Brinker International Files 2024 10-K

TL;DR

Brinker Intl (EAT) dropped its 2024 10-K. Full year financials out.

AI Summary

Brinker International, Inc. filed its 10-K for the fiscal year ending June 26, 2024, reporting on its operations including its Chili's and Maggiano's Little Italy brands. The company's financial performance and strategic initiatives are detailed within the filing. Key financial data and operational highlights for the fiscal year are presented.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Brinker International's financial health, operational performance, and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 20240626 — Fiscal Year End (The reporting period concluded on this date.)
• 20240821 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• BRINKER INTERNATIONAL, INC (company) — Filer of the 10-K
• 20240626 (date) — Fiscal year end date
• Chili's (company) — Brand operated by Brinker International
• Maggiano's Little Italy (company) — Brand operated by Brinker International

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value EAT NYSE Securities regis
• $10 — gs such as "3 for Me " starting at only $10.99, as well as dining experiences in a
• $10.19 — rants ranged in average menu price from $10.19 to $24.06. Our average annual net sales
• $24.06 — ed in average menu price from $10.19 to $24.06. Our average annual net sales per Compa
• $3.6 m — ili's restaurant during fiscal 2024 was $3.6 million, and the average revenue per meal
• $20.28 — alcoholic beverages, was approximately $20.28 per guest. Food and non-alcoholic bever
• $13.50 — re selections ranged in menu price from $13.50 to $48.99. Our average annual sales per
• $48.99 — ons ranged in menu price from $13.50 to $48.99. Our average annual sales per Maggiano'
• $9.8 million — aggiano's restaurant in fiscal 2024 was $9.8 million and the average revenue per meal, inclu
• $35.65 — alcoholic beverages, was approximately $35.65 per guest. Sales from events at our ban
• $10.99 — zer and certain entres starting at just $10.99. We believe our value offerings will co

Filing Documents

• eat-20240626.htm (10-K) — 1834KB
• fy24q4ex-3b.htm (EX-3.B) — 180KB
• fy24q4ex-10n.htm (EX-10.N) — 56KB
• fy24q4ex-10s.htm (EX-10.S) — 103KB
• fy24q4ex-19110xk.htm (EX-19.1) — 43KB
• fy24q4ex-2110xk.htm (EX-21) — 13KB
• fy24q4ex-2310xk.htm (EX-23) — 2KB
• fy24q4ex-31a10xk.htm (EX-31.A) — 11KB
• fy24q4ex-31b10xk.htm (EX-31.B) — 10KB
• fy24q4ex-32a10xk.htm (EX-32.A) — 4KB
• fy24q4ex-32b10xk.htm (EX-32.B) — 4KB
• fy24q4ex-97110xk.htm (EX-97.1) — 11KB
• eat-20240626_g1.jpg (GRAPHIC) — 107KB
• eat-20240626_g2.jpg (GRAPHIC) — 84KB
• 0000703351-24-000030.txt ( ) — 10581KB
• eat-20240626.xsd (EX-101.SCH) — 67KB
• eat-20240626_cal.xml (EX-101.CAL) — 124KB
• eat-20240626_def.xml (EX-101.DEF) — 361KB
• eat-20240626_lab.xml (EX-101.LAB) — 839KB
• eat-20240626_pre.xml (EX-101.PRE) — 585KB
• eat-20240626_htm.xml (XML) — 1437KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 21

Cybersecurity

Item 1C. Cybersecurity 21

Properties

Item 2. Properties 23

Legal Proceedings

Item 3. Legal Proceedings 23

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 23 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24

[Reserved]

Item 6. [Reserved] 25

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 25

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 36

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 38

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 71

Controls and Procedures

Item 9A. Controls and Procedures 71

Other Information

Item 9B. Other Information 72

Disclosure Regarding Foreign Jurisdictions That Prevent Inspection

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspection 72 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 72

Executive Compensation

Item 11. Executive Compensation 73

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 73

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 73 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 73

Form 10-K Summary

Item 16. Form 10-K Summary 75

SIGNATURES

SIGNATURES 76 2 Table of Contents INTRODUCTION

Forward-Looking Statements

Forward-Looking Statements Information and statements contained in this Form 10-K, in our other filings with the Securities and Exchange Commission ("SEC") or in our written and verbal communications that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally accompanied by words like "believes," "anticipates," "estimates," "predicts," "expects," "plans," "intends," "projects," "continues" and other similar expressions that convey uncertainty about future events or outcomes. All forward-looking statements are made only based on our current plans and expectations as of the date such statements are made, and we undertake no obligation to update forward-looking statements to reflect events or circumstances arising after the date such statements are made. Forward-looking statements are neither predictions nor guarantees of future events or performance and are subject to risks and uncertainties which could cause actual results to differ materially from our historical results or from those projected in forward-looking statements. Such risks and uncertainties include, among other things, the impact of general economic conditions, including inflation, on economic activity and on our operations; disruptions on our business including consumer demand, costs, product mix, our strategic initiatives, our partners' supply chains, operations, technology and assets, and our financial performance; the impact of competition; changes in consumer preferences; consumer perception of food safety; reduced consumer discretionary spending; unfavorable publicity; governmental regulations; the Company's ability to meet its business strategy plan; loss of key management personnel; failure to hi

BUSINESS

ITEM 1. BUSINESS General References to "Brinker," the "Company," "we," "us," and "our" in this Form 10-K refer to Brinker International, Inc. and its subsidiaries and any predecessor companies of Brinker International, Inc. We own, develop, operate and franchise the Chili's Grill & Bar ("Chili's") and Maggiano's Little Italy ("Maggiano's") restaurant brands. The Company was organized under the laws of the State of Delaware in 1983 to succeed to the business operated by Chili's, Inc., a Texas corporation, which was organized in 1977. We completed the acquisition of Maggiano's in 1995. 3 Table of Contents References to "fiscal" or "fiscal year" are to the fiscal year ended of the applicable year. For example, fiscal 2024 refers to the fiscal year ended June 26, 2024. Restaurant Brands Chili's Grill & Bar Chili's is a recognized leader in the casual dining industry and the flagship brand of Dallas-based Brinker International, Inc. Chili's has been operating restaurants for over 49 years and enjoys a global presence with restaurants in the United States, 27 other countries and two United States territories. Whether domestic, international, or franchised, Chili's is dedicated to delivering delicious food & drink with value-centric offerings such as "3 for Me " starting at only $10.99, as well as dining experiences in a vibrant atmosphere intended to make everyone feel special. Our menu features bold, Southwest inspired American favorites and Chili's has built a reputation for big mouth burgers, full-on sizzling fajitas, crispy Chicken Crispers and hand-shaken margaritas. We believe our focus on these four core equities, simplifying our menu, being intentional about our fun laid-back Chilihead culture, and maintaining our strong Chilihead hospitality allow Chili's to differentiate its high-quality food and service from other casual dining restaurants. In fiscal 2024, entre selections at our Company-owned restaurants ranged in average menu price from $10.19 to