Jul 26, 2017 - debt reserves or write-offs, a decrease in credit ratings, increased debt costs, ... comparable earnings before income tax and comparable tax rate. ... spread) measures are calculated based on comparable earnings items.
Aug 4, 2017 - use of forward-looking terminology such as âbelieves,â âexpects,â .... Further, U.S. service center inventory levels are at 2.1 months of supply in.
Feb 6, 2017 - its integration and transformation strategy with a $50 million cost reduction imperative. .... a balance of $327.5 million on our five-year $750 million revolving credit facility at quarter end, ... continue to do so on a routine basis.
Feb 6, 2017 - positioned as we think about the growth trajectory of net admin fees over the next couple of quarters. Thanks. Susan DeVore - Premier Inc.
Aug 3, 2017 - Investor Presentation: Second Quarter 2017 | 2. Disclaimer. This presentation contains certain statements that may include "forward-looking.
Choice Properties Real Estate Investment Trust. Second Quarter Results Conference Call. Event Date/Time: July 20, 2017 â 10:00 a.m. E.T.. Length: 24 minutes ...
Aug 2, 2017 - Reference is made to a more complete discussion of forward-looking ... Demand outlook for value-added services, including instant issuance ...
Jul 26, 2017 - Such statements relate to future events that by their nature address ... assurance that future developments will be in accordance with management's ... Net sales, equity in earnings of affiliated companies and net income are ...
Jul 25, 2017 - QuARTSâ¢ PCR chemistry and Cologuard instrumentation. Technology Platform. Identifying specific, proprietary cancer DNA markers to ...
This presentation, and certain information that management may discuss in connection with this presentation, contains certain statements that are not historical facts, including information concerning possible or assumed future results of our operations and our stated 2020 goals. Those statements constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (The “Reform Act”). For all forwardlooking statements, we claim the protection of the safe harbor for forwardlooking statements contained in the Reform Act.
Forward-Looking Statements and Non-GAAP Financial Measures
Many important factors could affect our future results and could cause those results to differ materially from those expressed in or implied by our forwardlooking statements. Such factors, all of which are difficult or impossible to predict accurately, and many of which are beyond our control, include but are not limited to those identified under the caption “Forward-Looking Statements” in our news release issued on August 9, 2017 and in the “Special Note Regarding Forward-Looking Statements and Projections” and “Risk Factors” sections of our most recent Form 10-K / Form 10-Qs. In addition, this presentation and certain information management may discuss in connection with this presentation reference non-GAAP financial measures (i.e., adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, adjusted tax rate, free cash flow and systemwide sales). These non-GAAP financial measures exclude certain expenses and benefits. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Appendix to this presentation, and are included in our news release issued on August 9, 2017 and posted on www.aboutwendys.com. As used in this presentation, the terms adjusted EBITDA and adjusted earnings per share refer to adjusted EBITDA from continuing operations and adjusted earnings per share from continuing operations, respectively. THE WENDY'S COMPANY | 3
Technology Kiosks • Benefits: incremental throughput, improved customer experience, and labor leverage • Now expect ~300 restaurants by yearend Mobile Ordering
• Targeting 75% of NA restaurants mobile ordering capable by end of 2017 Delivery • Encouraging results during initial test phase • Planning to expand to more markets in the coming months THE WENDY'S COMPANY | 13
* See reconciliation of non-GAAP financial measures in the Appendix.
Q2 2017 vs. Q2 2016 Adjusted EBITDA $10
Adj. EBITDA Margin 26.8%
$ Mils (Unaudited)
Adj. EBITDA Margin 36.2%
Q2 2016 Adj. EBITDA
Royalties, Net Franchise Fees & Net Rental Income
Sold Restaurant EBITDA (SOIII)
Q2 2017 Adj. EBITDA
THE WENDY'S COMPANY | 16
Q2 2017 vs. Q2 2016 Adjusted EPS
Q2 2017 Adj. EPS
Q2 2016 Adj. EPS
THE WENDY'S COMPANY | 17
• Repurchased 2.3 million shares for $34.6 million in Q2
Returning Cash to Shareholders
• ~$98 million remained against the $150 million share repurchase authorization at the end of Q2 • Q2 ending cash balance of $205 million
THE WENDY'S COMPANY | 18
Flexible Capital Structure Supports Growth Initiatives $ Mils
7/2/2017 TTM Leverage Ratio (excl. Cap leases): 5.3x Target Leverage Ratio: 5-6x
4.080% 2015 Notes
3.371% 2015 Notes
7.0% 1995 Debentures
4.497% 2015 Notes
*Notional amounts shown as of issuance date; 1% amort is paid per annum Q2 2017 Net Debt: $2.1B (excl. Cap Leases) / TTM Adj. EBITDA: $396.6M
Debentures THE WENDY'S COMPANY | 19
North America SRS of ~2-3% Commodity Inflation of ~3% to 4% Labor Inflation of ~4% Company Operating Restaurant Margin of ~18.0% to 18.5% G&A Expense at Low End of Previously Issued Range of ~$210 to $220M
Net Rental Income of ~$100 to $105M Adjusted EBITDA (Margin) of ~$404 to $410M (~32%-34%) Interest Expense of ~$115 to $120M Depreciation & Amortization Expense of ~$120 to $125M (incl. accelerated of ~$1M) Adjusted Tax Rate of ~32% to 34% Adjusted Earnings Per Share of ~$0.45 to $0.47 CAPEX of ~$80 to $90M Free Cash Flow of ~$160 to $185M THE WENDY'S COMPANY | 20
2017 Investor Relations Calendar: Q3 (Tentative) • August 16: RBC Restaurants & Consumer Staples IR Investor Day (New York) • August 18: Guggenheim NDR (San Francisco) • August 29: SunTrust NDR (Chicago) • September 14: CL King Conference (New York) • September 26: Wells Fargo Restaurants Forum (Boston) • September 28: Market Visit with Goldman Sachs (Dublin) • November 8: Third Quarter Earnings
THE WENDY'S COMPANY | 21
Reconciliation of Non-GAAP Financial Measures In addition to the GAAP financial measures included in this presentation, the Company has included certain non-GAAP financial measures (i.e., adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, adjusted tax rate, free cash flow and systemwide sales). These non-GAAP financial measures exclude certain expenses and benefits as detailed in the accompanying reconciliation tables.
This presentation also includes forward-looking guidance for certain non-GAAP financial measures including adjusted EBITDA, adjusted earnings per share and adjusted tax rate. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share and adjusted tax rate, such as impairment of long-lived assets, reorganization and realignment costs and system optimization gains, net. 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 reported tax rate or a reconciliation of projected adjusted EBITDA, adjusted earnings per share or adjusted tax rate to projected net income, earnings per share or reported tax rate.
THE WENDY'S COMPANY | 24
Reconciliation of Net Income to Adjusted EBITDA In Thousands (Unaudited)
THE WENDY'S COMPANY | 25
Reconciliation of Net (Loss) Income and Diluted (Loss) Earnings Per Share to Adjusted Income and Adjusted Earnings Per Share In Thousands except per-share amounts (Unaudited)