2019 Q2 Form 10-Q Financial Statement

#000003069719000010 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4
Revenue $435.3M $397.8M
YoY Change 14.4% 28.64%
Cost Of Revenue $151.1M $138.9M
YoY Change 14.27% 7.5%
Gross Profit $284.3M $259.0M
YoY Change 14.46% 43.81%
Gross Profit Margin 65.29% 65.09%
Selling, General & Admin $167.5M $169.6M
YoY Change 9.84% 120.26%
% of Gross Profit 58.93% 65.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.50M $34.30M
YoY Change -2.03% 9.94%
% of Gross Profit 11.08% 13.25%
Operating Expenses $199.0M $204.3M
YoY Change 7.39% 82.09%
Operating Profit $80.57M $45.80M
YoY Change 45.8% -31.22%
Interest Expense $29.93M -$27.10M
YoY Change -0.82% -190.4%
% of Operating Profit 37.15% -59.17%
Other Income/Expense, Net $2.247M $3.000M
YoY Change 202.02% 487.08%
Pretax Income $45.74M $19.40M
YoY Change 218.67% -38.52%
Income Tax $13.35M $400.0K
% Of Pretax Income 29.19% 2.06%
Net Earnings $32.39M $18.83M
YoY Change 60.65% -88.18%
Net Earnings / Revenue 7.44% 4.73%
Basic Earnings Per Share $0.14 $0.08
Diluted Earnings Per Share $0.14 $0.08
COMMON SHARES
Basic Shares Outstanding 231.0M shares 236.8M shares
Diluted Shares Outstanding 236.1M shares

Balance Sheet

Concept 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $426.2M $431.4M
YoY Change 127.06% 131.19%
Cash & Equivalents $426.2M $431.4M
Short-Term Investments
Other Short-Term Assets $141.5M $120.9M
YoY Change -0.14% 4.22%
Inventory $3.546M $3.687M
Prepaid Expenses
Receivables $101.1M $109.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $672.4M $665.7M
YoY Change 51.98% 64.64%
LONG-TERM ASSETS
Property, Plant & Equipment $992.3M $1.023B
YoY Change -20.32% -3.73%
Goodwill $755.9M $747.9M
YoY Change 1.8% 0.61%
Intangibles $1.257B $1.294B
YoY Change -4.11% -2.08%
Long-Term Investments $289.5M $47.02M
YoY Change 2.19% -15.07%
Other Assets $103.5M $96.91M
YoY Change 21.78% 21.87%
Total Long-Term Assets $4.492B $3.626B
YoY Change 22.47% -1.79%
TOTAL ASSETS
Total Short-Term Assets $672.4M $665.7M
Total Long-Term Assets $4.492B $3.626B
Total Assets $5.164B $4.292B
YoY Change 25.65% 4.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.32M $21.74M
YoY Change -10.35% -4.49%
Accrued Expenses $148.9M $150.6M
YoY Change 49.89% 34.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $22.75M $23.25M
YoY Change -26.14% -20.92%
Total Short-Term Liabilities $341.3M $284.2M
YoY Change 36.45% 25.1%
LONG-TERM LIABILITIES
Long-Term Debt $2.275B $2.306B
YoY Change -18.08% -14.5%
Other Long-Term Liabilities $140.5M $245.2M
YoY Change -45.9% -6.55%
Total Long-Term Liabilities $2.415B $2.551B
YoY Change 830.2% 872.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $341.3M $284.2M
Total Long-Term Liabilities $2.415B $2.551B
Total Liabilities $4.516B $3.644B
YoY Change 23.83% 3.4%
SHAREHOLDERS EQUITY
Retained Earnings $163.2M $146.3M
YoY Change -169.85% -189.58%
Common Stock $47.04M $47.04M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.394B $2.368B
YoY Change 9.96% 10.12%
Treasury Stock Shares 239.3M shares 239.2M shares
Shareholders Equity $648.0M $648.4M
YoY Change
Total Liabilities & Shareholders Equity $5.164B $4.292B
YoY Change 25.65% 4.76%

Cashflow Statement

Concept 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income $32.39M $18.83M
YoY Change 60.65% -88.18%
Depreciation, Depletion And Amortization $31.50M $34.30M
YoY Change -2.03% 9.94%
Cash From Operating Activities $92.10M -$5.500M
YoY Change 34.04% -110.09%
INVESTING ACTIVITIES
Capital Expenditures -$14.30M -$30.20M
YoY Change 34.91% 39.81%
Acquisitions
YoY Change
Other Investing Activities $300.0K $1.600M
YoY Change -160.0% 1500.0%
Cash From Investing Activities -$14.00M -$28.50M
YoY Change 26.1% 32.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -67.60M -154.8M
YoY Change 163.21% 146.5%
NET CHANGE
Cash From Operating Activities 92.10M -5.500M
Cash From Investing Activities -14.00M -28.50M
Cash From Financing Activities -67.60M -154.8M
Net Change In Cash 10.50M -188.8M
YoY Change -64.34% 533.56%
FREE CASH FLOW
Cash From Operating Activities $92.10M -$5.500M
Capital Expenditures -$14.30M -$30.20M
Free Cash Flow $106.4M $24.70M
YoY Change 34.16% -67.54%

Facts In Submission

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us-gaap Effective Income Tax Rate Continuing Operations
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0.249
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.116
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
2925000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
6891000 USD
CY2019Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
7760000 USD
CY2019Q2 us-gaap Income Tax Receivable
IncomeTaxReceivable
7572000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
246152000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
231029000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
238991000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230807000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
239459000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5064000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7161000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5186000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7826000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2104000 shares
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1369000 shares
CY2019Q2 us-gaap Number Of Restaurants
NumberOfRestaurants
6719 number_of_restaurants
us-gaap Lease Cost
LeaseCost
96923000 USD
CY2019Q2 us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
7072000 USD
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1631000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4748000 USD
CY2019Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
9939000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
16692000 USD
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-61673000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9860000 USD
CY2019Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-51813000 USD
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-46198000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-10252000 USD
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-56450000 USD
CY2019Q2 wen Total Finance Lease Cost
TotalFinanceLeaseCost
11570000 USD
wen Total Finance Lease Cost
TotalFinanceLeaseCost
21440000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
19086000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
43729000 USD
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
15371000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
29475000 USD
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1153000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
2279000 USD
CY2019Q2 wen Total Operating Lease Cost
TotalOperatingLeaseCost
35610000 USD
wen Total Operating Lease Cost
TotalOperatingLeaseCost
75483000 USD
CY2019Q2 us-gaap Lease Cost
LeaseCost
47180000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
19567000 USD
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P17Y6M
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y8M12D
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1011
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0510
us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
11805000 USD
CY2019Q2 us-gaap Sales Type And Direct Financing Leases Profit Loss
SalesTypeAndDirectFinancingLeasesProfitLoss
37000 USD
CY2019Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
43959000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
89164000 USD
CY2019Q2 us-gaap Variable Lease Income
VariableLeaseIncome
14602000 USD
us-gaap Variable Lease Income
VariableLeaseIncome
27849000 USD
CY2019Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
58561000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
117013000 USD
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
42921000 USD
us-gaap Sublease Income
SubleaseIncome
85942000 USD
CY2019Q2 us-gaap Direct Financing Lease Unguaranteed Residual Asset
DirectFinancingLeaseUnguaranteedResidualAsset
237000 USD
CY2019Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
25086000 USD
wen Purchase Obligation Purchase During Period
PurchaseObligationPurchaseDuringPeriod
5481000 USD
CY2019Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
5400000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
11600000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
12100000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
13000000 USD
CY2019Q2 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
13700000 USD

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