Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 167,950	$ 186,650
Receivables, net of allowance of $5,452 (2025) and $3,383 (2024)	90,329	115,218
Restricted cash	61,163	42,448
Prepaid gift card costs	22,823	28,552
Prepaid income taxes	0	1,446
Prepaid expenses	11,945	9,314
Other current assets	4,304	2,371
Total current assets	358,514	385,999
Non-current restricted cash	22,000	19,500
Property and equipment, net	155,165	156,134
Operating lease right-of-use assets	331,819	323,468
Deferred rent receivable	19,470	24,804
Long-term receivables, net of allowance of $1,212 (2025) and $1,354 (2024)	34,167	35,873
Net	249,557	248,622
Other intangible assets, net	566,241	575,654
Other non-current assets, net	36,925	20,530
Total assets	1,773,858	1,790,584
Current liabilities:
Current maturities of long-term debt	0	100,000
Accounts payable	34,293	37,718
Gift card liability	143,164	177,584
Current maturities of operating lease obligations	63,594	65,336
Current maturities of finance lease and financing obligations	6,364	6,387
Accrued employee compensation and benefits	19,070	16,674
Accrued advertising expenses	11,660	4,735
Dividends payable	7,350	7,790
Accrued interest payable	17,040	6,360
Other accrued expenses	37,575	22,721
Total current liabilities	340,110	445,305
Long-term debt, net, less current maturities	1,187,594	1,086,551
Operating lease obligations, less current maturities	314,601	310,476
Finance lease obligations, less current maturities	34,019	34,286
Financing obligations, less current maturities	20,990	23,251
Deferred income taxes, net	58,772	54,572
Deferred franchise revenue, long-term	33,872	36,700
Other non-current liabilities	15,818	15,462
Total liabilities	2,005,776	2,006,603
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, $1 par value, 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; shares: 40,000,000 authorized; September 30, 2025 - 24,668,757 issued, 14,412,031 outstanding; December 31, 2024 - 24,756,637 issued, 15,273,210 outstanding	247	248
Additional paid-in-capital	237,848	254,814
Retained earnings	189,846	183,614
Accumulated other comprehensive loss	(75)	(76)
Treasury stock, at cost; shares: September 30, 2025 - 10,256,726; December 31, 2024 - 9,483,427	(659,784)	(654,619)
Total stockholders’ deficit	(231,918)	(216,019)
Total liabilities and stockholders’ deficit	$ 1,773,858	$ 1,790,584

Dine Brands Global, Inc. 10-Q