Wingstop Inc. (NASDAQ:WING) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET Company Participants Susana Arevalo - Vice President of FP&A & Investor Relations Michael Skipworth - President & Chief Executive Officer Alex Kaleida - Senior Vice President & Chief Financial Officer Conference Call Participants David Tarantino - Baird Jeffrey Bernstein - Barclays John Glass - Morgan Stanley Andy Barish - Jefferies Andrew Charles - Cowen Jared Garber - Goldman Sachs Jon Tower - Citi Dennis Geiger - UBS B ...

Financial Data and Key Metrics Changes - In Q1 2022, the company reported a same-store sales growth of 1.2%, which is 32% on a three-year stacked basis, resulting in average unit volumes (AUVs) exceeding $1.6 million [26][37] - Adjusted EBITDA for Q1 2022 was $22.1 million, a decrease of 7.6% year-over-year, with adjusted earnings per diluted share at $0.34 [45][52] - The cost of sales as a percentage of company-owned restaurant sales increased by 870 basis points compared to the previous year, primarily due to increased labor investments and pre-opening expenses [41][44] Business Line Data and Key Metrics Changes - The company opened a record 60 net new restaurants in Q1 2022, increasing the unit outlook for the year to over 220 net new restaurants [17][22] - New restaurants are producing average unit volumes of $1.3 million as they enter the comp base, compared to just over $900,000 for the 2019 vintage [38] Market Data and Key Metrics Changes - International same-store sales growth was 23.8% in Q1 2022, with the UK market demonstrating strong performance [23][24] - The spot market price for wings decreased from a record $3.22 per pound in 2021 to $1.64 per pound, providing a favorable commodity backdrop for the company [21][43] Company Strategy and Development Direction - The company aims to sustain same-store sales growth, maintain best-in-class returns, and accelerate development to become a Top 10 global restaurant brand [7][34] - The strategy includes a technology-forward approach and significant investment in brand awareness, with the national ad fund expected to exceed $120 million in 2022 [11][12] Management's Comments on Operating Environment and Future Outlook - Management noted that while inflationary pressures exist, significant deflation in wing prices is expected to offset some inflationary impacts [20][22] - The company updated its domestic same-store sales guidance to low single digits, reflecting confidence in its strategies despite a volatile environment [32][50] Other Important Information - The company completed a securitized financing transaction, issuing $250 million in securitized notes and a $200 million variable funding note facility, which will support strategic initiatives and return capital to shareholders [46][49] - A special dividend of $4 per share was declared, totaling approximately $5.1 million, to be paid on June 10, 2022 [49] Q&A Session Summary Question: About same-store sales trajectory and internal factors - Management attributed the slowdown in March primarily to external factors, including strong comparisons from the previous year and a shift in consumer behavior towards dine-in occasions [56][58] Question: Expectations for comps progression - Management anticipates a softer comp in Q2, potentially flat, but expects improvement as the year progresses due to easier comparisons and growth levers [60][62] Question: Insights on menu pricing and consumer behavior - Management indicated that the pricing element is expected to taper off as the year progresses, with confidence that macroeconomic factors are influencing consumer sentiment more than pricing strategies [72][75] Question: Update on supply chain strategy - Management expressed confidence in the favorable commodity environment for wings and indicated ongoing efforts to take more control of the supply chain to minimize cost volatility [78][80] Question: Demographics and customer behavior - Management noted progress in diversifying the customer base, with both lower-income and more affluent consumers showing a pullback in frequency due to external economic pressures [95][96] Question: Product innovation and menu strategy - Management confirmed ongoing excitement about product innovation, particularly around flavors, and emphasized the importance of demonstrating value to consumers [102][114]

Financial Data and Key Metrics Changes - In Q4 2021, domestic same store sales grew by 7.5%, and for the full year, it was 8%, translating to a two-year growth of 25.7% for Q4 and 29.4% for the full year [16] - System-wide sales reached $2.3 billion in 2021, an increase of 20.2% compared to 2020 [16] - Adjusted EBITDA for Q4 was $20.2 million, reflecting a 24.5% increase, with a consistent growth rate of over 20% since the company went public [19][21] Business Line Data and Key Metrics Changes - Company-owned restaurant sales increased by $1.1 million in Q4 to $17.1 million, driven by a 5.3% same store sales growth [17] - Royalty revenue, franchise fees, and other revenue rose by $5.1 million in Q4 to $33.1 million, primarily due to same store sales growth [16] Market Data and Key Metrics Changes - The company opened 193 net new units in 2021, marking a 12.5% growth and setting a new record for the brand [11] - The international business returned to pre-pandemic levels and plans to open new markets in 2022, aiming for over 3,000 restaurants globally [11][12] Company Strategy and Development Direction - The company plans to consolidate local marketing funds with national marketing, increasing total marketing spend to over $100 million [12] - A focus on technology investments continues, with a multiyear $50 million initiative to redefine the tech stack [12] - The company aims to scale its domestic footprint to 4,000 restaurants and maintain a target of 3,000 international locations, totaling over 7,000 restaurants [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single digit same store sales growth despite potential economic slowdowns [26] - The company believes it can navigate economic headwinds effectively, as customer frequency remains stable even during challenging times [26] - Management anticipates year-over-year deflation in wing prices in the second half of 2022, contributing positively to margins [18] Other Important Information - The company ended 2021 with $425.6 million in net debt and a leverage ratio of 4.8x, showing improvement in debt management [21] - Wingstop Charities provided over $1 million to community organizations and restaurant team members since its inception, highlighting the company's commitment to community support [22] Q&A Session Summary Question: Same store sales outlook and economic concerns - Management is confident in achieving mid-single digit growth despite potential economic slowdowns, noting that customers tend to protect indulgent occasions like Wingstop [26] Question: Unit guidance for 2022 - Management is confident in the target of 200 new units, citing a strong start to the year and positive trends in chicken wing prices [30] Question: Menu pricing and consumer elasticity - Management noted that while there were significant price increases, transaction volumes remained stable, indicating strong consumer demand [35] Question: Marketing strategy and spending - The company is shifting to a 100% national marketing spend, which is expected to enhance marketing efficiency and effectiveness [38] Question: Impact of thigh product introduction - The introduction of thighs has helped mitigate wing price volatility and is expected to contribute positively to sales [45] Question: Long-term margin recovery - Management expects wing prices to decrease over time and is exploring ways to gain more control over the supply chain to stabilize costs [69]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 25, 2021 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 No. 001-37425 WINGSTOP INC. (Exact name of registrant as specified in its charter) 15505 Wright Brothers Drive Addison, Texas 75001 ...

Wingstop Inc. (NASDAQ:WING) Q3 2021 Earnings Conference Call November 3, 2021 10:00 AM ET Company Participants Alex Kaleida - Senior Vice President & Chief Financial Officer Charlie Morrison - Chairman & Chief Executive Officer Michael Skipworth - President & Chief Operation Officer Conference Call Participants Andrew Charles - Cowen David Tarantino - Baird Jeffrey Bernstein - Barclays John Glass - Morgan Stanley Andy Barish - Jefferies Jeff Farmer - Gordon Haskett Michael Tamas - Oppenheimer Chris Carril - ...

Financial Data and Key Metrics Changes - In Q2 2021, domestic same-store sales grew by 2.1% compared to the previous year, resulting in a two-year growth rate of 34% [11][31] - Average restaurant sales volumes approached $1.6 million, an increase from $1.4 million a year ago [11] - Adjusted EBITDA grew by 9.5% to $22.9 million, with adjusted earnings per share increasing from $0.34 to $0.38 [43][44] - The company announced a 21% increase in its quarterly dividend to $0.17 per share, reflecting strong cash flow generation [28][44] Business Line Data and Key Metrics Changes - Company-owned restaurant sales were flat year-over-year, with a same-store sales decline of 3.1%, but grew by 21.6% on a two-year basis [35] - Digital sales mix reached nearly 65% of total sales, with digital sales on pace to exceed $1.5 billion annually [18][19] - The launch of the virtual brand Thighstop generated over 4 billion media impressions, indicating strong customer interest [14] Market Data and Key Metrics Changes - The average unit volumes (AUVs) for non-comp restaurants reached $1.2 million, showing strength in new openings [32] - Wing prices on the spot market increased approximately 125% year-over-year, but the effective increase for the company was 65% due to price mitigation strategies [37] Company Strategy and Development Direction - The company is focusing on expanding its digital and tech capabilities, with a multi-year project aimed at digitizing every transaction [19] - Wingstop is strategically entering the UK market and has signed a minority investment deal to strengthen its development pipeline [21] - The company plans to enter Canada with a 100-unit restaurant development agreement, aiming to open by early 2022 [22] - Ghost kitchens are a key part of the expansion strategy, with 15 ghost kitchens already open globally [25] Management's Comments on Operating Environment and Future Outlook - Management anticipates wing prices to remain elevated for the remainder of the year, with food costs expected to be approximately 45% of sales [15][38] - The company remains confident in its ability to exceed original unit growth targets for the year, updating guidance to 12% plus [17] - Management expressed optimism about the sustainability of recent sales growth, citing a growing customer database of nearly 25 million [49] Other Important Information - The company has remodeled its headquarters in Addison, Texas, to support future growth and attract top talent [23] - Wingstop has achieved a total shareholder return of over 700% since its IPO, indicating strong investor confidence [28] Q&A Session Summary Question: Sustainability of same-store sales growth - Management believes the recent sales growth is sustainable, supported by a growing customer database and strong digital presence [49] Question: Context on unit growth and franchisee discussions - Management noted that strong AUVs and cash flow characteristics are driving excitement among franchisees for new openings [54] Question: Feedback on Thighstop launch - The launch has been positively received, and management plans to integrate it into the Wingstop menu later in the year [56] Question: Expectations for future same-store sales - Management anticipates strong two-year comps for the remainder of the year, aided by increased advertising and a growing customer base [61] Question: Menu pricing and inflation impact - Management has been taking thoughtful price increases and expects franchisees to continue adjusting prices in response to inflation [63] Question: Entry into New York market - The company plans to operate in Manhattan with a mix of company-owned and ghost kitchen locations, leveraging the high-density delivery market [68] Question: Impact of scale on business - Management emphasized that increased scale allows for better control over supply chain and technology investments [104]

Wingstop, Inc. (NASDAQ:WING) Q1 2021 Earnings Conference Call April 28, 2021 10:00 AM ET Company Participants Michael Skipworth - EVP & CFO Charles Morrison - Chairman, President & CEO Conference Call Participants David Tarantino - Robert W. Baird & Co. Andrew Barish - Jefferies Andrew Charles - Cowen and Company Michael Tamas - Oppenheimer Brian Harbour - Morgan Stanley Patrick Johnson - Stifel, Nicolaus & Company Michael Rothstein - Goldman Sachs Group Joshua Long - Piper Sandler & Co. Jake Bartlett - Tru ...

Wingstop Inc. (NASDAQ:WING) Q4 2020 Earnings Conference Call February 17, 2021 10:00 AM ET Company Participants Michael Skipworth - Executive Vice President and Chief Financial Officer Charlie Morrison - Chairman and Chief Executive Officer Conference Call Participants Jeffrey Bernstein - Barclays David Tarantino - Baird John Glass - Morgan Stanley Andrew Charles - Cowen Andy Barish - Jefferies Chris O’Cull - Stifel Jared Garber - Goldman Sachs Jeff Farmer - Gordon Haskett Jon Tower - Wells Fargo Dennis Gei ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 26, 2020 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 No. 001-37425 WINGSTOP INC. Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name o ...

Wingstop Inc. (NASDAQ:WING) Q3 2020 Earnings Conference Call November 2, 2020 9:50 AM ET Company Participants Michael Skipworth - Executive Vice President and Chief Financial Officer Charles Morrison - Chairman and Chief Executive Officer Conference Call Participants Andrew Charles - Cowen and Company Jeffrey Bernstein - Barclays David Tarantino - Robert W. Baird & Co. Nicole Miller - Piper Sandler Andrew Barish - Jefferies John Glass - Morgan Stanley Chris O'Cull - Stifel Jeffrey Farmer - Gordon Haskett Jo ...