2019 Q4 Form 10-Q Financial Statement

#000003069719000012 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $427.2M $437.9M $400.6M
YoY Change 7.38% 9.32% 25.04%
Cost Of Revenue $151.4M $152.4M $139.3M
YoY Change 9.05% 9.38% 6.71%
Gross Profit $275.8M $285.5M $261.2M
YoY Change 6.49% 9.29% 37.65%
Gross Profit Margin 64.55% 65.19% 65.21%
Selling, General & Admin $166.1M $166.4M $158.0M
YoY Change -2.06% 5.32% 115.85%
% of Gross Profit 60.23% 58.29% 60.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.70M $33.30M $33.40M
YoY Change -1.75% -0.3% 6.71%
% of Gross Profit 12.22% 11.67% 12.79%
Operating Expenses $199.5M $199.4M $191.5M
YoY Change -2.35% 4.13% 77.31%
Operating Profit $36.72M $79.02M $77.35M
YoY Change -19.83% 2.17% 199.87%
Interest Expense -$2.700M $27.93M $29.63M
YoY Change -90.04% -5.72% 2.38%
% of Operating Profit -7.35% 35.34% 38.3%
Other Income/Expense, Net $1.600M $2.218M $1.061M
YoY Change -46.67% 109.05% -62.69%
Pretax Income $32.50M $53.31M $498.9M
YoY Change 67.53% -89.31% -168085.52%
Income Tax $6.000M $7.184M $107.7M
% Of Pretax Income 18.46% 13.48% 21.58%
Net Earnings $26.53M $46.13M $391.2M
YoY Change 40.9% -88.21% -21305.91%
Net Earnings / Revenue 6.21% 10.53% 97.68%
Basic Earnings Per Share $0.12 $0.20 $1.65
Diluted Earnings Per Share $0.11 $0.20 $1.60
COMMON SHARES
Basic Shares Outstanding 230.0M shares 230.7M shares 237.7M shares
Diluted Shares Outstanding 235.7M shares 244.8M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.2M $439.4M $194.9M
YoY Change -30.41% 125.45% -4.69%
Cash & Equivalents $300.2M $439.4M $634.8M
Short-Term Investments
Other Short-Term Assets $132.5M $125.7M $140.1M
YoY Change 9.59% -10.28% 10.49%
Inventory $3.891M $3.549M $3.335M
Prepaid Expenses
Receivables $100.5M $105.0M $95.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $554.0M $673.8M $856.1M
YoY Change -16.77% -21.3% 94.16%
LONG-TERM ASSETS
Property, Plant & Equipment $977.0M $980.9M $1.224B
YoY Change -4.52% -19.86% -2.45%
Goodwill $755.9M $755.6M $749.2M
YoY Change 1.07% 0.85% 0.91%
Intangibles $1.247B $1.252B $1.304B
YoY Change -3.63% -3.99% -2.61%
Long-Term Investments $45.31M $297.5M $281.0M
YoY Change -3.64% 5.87% 4.04%
Other Assets $100.5M $107.3M $95.75M
YoY Change 3.67% 12.02% 54.77%
Total Long-Term Assets $4.440B $4.462B $3.651B
YoY Change 22.45% 22.21% -0.45%
TOTAL ASSETS
Total Short-Term Assets $554.0M $673.8M $856.1M
Total Long-Term Assets $4.440B $4.462B $3.651B
Total Assets $4.995B $5.136B $4.507B
YoY Change 16.37% 13.95% 9.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.70M $23.79M $24.06M
YoY Change 4.42% -1.11% 0.41%
Accrued Expenses $165.3M $146.7M $120.2M
YoY Change 9.72% 22.04% 3.31%
Deferred Revenue $8.899M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $22.75M $22.75M $31.10M
YoY Change -2.15% -26.85% 7.24%
Total Short-Term Liabilities $349.7M $337.4M $339.1M
YoY Change 23.05% -0.49% 47.74%
LONG-TERM LIABILITIES
Long-Term Debt $2.258B $2.271B $2.772B
YoY Change -2.08% -18.07% 2.66%
Other Long-Term Liabilities $129.8M $130.9M $257.4M
YoY Change -47.08% -49.16% -7.02%
Total Long-Term Liabilities $2.387B $2.402B $257.4M
YoY Change -6.41% 833.03% -7.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $349.7M $337.4M $339.1M
Total Long-Term Liabilities $2.387B $2.402B $257.4M
Total Liabilities $4.478B $4.487B $3.724B
YoY Change 22.91% 20.48% 2.83%
SHAREHOLDERS EQUITY
Retained Earnings $185.7M $186.3M $147.0M
YoY Change 26.97% 26.74% -148.52%
Common Stock $47.04M $47.04M $47.04M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.537B $2.415B $2.243B
YoY Change 7.12% 7.68% 7.56%
Treasury Stock Shares 245.5M shares 240.1M shares 232.1M shares
Shareholders Equity $516.4M $649.6M $430.5M
YoY Change
Total Liabilities & Shareholders Equity $4.995B $5.136B $4.507B
YoY Change 16.37% 13.95% 9.71%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $26.53M $46.13M $391.2M
YoY Change 40.9% -88.21% -21305.91%
Depreciation, Depletion And Amortization $33.70M $33.30M $33.40M
YoY Change -1.75% -0.3% 6.71%
Cash From Operating Activities $51.40M $83.40M $79.70M
YoY Change -1034.55% 4.64% 18.78%
INVESTING ACTIVITIES
Capital Expenditures -$33.50M -$15.50M -$13.30M
YoY Change 10.93% 16.54% -23.12%
Acquisitions
YoY Change
Other Investing Activities $24.20M -$300.0K $1.800M
YoY Change 1412.5% -116.67% -110.91%
Cash From Investing Activities -$9.200M -$15.80M -$11.50M
YoY Change -67.72% 37.39% -65.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -181.9M -53.20M -69.60M
YoY Change 17.51% -23.56% 23.84%
NET CHANGE
Cash From Operating Activities 51.40M 83.40M 79.70M
Cash From Investing Activities -9.200M -15.80M -11.50M
Cash From Financing Activities -181.9M -53.20M -69.60M
Net Change In Cash -139.7M 14.40M -1.400M
YoY Change -26.01% -1128.57% -93.89%
FREE CASH FLOW
Cash From Operating Activities $51.40M $83.40M $79.70M
Capital Expenditures -$33.50M -$15.50M -$13.30M
Free Cash Flow $84.90M $98.90M $93.00M
YoY Change 243.72% 6.34% 10.19%

Facts In Submission

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GainLossOnSaleOfPropertyPlantEquipment
486000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
1162000 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
8000 USD
CY2019Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
2391000 USD
CY2018Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
2435000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 us-gaap Restructuring Charges
RestructuringCharges
403000 USD
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
941000 USD
us-gaap Restructuring Charges
RestructuringCharges
4771000 USD
us-gaap Restructuring Charges
RestructuringCharges
6691000 USD
CY2019Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
34794000 USD
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
32217000 USD
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
2293616000 USD
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
2328802000 USD
CY2019Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
22750000 USD
CY2018Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
23250000 USD
CY2019Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2270866000 USD
CY2018Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2305552000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-7150000 USD
CY2019Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2018Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
347000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1684000 USD
us-gaap Asset Impairment Charges
AssetImpairmentCharges
2156000 USD
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.135
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
CY2019Q3 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
5639000 USD
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
1103000 USD
CY2018Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
5251000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.206
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
4028000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
12142000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
6475000 USD
CY2019Q3 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
2081000 USD
CY2019Q3 us-gaap Income Tax Receivable
IncomeTaxReceivable
6719000 USD
CY2018Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
14475000 USD
CY2019Q3 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
0 USD
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230723000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
237696000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
230779000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
238872000 shares
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4995000 shares
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7070000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5122000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7574000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
235718000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244766000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
235901000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
246446000 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3257000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2488000 shares
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1121000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1287000 shares
CY2018Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-61673000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
7563000 USD
CY2019Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-54110000 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
-4937000 USD
CY2018Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-51135000 USD
CY2019Q3 us-gaap Number Of Restaurants
NumberOfRestaurants
6743 number_of_restaurants
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3201000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
7949000 USD
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
10116000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
26808000 USD
CY2019Q3 wen Total Finance Lease Cost
TotalFinanceLeaseCost
13317000 USD
wen Total Finance Lease Cost
TotalFinanceLeaseCost
34757000 USD
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
23358000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
67087000 USD
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
15435000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
44910000 USD
wen Total Operating Lease Cost
TotalOperatingLeaseCost
115417000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
53251000 USD
us-gaap Lease Cost
LeaseCost
150174000 USD
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1141000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3420000 USD
CY2019Q3 wen Total Operating Lease Cost
TotalOperatingLeaseCost
39934000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
29683000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
69277000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5178000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
34084000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
8212000 USD
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P17Y3M18D
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P15Y6M
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1003
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0510
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Profit Loss
SalesTypeAndDirectFinancingLeasesProfitLoss
-97000 USD
us-gaap Sales Type And Direct Financing Leases Profit Loss
SalesTypeAndDirectFinancingLeasesProfitLoss
1874000 USD
CY2019Q3 us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
7240000 USD
us-gaap Sales Type And Direct Financing Leases Interest Income
SalesTypeAndDirectFinancingLeasesInterestIncome
19045000 USD
CY2019Q3 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
44892000 USD
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
134056000 USD
CY2019Q3 us-gaap Variable Lease Income
VariableLeaseIncome
15026000 USD
us-gaap Variable Lease Income
VariableLeaseIncome
42875000 USD
CY2019Q3 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
59918000 USD
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
176931000 USD
CY2019Q3 us-gaap Sublease Income
SubleaseIncome
44821000 USD
us-gaap Sublease Income
SubleaseIncome
130763000 USD
CY2019Q3 us-gaap Direct Financing Lease Unguaranteed Residual Asset
DirectFinancingLeaseUnguaranteedResidualAsset
195000 USD
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
25082000 USD
wen Purchase Obligation Purchase During Period
PurchaseObligationPurchaseDuringPeriod
8417000 USD
CY2019Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
2700000 USD
CY2019Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
10800000 USD
CY2019Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
11100000 USD
CY2019Q3 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
11600000 USD
CY2019Q3 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
12100000 USD

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