Financial Data and Key Metrics Changes - The company reported a cautious but cautiously optimistic consumer environment, with recent weeks showing improved sales [5] - Same-store sales were down approximately 3% to 3.5% across all 18 brands, which is considered manageable in the current environment [28] - The company has sold around 200 new franchise units and opened over 70 new stores, with plans to open another 100 this year [28] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 18 brands, including high-growth brands like Fatburger, Johnny Rockets, and Round Table Pizza [4][7] - The manufacturing operation, which produces cookie dough and pretzel mix, has increased its capacity utilization from 30% to 45%, generating approximately $15 million in annual EBITDA [11][12] Market Data and Key Metrics Changes - The company has seen a positive shift in consumer behavior, with sales improving significantly in recent weeks [5] - Franchisee confidence is indicated by the sale of several hundred incremental franchise units over the past few years, with 213 units sold recently [6] Company Strategy and Development Direction - The company focuses on co-branded and multi-branded locations, expecting 10%-20% higher revenues from these formats [8] - The strategy includes converting select Smoky Bones locations into Twin Peaks, which has shown a potential to double sales in converted locations [18][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by rising interest rates and a difficult equity market, but emphasizes the strength of the brand portfolio and the potential for restructuring debt [24][28] - The company aims to restructure its debt to make it more manageable, with ongoing discussions with noteholders [26][27] Other Important Information - The company has a unique manufacturing operation that complements its restaurant portfolio, providing high-margin products to franchisees [11] - The spinout of Twin Peaks into a publicly traded company was a strategic move to raise equity and pay down debt [14][15] Q&A Session Summary Question: What is the current state of the consumer? - Management noted a cautious but cautiously optimistic consumer environment, with recent sales improvements [5] Question: How is the development pipeline looking? - The company has sold a couple hundred incremental franchise units, indicating strong franchisee confidence [6] Question: What are the growth opportunities in non-traditional locations? - Non-traditional locations can be lucrative if they have good traffic flow, and the company is exploring these opportunities [10] Question: How does the manufacturing operation fit into the long-term strategy? - The manufacturing facility is seen as a significant opportunity, currently running at 45% capacity and generating high margins [11][12] Question: What is the outlook for Twin Peaks and Smoky Bones? - The company is converting some Smoky Bones into Twin Peaks, which has shown promising sales increases [18][21]

Financial Data and Key Metrics Changes - The company reported a cautious but cautiously optimistic consumer environment, with recent weeks showing significant sales improvements [5] - Same-store sales were down approximately 3% to 3.5% across all 18 brands, which is considered manageable in the current environment [28] - The company has sold around 200 new franchise units and opened over 70 new stores, with plans to open another 100 this year [28] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 18 brands, including high-growth brands like Fatburger, Johnny Rockets, and Round Table Pizza [4][7] - The manufacturing operation, which produces cookie dough and pretzel mix, has increased its capacity utilization from 30% to 45%, generating approximately $15 million in annual EBITDA [11][12] Market Data and Key Metrics Changes - The company has seen a shift towards cautious consumer spending, but there are signs of improving consumer confidence due to factors like refund checks [5] - The development pipeline indicates strong franchisee confidence, with existing franchisees purchasing more units [6] Company Strategy and Development Direction - The company focuses on co-branded and multi-branded locations, which are expected to generate 10% to 20% higher revenues compared to standalone units [8] - The strategy includes converting select Smokey Bones locations into Twin Peaks, which has shown a potential to double sales in converted units [18][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by rising interest rates and a difficult equity market, but emphasizes the strength of the brand portfolio and the potential for restructuring debt [24][25] - The company aims to restructure its debt to make it more manageable, as the current debt is non-recourse to FAT Brands and secured at the brand level [23][24] Other Important Information - The company has faced significant costs related to a government investigation, amounting to $75 million, which has impacted cash flow [25] - The management team is focused on maintaining brand health and leveraging the manufacturing business for additional growth opportunities [29] Q&A Session Summary Question: What is the current state of the consumer? - Management noted a cautious but cautiously optimistic consumer environment, with recent sales improvements [5] Question: How is the development pipeline looking? - The company has sold a couple hundred incremental franchise units in recent years, indicating strong franchisee confidence [6] Question: What are the growth opportunities in non-traditional locations? - Non-traditional locations can be lucrative if they have good traffic flow, and the company is exploring opportunities in places like universities and airports [10] Question: How does the manufacturing operation fit into the long-term strategy? - The manufacturing facility is expected to utilize excess capacity and generate high margins, contributing to overall profitability [11][12] Question: What is the strategy for Twin Peaks and Smokey Bones? - The company is converting select Smokey Bones into Twin Peaks, which has shown promising sales increases [18][21] Question: How is the company addressing its financial position? - Management is in discussions to restructure debt and is looking for practical solutions to improve the financial situation [26][27]

Financial Data and Key Metrics Changes - The company has seen a cautious but cautiously optimistic consumer environment, with recent weeks showing improved sales [5] - Same-store sales were down approximately 3% to 3.5% across all 18 brands, which is considered manageable in the current environment [31] - The company reported technical gross revenues exceeding $600 million, with around $150 million from royalties, franchise fees, and profits from company-owned stores [32] Business Line Data and Key Metrics Changes - The company has expanded its portfolio to 18 brands, including high-growth brands like Fatburger, Johnny Rockets, and Round Table Pizza [4][8] - The manufacturing operation, which produces cookie dough and pretzel mix, has increased its capacity utilization from 30% to 45%, generating approximately $15 million in annual EBITDA [13][14] Market Data and Key Metrics Changes - The company has sold a couple of hundred incremental franchise units in recent years, indicating strong franchisee confidence [7] - The development pipeline includes a mix of new franchise units and conversions, with a solid path for growth anticipated in the coming years [24] Company Strategy and Development Direction - The company is focusing on co-branded and multi-branded locations, which are expected to generate 10% to 20% higher revenues compared to standalone units [9] - The strategy includes converting select Smoky Bones locations into Twin Peaks, which has shown a potential to double sales in converted units [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges posed by rising interest rates and a difficult equity market, but remains optimistic about restructuring debt and improving cash flow [27][33] - The company is actively engaging with noteholders to restructure debt and is looking for practical solutions to improve financial stability [30] Other Important Information - The company has faced significant costs related to a government investigation, amounting to $75 million, but has successfully navigated through it [28] - The company has a strong focus on utilizing its manufacturing capabilities to support its restaurant brands and expand its product offerings [12] Q&A Session Summary Question: What is the current state of the consumer? - Management noted a cautious but cautiously optimistic consumer environment, with recent sales improvements [5] Question: How is the development pipeline looking? - The company has sold a couple of hundred incremental franchise units, indicating franchisee confidence [7] Question: What are the strategic advantages of co-branding? - Co-branding is expected to yield 10% to 20% higher revenues and is a cost-effective way for franchisees to enter new concepts [9] Question: How is the company addressing its debt situation? - Management is in discussions with noteholders to restructure debt and is seeking common-sense solutions [30] Question: What is the growth strategy for Twin Peaks? - Growth will come from a combination of conversions and new franchise openings, with a solid pipeline for the future [24]

Core Insights - Great American Cookies, owned by FAT Brands Inc., has launched two new Cookie Cake flavors, Red Velvet and Strawberry Crinkle, available until February 15, 2026 [1][2] - The new Cookie Cakes are offered in a heart shape, catering to Valentine's Day celebrations, and can be customized with seasonal designs and messages [2][4] Company Overview - FAT Brands is a global franchising company that owns 18 restaurant brands, including Great American Cookies and Marble Slab Creamery, with over 2,300 units worldwide [5] - Great American Cookies was founded in 1977 and specializes in Cookie Cakes, fresh baked cookies, and other sweet treats, with more than 400 locations domestically and internationally [6] - Marble Slab Creamery, established in 1983, is known for its unique frozen slab technique and offers a variety of ice cream products, with locations in multiple countries [7]

分组1 - McDonald's successfully avoided losing market share among low-income consumers by cutting prices on core menu combos and reviving the Extra Value Meal, driven by menu innovation [1][8] - The brand reversed a negative trend from an E. coli outbreak and consumer pullback in Q1 2025, achieving gains in Q2 and Q3, with competitors like Applebee's adopting similar value-focused strategies [2] - Chili's emerged as the same-store sales leader in 2025, posting over 20% comps growth in the first three quarters, primarily driven by traffic growth [5] 分组2 - Taco Bell outperformed the QSR sector with same-store sales growth of 9%, 4%, and 7% in the first three quarters of 2025, leveraging a strategy that combined value, novelty, and premium options [9][11] - Starbucks showed signs of recovery in Q1 fiscal 2026, with its holiday launch being the biggest sales day ever in North America, despite facing labor unrest [14][15] - Sweetgreen faced significant challenges in 2025, with a 7.6% same-store sales drop in Q2 and an 11.7% traffic decline in Q3, leading to operational adjustments and leadership changes [23][27] 分组3 - Jack in the Box struggled in 2025, experiencing a 7.4% same-store sales decline in its fiscal fourth quarter, attributed to a lack of value perception among consumers [18][19] - Pizza Hut continued to face negative same-store sales growth, with a 6% decline in Q3 2025, prompting Yum's CEO to consider selling the brand [28][30] - Fat Brands ended 2025 with significant financial distress, defaulting on debt obligations and reporting a 5.5% decline in systemwide sales [31][32]

Core Insights - FAT Brands Inc. is participating in the 28th Annual ICR Conference, with a fireside chat scheduled for January 13th, 2026, at 9:30 AM ET, featuring CEO Andy Wiederhorn and CFO Ken Kuick [1] - The fireside chat will be available for live webcast and replay for 90 days on the FAT Brands Investor Relations website [2] Company Overview - FAT Brands is a leading global franchising company that acquires, markets, and develops various restaurant concepts, currently owning 18 brands including Round Table Pizza, Fatburger, and Johnny Rockets [3] - The company operates over 2,300 units worldwide, indicating a significant presence in the restaurant industry [3]

Core Insights - Round Table Pizza, a franchise under FAT Brands, has launched the Triple Crown Pepperoni Pizza, emphasizing quality and authenticity with three types of pepperoni [1][3]. Product Details - The Triple Crown Pepperoni Pizza is priced starting at $21.99 for a Large at participating locations, featuring a three cheese blend, zesty red sauce, and three premium pepperoni varieties: Mega Pepperoni, Classic Pepperoni, and Crispy Mini Pepperoni [2]. - The new pizza can be paired with additional menu items such as Jalepeño Poppers, Mozzarella Sticks, and Bourbon Molasses BBQ Wings, available in both bone-in and boneless options [2]. Brand Commitment - Round Table Pizza has built its reputation on hand-crafted pizzas made with high-quality ingredients, and the new offering aims to deliver exceptional flavor and value for various occasions, from game-day parties to family gatherings [3]. Company Overview - FAT Brands is a global franchising company that owns and operates 18 restaurant brands, including Round Table Pizza, with over 2,300 units worldwide [4]. - Round Table Pizza has been recognized for its commitment to quality and authenticity for over 60 years, operating approximately 400 restaurants globally [5].

Core Viewpoint - FAT Brands Inc. is facing legal action from a shareholder for allegedly concealing the extent of its debt, which has contributed to a deteriorating financial outlook and a significant drop in its stock price [1][6]. Financial Situation - The company, which owns brands like Fatburger and Johnny Rockets, has resorted to high-interest loans known as merchant cash advances as its financial condition worsened [2]. - FAT Brands has approximately $1.2 billion in whole-business securitization debt, which it cannot repay, raising concerns about a potential bankruptcy filing [4]. - The shareholder claims that FAT Brands has over $1.4 billion in debt and is unlikely to meet its repayment obligations [5]. Legal Issues - The shareholder's complaints allege that FAT Brands misrepresented its debt as cash to secure new financing, indicating deeper financial troubles not reflected in public disclosures [3]. - The company has until next week to respond to the shareholder's complaint [6]. Debt and Bond Transactions - The shareholder is seeking access to the company's financial records, alleging that FAT Brands engaged in bond sales that misrepresented its financial obligations [10]. - FAT Brands defaulted on a put option related to bond sales, which were inaccurately treated as ordinary cash transactions [11]. Management and Related Transactions - Allegations include that FAT Brands authorized significant cash bonuses and stock units to management, which should have been allocated to debt repayment [13][14]. - The CEO, Andy Wiederhorn, has faced legal scrutiny for allegedly concealing payments and has settled a separate investor lawsuit for $10 million [15].

Company Overview - Fazoli's is a fast and fresh Italian chain that has been serving quality Italian food since 1988, with over 200 restaurants across 26 states, making it the largest QSR Italian chain in America [5] - The company is a portfolio entity of FAT Brands Inc., which owns 18 restaurant brands and operates over 2,300 units worldwide [4] Recent Developments - Fazoli's has opened its fourth restaurant in the greater Phoenix area, specifically in Surprise, Arizona, featuring a drive-thru and popular menu items like Chicken Fettuccine Alfredo and unlimited breadsticks [1][2] - The franchise partner, Kind Hospitality, is recognized for delivering high-quality food and hospitality, with plans for further expansion into new markets in Arizona, including Gilbert in spring 2026 [2] Menu and Service - Fazoli's menu includes freshly prepared pasta entrées, sub sandwiches, salads, pizza, and desserts, all offered at an affordable price [2][5] - The chain emphasizes fast service and a friendly dining experience, which is a core part of its brand identity [5] Operational Details - The new Fazoli's location in Surprise operates Sunday through Thursday from 10:30 a.m. to 9:30 p.m., and Friday and Saturday from 10:30 a.m. to 10:30 p.m. [3]

Core Insights - FAT Brands Inc. is reopening Fatburger in Japan with the first of four new locations in Okinawa, marking a significant step in its global expansion strategy [1][2] - The Okinawa market is viewed as a prime opportunity for growth due to the popularity of American chains and the brand's premium offerings [2] Company Overview - FAT Brands is a leading global franchising company that owns and operates 18 restaurant brands, including Fatburger, and has over 2,300 units worldwide [4] - Fatburger has a legacy of over 70 years, known for its customizable burgers and high-quality menu items, which include various sides and desserts [5] Market Strategy - The opening in Okinawa is part of a broader development plan to reignite the Fatburger brand's presence in Japan [1][2] - The partnership with Green Micro Factory Inc. is aimed at enhancing the guest experience and catering to both locals and tourists [2]