(State or other jurisdiction | (Commission | (IRS Employer | ||||||
of incorporation) | File Number) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit number | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
Denny's Corporation | |||||
Date: May 2, 2023 | /s/ Robert P. Verostek | ||||
Robert P. Verostek | |||||
Executive Vice President and | |||||
Chief Financial Officer |
DENNY’S CORPORATION | ||||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
($ in thousands) | 3/29/23 | 12/28/22 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Current assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 8,895 | $ | 3,523 | ||||||||||||||||
Investments | 3,051 | 1,746 | ||||||||||||||||||
Receivables, net | 23,443 | 25,576 | ||||||||||||||||||
Inventories | 3,253 | 5,538 | ||||||||||||||||||
Assets held for sale | 2,312 | 1,403 | ||||||||||||||||||
Prepaid and other current assets | 9,877 | 12,529 | ||||||||||||||||||
Total current assets | 50,831 | 50,315 | ||||||||||||||||||
Property, net | 92,205 | 94,469 | ||||||||||||||||||
Finance lease right-of-use assets, net | 6,117 | 6,499 | ||||||||||||||||||
Operating lease right-of-use assets, net | 123,013 | 126,065 | ||||||||||||||||||
Goodwill | 72,142 | 72,740 | ||||||||||||||||||
Intangible assets, net | 94,622 | 95,034 | ||||||||||||||||||
Deferred financing costs, net | 2,179 | 2,337 | ||||||||||||||||||
Other noncurrent assets | 39,338 | 50,876 | ||||||||||||||||||
Total assets | $ | 480,447 | $ | 498,335 | ||||||||||||||||
Liabilities | ||||||||||||||||||||
Current liabilities | ||||||||||||||||||||
Current finance lease liabilities | $ | 1,514 | $ | 1,683 | ||||||||||||||||
Current operating lease liabilities | 15,230 | 15,310 | ||||||||||||||||||
Accounts payable | 18,251 | 19,896 | ||||||||||||||||||
Other current liabilities | 50,407 | 56,762 | ||||||||||||||||||
Total current liabilities | 85,402 | 93,651 | ||||||||||||||||||
Long-term liabilities | ||||||||||||||||||||
Long-term debt | 264,000 | 261,500 | ||||||||||||||||||
Noncurrent finance lease liabilities | 9,237 | 9,555 | ||||||||||||||||||
Noncurrent operating lease liabilities | 120,140 | 123,404 | ||||||||||||||||||
Liability for insurance claims, less current portion | 7,138 | 7,324 | ||||||||||||||||||
Deferred income taxes, net | 7,673 | 7,419 | ||||||||||||||||||
Other noncurrent liabilities | 31,859 | 32,598 | ||||||||||||||||||
Total long-term liabilities | 440,047 | 441,800 | ||||||||||||||||||
Total liabilities | 525,449 | 535,451 | ||||||||||||||||||
Shareholders' deficit | ||||||||||||||||||||
Common stock | 655 | 650 | ||||||||||||||||||
Paid-in capital | 142,258 | 142,136 | ||||||||||||||||||
Deficit | (41,132) | (41,729) | ||||||||||||||||||
Accumulated other comprehensive loss, net | (42,340) | (42,697) | ||||||||||||||||||
Treasury stock | (104,443) | (95,476) | ||||||||||||||||||
Total shareholders' deficit | (45,002) | (37,116) | ||||||||||||||||||
Total liabilities and shareholders' deficit | $ | 480,447 | $ | 498,335 | ||||||||||||||||
Debt Balances | ||||||||||||||||||||
Credit facility revolver due 2026 | $ | 264,000 | $ | 261,500 | ||||||||||||||||
Finance lease liabilities | 10,751 | 11,238 | ||||||||||||||||||
Total debt | $ | 274,751 | $ | 272,738 |
DENNY’S CORPORATION | |||||||||||||||||
Condensed Consolidated Statements of Operations | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
($ in thousands, except per share amounts) | 3/29/23 | 3/30/22 | |||||||||||||||
Revenue: | |||||||||||||||||
Company restaurant sales | $ | 53,452 | $ | 43,976 | |||||||||||||
Franchise and license revenue | 64,019 | 59,131 | |||||||||||||||
Total operating revenue | 117,471 | 103,107 | |||||||||||||||
Costs of company restaurant sales, excluding depreciation and amortization | 46,492 | 38,625 | |||||||||||||||
Costs of franchise and license revenue, excluding depreciation and amortization | 32,387 | 30,669 | |||||||||||||||
General and administrative expenses | 20,118 | 16,958 | |||||||||||||||
Depreciation and amortization | 3,656 | 3,548 | |||||||||||||||
Operating (gains), losses and other charges, net | (1,329) | — | |||||||||||||||
Total operating costs and expenses, net | 101,324 | 89,800 | |||||||||||||||
Operating income | 16,147 | 13,307 | |||||||||||||||
Interest expense, net | 4,505 | 2,960 | |||||||||||||||
Other nonoperating expense (income), net | 10,093 | (19,615) | |||||||||||||||
Income before income taxes | 1,549 | 29,962 | |||||||||||||||
Provision for income taxes | 952 | 8,107 | |||||||||||||||
Net income | $ | 597 | $ | 21,855 | |||||||||||||
Net income per share - basic | $ | 0.01 | $ | 0.35 | |||||||||||||
Net income per share - diluted | $ | 0.01 | $ | 0.34 | |||||||||||||
Basic weighted average shares outstanding | 57,638 | 63,343 | |||||||||||||||
Diluted weighted average shares outstanding | 57,840 | 63,580 | |||||||||||||||
Comprehensive income | $ | 954 | $ | 27,636 | |||||||||||||
General and Administrative Expenses | |||||||||||||||||
Corporate administrative expenses | $ | 14,179 | $ | 11,383 | |||||||||||||
Share-based compensation | 3,094 | 4,015 | |||||||||||||||
Incentive compensation | 2,387 | 2,119 | |||||||||||||||
Deferred compensation valuation adjustments | 458 | (559) | |||||||||||||||
Total general and administrative expenses | $ | 20,118 | $ | 16,958 |
DENNY’S CORPORATION | |||||||||||||||||||||||||||||
Reconciliation of Net Income and Net Cash Provided by (Used in) Operating Activities to Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(Unaudited) |
Quarter Ended | |||||||||||
($ in thousands) | 3/29/23 | 3/30/22 | |||||||||
Net income | $ | 597 | $ | 21,855 | |||||||
Provision for income taxes | 952 | 8,107 | |||||||||
Operating (gains), losses and other charges, net | (1,329) | — | |||||||||
Other nonoperating expense (income), net | 10,093 | (19,615) | |||||||||
Share-based compensation expense | 3,094 | 4,015 | |||||||||
Deferred compensation plan valuation adjustments | 458 | (559) | |||||||||
Interest expense, net | 4,505 | 2,960 | |||||||||
Depreciation and amortization | 3,656 | 3,548 | |||||||||
Cash payments for restructuring charges and exit costs | (590) | (173) | |||||||||
Cash payments for share-based compensation | (2,963) | (2,454) | |||||||||
Adjusted EBITDA | $ | 18,473 | $ | 17,684 | |||||||
DENNY’S CORPORATION | |||||||||||
Reconciliation of Net Income and Net Cash Provided by (Used in) Operating Activities to Non-GAAP Financial Measures (Continued) | |||||||||||
(Unaudited) | |||||||||||
Quarter Ended | |||||||||||
($ in thousands) | 3/29/23 | 3/30/22 | |||||||||
Net cash provided by (used in) operating activities | $ | 16,153 | $ | (7,064) | |||||||
Capital expenditures | (1,304) | (2,778) | |||||||||
Cash payments for restructuring charges and exit costs | (590) | (173) | |||||||||
Cash payments for share-based compensation | (2,963) | (2,454) | |||||||||
Deferred compensation plan valuation adjustments | 458 | (559) | |||||||||
Other nonoperating expense (income), net | 10,093 | (19,615) | |||||||||
Gains (losses) on investments | 5 | (65) | |||||||||
Gains (losses) on early termination of debt and leases | — | (24) | |||||||||
Amortization of deferred financing costs | (159) | (158) | |||||||||
Gains (losses) and amortization on interest rate swap derivatives, net | (10,662) | 20,253 | |||||||||
Interest expense, net | 4,505 | 2,960 | |||||||||
Cash interest expense, net (1) | (4,103) | (3,726) | |||||||||
Deferred income tax expense | (133) | (4,436) | |||||||||
Provision for income taxes | 952 | 8,107 | |||||||||
Income taxes paid, net | (489) | (449) | |||||||||
Changes in operating assets and liabilities, excluding acquisitions and dispositions | |||||||||||
Receivables | (1,814) | 3,567 | |||||||||
Inventories | (2,284) | 4,768 | |||||||||
Other current assets | (2,652) | (3,451) | |||||||||
Other noncurrent assets | (1,119) | (4,085) | |||||||||
Operating lease assets and liabilities | 246 | 244 | |||||||||
Accounts payable | 1,131 | 2,405 | |||||||||
Other accrued liabilities | 6,534 | 14,964 | |||||||||
Other noncurrent liabilities | 772 | 2,500 | |||||||||
Adjusted Free Cash Flow | $ | 12,577 | $ | 10,731 | |||||||
(1) | Includes cash interest income, net and cash receipts of approximately $0.2 million for dedesignated interest rate swap derivatives for the quarter ended March 29, 2023. Includes cash interest expense, net and cash payments of approximately $0.9 million for dedesignated interest rate swap derivatives for the quarter ended March 30, 2022. |
DENNY’S CORPORATION | |||||||||||
Reconciliation of Net Income and Net Cash Provided by (Used in) Operating Activities to Non-GAAP Financial Measures (Continued) | |||||||||||
(Unaudited) | |||||||||||
Quarter Ended | |||||||||||
($ in thousands, except per share amounts) | 3/29/23 | 3/30/22 | |||||||||
Adjusted EBITDA | $ | 18,473 | $ | 17,684 | |||||||
Cash interest expense, net (1) | (4,103) | (3,726) | |||||||||
Cash paid for income taxes, net | (489) | (449) | |||||||||
Cash paid for capital expenditures | (1,304) | (2,778) | |||||||||
Adjusted Free Cash Flow | $ | 12,577 | $ | 10,731 | |||||||
Net income | $ | 597 | $ | 21,855 | |||||||
(Gains) losses and amortization on interest rate swap derivatives, net | 10,662 | (20,253) | |||||||||
(Gains) losses on sales of assets and other charges, net | (1,522) | (146) | |||||||||
Impairment charges | 129 | — | |||||||||
Tax effect (2) | (2,410) | 5,528 | |||||||||
Adjusted Net Income | $ | 7,456 | $ | 6,984 | |||||||
Diluted weighted average shares outstanding | 57,840 | 63,580 | |||||||||
Net Income Per Share - Diluted | $ | 0.01 | $ | 0.34 | |||||||
Adjustments Per Share | $ | 0.12 | $ | (0.23) | |||||||
Adjusted Net Income Per Share | $ | 0.13 | $ | 0.11 | |||||||
(1) | Includes cash interest income, net and cash receipts of approximately $0.2 million for dedesignated interest rate swap derivatives for the quarter ended March 29, 2023. Includes cash interest expense, net and cash payments of approximately $0.9 million for dedesignated interest rate swap derivatives for the quarter ended March 30, 2022. | ||||
(2) | Tax adjustments for the quarter ended March 29, 2023 reflect an effective tax rate of 26.0%. Tax adjustments for the quarter ended March 30, 2022 reflect an effective tax rate of 27.1%. |
DENNY’S CORPORATION | |||||||||||||||||||||||||||||
Reconciliation of Operating Income to Non-GAAP Financial Measures | |||||||||||||||||||||||||||||
(Unaudited) |
Quarter Ended | |||||||||||
($ in thousands) | 3/29/23 | 3/30/22 | |||||||||
Operating income | $ | 16,147 | $ | 13,307 | |||||||
General and administrative expenses | 20,118 | 16,958 | |||||||||
Depreciation and amortization | 3,656 | 3,548 | |||||||||
Operating (gains), losses and other charges, net | (1,329) | — | |||||||||
Restaurant-level Operating Margin | $ | 38,592 | $ | 33,813 | |||||||
Restaurant-level Operating Margin consists of: | |||||||||||
Company Restaurant Operating Margin (1) | $ | 6,960 | $ | 5,351 | |||||||
Franchise Operating Margin (2) | 31,632 | 28,462 | |||||||||
Restaurant-level Operating Margin | $ | 38,592 | $ | 33,813 |
(1) | Company Restaurant Operating Margin is calculated as operating income plus general and administrative expenses; depreciation and amortization; operating (gains), losses and other charges, net; and costs of franchise and license revenue, excluding depreciation and amortization; less franchise and license revenue. | ||||
(2) | Franchise Operating Margin is calculated as operating income plus general and administrative expenses; depreciation and amortization; operating (gains), losses and other charges, net; and costs of company restaurant sales, excluding depreciation and amortization; less company restaurant sales. |
DENNY’S CORPORATION | ||||||||||||||||||||||||||
Operating Margins | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||
($ in thousands) | 3/29/23 | 3/30/22 | ||||||||||||||||||||||||
Company restaurant operations: (1) | ||||||||||||||||||||||||||
Company restaurant sales | $ | 53,452 | 100.0 | % | $ | 43,976 | 100.0 | % | ||||||||||||||||||
Costs of company restaurant sales, excluding depreciation and amortization: | ||||||||||||||||||||||||||
Product costs | 14,039 | 26.3 | % | 11,244 | 25.6 | % | ||||||||||||||||||||
Payroll and benefits | 20,240 | 37.9 | % | 17,086 | 38.9 | % | ||||||||||||||||||||
Occupancy | 4,094 | 7.7 | % | 3,240 | 7.4 | % | ||||||||||||||||||||
Other operating costs: | ||||||||||||||||||||||||||
Utilities | 2,057 | 3.8 | % | 1,577 | 3.6 | % | ||||||||||||||||||||
Repairs and maintenance | 889 | 1.7 | % | 825 | 1.9 | % | ||||||||||||||||||||
Marketing | 1,395 | 2.6 | % | 1,207 | 2.7 | % | ||||||||||||||||||||
Legal settlements | 109 | 0.2 | % | 277 | 0.6 | % | ||||||||||||||||||||
Other direct costs | 3,669 | 6.9 | % | 3,169 | 7.2 | % | ||||||||||||||||||||
Total costs of company restaurant sales, excluding depreciation and amortization | $ | 46,492 | 87.0 | % | $ | 38,625 | 87.8 | % | ||||||||||||||||||
Company restaurant operating margin (non-GAAP) (2) | $ | 6,960 | 13.0 | % | $ | 5,351 | 12.2 | % | ||||||||||||||||||
Franchise operations: (3) | ||||||||||||||||||||||||||
Franchise and license revenue: | ||||||||||||||||||||||||||
Royalties | $ | 30,027 | 46.9 | % | $ | 26,525 | 44.9 | % | ||||||||||||||||||
Advertising revenue | 19,668 | 30.7 | % | 18,206 | 30.8 | % | ||||||||||||||||||||
Initial and other fees | 4,990 | 7.8 | % | 4,507 | 7.6 | % | ||||||||||||||||||||
Occupancy revenue | 9,334 | 14.6 | % | 9,893 | 16.7 | % | ||||||||||||||||||||
Total franchise and license revenue | $ | 64,019 | 100.0 | % | $ | 59,131 | 100.0 | % | ||||||||||||||||||
Costs of franchise and license revenue, excluding depreciation and amortization: | ||||||||||||||||||||||||||
Advertising costs | $ | 19,668 | 30.7 | % | $ | 18,206 | 30.8 | % | ||||||||||||||||||
Occupancy costs | 5,672 | 8.9 | % | 6,377 | 10.8 | % | ||||||||||||||||||||
Other direct costs | 7,047 | 11.0 | % | 6,086 | 10.3 | % | ||||||||||||||||||||
Total costs of franchise and license revenue, excluding depreciation and amortization | $ | 32,387 | 50.6 | % | $ | 30,669 | 51.9 | % | ||||||||||||||||||
Franchise operating margin (non-GAAP) (2) | $ | 31,632 | 49.4 | % | $ | 28,462 | 48.1 | % | ||||||||||||||||||
Total operating revenue (4) | $ | 117,471 | 100.0 | % | $ | 103,107 | 100.0 | % | ||||||||||||||||||
Total costs of operating revenue (4) | 78,879 | 67.1 | % | 69,294 | 67.2 | % | ||||||||||||||||||||
Restaurant-level operating margin (non-GAAP) (4)(2) | $ | 38,592 | 32.9 | % | $ | 33,813 | 32.8 | % | ||||||||||||||||||
Other operating expenses: (4)(2) | ||||||||||||||||||||||||||
General and administrative expenses | $ | 20,118 | 17.1 | % | $ | 16,958 | 16.4 | % | ||||||||||||||||||
Depreciation and amortization | 3,656 | 3.1 | % | 3,548 | 3.4 | % | ||||||||||||||||||||
Operating (gains), losses and other charges, net | (1,329) | (1.1) | % | — | — | % | ||||||||||||||||||||
Total other operating expenses | $ | 22,445 | 19.1 | % | $ | 20,506 | 19.9 | % | ||||||||||||||||||
Operating income (4) | $ | 16,147 | 13.7 | % | $ | 13,307 | 12.9 | % | ||||||||||||||||||
(1) | As a percentage of company restaurant sales. | |||||||||||||||||||||||||
(2) | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin is considered a non-GAAP financial measure. Operating margins should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | |||||||||||||||||||||||||
(3) | As a percentage of franchise and license revenue. | |||||||||||||||||||||||||
(4) | As a percentage of total operating revenue. |
DENNY’S CORPORATION | |||||||||||||||||||||||||||||
Statistical Data | |||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Denny's | Keke's (2) | ||||||||||||||||||||||||||||
Changes in Same-Restaurant Sales (1) | Quarter Ended | Quarter Ended | |||||||||||||||||||||||||||
(Increase vs. prior year) | 3/29/23 | 3/30/22 | 3/29/23 | 3/30/22 | |||||||||||||||||||||||||
Company Restaurants | 11.4% | 30.6% | N/A | N/A | |||||||||||||||||||||||||
Domestic Franchise Restaurants | 8.1% | 22.8% | N/A | N/A | |||||||||||||||||||||||||
Domestic System-wide Restaurants | 8.4% | 23.3% | N/A | N/A | |||||||||||||||||||||||||
Average Unit Sales | |||||||||||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||||||||||
Company Restaurants | $762 | $682 | $466 | N/A | |||||||||||||||||||||||||
Franchised Restaurants | $452 | $404 | $491 | N/A | |||||||||||||||||||||||||
(1) | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | ||||||||||||||||||||||||||||
Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | |||||||||||||||||||||||||||||
(2) | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. |
Restaurant Unit Activity | Denny's | Keke's | |||||||||||||||||||||||||||||||||||||||
Franchised | Franchised | ||||||||||||||||||||||||||||||||||||||||
Company | & Licensed | Total | Company | & Licensed | Total | ||||||||||||||||||||||||||||||||||||
Ending Units December 28, 2022 | 66 | 1,536 | 1,602 | 8 | 46 | 54 | |||||||||||||||||||||||||||||||||||
Units Opened | — | 5 | 5 | — | — | — | |||||||||||||||||||||||||||||||||||
Units Closed | — | (13) | (13) | — | — | — | |||||||||||||||||||||||||||||||||||
Net Change | — | (8) | (8) | — | — | — | |||||||||||||||||||||||||||||||||||
Ending Units March 29, 2023 | 66 | 1,528 | 1,594 | 8 | 46 | 54 | |||||||||||||||||||||||||||||||||||
Equivalent Units | |||||||||||||||||||||||||||||||||||||||||
Year-to-Date 2023 | 65 | 1,529 | 1,594 | 8 | 46 | 54 | |||||||||||||||||||||||||||||||||||
Year-to-Date 2022 | 64 | 1,572 | 1,636 | — | — | — | |||||||||||||||||||||||||||||||||||
Net Change | 1 | (43) | (42) | 8 | 46 | 54 | |||||||||||||||||||||||||||||||||||
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