Wendy's Co. Files Q3 2024 10-Q Report

TL;DR

Wendy's Q3 2024 10-Q is in. Check financials.

AI Summary

Wendy's Co. reported its Q3 results for the period ending September 29, 2024. The company's fiscal year ends on December 29, 2024. Key financial data and operational metrics for the third quarter and year-to-date periods are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details for Wendy's, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 20240929 — Reporting Period End Date (Indicates the end of the fiscal quarter for this 10-Q filing.)
• 20241031 — Filing Date (The date Wendy's Co. submitted this 10-Q to the SEC.)
• 2024-09-29 — Q3 End Date (Specific end date for the third quarter financial reporting.)
• 2023-10-01 — Prior Year Q3 End Date (Comparison point for Q3 financial performance.)
• 2023-10-01 — Prior Year Q3 Period End (End date for the comparable prior year period.)

Key Players & Entities

• Wendy's Co. (company) — Filer of the 10-Q report
• 20240929 (date) — End of the reporting period for the 10-Q
• 20241031 (date) — Date the 10-Q was filed
• ONE DAVE THOMAS BLVD (address) — Wendy's Co. business and mailing address
• DUBLIN, OH (location) — City and State of Wendy's Co. headquarters

FAQ

Filing Documents

• wen-20240929.htm (10-Q) — 1884KB
• twc_ex101xq3-24.htm (EX-10.1) — 35KB
• twc_ex311xq3-24.htm (EX-31.1) — 10KB
• twc_ex312xq3-24.htm (EX-31.2) — 10KB
• twc_ex321xq3-24.htm (EX-32.1) — 6KB
• image_0a.jpg (GRAPHIC) — 29KB
• image_1a.jpg (GRAPHIC) — 66KB
• 0000030697-24-000018.txt ( ) — 8099KB
• wen-20240929.xsd (EX-101.SCH) — 51KB
• wen-20240929_cal.xml (EX-101.CAL) — 65KB
• wen-20240929_def.xml (EX-101.DEF) — 298KB
• wen-20240929_lab.xml (EX-101.LAB) — 525KB
• wen-20240929_pre.xml (EX-101.PRE) — 397KB
• wen-20240929_htm.xml (XML) — 1306KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements 4 Unaudited Condensed Consolidated Balance Sheets as of Sept ember 29 , 2024 and December 31, 2023 4 Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended Sept ember 29 , 2024 and October 1 , 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 29 , 2024 and October 1 , 2023 6 Unaudited Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended Septe mber 29 , 2024 and October 1 , 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 2 9 , 2024 and October 1 , 2023 9 Notes to Condensed Consolidated Financial Statements 10

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 25

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 40

Controls and Procedures

Item 4. Controls and Procedures 40

: OTHER INFORMATION

PART II: OTHER INFORMATION 41

Legal Proceedings

Item 1. Legal Proceedings 42

Risk Factors

Item 1A. Risk Factors 43

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 43

Exhibits

Item 6. Exhibits 44

Signatures

Signatures 45 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) September 29, 2024 December 31, 2023 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 482,224 $ 516,037 Restricted cash 35,180 35,848 Accounts and notes receivable, net 111,413 121,683 Inventories 6,251 6,690 Prepaid expenses and other current assets 32,816 39,640 Advertising funds restricted assets 115,329 117,755 Total current assets 783,213 837,653 Properties 894,200 891,080 Finance lease assets 235,780 228,936 Operating lease assets 686,286 705,615 Goodwill 773,187 773,727 Other intangible assets 1,199,413 1,219,129 Investments 31,758 34,445 Net investment in sales-type and direct financing leases 285,711 313,664 Other assets 183,675 178,577 Total assets $ 5,073,223 $ 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 21,952 20,250 Current portion of operating lease liabilities 50,578 49,353 Accounts payable 29,047 27,370 Accrued expenses and other current liabilities 128,734 135,149 Advertising funds restricted liabilities 113,511 120,558 Total current liabilities 373,072 381,930 Long-term debt 2,716,486 2,732,814 Long-term finance lease liabilities 567,242 568,767 Long-term operating lease liabilities 712,570 739,340 Deferred income taxes 270,089 270,353 Deferred franchise fees 89,300 90,132 Other liabilities 84,611 89,711 Total liabilities 4,813,370 4,873,047 Commitments and contingencies Stockholders' equity: Common stock, $ 0.10 par value; 1,500,000 shares authorized; 470,424 shares issued; 203,089 and 205,397 shares outstanding, respectively 47,042 47,042 Additional paid-in capital 2,967,927 2,960,035 Retained earnings 403,259 409,863 Common stock held in treasury, at cost; 267,335 and 265,027 shares, respectively ( 3,097,785 ) ( 3,048,786 ) Accu

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