DUNKIN' BRANDS GROUP, INC. (DNKN) [Rocket]

In millions, except per share items	Dec-28-19	Dec-29-18	Dec-30-17	Dec-31-16	Dec-26-15	Dec-27-14	Dec-28-13	Dec-29-12
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
U.S. Advertising Funds	473.6	454.6	440.4
Baskin-Robbins International	112.4	115.4	114.8		117.1	119.7	120.3	102.0
Other	63.2	75.1	65.3				11.9	13.2
Dunkin' Donuts U.S.							521.2	485.4
Other	721.0	676.6	655.0		693.9	629.0	60.5	57.6
Total revenues [+]	1,370.2	1,321.6	1,275.6	1,248.4	810.9	748.7	713.8	658.2
Products					115.3	117.5	112.3	94.7
Company-owned restaurants/stores					28.3	22.2	25.0	22.9
Franchise					513.2	482.3	454.0	418.9
Lease / rental					100.4	97.7	96.1	96.8
Other					53.7	29.0	26.5	24.8
Revenue growth [+]	3.7%	3.6%	2.2%	53.9%	8.3%	4.9%	8.5%	4.8%
U.S. Advertising Funds	4.2%	3.2%
Baskin-Robbins International	-2.6%	0.5%			-2.2%	-0.5%	18.0%	-4.6%
Other	-15.8%	15.1%					-10.5%	1.0%
Dunkin' Donuts U.S.							7.4%	8.0%
Dunkin' Donuts International						7.5%	18.3%	1.5%
Cost of goods sold [+]	136.3	122.3	121.5	13.6	161.4	136.5	155.9	121.1
Cost of product sales					76.9	83.1	79.3	69.0
Occupancy costs					54.6	53.4	52.1	52.1
Gross profit	1,233.9	1,199.3	1,154.1	1,234.8	649.5	612.2	558.0	537.1
Gross margin	90.1%	90.7%	90.5%	98.9%	80.1%	81.8%	78.2%	81.6%
Selling, general and administrative [+]	745.4	744.8	720.0	700.4	243.8	226.3	230.8	241.9
Sales and marketing	506.8	498.0	476.2	458.6
General and administrative	238.7	246.8	243.8	241.8	243.8	226.3	230.8	241.9
Equity in earnings	17.5	14.9	15.2	14.6	-41.7	14.8	19.2	22.4
Other operating expenses				111.1	40.3	0.0	-27.5	-1.5
EBITDA [+]	494.0	458.5	437.9	427.0	323.7	400.7	373.9	319.1
EBITDA growth	7.7%	4.7%	2.5%	31.9%	-19.2%	7.2%	17.2%	24.4%
EBITDA margin	36.1%	34.7%	34.3%	34.2%	39.9%	53.5%	52.4%	48.5%
Depreciation and amortization	23.9	23.9	23.9	24.2	20.6	19.8	22.4	29.1
EBITA	470.1	434.6	414.0	402.8	303.1	380.9	351.5	290.0
EBITA margin	34.3%	32.9%	32.5%	32.3%	37.4%	50.9%	49.2%	44.1%
Amortization of intangibles	18.5	21.1	21.3	22.1	24.7	25.8	26.9	26.9
EBIT [+]	451.6	413.5	392.7	380.8	278.4	355.2	324.5	263.1
EBIT growth	9.2%	5.3%	3.1%	36.7%	-21.6%	9.4%	23.4%	29.0%
EBIT margin	33.0%	31.3%	30.8%	30.5%	34.3%	47.4%	45.5%	40.0%
Non-recurring items [+]	0.6	1.6	1.6	0.1	0.6	1.5	0.6	1.3
Asset impairment	0.6	1.6	1.6	0.1	0.6	1.5	0.6	1.3
Interest expense, net [+]	118.5	121.5	101.1	100.3	96.3	67.8	79.8	73.5
Interest expense	128.4	128.7	104.4	100.9	96.8	68.1	80.2	74.0
Interest income	9.9	7.2	3.3	0.6	0.4	0.3	0.4	0.5
Other income (expense), net [+]	-13.3	-1.1	-6.6	-1.2	20.1	-30.1	-26.1	-26.3
Impairment of equity method investments					-54.3		-0.9
Gain (loss) on debt retirement	-13.1		-7.0		-20.6	-13.7	-5.0	-4.0
Other	-0.2	-1.1	0.4	-1.2	-1.1	-1.6	-1.8	0.0
Pre-tax income	319.3	289.2	283.3	279.1	201.6	255.7	218.1	162.0
Income taxes	77.2	59.3	12.1	103.8	96.4	80.2	71.8	54.4
Tax rate	24.2%	20.5%	4.3%	37.2%	47.8%	31.3%	32.9%	33.6%
Minority interest					0.0	-0.8	-0.6	-0.7
Net income	242.0	229.9	271.2	175.3	105.2	176.4	146.9	108.3
Net margin	17.7%	17.4%	21.3%	14.0%	13.0%	23.6%	20.6%	16.5%

Basic EPS [+]	$2.92	$2.75	$2.99	$1.91	$1.10	$1.67	$1.38	$0.95
Growth	6.4%	-8.0%	55.9%	74.7%	-34.5%	21.3%	45.9%	105.4%
Diluted EPS [+]	$2.89	$2.71	$2.94	$1.89	$1.08	$1.65	$1.36	$0.93
Growth	6.9%	-8.0%	55.2%	74.9%	-34.5%	21.8%	46.1%	101.9%

Dividends per share [+]	$1.50	$1.37	$1.29	$1.20	$1.06	$0.92	$0.76	$0.60
Growth	9.2%	6.5%	7.3%	13.2%	15.2%	21.1%	26.7%

Shares outstanding (basic) [+]	82.8	83.7	90.9	91.6	96.0	105.4	106.5	114.6
Growth	-1.1%	-7.9%	-0.8%	-4.7%	-8.9%	-1.0%	-7.1%	53.1%
Shares outstanding (diluted) [+]	83.7	85.0	92.2	92.5	97.1	106.7	108.2	116.6
Growth	-1.5%	-7.9%	-0.3%	-4.7%	-9.0%	-1.4%	-7.2%	55.8%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.