Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 29,337	$ 59,716
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	31,378	29,049
Non-cash closure and impairment charges	7,613	1,442
Non-cash stock-based compensation expense	9,733	12,572
Non-cash interest expense	2,702	2,448
Loss on extinguishment of debt	850	0
Deferred income taxes	4,131	(3,335)
Provision for doubtful accounts	3,686	(395)
Gain on disposition of assets	(99)	(57)
Other	(2,010)	(1,269)
Changes in operating assets and liabilities:
Receivables, net	(6,045)	5,707
Deferred rent receivable	5,334	6,605
Current income tax receivable and payable	4,990	1,352
Gift card receivable and payable	(6,103)	(13,060)
Other current assets	(1,213)	7,624
Accounts payable	998	(2,100)
Operating lease assets and liabilities	(10,206)	(9,716)
Accrued employee compensation and benefits	2,199	(11,033)
Accrued advertising	9,119	(1,827)
Accrued interest payable	10,679	(39)
Other accrued expenses	(3,739)	(776)
Deferred revenue	(10,032)	(5,214)
Cash flows provided by operating activities	83,302	77,694
Cash flows from investing activities:
Principal receipts from notes, equipment contracts and other long-term receivables	6,205	10,388
Additions to property and equipment	(21,348)	(10,305)
Proceeds from sale of property and equipment	1,062	305
Additions to long-term receivables	(1,859)	(649)
Acquisition, net of cash acquired	1,580	0
Additions to intangible assets	(1,467)	(400)
Cash flows used in investing activities	(15,827)	(661)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	600,000	0
Repayment of long-term debt	(594,000)	0
Payment of debt issuance costs	(11,591)	0
Dividends paid on common stock	(23,609)	(23,513)
Repurchase of common stock	(30,102)	(12,000)
Principal payments on finance lease and financing obligations	(3,807)	(4,396)
Repurchase of restricted stock for tax payments upon vesting	(1,831)	(2,573)
Tax payments for share settlement of restricted stock units	(20)	(30)
Other	0	(3)
Cash flows used in financing activities	(64,960)	(42,515)
Net change in cash, cash equivalents and restricted cash	2,515	34,518
Cash, cash equivalents and restricted cash at beginning of period	248,598	200,592
Cash, cash equivalents and restricted cash at end of period	251,113	235,110
Supplemental disclosures:
Interest paid in cash	53,041	59,538
Income taxes paid in cash	3,871	31,392
Non-cash conversion to notes receivable	6,395	3,130
Non-cash balance sheet gross-up of receivables and other accrued expenses	$ 0	$ 11,000

Dine Brands Global, Inc. 10-Q