2020 Q1 Form 10-Q Financial Statement

#000003069720000005 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $405.0M $408.6M
YoY Change -0.89%
Cost Of Revenue $150.0M $142.6M
YoY Change 5.2%
Gross Profit $255.0M $266.0M
YoY Change -4.15%
Gross Profit Margin 62.96% 65.1%
Selling, General & Admin $160.9M $162.2M
YoY Change -0.8%
% of Gross Profit 63.11% 60.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.05M $33.19M
YoY Change -6.45%
% of Gross Profit 12.18% 12.48%
Operating Expenses $191.4M $191.4M
YoY Change 0.0%
Operating Profit $48.73M $66.27M
YoY Change -26.46%
Interest Expense $28.53M $29.08M
YoY Change -1.92%
% of Operating Profit 58.53% 43.89%
Other Income/Expense, Net $1.076M $2.700M
YoY Change -60.15%
Pretax Income $21.28M $39.88M
YoY Change -46.64%
Income Tax $6.842M $7.990M
% Of Pretax Income 32.15% 20.03%
Net Earnings $14.44M $31.89M
YoY Change -54.72%
Net Earnings / Revenue 3.57% 7.81%
Basic Earnings Per Share $0.06 $0.14
Diluted Earnings Per Share $0.06 $0.14
COMMON SHARES
Basic Shares Outstanding 223.5M shares 230.6M shares
Diluted Shares Outstanding 228.0M shares 235.9M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.9M $414.2M
YoY Change -28.8%
Cash & Equivalents $294.9M $414.2M
Short-Term Investments
Other Short-Term Assets $211.5M $135.5M
YoY Change 56.09%
Inventory $4.558M $3.550M
Prepaid Expenses
Receivables $67.87M $110.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $591.9M $663.8M
YoY Change -10.83%
LONG-TERM ASSETS
Property, Plant & Equipment $949.0M $1.003B
YoY Change -5.41%
Goodwill $748.6M $755.4M
YoY Change -0.89%
Intangibles $1.240B $1.264B
YoY Change -1.88%
Long-Term Investments $301.6M $284.8M
YoY Change 5.9%
Other Assets $108.4M $99.59M
YoY Change 8.83%
Total Long-Term Assets $4.390B $4.522B
YoY Change -2.92%
TOTAL ASSETS
Total Short-Term Assets $591.9M $663.8M
Total Long-Term Assets $4.390B $4.522B
Total Assets $4.982B $5.186B
YoY Change -3.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.54M $16.36M
YoY Change 37.79%
Accrued Expenses $80.14M $141.1M
YoY Change -43.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $150.9M $23.25M
YoY Change 549.11%
Total Short-Term Liabilities $430.8M $323.6M
YoY Change 33.1%
LONG-TERM LIABILITIES
Long-Term Debt $2.245B $2.302B
YoY Change -2.46%
Other Long-Term Liabilities $125.3M $142.9M
YoY Change -12.33%
Total Long-Term Liabilities $2.370B $2.444B
YoY Change -3.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $430.8M $323.6M
Total Long-Term Liabilities $2.370B $2.444B
Total Liabilities $4.531B $4.545B
YoY Change -0.32%
SHAREHOLDERS EQUITY
Retained Earnings $173.4M $154.0M
YoY Change 12.58%
Common Stock $47.04M $47.04M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.593B $2.385B
YoY Change 8.7%
Treasury Stock Shares 247.9M shares 239.5M shares
Shareholders Equity $451.1M $640.7M
YoY Change
Total Liabilities & Shareholders Equity $4.982B $5.186B
YoY Change -3.93%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $14.44M $31.89M
YoY Change -54.72%
Depreciation, Depletion And Amortization $31.05M $33.19M
YoY Change -6.45%
Cash From Operating Activities -$19.37M $62.02M
YoY Change -131.23%
INVESTING ACTIVITIES
Capital Expenditures -$12.60M -$11.20M
YoY Change 12.5%
Acquisitions $0.00 $5.052M
YoY Change -100.0%
Other Investing Activities $500.0K -$4.700M
YoY Change -110.64%
Cash From Investing Activities -$12.12M -$15.89M
YoY Change -23.71%
FINANCING ACTIVITIES
Cash Dividend Paid $26.79M $23.07M
YoY Change 16.14%
Common Stock Issuance & Retirement, Net $45.14M $30.93M
YoY Change 45.94%
Debt Paid & Issued, Net $14.33M $5.813M
YoY Change 146.59%
Cash From Financing Activities $63.40M -$62.55M
YoY Change -201.36%
NET CHANGE
Cash From Operating Activities -$19.37M $62.02M
Cash From Investing Activities -$12.12M -$15.89M
Cash From Financing Activities $63.40M -$62.55M
Net Change In Cash $26.83M -$14.54M
YoY Change -284.58%
FREE CASH FLOW
Cash From Operating Activities -$19.37M $62.02M
Capital Expenditures -$12.60M -$11.20M
Free Cash Flow -$6.769M $73.22M
YoY Change -109.24%

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323000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
12000 USD
CY2020Q1 wen Distributionsfrom Equity Method Investment Netof Equityin Earnings
DistributionsfromEquityMethodInvestmentNetofEquityinEarnings
180000 USD
CY2019Q1 wen Distributionsfrom Equity Method Investment Netof Equityin Earnings
DistributionsfromEquityMethodInvestmentNetofEquityinEarnings
415000 USD
CY2020Q1 wen Operatingactivitiesfromlongtermdebtnet
Operatingactivitiesfromlongtermdebtnet
1556000 USD
CY2019Q1 wen Operatingactivitiesfromlongtermdebtnet
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1823000 USD
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CY2019Q1 us-gaap Increase Decrease In Operating Capital
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020Q1 us-gaap Payments To Acquire Productive Assets
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CY2019Q1 us-gaap Payments To Acquire Productive Assets
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CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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5052000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
195000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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313000 USD
CY2019Q1 wen Increasedecreaseinnotesreceivablenetforinvestingactivities
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248000 USD
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2019Q1 us-gaap Repayments Of Long Term Debt
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5813000 USD
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1967000 USD
CY2019Q1 us-gaap Finance Lease Principal Payments
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1881000 USD
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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471977000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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9274000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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13810000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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53459000 USD
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34539000 USD
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37186000 USD
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23973000 USD
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385535000 USD
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358707000 USD
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30929000 USD
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26793000 USD
CY2019Q1 us-gaap Payments Of Dividends
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23069000 USD
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1722000 USD
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5196000 USD
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3402000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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6055000 USD
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31914000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1884000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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26828000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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2144000 USD
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2772000 USD
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1066000 USD
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35450000 USD
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39188000 USD
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CY2019Q4 us-gaap Deferred Revenue
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91790000 USD
CY2019Q1 us-gaap Deferred Revenue
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99611000 USD
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0.05
CY2017Q1 wen Companyoperatedrestaurantownershippercentage
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43 number_of_restaurants
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323000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
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Cash
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CY2019Q4 us-gaap Allowance For Notes And Loans Receivable Current
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90385000 USD
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127480000 USD
CY2019Q4 wen Accountsandnotesreceivableallowancefordoubtfulaccountscurrent
Accountsandnotesreceivableallowancefordoubtfulaccountscurrent
10019000 USD
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CY2020Q1 us-gaap Allowance For Notes And Loans Receivable Noncurrent
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5623000 USD
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CY2019Q4 us-gaap Allowance For Notes And Loans Receivable Noncurrent
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CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2019Q4 us-gaap Accounts And Financing Receivable Allowance For Credit Loss
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CY2020Q1 us-gaap Provision For Doubtful Accounts
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580000 USD
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CY2020Q1 wen Financingreceivableallowanceforcreditlosswriteoffsnetofrecoveries
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CY2020Q1 wen Accountsandfinancingreceivableallowanceforcreditlosswriteoffnetofrecoveries
Accountsandfinancingreceivableallowanceforcreditlosswriteoffnetofrecoveries
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CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2020Q1 us-gaap Accounts And Financing Receivable Allowance For Credit Loss
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CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
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4247000 USD
CY2019Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2019Q1 us-gaap Accounts And Financing Receivable Allowance For Credit Loss
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4587000 USD
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1486000 USD
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1399000 USD
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4474000 shares
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5310000 shares
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235894000 shares
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020Q1 us-gaap Number Of Restaurants
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CY2020Q1 us-gaap Short Term Lease Cost
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1330000 USD
CY2019Q1 us-gaap Short Term Lease Cost
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1126000 USD
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36865000 USD
CY2019Q1 wen Total Operating Lease Cost
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CY2020Q1 us-gaap Lease Cost
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57856000 USD
CY2019Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
58452000 USD
CY2020Q1 us-gaap Sublease Income
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42042000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
43021000 USD
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
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25082000 USD
CY2020Q1 us-gaap Revenues
Revenues
404960000 USD
CY2019Q1 us-gaap Revenues
Revenues
408583000 USD
CY2020Q1 wen Advertising Funds Surplus Deficit Net
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-1387000 USD
CY2019Q1 wen Advertising Funds Surplus Deficit Net
AdvertisingFundsSurplusDeficitNet
0 USD
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
31046000 USD
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
33185000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
323000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
12000 USD
CY2020Q1 us-gaap Restructuring Charges
RestructuringCharges
3910000 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
798000 USD
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4587000 USD
CY2019Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
1486000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
28525000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
29082000 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1076000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2700000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21283000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
39884000 USD

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