November 6, 2024
(press release)
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“During the third quarter, we continued to experience consumer pullback and the pressures of a highly promotional operating environment. We know we need to do more in the near term to drive traffic and get back to better top-line performance. For the fourth quarter, we are enhancing our value proposition for guests and remain focused on executing our plans across our brands,” said
Domestic Restaurant Sales for the Third Quarter of 2024 Third Quarter of 2024 Summary First Nine Months of 2024 Summary Key Balance Sheet Metrics (as of
GAAP Effective Tax Rate The Company's effective tax rate was 26.9% for the nine months ended
Capital Returns to Equity Holders During the third quarter of 2024, paid quarterly cash dividends totaling approximately
Financial Performance Guidance for 2024 The Company’s fiscal year 2024 guidance items have been updated as follows: Dine Brands does not provide forward-looking guidance for GAAP net income because it is unable to predict certain items contained in the GAAP measure without unreasonable efforts. These items may include closure and impairment charges, loss on extinguishment of debt, gain or loss on disposition of assets, other non-income-based taxes and other items deemed not reflective of current operations. Third quarter of 2024 Earnings Conference Call Details Dine Brands will host a conference call to discuss its results on
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Based in
Forward-Looking Statements Statements contained in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify these forward-looking statements by words such as “may,” “will,” “would,” “should,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “goal” and other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: general economic conditions, including the impact of inflation, particularly as it may impact our franchisees directly; our level of indebtedness; compliance with the terms of our securitized debt; our ability to refinance our current indebtedness or obtain additional financing; our dependence on information technology; potential cyber incidents; the implementation of restaurant development plans; our dependence on our franchisees; the concentration of our Applebee’s franchised restaurants in a limited number of franchisees; the financial health of our franchisees including any insolvency or bankruptcy; credit risks from our IHOP franchisees operating under our previous IHOP business model in which we built and equipped IHOP restaurants and then franchised them to franchisees; insufficient insurance coverage to cover potential risks associated with the ownership and operation of restaurants; our franchisees’ and other licensees’ compliance with our quality standards and trademark usage; general risks associated with the restaurant industry; potential harm to our brands’ reputation; risks of food-borne illness or food tampering; possible future impairment charges; trading volatility and fluctuations in the price of our stock; our ability to achieve the financial guidance we provide to investors; successful implementation of our business strategy; the availability of suitable locations for new restaurants; shortages or interruptions in the supply or delivery of products from third parties or availability of utilities; the management and forecasting of appropriate inventory levels; development and implementation of innovative marketing and use of social media; changing health or dietary preference of consumers; risks associated with doing business in international markets; the results of litigation and other legal proceedings; third-party claims with respect to intellectual property assets; delivery initiatives and use of third-party delivery vendors; our allocation of human capital and our ability to attract and retain management and other key employees; compliance with federal, state and local governmental regulations; risks associated with our self-insurance; natural disasters, pandemics, epidemics, or other serious incidents; our success with development initiatives outside of our core business; the adequacy of our internal controls over financial reporting and future changes in accounting standards; and other factors discussed from time to time in the Corporation’s Annual and Quarterly Reports on Forms 10-K and 10-Q and in the Corporation’s other filings with the
Non-GAAP Financial Measures This press release includes references to the Company's non-GAAP financial measure “adjusted net income available to common stockholders”, “adjusted earnings per diluted share (Adjusted EPS)”, “Adjusted EBITDA” and “Adjusted free cash flow.” Adjusted EPS is computed for a given period by deducting from net income or loss available to common stockholders for such period the effect of any closure and impairment charges, any intangible asset amortization, any non-cash interest expense, any gain or loss related to the disposition of assets, any gain or loss related to debt extinguishment, and other items deemed not reflective of current operations. This is presented on an aggregate basis and a per share (diluted) basis. Adjusted EBITDA is computed for a given period by deducting from net income or loss for such period the effect of any interest expense, any income tax provision or benefit, any depreciation and amortization, any non-cash stock-based compensation, any closure and impairment charges, any gain or loss related to debt extinguishment, any gain or loss related to the disposition of assets, and other items deemed not reflective of current operations. “Adjusted free cash flow” for a given period is defined as cash provided by operating activities, plus receipts from notes and equipment contracts receivable, less capital expenditures. Management may use certain of these non-GAAP financial measures along with the corresponding
FBN-R
Consolidated Statements of Comprehensive Income (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended
2024 2023 2024 2023 Revenues: Franchise revenues: Royalties, franchise fees and other $ 96,565 $ 99,135 $ 299,161 $ 303,998 Advertising revenues 69,789 73,385 219,568 226,401 Total franchise revenues 166,354 172,520 518,729 530,399 Company restaurant sales 267 308 840 1,839 Rental revenues 27,991 29,128 86,546 90,519 Financing revenues 422 628 1,421 2,009 Total revenues 195,034 202,584 607,536 624,766 Cost of revenues: Franchise expenses: Advertising expenses 69,789 73,385 219,568 226,401 Bad debt (credit) expense 151 (51 ) (395 ) 2,593 Other franchise expenses 9,787 9,804 31,980 29,790 Total franchise expenses 79,727 83,138 251,153 258,784 Company restaurant expenses 304 323 915 1,833 Rental expenses: Interest expense from finance leases 729 668 2,208 2,072 Other rental expenses 20,879 21,066 63,005 63,538 Total rental expenses 21,608 21,734 65,213 65,610 Financing expenses 76 91 241 283 Total cost of revenues 101,715 105,286 317,522 326,510 Gross profit 93,319 97,298 290,014 298,256 General and administrative expenses 45,390 48,618 144,435 147,545 Interest expense, net 18,369 19,059 54,291 51,549 Closure and impairment charges 366 1,774 1,442 3,088 Amortization of intangible assets 2,724 2,709 8,169 8,202 Loss on extinguishment of debt — — — 10 Loss (gain) on disposition of assets 6 191 (57 ) 2,309 Income before income taxes 26,464 24,947 81,734 85,553 Income tax provision (7,403 ) (6,468 ) (22,018 ) (21,416 ) Net income 19,061 18,479 59,716 64,137 Other comprehensive income (loss) net of tax: Foreign currency translation adjustment 2 (2 ) (3 ) (2 ) Total comprehensive income $ 19,063 $ 18,477 $ 59,713 $ 64,135 Net income available to common stockholders: Net income $ 19,061 $ 18,479 $ 59,716 $ 64,137 Less: Net income allocated to unvested participating restricted stock (553 ) (431 ) (1,760 ) (1,551 ) Net income available to common stockholders $ 18,508 $ 18,048 $ 57,956 $ 62,586 Net income available to common stockholders per share: Basic $ 1.24 $ 1.19 $ 3.88 $ 4.10 Diluted $ 1.24 $ 1.19 $ 3.88 $ 4.09 Weighted average shares outstanding: Basic 14,897 15,217 14,940 15,275 Diluted 14,897 15,220 14,940 15,289
Consolidated Balance Sheets (In thousands)
Assets (Unaudited) Current assets: Cash and cash equivalents $ 169,636 $ 146,034 Receivables, net of allowance 83,414 127,937 Restricted cash 45,974 35,058 Prepaid gift card costs 23,493 29,545 Prepaid income taxes 806 3,445 Other current assets 8,108 15,759 Total current assets 331,431 357,778 Non-current restricted cash 19,500 19,500 Property and equipment, net 154,932 161,891 Operating lease right-of-use assets 282,202 275,214 Deferred rent receivable 26,721 33,326 Long-term receivables, net of allowance 33,508 35,602
254,062 254,062 Other intangible assets, net 578,309 586,033 Other non-current assets, net 18,874 16,881 Total assets $ 1,699,539 $ 1,740,287 Liabilities and Stockholders’ Deficit Current liabilities: Current maturities of long-term debt $ 100,000 $ 100,000 Accounts payable 35,455 36,193 Gift card liability 137,020 175,640 Current maturities of operating lease obligations 61,181 63,498 Current maturities of finance lease and financing obligations 6,713 7,243 Accrued employee compensation and benefits 12,063 23,211 Accrued advertising expenses 3,616 9,446 Dividends payable 7,790 7,827 Other accrued expenses 23,012 37,394 Total current liabilities 386,850 460,452 Long-term debt, net, less current maturities 1,086,026 1,084,502 Operating lease obligations, less current maturities 271,283 269,097 Finance lease obligations, less current maturities 35,720 34,389 Financing obligations, less current maturities 24,940 26,984 Deferred income taxes, net 57,493 60,829 Deferred franchise revenue, long-term 37,681 38,658 Other non-current liabilities 16,216 16,350 Total liabilities 1,916,209 1,991,261 Commitments and contingencies Stockholders’ deficit: Common stock 248 249 Additional paid-in-capital 252,994 256,542 Retained earnings 186,237 150,008 Accumulated other comprehensive loss (67 ) (64 )
(656,082 ) (657,709 ) Total stockholders’ deficit (216,670 ) (250,974 ) Total liabilities and stockholders’ deficit $ 1,699,539 $ 1,740,287
Consolidated Statements of Cash Flows (In thousands) (Unaudited) Nine Months Ended
2024 2023 Cash flows from operating activities: Net income $ 59,716 $ 64,137 Adjustments to reconcile net income to cash flows provided by operating activities: Depreciation and amortization 29,049 26,221 Non-cash closure and impairment charges 1,442 3,088 Non-cash stock-based compensation expense 12,572 8,167 Non-cash interest expense 2,448 2,714 Loss on extinguishment of debt — 10 Deferred income taxes (3,335 ) (3,582 ) Deferred revenue (3,431 ) (2,590 ) (Gain) loss on disposition of assets (57 ) 2,309 Other (2,894 ) (1,577 ) Changes in operating assets and liabilities: Receivables, net 6,937 6,354 Deferred rent receivable 6,605 6,792 Current income tax receivable and payable 1,352 (186 ) Gift card receivable and payable (13,060 ) (13,588 ) Other current assets 7,624 6,358 Accounts payable (2,100 ) (15,527 ) Operating lease assets and liabilities (9,716 ) 2,438 Accrued employee compensation and benefits (11,033 ) (4,447 ) Accrued advertising (1,827 ) (9,750 ) Other current liabilities (2,598 ) 1,965 Cash flows provided by operating activities 77,694 79,306 Cash flows from investing activities: Principal receipts from notes, equipment contracts and other long-term receivables 10,388 6,686 Additions to property and equipment (10,305 ) (31,968 ) Proceeds from sale of property and equipment 305 — Additions to long-term receivables (649 ) (1,237 ) Other (400 ) (113 ) Cash flows used in investing activities (661 ) (26,632 ) Cash flows from financing activities: Proceeds from issuance of long-term debt — 500,000 Repayment of long-term debt — (651,713 ) Borrowing from revolving credit facility — 30,000 Repayment of revolving credit facility — (30,000 ) Payment of debt issuance costs — (8,044 ) Dividends paid on common stock (23,513 ) (31,740 ) Repurchase of common stock (12,000 ) (20,017 ) Principal payments on finance lease and financing obligations (4,396 ) (5,329 ) Proceeds from stock options exercised — 3,812 Repurchase of restricted stock for tax payments upon vesting (2,573 ) (4,139 ) Tax payments for share settlement of restricted stock units (30 ) (859 ) Other (3 ) — Cash flows used in financing activities (42,515 ) (218,029 ) Net change in cash, cash equivalents and restricted cash 34,518 (165,355 ) Cash, cash equivalents and restricted cash at beginning of period 200,592 324,984 Cash, cash equivalents and restricted cash at end of period $ 235,110 $ 159,629
Reconciliation of net income available to common stockholders to net income available to common stockholders, as adjusted for the following items: Closure and impairment charges; amortization of intangible assets; non-cash interest expenses; loss on extinguishment of debt; gain or loss on disposition of assets; acquisition costs; IHOP Flip'd initiative; other EBITDA adjustments; and the combined tax effect of the preceding adjustments, as well as related per share data: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income available to common stockholders $ 18,508 $ 18,048 $ 57,956 $ 62,586 Closure and impairment charges 366 1,774 1,442 3,088 Amortization of intangible assets 2,724 2,709 8,169 8,202 Non-cash interest expense 829 779 2,448 2,714 Loss (gain) on disposition of assets 6 191 (57 ) 2,309 Loss on extinguishment of debt — — — 10 Acquisition costs — — — 804 IHOP Flip'd initiative — — — 5,121 Other EBITDA adjustments 119 361 484 2,232 Net income tax provision for above adjustments (1,051 ) (1,512 ) (3,246 ) (6,365 ) Net income allocated to unvested participating restricted stock (89 ) (99 ) (274 ) (439 ) Net income available to common stockholders, as adjusted $ 21,412 $ 22,251 $ 66,922 $ 80,262 Diluted net income available to common stockholders per share (a): Net income available to common stockholders $ 1.24 $ 1.19 $ 3.88 $ 4.09 Closure and impairment charges 0.02 0.09 0.07 0.15 Amortization of intangible assets 0.14 0.13 0.40 0.40 Non-cash interest expense 0.04 0.04 0.12 0.13 Loss (gain) on disposition of assets 0.00 0.01 0.00 0.11 Loss on extinguishment of debt — — — 0.00 Acquisition costs — — — 0.04 IHOP Flip'd initiative — — — 0.25 Other EBITDA adjustments 0.01 0.02 0.02 0.11 Net income allocated to unvested participating restricted stock (0.01 ) (0.01 ) (0.02 ) (0.03 ) Rounding — (0.01 ) 0.01 — Diluted net income available to common stockholders per share, as adjusted $ 1.44 $ 1.46 $ 4.48 $ 5.25 Numerator for basic EPS - net income available to common stockholders, as adjusted $ 21,412 $ 22,251 $ 66,922 $ 80,262 Effect of unvested participating restricted stock using the two-class method — — 0 — Numerator for diluted EPS - net income available to common stockholders, as adjusted $ 21,412 $ 22,251 $ 66,922 $ 80,262 Denominator for basic EPS - weighted-average shares 14,897 15,217 14,940 15,275 Dilutive effect of stock options — 3 — 14 Denominator for diluted EPS - weighted-average shares 14,897 15,220 14,940 15,289 _________________________________ (a) Diluted net income available to common stockholders per share for the three and nine months ended
Reconciliation of the Company's cash flows provided by operating activities to “adjusted free cash flow” (cash flows provided by operating activities, plus receipts from notes and equipment contracts receivable, less additions to property and equipment). Management uses this liquidity measure in its periodic assessments of, among other things, the amount of cash dividends per share of common stock and repurchases of common stock. We believe it is important for investors to have the same measure used by management for that purpose. Adjusted free cash flow does not represent residual cash flow available for discretionary purposes. Nine Months Ended
2024 2023 (In thousands) Cash flows provided by operating activities $ 77,694 $ 79,306 Principal receipts from notes and equipment contracts 10,388 6,686 Net additions to property and equipment (10,305 ) (31,968 ) Adjusted free cash flow 77,777 54,024 Repayment of long-term debt, net — (151,713 ) Dividends paid on common stock (23,513 ) (31,740 ) Repurchase of common stock (12,000 ) (20,017 ) $ 42,264 $ (149,446 )
Reconciliation of the Company's net income to “adjusted EBITDA.” The Company defines adjusted EBITDA as net income or loss, adjusted for the effect of interest expense, income tax provision or benefit, depreciation and amortization, non-cash stock-based compensation, closure and impairment charges, loss on extinguishment of debt, gain or loss on disposition of assets, and other items deemed not reflective of current operations. Management may use certain non-GAAP measures along with the corresponding
Three Months Ended Nine Months Ended 2024 2023 2024 2023 Net income, as reported $ 19,061 $ 18,479 $ 59,716 $ 64,137 Interest expense on finance leases 729 668 2,208 2,072 All other interest expense 20,748 21,178 62,260 58,672 Income tax provision 7,403 6,468 22,018 21,416 Depreciation and amortization 9,654 8,587 29,049 26,221 Non-cash stock-based compensation 3,816 2,858 12,572 8,167 Closure and impairment charges 366 1,774 1,442 3,088 Loss on extinguishment of debt — — — 10 Loss (gain) on disposition of assets 6 191 (57 ) 2,309 IHOP Flip'd initiative — — — 5,121 Other 119 361 484 3,036 Adjusted EBITDA $ 61,902 $ 60,564 $ 189,692 $ 194,249
The following table sets forth, for the three and nine months ended
Three Months Ended Nine Months Ended 2024 2023 2024 2023 Applebee's Restaurant Data
Franchise 1,620 1,654 1,627 1,663 Company — — — — Total 1,620 1,654 1,627 1,663 System-wide(b) Domestic sales percentage change(c) (7.1 )% (3.2 )% (5.3 )% 0.3 % Domestic same-restaurant sales percentage change(d) (5.9 )% (2.4 )% (4.1 )% 0.9 % Franchise(b) Domestic sales percentage change(c) (7.1 )% 0.4 % (5.3 )% 4.0 % Domestic same-restaurant sales percentage change(d) (5.9 )% (2.4 )% (4.1 )% 0.9 % Average weekly domestic unit sales (in thousands) $ 49.5 $ 52.1 $ 52.7 $ 54.4 IHOP Restaurant Data
Franchise 1,645 1,631 1,645 1,626 Area license 155 156 155 156 Total 1,800 1,787 1,800 1,782 System-wide(b) Sales percentage change(c) (1.6 )% 4.2 % (0.5 )% 6.6 % Domestic same-restaurant sales percentage change, including area license restaurants(d) (2.1 )% 2.0 % (1.7 )% 4.2 % Franchise(b) Sales percentage change(c) (1.3 )% 4.5 % (0.4 )% 6.9 % Domestic same-restaurant sales percentage change(d) (1.9 )% 2.0 % (1.7 )% 4.2 % Average weekly unit sales (in thousands) $ 37.0 $ 37.8 $ 37.7 $ 38.3 Area License(b) Sales percentage change(c) (3.8 )% 1.1 % (1.6 )% 4.0 % Three Months Ended Nine Months Ended 2024 2023 2024 2023 Fuzzy's Restaurant Data (Unaudited)
Franchise 120 136 124 135 Company 1 1 1 2 Total 121 137 125 137 System-wide(b) Domestic sales percentage change(c) (15.8 )% (5.2 )% (13.7 )% (1.1 )% Domestic same-restaurant sales percentage change(d) (9.6 )% (6.1 )% (8.9 )% (3.6 )% Franchise(b) Domestic sales percentage change(c) (15.8 )% (3.8 )% (13.3 )% (0.3 )% Domestic same-restaurant sales percentage change(d) (9.6 )% (6.1 )% (8.9 )% (3.7 )% Average weekly domestic unit sales (in thousands) $ 29.4 $ 30.7 $ 30.0 $ 31.6 _________________________________ (a) “Effective Restaurants” are the weighted average number of restaurants open in each fiscal period, adjusted to account for restaurants open for only a portion of the period. Information is presented for all
(b) “System-wide sales” are retail sales at Applebee’s and Fuzzy's restaurants operated by franchisees and IHOP restaurants operated by franchisees and area licensees, as reported to the Company, in addition to retail sales at company-operated Fuzzy's restaurants. System-wide sales do not include retail sales of ghost kitchens. Sales at restaurants that are owned by franchisees and area licensees are not attributable to the Company. An increase in franchisees' reported sales will result in a corresponding increase in our royalty revenue, while a decrease in franchisees' reported sales will result in a corresponding decrease in our royalty revenue. Unaudited reported sales for Applebee's and Fuzzy's domestic franchise restaurants, Fuzzy's company-operated restaurants, IHOP franchise restaurants and IHOP area license restaurants were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Reported sales (in millions) Applebee's franchise restaurant sales $ 1,007.7 $ 1,085.3 $ 3,230.5 $ 3,411.5 IHOP franchise restaurant sales 790.3 801.0 2,416.2 2,425.9 IHOP area license restaurant sales 71.4 74.3 224.4 228.1 Fuzzy's franchise restaurant sales 45.8 54.4 144.9 167.1 Fuzzy's company-operated restaurants 0.3 0.3 0.9 1.9 Total $ 1,915.5 $ 2,015.3 $ 6,016.9 $ 6,234.5 (c) “Sales percentage change” reflects, for each category of restaurants, the percentage change in sales in any given fiscal period compared to the prior period for all restaurants in that category. (d) “Domestic same-restaurant sales percentage change” reflects the percentage change in sales in any given fiscal period, compared to the same weeks in the prior period, for domestic restaurants that have been operated during both periods that are being compared and have been open for at least 18 months. Because of new restaurant openings and restaurant closures, the domestic restaurants open throughout both fiscal periods being compared may be different from period to period.
Restaurant Data (Unaudited) Restaurant Development Activity Three Months Ended Nine Months Ended 2024 2023 2024 2023 Applebee's Summary - beginning of period: Franchise 1,625 1,661 1,642 1,678 Company — — — — Beginning of period 1,625 1,661 1,642 1,678 Franchise restaurants opened: Domestic — 2 — 3 International 4 2 9 5 Total franchise restaurants opened 4 4 9 8 Franchise restaurants permanently closed: Domestic (9 ) (12 ) (25 ) (28 ) International (2 ) (1 ) (8 ) (6 ) Total franchise restaurants permanently closed (11 ) (13 ) (33 ) (34 ) Net franchise restaurant reduction (7 ) (9 ) (24 ) (26 ) Summary - end of period: Franchise 1,618 1,652 1,618 1,652 Company — — — — Total Applebee's restaurants, end of period 1,618 1,652 1,618 1,652 Domestic 1,511 1,544 1,511 1,544 International 107 108 107 108 IHOP Summary - beginning of period: Franchise 1,656 1,634 1,657 1,625 Area license 155 156 157 156 Total IHOP restaurants, beginning of period 1,811 1,790 1,814 1,781 Franchise/area license restaurants opened: Domestic franchise 4 5 14 27 Domestic area license — — 1 2 International franchise 2 5 11 11 Total franchise/area license restaurants opened 6 10 26 40 Franchise/area license restaurants permanently closed: Domestic franchise (7 ) (5 ) (24 ) (23 ) Domestic area license — — (3 ) (2 ) International franchise (1 ) (1 ) (4 ) (2 ) Total franchise/area license restaurants permanently closed (8 ) (6 ) (31 ) (27 ) Net increase (decrease) in franchise/area license restaurants (2 ) 4 (5 ) 13 Summary - end of period: Franchise 1,654 1,638 1,654 1,638 Area license 155 156 155 156 Total IHOP restaurants, end of period 1,809 1,794 1,809 1,794 Domestic 1,684 1,681 1,684 1,681 International 125 113 125 113
Restaurant Data (Unaudited) Restaurant Development Activity (continued) Three Months Ended Nine Months Ended 2024 2023 2024 2023 Fuzzy's Summary - beginning of period: Franchise 124 137 131 134 Company 1 1 1 3 Beginning of period 125 138 132 137 Franchise restaurants opened: Domestic 1 1 1 3 Franchise restaurants permanently closed: Domestic (7 ) (1 ) (14 ) (2 ) Net franchise restaurant addition (reduction) (6 ) — (13 ) 1 Refranchised from Company restaurants — — — 2 Net franchise restaurant addition (reduction) (6 ) — (13 ) 3 Summary - end of period: Franchise 118 137 118 137 Company 1 1 1 1 Total Fuzzy's restaurants, end of period 119 138 119 138 Domestic 119 138 119 138 International — — — — The restaurant counts and activity presented above include 13 dual-branded international Applebee's and IHOP restaurants at
The restaurant counts and activity presented above do not include one domestic Applebee's ghost kitchen (small kitchens with no store-front presence, used to fill off-premise orders), seven international Applebee's ghost kitchens and 34 international IHOP ghost kitchens at
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Non-GAAP Financial Measures
(In thousands, except per share amounts)
(Unaudited)
Non-GAAP Financial Measures
(Unaudited)
Non-GAAP Financial Measures
(in thousands)
(Unaudited)
Restaurant Data
(Unaudited)
Sr. Vice President, Finance and Investor Relations
IR@dinebrands.com
Media Contact
Sr. Vice President,
Mediainquiries@dinebrands.com
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