Dine Brands Global (Dine Brands (DIN)) shares ticked higher on Wednesday after the company behind Applebee's and IHOP reported quarterly results that came in a bit better than Wall Street expected. The restaurant operator also reaffirmed its full-year guidance, which seemed to give investors some comfort.

The company reported first-quarter adjusted earnings of $1.07 per share, beating the analyst consensus of $1.01. Revenue came in at $225.2 million, up 4.8% from a year ago and ahead of the $222.3 million analysts were looking for. So far, so good.

But not everything was rosy. Consolidated adjusted EBITDA for the quarter was $50.8 million, down from $54.7 million in the same period last year. Operating cash flow also took a hit, falling to $7.5 million from $16.1 million. And adjusted free cash flow turned negative at negative $3 million, compared to positive $14.6 million a year ago. That's a notable swing, but the company still has plenty of liquidity — it ended the quarter with about $104.2 million in unrestricted cash.

Let's talk about the brands. Applebee's same-store sales rose 1.9% year over year in the first quarter, with off-premise sales making up 23.9% of the mix. IHOP's same-store sales were flat, with off-premise at 21.5%. So Applebee's is doing a bit better, but both chains are seeing a decent chunk of business come from takeout and delivery.

On the development front, the company opened 24 new restaurants and closed 40 during the quarter. That net decline is part of a broader strategy: Dine Brands expects Applebee's domestic restaurant count to shrink by 5 to 15 net locations this year, while IHOP could see anywhere from 10 net closures to 10 net openings. The real growth story is in dual-branded locations — restaurants that combine Applebee's and IHOP under one roof. The company expects at least 50 such openings this year, mostly driven by franchisees.

For the full year, Dine Brands is sticking with its previous outlook. It expects Applebee's domestic same-store sales to range from flat to 2% growth, and IHOP's to be in the same range. Consolidated adjusted EBITDA is projected between $220 million and $230 million, with general and administrative expenses of $205 million to $210 million and capital expenditures of $25 million to $35 million.

The company also returned some cash to shareholders during the quarter, repurchasing about $22 million of its stock and paying roughly $2.5 million in dividends.

At the time of publication Wednesday, Dine Brands shares were up 1.78% at $28.20.