THE WENDY'S COMPANY REPORTS FIRST QUARTER 2025 RESULTS
- Global systemwide sales were
$3.4 billion , a decrease of 1.1% - Added 68 net new restaurants and remain on track to deliver full-year net unit growth of 2-3%
- Increased global digital sales mix to a record 20.3%
- Returned
$173.5 million to shareholders through dividends and share repurchases - Updates full-year 2025 outlook to reflect the current consumer environment
"We continued to deliver for our customers during the first quarter. In the
"Looking ahead, we remain focused on these strategic priorities which will position Wendy's to win in the market and drive long-term growth across our global system of restaurants."
|
Operational Highlights |
First Quarter 2024 |
|
First Quarter 2025 |
||||||||
|
|
US |
|
Intl |
|
Global |
|
US |
|
Intl |
|
Global |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide Sales Growth(1) (2) |
1.7 % |
|
8.8 % |
|
2.6 % |
|
(2.6) % |
|
8.9 % |
|
(1.1) % |
|
Same-Restaurant Sales Growth(1) (2) |
0.6 % |
|
3.2 % |
|
0.9 % |
|
(2.8) % |
|
2.3 % |
|
(2.1) % |
|
Systemwide Sales (In US$ Millions) (2) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant Openings - Total / Net |
18 / (2) |
|
17 / 10 |
|
35 / 8 |
|
28 / 25 |
|
46 / 43 |
|
74 / 68 |
|
Quarter End Restaurant Count |
6,028 |
|
1,220 |
|
7,248 |
|
5,958 |
|
1,350 |
|
7,308 |
|
|
|||||||||||
|
(1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both |
|||||||||||
|
(2) Excludes |
|||||||||||
|
(3) Systemwide sales include sales at both Company-operated and franchise restaurants. |
|
Financial Highlights |
First Quarter |
||||
|
|
2024 |
|
2025 |
|
B / (W) |
|
|
|
|
|
|
|
|
($ In Millions Except Per Share Amounts) |
(Unaudited) |
||||
|
|
|
|
|
|
|
|
Total Revenues |
$ 534.8 |
|
$ 523.5 |
|
(2.1) % |
|
Adjusted Revenues(1) |
$ 429.8 |
|
$ 423.1 |
|
(1.6) % |
|
|
15.3 % |
|
14.8 % |
|
(0.5) % |
|
General and Administrative Expense |
$ 63.8 |
|
$ 68.2 |
|
(6.9) % |
|
Operating Profit |
$ 81.2 |
|
$ 83.1 |
|
2.3 % |
|
Net Income |
$ 42.0 |
|
$ 39.2 |
|
(6.7) % |
|
Adjusted EBITDA(1) |
$ 127.8 |
|
$ 124.5 |
|
(2.6) % |
|
Reported Diluted Earnings Per Share |
$ 0.20 |
|
$ 0.19 |
|
(5.0) % |
|
Adjusted Earnings Per Share(1) |
$ 0.23 |
|
$ 0.20 |
|
(13.0) % |
|
Cash Flow from Operations |
$ 100.0 |
|
$ 85.4 |
|
(14.6) % |
|
Free Cash Flow(1) (2) |
$ 56.0 |
|
$ 68.0 |
|
21.4 % |
|
|
|
|
|
|
|
|
(1) See "Disclosure Regarding Non-GAAP Financial Measures" and the reconciliation tables that accompany this release for a |
|||||
|
(2) Beginning with the three months ended |
|||||
First Quarter Financial Highlights
Systemwide Sales Growth
Global systemwide sales declined primarily due to lower same-restaurant sales in the
Total Revenues
The decrease in total revenues resulted primarily from lower Company-operated restaurant sales, lower advertising funds revenue and lower franchise royalty revenue, partially offset by an increase in franchise fees.
The decrease in
General and Administrative Expense
The increase in general and administrative expense was primarily due to an increase in employee compensation and benefits, including investments in resources to support technology and operations initiatives.
Net Income
Net income declined primarily due to a decrease in investment income and an increase in interest expense. These were partially offset by an increase in operating profit.
Adjusted EBITDA
The decrease in adjusted EBITDA was primarily driven by an increase in general and administrative expense, a decrease in franchise royalties, and a decrease in
Company Declares Quarterly Dividend
The Company announced today the declaration of its regular quarterly cash dividend of
Share Repurchases
The Company repurchased 8.2 million shares for
2025 Outlook
The Company Reaffirms:
- Global net unit growth: 2 to 3 percent
- Capital expenditures:
$100 to$110 million
The Company Now Expects:
- Global systemwide sales growth: (2.0) percent to flat
- Adjusted earnings per share:
$0.92 to$0.98 - Adjusted EBITDA:
$530 to$545 million - Free cash flow:
$250 to$270 million (excluding expenditures related to the Company's franchise development fund)
The Company is modifying its definition of free cash flow to reflect expenditures related to its franchise development fund beginning with its first quarter 2025 results. Additional details will be provided during the conference call.
Conference Call and Webcast Scheduled for
The Company will host a conference call on
About Wendy's
*Fresh beef available in the contiguous
Investor Contact:
Head of Investor Relations
(614) 764-3345; aaron.broholm@wendys.com
Media Contact:
Vice President – Communications, Public Affairs & Customer Care
(614) 764-3368; heidi.schauer@wendys.com
Forward-Looking Statements
This release contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Generally, forward-looking statements include the words "may," "believes," "plans," "expects," "anticipates," "intends," "estimate," "goal," "upcoming," "outlook," "guidance" or the negation thereof, or similar expressions. In addition, all statements that address future operating, financial or business performance, strategies or initiatives, future efficiencies or savings, anticipated costs or charges, future capitalization, anticipated impacts of recent or pending investments or transactions and statements expressing general views about future results or brand health are forward-looking statements within the meaning of the Reform Act. Forward-looking statements are based on the Company's expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. The Company's actual results, performance and achievements may differ materially from any future results, performance or achievements expressed or implied by the Company's forward-looking statements.
Many important factors could affect the Company's future results and cause those results to differ materially from those expressed in or implied by the Company's forward-looking statements. Such factors include, but are not limited to, the following: (1) the impact of competition or poor customer experiences at Wendy's restaurants; (2) adverse economic conditions or disruptions, including in regions with a high concentration of Wendy's restaurants; (3) changes in discretionary consumer spending and consumer tastes and preferences; (4) impacts to the Company's corporate reputation or the value and perception of the Company's brand; (5) the effectiveness of the Company's marketing and advertising programs and new product development; (6) the Company's ability to manage the impact of social or digital media; (7) the Company's ability to protect its intellectual property; (8) food safety events or health concerns involving the Company's products; (9) our ability to deliver accelerated global sales growth and achieve or maintain market share across our dayparts; (10) the Company's ability to achieve its growth strategy through new restaurant development; (11) the Company's ability to effectively manage the acquisition and disposition of restaurants or successfully implement other strategic initiatives; (12) risks associated with leasing and owning significant amounts of real estate, including environmental matters; (13) risks associated with the Company's international operations, including the ability to execute its international growth strategy; (14) changes in commodity and other operating costs; (15) shortages or interruptions in the supply or distribution of the Company's products and other risks associated with the Company's independent supply chain purchasing co-op; (16) the impact of increased labor costs or labor shortages; (17) the continued succession and retention of key personnel and the effectiveness of the Company's leadership and organizational structure; (18) risks associated with the Company's digital commerce strategy, platforms and technologies, including its ability to adapt to changes in industry trends and consumer preferences; (19) the Company's dependence on computer systems and information technology, including risks associated with the failure or interruption of its systems or technology or the occurrence of cyber incidents or deficiencies; (20) risks associated with the Company's securitized financing facility and other debt agreements, including compliance with operational and financial covenants, restrictions on its ability to raise additional capital, the impact of its overall debt levels and the Company's ability to generate sufficient cash flow to meet its debt service obligations and operate its business; (21) risks associated with the Company's capital allocation policy, including the amount and timing of equity and debt repurchases and dividend payments; (22) risks associated with complaints and litigation, compliance with legal and regulatory requirements and an increased focus on environmental, social and governance issues; (23) risks associated with the availability and cost of insurance, changes in accounting standards, the recognition of impairment or other charges, changes in tax rates or tax laws and fluctuations in foreign currency exchange rates; (24) conditions beyond the Company's control, such as adverse weather conditions, natural disasters, hostilities, social unrest, health epidemics or pandemics or other catastrophic events; (25) risks associated with the Company's predominantly franchised business model; and (26) other risks and uncertainties cited in the Company's releases, public statements and/or filings with the
All future written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect the Company.
The Company assumes no obligation to update any forward-looking statements after the date of this release as a result of new information, future events or developments, except as required by federal securities laws, although the Company may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.
Disclosure Regarding Non-GAAP Financial Measures
In addition to the financial measures presented in this release in accordance with
The Company uses adjusted revenue, adjusted EBITDA and adjusted earnings per share as internal measures of business operating performance and as performance measures for benchmarking against the Company's peers and competitors. Adjusted EBITDA is also used by the Company in establishing performance goals for purposes of executive compensation. The Company believes its presentation of adjusted revenue, adjusted EBITDA and adjusted earnings per share provides a meaningful perspective of the underlying operating performance of our current business and enables investors to better understand and evaluate our historical and prospective operating performance. The Company believes these non-GAAP financial measures are important supplemental measures of operating performance because they eliminate items that vary from period to period without correlation to our core operating performance and highlight trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures. Due to the nature and/or size of the items being excluded, such items do not reflect future gains, losses, expenses or benefits and are not indicative of our future operating performance. The Company believes investors, analysts and other interested parties use adjusted revenue, adjusted EBITDA, and adjusted earnings per share in evaluating issuers, and the presentation of these measures facilitates a comparative assessment of the Company's operating performance in addition to the Company's performance based on GAAP results.
This release also includes disclosure regarding the Company's free cash flow. Free cash flow is a non-GAAP financial measure that is used by the Company as an internal measure of liquidity. Free cash flow is also used by the Company in establishing performance goals for purposes of executive compensation. The Company defines free cash flow as cash flows from operations minus (i) capital expenditures, (ii) expenditures related to the Company's franchise development fund and (iii) the net change in the restricted operating assets and liabilities of the advertising funds and any excess/deficit of advertising funds revenue over advertising funds expense included in net income, as reported under GAAP. The impact of our advertising funds is excluded because the funds are used solely for advertising and are not available for the Company's working capital needs. The Company may also make additional adjustments for certain non-recurring or unusual items to the extent identified in the reconciliation tables that accompany this release. The Company believes free cash flow is an important liquidity measure for investors and other interested persons because it communicates how much cash flow is available for working capital needs or to be used for repurchasing shares, paying dividends, repaying or refinancing debt, financing possible acquisitions or investments or other uses of cash.
Adjusted revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow are not recognized terms under GAAP, and the Company's presentation of these non-GAAP financial measures does not replace the presentation of the Company's financial results in accordance with GAAP. Because all companies do not calculate adjusted revenue, adjusted EBITDA, adjusted earnings per share, and free cash flow (and similarly titled financial measures) in the same way, those measures as used by other companies may not be consistent with the way the Company calculates such measures. The non-GAAP financial measures included in this release should not be construed as substitutes for or better indicators of the Company's performance than the most directly comparable GAAP financial measures. See the reconciliation tables that accompany this release for additional information regarding certain of the non-GAAP financial measures included herein.
In addition, this release includes forward-looking projections for certain non-GAAP financial measures, including 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, net, amortization of cloud computing arrangements, gain on early extinguishment of debt, 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.
Key Business Measures
The Company tracks its results of operations and manages its business using certain key business measures, including same-restaurant sales, systemwide sales and Company-operated restaurant margin, which are measures commonly used in the quick-service restaurant industry that are important to understanding Company performance.
Same-restaurant sales and systemwide sales each include sales by both Company-operated and franchise restaurants. The Company reports same-restaurant sales for new restaurants after they have been open for 15 continuous months and for reimaged restaurants as soon as they reopen. Restaurants temporarily closed for more than one fiscal week are excluded from same-restaurant sales.
Franchise restaurant sales are reported by our franchisees and represent their revenues from sales at franchised Wendy's restaurants. Sales by franchise restaurants are not recorded as Company revenues and are not included in the Company's consolidated financial statements. However, the Company's royalty revenues are computed as percentages of sales made by Wendy's franchisees and, as a result, sales by franchisees have a direct effect on the Company's royalty revenues and profitability.
Same-restaurant sales and systemwide sales exclude sales from
The Company calculates same-restaurant sales and systemwide sales growth on a constant currency basis. Constant currency results exclude the impact of foreign currency translation and are derived by translating current year results at prior year average exchange rates. The Company believes excluding the impact of foreign currency translation provides better year over year comparability.
|
|
|||
|
|
|
||
|
|
Three Months Ended |
||
|
|
2024 |
|
2025 |
|
Revenues: |
|
|
|
|
Sales |
$ 225,323 |
|
$ 219,510 |
|
Franchise royalty revenue |
125,680 |
|
121,675 |
|
Franchise fees |
20,820 |
|
23,473 |
|
Franchise rental income |
57,986 |
|
58,454 |
|
Advertising funds revenue |
104,944 |
|
100,360 |
|
|
534,753 |
|
523,472 |
|
Costs and expenses: |
|
|
|
|
Cost of sales |
192,113 |
|
188,169 |
|
Franchise support and other costs |
14,742 |
|
16,596 |
|
Franchise rental expense |
31,778 |
|
30,701 |
|
Advertising funds expense |
107,374 |
|
101,528 |
|
General and administrative |
63,757 |
|
68,204 |
|
Depreciation and amortization (exclusive of amortization of cloud computing |
35,518 |
|
36,549 |
|
Amortization of cloud computing arrangements |
3,542 |
|
4,167 |
|
System optimization losses, net |
127 |
|
90 |
|
Reorganization and realignment costs |
5,673 |
|
(692) |
|
Impairment of long-lived assets |
2,006 |
|
1,421 |
|
Other operating income, net |
(3,033) |
|
(6,387) |
|
|
453,597 |
|
440,346 |
|
Operating profit |
81,156 |
|
83,126 |
|
Interest expense, net |
(30,535) |
|
(31,477) |
|
Investment loss, net |
— |
|
(1,718) |
|
Other income, net |
6,836 |
|
4,986 |
|
Income before income taxes |
57,457 |
|
54,917 |
|
Provision for income taxes |
(15,464) |
|
(15,685) |
|
Net income |
$ 41,993 |
|
$ 39,232 |
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ .20 |
|
$ .20 |
|
Diluted |
.20 |
|
.19 |
|
|
|
|
|
|
Number of shares used to calculate basic income per share |
205,372 |
|
200,643 |
|
|
|
|
|
|
Number of shares used to calculate diluted income per share |
206,971 |
|
201,617 |
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 450,512 |
|
$ 335,259 |
|
Restricted cash |
34,481 |
|
34,644 |
|
Accounts and notes receivable, net |
99,926 |
|
102,474 |
|
Inventories |
6,529 |
|
6,200 |
|
Prepaid expenses and other current assets |
45,563 |
|
48,428 |
|
Advertising funds restricted assets |
99,129 |
|
117,193 |
|
Total current assets |
736,140 |
|
644,198 |
|
Properties |
907,787 |
|
907,444 |
|
Finance lease assets |
244,954 |
|
251,093 |
|
Operating lease assets |
679,777 |
|
661,077 |
|
|
771,468 |
|
771,645 |
|
Other intangible assets |
1,192,264 |
|
1,184,334 |
|
Investments |
29,006 |
|
26,770 |
|
Net investment in sales-type and direct financing leases |
288,048 |
|
285,936 |
|
Other assets |
185,399 |
|
186,985 |
|
Total assets |
$ 5,034,843 |
|
$ 4,919,482 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion of long-term debt |
$ 78,163 |
|
$ 78,334 |
|
Current portion of finance lease liabilities |
22,509 |
|
23,035 |
|
Current portion of operating lease liabilities |
50,068 |
|
50,348 |
|
Accounts payable |
28,455 |
|
24,856 |
|
Accrued expenses and other current liabilities |
118,224 |
|
138,945 |
|
Advertising funds restricted liabilities |
100,212 |
|
117,987 |
|
Total current liabilities |
397,631 |
|
433,505 |
|
Long-term debt |
2,662,130 |
|
2,656,519 |
|
Long-term finance lease liabilities |
575,363 |
|
584,238 |
|
Long-term operating lease liabilities |
704,333 |
|
683,639 |
|
Deferred income taxes |
263,420 |
|
262,549 |
|
Deferred franchise fees |
88,387 |
|
88,057 |
|
Other liabilities |
84,227 |
|
80,736 |
|
Total liabilities |
4,775,491 |
|
4,789,243 |
|
Commitments and contingencies |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Common stock, issued; 203,834 and 195,846 shares outstanding, respectively |
47,042 |
|
47,042 |
|
Additional paid-in capital |
2,982,102 |
|
2,984,865 |
|
Retained earnings |
399,700 |
|
389,481 |
|
Common stock held in treasury, at cost; 266,590 and 274,578 shares, respectively |
(3,094,739) |
|
(3,218,308) |
|
Accumulated other comprehensive loss |
(74,753) |
|
(72,841) |
|
Total stockholders' equity |
259,352 |
|
130,239 |
|
Total liabilities and stockholders' equity |
$ 5,034,843 |
|
$ 4,919,482 |
|
|
|||
|
|
|
||
|
|
Three Months Ended |
||
|
|
2024 |
|
2025 |
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ 41,993 |
|
$ 39,232 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization (exclusive of amortization of cloud computing arrangements shown separately below) |
35,518 |
|
36,549 |
|
Amortization of cloud computing arrangements |
3,542 |
|
4,167 |
|
Share-based compensation |
5,853 |
|
5,572 |
|
Impairment of long-lived assets |
2,006 |
|
1,421 |
|
Deferred income tax |
603 |
|
306 |
|
Non-cash rental expense, net |
10,974 |
|
10,350 |
|
Change in operating lease liabilities |
(12,112) |
|
(12,131) |
|
Net receipt of deferred vendor incentives |
8,584 |
|
11,178 |
|
System optimization losses, net |
127 |
|
90 |
|
Distributions received from joint ventures, net of equity in earnings |
430 |
|
717 |
|
Long-term debt-related activities, net |
1,870 |
|
1,873 |
|
Cloud computing arrangements expenditures |
(2,865) |
|
(2,417) |
|
Changes in operating assets and liabilities and other, net |
3,464 |
|
(11,492) |
|
Net cash provided by operating activities |
99,987 |
|
85,415 |
|
Cash flows from investing activities: |
|
|
|
|
Capital expenditures |
(17,354) |
|
(17,679) |
|
Franchise development fund |
(4,741) |
|
(5,813) |
|
Dispositions |
26 |
|
55 |
|
Notes receivable, net |
1,256 |
|
1,949 |
|
Net cash used in investing activities |
(20,813) |
|
(21,488) |
|
Cash flows from financing activities: |
|
|
|
|
Proceeds from long-term debt |
— |
|
15,000 |
|
Repayments of long-term debt |
(7,313) |
|
(15,813) |
|
Repayments of finance lease liabilities |
(5,465) |
|
(5,238) |
|
Repurchases of common stock |
(7,295) |
|
(122,784) |
|
Dividends |
(51,374) |
|
(49,432) |
|
Proceeds from stock option exercises |
932 |
|
273 |
|
Payments related to tax withholding for share-based compensation |
(2,115) |
|
(1,326) |
|
Net cash used in financing activities |
(72,630) |
|
(179,320) |
|
Net cash provided by (used in) operations before effect of exchange rate changes on cash |
6,544 |
|
(115,393) |
|
Effect of exchange rate changes on cash |
(2,274) |
|
744 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
4,270 |
|
(114,649) |
|
Cash, cash equivalents and restricted cash at beginning of period |
588,816 |
|
503,608 |
|
Cash, cash equivalents and restricted cash at end of period |
$ 593,086 |
|
$ 388,959 |
|
|
|||
|
|
|
||
|
|
Three Months Ended |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
Net income |
$ 41,993 |
|
$ 39,232 |
|
Provision for income taxes |
15,464 |
|
15,685 |
|
Income before income taxes |
57,457 |
|
54,917 |
|
Other income, net |
(6,836) |
|
(4,986) |
|
Investment loss, net |
— |
|
1,718 |
|
Interest expense, net |
30,535 |
|
31,477 |
|
Operating profit |
81,156 |
|
83,126 |
|
Plus (less): |
|
|
|
|
Advertising funds revenue |
(104,944) |
|
(100,360) |
|
Advertising funds expense (a) |
104,737 |
|
100,216 |
|
Depreciation and amortization (exclusive of amortization of cloud computing |
35,518 |
|
36,549 |
|
Amortization of cloud computing arrangements |
3,542 |
|
4,167 |
|
System optimization losses, net |
127 |
|
90 |
|
Reorganization and realignment costs |
5,673 |
|
(692) |
|
Impairment of long-lived assets |
2,006 |
|
1,421 |
|
Adjusted EBITDA |
$ 127,815 |
|
$ 124,517 |
|
|
|
|
|
|
Revenues |
$ 534,753 |
|
$ 523,472 |
|
Less: |
|
|
|
|
Advertising funds revenue |
(104,944) |
|
(100,360) |
|
Adjusted revenues |
$ 429,809 |
|
$ 423,112 |
|
|
|
|
(a) |
Excludes advertising funds expense of |
|
|
|||
|
|
|
||
|
|
Three Months Ended |
||
|
|
2024 |
|
2025 |
|
|
|
|
|
|
Net income |
$ 41,993 |
|
$ 39,232 |
|
Plus (less): |
|
|
|
|
Advertising funds revenue |
(104,944) |
|
(100,360) |
|
Advertising funds expense (a) |
104,737 |
|
100,216 |
|
System optimization losses, net |
127 |
|
90 |
|
Reorganization and realignment costs |
5,673 |
|
(692) |
|
Impairment of long-lived assets |
2,006 |
|
1,421 |
|
Total adjustments |
7,599 |
|
675 |
|
Income tax impact on adjustments (b) |
(1,644) |
|
(209) |
|
Total adjustments, net of income taxes |
5,955 |
|
466 |
|
Adjusted income |
$ 47,948 |
|
$ 39,698 |
|
|
|
|
|
|
Diluted earnings per share |
$ .20 |
|
$ .19 |
|
Total adjustments per share, net of income taxes |
.03 |
|
.01 |
|
Adjusted earnings per share |
$ .23 |
|
$ .20 |
|
|
|
|
(a) |
Excludes advertising funds expense of |
|
|
|
|
(b) |
Adjustments relate to the tax effect of non-GAAP adjustments, which were determined based on the nature of the underlying non-GAAP adjustments and their relevant jurisdictional tax rates. |
|
|
|||
|
|
|
||
|
|
Three Months Ended |
||
|
|
2024 |
|
2025 |
|
Net cash provided by operating activities |
$ 99,987 |
|
$ 85,415 |
|
Plus (less): |
|
|
|
|
Capital expenditures |
(17,354) |
|
(17,679) |
|
Franchise development fund |
(4,741) |
|
(5,813) |
|
Advertising funds impact (a) |
(21,850) |
|
6,093 |
|
Free cash flow |
$ 56,042 |
|
$ 68,016 |
|
|
|
|
(a) |
Represents the net change in the restricted operating assets and liabilities of our advertising funds, which is included in "Changes in operating assets and liabilities and other, net," and the excess of advertising funds expense over advertising funds revenue, which is included in "Net income." |
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-wendys-company-reports-first-quarter-2025-results-302444680.html
SOURCE The Wendy’s Company
