The estimated fair value of other debt is estimated primarily based on current market rates for debt with similar terms and remaining maturities or current midpoint prices for such debt. Judgment is required to develop these estimates.
The estimated fair value of debt is classified within Level 2, as defined under U.S. GAAP.

9


On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus disease (“COVID-19”) as a pandemic. The estimated fair value of our debt decreased significantly during the three months ended March 28, 2020 and may continue to fluctuate based on market conditions and other factors as a result of COVID-19.
(e) Concentration of credit risk
The Company is subject to credit risk through its accounts receivable consisting primarily of amounts due from franchisees and licensees for franchise fees, royalty income, advertising fees, and sales of ice cream and other products. In addition, we have note and lease receivables from certain of our franchisees and licensees. The financial condition of these franchisees and licensees is largely dependent upon the underlying business trends of our brands and market conditions within the quick service restaurant industry. This concentration of credit risk is mitigated, in part, by the large number of franchisees and licensees of each brand and the short-term nature of the franchise and license fee and lease receivables. As of March 28, 2020 and December 28, 2019, one master licensee, including its majority-owned subsidiaries, accounted for approximately 17% and 15%, respectively, of total accounts and notes receivable. No individual franchisee or master licensee accounted for more than 10% of total revenues for either of the three-month periods ended March 28, 2020 and March 30, 2019.
Additionally, the Company engages various third parties to manufacture and/or distribute certain Dunkin' and Baskin-Robbins products under licensing arrangements. As of March 28, 2020, one of these third parties accounted for approximately 10% of total accounts and notes receivable. No individual third party accounted for more than 10% of total accounts and notes receivable as of December 28, 2019. No individual third party accounted for more than 10% of total revenues for either of the three-month periods ended March 28, 2020 and March 30, 2019.
(f) Recent accounting pronouncements
In June 2016, the Financial Accounting Standards Board (the “FASB”) issued new guidance for financial instruments which requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted this new guidance in fiscal year 2020 using the modified retrospective transition method. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements.
The Company closely monitors the financial condition of our franchisees, licensees, and other third parties and estimates the allowance for credit losses based upon the lifetime expected loss on receivables. These estimates are based on historical collection experience with our franchisees, licensees, and other third parties as well as other factors, including those related to current market conditions and events. Included in the allowance for credit losses is a provision for uncollectible royalty, franchise fee, advertising fee, ice cream, and licensing fee receivables (see note 13).
The Company also monitors its off-balance sheet exposures under its letters of credit and supply chain and other guarantees. None of these arrangements has or is likely to have a material effect on the Company’s results of operations, financial condition, revenues, expenses or liquidity.
(g) Subsequent events
Subsequent events have been evaluated up through the date that these consolidated financial statements were filed.

10


(3) Revenue recognition
(a) Disaggregation of revenue
Revenues are disaggregated by timing of revenue recognition related to contracts with customers (“ASC 606”) and reconciled to reportable segment revenues as follows (in thousands):
 
Three months ended March 28, 2020
 
Dunkin' U.S.
 
Baskin-Robbins U.S.
 
Dunkin' International
 
Baskin-Robbins International
 
U.S. Advertising Funds
 
Total reportable segment revenues
 
Other(a)
 
Total revenues
Revenues recognized under ASC 606
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues recognized over time:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Royalty income
$
117,855

 
6,237

 
5,046

 
1,698

 

 
130,836

 
2,903

 
133,739

Franchise fees
4,887

 
355

 
337

 
132

 

 
5,711

 
26

 
5,737

Advertising fees and related income

 

 

 

 
108,631

 
108,631

 
1,152

 
109,783

Other revenues
756

 
2,016

 
45

 
(1
)
 

 
2,816

 
10,320

 
13,136

Total revenues recognized over time
123,498

 
8,608

 
5,428

 
1,829

 
108,631

 
247,994

 
14,401

 
262,395

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues recognized at a point in time:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Sales of ice cream and other products

 
1,409

 

 
25,257

 

 
26,666

 
(2,719
)
 
23,947

Other revenues
369

 
44

 
55

 
(10
)
 

 
458

 
225

 
683

Total revenues recognized at a point in time
369

 
1,453

 
55

 
25,247

 

 
27,124

 
(2,494
)
 
24,630

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues recognized under ASC 606
123,867

 
10,061

 
5,483

 
27,076

 
108,631

 
275,118

 
11,907

 
287,025

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues not subject to ASC 606
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Advertising fees and related income

 

 

 

 

 

 
7,187

 
7,187

Rental income
27,923

 
783

 

 
226

 

 
28,932

 

 
28,932

Total revenues not subject to ASC 606
27,923

 
783

 

 
226

 

 
28,932

 
7,187

 
36,119

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$
151,790

 
10,844

 
5,483

 
27,302

 
108,631

 
304,050

 
19,094

 
323,144

(a)
Revenues reported as “Other” include revenues earned through certain licensing arrangements, revenues generated from online training programs for franchisees, advertising fees and related income from international advertising funds, and breakage and other revenue related to the gift card program, all of which are not allocated to a specific segment. Additionally, the allocation of royalty income from sales of ice cream and other products is reported as “Other.”

11


 
Three months ended March 30, 2019
 
Dunkin' U.S.
 
Baskin-Robbins U.S.
 
Dunkin' International
 
Baskin-Robbins International
 
U.S. Advertising Funds
 
Total reportable segment revenues
 
Other(a)
 
Total revenues
Revenues recognized under ASC 606
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues recognized over time:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Royalty income
$
117,097

 
6,103

 
5,913

 
1,905

 

 
131,018

 
3,149

 
134,167

Franchise fees
3,626

 
312

 
865

 
358

 

 
5,161

 

 
5,161

Advertising fees and related income