It was called the [Indecipherable] Philadelphia and I was certainly humbled and stunned by the almost 24/7 demands required at my parents'.
20 years ago, a mentor of mine who was a marketing wizard, taught me that brands win when they're different, better and special.
We're 98% franchise and asset light.
So far, I've spoken with 40 franchisees in the U.S. and around the world and they represent 50% of the Applebee's system and more than a third of our IHOP restaurants.
And because we emerged in 2020 on sound financial footing, we plan to repay in full the $220 million drawn from our revolver last March.
We expect to complete the repayment this month, resulting in interest expense savings of approximately $5 million.
Our collection rate for royalty and marketing fees stands at approximately 99% and the fees we deferred during Q2 of last year are being paid back according to schedule.
Overall weekly sales trends for both brands have also improved since the week ending January 3 of 2021, Applebee's improving by approximately 8 percentage points and IHOP posted gains of about 6 points.
Our team is focused on three objectives over the next 12 months to 24 months.
Second, we'll win the recovery and win the new normal by leveraging our recent investments in business and consumer insights, CRM and digital to reactivate our guests via one-to-one and highly targeted marketing and we'll realign our menu to reflect learnings in the past 12 months and we'll reset the channel mix to reflect those earnings as well.
During a very challenging year, we took steps to maintain our financial flexibility, including drawing down $220 million in March 2020 from our revolving credit facility, all of which remain outstanding as of December 31.
As John just mentioned, we plan to repay the $220 million during the month of March.
We ended 2020 with total cash and cash equivalents of $456 million, which includes restricted cash of $72.7 million.
Excluding the $220 million drawn from our revolver, cash on the balance sheet was $64 million higher at the end of 2020 compared to year-end 2019.
For the fourth quarter, adjusted earnings per share of $0.39 compared to $1.78 for the same quarter of 2019.
For 2020, adjusted earnings per share was $1.79 compared to $6.95 in 2019.
For 2020, our bad debt was approximately $12.8 million as compared to virtually no bad debt for 2019.
In 2020, it constituted 30% of our total revenues excluding advertising revenues.
G&A for the fourth quarter of 2020 improved to $39.4 million from $41.7 million for the same quarter last year.
G&A for the fourth quarter was lower than our guidance of approximately $45 million, primarily due to our ability to tighten G&A controls in response to the resurgence of coronavirus cases.
G&A for 2020 was $144.8 million, including $4.3 million related to the company restaurants segment.
This compares to $162.8 million in 2019.
Cash from operations for 2020 was $96.5 million compared to $155.2 million in 2019.
Our highly franchised model continued to generate strong adjusted free cash flow of $106.6 million in 2020 compared to $148.8 million in the prior year.
As previously discussed, we plan to repay the $220 million drawn last March.
Dine Brands provide approximately $55.7 million in royalty, advertising fees and rent payment deferrals to our franchisees and continue to provide assistance on a case-by-case basis.
In total, we provided approximately $61 million deferrals to 223 franchisees across both brands, of which 61 have repaid their deferred balances in full.
Overall, a total of approximately $32 million of the original subsequent deferrals have been repaid and repayments are on track.
Regarding adjusted EBITDA, our consolidated adjusted EBITDA for 2020 was $158.7 million compared to $273.5 million for 2019.
Because of our asset-light model and low capex requirements, we continue to have very high quality adjusted EBITDA as capex represented only 7% of 2020 adjusted EBITDA.
Lastly, I will review our financial performance guidance for fiscal 2021, which reflects the projected impact over the pandemic on our guidance as of today.
Due to ongoing uncertainty created by COVID-19, we clearly cannot provide a complete business outlook for the year.
However, I can tell you, G&A is expected to range between approximately $160 million and $170 million including non-cash stock-based compensation expense and depreciation of approximately $45 million.
Please note that this range includes approximately $5 million of G&A related to the company restaurants segment and capital expenditures are expected to be approximately $14 million inclusive of approximately $5 million related to the company restaurants segment.
Applebee's comp sales progressed from minus 49.4% in Q2 to minus 13.3% in Q3 to minus 1.9% in the month of October when we last spoke.
As a result, November comp sales were minus 15% while December came in at minus 30.1%.
Now the good news is that business is now improving as comp sales for January and the first three weeks of February combined were minus 18.1%, rolling over a very strong 3.3% increase from the same timeframe last year.
For context, at the end of December, 412 of our dining rooms were closed due to government imposed mandates.
Now for the month of February, Applebee's sales mix consisted of 63% dine-in, 22% Carside To Go, and 15% delivery.
I anticipate our 63% sales mix to naturally elevate this year, as indoor dining gradually returns.
At the moment, Cosmic Wings remains an online delivery-only concept available via Uber Eats and fulfilled through approximately 1,250 Applebee's kitchens.
While it's far too early to draw any conclusions, Cosmic Wings averaged $510 of incremental sales per restaurant last week in its first full week of operation, showing a steady build from day to day.
To this point, last week, we launched our latest national event, 5 Boneless Wings for $1 with the purchase of any burger, which is resonating extraordinarily well.
In fact, last week, Applebee's achieved our single highest sales volume week since the pandemic outbreak in mid-March of last year, that's 50 weeks ago.
First, our quarterly comp sales improved meaningfully from a decline of 59.1% for the second quarter to a decline of 30.1% for the fourth quarter, reflecting a net increase of 29 percentage points since the pandemic began.
As we closed out the fourth quarter, IHOP's comp sales declined 30.1%, which is on par with the family dining category.
We were particularly impacted in California and Texas, which collectively comprised approximately 25% of our domestic restaurants.
Our results for January 2021 improved to minus 26.8%, representing a gain of 10 percentage points from December.
February comp sales through week ending February 21 were down 27.6%.
For the same period, our sales mix consisted of 66% dine-in, 16.9% to-go and 17.1% delivery.
Number 1, focusing on our PM daypart; Number 2, value; Number 3, maintaining our gains in off-premise sales; and Number 4, development growth.
IHOPPY Hour is driving incremental sales in the mid to high teens and approximately 20% incremental traffic compared to the rest of the day.
For the fourth quarter, off-premise was 33.3% of total sales, compared to 32.4% for the third quarter.
To provide more color, to-go accounted for approximately 17% of sales mix and delivery accounted for approximately 16%.
Off-premise comp sales for the fourth quarter grew by 130%, driven primarily by traffic.
Conducive to this is our -- is the high portability of IHOP's menu and our proprietary off-premise packaging, which keeps our food warm approximately 40 minutes after leaving the restaurant.
The results since the launch are very encouraging, with Burritos & Bowls capturing approximately 8% of check at order incidents based on our soft launch without a full media and marketing campaign.
Second, non-traditional development, which is led by our largest agreement in our 62-year history, with TravelCenters of America for 94 restaurants over five years.
As of December 31, 1,174 restaurants or 70% of our domestic system was open for in-restaurant dining with restrictions.
This compares to 1,425 restaurants or 85% as of September 30.
This program concluded with 41 closures over the last six months, which is well below our initial projection of up to 100 restaurants.
We remain confident that we'll eventually replace these severely underperforming locations and grow our footprint with better performing restaurants that had volumes closer to our pre-COVID AUV of approximately $1.9 million.

Summary:
For the fourth quarter, adjusted earnings per share of $0.39 compared to $1.78 for the same quarter of 2019.
Lastly, I will review our financial performance guidance for fiscal 2021, which reflects the projected impact over the pandemic on our guidance as of today.
Due to ongoing uncertainty created by COVID-19, we clearly cannot provide a complete business outlook for the year.
Please note that this range includes approximately $5 million of G&A related to the company restaurants segment and capital expenditures are expected to be approximately $14 million inclusive of approximately $5 million related to the company restaurants segment.
As a result, November comp sales were minus 15% while December came in at minus 30.1%.
First, our quarterly comp sales improved meaningfully from a decline of 59.1% for the second quarter to a decline of 30.1% for the fourth quarter, reflecting a net increase of 29 percentage points since the pandemic began.
As we closed out the fourth quarter, IHOP's comp sales declined 30.1%, which is on par with the family dining category.