0000703351-23-000016 | 10-Q | XBRL Viewer | Brinker International INC

$ 1,083.2

$ 980.4

$ 3,057.7

$ 2,782.6

Operating costs and expenses

287.5

270.3

866.4

757.4

361.2

329.1

1,026.4

949.4

280.9

244.1

818.1

712.1

42.5

42.2

126.2

123.1

40.6

39.2

115.7

108.8

6.3

6.1

19.8

17.0

1,019.0

931.0

2,972.6

2,667.8

Operating income

64.2

49.4

85.1

114.8

14.2

11.1

40.4

34.8

(0.6)

(0.4)

(1.3)

(1.2)

(Benefit) Provision for income taxes

50.6

38.7

46.0

81.2

(0.1)

2.1

(2.4)

3.8

Net income

$ 50.7

$ 36.6

$ 48.4

$ 77.4

Basic net income per share

$ 1.15

$ 0.82

$ 1.10

$ 1.71

Diluted net income per share

$ 1.12

$ 0.81

$ 1.08

$ 1.68

Basic weighted average shares outstanding

44.1

44.4

44.0

45.2

Diluted weighted average shares outstanding

45.1

44.8

46.0

Other comprehensive income (loss)

Foreign currency translation adjustment

$ 0.1

$ 0.4

$ (0.8)

$ (0.1)

Other comprehensive income (loss)

0.1

0.4

(0.8)

(0.1)

Comprehensive income

50.8

37.0

47.6

77.3

Company sales [Member]

Franchise revenues [Member]

1,072.9

970.9

^[1]

3,028.4

2,752.3

^[1]

Lease Expenses Included in the Consolidated Statements of Comprehensive Income

$ 10.3

$ 9.5

^[1]

$ 29.3

$ 30.3

^[1]

[1]	Certain changes in presentation have been made to fiscal 2022 revenue amounts to enhance comparability to the fiscal 2023 presentation. These reclassifications have no effect on Total revenues or Net income previously reported. Refer to Note 1 - Basis of Presentation for further details.

LEASES (Tables)

9 Months Ended

Mar. 29, 2023

Leases [Abstract]

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022		March 29, 2023		March 30, 2022
Operating lease cost	$	45.3	$	44.1	$	135.5	$	128.7
Variable lease cost	16.5		13.9		47.3		44.1
Finance lease amortization	4.9		5.9		15.0		17.6
Finance lease interest	1.0		1.3		3.1		4.3
Short-term lease cost	0.0		0.1		0.2		0.4
Sublease income	(0.8)		(0.9)		(2.3)		(3.3)
Total lease costs, net	$	66.9	$	64.4	$	198.8	$	191.8

REVENUE RECOGNITION (Remaining Deferred Franchise and Development Fees to be Recognized) (Details) $ in Millions	Mar. 29, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 11.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 0.2
Remaining deferred franchise and development fees to be recognized, expected timing of satisfaction in years	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 0.9
Remaining deferred franchise and development fees to be recognized, expected timing of satisfaction in years	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 0.9
Remaining deferred franchise and development fees to be recognized, expected timing of satisfaction in years	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 0.8
Remaining deferred franchise and development fees to be recognized, expected timing of satisfaction in years	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-06-25
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 0.8
Remaining deferred franchise and development fees to be recognized, expected timing of satisfaction in years	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining deferred franchise and development fees to be recognized	$ 7.6
Remaining deferred franchise and development fees to be recognized, expected timing of satisfaction in years	15 years

FAIR VALUE MEASUREMENTS (Non-Financial Assets Measured on a Non-Recurring Basis) (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2023	Mar. 30, 2022	Jun. 29, 2022
Additional Fair Value Elements [Abstract]
Accumulated amortization associated with definite-lived intangible assets,	$ 14.8		$ 12.6
Schedule of Impairments [Line Items]
Impairment of definite lived assets	0.0	$ 0.0
Impairment of goodwill	0.0	0.0
Liquor Licenses [Member]
Schedule of Impairments [Line Items]
Impairment of liquor licenses	$ 0.0	$ 0.0

FAIR VALUE MEASUREMENTS (Schedule of Carrying and Fair Values of Financial Instruments) (Details) - USD ($) $ in Millions	Mar. 29, 2023	Jun. 29, 2022
3.875% notes [Member]
Debt Instrument [Line Items]
Notes, stated percentage interest rate	3.875%
Carrying value of notes	$ 299.9	$ 299.7
Fair value of notes	$ 299.2	295.4
5.000% notes [Member]
Debt Instrument [Line Items]
Notes, stated percentage interest rate	5.00%
Carrying value of notes	$ 348.8	348.2
Fair value of notes	$ 341.6	$ 329.0

Other Significant Noncash Transactions [Line Items]

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Mar. 29, 2023	Apr. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 29, 2023
Entity File Number	1-10275
Entity Registrant Name	BRINKER INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-1914582
Entity Address, Address Line One	3000 Olympus Blvd
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	(972)
Local Phone Number	980-9917
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	EAT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000703351
Current Fiscal Year End Date	--06-28
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		44,296,817

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Mar. 29, 2023	Mar. 30, 2022
Cash flows from operating activities
Net income	$ 48.4	$ 77.4
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization	126.2	123.1
Stock-based compensation	10.3	15.2
Restructure and impairment charges	12.2	8.7
Net loss on disposal of assets	2.9	2.3
Other	1.3	2.6
Changes in assets and liabilities, net of the impact of acquisitions:
Accounts receivable, net	(10.0)	8.0
Inventories	0.5	(3.4)
Restaurant supplies	(0.7)	(1.1)
Prepaid expenses	(11.8)	(6.9)
Operating lease assets, net of liabilities	(2.2)	5.2
Deferred income taxes, net	(18.9)	(3.5)
Other assets	(0.1)	0.2
Accounts payable	30.2	4.9
Gift card liability	(4.9)	(2.6)
Accrued payroll	(9.5)	(14.3)
Other accrued liabilities	14.6	3.5
Current income taxes	9.2	19.6
Other liabilities	3.1	(27.3)
Net cash provided by operating activities	200.8	211.6
Cash flows from investing activities
Payments for property and equipment	(136.6)	(109.0)
Proceeds from note receivable	3.3	1.0
Payments for franchise restaurant acquisitions	0.0	(106.0)
Proceeds from sale leaseback transactions, net of related expenses	0.0	20.5
Proceeds from sale of assets	0.0	0.1
Net cash used in investing activities	(133.3)	(193.4)
Cash flows from financing activities
Borrowings on revolving credit facility	375.0	595.5
Payments on revolving credit facility	(425.0)	(502.5)
Payments on long-term debt	(16.7)	(17.6)
Purchases of treasury stock	(2.2)	(100.8)
Payments of dividends	(0.4)	(1.1)
Payments for debt issuance costs	0.0	(3.1)
Proceeds from issuance of treasury stock	2.1	0.4
Net cash used in financing activities	(67.2)	(29.2)
Net change in cash and cash equivalents	0.3	(11.0)
Cash and cash equivalents at beginning of period	13.5	23.9
Cash and cash equivalents at end of period	$ 13.8	$ 12.9

SUPPLEMENTAL CASH FLOW INFORMATION (Non-Cash Operating, Investing and Financing Activities) (Details)
$ in Millions

9 Months Ended

Mar. 29, 2023

USD ($)

Restaurants

Mar. 30, 2022

USD ($)

Restaurants

Jun. 29, 2022

Restaurants

Mar. 01, 2022

leases

Operating lease additions

$ 59.1

$ 214.7

^[1]

Finance lease additions

0.2

12.6

Accrued capital expenditures

13.5

7.6

Retirement of fully depreciated assets

$ 94.2

$ 120.9

Chili's Restaurants [Member] | Lease Modification

1,654

Other Significant Noncash Transactions [Line Items]

Number of real estate leases modified, classification changed from finance to operating | leases

Chili's restaurant acquisitions [Member] | Chili's Restaurants [Member]

Other Significant Noncash Transactions [Line Items]

[1]

The thirty-nine week period ended March 30, 2022 primarily included operating lease additions associated with the 66 restaurants purchased from three former franchisees and the modifications of 25 real estate leases. Refer to Note 14 - Fiscal 2022 Chili’s Restaurant Acquisitions for further details.

DEBT (Tables)

9 Months Ended

Mar. 29, 2023

Debt Disclosure [Abstract]

Long-term Debt Schedule

Long-term debt consists of the following:


	March 29, 2023		June 29, 2022
Revolving credit facility	$	221.3	$	271.3
5.000% notes	350.0		350.0
3.875% notes(1)	300.0		300.0
Finance lease obligations	73.6		90.2
Total long-term debt and finance leases	944.9		1,011.5
Less: unamortized debt issuance costs and discounts	(1.3)		(2.1)
Total long-term debt, less unamortized debt issuance costs and discounts	943.6		1,009.4
Less: current installments of long-term debt and finance leases(2)	(12.9)		(20.3)
Long-term debt and finance leases, less current installments	$	930.7	$	989.1

(1)Obligations under our 3.875% notes, which will mature on May 15, 2023, 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). Refer to Note 10 - Accrued Liabilities for further details.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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SHAREHOLDERS' DEFICIT (Stock-based Compensation) (Details) - $ / shares shares in Millions	9 Months Ended
	Mar. 29, 2023	Mar. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share awards granted	0.7	0.4
Weighted average fair value per share	$ 29.69	$ 52.89

INCOME TAXES (Effective and Statutory Tax Rates) (Details)	3 Months Ended		9 Months Ended
	Mar. 29, 2023 Rate	Mar. 30, 2022 Rate	Mar. 29, 2023 Rate	Mar. 30, 2022 Rate
Income Tax Disclosure [Abstract]
Effective income tax rate	(0.20%)	5.40%	(5.20%)	4.70%
Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	21.00%	21.00%

DEBT

9 Months Ended

Mar. 29, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt consists of the following:


	March 29, 2023		June 29, 2022
Revolving credit facility	$	221.3	$	271.3
5.000% notes	350.0		350.0
3.875% notes(1)	300.0		300.0
Finance lease obligations	73.6		90.2
Total long-term debt and finance leases	944.9		1,011.5
Less: unamortized debt issuance costs and discounts	(1.3)		(2.1)
Total long-term debt, less unamortized debt issuance costs and discounts	943.6		1,009.4
Less: current installments of long-term debt and finance leases(2)	(12.9)		(20.3)
Long-term debt and finance leases, less current installments	$	930.7	$	989.1

Revolving Credit Facility

In the thirty-nine week period ended March 29, 2023, net repayments of $50.0 million were made on our revolving credit facility. As of March 29, 2023, $578.7 million of credit was available under the revolving credit facility.

The $800.0 million revolving credit facility matures on August 18, 2026 and bears interest of LIBOR plus an applicable margin of 1.500% to 2.250% and an undrawn commitment fee of 0.250% to 0.350%, both based on a function of our debt-to-cash-flow ratio. As of March 29, 2023, our interest rate was 6.875% consisting of LIBOR of 4.875% plus the applicable margin of 2.000%.

Financial CovenantsOur debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios. As of March 29, 2023, we were in compliance with our covenants pursuant to the $800.0 million revolving credit facility and under the terms of the indentures governing our 3.875% notes and 5.000% notes. We expect to remain in compliance with our covenants during the remainder of fiscal 2023.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Effective Income Tax Rate Schedule

INCOME TAXES (Tables)

9 Months Ended

Mar. 29, 2023

Income Tax Disclosure [Abstract]


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022		March 29, 2023		March 30, 2022
Effective income tax rate	(0.2)	%	5.4	%	(5.2)	%	4.7	%

OTHER GAINS AND CHARGES (Tables)

9 Months Ended

Mar. 29, 2023

Other Gains and Charges [Abstract]

Other Gains And Charges

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022		March 29, 2023		March 30, 2022
Lease contingencies	$	2.0	$	—	$	2.0	$	2.9
Restaurant closure charges	1.8		1.2		6.6		1.7
Enterprise system implementation costs	1.3		0.5		3.3		1.4
Severance and other benefit charges	1.0		—		3.9		—
Remodel-related costs	0.1		0.9		1.1		4.0
Acquisition-related costs, net	—		0.6		0.2		1.5
Loss from natural disasters, net of (insurance recoveries)	(0.1)		—		0.8		0.8

Other	0.2		2.9		1.9		4.7
	$	6.3	$	6.1	$	19.8	$	17.0

SEGMENT INFORMATION (Schedule of Segment Reporting) (Details)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 29, 2023

USD ($)

Restaurants

Country

territories

Mar. 30, 2022

USD ($)

Restaurants

Mar. 29, 2023

USD ($)

Restaurants

Country

territories

Mar. 30, 2022

USD ($)

Restaurants

Jun. 29, 2022

USD ($)

Restaurants

Segment Information, disclosure of major customers

We do not rely on any major customers as a source of sales,

$ 1,083.2

$ 980.4

$ 3,057.7

$ 2,782.6

287.5

270.3

866.4

757.4

361.2

329.1

1,026.4

949.4

280.9

244.1

818.1

712.1

42.5

42.2

126.2

123.1

40.6

39.2

115.7

108.8

6.3

6.1

19.8

17.0

1,019.0

931.0

2,972.6

2,667.8

64.2

49.4

85.1

114.8

14.2

11.1

40.4

34.8

(0.6)

(0.4)

(1.3)

(1.2)

50.6

38.7

46.0

81.2

2,478.1

$ 2,484.4

$ 194.8

194.8

$ 195.1

$ 136.6

109.0

Chili's Restaurants [Member]

1,654

Number of foreign countries in which entity operates | Country

Number of U.S. territories in which entity operates | territories

$ 963.4

879.6

^[1]

$ 2,692.0

2,475.4

^[1]

257.9

245.6

^[1]

772.5

683.8

^[1]

322.0

295.0

^[1]

908.7

846.1

^[1]

247.5

215.2

^[1]

718.5

624.8

^[1]

36.7

35.9

^[1]

108.7

104.3

^[1]

8.8

9.5

^[1]

26.8

24.7

^[1]

2.2

5.2

^[1]

10.9

10.2

^[1]

875.1

806.4

^[1]

2,546.1

2,293.9

^[1]

88.3

73.2

^[1]

145.9

181.5

^[1]

1.0

1.2

^[1]

2.9

4.0

^[1]

0.0

^[1]

0.0

(0.3)

^[1]

87.3

72.0

^[1]

143.0

177.8

^[1]

2,116.8

156.4

Maggiano's Restaurants [Member]

119.4

96.7

^[1]

119.8

100.8

365.7

307.2

29.6

24.7

93.9

73.6

39.2

34.1

117.7

103.3

33.1

28.7

99.0

86.8

3.3

3.4

9.8

10.2

2.0

2.3

6.0

6.2

0.4

0.0

1.2

0.2

107.6

93.2

327.6

280.3

12.2

7.6

38.1

26.9

0.0

0.1

0.2

0.3

0.0

12.2

7.5

37.9

26.6

227.2

38.4

Corporate and Other [Member]

10.7

6.8

0.0

0.0

0.0

0.3

0.2

0.6

0.5

2.5

2.9

7.7

8.6

29.8

27.4

82.9

77.9

3.7

0.9

7.7

6.6

36.3

31.4

98.9

93.6

(36.3)

(31.4)

(98.9)

(93.6)

13.2

9.8

37.3

30.5

(0.6)

(0.4)

(1.3)

(0.9)

(48.9)

(40.8)

(134.9)

(123.2)

134.1

0.0

6.5

5.5

Company sales [Member]

Company sales [Member] | Chili's Restaurants [Member]

1,072.9

970.9

^[2]

3,028.4

2,752.3

^[2]

Company sales [Member] | Maggiano's Restaurants [Member]

953.2

870.2

^[1],[2]

2,663.1

2,445.5

^[1],[2]

Company sales [Member] | Corporate and Other [Member]

119.7

100.7

^[2]

365.3

306.8

^[2]

Franchise revenues [Member]

0.0

^[2]

0.0

^[2]

Franchise revenues [Member] | Chili's Restaurants [Member]

10.3

9.5

^[2]

29.3

30.3

^[2]

Franchise revenues [Member] | Maggiano's Restaurants [Member]

10.2

9.4

^[1],[2]

28.9

29.9

^[1],[2]

Franchise revenues [Member] | Corporate and Other [Member]

0.1

^[2]

0.4

^[2]

Chili's restaurant acquisitions [Member] | Chili's Restaurants [Member]

$ 0.0

^[2]

$ 0.0

^[2]

Stockholders' Equity Note [Abstract]

[1]	Chili’s segment information includes the results of operations and the fair values of assets related to the 68 restaurants purchased from three former franchisees subsequent to the various acquisition dates during fiscal 2022. Refer to Note 14 - Fiscal 2022 Chili’s Restaurant Acquisitions for further details.
[2]	Certain changes in presentation have been made to fiscal 2022 revenue amounts to enhance comparability to the fiscal 2023 presentation. These reclassifications have no effect on Total revenues or Net income previously reported. Refer to Note 1 - Basis of Presentation for further details.

CONTINGENCIES (Additional Information) (Details) $ in Millions	Mar. 29, 2023 USD ($) LegalMatter
Loss Contingencies [Line Items]
Amount of undrawn standby letters of credit outstanding	$ 5.8
Number of matters pending or threatened which are expected to have a material adverse effect \| LegalMatter	0
Cyber security incident [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 5.0

SHAREHOLDERS' DEFICIT

9 Months Ended

Mar. 29, 2023

Shareholders' Deficit

Retirement of Common Stock

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 March 29, 2023, 16.2 million shares remain in treasury.

Share Repurchases

Our Board of Directors approved a $300.0 million share repurchase program during fiscal 2022. Our share repurchase program is used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards. 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 thirty-nine week period ended March 29, 2023, we repurchased 0.1 million shares of our common stock for $2.2 million, all of which were 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 March 29, 2023, approximately $204.0 million of share repurchase authorization remains under the current share repurchase program.

Stock-based Compensation

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


	Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022
Restricted share awards
Restricted share awards granted	0.7		0.4
Weighted average fair value per share	$	29.69	$	52.89

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Other Accrued Liabilities Schedule

ACCRUED LIABILITIES

9 Months Ended

Mar. 29, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Other accrued liabilities consist of the following:


	March 29, 2023		June 29, 2022
Insurance	$	24.6	$	23.5
Property tax	20.4		23.3
Sales tax	20.2		14.4
Interest	13.9		6.5
Current installments of long-term debt and finance leases	12.9		20.3
Utilities and services	10.3		9.6


Other	24.6		18.5
	$	126.9	$	116.1

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Mar. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 March 29, 2023 and June 29, 2022, and for the thirteen and thirty-nine week periods ended March 29, 2023 and March 30, 2022, 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 of March 29, 2023, we owned, operated or franchised 1,654 restaurants, consisting of 1,184 Company-owned restaurants and 470 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 income in the Consolidated Statements of Comprehensive 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 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 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).

ACCRUED LIABILITIES (Tables)

9 Months Ended

Mar. 29, 2023

Payables and Accruals [Abstract]

Other accrued liabilities consist of the following:


	March 29, 2023		June 29, 2022
Insurance	$	24.6	$	23.5
Property tax	20.4		23.3
Sales tax	20.2		14.4
Interest	13.9		6.5
Current installments of long-term debt and finance leases	12.9		20.3
Utilities and services	10.3		9.6


Other	24.6		18.5
	$	126.9	$	116.1

CHILI'S RESTAURANT ACQUISITIONS (Tables)

9 Months Ended

Mar. 29, 2023

Business Combinations [Abstract]

Fair Value of Acquired Assets and Liabilities

The amounts recorded for the fair value of acquired assets and liabilities at the acquisition dates for the material acquisitions are as follows:


	Mid-Atlantic Region		Great Lakes Region
	Fair Value September 2, 2021		Fair Value October 31, 2021
Current assets	$	1.4	$	2.1
Property and equipment	46.2		43.6
Operating lease assets	23.6		47.8
Reacquired franchise rights(1)	4.7		4.6
Goodwill(2)	—		7.2
Current liabilities	(1.4)		(1.4)
Finance lease liabilities, less current portion	(3.7)		—
Operating lease liabilities, less current portion	(23.1)		(46.8)
Net assets acquired(3)	$	47.7	$	57.1

(1)Reacquired franchise rights related to the Mid-Atlantic Region acquisition and Great Lakes Region acquisition both have weighted average amortization periods of approximately 15 years.

(2)Goodwill is expected to be deductible for tax purposes. The portion of the purchase price attributable to goodwill represents the benefits expected as a result of the acquisition, including sales and unit growth opportunities, and the benefit of the assembled workforce of the acquired restaurants.

(3)Net assets acquired at fair value related to the Mid-Atlantic Region acquisition are equal to the total purchase price of $48.0 million, less $0.3 million of closing adjustments. Net assets acquired at fair value related to the Great Lakes Region acquisition are equal to the total purchase price of $56.0 million, plus $1.1 million of closing adjustments.

REVENUE RECOGNITION (Deferred Franchise and Development Fees) (Details) - Deferred Franchise and Development Fees [Member] $ in Millions	9 Months Ended
	Mar. 29, 2023 USD ($)
Changes in deferred franchise and development fees [Line Items]
Balance as of June 29, 2022	$ 10.1
Additions	1.8
Amount recognized to Franchise revenues	(0.7)
Balance as of March 29, 2023	$ 11.2

INCOME TAXES

9 Months Ended

Mar. 29, 2023

Income Tax Disclosure [Abstract]

Income Taxes


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022		March 29, 2023		March 30, 2022
Effective income tax rate	(0.2)	%	5.4	%	(5.2)	%	4.7	%

The federal statutory tax rate was 21.0% for the thirteen and thirty-nine week periods ended March 29, 2023 and March 30, 2022.

The change in the effective income tax rate in the thirty-nine week period ended March 29, 2023 to the thirty-nine week period ended March 30, 2022, 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.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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SHAREHOLDERS' DEFICIT (Retirement of Common Stock) (Details) - $ / shares shares in Millions	3 Months Ended
	Sep. 28, 2022	Mar. 29, 2023	Jun. 29, 2022
Equity [Abstract]
Retirement of treasury stock, shares	10.0
Treasury stock retired average price per share	$ 30.71
Treasury stock, shares		16.2	26.5

CONTINGENCIES (Lease Commitments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 29, 2023	Mar. 30, 2022	Mar. 29, 2023	Mar. 30, 2022	Jun. 29, 2022
Guarantor Obligations [Line Items]
Lease contingencies	$ 2.0	$ 0.0	$ 2.0	$ 2.9
Lease Guarantees And Secondary Obligations [Member]
Guarantor Obligations [Line Items]
Contingent liability for lease guarantees	2.5		2.5
Lease contingencies	1.4
Maximum [Member] \| Lease Guarantees And Secondary Obligations [Member]
Guarantor Obligations [Line Items]
Loss contingency, estimate of possible loss	$ 19.7		$ 19.7		$ 26.3

DEBT (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Millions

Mar. 29, 2023

Jun. 29, 2022

Finance lease obligations

$ 73.6

$ 90.2

Total long-term debt and finance leases

944.9

1,011.5

Less: unamortized debt issuance costs and discounts

(1.3)

(2.1)

Total long-term debt, less unamortized debt issuance costs and discounts

943.6

1,009.4

Less: current installments of long-term debt and finance leases

^[1]

(12.9)

(20.3)

Long-term debt and finance leases, less current installments

930.7

989.1

5.000% notes [Member]

Senior notes

350.0

3.875% notes [Member]

Maturity date of 3.875% Notes

Senior notes

^[2]

$ 300.0

300.0

May 15, 2023

$800.0M Revolving Credit Facility [Member]

Revolving credit facility

$ 221.3

$ 271.3

[1]	Current installments of long-term debt consist of finance leases and are recorded within Other accrued liabilities in the Consolidated Balance Sheets (Unaudited). Refer to Note 10 - Accrued Liabilities for further details.
[2]	Obligations under our 3.875% notes, which will mature on May 15, 2023, have been classified as long-term, reflecting our intent and ability to refinance these notes through our existing revolving credit facility.

Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Loss [Member]
Beginning balance at Jun. 30, 2021	$ (303.3)	$ 7.0	$ 685.4	$ (266.1)	$ (724.9)	$ (4.7)
Net income (loss)	13.2	0.0	0.0	13.2	0.0	0.0
Other comprehensive income (loss)	(0.4)	0.0	0.0	0.0	0.0	(0.4)
Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	4.3	0.0	4.3	0.0	0.0	0.0
Purchases of treasury stock	(39.6)	0.0	(2.0)	0.0	(37.6)	0.0
Issuances of treasury stock	0.3	0.0	(8.3)	0.0	8.6	0.0
Ending balance at Sep. 29, 2021	(325.5)	7.0	679.4	(252.9)	(753.9)	(5.1)
Beginning balance at Jun. 30, 2021	(303.3)	7.0	685.4	(266.1)	(724.9)	(4.7)
Net income (loss)	77.4
Other comprehensive income (loss)	(0.1)
Ending balance at Mar. 30, 2022	(311.2)	7.0	687.8	(188.7)	(812.5)	(4.8)
Beginning balance at Sep. 29, 2021	(325.5)	7.0	679.4	(252.9)	(753.9)	(5.1)
Net income (loss)	27.6	0.0	0.0	27.6	0.0	0.0
Other comprehensive income (loss)	(0.1)	0.0	0.0	0.0	0.0	(0.1)
Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	5.6	0.0	5.6	0.0	0.0	0.0
Purchases of treasury stock	(35.1)	0.0	0.0	0.0	(35.1)	0.0
Issuances of treasury stock	0.1	0.0	(1.3)	0.0	1.4	0.0
Ending balance at Dec. 29, 2021	(327.4)	7.0	683.7	(225.3)	(787.6)	(5.2)
Net income (loss)	36.6	0.0	0.0	36.6	0.0	0.0
Other comprehensive income (loss)	0.4	0.0	0.0	0.0	0.0	0.4
Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	5.3	0.0	5.3	0.0	0.0	0.0
Purchases of treasury stock	(26.1)	0.0	0.0	0.0	(26.1)	0.0
Issuances of treasury stock	0.0	0.0	(1.2)	0.0	1.2	0.0
Ending balance at Mar. 30, 2022	(311.2)	7.0	687.8	(188.7)	(812.5)	(4.8)
Beginning balance at Jun. 29, 2022	(268.1)	7.0	690.9	(148.4)	(812.3)	(5.3)
Net income (loss)	(30.2)	0.0	0.0	(30.2)	0.0	0.0
Other comprehensive income (loss)	(1.0)	0.0	0.0	0.0	0.0	(1.0)
Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	4.7	0.0	4.7	0.0	0.0	0.0
Purchases of treasury stock	(2.0)	0.0	0.2	0.0	(2.2)	0.0
Issuances of treasury stock	0.0	0.0	(7.8)	0.0	7.8	0.0
Retirement of stock	0.0	(1.0)	0.0	(306.1)	307.1	0.0
Ending balance at Sep. 28, 2022	(296.6)	6.0	688.0	(484.7)	(499.6)	(6.3)
Beginning balance at Jun. 29, 2022	(268.1)	7.0	690.9	(148.4)	(812.3)	(5.3)
Net income (loss)	48.4
Other comprehensive income (loss)	(0.8)
Ending balance at Mar. 29, 2023	(210.3)	6.0	692.3	(406.1)	(496.4)	(6.1)
Beginning balance at Sep. 28, 2022	(296.6)	6.0	688.0	(484.7)	(499.6)	(6.3)
Net income (loss)	27.9	0.0	0.0	27.9	0.0	0.0
Other comprehensive income (loss)	0.1	0.0	0.0	0.0	0.0	0.1
Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	1.2	0.0	1.2	0.0	0.0	0.0
Purchases of treasury stock	(0.1)	0.0	0.0	0.0	(0.1)	0.0
Issuances of treasury stock	0.0	0.0	(0.5)	0.0	0.5	0.0
Ending balance at Dec. 28, 2022	(267.5)	6.0	688.7	(456.8)	(499.2)	(6.2)
Net income (loss)	50.7	0.0	0.0	50.7	0.0	0.0
Other comprehensive income (loss)	0.1	0.0	0.0	0.0	0.0	0.1
Dividends	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	4.4	0.0	4.4	0.0	0.0	0.0
Purchases of treasury stock	(0.1)	0.0	0.0	0.0	(0.1)	0.0
Issuances of treasury stock	2.1	0.0	(0.8)	0.0	2.9	0.0
Ending balance at Mar. 29, 2023	$ (210.3)	$ 6.0	$ 692.3	$ (406.1)	$ (496.4)	$ (6.1)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 29, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reclassifications	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.
Use of Estimates	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	Foreign Currency Translation The foreign currency translation adjustment included in Comprehensive income in the Consolidated Statements of Comprehensive 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 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	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 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	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).

FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 29, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under market conditions. Fair value measurements are categorized in three levels based on the types of significant inputs used, as follows:


Level 1			Quoted prices in active markets for identical assets or liabilities
Level 2			Observable inputs other than quoted prices in active markets for identical assets or liabilities
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Financial Instruments

Our financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash and cash equivalents, accounts receivable and accounts payable approximate their carrying amounts because of the short maturity of these items.

The carrying amount of debt outstanding related to our revolving credit facility approximates fair value as the interest rate on this instrument approximates current market rates (Level 2). The fair values of the 3.875% and 5.000% notes are based on quoted market prices and are considered Level 2 fair value measurements.

The 3.875% notes and 5.000% notes carrying amounts, which are net of unamortized debt issuance costs and discounts, and fair values are as follows:


	March 29, 2023				June 29, 2022
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
3.875% notes	$	299.9	$	299.2	$	299.7	$	295.4
5.000% notes	348.8		341.6		348.2		329.0

Non-Financial Assets

The fair values of transferable liquor licenses are based on prices in the open market for licenses in the same or similar jurisdictions and are categorized as Level 2. The fair values of other non-financial assets are determined based on appraisals, sales prices of comparable assets or estimates of discounted cash flow and are categorized as Level 3.

We review the carrying amounts of non-financial assets, primarily long-lived property and equipment, finance lease assets, operating lease assets, reacquired franchise rights, goodwill and transferable liquor licenses annually or when events or circumstances indicate that the fair value may not substantially exceed the carrying amount. We record an impairment charge for the excess of the carrying amount over the fair value. Any impairment charges are included in Other (gains) and charges in the Consolidated Statements of Comprehensive Income (Unaudited). During the thirteen and thirty-nine week periods ended March 29, 2023 and March 30, 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 March 29, 2023 and June 29, 2022, was $14.8 million and $12.6 million, respectively.

Chili’s Restaurant Acquisitions

In fiscal 2022, we completed the acquisition of 68 Chili’s restaurants from three former franchisees. The preliminary fair value of assets acquired and liabilities assumed for these restaurants utilized Level 3 inputs. The fair values of intangible assets acquired were primarily based on significant inputs not observable in an active market, including estimates of replacement costs, future cash flows, and discount rates. Refer to Note 14 - Fiscal 2022 Chili’s Restaurant Acquisitions for further details.

Basic to Diluted Weighted Average Number of Shares Reconciliation

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

NET INCOME PER SHARE (Tables)

9 Months Ended

Mar. 29, 2023

Earnings Per Share [Abstract]

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


	Thirteen Week Periods Ended		Thirty-Nine Week Periods Ended
	March 29, 2023	March 30, 2022	March 29, 2023	March 30, 2022
Basic weighted average shares outstanding	44.1	44.4	44.0	45.2
Dilutive stock options	0.1	0.1	0.0	0.2
Dilutive restricted shares	0.9	0.6	0.8	0.6
Total dilutive impact	1.0	0.7	0.8	0.8
Diluted weighted average shares outstanding	45.1	45.1	44.8	46.0

Awards excluded due to anti-dilutive effect	0.8	1.1	1.4	0.7

DEBT (Additional Information) (Details) - $800.0M Revolving Credit Facility [Member] $ in Millions	9 Months Ended
	Mar. 29, 2023 USD ($)
Line of Credit Facility [Line Items]
Net repayments	$ (50.0)
Revolving credit facility, remaining borrowing capacity	578.7
Revolving credit facility, maximum borrowing capacity	$ 800.0
Revolving credit facility, expiration date	Aug. 18, 2026
Basis spread on variable rate	2.00%
Revolving credit facility, interest rate at period end	6.875%
Revolving credit facility, covenant compliance	we were in compliance with our covenants pursuant to the $800.0 million revolving credit facility and under the terms of the indentures governing our 3.875% notes and 5.000% notes
Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Undrawn commitment fee spread	0.35%
Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Undrawn commitment fee spread	0.25%
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Revolving credit facility, variable rate basis	LIBOR
Revolving credit facility, interest rate during period	4.875%

SUPPLEMENTAL CASH FLOW INFORMATION

9 Months Ended

Mar. 29, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

Cash paid for income taxes and interest is as follows:


	Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022
Income taxes, net	$	7.7	$	(11.6)
Interest, net of amounts capitalized	30.0		23.5

Non-cash operating, investing and financing activities are as follows:


	Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022
Operating lease additions(1)	$	59.1	$	214.7
Finance lease additions	0.2		12.6
Accrued capital expenditures	13.5		7.6
Retirement of fully depreciated assets	94.2		120.9

(1)The thirty-nine week period ended March 30, 2022 primarily included operating lease additions associated with the 66 restaurants purchased from three former franchisees and the modifications of 25 real estate leases. Refer to Note 14 - Fiscal 2022 Chili’s Restaurant Acquisitions for further details.

ACCRUED LIABILITIES (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Millions	Mar. 29, 2023	Jun. 29, 2022
Other accrued liabilities [Line Items]
Insurance	$ 24.6	$ 23.5
Property tax	20.4	23.3
Sales tax	20.2	14.4
Interest	13.9	6.5
Current installments of long-term debt and finance leases	12.9	20.3
Utilities and services	10.3	9.6
Other	24.6	18.5
Other accrued liabilities	$ 126.9	$ 116.1

REVENUE RECOGNITION

9 Months Ended

Mar. 29, 2023

Revenue from Contract with Customer [Abstract]

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 March 29, 2023:


	Deferred Franchise and Development Fees

Balance as of June 29, 2022	$	10.1
Additions	1.8

Amount recognized to Franchise revenues	(0.7)

Balance as of March 29, 2023	$	11.2

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 March 29, 2023:


Fiscal Year	Franchise and Development Fees Revenue Recognition
Remainder of 2023	$	0.2
2024	0.9
2025	0.9
2026	0.8
2027	0.8
Thereafter	7.6
	$	11.2

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 March 29, 2023:


	Gift Card Liability

Balance as of June 29, 2022	$	83.9
Gift card sales	99.4
Gift card redemptions recognized to Company sales	(93.1)
Gift card breakage recognized to Company sales	(10.8)
Other	(0.5)
Balance as of March 29, 2023	$	78.9

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)(2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Supplemental Cash Flow Information [Abstract]

LEASES

9 Months Ended

Mar. 29, 2023

Leases [Abstract]

Leases

We typically lease our restaurant facilities through ground leases (where we lease land only, but construct the building and improvements) or retail leases (where we lease the land/retail space and building). In addition to our restaurant facilities, we also lease our corporate headquarters location and certain equipment.

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


	Thirteen Week Periods Ended				Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022		March 29, 2023		March 30, 2022
Operating lease cost	$	45.3	$	44.1	$	135.5	$	128.7
Variable lease cost	16.5		13.9		47.3		44.1
Finance lease amortization	4.9		5.9		15.0		17.6
Finance lease interest	1.0		1.3		3.1		4.3
Short-term lease cost	0.0		0.1		0.2		0.4
Sublease income	(0.8)		(0.9)		(2.3)		(3.3)
Total lease costs, net	$	66.9	$	64.4	$	198.8	$	191.8

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Mar. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Lease Commitments 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 March 29, 2023 and June 29, 2022, we have outstanding lease guarantees or are secondarily liable for an estimated $19.7 million and $26.3 million, respectively. These amounts represent the maximum known potential liability of rent payments under the leases. These leases have been assigned to the buyers and expire at the end of the respective lease terms, which range from fiscal 2023 through fiscal 2028. We have received notices of default and have been named a party in lawsuits pertaining to some of these leases in circumstances where the current lessee did not pay its rent obligations. 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 fiscal 2023, we recorded a $2.0 million charge, including a $1.4 million contingent loss related to the lease guarantees, in Other (gains) and charges in the Consolidated Statements of Comprehensive Income. As of March 29, 2023, we have contingent liabilities of $2.5 million for our estimated exposure of the lease defaults related to these lease guarantees. These contingent liabilities are classified within Other accrued liabilities in the Consolidated Balance Sheets (Unaudited). Letters of Credit We provide letters of credit to various insurers to collateralize obligations for outstanding claims. As of March 29, 2023, we had $5.8 million in undrawn standby letters of credit outstanding. All standby letters of credit are renewable within the next 7 months. Cyber Security Litigation In fiscal 2018, we discovered malware at certain Chili’s restaurants that may have resulted in unauthorized access or acquisition of customer payment card data. We settled all claims from payment card companies related to this incident and do not expect material claims from payment card companies in the future. In connection with this event, the Company was also named as a defendant in a putative class action lawsuit in the United States District Court for the Middle District of Florida (the “Litigation”) relating to this incident. 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. Oral argument of our appeal of the district court’s class certification order was held before the Eleventh Circuit Court of Appeals on June 8, 2022 in Jacksonville, Florida. We await the court’s ruling. In the interim, all matters at the district court have been stayed. We believe we have defenses and intend to continue defending the Litigation. As such, as of March 29, 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. We will continue to evaluate this matter based on new information as it becomes available. Legal Proceedings Evaluating contingencies related to litigation is a process involving judgment on the potential outcome of future events, and the ultimate resolution of litigated claims may differ from our current analysis. Accordingly, we review the adequacy of accruals and disclosures pertaining to litigated matters each quarter in consultation with legal counsel and we assess the probability and range of possible losses associated with contingencies for potential accrual in the Consolidated Financial Statements. We are engaged in various legal proceedings and have certain unresolved claims pending. Liabilities have been established based on our best estimates of our potential liability in certain of these matters. 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.

Consolidated Balance Sheets (Unaudited) - USD ($) shares in Millions, $ in Millions	Mar. 29, 2023	Jun. 29, 2022
Current assets
Cash and cash equivalents	$ 13.8	$ 13.5
Accounts receivable, net	72.6	66.4
Inventories	34.1	35.6
Restaurant supplies	55.7	55.5
Prepaid expenses	37.2	25.7
Income taxes receivable, net	0.0	4.5
Total current assets	213.4	201.2
Property and equipment, at cost
Land	44.2	43.4
Buildings and leasehold improvements	1,639.8	1,603.9
Furniture and equipment	764.3	793.0
Construction-in-progress	39.8	33.6
Gross property and equipment	2,488.1	2,473.9
Less accumulated depreciation and amortization	(1,668.3)	(1,657.2)
Net property and equipment	819.8	816.7
Other assets
Operating lease assets	1,124.9	1,160.5
Goodwill	194.8	195.1
Deferred income taxes, net	81.3	62.5
Intangibles, net	25.1	27.4
Other	18.8	21.0
Total other assets	1,444.9	1,466.5
Total assets	2,478.1	2,484.4
Current liabilities
Accounts payable	163.7	134.3
Gift card liability	78.9	83.9
Accrued payroll	103.0	111.0
Operating lease liabilities	112.3	112.7
Other accrued liabilities	126.9	116.1
Income taxes payable, net	0.9	0.0
Total current liabilities	585.7	558.0
Long-term debt and finance leases, less current installments	930.7	989.1
Long-term operating lease liabilities, less current portion	1,113.8	1,151.1
Other liabilities	58.2	54.3
Commitments and contingencies (Note 13)
Shareholders’ deficit
Common stock, shares authorized	250.0
Common stock, par value per share	$ 0.10
Common stock, shares issued	60.3	70.3
Common stock, shares outstanding	44.1	43.8
Common stock (250.0 million authorized shares; $0.10 par value; 60.3 million shares issued and 44.1 million shares outstanding at March 29, 2023, and 70.3 million shares issued and 43.8 million shares outstanding at June 29, 2022)	$ 6.0	$ 7.0
Additional paid-in capital	692.3	690.9
Accumulated other comprehensive loss	(6.1)	(5.3)
Accumulated deficit	$ (406.1)	$ (148.4)
Treasury stock, shares	16.2	26.5
Treasury stock, at cost (16.2 million shares at March 29, 2023, and 26.5 million shares at June 29, 2022)	$ (496.4)	$ (812.3)
Total shareholders’ deficit	(210.3)	(268.1)
Total liabilities and shareholders’ deficit	$ 2,478.1	$ 2,484.4

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

9 Months Ended

Mar. 29, 2023

Cash Paid for Income Taxes and Interest Schedule

Cash paid for income taxes and interest is as follows:


	Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022
Income taxes, net	$	7.7	$	(11.6)
Interest, net of amounts capitalized	30.0		23.5

Non-cash Operating, Investing and Financing Activities Schedule

Non-cash operating, investing and financing activities are as follows:


	Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022
Operating lease additions(1)	$	59.1	$	214.7
Finance lease additions	0.2		12.6
Accrued capital expenditures	13.5		7.6
Retirement of fully depreciated assets	94.2		120.9

NET INCOME PER SHARE (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
NET INCOME PER SHARE (Details) - shares shares in Millions	Mar. 29, 2023	Mar. 30, 2022	Mar. 29, 2023	Mar. 30, 2022
Reconciliation of Weighted Average Shares Outstanding [Line Items]
Basic weighted average shares outstanding	44.1	44.4	44.0	45.2
Total dilutive impact	1.0	0.7	0.8	0.8
Diluted weighted average shares outstanding	45.1	45.1	44.8	46.0
Awards excluded due to anti-dilutive effect	0.8	1.1	1.4	0.7
Stock Options [Member]
Reconciliation of Weighted Average Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.1	0.1	0.0	0.2
Restricted Share Award [Member]
Reconciliation of Weighted Average Shares Outstanding [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	0.9	0.6	0.8	0.6

FAIR VALUE MEASUREMENTS Chili's Restaurant Acquisitions (Details) - Restaurants	Mar. 29, 2023	Jun. 29, 2022	Mar. 30, 2022
Fair Value Disclosure, Acquisition [Line Items]
Number of restaurants	1,654
Chili's restaurant acquisitions [Member] \| Chili's Restaurants [Member]
Fair Value Disclosure, Acquisition [Line Items]
Number of restaurants		68	66

SEGMENT INFORMATION (Tables)

9 Months Ended

Mar. 29, 2023

Segment Reporting [Abstract]

Segment Information Tables

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


	Thirteen Week Period Ended March 29, 2023
	Chili’s		Maggiano's		Corporate		Consolidated
Company sales	$	953.2	$	119.7	$	—	$	1,072.9
Franchise revenues	10.2		0.1		—		10.3
Total revenues	963.4		119.8		—		1,083.2

Food and beverage costs	257.9		29.6		—		287.5
Restaurant labor	322.0		39.2		—		361.2
Restaurant expenses	247.5		33.1		0.3		280.9
Depreciation and amortization	36.7		3.3		2.5		42.5
General and administrative	8.8		2.0		29.8		40.6
Other (gains) and charges	2.2		0.4		3.7		6.3
Total operating costs and expenses	875.1		107.6		36.3		1,019.0
Operating income (loss)	88.3		12.2		(36.3)		64.2
Interest expenses	1.0		—		13.2		14.2
Other income, net	—		—		(0.6)		(0.6)
Income (loss) before income taxes	$	87.3	$	12.2	$	(48.9)	$	50.6


	Thirteen Week Period Ended March 30, 2022
	Chili's(1)		Maggiano's		Corporate		Consolidated
Company sales(2)	$	870.2	$	100.7	$	—	$	970.9
Franchise revenues(2)	9.4		0.1		—		9.5
Total revenues	879.6		100.8		—		980.4

Food and beverage costs	245.6		24.7		—		270.3
Restaurant labor	295.0		34.1		—		329.1
Restaurant expenses	215.2		28.7		0.2		244.1
Depreciation and amortization	35.9		3.4		2.9		42.2
General and administrative	9.5		2.3		27.4		39.2
Other (gains) and charges	5.2		—		0.9		6.1
Total operating costs and expenses	806.4		93.2		31.4		931.0
Operating income (loss)	73.2		7.6		(31.4)		49.4
Interest expenses	1.2		0.1		9.8		11.1
Other income, net	—		—		(0.4)		(0.4)
Income (loss) before income taxes	$	72.0	$	7.5	$	(40.8)	$	38.7


	Thirty-Nine Week Period Ended March 29, 2023
	Chili’s		Maggiano's		Corporate		Consolidated
Company sales	$	2,663.1	$	365.3	$	—	$	3,028.4
Franchise revenues	28.9		0.4		—		29.3
Total revenues	2,692.0		365.7		—		3,057.7

Food and beverage costs	772.5		93.9		—		866.4
Restaurant labor	908.7		117.7		—		1,026.4
Restaurant expenses	718.5		99.0		0.6		818.1
Depreciation and amortization	108.7		9.8		7.7		126.2
General and administrative	26.8		6.0		82.9		115.7
Other (gains) and charges	10.9		1.2		7.7		19.8
Total operating costs and expenses	2,546.1		327.6		98.9		2,972.6
Operating income (loss)	145.9		38.1		(98.9)		85.1
Interest expenses	2.9		0.2		37.3		40.4
Other income, net	—		—		(1.3)		(1.3)
Income (loss) before income taxes	$	143.0	$	37.9	$	(134.9)	$	46.0

Segment assets	$	2,116.8	$	227.2	$	134.1	$	2,478.1
Segment goodwill	156.4		38.4		—		194.8
Payments for property and equipment	119.4		10.7		6.5		136.6


	Thirty-Nine Week Period Ended March 30, 2022
	Chili’s(1)		Maggiano's		Corporate		Consolidated
Company sales(2)	$	2,445.5	$	306.8	$	—	$	2,752.3
Franchise revenues(2)	29.9		0.4		—		30.3
Total revenues	2,475.4		307.2		—		2,782.6

Food and beverage costs	683.8		73.6		—		757.4
Restaurant labor	846.1		103.3		—		949.4
Restaurant expenses	624.8		86.8		0.5		712.1
Depreciation and amortization	104.3		10.2		8.6		123.1
General and administrative	24.7		6.2		77.9		108.8
Other (gains) and charges	10.2		0.2		6.6		17.0
Total operating costs and expenses	2,293.9		280.3		93.6		2,667.8
Operating income (loss)	181.5		26.9		(93.6)		114.8
Interest expenses	4.0		0.3		30.5		34.8
Other income, net	(0.3)		—		(0.9)		(1.2)
Income (loss) before income taxes	$	177.8	$	26.6	$	(123.2)	$	81.2

Payments for property and equipment	$	96.7	$	6.8	$	5.5	$	109.0

(1)Chili’s segment information includes the results of operations and the fair values of assets related to the 68 restaurants purchased from three former franchisees subsequent to the various acquisition dates during fiscal 2022. Refer to Note 14 - Fiscal 2022 Chili’s Restaurant Acquisitions for further details.

(2)Certain changes in presentation have been made to fiscal 2022 revenue amounts to enhance comparability to the fiscal 2023 presentation. These reclassifications have no effect on Total revenues or Net income previously reported. Refer to Note 1 - Basis of Presentation for further details.

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	2 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Jun. 28, 2023	Mar. 29, 2023	May 02, 2023
$800.0M Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Revolving credit facility, maximum borrowing capacity		$ 800.0
$800.0M Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Revolving credit facility, variable rate basis		LIBOR
Subsequent Event [Member] \| $900.0M Revolving Credit Facility
Subsequent Event [Line Items]
Revolving credit facility, maximum borrowing capacity			$ 900.0
Subsequent Event [Member] \| $900.0M Revolving Credit Facility \| Base Rate
Subsequent Event [Line Items]
Revolving credit facility, variable rate basis	SOFR

CHILI'S RESTAURANT ACQUISITIONS

9 Months Ended

Mar. 29, 2023

Business Combinations [Abstract]

Chili's Restaurant Acquisitions

During fiscal 2022, we completed three acquisitions of certain assets and liabilities related to previously franchised Chili’s locations, as follows:

•Mid-Atlantic Region Acquisition - On September 2, 2021, we acquired 23 previously franchised Chili’s restaurants located in the Mid-Atlantic region of the United States for a total purchase price of $47.7 million, including post-closing adjustments. The acquisition was funded with borrowings from our existing credit facility and proceeds from a sale leaseback transaction completed simultaneously with the acquisition.

•Great Lakes Region Acquisition - On October 31, 2021, we acquired 37 previously franchised Chili’s restaurants located in the Great Lakes and Northeast region of the United States for a total purchase price of $57.1 million, including post-closing adjustments, funded with borrowings from our existing credit facility.

•Northwest Region Acquisition - On February 1, 2022, we acquired six previously franchised Chili’s restaurants and on May 5, 2022, we acquired two additional previously franchised Chili’s restaurants located in the Northwest region of the United States for a total purchase price of $2.0 million, including post-closing adjustments, funded with borrowings from our existing credit facility.

Pro-forma financial information for these acquisitions are not presented due to the immaterial impact of the financial results of the acquired restaurants in the Consolidated Financial Statements (Unaudited). We accounted for each of these acquisitions as a business combination.

The assets and liabilities of the acquired restaurants were recorded at their fair values. The results of operations, and assets and liabilities, of these restaurants are included in the Consolidated Financial Statements (Unaudited) from the acquisition dates.

The fair values of tangible and intangible assets acquired were primarily based on significant inputs not observable in an active market, including estimates of replacement costs, future cash flows and discount rates. These inputs represent Level 3 fair value measurements as defined under GAAP. The amounts recorded for the fair value of acquired assets and liabilities at the acquisition dates for the material acquisitions are as follows:


	Mid-Atlantic Region		Great Lakes Region
	Fair Value September 2, 2021		Fair Value October 31, 2021
Current assets	$	1.4	$	2.1
Property and equipment	46.2		43.6
Operating lease assets	23.6		47.8
Reacquired franchise rights(1)	4.7		4.6
Goodwill(2)	—		7.2
Current liabilities	(1.4)		(1.4)
Finance lease liabilities, less current portion	(3.7)		—
Operating lease liabilities, less current portion	(23.1)		(46.8)
Net assets acquired(3)	$	47.7	$	57.1

(1)Reacquired franchise rights related to the Mid-Atlantic Region acquisition and Great Lakes Region acquisition both have weighted average amortization periods of approximately 15 years.

NET INCOME PER SHARE

9 Months Ended

Mar. 29, 2023

Earnings Per Share [Abstract]

Net Income Per Share

Basic net income per share is computed by dividing Net income 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 weighted average shares outstanding are reconciled to Diluted weighted average shares outstanding as follows:


	Thirteen Week Periods Ended		Thirty-Nine Week Periods Ended
	March 29, 2023	March 30, 2022	March 29, 2023	March 30, 2022
Basic weighted average shares outstanding	44.1	44.4	44.0	45.2
Dilutive stock options	0.1	0.1	0.0	0.2
Dilutive restricted shares	0.9	0.6	0.8	0.6
Total dilutive impact	1.0	0.7	0.8	0.8
Diluted weighted average shares outstanding	45.1	45.1	44.8	46.0

Awards excluded due to anti-dilutive effect	0.8	1.1	1.4	0.7

CHILI'S RESTAURANT ACQUISITIONS (Details)
$ in Millions

9 Months Ended

Oct. 31, 2021

USD ($)

Restaurants

Sep. 02, 2021

USD ($)

Restaurants

Mar. 30, 2022

Restaurants

Mar. 29, 2023

USD ($)

Restaurants

Jun. 29, 2022

USD ($)

Restaurants

May 05, 2022

Restaurants

Feb. 01, 2022

USD ($)

Restaurants

1,654

Chili's Restaurants [Member]

$ 194.8

$ 195.1

Mid-Atlantic Region Acquisition [Member] | Chili's Restaurants [Member]

$ 156.4

Purchase price including closing adjustments

$ 47.7

Current assets

1.4

Property and equipment

46.2

Operating lease assets

23.6

Reacquired franchise rights

^[1]

4.7

Finance lease liabilities, less current portion

^[2]

0.0

Current liabilities

(1.4)

(3.7)

Operating lease liabilities, less current portion

(23.1)

Net assets acquired

^[3]

47.7

Purchase price excluding closing adjustments

48.0

Closing adjustments

$ (0.3)

Great Lakes Region Acquisition | Chili's Restaurants [Member]

Purchase price including closing adjustments

$ 57.1

Current assets

2.1

Property and equipment

43.6

Operating lease assets

47.8

Reacquired franchise rights

^[1]

4.6

Finance lease liabilities, less current portion

^[2]

7.2

Current liabilities

(1.4)

0.0

Operating lease liabilities, less current portion

(46.8)

Net assets acquired

^[3]

57.1

Purchase price excluding closing adjustments

56.0

Closing adjustments

$ 1.1

Northwest Region Acquisition | Chili's Restaurants [Member]

Purchase price including closing adjustments

$ 2.0

Chili's restaurant acquisitions [Member] | Chili's Restaurants [Member]

Weighted average amortization period, reacquired franchise rights

15 years

[1]	Reacquired franchise rights related to the Mid-Atlantic Region acquisition and Great Lakes Region acquisition both have weighted average amortization periods of approximately 15 years.
[2]	Goodwill is expected to be deductible for tax purposes. The portion of the purchase price attributable to goodwill represents the benefits expected as a result of the acquisition, including sales and unit growth opportunities, and the benefit of the assembled workforce of the acquired restaurants.
[3]	Net assets acquired at fair value related to the Mid-Atlantic Region acquisition are equal to the total purchase price of $48.0 million, less $0.3 million of closing adjustments. Net assets acquired at fair value related to the Great Lakes Region acquisition are equal to the total purchase price of $56.0 million, plus $1.1 million of closing adjustments.

REVENUE RECOGNITION (Tables)

9 Months Ended

Mar. 29, 2023

Revenue from Contract with Customer [Abstract]

Changes in Deferred Franchise and Development Fees

The following table reflects the changes in deferred franchise and development fees between June 29, 2022 and March 29, 2023:


	Deferred Franchise and Development Fees

Balance as of June 29, 2022	$	10.1
Additions	1.8

Amount recognized to Franchise revenues	(0.7)

Balance as of March 29, 2023	$	11.2

Remaining Deferred Franchise and Development Fees to be Recognized


Fiscal Year	Franchise and Development Fees Revenue Recognition
Remainder of 2023	$	0.2
2024	0.9
2025	0.9
2026	0.8
2027	0.8
Thereafter	7.6
	$	11.2

Changes in the Gift Card Liability

The following table reflects the changes in the Gift card liability between June 29, 2022 and March 29, 2023:


	Gift Card Liability

Balance as of June 29, 2022	$	83.9
Gift card sales	99.4
Gift card redemptions recognized to Company sales	(93.1)
Gift card breakage recognized to Company sales	(10.8)
Other	(0.5)
Balance as of March 29, 2023	$	78.9

SHAREHOLDERS' DEFICIT (Tables)

9 Months Ended

Mar. 29, 2023

Stockholders' Equity Note [Abstract]

Stock-based Compensation Schedule

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


	Thirty-Nine Week Periods Ended
	March 29, 2023		March 30, 2022
Restricted share awards
Restricted share awards granted	0.7		0.4
Weighted average fair value per share	$	29.69	$	52.89

BASIS OF PRESENTATION (Details)	Mar. 29, 2023 Restaurants Country territories
Franchisor Disclosure [Line Items]
Number of restaurants	1,654
Chili's Restaurants [Member]
Franchisor Disclosure [Line Items]
Number of foreign countries in which entity operates \| Country	28
Number of U.S. territories in which entity operates \| territories	2
Entity Operated Units [Member]
Franchisor Disclosure [Line Items]
Number of restaurants	1,184
Franchised Units [Member]
Franchisor Disclosure [Line Items]
Number of restaurants	470

SHAREHOLDERS' DEFICIT (Share Repurchases) (Details) - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Mar. 29, 2023	Mar. 30, 2022	Aug. 16, 2021
Remaining amount of share repurchase authorizations available	$ 204.0		$ 300.0
Purchases of treasury stock	$ 2.2	$ 100.8
Withheld from Employees [Member]
Number of shares repurchased	0.1

REVENUE RECOGNITION (Deferred Gift Card Revenues) (Details) $ in Millions	9 Months Ended
	Mar. 29, 2023 USD ($)
Deferred Gift Card Revenues [Line Items]
Balance as of June 29, 2022	$ 83.9
Balance as of March 29, 2023	78.9
Gift card sales [Member]
Deferred Gift Card Revenues [Line Items]
Increase (decrease) in gift card liability	99.4
Gift card redemptions [Member]
Deferred Gift Card Revenues [Line Items]
Gift card redemptions recognized to Company sales	(93.1)
Gift card breakage [Member]
Deferred Gift Card Revenues [Line Items]
Gift card breakage recognized to Company sales	(10.8)
Gift card other [Member]
Deferred Gift Card Revenues [Line Items]
Increase (decrease) in gift card liability	$ (0.5)

SEGMENT INFORMATION

9 Months Ended

Mar. 29, 2023

Segment Reporting [Abstract]

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, gift card breakage, Maggiano’s banquet service charge income, delivery, 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.

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 includes restaurant rent, supplies, repair and maintenance expenses, utilities, delivery fees, advertising, credit card processing fees, and property taxes.

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


	Thirteen Week Period Ended March 29, 2023
	Chili’s		Maggiano's		Corporate		Consolidated
Company sales	$	953.2	$	119.7	$	—	$	1,072.9
Franchise revenues	10.2		0.1		—		10.3
Total revenues	963.4		119.8		—		1,083.2

Food and beverage costs	257.9		29.6		—		287.5
Restaurant labor	322.0		39.2		—		361.2
Restaurant expenses	247.5		33.1		0.3		280.9
Depreciation and amortization	36.7		3.3		2.5		42.5
General and administrative	8.8		2.0		29.8		40.6
Other (gains) and charges	2.2		0.4		3.7		6.3
Total operating costs and expenses	875.1		107.6		36.3		1,019.0
Operating income (loss)	88.3		12.2		(36.3)		64.2
Interest expenses	1.0		—		13.2		14.2
Other income, net	—		—		(0.6)		(0.6)
Income (loss) before income taxes	$	87.3	$	12.2	$	(48.9)	$	50.6


	Thirteen Week Period Ended March 30, 2022
	Chili's(1)		Maggiano's		Corporate		Consolidated
Company sales(2)	$	870.2	$	100.7	$	—	$	970.9
Franchise revenues(2)	9.4		0.1		—		9.5
Total revenues	879.6		100.8		—		980.4

Food and beverage costs	245.6		24.7		—		270.3
Restaurant labor	295.0		34.1		—		329.1
Restaurant expenses	215.2		28.7		0.2		244.1
Depreciation and amortization	35.9		3.4		2.9		42.2
General and administrative	9.5		2.3		27.4		39.2
Other (gains) and charges	5.2		—		0.9		6.1
Total operating costs and expenses	806.4		93.2		31.4		931.0
Operating income (loss)	73.2		7.6		(31.4)		49.4
Interest expenses	1.2		0.1		9.8		11.1
Other income, net	—		—		(0.4)		(0.4)
Income (loss) before income taxes	$	72.0	$	7.5	$	(40.8)	$	38.7


	Thirty-Nine Week Period Ended March 29, 2023
	Chili’s		Maggiano's		Corporate		Consolidated
Company sales	$	2,663.1	$	365.3	$	—	$	3,028.4
Franchise revenues	28.9		0.4		—		29.3
Total revenues	2,692.0		365.7		—		3,057.7

Food and beverage costs	772.5		93.9		—		866.4
Restaurant labor	908.7		117.7		—		1,026.4
Restaurant expenses	718.5		99.0		0.6		818.1
Depreciation and amortization	108.7		9.8		7.7		126.2
General and administrative	26.8		6.0		82.9		115.7
Other (gains) and charges	10.9		1.2		7.7		19.8
Total operating costs and expenses	2,546.1		327.6		98.9		2,972.6
Operating income (loss)	145.9		38.1		(98.9)		85.1
Interest expenses	2.9		0.2		37.3		40.4
Other income, net	—		—		(1.3)		(1.3)
Income (loss) before income taxes	$	143.0	$	37.9	$	(134.9)	$	46.0

Segment assets	$	2,116.8	$	227.2	$	134.1	$	2,478.1
Segment goodwill	156.4		38.4		—		194.8
Payments for property and equipment	119.4		10.7		6.5		136.6


	Thirty-Nine Week Period Ended March 30, 2022
	Chili’s(1)		Maggiano's		Corporate		Consolidated
Company sales(2)	$	2,445.5	$	306.8	$	—	$	2,752.3
Franchise revenues(2)	29.9		0.4		—		30.3
Total revenues	2,475.4		307.2		—		2,782.6

Food and beverage costs	683.8		73.6		—		757.4
Restaurant labor	846.1		103.3		—		949.4
Restaurant expenses	624.8		86.8		0.5		712.1
Depreciation and amortization	104.3		10.2		8.6		123.1
General and administrative	24.7		6.2		77.9		108.8
Other (gains) and charges	10.2		0.2		6.6		17.0
Total operating costs and expenses	2,293.9		280.3		93.6		2,667.8
Operating income (loss)	181.5		26.9		(93.6)		114.8
Interest expenses	4.0		0.3		30.5		34.8
Other income, net	(0.3)		—		(0.9)		(1.2)
Income (loss) before income taxes	$	177.8	$	26.6	$	(123.2)	$	81.2

Payments for property and equipment	$	96.7	$	6.8	$	5.5	$	109.0

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Restructuring Cost and Reserve [Line Items]

OTHER GAINS AND CHARGES (Schedule of Other Gains and Charges) (Details)
$ in Millions

3 Months Ended

9 Months Ended

Mar. 29, 2023

USD ($)

Restaurants

Mar. 30, 2022

USD ($)

Restaurants

Mar. 29, 2023

USD ($)

Restaurants

Mar. 30, 2022

USD ($)

Restaurants

Jun. 29, 2022

Restaurants

Lease contingencies

$ 2.0

$ 0.0

$ 2.0

$ 2.9

Restaurant closure charges

1.8

1.2

6.6

1.7

Enterprise system implementation costs

1.3

0.5

3.3

1.4

Severance and other benefit charges

1.0

0.0

3.9

0.0

Remodel-related costs

0.1

0.9

1.1

4.0

Acquisition-related costs, net

0.0

0.6

0.2

1.5

Loss from natural disasters, net of (insurance recoveries)

(0.1)

0.0

0.8

Other

0.2

2.9

1.9

4.7

$ 6.3

6.1

$ 19.8

17.0

Chili's Restaurants [Member]

1,654

Restructuring Cost and Reserve [Line Items]

Chili's restaurant acquisitions [Member] | Chili's Restaurants [Member]

$ 2.2

$ 5.2

^[1]

$ 10.9

$ 10.2

^[1]

Restructuring Cost and Reserve [Line Items]