Key TakeawaysWendy's named PepsiCo executive Kirk Tanner as its next CEO, effective Feb. 5, succeeding Todd Penegor, who has been at the helm of Wendy’s since 2016.The Wendy's share price has tracked mostly sideways since breaking above a six-month downtrend line last month.If the stock can hold these levels and flip previous resistance into support, it may mark the beginning of a new move higher. The Wendy's Company Source: TradingView.com.Wendy’s (WEN) stock is on the menu to watch Friday after the com ...

Bruce Bennett This has been a frustrating year for The Wendy's Company (NASDAQ:WEN). Shares of the burger chain franchisor have fallen around 5% in that time including dividends, underperforming peer McDonald's (MCD) by over 18ppt amid relatively soft comps. With that leaving Wendy's on a fairly modest multiple of free cash flow and sporting an attractive 5% dividend yield, I think these shares offer just enough value to entice investors, and I open on the stock with a Buy rating. Source: Seeking Alpha ...

Financial Data and Key Metrics - Global same-restaurant sales grew 2.8% YoY, with a two-year result of 9.7%, representing an acceleration of almost 100 basis points [6] - US company-operated restaurant margin increased by 80 basis points YoY to 15.6%, driven by sales growth and easing commodity inflation [7] - Adjusted EBITDA increased 3.5% to approximately $139 million, supported by higher franchise royalty revenue and lower G&A expenses [20] - Year-to-date free cash flow increased over 35% to approximately $226 million, primarily due to higher net income and lower incentive compensation payments [22] Business Line Performance - International same-restaurant sales grew 7.8% YoY, marking the 10th consecutive quarter of double-digit growth on a two-year basis (18.6%) [6] - US same-restaurant sales grew 2.2% YoY, with a two-year result of 8.5%, showing acceleration compared to Q2 [7] - Digital sales mix reached 13% globally, with total digital sales growing 30% YoY, driven by the loyalty program [7] - Breakfast sales accelerated in the latter half of the quarter, supported by new value offerings like the 2 for 3 Biggie Bundles [10] Market Performance - International markets led growth, with strong results in key regions, including Canada and the UK, where digital sales mix reached over 90% [12][13] - US digital sales mix grew to over 12%, with loyalty members reaching over 35 million and monthly active users growing almost 40% QoQ [13] - Late-night sales increased mid-teens YoY, surpassing pre-pandemic averages, with expectations for continued growth through 2023 [11] Strategy and Industry Competition - The company remains focused on driving global growth through operational excellence, digital acceleration, and compelling restaurant economic models [8] - New restaurant openings totaled 72 in Q3, with 152 openings year-to-date, tracking towards the 2023 global net unit growth target of approximately 2% [8][15] - The company secured incremental development agreements in key markets like the UK, Japan, and Mexico, with 70% of the long-term development pipeline under agreement [15][16] Management Commentary on Operating Environment and Outlook - Management expects mid-single-digit global same-restaurant sales growth for full-year 2023, with Q4 same-restaurant sales projected in the low single-digit range [12] - The company reaffirmed its 2023 adjusted EBITDA outlook of $530 million to $540 million and adjusted EPS of $0.95 to $1 [23] - Long-term outlook includes mid-single-digit annual system-wide sales growth and high single-digit to low double-digit annual free cash flow growth in 2024 and 2025 [24] Other Key Information - The company declared a Q4 dividend of $0.25 per share, delivering a full-year dividend of $1 per share in 2023, representing an over 100% dividend payout ratio [25] - Year-to-date, the company repurchased approximately 8 million shares and $70 million of debt, with plans to continue share repurchases in light of the current share price and cash balance [25][26] Q&A Session Summary Question: ROI for new units and development pipeline [30] - New build designs (Next Gen) reduced costs by 10%, with levered payback periods ranging from 3.5 to 6 years depending on incentive programs [31] - Confidence in future growth is supported by 2% net unit growth in 2023 and 70% of the development pipeline under agreement through 2025 [32] Question: Consumer behavior and competitive environment [34] - Higher-income consumers (over $75,000) remain healthy, while lower-income consumers are more stressed, leading to some trade-down from mid-scale casual dining to QSR [35] - The company maintains a balanced calendar of promotions to support both income cohorts [36] Question: Drivers of mid-August sales improvement [38] - Sales improved following the launch of premium products like the Loaded Nacho Cheeseburger, new breakfast offerings, and promotions like the 2 for 3 Biggie Bundles [39][40] Question: Value promotions and restaurant margins [42] - The company has shifted from $1 promotions to higher-value bundles like 2 for 3, which improve restaurant economics while maintaining consumer engagement [43] - US company-operated restaurant margins expanded by 190 basis points year-to-date, reaching 15.9% [44] Question: Breakfast progress and profitability [48] - Breakfast remains in the early stages of growth, with opportunities to drive trial and repeat through consistent value promotions and innovation [49] - Breakfast profitability remains above average, even with promotions, supporting long-term margin progression [51] Question: Balance sheet and capital allocation [53] - The company has a strong cash position of over $600 million, with flexibility to invest in growth, repurchase shares, and reduce debt [54] - Leverage is expected to naturally decrease, with potential for additional debt repurchases and continued share buybacks [55][56] Question: Late-night and snacking opportunities [59] - Late-night sales continue to outperform the category, with significant growth potential and improved staffing supporting operations [60] Question: Pricing strategy for 2024 [62] - The company expects low single-digit same-restaurant sales growth in 2024, driven by flattish traffic, slightly positive mix, and moderate pricing [63] - A small price increase is planned for late 2023 to set up for 2024 [63] Question: Company vs. franchise store performance [66] - Company stores are performing in line with franchisees in key markets, with higher AUVs contributing to strong cash profit per restaurant [67][68] Question: Loyalty program profitability and customer lifetime value [70] - Loyalty program growth is driving higher frequency and check sizes over time, with early offers being margin-neutral but contributing to long-term value [72][73]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 1, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-2207 THE WENDY’S COMPANY (Exact name of registrant as specified in its charter) Delaware 38-0471180 (State o ...

The Wendy's Company (NASDAQ:WEN) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET Company Participants Kelsey Freed - Director of Investor Relations Todd Penegor - President and Chief Executive Officer Gunther Plosch - Chief Financial Officer Conference Call Participants Brian Bittner - Oppenheimer & Company Joshua Long - Stephens, Inc. Brian Harbour - Morgan Stanley Andrew Charles - TD Cowen Dennis Geiger - UBS Alexander Slagle - Jefferies Jeffrey Bernstein - Barclays Danilo Gargiulo - Bernstein ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 2, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-2207 THE WENDY’S COMPANY (Exact name of registrant as specified in its charter) Delaware 38-0471180 (State or o ...

The Wendy's Company (NASDAQ:WEN) Q1 2023 Earnings Conference Call May 10, 2023 8:30 AM ET Company Participants Kelsey Freed - Director, IR Todd Penegor - President, CEO Gunther Plosch - CFO Conference Call Participants David Palmer - Evercore ISI Brian Harbour - Morgan Stanley Brian Bittner - Oppenheimer Dennis Geiger - UBS Joshua Long - Stephens Lauren Silberman - Credit Suisse Andrew Charles - TD Cowen Jeffrey Bernstein - Barclays Jon Tower - Citi Chris O'Cull - Stifel Chris Carril - RBC Capital Markets E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 2, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ Commission file number: 1-2207 THE WENDY’S COMPANY (Exact name of registrant as specified in its charter) Delaware 38-0471180 (State or ...

The Wendy's Company (NASDAQ:WEN) Q4 2022 Results Conference Call March 1, 2022 8:30 AM ET Company Participants Kelsey Freed - Director, IR Todd Penegor - President, CEO Gunther Plosch - CFO Conference Call Participants Dennis Geiger - UBS Brian Bittner - Oppenheimer David Palmer - Evercore Brian Harbour - Morgan Stanley Silberman Lauren - Credit Suisse Jeffrey Bernstein - Barclays Andrew Charles - Cowen Chris Carril - RBC Capital Markets Alex Slagle - Jefferies Jeff Farmer - Gordon Haskett Brian Mullan - D ...

The Wendy's Company (NASDAQ:WEN) Q3 2022 Results Conference Call November 9, 2022 8:30 AM ET Company Participants Kelsey Freed - Director, IR Todd Penegor - President and CEO Gunther Plosch - CFO Conference Call Participants Dennis Geiger - UBS David Palmer - Evercore ISI John Glass - Morgan Stanley Jon Tower - Citi Chris O'Cull - Stifel Lauren Silberman - Credit Suisse Brian Bittner - Oppenheimer Jeffrey Bernstein - Barclays Gregory Francfort - Guggenheim Securities John Ivankoe - JPMorgan Brian Mullan - D ...