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DALLAS, Aug. 16, 2023 /PRNewswire/ — Brinker International, Inc. (NYSE: EAT) today announced its financial results for the fourth quarter ended June 28, 2023, and provided financial guidance for fiscal 2024.

## Fourth Quarter Fiscal 2023 Financial Highlights

Brinker International reported net income per diluted share of $1.19, in the fourth quarter of fiscal 2023, a 32.2% increase compared to the fourth quarter of fiscal 2022. Net income per diluted share, excluding special items (non-GAAP), was $1.39 in the fourth quarter of fiscal 2023, a 20.9% increase compared to the fourth quarter of fiscal 2022. Our results for the fourth quarter of fiscal 2023 were primarily driven by an increase in Company sales, favorable food and beverage costs as a percentage of Company sales, and favorable income taxes. Comparable sales increased 6.6%, with an increase in comparable restaurant sales of 6.3% for Chili’s and 9.1% for Maggiano’s. Comparable restaurant sales improved due to menu pricing and favorable item mix. Operating income margin increased to 5.5% and restaurant operating margin (non-GAAP) increased to 13.4% for the fourth quarter. During the fourth quarter of fiscal 2023, we amended our revolving credit facility to increase the capacity by $100.0 million to $900.0 million and successfully issued, in a private offering, $350.0 million 8.250% senior notes due 2030. Additionally, long-term debt decreased $87.0 million in fiscal 2023.

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## Fourth Quarter Financial Results

Fourth Quarter Fiscal Year 2023 | 2022 | Variance
————————————————–
Company sales(1) | $1,064.8 | $1,012.2 | $52.6
Total revenues | $1,075.5 | $1,021.5 | $54.0
Operating income | $59.3 | $44.7 | $14.6
Operating income as a % of Total revenues | 5.5% | 4.4% | 1.1%
Restaurant operating margin, non-GAAP(1)(2) | $142.6 | $126.2 | $16.4
Restaurant operating margin as a % of Company sales, non-GAAP(1)(2) | 13.4% | 12.5% | 0.9%
Net income | $54.2 | $40.2 | $14.0
Adjusted EBITDA, non-GAAP(2) | $114.5 | $100.2 | $14.3
Net income per diluted share | $1.19 | $0.90 | $0.29
Net income per diluted share, excluding special items, non-GAAP(2) | $1.39 | $1.15 | $0.24
Comparable Restaurant Sales(3) | Q4:23 vs 22 | FY:23 vs 22
Brinker | 6.6% | 8.1%
Chili’s | 6.3% | 7.0%
Maggiano’s | 9.1% | 17.3%

(1) Certain reclassifications have been made to prior year revenue amounts to enhance comparability to the fiscal 2023 presentation. See Basis of Presentation section below for more details.
(2) See Non-GAAP Information and Reconciliations section below for more details.
(3) Comparable Restaurant Sales include restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed for 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year.

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## Full Year Fiscal 2024 Guidance

We are providing the following guidance for fiscal 2024 based on our current outlook. The uncertainties created by current macroeconomic conditions, among other risks, could cause actual results to differ materially from those projected.

– Total revenues are expected to be in the range of $4.27 billion – $4.35 billion
– Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of $3.15 – $3.55
– Weighted average shares are expected to be in the range of 45 million – 46 million
– Capital expenditures are expected to be in the range of $175 million – $195 million

We are unable to reliably forecast special items without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.

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## Basis of Presentation

Effective for the first quarter of fiscal 2023, we are presenting certain revenue streams 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 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.

Company sales 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

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