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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended October 3, 2021

or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    
For the transition period from ______________ to _______________

Commission file number: 1-2207
THE WENDY’S COMPANY
(Exact name of registrant as specified in its charter)
Delaware38-0471180
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
One Dave Thomas Blvd.
Dublin,
Ohio43017
(Address of principal executive offices)(Zip Code)

(614) 764-3100
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.10 par valueWENThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.




Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No

There were 220,634,432 shares of The Wendy’s Company common stock outstanding as of November 3, 2021.



THE WENDY’S COMPANY AND SUBSIDIARIES
INDEX TO FORM 10-Q
Page
3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.
THE WENDY’S COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands Except Par Value)
October 3,
2021
January 3,
2021
ASSETS(Unaudited)
Current assets:
Cash and cash equivalents$571,502 $306,989 
Restricted cash36,321 33,973 
Accounts and notes receivable, net100,265 109,891 
Inventories4,257 4,732 
Prepaid expenses and other current assets23,820 89,732 
Advertising funds restricted assets107,320 142,306 
Total current assets843,485 687,623 
Properties873,250 915,889 
Finance lease assets210,660 206,153 
Operating lease assets783,986 821,480 
Goodwill751,805 751,049 
Other intangible assets1,209,695 1,224,960 
Investments41,356 44,574 
Net investment in sales-type and direct financing leases305,242 268,221 
Other assets137,468 120,057 
Total assets$5,156,947 $5,040,006 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Current portion of long-term debt$32,750 $28,962 
Current portion of finance lease liabilities15,915 12,105 
Current portion of operating lease liabilities45,541 45,346 
Accounts payable26,506 31,063 
Accrued expenses and other current liabilities158,800 155,321 
Advertising funds restricted liabilities127,673 140,511 
Total current liabilities407,185 413,308 
Long-term debt2,360,763 2,218,163 
Long-term finance lease liabilities528,775 506,076 
Long-term operating lease liabilities830,488 865,325 
Deferred income taxes279,813 280,755 
Deferred franchise fees90,086 89,094 
Other liabilities117,083 117,689 
Total liabilities4,614,193 4,490,410 
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.10 par value; 1,500,000 shares authorized;
     470,424 shares issued; 221,301 and 224,268 shares outstanding, respectively
47,042 47,042 
Additional paid-in capital2,911,552 2,899,276 
Retained earnings317,956 238,674 
Common stock held in treasury, at cost; 249,123 and 246,156 shares, respectively
(2,685,063)(2,585,755)
Accumulated other comprehensive loss(48,733)(49,641)
Total stockholders’ equity542,754 549,596 
Total liabilities and stockholders’ equity$5,156,947 $5,040,006 

See accompanying notes to condensed consolidated financial statements.
4

THE WENDY’S COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Amounts)

Three Months EndedNine Months Ended
October 3,
2021
September 27,
2020
October 3,
2021
September 27,
2020
(Unaudited)
Revenues:
Sales$171,078 $191,946 $553,660 $522,961 
Franchise royalty revenue and fees138,755 116,820 398,246 321,645 
Franchise rental income62,446 58,721 182,190 173,434 
Advertising funds revenue97,976 84,755 289,699 241,468 
470,255 452,242 1,423,795 1,259,508 
Costs and expenses:
Cost of sales146,436 159,545 457,440 450,170 
Franchise support and other costs10,509 5,960 27,080 19,427 
Franchise rental expense34,424 32,426 101,058 93,024 
Advertising funds expense108,529 92,048 310,642 253,353 
General and administrative62,840 47,322 178,576 147,553 
Depreciation and amortization30,940 32,966 93,243 98,726 
System optimization gains, net(1,437)(23)(32,719)(2,333)
Reorganization and realignment costs345 3,375 7,381 10,196 
Impairment of long-lived assets566 23 1,831 4,727 
Other operating income, net(3,092)(2,748)(10,800)(6,076)
390,060 370,894 1,133,732 1,068,767 
Operating profit80,195 81,348 290,063 190,741 
Interest expense, net(26,000)(29,086)(82,990)(86,696)
Loss on early extinguishment of debt  (17,917) 
Other income, net171 181 461 1,113 
Income before income taxes54,366 52,443 189,617 105,158 
Provision for income taxes(13,195)(12,690)(41,356)(26,060)
Net income$41,171 $39,753 $148,261 $79,098 
Net income per share:
Basic$.19 $.18 $.67 $.35 
Diluted.18 .17 .66 .35 

See accompanying notes to condensed consolidated financial statements.
5

THE WENDY’S COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Thousands)

Three Months EndedNine Months Ended
October 3,
2021
September 27,
2020
October 3,
2021
September 27,
2020
(Unaudited)
Net income$41,171 $39,753 $148,261 $79,098 
Other comprehensive (loss) income:
Foreign currency translation adjustment(4,659)3,220 908 (5,138)
Other comprehensive (loss) income(4,659)3,220 908 (5,138)
Comprehensive income
$36,512 $42,973 $149,169 $73,960 

See accompanying notes to condensed consolidated financial statements.
6

THE WENDY’S COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In Thousands)

Common
Stock
Additional
Paid-In
Capital
Retained EarningsCommon Stock Held in TreasuryAccumulated Other Comprehensive LossTotal
(Unaudited)
Balance at January 3, 2021$47,042 $2,899,276 $238,674 $(2,585,755)$(49,641)$549,596 
Net income  41,366   41,366 
Other comprehensive income    2,220 2,220 
Cash dividends  (20,156)  (20,156)
Repurchases of common stock   (56,084) (56,084)
Share-based compensation 5,151    5,151 
Common stock issued upon exercises of stock options
 (20) 683  663 
Common stock issued upon vesting of restricted shares
 (2,996) 817  (2,179)
Other 49 (5)44  88 
Balance at April 4, 2021$47,042 $2,901,460 $259,879 $(2,640,295)$(47,421)$520,665 
Net income  65,724   65,724 
Other comprehensive income    3,347 3,347 
Cash dividends  (22,123)  (22,123)
Repurchases of common stock   (27,291) (27,291)
Share-based compensation 5,882    5,882 
Common stock issued upon exercises of stock options
 850  23,466  24,316 
Common stock issued upon vesting of restricted shares
 (959) 714  (245)
Other 41 (5)45  81 
Balance at July 4, 2021$47,042 $2,907,274 $303,475 $(2,643,361)$(44,074)$570,356 
Net income  41,171   41,171 
Other comprehensive loss    (4,659)(4,659)
Cash dividends  (26,684)  (26,684)
Repurchases of common stock    (43,857) (43,857)
Share-based compensation 5,702    5,702 
Common stock issued upon exercises of stock options
 351  1,465  1,816 
Common stock issued upon vesting of restricted shares
 (1,835) 642  (1,193)
Other 60 (6)48  102 
Balance at October 3, 2021$47,042 $2,911,552 $317,956 $(2,685,063)$(48,733)$542,754 

See accompanying notes to condensed consolidated financial statements.

7

THE WENDY’S COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—CONTINUED
(In Thousands)
Common StockAdditional
Paid-In
Capital
Retained EarningsCommon Stock Held in TreasuryAccumulated Other Comprehensive LossTotal
(Unaudited)
Balance at December 29, 2019$47,042 $2,874,001 $185,725 $(2,536,581)$(53,828)$516,359 
Net income  14,441   14,441 
Other comprehensive loss
    (12,507)(12,507)
Cash dividends  (26,793)  (26,793)
Repurchases of common stock, including accelerated share repurchase
 15,000  (58,336) (43,336)
Share-based compensation 4,539    4,539 
Common stock issued upon exercises of stock options
 280  1,330  1,610 
Common stock issued upon vesting of restricted shares
 (4,017) 726  (3,291)
Other 33 (7)27  53 
Balance at March 29, 2020$47,042 $2,889,836 $173,366 $(2,592,834)$(66,335)$451,075 
Net income  24,904   24,904 
Other comprehensive income    4,149 4,149 
Cash dividends  (11,181)  (11,181)
Share-based compensation 4,787    4,787 
Common stock issued upon exercises of stock options
 (902) 11,361  10,459 
Common stock issued upon vesting of restricted shares
 (1,041) 773  (268)
Other 19 (3)42  58 
Balance at June 28, 2020$47,042 $2,892,699 $187,086 $(2,580,658)$(62,186)$483,983 
Net income  39,753   39,753 
Other comprehensive income    3,220 3,220 
Cash dividends  (11,202)  (11,202)
Repurchases of common stock   (1,708) (1,708)
Share-based compensation 5,786    5,786 
Common stock issued upon exercises of stock options
 838  2,465  3,303 
Common stock issued upon vesting of restricted shares
 (2,600) 918  (1,682)
Other 44 (2)40  82 
Balance at September 27, 2020$47,042 $2,896,767 $215,635 $(2,578,943)$(58,966)$521,535 

See accompanying notes to condensed consolidated financial statements.



8

THE WENDY’S COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
Nine Months Ended
October 3,
2021
September 27,
2020
(Unaudited)
Cash flows from operating activities:
Net income$148,261 $79,098 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization93,243 98,726 
Share-based compensation16,735 15,112 
Impairment of long-lived assets1,831 4,727 
Deferred income tax(25)5,878 
Non-cash rental expense, net28,421 19,967 
Change in operating lease liabilities(34,220)(29,539)
Net receipt of deferred vendor incentives1,906 5,061 
System optimization gains, net(32,719)(2,333)
Distributions received from joint ventures, net of equity in earnings3,561 1,187 
Long-term debt-related activities, net23,043 4,866 
Changes in operating assets and liabilities and other, net26,636 3,009 
Net cash provided by operating activities276,673 205,759 
Cash flows from investing activities:  
Capital expenditures(43,401)(44,876)
Acquisitions4,879  
Dispositions52,657 3,570 
Proceeds from sale of investments 169 
Notes receivable, net907 138 
Net cash provided by (used in) investing activities15,042 (40,999)
Cash flows from financing activities:  
Proceeds from long-term debt1,100,000 153,315 
Repayments of long-term debt(955,782)(174,959)
Repayments of finance lease liabilities(9,021)(5,850)
Deferred financing costs(20,873)(2,122)
Repurchases of common stock(125,656)(46,667)
Dividends(68,963)(49,176)
Proceeds from stock option exercises27,204 15,540 
Payments related to tax withholding for share-based compensation(4,390)(5,409)
Net cash used in financing activities(57,481)(115,328)
Net cash provided by operations before effect of exchange rate changes on cash 234,234 49,432 
Effect of exchange rate changes on cash177 (1,715)
Net increase in cash, cash equivalents and restricted cash234,411 47,717 
Cash, cash equivalents and restricted cash at beginning of period418,241 358,707 
Cash, cash equivalents and restricted cash at end of period$652,652 $406,424 
Supplemental non-cash investing and financing activities:
Capital expenditures included in accounts payable$4,363 $4,789 
Finance leases43,277 24,617 
October 3,
2021
January 3,
2021
Reconciliation of cash, cash equivalents and restricted cash at end of period:
Cash and cash equivalents$571,502 $306,989 
Restricted cash36,321 33,973 
Restricted cash, included in Advertising funds restricted assets44,829 77,279 
Total cash, cash equivalents and restricted cash$652,652 $418,241 
See accompanying notes to condensed consolidated financial statements.
9

THE WENDY’S COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In Thousands Except Per Share Amounts)



(1) Basis of Presentation