Wendy's Co. Files 10-Q for Period Ending March 31, 2024
Ticker: WEN · Form: 10-Q · Filed: May 2, 2024 · CIK: 30697
Sentiment: neutral
Topics: Wendy's, 10-Q, Quarterly Report, Financials, Q1 2024
TL;DR
<b>Wendy's Co. has filed its Q1 2024 10-Q report, detailing financial performance and operational information.</b>
AI Summary
Wendy's Co (WEN) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Wendy's Co. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the fiscal period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at One Dave Thomas Blvd, Dublin, OH 43017. Wendy's Co. was formerly known as WENDY'S/ARBY'S GROUP, INC. and TRIARC COMPANIES INC. The filing includes financial data related to product sales, franchise royalty revenue, and real estate.
Why It Matters
For investors and stakeholders tracking Wendy's Co, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Wendy's performance in the first quarter of 2024, crucial for assessing ongoing business health and strategic execution. Understanding the details within this 10-Q allows for a comparative analysis against previous periods and industry benchmarks, informing investment decisions.
Risk Assessment
Risk Level: low — Wendy's Co shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond typical business disclosures.
Analyst Insight
Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and operational efficiency for Q1 2024.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Product | ||
| Franchise Royalty Revenue and Fees | ||
| Real Estate | ||
| Advertising |
Key Numbers
- 2024-03-31 — Report Period End Date (Conformed Period of Report)
- 2024-05-02 — Filing Date (Filed as of Date)
- 1229 — Fiscal Year End (Fiscal Year End)
- 0.75 — Diluted EPS Estimate (Reported Diluted EPS)
Key Players & Entities
- Wendy's Co. (company) — Filer name
- 0000030697 (company) — Central Index Key
- 5810 (company) — Standard Industrial Classification
- DE (company) — State of Incorporation
- OH (company) — State of Business Address
- WENDY'S/ARBY'S GROUP, INC. (company) — Former Company Name
- TRIARC COMPANIES INC (company) — Former Company Name
- DWG CORP (company) — Former Company Name
FAQ
When did Wendy's Co file this 10-Q?
Wendy's Co filed this Quarterly Report (10-Q) with the SEC on May 2, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by Wendy's Co (WEN).
Where can I read the original 10-Q filing from Wendy's Co?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Wendy's Co.
What are the key takeaways from Wendy's Co's 10-Q?
Wendy's Co filed this 10-Q on May 2, 2024. Key takeaways: Wendy's Co. filed its quarterly report (10-Q) for the period ending March 31, 2024.. The filing covers the fiscal period from January 1, 2024, to March 31, 2024.. The company's principal executive offices are located at One Dave Thomas Blvd, Dublin, OH 43017..
Is Wendy's Co a risky investment based on this filing?
Based on this 10-Q, Wendy's Co presents a relatively low-risk profile. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material adverse events beyond typical business disclosures.
What should investors do after reading Wendy's Co's 10-Q?
Review the detailed financial statements and segment performance within the 10-Q to understand revenue drivers and operational efficiency for Q1 2024. The overall sentiment from this filing is neutral.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
- 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.
Filing Stats: 4,558 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-05-02 07:19:13
Filing Documents
- wen-20240331.htm (10-Q) — 1307KB
- twc_ex101xq1-24.htm (EX-10.1) — 75KB
- twc_ex311xq1-24.htm (EX-31.1) — 10KB
- twc_ex312xq1-24.htm (EX-31.2) — 10KB
- twc_ex321xq1-24.htm (EX-32.1) — 6KB
- 0000030697-24-000009.txt ( ) — 6612KB
- wen-20240331.xsd (EX-101.SCH) — 49KB
- wen-20240331_cal.xml (EX-101.CAL) — 65KB
- wen-20240331_def.xml (EX-101.DEF) — 288KB
- wen-20240331_lab.xml (EX-101.LAB) — 513KB
- wen-20240331_pre.xml (EX-101.PRE) — 387KB
- wen-20240331_htm.xml (XML) — 923KB
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 4 Unaudited Condensed Consolidated Balance Sheets as of March 3 1, 2024 and De cember 31 , 2023 4 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and April 2, 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and April 2, 2 0 23 6 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and April 2, 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and April 2, 2023 8 Notes to Condensed Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 37
: OTHER INFORMATION
PART II: OTHER INFORMATION 38
Legal Proceedings
Item 1. Legal Proceedings 39
Risk Factors
Item 1A. Risk Factors 40
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40
Exhibits
Item 6. Exhibits 41
Signatures
Signatures 42 3 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. THE WENDY'S COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands Except Par Value) March 31, 2024 December 31, 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 498,333 $ 516,037 Restricted cash 36,058 35,848 Accounts and notes receivable, net 125,546 121,683 Inventories 6,110 6,690 Prepaid expenses and other current assets 39,075 39,640 Advertising funds restricted assets 162,406 117,755 Total current assets 867,528 837,653 Properties 890,667 891,080 Finance lease assets 227,547 228,936 Operating lease assets 696,944 705,615 Goodwill 773,077 773,727 Other intangible assets 1,210,124 1,219,129 Investments 33,230 34,445 Net investment in sales-type and direct financing leases 306,908 313,664 Other assets 183,745 178,577 Total assets $ 5,189,770 $ 5,182,826 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 29,250 $ 29,250 Current portion of finance lease liabilities 20,730 20,250 Current portion of operating lease liabilities 49,848 49,353 Accounts payable 26,175 27,370 Accrued expenses and other current liabilities 144,211 135,149 Advertising funds restricted liabilities 155,235 120,558 Total current liabilities 425,449 381,930 Long-term debt 2,727,371 2,732,814 Long-term finance lease liabilities 563,955 568,767 Long-term operating lease liabilities 729,086 739,340 Deferred income taxes 270,875 270,353 Deferred franchise fees 89,331 90,132 Other liabilities 90,049 89,711 Total liabilities 4,896,116 4,873,047 Commitments and contingencies Stockholders' equity: Common stock, $ 0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 205,325 and 205,397 shares outstanding, respectively 47,042 47,042 Additional paid-in capital 2,962,241 2,960,035 Retained earnings 400,465 409,863 Common stock held in treasury, at cost; 265,099 and 265,027 shares, respectively ( 3,053,133 ) ( 3,048,786 ) Accumula