(1), Same-Restaurant Sales Growth (1) Total revenues less advertising funds revenue. About Wendy'sWendy's was founded in 1969 by Dave Thomas in Columbus, Ohio. According to an estimate, the annual revenue of Wendy's in 2022 was 2.096 billion dollars. In 2022, we are planning to deliver another year of accelerated growth across our three long-term growth pillars: significantly building our breakfast daypart, accelerating our digital business, and expanding our footprint across the globe. The Company believes excluding the impact of foreign currency translation provides better year over year comparability. Fourth Quarter and Full Year 2021 Summary Increases regular quarterly cash dividend to 25 cents per share, announces new $500 million share repurchase authorization. (1) Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants. WEN SEC Filings - Wendy`s Co - Class A - Annual Report, Proxy "Our 2022 results highlight the strength and resiliency of the Wendy's brand as we continued to deliver compelling sales and profit growth," President and Chief Executive Officer Todd Penegor said. Because all companies do not calculate adjusted revenue, adjusted EBITDA, adjusted earnings per share, free cash flow and systemwide sales (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 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, and the timing and resolution of certain tax matters. Future dividend payments, if any, are subject to applicable law, will be made at the discretion of the Board of Directors and will be based on factors such as the Company's earnings, financial condition and cash requirements and other factors. This is most visible through the Company's support of the Dave Thomas Foundation for Adoption and its signature Wendy's Wonderful Kids program, which seeks to find a loving, forever home for every child waiting to be adopted from the North American foster care system. We will keep fighting for all libraries - stand with us! $2.096B. WEN | Wendy's Co. Annual Balance Sheet - WSJ Net income also benefited from lower interest expense as the result of the Company's debt refinancing completed in the second quarter of 2021. Dave built his business on the premise, "Quality is our Recipe," which remains the guidepost of the Wendy's system. By providing your email address below, you are providing consent to Wendys to send you the requested Investor Email Alert updates. At Wendys, we promise to treat your data with respect and will not share your information with any third party. The Company believes that its strong liquidity position, business momentum, and expected free cash flow growth support this increase, while providing flexibility to continue to invest in growth. Operating ProfitThe increase in operating profit resulted primarily from higher franchise royalty revenue, the favorable impact of the acquisition of 93 franchise-operated restaurants in Florida during the fourth quarter of 2021, and higher advertising funds revenue. PDF The Wendy's Company Forward-Looking StatementsThis release contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). For details on franchising, connect with us at www.wendys.com/franchising. 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. Excludes advertising funds expense of $8,497 and $25,000 for the three and twelve months ended January2, 2022, respectively, and $6,262 and $14,600 for the three and twelve months ended January 3, 2021, respectively, related to the Company's funding of incremental advertising. Adjusted EBITDA and systemwide sales are also used by the Company in establishing performance goals for purposes of executive compensation. The Company previously issued preliminary unaudited results for the fourth quarter and full year ended January 1, 2023 on January 13, 2023. 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, such as the cash paid for taxes related to the disposition of the New York market. About Wendy'sWendy's was founded in 1969 by Dave Thomas in Columbus, Ohio. The Wendy's Company 2021 Annual Report by The Wendy's Company Publication date 2022-03-31 Topics Wendy's Company, Annual Report, 10-K, Business History, corporate history, business, proxy statement, companies traded on the NASDAQ Exchange, Annual Reports--2021, Annual reports--Restaurants Collection fund-and-stock-reports; additional_collections Free Cash FlowThe increase in free cash flow resulted primarily from higher net income, the timing of accrued compensation payments, the impact from the cash payment related to the settlement of the financial institutions case in January 2020, and the timing of collection of royalty receivables. Excludes advertising funds expense of $4,091 and $15,116 for the three and twelve months ended January 1, 2023, respectively, and $8,497 and $25,000 for the three and twelve months ended January 2, 2022, respectively, related to the Company's funding of incremental advertising. Be the first one to. The Company believes its presentation of adjusted revenue, adjusted EBITDA, adjusted earnings per share and systemwide sales 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 plans to release its audited financial statements and file its annual report on Form 10-K on March 1, 2023. At Wendys, we promise to treat your data with respect and will not share your information with any third party. Cost of sales includes food and paper, restaurant labor and occupancy, advertising and other operating costs. "2021 was a breakthrough year, as evidenced by significant growth across our business," President and Chief Executive Officer Todd Penegor said. By providing your email address below, you are providing consent to Wendys to send you the requested Investor Email Alert updates. Supported by our business momentum and strong liquidity position, I am pleased to announce that our Board of Directors has approved a 100% increase in our quarterly dividend to $0.25 per share and a new $500 million share repurchase authorization. Organizational RedesignThe Company announced today that it intends to embark on a broader redesign of its organizational structure. Revenues also benefited from an increase in franchise royalty revenue and advertising funds revenue, both of which increased largely due to higher same-restaurant sales. 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. Find the latest Financials data for Wendy's Company (The) Common Stock (WEN) at Nasdaq.com. This team guides the organization by maintaining a resolute commitment to . See the reconciliation tables that accompany this release for additional information regarding certain of the non-GAAP financial measures included herein. (3) Systemwide sales include sales at both Company-operated and franchise restaurants. DUBLIN, Ohio, March 1, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported audited results for the fourth quarter and full year ended January 1, 2023. If you experience any issues with this process, please contact us for further assistance. Revenues also benefited from an increase in franchise royalty revenue and advertising funds revenue, both of which increased largely due to higher same-restaurant sales. The Company does not endorse any projections regarding future performance that may be made by third parties. DUBLIN, Ohio, Jan. 13, 2023 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported preliminary, unaudited results for the fourth quarter and fiscal year ended January 1, 2023. Restaurants temporarily closed for more than one fiscal week are excluded from same-restaurant sales. Total RevenuesThe increase in revenues resulted primarily from higher sales at Company-operated restaurants driven by the favorable impact of the acquisition of 93 franchise-operated restaurants in Florida during the fourth quarter of 2021 and higher same-restaurant sales, partially offset by the sale of 47 Company-operated restaurants in the New York market during the second quarter of 2021. This increase will be effective beginning with the Company's first quarter dividend, payable on March 15, 2023, to stockholders of record as of March 1, 2023. (1), Same-Restaurant Sales Growth The related presentation materials will also be available on the Company's Investor Relations website. 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. This release also includes disclosure regarding the Company's free cash flow. 2023-01-13 | NDAQ:WEN | Press Release | Wendy's Company (The) Systemwide Sales Growth 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. Company Completed $300 Million Share Repurchase Authorization; Board of Directors Approves a New $100 Million Share Repurchase AuthorizationThe Company repurchased 11.5 million shares for $267.7 million in 2021. (1)Systemwide sales growth and same-restaurant sales growth are calculated on a constant currency basis and include sales by both Company-operated and franchise restaurants. Free cash flow is a non-GAAP financial measure that is used by the Company as an internal measure of liquidity. You must click the activation link in order to complete your subscription. (1), Same-Restaurant Sales Growth The Company has adopted the SECs Notice and Access process which allows the Company to make its proxy materials available to stockholders electronically through the Internet, rather than sending out printed copies of its proxy materials in the mail. This release also includes disclosure regarding the Company's free cash flow. The Company expects to incur total costs of approximately $11 million to $13 million related to these savings, of which approximately 85% is expected to be cash expenditures. Our executive team provides staff with the leadership needed to deliver reliable support to our clients and meet the needs of our province. The Company's predominantly franchised business model may also impact the ability of the Wendy's system to effectively respond and adapt to market changes. For details on franchising, connect with us at www.wendys.com/franchising. PDF Reporting, Stakeholder Engagement and Governance To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 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. Wendy's Co - 10K - Annual Report - March 01, 2022 - Fintel For all such forward-looking statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Wendy's is best known for its made-to-order square hamburgers, using fresh, never frozen beef*, freshly-prepared salads, and other signature items like chili, baked potatoes and the Frosty dessert. In addition, excludes other international-related advertising deficit of $115 and $1,099 for the three and twelve months ended January 1, 2023, respectively.
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