{"id":526480,"date":"2021-08-11T07:04:16","date_gmt":"2021-08-11T11:04:16","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-wendys-company-reports-second-quarter-2021-results\/"},"modified":"2021-08-11T07:04:16","modified_gmt":"2021-08-11T11:04:16","slug":"the-wendys-company-reports-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-wendys-company-reports-second-quarter-2021-results\/","title":{"rendered":"The Wendy’s Company Reports Second Quarter 2021 Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n DUBLIN, Ohio<\/span>, Aug. 11, 2021<\/span> \/PRNewswire\/ —\u00a0The Wendy’s Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended July 4, 2021<\/span>.<\/p>\n

\n

\n
\n \"Wendy's\u00ae
\n <\/a>\n <\/p>\n<\/p><\/div>\n

“We are thrilled to once again increase our 2021 financial outlook across all key financial metrics, driven by a transformative quarter that showcased our continued momentum and the overall strength of our business,” President and Chief Executive Officer Todd Penegor<\/span> said. “Our robust growth continued in the second quarter, as sales significantly exceeded our expectations, leading to restaurant level margins of more than 20 percent and record profits, fueling our restaurant economic model.\u00a0 We are also excited to meaningfully increase our 2025 Global restaurant target to 8,500 to 9,000, driven by a development commitment with REEF Kitchens, a new build to suit development fund, and incremental commitments through our latest new restaurant incentive program.\u00a0 Our business momentum, strong partnership and health of our franchisees, and the dedication of our restaurant crew and support center teams reaffirms our confidence that we will achieve our vision of becoming the world’s most thriving and beloved restaurant brand.”<\/p>\n

\n Second Quarter 2021 Summary<\/b>\n <\/p>\n

\n See “Disclosure Regarding Non-GAAP Financial Measures” and the reconciliation tables that accompany this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.<\/i>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n Operational Highlights<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Second Quarter<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Year-to-Date<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Systemwide Sales Growth<\/u>
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n U.S.<\/span>\n <\/p>\n<\/td>\n

\n

\n 20.6%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.0)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16.9%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.6)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n International(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 48.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (24.5)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25.6%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (12.4)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Global <\/span>\n <\/p>\n<\/td>\n

\n

\n 22.9%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6.2)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.7)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Same-Restaurant Sales Growth<\/u>
\n (1)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n U.S.<\/span>\n <\/p>\n<\/td>\n

\n

\n 16.1%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4.4)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14.9%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2.3)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n International(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 31.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (18.4)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19.0%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10.1)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Global<\/span>\n <\/p>\n<\/td>\n

\n

\n 17.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5.8)%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3.1)%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Systemwide Sales (In US$ Millions)<\/u>
\n (3)<\/sup>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n U.S.<\/span>\n <\/p>\n<\/td>\n

\n

\n $2,897<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $2,403<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $5,545<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $4,744<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n International(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $354<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $220<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $657<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $493<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Global<\/span>\n <\/p>\n<\/td>\n

\n

\n $3,251<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $2,624<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $6,202<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $5,237<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Restaurant Openings<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n U.S. – Total \/ Net<\/span>\n <\/p>\n<\/td>\n

\n

\n 22 \/ 10<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19 \/ 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42 \/ 14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 46 \/ 10<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n International – Total \/ Net<\/span>\n <\/p>\n<\/td>\n

\n

\n 21 \/ 18<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3 \/ 0<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39 \/ 24<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17 \/ 8<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Global – Total \/ Net<\/span>\n <\/p>\n<\/td>\n

\n

\n 43 \/ 28<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22 \/ 1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 81 \/ 38<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 63 \/ 18<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Global Reimaging Completion Percentage<\/u>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n 68%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>\u00a0Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2)<\/sup>\u00a0Excludes Venezuela and Argentina.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (3) <\/sup>Systemwide sales include sales at both Company-operated and franchise restaurants.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n
\n Financial Highlights<\/i>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n Second Quarter<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n Year-to-Date<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n B \/ (W)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2021<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n B \/ (W)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n (In Millions Except Per Share Amounts)<\/span>\n <\/p>\n<\/td>\n

\n

\n (Unaudited)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n (Unaudited)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total Revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 493.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 402.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 22.6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 953.5<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 807.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 18.1<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted Revenues(1)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 391.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 324.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 20.6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 761.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 650.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 17.1<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Company-Operated Restaurant Margin<\/span>\n <\/p>\n<\/td>\n

\n

\n 20.3%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 14.4%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 5.9<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18.7%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 12.2%<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 6.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and Administrative Expense<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 63.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 48.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (29.9)<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 115.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 100.2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n (15.5)<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating Profit<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 126.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 60.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 108.9<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 209.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 109.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 91.9<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net Income<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 65.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 24.9<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 163.9<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 107.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 39.3<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 172.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted EBITDA<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 131.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 97.4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 34.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 252.1<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 186.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 35.0<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reported Diluted Earnings Per Share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.29<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.11<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 163.6<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.47<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.17<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 176.5<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjusted Earnings Per Share<\/span>\n <\/p>\n<\/td>\n

\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.27<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.12<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 125.0<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.47<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 123.8<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash Flows from Operations<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 158.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 30.6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n nm<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Capital Expenditures<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (24.1)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n (29.4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n 18.0<\/span>\n <\/p>\n<\/td>\n

\n

\n %<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Free Cash Flow(2)<\/sup><\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 185.8<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n $<\/span>\n <\/p>\n<\/td>\n

\n

\n 12.7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n nm<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n (1)<\/sup>\u00a0Total revenues less advertising funds revenue.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (2) <\/sup>Cash flows from operations minus capital expenditures, the impact of our advertising funds and cash paid for taxes related to the disposition of the New York market in Q2 2021. <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n Second Quarter Financial Highlights<\/i>
\n <\/b>\n <\/p>\n

\n Total Revenues
<\/i>The increase in revenues was primarily driven by higher sales at Company-operated restaurants, an increase in franchise royalty revenue, and an increase in advertising funds.\u00a0 These increases were primarily driven by positive same-restaurant sales.\u00a0 Revenues also increased due to higher franchise fees primarily as the result of the Company’s new technology fee that was implemented in 2021.<\/p>\n

\n Adjusted Revenues
<\/i>The increase in adjusted revenues was primarily driven by higher sales at Company-operated restaurants and an increase in franchise royalty revenue.\u00a0 These increases were primarily driven by positive same-restaurant sales.\u00a0 Revenues also increased due to higher franchise fees primarily as the result of the Company’s new technology fee that was implemented in 2021.<\/p>\n

\n Company-Operated Restaurant Margin
<\/i>The increase in Company-operated restaurant margin was primarily the result of increased customer counts, a higher average check, and lapping recognition pay where the Company increased pay for all restaurant level employees by 10% for April and May in the prior year. The increase was partially offset by labor rate increases and higher commodity costs.<\/p>\n

\n General and Administrative Expense
<\/i>The increase in general and administrative expense was primarily driven by higher incentive and stock compensation accruals and technology costs primarily related to the Company’s ERP implementation.<\/p>\n

\n Operating Profit
<\/i>The increase in operating profit resulted primarily from higher franchise royalty revenue and fees, system optimization gains primarily related to the sale of the New York<\/span> market, and an increase in Company-operated restaurant margin. These increases were partially offset by higher general and administrative expense.<\/p>\n

\n Net Income
<\/i>The increase in net income resulted primarily from higher operating profit. This was partially offset by a loss on early extinguishment of debt that the Company incurred as part of its debt refinancing completed in the second quarter of 2021. <\/p>\n

\n Adjusted EBITDA
<\/i>The increase in adjusted EBITDA resulted primarily from higher franchise royalty revenue and fees and an increase in Company-operated restaurant margin. These increases were partially offset by higher general and administrative expense.<\/p>\n

\n Adjusted Earnings Per Share
<\/i>The increase in adjusted earnings per share was primarily driven by an increase in adjusted EBITDA.<\/p>\n

\n Year to Date Free Cash Flow
<\/i>The increase in free cash flow resulted primarily from higher net income, higher royalties collected as the result of lapping the three month extension of royalty payment terms that was provided to franchisees in 2020 as part of the Company’s COVID relief package, the impact from the cash payment related to the settlement of the financial institutions case in January 2020<\/span>, the timing of receipts of franchisee rental payments, and the timing of accrued compensation payments.<\/p>\n

\n Company Adds $10 Million<\/span> of Incremental Breakfast Advertising Spending to Its 2021 Plan<\/b>\n <\/p>\n

The Company announced today a $10 million<\/span> incremental investment in breakfast advertising in 2021, taking the Company’s total expected incremental investment to $25 million<\/span> for the year. The Company expects that this incremental investment will continue to drive trial and acceleration of the Company’s breakfast offering. The Company remains committed to growing its breakfast business to 10% of sales by the end of 2022. <\/p>\n

\n Company Adds Significant Fuel to New Restaurant Development; Raises 2025 Target Meaningfully to 8,500 to 9,000 Global Restaurants<\/b>\n <\/p>\n

\n REEF Kitchens Development Commitment
<\/i>The Company announced today a development commitment by REEF to open and operate 700 delivery kitchens over the next five years across the U.S., Canada<\/span>, and the United Kingdom<\/span>. This commitment is building on the successful test of eight delivery kitchens that opened in Canada<\/span>. The Company expects REEF to open approximately 50 delivery kitchens in 2021 with the remainder being opened in 2022-2025. <\/p>\n

\n Strategic Build to Suit Development Fund
<\/i>The Company announced today the creation of a $100 million<\/span> strategic build to suit development fund to drive additional new restaurant growth that is being funded by the additional cash that was obtained as part of the Company’s debt refinancing completed in the second quarter. We are expecting that this program, along with newly implemented lower and more competitive liquidity and net worth requirements for new franchisees, will transform how we recruit and engage diverse franchisees into the brand. The Company expects the development fund to drive approximately 80-90 new franchise restaurants in 2022-2025. <\/p>\n

\n Groundbreaker Incentive Program Update
<\/i>The Company also provided an update on the successful completion of its 2021 “Groundbreaker” new restaurant incentive program. As part of this program, the Company received incremental commitments for approximately 240 new restaurants in the U.S. and Canada<\/span> that will help to solidify its significant growth plans over the next several years. <\/p>\n

\n Company Increases Quarterly Dividend to 12 Cents<\/span><\/b>\n <\/p>\n

The Company announced today a 20% increase in its regular quarterly cash dividend to 12 cents<\/span> per share, payable on September 15, 2021<\/span>, to stockholders of record as of September 1<\/span>, 2021.\u00a0 The Company believes that its strengthening liquidity position, along with the momentum it is seeing in its business, supports this increase, while still leaving flexibility to invest in growth. The number of common shares outstanding as of August 4, 2021<\/span> was approximately 223 million. <\/p>\n

\n Company Increases Share Repurchase Authorization by $70 million<\/span><\/b>\n <\/p>\n

The Company announced today that its Board of Directors has approved an increase to the Company’s existing share repurchase authorization by $70 million<\/span> to a total of $220 million<\/span>.<\/p>\n

The Company repurchased 1.2 million shares for $27.3 million<\/span> in the second quarter of 2021 and has repurchased 0.2 million shares for approximately $4.4 million<\/span> thus far in the third quarter of 2021. As of the date of this release, approximately $100 million<\/span> remains available under the Company’s newly increased $220 million<\/span> share repurchase authorization that expires in February 2022<\/span>.<\/p>\n

\n 2021 Outlook<\/b>\n <\/p>\n

\n This release includes forward-looking projections for certain non-GAAP financial measures, including systemwide sales, adjusted EBITDA, adjusted earnings per share and free cash flow. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share and free cash flow, such as the impact from our advertising funds, including the net change in the restricted operating assets and liabilities and any excess or deficit of advertising fund revenues over advertising fund expenses, impairment of long-lived assets, reorganization and realignment costs, system optimization (gains) losses, net, and the timing and resolution of certain tax matters. Due to the uncertainty and variability of the nature and amount of those expenses and benefits, the Company is unable without unreasonable effort to provide projections of net income, earnings per share or net cash provided by operating activities, or a reconciliation of those projected measures.<\/i>\n <\/p>\n

\n
\n During 2021, the Company Now Expects:<\/i>
\n <\/b>\n <\/p>\n