Denny's Corp 2025年季度报告

PART I - FINANCIAL INFORMATION Denny’s Corporation and SubsidiariesConsolidated Statements of Income(Unaudited) Denny’s Corporation and SubsidiariesNotes to Consolidated Financial Statements Note 1.Introduction and Basis of Presentation Introduction Denny’s Corporation, or the Company, is one of America’s largest full-service restaurant chains based on number of restaurants. As ofMarch26, 2025, the Company consisted of1,557restaurants,1,475of which were franchised/licensed restaurants and82of which were The Company consists of the Denny’s brand ("Denny's") and the Keke’s Breakfast Café brand (“Keke’s”). As of March26, 2025, theDenny's brand consisted of1,491restaurants,1,430of which were franchised/licensed restaurants and61of which were companyoperated. As of March26, 2025, the Keke's brand consisted of66restaurants,45of which were franchised restaurants and21of which Basis of Presentation Our unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and ExchangeCommission for interim financial information. Therefore, certain information and notes normally included in financial statementsprepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been omitted. In our opinion, all adjustmentsconsidered necessary for a fair presentation of the interim periods presented have been included. Such adjustments are of a normal and These interim consolidated financial statements should be read in conjunction with our consolidated financial statements and notesthereto as of and for the fiscal year ended December25, 2024 which are contained in our audited Annual Report on Form 10-K for thefiscal year ended December25, 2024. The results of operations for the interim periods presented are not necessarily indicative of the Change in Presentation Certain reclassifications have been made in the 2024 interim consolidated financial statements and notes to conform to the 2025presentation. These reclassifications did not affect total revenues or net income. Note 2.Summary of Significant Accounting Policies Newly Adopted Accounting Standards In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable SegmentDisclosures”. The new guidance requires enhanced reportable segment disclosures to include significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 (our fiscal 2024) and interim periods beginning after December 15,2024 (our fiscal 2025). The Company adopted ASU 2023-07 during the year ended December 25, 2024. The adoption of this guidance Accounting Standards to be Adopted In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The newguidance requires enhanced effective tax rate reconciliation and income taxes paid disclosures. ASU 2023-09 is effective for annualperiods beginning after December 15, 2024 (our fiscal 2025). We are currently evaluating the impact that the adoption of this new In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)”. The newguidance requires disaggregation of certain relevant expenses included in the consolidated statements of income. ASU 2024-03 iseffective for annual periods beginning after December 15, 2026 (our fiscal 2027) and interim periods beginning after December 15, 2027(our fiscal 2028). We are currently evaluating the impact that the adoption of this new guidance will have on our consolidated financial We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or arenot expected to have a material effect on our consolidated financial statements as a result of future adoption. Note 3.Receivables Receivables consisted of the following: Note 4.Goodwill and Intangible Assets Goodwill by segment consisted of the following: Note 5.Other Current Liabilities Other current liabilities consisted of the following: Note 6.Fair Value of Financial Instruments Financial assets and liabilities measured at fair value on a recurring basis are summarized below: (1)As of March 26, 2025, impaired assets were written down to their estimated fair value. To determine fair value, we used the income approach, which assumes thatthe future cash flows reflect current market expectations. These fair value measurements require significant judgment using Level 3 inputs, such as discounted cashflows from operations, which are not observable from the market, directly or indirectly. There is uncertainty in the projected future cash flows used in theCompany's impairment analysis, which requires the use of estimates and assumptions. If actual performance does not achieve the projections, or if the assumptions (2)Assets held and used that are measured at fair value on a non-recurring basis include property, operating lease right-of