Choice Hotels Reports Diluted EPS of $1.96 for Full Year 2003, $0.57 for 4th Quarter.Business Editors SILVER SPRING, Md.--(BUSINESS WIRE)--Feb. 11, 2004 Annual Highlights Include: Adjusted Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. Up 23%, Unit Growth Rises 4.4%, Initial & Relicensing Fees Grow 30% Choice Hotels International, Inc. (NYSE NYSE See: New York Stock Exchange :CHH CHH Cartilage Hair Hypoplasia CHH Crustacean Hyperglycemic Hormone CHH Carter Holt Harvey Limited (Australia & New Zealand) CHH Chuan Hup Holdings Limited (Singapore) CHH Certified Hardware Hosineer ) today reported 2003 net income of $71.9 million, or $1.96 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (EPS). Net income and diluted EPS for fourth quarter 2003 were $20.7 million and $0.57 per share, respectively. Both full year 2003 and fourth quarter net income and diluted EPS include a $3.4 million, or $0.09 per share, gain resulting from the December December: see month. 19, 2003 prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of an outstanding senior subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. note by Sunburst Hospitality Corporation. The company also reported full year 2003 adjusted net income of $68.5 million compared to $60.8 million for the same period in 2002. Full year 2003 adjusted diluted earnings per share (EPS) increased to $1.87 or 23% over $1.52 per share reported for the previous year. Adjusted net income and adjusted diluted EPS presented for full year and fourth quarter 2003 exclude the gain on the Sunburst note prepayment. "Record franchise development was the hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. of the year, with 470 new executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. contracts representing more than 41,000 rooms," said Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by A. Ledsinger, Jr., president and chief executive officer. "The lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a franchise community greatly values the more than 50 million guest visits made to our hotels each year, as evidenced by the 55% growth in new deals." He added, "In addition, our strong multi-brand marketing programs enjoyed great success, such as our 'two-for-one' fall promotion that gained nearly a half million members for our Choice Privileges privileges, n the authority granted to a physician or dental professional by a hospital governing board to provide patient care in the hospital. Clinical privileges are limited to the individual's license, experience, and competence. frequent traveler Traveler (U.S. English) or Traveller (British English) may refer to:
Adjusted net income for fourth quarter 2003 was $17.3 million, compared to $15.1 million for fourth quarter 2002. Adjusted diluted EPS was $0.48 for fourth quarter 2003, a 20% increase compared to the same period in 2002. Because of the Sunburst note prepayment, the company anticipates that interest income for 2004 will be reduced by $4.7 million, or $0.08 per diluted share, assuming the existing diluted share count. Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. & Fourth Quarter Performance The company's 2003 full year revenues were $386.1 million, compared to $365.6 million in 2002. Franchising revenues, which include royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. fees, initial and relicensing fees, partner services income and other income, increased 8.7% to $187.1 million from $172.1 for 2002. For fourth quarter 2003, revenues were $95.2 million compared to $84.3 million for fourth quarter 2002. Franchising revenues for fourth quarter 2003 increased 15.5% to $48.5 million from $42.0 million in fourth quarter 2002. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to $114.0 million for 2003, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 9% over the $104.7 million reported for 2002. For fourth quarter 2003, operating income increased 15% from $24.6 million to $28.3 million. The company reported royalty revenues of $151.3 million for 2003, compared to $142.9 million for 2002, an increase of 5.9%. For fourth quarter 2003, royalty revenues increased 10.8% to $38.1 million, compared to $34.4 million for the same period in 2002. Initial and relicensing fee revenues increased 30.2% and 52.8% for full year 2003 and fourth quarter 2003, respectively. Initial and relicensing fees were $16.8 million and $5.5 million for full year 2003 and fourth quarter 2003, respectively, compared to $12.9 million and $3.6 million for the same periods in 2002. The company also reported partner services revenues increased to $13.2 million for full year 2003 compared to $11.9 million for 2002, a 10.9% increase. Fourth quarter 2003 partner services revenues increased to $3.6 million from $2.8 million in 2002, a 28.6% increase. System-wide domestic revenue per available room (RevPAR RevPAR A performance metric in the hotel industry which stands for "revenue per available room." RevPAR is typically calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate. ) was $34.21 in 2003, compared to $34.48 for 2002. For fourth quarter 2003, RevPAR was $34.07, an approximately 5% increase compared to $32.46 for the same period a year ago. For the year 2003, the effective royalty rate increased four basis points from 3.97% to 4.01%. 2003 Unit Growth In 2003, the total number of domestic Choice hotels on-line grew 4.4% to 3,636 from 3,482 for 2002. For the year, the total number of domestic hotel rooms increased 4.2% to 294,268 from 282,423 in 2002. Choice executed 470 new domestic hotel franchise contracts in 2003, representing 41,039 rooms, an increase of 54.6% and 60.0% respectively over the 304 executed domestic franchise contracts and 25,657 rooms in 2002. This development activity marked the first time Choice has topped the 40,000 room level in a single year. A net of 154 domestic hotels, representing 11,845 rooms, were opened in 2003, compared to 155, representing 11,909 rooms, in 2002. At the end of 2003, Choice had 401 hotels under development in its domestic hotel system, representing 31,409 rooms, compared to 310 hotels, representing 23,766 rooms, at the end of 2002. As of December 31, 2003, the total number of Choice hotels worldwide grew 3.1% to 4,810 from 4,664 as of the same date a year ago. This represents an increase of 4.0% in the number of rooms open to 388,618 from 373,722. At the end of 2003, Choice had 90 hotels under development in countries outside of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , representing 8,468 rooms. First Quarter & Full Year 2004 Estimates The company also announced that it expects first quarter 2004 diluted EPS to be in the range of $0.26 to $0.28 and full year 2004 diluted EPS in the range of $2.00 to $2.03, assuming the current diluted share count. Notable Events Among the notable company events occurring since the previous earnings report: -- Since Choice announced its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program on June June: see month. 25, 1998, the company has purchased 29.5 million shares of common stock at an average price of $17.69 per share at a total cost of $522.0 million, as of January January: see month. 30, 2004. During calendar year 2003, the company purchased 2.9 million shares of common stock. Total shares outstanding as of January 30, 2004 are 34.4 million. The company repurchased approximately 1.0 million shares during the fourth quarter of 2003 at a total cost of $36.4 million. Under the existing repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. authorization The right or permission to use a system resource; the process of granting access. See access control. , the company can acquire another 1.8 million shares. -- On January 26, 2004, Choice paid a cash dividend of $0.20 on outstanding shares of common stock to holders of record on January 16, 2004. -- On February February: see month. 10, 2004, Choice's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend of $0.20 on outstanding shares of common stock payable on April 26, 2004 to holders of record on April 12, 2004. -- Choice announced new spring marketing promotions, including the "Stay Twice, Earn a Free Night," program that enables guests who join or already belong to the company's Choice Privileges frequent traveler program to stay twice and earn a free night at the company's mid-priced brand hotels and the "Earn Nights & Flights, Twice As Fast" program to get double EA$Y CHOICE stamps for free nights and airline miles at the company's economy brand hotels. Non-GAAP Financial Measures Adjusted net income, adjusted diluted earnings per share and franchising revenues are non-GAAP financial measurements. These financial measurements are presented as supplemental disclosures because they are used by management in reviewing and analyzing the company's performance. This information should not be considered as an alternative to any measure of performance as promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. under accounting principles generally accepted in the United States (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), such as net income, diluted earnings per share or total revenues. The company's calculation of adjusted net income, adjusted diluted earnings per share and franchising revenues may be different from the calculation used by other companies and therefore comparability may be limited. The company has included exhibits accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. this release which reconcile these measures to the comparable GAAP measurement. Conference Call Choice will conduct a conference call on Thursday Thursday: see week. , February 12, 2004 at 9 a.m. Eastern time to discuss the fourth quarter and year-end 2003 results. The call in number to listen to the call is 1-888-428-4480. The conference call also will be Webcast simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics via the company's Web site at www.choicehotels.com. The audio of the call will be archived and available on the company's Web site and also available for replay until March 12, 2004 by calling 1-800-475-6701. The access code for the replay is: 716169. Choice Hotels International is the second-largest hotel franchisor in the world with 4,810 hotels open, representing 388,618 rooms, and another 401 hotels under development in the United States, representing 31,409 rooms, as of December 31, 2003. An additional 90 hotels, representing 8,468 rooms, are under development in 19 other countries as of December 31, 2003. Choice's Comfort Inn, Comfort Suites, Quality, Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. , Sleep Inn, Econo Lodge Econo Lodge is an economy motel chain based in the United States. Econo Lodge is the second largest brand in the Choice Hotels system. It is one of the best known names of its category and provides affordable rooms to budget travelers. , Rodeway Inn Rodeway Inn is an upper-priced economy chain of motels in the United States and Canada. Rodeway Inn is a brand of the Choice Hotels group. There are over 150 locations in North America. and MainStay Suites Mainstay Suites is a brand of mid-priced extended stay hotels franchised by Choice Hotels International. Mainstay Suites hotels provide comfortable and affordable accommodations to extended stay travelers as well as provide many amenities to its guests. brands serve guests worldwide. Certain matters discussed in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities law. Such statements are based on management's beliefs, assumptions and expectations, which in turn are based on information currently available to management. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice's ability to predict or control. For further information on factors that could impact Choice and the statements contained therein, we refer you to the filings made by Choice with the Securities and Exchange Commission, including its registration statement on Form S-4 and report on Form 10-Q Form 10-Q See 10-Q. for the period ended March 31, 2003. Additional corporate information may be found on the Choice Hotels' Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the site, which may be accessed at www.choicehotels.com. Comfort, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites and Choice Privileges are registered trademarks, service marks and trade names of Choice Hotels International, Inc.
Choice Hotels International, Inc. Exhibit 1
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share Three Months Twelve Months
amounts) Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
REVENUES: 2003 2002 2003 2002
----------------- -------------------
Royalty fees $38,130 $34,355 $151,326 $142,943
Initial franchise and
relicensing fees 5,514 3,620 16,799 12,881
Partner services 3,597 2,820 13,227 11,860
Marketing and reservation 45,871 41,545 195,420 190,145
Hotel operations 826 802 3,565 3,331
Other 1,220 1,168 5,767 4,402
----------------- -------------------
Total revenues 95,158 84,310 386,104 365,562
OPERATING EXPENSES:
Selling, general and
administrative 17,823 14,436 62,860 56,520
Depreciation and amortization 2,753 3,034 11,225 11,251
Marketing and reservation 45,871 41,545 195,420 190,145
Hotel operations 399 736 2,616 2,946
----------------- -------------------
Total operating expenses 66,846 59,751 272,121 260,862
Operating income 28,312 24,559 113,983 104,700
OTHER INCOME AND EXPENSES:
Interest expense 2,612 3,251 11,597 13,136
Interest and other investment
income (4,979) (1,305) (9,568) (4,549)
Equity in net (income) losses of
affiliates (247) (472) (582) 71
Other 122 224 129 224
----------------- -------------------
Total other income and expenses (2,492) 1,698 1,576 8,882
----------------- -------------------
Income before income taxes 30,804 22,861 112,407 95,818
Income taxes 10,084 7,765 40,544 34,974
----------------- -------------------
Net income $20,720 $15,096 $71,863 $60,844
================= ===================
Weighted average shares
outstanding-basic 35,303 37,248 35,699 39,333
================= ===================
Weighted average shares
outstanding-diluted 36,513 37,938 36,674 40,057
================= ===================
Basic earnings per share $0.59 $0.41 $2.01 $1.55
================= ===================
Diluted earnings per share $0.57 $0.40 $1.96 $1.52
================= ===================
Choice Hotels International, Inc. Exhibit 2
Consolidated Balance Sheets
(Unaudited)
(In thousands) Dec. 31, Dec. 31,
2003 2002
--------- ---------
ASSETS
Cash and cash equivalents $20,031 $12,227
Accounts receivable, net 33,623 32,629
Other current assets 2,966 3,349
--------- ---------
Total current assets 56,620 48,205
Fixed assets and intangibles, net 150,256 161,606
Note receivable from Sunburst - 41,318
Receivable -- marketing and reservation fees 32,368 44,916
Other assets 26,071 18,496
--------- ---------
Total assets 265,315 314,541
========= =========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current portion of long-term debt 23,829 23,796
Other current liabilities 75,630 61,850
--------- ---------
Total current liabilities 99,459 85,646
Long-term debt 222,823 283,995
Deferred income taxes and other liabilities 61,220 58,699
--------- ---------
Total liabilities 383,502 428,340
--------- ---------
Total shareholders' deficit (118,187) (113,799)
--------- ---------
Total liabilities and shareholders'
deficit $265,315 $314,541
========= =========
Choice Hotels International, Inc. Exhibit 3
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) Tweleve Months Ended
Dec. 31, Dec. 31,
2003 2002
-------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $71,863 $60,844
Adjustments to reconcile net income to net cash
provided
by operating activities:
Depreciation and amortization 11,225 11,251
Gain on Sunburst Hospitality note prepayment (3,383) -
Provision for bad debts (189) 1,256
Non-cash stock compensation and other charges 2,226 1,666
Non-cash interest and other investment income (1,532) (2,128)
Equity in net income and losses of affiliates - 71
Changes in assets and liabilities, net of
acquisitions:
Receivables (887) (5,538)
Receivable -- marketing and reservation fees, net 24,726 17,219
Current liabilities 12,185 (3,911)
Income taxes payable/receivable and other assets (3,151) 5,391
Deferred income taxes and other liabilities 2,984 12,897
-------------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 116,067 99,018
-------------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from Prepayment of Sunburst Hospitality
note 44,701 -
Investment in property and equipment (8,480) (12,233)
Acquisition of Flag (1,211) (2,173)
Proceeds from disposition of property 498 -
Other items, net (8,306) (277)
-------------------
NET CASH PROVIDED BY (UTILIZED IN) INVESTING
ACTIVITIES 27,202 (14,683)
-------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt 214,900 314,400
Principal payments of long-term debt (276,104) (288,220)
Purchase of treasury stock (80,358) (120,931)
Proceeds from exercise of stock options 6,097 5,772
-------------------
NET CASH UTILIZED IN FINANCING ACTIVITIES (135,465) (88,979)
-------------------
Net change in cash and cash equivalents 7,804 (4,644)
Cash and cash equivalents at beginning of period 12,227 16,871
-------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $20,031 $12,227
===================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash payments during the period for:
Income taxes, net of refunds $49,559 $14,674
Interest $13,357 $14,132
Non-cash investing activities:
Conversion of note receivable into Flag equity
interest $- $1,061
Non-cash financing activities:
Declaration of dividend $6,899 $-
Non-cash financing activities related to
employee stock options exercised:
Income tax benefit realized $1,770 $1,762
Treasury shares received for employee tax
withholding obligations $98 $-
Common shares surrendered in-lieu of exercise
price $181 $-
CHOICE HOTELS Exhibit 4
INTERNATIONAL
SUPPLEMENTAL OPERATING INFORMATION BY BRAND
DOMESTIC HOTEL SYSTEM
(UNAUDITED)
For the Quarter Twelve Months
Ended Ended
Dec. 31, Dec. 31,
2003 2002 2003 2002
-------- -------- -------- --------
COMFORT INN
Hotels 1,413 1,362 1,413 1,362
Rooms 111,218 106,838 111,218 106,838
Avg. Daily Rate $64.01 $62.41 $64.05 $63.43
Occupancy % 58.6% 57.3% 58.2% 59.3%
RevPAR $37.54 $35.75 $37.28 $37.62
COMFORT SUITES
Hotels 370 345 370 345
Rooms 29,198 27,488 29,198 27,488
Avg. Daily Rate $71.64 $70.53 $72.58 $71.99
Occupancy % 60.8% 58.8% 61.2% 61.4%
RevPAR $43.58 $41.48 $44.44 $44.17
QUALITY
Hotels 508 455 508 455
Rooms 52,766 48,472 52,766 48,472
Avg. Daily Rate $62.43 $61.61 $64.19 $63.82
Occupancy % 51.8% 49.4% 51.6% 52.0%
RevPAR $32.31 $30.43 $33.14 $33.16
CLARION
Hotels 138 132 138 132
Rooms 20,737 20,006 20,737 20,006
Avg. Daily Rate $71.78 $72.75 $72.27 $73.88
Occupancy % 48.8% 49.7% 49.2% 51.8%
RevPAR $35.04 $36.18 $35.55 $38.26
SLEEP
Hotels 309 301 309 301
Rooms 23,678 23,061 23,678 23,061
Avg. Daily Rate $58.32 $56.88 $58.01 $57.36
Occupancy % 58.2% 54.8% 57.5% 56.8%
RevPAR $33.95 $31.16 $33.33 $32.57
MAINSTAY
Hotels 26 40 26 40
Rooms 2,063 3,445 2,063 3,445
Avg. Daily Rate $60.26 $61.79 $61.50 $61.50
Occupancy % 63.4% 66.9% 62.9% 67.9%
RevPAR $38.21 $41.36 $38.70 $41.77
ECONO LODGE
Hotels 734 715 734 715
Rooms 45,420 44,522 45,420 44,522
Avg. Daily Rate $48.80 $45.95 $47.88 $47.36
Occupancy % 46.5% 46.9% 47.5% 49.4%
RevPAR $22.71 $21.52 $22.76 $23.38
RODEWAY
Hotels 138 132 138 132
Rooms 9,188 8,591 9,188 8,591
Avg. Daily Rate $49.99 $46.23 $49.84 $49.00
Occupancy % 43.5% 42.8% 44.8% 45.5%
RevPAR $21.73 $19.76 $22.32 $22.29
TOTAL CHOICE - DOMESTIC
Hotels 3,636 3,482 3,636 3,482
Rooms 294,268 282,423 294,268 282,423
Avg. Daily Rate $62.31 $60.75 $62.53 $61.96
Occupancy % 54.7% 53.4% 54.7% 55.6%
RevPAR $34.07 $32.46 $34.21 $34.48
Effective Royalty Rate 4.06% 3.95% 4.01% 3.97%
CHOICE HOTELS INTERNATIONAL Exhibit 5
SUPPLEMENTAL INFORMATION
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS
PER SHARE (EPS)
(UNAUDITED)
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
------------------ ------------------
Adjusted Net Income
Net Income $20,720 $15,096 $71,863 $60,844
Adjustments:
December 2003 Gain on
Sunburst Note Prepayment
Included in Net Income (3,383) - (3,383) -
------------------ ------------------
Adjusted Net Income $17,337 $15,096 $68,480 $60,844
------------------ ------------------
Weighted average shares
outstanding-diluted 36,513 37,938 36,674 40,057
Diluted Earnings Per Share $0.57 $0.40 $1.96 $1.52
Adjustments:
December 2003 Gain on
Sunburst Note Prepayment
Included in Net Income (0.09) - (0.09) -
------------------ ------------------
Adjusted Diluted Earnings Per
Share (EPS) $0.48 $0.40 $1.87 $1.52
------------------ ------------------
CHOICE HOTELS INTERNATIONAL Exhibit 6
SUPPLEMENTAL INFORMATION
CALCULATION OF FRANCHISING REVENUES
(UNAUDITED)
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2003 2002 2003 2002
------------------ --------------------
Franchising Revenues
and Margins
Total Revenues $95,158 $84,310 $386,104 $365,562
Adjustments:
Marketing and
reservation
revenues (45,871) (41,545) (195,420) (190,145)
Hotel Operations (826) (802) (3,565) (3,331)
------------------ --------------------
Franchising Revenues $48,461 $41,963 $187,119 $172,086
------------------ --------------------
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