# EDGAR Filing Document

**Accession Number:** 0000852772
**File Stem:** 0000852772-23-000027
**Filing Date:** 2023-2
**Character Count:** 103908
**Document Hash:** 9b08bd8c3df3d39ff9d228bed7e76047
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000852772-23-000027.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0000852772-23-000027

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20230213

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DENNY'S Corp
- **CENTRAL INDEX KEY:** 0000852772
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **IRS NUMBER:** 133487402
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1228

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-18051
- **FILM NUMBER:** 23618562

**BUSINESS ADDRESS:**
- **STREET 1:** 203 EAST MAIN STREET
- **CITY:** SPARTANBURG
- **STATE:** SC
- **ZIP:** 29319
- **BUSINESS PHONE:** 8645978000

**MAIL ADDRESS:**
- **STREET 1:** 203 EAST MAIN STREET
- **CITY:** SPARTANBURG
- **STATE:** SC
- **ZIP:** 29319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DENNYS CORP
- **DATE OF NAME CHANGE:** 20020801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVANTICA RESTAURANT GROUP INC
- **DATE OF NAME CHANGE:** 19980107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FLAGSTAR COMPANIES INC
- **DATE OF NAME CHANGE:** 19930722

?xml version="1.0" ? denn-20230213

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported) <u>February 13, 2023</u>

![denn-20230213_g1.gif](denn-20230213_g1.gif)

**DENNY'S CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-18051** | **13-3487402** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

**203 East Main Street** 

**Spartanburg, South Carolina 29319-0001** 

(Address of principal executive offices)

(Zip Code)

**(864) 597-8000** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| $.01 Par Value, Common Stock | DENN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On February 13, 2023, Denny's Corporation (the "Company") issued a press release announcing financial results for the fourth quarter ended December 28, 2022. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

The management of the Company will conduct meetings with members of the investment community during February, March and April 2023. A copy of the investor presentation to be used during these meetings is attached to this Current Report on Form 8-K as Exhibit 99.2 and is also available at the Company's investor relations website at investor.dennys.com.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits

See the Exhibit Index below, which is incorporated by reference herein.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br>number** | **Description** |
| 99.1 | <u>[Press Release, dated February 13, 2023.](q42022ex991earningspressre.htm)</u> |
| 99.2 | <u>[Investor Presentation, dated February 13, 2023.](denn_investordeckfeb2023.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | Denny's Corporation |
| Date: February 13, 2023 | /s/ Robert P. Verostek |
| | Robert P. Verostek |
| | Executive Vice President and |
| | Chief Financial Officer |

---

## Exhibit 99.1

![dennyslogoa.jpg](dennyslogoa.jpg)

**DENNY'S CORPORATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2022** 

**SPARTANBURG, S.C., February 13, 2023** - Denny's Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its fourth quarter and full year ended December 28, 2022 and provided a business update on the Company's operations.

Kelli Valade, Chief Executive Officer, stated, "We were pleased to deliver Adjusted EBITDA\* that was slightly above the high-end of our previously guided range for the fourth quarter given the persistent choppy operating environment. With an evolved leadership structure, the addition of a complementary brand, and refined strategic priorities, we enter 2023 with renewed energy and focus on brand revitalization efforts at Denny's and plans for accelerated growth at Keke's."

**Fourth Quarter 2022 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Total operating revenue grew 12.3% to $120.8 million compared to the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Denny's domestic system-wide same-restaurant sales\*\* grew 2.0% compared to the equivalent fiscal period in 2021, including a 1.7% increase at domestic franchised restaurants and a 6.0% increase at company restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;• Opened 13 franchised restaurants, including 5 international locations and 1 Keke's location.

&nbsp;&nbsp;&nbsp;&nbsp;• Completed seven remodels, including six franchised restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;• Operating income was $17.6 million compared to $62.6 million in the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Franchise Operating Margin\* was $31.6 million, or 47.6% of franchise and license revenue, and Company Restaurant Operating Margin\* was $6.8 million, or 12.6% of company restaurant sales.

&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $12.8 million, or $0.22 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income\* and Adjusted Net Income Per Share\* were $10.5 million and $0.18, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* was $23.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash provided by (used in) operating, investing, and financing activities was $14.5 million, $(2.6) million, and $(12.7) million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Free Cash Flow\* was $14.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;**•** Repurchased $7.8 million of common stock.

------

**Full Year 2022 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;**•** Acquired Keke's on July 20, 2022 for $82.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;**•** Total operating revenue grew 14.6% to $456.4 million compared to the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;• Denny's domestic system-wide same-restaurant sales\*\* grew 6.3% compared to the equivalent fiscal period in 2021, including a 6.0% increase at domestic franchised restaurants and a 10.4% increase at company restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;• Opened 30 franchised restaurants, including 8 international locations and 2 Keke's locations.

&nbsp;&nbsp;&nbsp;&nbsp;• Completed 49 remodels, including 38 franchised restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;• Operating income was $60.6 million compared to $104.1 million in the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;• Franchise Operating Margin\* was $121.3 million, or 47.3% of franchise and license revenue, and Company Restaurant Operating Margin\* was $20.3 million, or 10.2% of company restaurant sales.

&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $74.7 million, or $1.23 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income\* and Adjusted Net Income Per Share\* were $31.6 million and $0.52, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* was $77.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Cash provided by (used in) operating, investing, and financing activities was $39.5 million, $(86.6) million, and $20.0 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Free Cash Flow\* was $40.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;**•** Repurchased $64.9 million of common stock.****

&nbsp;&nbsp;&nbsp;&nbsp;**Fourth Quarter Results**

Total operating revenue increased 12.3% to $120.8 million compared to $107.6 million in the prior year quarter.

Franchise and license revenue was $66.5 million compared to $60.2 million in the prior year quarter. This increase was primarily driven by $5.6 million related to the kitchen modernization rollout and $1.5 million of Keke's franchise revenue in the current quarter.

Company restaurant sales were $54.4 million compared to $47.4 million in the prior year quarter. This increase consists of benefits from Denny's price increases and changes in product mix compared to the prior year quarter and $3.5 million of Keke's company restaurant sales in the current quarter.

Franchise Operating Margin\* was $31.6 million, or 47.6% of franchise and license revenue, compared to $31.1 million, or 51.6%, in the prior year quarter. The margin rate was impacted by approximately 450 basis points as kitchen modernization equipment was sold to franchisees at cost.

Company Restaurant Operating Margin\* was $6.8 million, or 12.6% of company restaurant sales, compared to $7.0 million, or 14.8%, in the prior year quarter. This margin change was primarily due to commodity and labor inflation, partially offset by the improvement in sales performance at company restaurants.

Total general and administrative expenses were $17.0 million, compared to $17.7 million in the prior year quarter. This change was primarily due to decreases in share-based compensation expense and performance-based incentive compensation, partially offset by an increase in corporate administration expenses compared to the prior year quarter.

The provision for income taxes was $3.3 million, reflecting an effective tax rate of 20.7% for the quarter, compared to an annual effective tax rate of 24.9%. Approximately $3.1 million in cash taxes were paid during the quarter.

------

Net income was $12.8 million, or $0.22 per diluted share, compared to $43.5 million, or $0.67 per diluted share, in the prior year quarter. This change in net income was primarily related to the sale of two parcels of real estate in the prior year quarter. Adjusted Net Income\* per share was $0.18 compared to $0.16 in the prior year quarter.

The Company ended the quarter with $272.7 million of total debt outstanding, including $261.5 million of borrowings under its credit facility.

**Adjusted Free Cash Flow\* and Capital Allocation**

Adjusted Free Cash Flow\* in the quarter was $14.6 million after investing $1.7 million in cash capital expenditures, including the remodel of one company restaurant and facilities maintenance.<br>

During the quarter, the Company allocated $7.8 million to share repurchases resulting in approximately $153 million remaining under its existing repurchase authorization.

**Business Outlook**

The following full year 2023 expectations reflect management's expectations that the current consumer and economic environment will not change materially.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Denny's domestic system-wide same-restaurant sales\*\* between 3% and 6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated restaurant openings of 35 to 45, including 8 to 12 new Keke's restaurants, with a consolidated net decline of 15 to 25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity inflation between 4% and 6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor inflation of approximately 5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total general and administrative expenses between $79 million and $82 million, including approximately $14 million related to share-based compensation expense which does not impact Consolidated Adjusted EBITDA\*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA\* between $86 million and $90 million.

*\**&nbsp;&nbsp;&nbsp;&nbsp;*Please refer to the Reconciliation of Net Income and Net Cash Provided by Operating Activities to Non-GAAP Financial Measures, as well as the Reconciliation of Operating Income to Non-GAAP Financial Measures included in the following tables. The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable U.S. generally accepted accounting principles (GAAP) estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable significance of the items impacting these estimates, including gains, losses and other charges, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimates are not provided.*

\*\* *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, 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.*

------

**Conference Call and Webcast Information**

The Company will provide further commentary on the results for the fourth quarter ended December 28, 2022 on its quarterly investor conference call today, Monday, February 13, 2023 at 4:30 p.m. Eastern Time. Interested parties are invited to listen to a live broadcast of the conference call accessible through the Company's investor relations website at <u>investor.dennys.com</u>.

**About Denny's Corporation**

Denny's Corporation is one of America's largest full-service restaurant chains based on number of restaurants. As of December 28, 2022, the Company consisted of 1,656 restaurants, 1,582 of which were franchised and licensed restaurants and 74 of which were company operated.

Denny's Corporation consists of the Denny's brand and the Keke's brand. As of December 28, 2022, the Denny's brand consisted of 1,602 global restaurants, 1,536 of which were franchised and licensed restaurants and 66 of which were company operated. As of December 28, 2022, the Keke's brand consisted of 54 restaurants, 46 of which were franchised restaurants and 8 of which were company operated.

For further information on Denny's Corporation, including news releases, links to SEC filings, and other financial information, please visit <u>investor.dennys.com</u>.

***Cautionary Language Regarding Forward-Looking Statements***

*The Company urges caution in considering its current trends and any outlook on earnings disclosed in this press release. In addition, certain matters discussed in this release may constitute forward-looking statements. These forward-looking statements, which reflect management's best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny's Corporation, its subsidiaries, and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as "expect", "anticipate", "believe", "intend", "plan", "hope", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: the evolving COVID-19 pandemic and related containment measures, including the potential for further operational disruption from government mandates affecting restaurants; economic, public health and political conditions that impact consumer confidence and spending, including COVID-19; commodity and labor inflation; the ability to effectively staff restaurants; the Company's ability to maintain adequate levels of liquidity for its cash needs, including debt obligations, payment of dividends, planned share repurchases and capital expenditures as well as the ability of its customers, suppliers, franchisees and lenders to access sources of liquidity to provide for their own cash needs; competitive pressures from within the restaurant industry; the Company's ability to integrate and derive the expected benefits from its acquisition of Keke's Breakfast Cafe; the level of success of the Company's operating initiatives and advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy (including with regard to energy costs), particularly at the retail level; political environment and geopolitical events (including acts of war and terrorism); and other factors from time to time set forth in the Company's SEC reports and other filings, including but not limited to the discussion in Management's Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company's Annual Report on Form 10-K for the year ended December 29, 2021 (and in the Company's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K).* 

------

Investor Contact:

Curt Nichols

877-784-7167

Media Contact:

Hadas Streit, Allison+Partners

646-428-0629

------

---

| | | |
|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| ($ in thousands) | 12/28/22 | 12/29/21 |
| **Assets** |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $3523 | $30624 |
| Investments | 1746 | 2551 |
| Receivables, net | 25576 | 19621 |
| Inventories | 5538 | 5060 |
| Assets held for sale | 1403 |  |
| Prepaid and other current assets | 12529 | 11393 |
| Total current assets | 50315 | 69249 |
| Property, net | 94469 | 91176 |
| Finance lease right-of-use assets, net | 6499 | 7709 |
| Operating lease right-of-use assets, net | 126065 | 128727 |
| Goodwill | 72740 | 36884 |
| Intangible assets, net | 95034 | 50226 |
| Deferred financing costs, net | 2337 | 2971 |
| Deferred income taxes, net |  | 11502 |
| Other noncurrent assets | 50876 | 37083 |
| Total assets | $498335 | $435527 |
| **Liabilities** |  |  |
| Current liabilities |  |  |
| Current finance lease liabilities | $1683 | $1952 |
| Current operating lease liabilities | 15310 | 15829 |
| Accounts payable | 19896 | 15595 |
| Other current liabilities | 56762 | 64146 |
| Total current liabilities | 93651 | 97522 |
| Long-term liabilities |  |  |
| Long-term debt | 261500 | 170000 |
| Noncurrent finance lease liabilities | 9555 | 10744 |
| Noncurrent operating lease liabilities | 123404 | 126296 |
| Liability for insurance claims, less current portion | 7324 | 8438 |
| Deferred income taxes, net | 7419 |  |
| Other noncurrent liabilities | 32598 | 87792 |
| Total long-term liabilities | 441800 | 403270 |
| Total liabilities | 535451 | 500792 |
| **Shareholders' deficit** |  |  |
| Common stock | 650 | 642 |
| Paid-in capital | 142136 | 135596 |
| Deficit | (41729) | (116441) |
| Accumulated other comprehensive loss, net | (42697) | (54470) |
| Treasury stock | (95476) | (30592) |
| Total shareholders' deficit | (37116) | (65265) |
| Total liabilities and shareholders' deficit | $498335 | $435527 |
| **Debt Balances** | **Debt Balances** | **Debt Balances** |
| Credit facility revolver due 2026 | $261500 | $170000 |
| Finance lease liabilities | 11238 | 12696 |
| Total debt | $272738 | $182696 |

---

------

---

| | | |
|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Quarter Ended | Quarter Ended |
| ($ in thousands, except per share amounts) | 12/28/22 | 12/29/21 |
| Revenue: |  |  |
| Company restaurant sales | $54399 | $47406 |
| Franchise and license revenue | 66450 | 60233 |
| Total operating revenue | 120849 | 107639 |
| Costs of company restaurant sales, excluding depreciation and amortization | 47554 | 40386 |
| Costs of franchise and license revenue, excluding depreciation and amortization | 34814 | 29178 |
| General and administrative expenses | 16985 | 17694 |
| Depreciation and amortization | 3810 | 4066 |
| Operating (gains), losses and other charges, net | 46 | (46309) |
| Total operating costs and expenses, net | 103209 | 45015 |
| Operating income | 17640 | 62624 |
| Interest expense, net | 4240 | 3134 |
| Other nonoperating expense (income), net | (2714) | 989 |
| Income before income taxes | 16114 | 58501 |
| Provision for income taxes | 3343 | 15046 |
| Net income | $12771 | $43455 |
| Net income per share - basic | $0.22 | $0.67 |
| Net income per share - diluted | $0.22 | $0.67 |
| Basic weighted average shares outstanding | 58406 | 64449 |
| Diluted weighted average shares outstanding | 58480 | 64870 |
| Comprehensive income | $13377 | $45241 |
| **General and Administrative Expenses** |  |  |
| Corporate administrative expenses | $13812 | $11993 |
| Share-based compensation | 1933 | 3390 |
| Incentive compensation | 866 | 1617 |
| Deferred compensation valuation adjustments | 374 | 694 |
| Total general and administrative expenses | $16985 | $17694 |

---

------

---

| | | |
|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** | **Condensed Consolidated Statements of Operations** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands, except per share amounts) | 12/28/22 | 12/29/21 |
| Revenue: |  |  |
| Company restaurant sales | $199753 | $175017 |
| Franchise and license revenue | 256676 | 223157 |
| Total operating revenue | 456429 | 398174 |
| Costs of company restaurant sales, excluding depreciation and amortization | 179458 | 146932 |
| Costs of franchise and license revenue, excluding depreciation and amortization | 135327 | 109140 |
| General and administrative expenses | 67173 | 68686 |
| Depreciation and amortization | 14862 | 15446 |
| Operating (gains), losses and other charges, net | (1005) | (46105) |
| Total operating costs and expenses, net | 395815 | 294099 |
| Operating income | 60614 | 104075 |
| Interest expense, net | 13769 | 15148 |
| Other nonoperating income, net | (52585) | (15176) |
| Income before income taxes | 99430 | 104103 |
| Provision for income taxes | 24718 | 26030 |
| Net income | $74712 | $78073 |
| Net income per share - basic | $1.23 | $1.20 |
| Net income per share - diluted | $1.23 | $1.19 |
| Basic weighted average shares outstanding | 60771 | 65171 |
| Diluted weighted average shares outstanding | 60879 | 65573 |
| Comprehensive income | $86485 | $84008 |
| **General and Administrative Expenses** |  |  |
| Corporate administrative expenses | $52115 | $44367 |
| Share-based compensation | 11400 | 13602 |
| Incentive compensation | 5811 | 8628 |
| Deferred compensation valuation adjustments | (2153) | 2089 |
| Total general and administrative expenses | $67173 | $68686 |

---

------

---

| |
|:---|
| **DENNY'S CORPORATION** |
| **Reconciliation of Net Income and Net Cash Provided by Operating Activities to Non-GAAP Financial Measures** |
| **(Unaudited)** |

---

The Company believes that, in addition to GAAP measures, certain non-GAAP financial measures are appropriate indicators to assist in the evaluation of operating performance and liquidity on a period-to-period basis. The Company uses Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted Net Income and Adjusted Net Income Per Share internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including incentive compensation for certain employees. Adjusted EBITDA is also used in the calculation of financial covenant ratios in accordance with the Company's credit facility. Adjusted Free Cash Flow is also used as a non-GAAP liquidity measure by Management to assess the Company's ability to generate cash and plan for future operating and capital actions. Management believes that the presentation of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Adjusted Free Cash Flow provide useful information to investors and analysts about the Company's operating results, financial condition or cash flows. However, each of these non-GAAP financial measures should be considered as a supplement to, not a substitute for, operating income, net income, net income per share, net cash provided by operating activities, or other financial performance and liquidity measures prepared in accordance with GAAP.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands) | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 |
| Net income | $12771 | $43455 | $74712 | $78073 |
| Provision for income taxes | 3343 | 15046 | 24718 | 26030 |
| Operating (gains), losses and other charges, net | 46 | (46309) | (1005) | (46105) |
| Other nonoperating expense (income), net | (2714) | 989 | (52585) | (15176) |
| Share-based compensation expense | 1933 | 3390 | 11400 | 13602 |
| Deferred compensation plan valuation adjustments | 374 | 694 | (2153) | 2089 |
| Interest expense, net | 4240 | 3134 | 13769 | 15148 |
| Depreciation and amortization | 3810 | 4066 | 14862 | 15446 |
| Cash payments for restructuring charges and exit costs | (402) | (219) | (1067) | (1767) |
| Cash payments for share-based compensation |  | (193) | (5147) | (1758) |
| Adjusted EBITDA | $23401 | $24053 | $77504 | $85582 |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands) | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 |
| Net cash provided by operating activities | $14502 | $12944 | $39452 | $76173 |
| Capital expenditures | (1698) | (2034) | (11844) | (7355) |
| Acquisition of real estate and restaurant<sup>(1)</sup>  |  | (10369) | (750) | (10369) |
| Cash payments for restructuring charges and exit costs | (402) | (219) | (1067) | (1767) |
| Cash payments for share-based compensation |  | (193) | (5147) | (1758) |
| Deferred compensation plan valuation adjustments | 374 | 694 | (2153) | 2089 |
| Other nonoperating expense (income), net | (2714) | 989 | (52585) | (15176) |
| Gains (losses) on investments | (16) | (32) | (305) | (21) |
| Gains (losses) on early termination of debt and leases | 8 | 471 | 37 | 523 |
| Amortization of deferred financing costs | (159) | (159) | (634) | (1105) |
| Gains (losses) and amortization on interest rate swap derivatives, net | 2311 | (2142) | 54989 | 12629 |
| Interest expense, net | 4240 | 3134 | 13769 | 15148 |
| Cash interest expense, net <sup>(2)</sup> | (3925) | (3916) | (14923) | (17152) |
| Deferred income tax expense | 937 | (10384) | (14732) | (14097) |
| Decrease (increase) in tax valuation allowance | (546) | 5031 | (546) | 5031 |
| Provision for income taxes | 3343 | 15046 | 24718 | 26030 |
| Income taxes paid, net | (3135) | (4304) | (9296) | (9942) |
| Changes in operating assets and liabilities, excluding acquisitions and dispositions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | 1104 | 2809 | 5892 | (1373) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | (3406) | 3830 | 460 | 3879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 2821 | (3158) | 1138 | (7454) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | 5318 | 860 | 2129 | 1881 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease assets and liabilities | 136 | 371 | 696 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (7033) | (248) | (3918) | (6608) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | (535) | (1651) | 2850 | (3113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | 2007 | 1570 | 81 | 317 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 3843 | (6794) | 5867 | (12684) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | (2732) | 1284 | 6513 | 5517 |
| Adjusted Free Cash Flow | $14643 | $3430 | $40691 | $40764 |

---

(1) For the year-to-date period ended December 28, 2022, amount includes cash paid for the acquisition of a Denny's franchise restaurant and excludes capital paid for the acquisition of Keke's.

(2) Includes cash interest expense (income), net and cash (receipts) payments of approximately $(0.1) million and $1.8 million for dedesignated interest rate swap derivatives for the quarter and year-to-date periods ended December 28, 2022, respectively. Includes cash interest expense, net and cash payments of approximately $0.9 million and $3.3 million for dedesignated interest rate swap derivatives for the quarter and year-to-date periods ended December 29, 2021, respectively.

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| | | | | |
|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** | **Reconciliation of Net Income and Net Cash Provided by Operating Activities <br>to Non-GAAP Financial Measures Continued** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands, except per share amounts) | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 |
| Adjusted EBITDA | $23401 | $24053 | $77504 | $85582 |
| Cash interest expense, net <sup>(1)</sup> | (3925) | (3916) | (14923) | (17152) |
| Cash paid for income taxes, net | (3135) | (4304) | (9296) | (9942) |
| Cash paid for capital expenditures, real estate and restaurant <sup>(2)</sup> | (1698) | (12403) | (12594) | (17724) |
| Adjusted Free Cash Flow | $14643 | $3430 | $40691 | $40764 |
| Net income | $12771 | $43455 | $74712 | $78073 |
| (Gains) losses on interest rate swap derivatives | (2311) | 2142 | (54989) | (12629) |
| (Gains) losses on sales of assets and other charges, net | (67) | (46722) | (3378) | (47822) |
| Impairment charges |  | 442 | 963 | 442 |
| Tax effect <sup>(3)</sup> | 152 | 11177 | 14294 | 15002 |
| Adjusted Net Income | $10545 | $10494 | $31602 | $33066 |
| Diluted weighted average shares outstanding | 58480 | 64870 | 60879 | 65573 |
| Net Income Per Share - Diluted | $0.22 | $0.67 | $1.23 | $1.19 |
| Adjustments Per Share | $(0.04) | $(0.51) | $(0.71) | $(0.69) |
| Adjusted Net Income Per Share | $0.18 | $0.16 | $0.52 | $0.50 |

---

(1) Includes cash interest expense (income), net and cash (receipts) payments of approximately $(0.1) million and $1.8 million for dedesignated interest rate swap derivatives for the quarter and year-to-date periods ended December 28, 2022, respectively. Includes cash interest expense, net and cash payments of approximately $0.9 million and $3.3 million for dedesignated interest rate swap derivatives for the quarter and year-to-date periods ended December 29, 2021, respectively.

(2) For the year-to-date period ended December 28, 2022, amount includes cash paid for capital expenditures and the acquisition of a Denny's franchise restaurant, and excludes capital paid for the acquisition of Keke's.

(3) Tax adjustments for the quarter and year-to-date periods ended December 28, 2022 reflect an effective tax rate of 6.4% and 24.9%, respectively. Tax adjustments for the quarter and year-to-date periods ended December 29, 2021 reflect an effective tax rate of 25.3% and 25.0%, respectively.

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| |
|:---|
| **DENNY'S CORPORATION** |
| **Reconciliation of Operating Income to Non-GAAP Financial Measures** |
| **(Unaudited)** |

---

The Company believes that, in addition to GAAP measures, certain other non-GAAP financial measures are appropriate indicators to assist in the evaluation of restaurant-level operating efficiency and performance of ongoing restaurant-level operations. The Company uses Restaurant-level Operating Margin, Company Restaurant Operating Margin and Franchise Operating Margin internally as performance measures for planning purposes, including the preparation of annual operating budgets, and these three non-GAAP measures are used to evaluate operating effectiveness.

The Company defines Restaurant-level Operating Margin as operating income excluding the following three items: general and administrative expenses, depreciation and amortization, and operating (gains), losses and other charges, net. Restaurant-level Operating Margin is presented as a percent of total operating revenue. The Company excludes general and administrative expenses, which include primarily non-restaurant-level costs associated with support of company and franchised restaurants and other activities at their corporate office. The Company excludes depreciation and amortization expense, substantially all of which is related to company restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlays for the restaurants. The Company excludes special items, included within operating (gains), losses and other charges, net, to provide investors with a clearer perspective of its ongoing operating performance and a more relevant comparison to prior period results.

Restaurant-level Operating Margin is the total of Company Restaurant Operating Margin and Franchise Operating Margin. The Company defines Company Restaurant Operating Margin as company restaurant sales less costs of company restaurant sales (which include product costs, company restaurant level payroll and benefits, occupancy costs, and other operating costs including utilities, repairs and maintenance, marketing and other expenses) and presents it as a percent of company restaurant sales. The Company defines Franchise Operating Margin as franchise and license revenue (which includes franchise royalties and other non-food and beverage revenue streams such as initial franchise and other fees, advertising revenue and occupancy revenue) less costs of franchise and license revenue and presents it as a percent of franchise and license revenue.

These non-GAAP financial measures provide a meaningful comparison between periods and enable investors to focus on the performance of restaurant-level operations by excluding revenues and costs unrelated to food and beverage sales in addition to corporate general and administrative expense, depreciation and amortization, and operating (gains), losses and other charges, net. However, each of these non-GAAP financial measures should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with GAAP. Restaurant-level Operating Margin, Company Restaurant Operating Margin and Franchise Operating Margin do not accrue directly to the benefit of shareholders because of the aforementioned excluded items and are not indicative of the overall results for the Company.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands) | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 |
| Operating income | $17640 | $62624 | $60614 | $104075 |
| General and administrative expenses | 16985 | 17694 | 67173 | 68686 |
| Depreciation and amortization | 3810 | 4066 | 14862 | 15446 |
| Operating (gains), losses and other charges, net | 46 | (46309) | (1005) | (46105) |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level Operating Margin | $38481 | $38075 | $141644 | $142102 |
| Restaurant-level Operating Margin consists of: |  |  |  |  |
| Company Restaurant Operating Margin <sup>(1)</sup> | $6845 | $7020 | $20295 | $28085 |
| Franchise Operating Margin <sup>(2)</sup> | 31636 | 31055 | 121349 | 114017 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level Operating Margin | $38481 | $38075 | $141644 | $142102 |

---

(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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  |  | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended |
| ($ in thousands) | ($ in thousands) | 12/28/22 | 12/28/22 | 12/29/21 | 12/29/21 |
| Company restaurant operations: <sup>(1)</sup> | Company restaurant operations: <sup>(1)</sup> |  |  |  |  |
| Company restaurant sales | Company restaurant sales | $54399 | 100.0% | $47406 | 100.0% |
| Costs of company restaurant sales, excluding depreciation and amortization: | Costs of company restaurant sales, excluding depreciation and amortization: |  |  |  |  |
|  | Product costs | 14743 | 27.1% | 11833 | 25.0% |
|  | Payroll and benefits | 20814 | 38.3% | 17998 | 38.0% |
|  | Occupancy | 3838 | 7.1% | 2955 | 6.2% |
|  | Other operating costs: |  |  |  |  |
|  | Utilities | 2062 | 3.8% | 1539 | 3.2% |
|  | Repairs and maintenance | 1071 | 2.0% | 853 | 1.8% |
|  | Marketing | 1417 | 2.6% | 1023 | 2.2% |
|  | Legal settlements | 1 | 0.0% | 990 | 2.1% |
|  | Other direct costs | 3608 | 6.6% | 3195 | 6.7% |
| Total costs of company restaurant sales, excluding depreciation and amortization | Total costs of company restaurant sales, excluding depreciation and amortization | $47554 | 87.4% | $40386 | 85.2% |
| Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | $6845 | 12.6% | $7020 | 14.8% |
| Franchise operations: <sup>(3)</sup> | Franchise operations: <sup>(3)</sup> |  |  |  |  |
| Franchise and license revenue: | Franchise and license revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | &nbsp;&nbsp;&nbsp;Royalties | $29615 | 44.6% | $28128 | 46.7% |
| &nbsp;&nbsp;&nbsp;Advertising revenue | &nbsp;&nbsp;&nbsp;Advertising revenue | 19284 | 29.0% | 19031 | 31.6% |
| &nbsp;&nbsp;&nbsp;Initial and other fees | &nbsp;&nbsp;&nbsp;Initial and other fees | 8227 | 12.4% | 2663 | 4.4% |
| &nbsp;&nbsp;&nbsp;Occupancy revenue | &nbsp;&nbsp;&nbsp;Occupancy revenue | 9324 | 14.0% | 10411 | 17.3% |
| Total franchise and license revenue | Total franchise and license revenue | $66450 | 100.0% | $60233 | 100.0% |
| Costs of franchise and license revenue, excluding depreciation and amortization: | Costs of franchise and license revenue, excluding depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | &nbsp;&nbsp;&nbsp;Advertising costs | $19284 | 29.0% | $19030 | 31.6% |
| &nbsp;&nbsp;&nbsp;Occupancy costs | &nbsp;&nbsp;&nbsp;Occupancy costs | 5739 | 8.6% | 6374 | 10.6% |
| &nbsp;&nbsp;&nbsp;Other direct costs | &nbsp;&nbsp;&nbsp;Other direct costs | 9791 | 14.7% | 3774 | 6.3% |
| Total costs of franchise and license revenue, excluding depreciation and amortization | Total costs of franchise and license revenue, excluding depreciation and amortization | $34814 | 52.4% | $29178 | 48.4% |
| Franchise operating margin (non-GAAP) <sup>(2)</sup> | Franchise operating margin (non-GAAP) <sup>(2)</sup> | $31636 | 47.6% | $31055 | 51.6% |
| Total operating revenue <sup>(4)</sup> | Total operating revenue <sup>(4)</sup> | $120849 | 100.0% | $107639 | 100.0% |
| Total costs of operating revenue <sup>(4)</sup> | Total costs of operating revenue <sup>(4)</sup> | 82368 | 68.2% | 69564 | 64.6% |
| Restaurant-level operating margin (non-GAAP) <sup>(4)(2)</sup> | Restaurant-level operating margin (non-GAAP) <sup>(4)(2)</sup> | $38481 | 31.8% | $38075 | 35.4% |
| Other operating expenses: <sup>(4)(2)</sup> | Other operating expenses: <sup>(4)(2)</sup> |  |  |  |  |
| General and administrative expenses | General and administrative expenses | $16985 | 14.1% | $17694 | 16.4% |
| Depreciation and amortization | Depreciation and amortization | 3810 | 3.2% | 4066 | 3.8% |
| Operating (gains), losses and other charges, net | Operating (gains), losses and other charges, net | 46 | 0.0% | (46309) | (43.0)% |
| Total other operating expenses (income) | Total other operating expenses (income) | $20841 | 17.2% | $(24549) | (22.8)% |
| Operating income <sup>(4)</sup> | Operating income <sup>(4)</sup> | $17640 | 14.6% | $62624 | 58.2% |
| (1) | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | 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. | 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. | 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. | 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. | 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. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. |
| (4) | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  |  | Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands) | ($ in thousands) | 12/28/22 | 12/28/22 | 12/29/21 | 12/29/21 |
| Company restaurant operations: <sup>(1)</sup> | Company restaurant operations: <sup>(1)</sup> |  |  |  |  |
| Company restaurant sales | Company restaurant sales | $199753 | 100.0% | $175017 | 100.0% |
| Costs of company restaurant sales, excluding depreciation and amortization: | Costs of company restaurant sales, excluding depreciation and amortization: |  |  |  |  |
|  | Product costs | 53617 | 26.8% | 42982 | 24.6% |
|  | Payroll and benefits | 76412 | 38.3% | 65337 | 37.3% |
|  | Occupancy | 15154 | 7.6% | 11662 | 6.7% |
|  | Other operating costs: |  |  |  |  |
|  | Utilities | 7273 | 3.6% | 5814 | 3.3% |
|  | Repairs and maintenance | 3874 | 1.9% | 2743 | 1.6% |
|  | Marketing | 5294 | 2.7% | 4594 | 2.6% |
|  | Legal settlements | 4224 | 2.1% | 2134 | 1.2% |
|  | Other direct costs | 13610 | 6.8% | 11666 | 6.7% |
| Total costs of company restaurant sales, excluding depreciation and amortization | Total costs of company restaurant sales, excluding depreciation and amortization | $179458 | 89.8% | $146932 | 84.0% |
| Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | $20295 | 10.2% | $28085 | 16.0% |
| Franchise operations: <sup>(3)</sup> | Franchise operations: <sup>(3)</sup> |  |  |  |  |
| Franchise and license revenue: | Franchise and license revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | &nbsp;&nbsp;&nbsp;Royalties | $113891 | 44.4% | $103425 | 46.4% |
| &nbsp;&nbsp;&nbsp;Advertising revenue | &nbsp;&nbsp;&nbsp;Advertising revenue | 75926 | 29.6% | 69957 | 31.3% |
| &nbsp;&nbsp;&nbsp;Initial and other fees | &nbsp;&nbsp;&nbsp;Initial and other fees | 28262 | 11.0% | 8009 | 3.6% |
| &nbsp;&nbsp;&nbsp;Occupancy revenue | &nbsp;&nbsp;&nbsp;Occupancy revenue | 38597 | 15.0% | 41766 | 18.7% |
| Total franchise and license revenue | Total franchise and license revenue | $256676 | 100.0% | $223157 | 100.0% |
| Costs of franchise and license revenue, excluding depreciation and amortization: | Costs of franchise and license revenue, excluding depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | &nbsp;&nbsp;&nbsp;Advertising costs | $75926 | 29.6% | $69957 | 31.3% |
| &nbsp;&nbsp;&nbsp;Occupancy costs | &nbsp;&nbsp;&nbsp;Occupancy costs | 24090 | 9.4% | 26237 | 11.8% |
| &nbsp;&nbsp;&nbsp;Other direct costs | &nbsp;&nbsp;&nbsp;Other direct costs | 35311 | 13.8% | 12946 | 5.8% |
| Total costs of franchise and license revenue, excluding depreciation and amortization | Total costs of franchise and license revenue, excluding depreciation and amortization | $135327 | 52.7% | $109140 | 48.9% |
| Franchise operating margin (non-GAAP) <sup>(2)</sup> | Franchise operating margin (non-GAAP) <sup>(2)</sup> | $121349 | 47.3% | $114017 | 51.1% |
| Total operating revenue <sup>(4)</sup> | Total operating revenue <sup>(4)</sup> | $456429 | 100.0% | $398174 | 100.0% |
| Total costs of operating revenue <sup>(4)</sup> | Total costs of operating revenue <sup>(4)</sup> | 314785 | 69.0% | 256072 | 64.3% |
| Restaurant-level operating margin (non-GAAP) <sup>(4)(2)</sup> | Restaurant-level operating margin (non-GAAP) <sup>(4)(2)</sup> | $141644 | 31.0% | $142102 | 35.7% |
| Other operating expenses: <sup>(4)(2)</sup> | Other operating expenses: <sup>(4)(2)</sup> |  |  |  |  |
| General and administrative expenses | General and administrative expenses | $67173 | 14.7% | $68686 | 17.3% |
| Depreciation and amortization | Depreciation and amortization | 14862 | 3.3% | 15446 | 3.9% |
| Operating (gains), losses and other charges, net | Operating (gains), losses and other charges, net | (1005) | (0.2)% | (46105) | (11.6)% |
| Total other operating expenses | Total other operating expenses | $81030 | 17.8% | $38027 | 9.6% |
| Operating income <sup>(4)</sup> | Operating income <sup>(4)</sup> | $60614 | 13.3% | $104075 | 26.1% |
| (1) | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | 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 margin 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. | 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 margin 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. | 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 margin 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. | 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 margin 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. | 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 margin 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. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. |
| (4) | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | | **Denny's** | **Denny's** | **Denny's** | **Denny's** | **Keke's** <sup>(2)</sup> | **Keke's** <sup>(2)</sup> | **Keke's** <sup>(2)</sup> | **Keke's** <sup>(2)</sup> |
| **Changes in Same-Restaurant Sales** <sup>(1)</sup> | **Changes in Same-Restaurant Sales** <sup>(1)</sup> | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| (Increase vs. prior year) | (Increase vs. prior year) | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 |
| Company Restaurants | Company Restaurants | 6.0% | 58.6% | 10.4% | 55.3% | N/A | N/A | N/A | N/A |
| Domestic Franchise Restaurants | Domestic Franchise Restaurants | 1.7% | 48.3% | 6.0% | 40.1% | N/A | N/A | N/A | N/A |
| Domestic System-wide Restaurants | Domestic System-wide Restaurants | 2.0% | 49.0% | 6.3% | 41.1% | N/A | N/A | N/A | N/A |
|  |  | **Denny's** | **Denny's** | **Denny's** | **Denny's** | **Keke's** <sup>(2)</sup> | **Keke's** <sup>(2)</sup> | **Keke's** <sup>(2)</sup> | **Keke's** <sup>(2)</sup> |
| **Average Unit Sales** | **Average Unit Sales** | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| ($ in thousands) | ($ in thousands) | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 | 12/28/22 | 12/29/21 |
| Company Restaurants | Company Restaurants | $776 | $735 | $2985 | $2709 | $438 | N/A | $772 | N/A |
| Franchised Restaurants | Franchised Restaurants | $448 | $431 | $1729 | $1597 | $453 | N/A | $802 | 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, 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. | 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, 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. | 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, 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. | 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, 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. | 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, 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. | 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, 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. | 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, 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. | 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, 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. | 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, 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. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | Keke's comparable same-restaurant sales will not be reported for the first year following the acquisition. | 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. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. | Effective July 20, 2022, the Company acquired Keke's, as such the data represents post-acquisition results. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Denny's** | **Denny's** | **Denny's** | **Keke's** | **Keke's** | **Keke's** |
| | | | Franchised | | | Franchised | |
| **Restaurant Unit Activity** | **Restaurant Unit Activity** | Company | & Licensed | Total | Company | & Licensed | Total |
| Ending Units September 28, 2022 | Ending Units September 28, 2022 | 66 | 1547 | 1613 | 8 | 45 | 53 |
| Units Opened | Units Opened |  | 12 | 12 |  | 1 | 1 |
| Units Acquired | Units Acquired |  |  |  |  |  |  |
| Units Reacquired | Units Reacquired |  |  |  |  |  |  |
| Units Closed | Units Closed |  | (23) | (23) |  |  |  |
|  | Net Change |  | (11) | (11) |  | 1 | 1 |
| Ending Units December 28, 2022 | Ending Units December 28, 2022 | 66 | 1536 | 1602 | 8 | 46 | 54 |
| Equivalent Units | Equivalent Units |  |  |  |  |  |  |
| Fourth Quarter 2022 | Fourth Quarter 2022 | 65 | 1543 | 1608 | 8 | 46 | 54 |
| Fourth Quarter 2021 | Fourth Quarter 2021 | 64 | 1580 | 1644 |  |  |  |
|  | Net Change | 1 | (37) | (36) | 8 | 46 | 54 |
|  |  | **Denny's** | **Denny's** | **Denny's** | **Keke's** | **Keke's** | **Keke's** |
|  |  |  | Franchised |  |  | Franchised |  |
| **Restaurant Unit Activity** | **Restaurant Unit Activity** | Company | & Licensed | Total | Company | & Licensed | Total |
| Ending Units December 29, 2021 | Ending Units December 29, 2021 | 65 | 1575 | 1640 |  |  |  |
| Units Opened | Units Opened |  | 28 | 28 |  | 2 | 2 |
| Units Acquired <sup>(3)</sup> | Units Acquired <sup>(3)</sup> |  |  |  | 8 | 44 | 52 |
| Units Reacquired | Units Reacquired | 1 | (1) |  |  |  |  |
| Units Closed | Units Closed |  | (66) | (66) |  |  |  |
|  | Net Change | 1 | (39) | (38) | 8 | 46 | 54 |
| Ending Units December 28, 2022 | Ending Units December 28, 2022 | 66 | 1536 | 1602 | 8 | 46 | 54 |
| Equivalent Units | Equivalent Units |  |  |  |  |  |  |
| Year-to-Date 2022 | Year-to-Date 2022 | 65 | 1561 | 1626 | 4 | 20 | 24 |
| Year-to-Date 2021 | Year-to-Date 2021 | 65 | 1581 | 1646 |  |  |  |
|  | Net Change |  | (20) | (20) | 4 | 20 | 24 |
| (3) | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. | Effective July 20, 2022, the Company acquired Keke's, consisting of 8 company operated restaurants and 44 franchised restaurants. |

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## Exhibit 99.2

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INVESTOR PRESENTATION F E B R U A R Y T H R O U G H A P R I L 2 0 2 3 DENNY 'S CORPOR AT ION

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The Company urges caution in considering its current trends and any outlook on earnings disclosed either in this presentation or in its press releases. In addition, certain matters discussed in either this presentation or related press releases may constitute forward- looking statements. These forward-looking statements, which reflect management's best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny's Corporation, its subsidiaries, and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as "expect", "anticipate", "believe", "intend", "plan", "hope", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date this presentation was published or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: the evolving COVID-19 pandemic and related containment measures, including the potential for further operational disruption from government mandates affecting restaurants; economic, public health and political conditions that impact consumer confidence and spending, including COVID-19; commodity and labor inflation; the ability to effectively staff restaurants; the Company's ability to maintain adequate levels of liquidity for its cash needs, including debt obligations, payment of dividends, planned share repurchases and capital expenditures as well as the ability of its customers, suppliers, franchisees and lenders to access sources of liquidity to provide for their own cash needs; competitive pressures from within the restaurant industry; the Company's ability to integrate and derive the expected benefits from its acquisition of Keke's Breakfast Cafe; the level of success of the Company's operating initiatives and advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy (including with regard to energy costs), particularly at the retail level; political environment and geopolitical events (including acts of war and terrorism); and other factors from time to time set forth in the Company's SEC reports and other filings, including but not limited to the discussion in Management's Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company's Annual Report on Form 10-K for the year ended December 29, 2021 (and in the Company's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). The presentation includes references to the Company's non-GAAP financials measures. All such measures are designated by an asterisk (\*). The Company believes that, in addition to U.S. generally accepted accounting principles (GAAP) measures, certain non-GAAP financial measures are appropriate indicators to assist in the evaluation of operating performance and liquidity on a period-to-period basis. The Company uses Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted Net Income and Adjusted Net Income Per Share internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including incentive compensation for certain employees. Adjusted EBITDA is also used in the calculation of financial covenant ratios in accordance with the Company's credit facility. Adjusted Free Cash Flow is also used as a non-GAAP liquidity measure by Management to assess the Company's ability to generate cash and plan for future operating and capital actions. Management believes that the presentation of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income Per Share and Adjusted Free Cash Flow provide useful information to investors and analysts about the Company's operating results, financial condition or cash flows. However, each of these non-GAAP financial measures should be considered as a supplement to, not a substitute for, operating income, net income, net income per share, net cash provided by (used in) operating activities, or other financial performance and liquidity measures prepared in accordance with U.S. generally accepted accounting principles. See Appendix for non-GAAP reconciliations to the following GAAP measures: $ Millions (except per share amounts) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Operating Income $51.0 $56.4 $47.5 $57.3 $53.2 $47.0 $70.7 $73.6 $165.0 $6.7 $104.1 $60.6 Net Income (Loss) $112.3 $22.3 $24.6 $32.7 $36.0 $19.4 $39.6 $43.7 $117.4 ($5.1) $78.1 $74.7 Net Income (Loss) per Share $1.15 $0.23 $0.26 $0.37 $0.42 $0.25 $0.56 $0.67 $1.90 ($0.08) $1.19 $1.23 Cash Provided By (Used In): Operating Activities $59.5 $59.2 $57.0 $74.6 $83.3 $71.2 $78.3 $73.7 $43.3 ($3.1) $76.2 $39.5 Investing Activities ($7.7) ($3.5) ($16.5) ($21.3) ($32.7) ($32.7) ($27.1) ($32.0) $105.0 $4.7 $29.0 ($86.6) Financing Activities ($67.1) ($55.9) ($51.2) ($53.2) ($52.0) ($37.6) ($48.7) ($41.6) ($150.0) ($1.0) ($78.5) $20.0 FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES 2

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Q4 HISTORICAL HIGHLIGHTS 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, 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. \* See Appendix for reconciliation of Net Income (Loss) and Net Cash Provided by Operating Activities to Non-GAAP Financial Measures, as well as the reconciliation of Operating Income (Loss) to Non-GAAP Financial Measures. $120.8M 12.3% Increase vs Prior Year Quarter Total Operating Revenue Denny's Domestic System-Wide Same-Restaurant Sales 1 $23.4M Adjusted EBITDA\* Portfolio Share RepurchasesAdjusted Free Cash Flow\* $14.6M $7.8M Total Debt to Adjusted EBITDA\* Leverage Ratio 3.4x 2.0% vs 2021 3.3% vs 2019 12 New Openings 7 Remodels 1 New Opening % of Denny's Domestic Units Operating at Least 18 Hours Per Day 86% At End of Quarter 3

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DENNY'S INC.

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D E N N Y ' S D O M E S T I C A V E R A G E W E E K LY S A L E S & S A M E - R E S TA U R A N T S A L E S 1 $4.0 $4.0 $3.8 $4.1 $4.2 $8.4 $8.0 $7.9 $8.8 $8.1 $7.0 $7.2 $7.0 $6.5 $6.1 $6.5 $0.4 $1.1 $1.0 $1.0 $0.9 $0.9 $0.9 $1.1 $28.7 $30.1 $29.7 $30.0 $26.5 $6.4 $14.4 $15.4 $17.3 $25.3 $26.2 $27.0 $25.2 $28.3 $28.1 $28.9 $32.7 $34.0 $33.6 $34.1 $30.8 $14.9 $22.4 $23.3 $26.6 $34.5 $34.3 $35.2 $33.1 $35.7 $35.1 $36.5 1% 4% 1% 2% -6% -57% -34% -33% -20% -1% 0% 1% -2% 2% 2% 3% -70% -50% -30% -10% 10% 30% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4 '22 D om es tic S ys te m -W id e S am e- R es ta ur an t S al es 1 A ve ra ge W ee kl y S al es ($0 00 s) Denny's Off-Premise Sales Virtual Brands Off-Premise Sales Denny's On-Premise Sales Denny's Total Sales Denny's Domestic System-Wide Same-Restaurant Sales 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, advert ising revenue, 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. 𝟐 2021 and 2022 Denny's domestic system-wide same-restaurant sales 1 are versus 2019. Denny's Q4 '22 Domestic Average Weekly Sales Outperformed Q4 '21 by 3.8% and Q4 '19 by 7.1% 2 5

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DENNY'S OFF-PREMISE SALES 52% 47% 46% 44% 42% 43% 44% 42% 43% 50% 52% 53% 56% 55% 54% 56% 5% 3% 3% 2% 2% 2% 2% 1% 0% 20% 40% 60% 80% 100% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Domestic Off-Premise Sales By Channel Delivery - Online Dispatch Delivery - 3rd Party (Includes Virtual Brands) Carry Out 𝟏 Data for the Fiscal Fourth Quarter 2022. T h e B u r ger D e n i s c u r r en t l y a c t i ve i n o v e r 1 , 1 5 0 d o m es t ic l o ca t ion s . T he Me l tdown i s c u r rent ly a c t ive i n o ver 9 30 d omest ic l ocat ions . F ormerly a D oorDash e xc lusive, T he Me l tdown e xpanded t o m ul t iple d e l ive ry p a r tners i n Q 3 o f 2 022. 68% 51% 26% 38%32% 49% 74% 62% 0% 20% 40% 60% 80% Dine In Off-Premise The Burger Den The Meltdown Sales Mix by Daypart1 Breakfast & Lunch Dinner & Late-Night 58% 60% 64% 65% 42% 40% 36% 35% 0% 20% 40% 60% 80% Dine In Off-Premise The Burger Den The Meltdown Sales Mix Weekday vs. Weekend1 Weekday Weekend Off-Premise Sales Over-Index At the Dinner & Late-Night Dayparts, Which Are More Popular With Younger Generations and More Diverse Guests. 6

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BARBELL MENU STRATEGY Continue to Balance our All Day Diner Deals Value Platform With Premium LTO and Core Menu Products 7

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DENNY'S DOMESTIC FOOTPRINT 𝟏 Data through Fiscal December ended December 28, 2022. Total of 1,445 Restaurants in the U.S. with Strongest Presence in Cali fornia, Texas, Florida, and Arizona 1 Top 10 U .S . Ma r ket s 1 DMA Number of Restaurants Los Angeles 170 Phoenix 66 Houston 66 Dallas/Ft. Worth 53 Sacramento/Stockton 46 Orlando/Daytona 40 San Francisco/Oakland 40 San Diego 38 Miami/Ft. Lauderdale 34 Las Vegas 33 % of Domestic System 41% 3 24 2 7 6 5 6 1 8

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I n t e rna t i ona l Foo tpr i n t 1 Country Number of Restaurants United States 1,445 Canada 84 Puerto Rico 15 Mexico 15 Philippines 10 New Zealand 7 Honduras 6 United Arab Emirates 5 Guatemala 4 Costa Rica 3 El Salvador 2 Guam 2 Indonesia 2 Curaçao 1 United Kingdom 1 Total System 1,602 DENNY'S INTERNATIONAL FOOTPRINT International Presence of 157 Restaurants in 14 Countries and U.S. Territories Grown by ~80% Since Year End 2010 1 𝟏 Data through Fiscal December ended December 28, 2022.. 9

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DENNY'S STRONG PARTNERSHIP WITH FRANCHISEES Well Diversified, Experienced, and Energetic Group of 219 Franchisees 1 • 35 franchisees with more than 10 restaurants each collectively comprise approximately 66% of the franchise system. • Approximately 20% of our franchisees operate multiple concepts1 providing a well-rounded perspective within the industry. Owne rsh ip o f 1 ,536 F ranch isee Res tauran ts1 Number of Franchised Units Number of Franchisees Franchisees as % of Total Total Franchised Units Franchised Units as % of Total 1 84 38% 84 5% 2–5 73 33% 225 15% 6–10 27 12% 219 14% 11–15 14 6% 172 11% 16–30 10 5% 234 15% >30 11 5% 602 39% Total 219 100% 1,536 100% 𝟏 Data through Fiscal December ended December 28, 2022.. 10

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NEAR TERM INITIATIVES: THE BIG 3 • Staffing levels at Denny's company restaurants are comparable to pre-pandemic levels with significant reductions in turnover. • As of Q4 2022, Denny's rolling 12- month management turnover was better than the Family Dining Index by approximately 750 basis points. Staffing ~ 67% of Denny's domestic restaurants were operating 24 hours per day1 • 14 percentage point improvement since mid-year 2022 24/7 Operations 𝟏 Data as of the February 10, 2023. 𝟐 Data as of the end of the Fourth Fiscal Quarter 2022. > 14% Total value product mix including the new All Day Diner Deals and Super Slam for Q42. • 400-basis point improvement since the launch of All Day Diner Deals. Value 11

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KEKE'S

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63 3 3 1 KEKE'S FOOTPRINT AND PERFORMANCE Total of 54 Restaurants Across Florida with Heavy Concentrations in the Orlando and Tampa Areas1 𝟏 Data through Fiscal December ended December 28, 2022. 𝟐 Keke's data is annualized based on the reported Average Unit Volumes following acquisition. Ownership o f 46 Franchisee Restaurants 1 Number of Franchised Units Number of Franchisees Franchisees as % of Total Total Franchised Units Franchised Units as % of Total 1 8 44% 8 17% 2–5 8 44% 25 54% 6–10 2 11% 13 28% Total 18 100% 46 100% 8 Company and 46 Franchised Restaurants $1.7 $1.2 $1.6 $1.8 $1.6 $1.2 $1.9 $1.8 $0.0 $1.0 $2.0 $3.0 2019 2020 2021 2022 $M s System Restaurant AUVs Comparison Denny's Keke's 22 16 2 13

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DENNY'S CORPORATION

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$50 $25 $25 $3.9 $21.6 $22.2 $24.7 $36.0 $105.8 $58.7 $82.9 $67.9 $96.2 $34.2 $30.6 $64.9 Q4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ASR Total Share Repurchases In $ Millions HISTORY OF CONSISTENTLY RETURNING CAPITAL TO SHAREHOLDERS • During Q4 2022, we allocated over $7.8 million to share repurchases. • Since late 20101, we have repurchased over 62 million shares at an average of $10.43 per share resulting in a 43% net reduction in our share count. • Approximately $153 million remaining under existing repurchase authorization2. 𝟏 Data from November 2010 through Fiscal December ended December 28, 2022. 𝟐 Data through Fiscal December ended December 28, 2022. Average Price of $10.43 Multi-year share repurchase program suspended from February 2020 through August 2021 Nearly $650 Million Allocated Towards Share Repurchases Since We Started Returning Capital to Shareholders in late 2010 1 15

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SOLID BALANCE SHEET WITH FLEXIBILITY 1 Total Debt / Adjusted EBITDA\* leverage ratio was waived starting in Q2 '20 through Q1 '21. 2 Increased borrowings under the credit facility in 2022 are primarily due to the Keke's acquisition. \* See Appendix for reconciliation of Net Income (Loss) and Net Cash Provided by Operating Activities to Non-GAAP Financial Measures, as well as the reconciliation of Operating Income (Loss) to Non-GAAP Financial Measures $240.2 $198.1 $170.0 $153.0 $140.0 $195.0 $218.5 $259.0 $286.5 $240.0 $210.0 $170.0 $261.5 $23.1 $22.5 $20.1 $20.1 $18.8 $20.7 $27.1 $30.2 $30.6 $16.5 $15.4 $12.7 $11.2 3.5x 2.7x 2.4x 2.2x 1.9x 2.5x 2.5x 2.8x 3.0x 2.7x 2.1x 3.4x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 To ta l D eb t ($ M ill io ns) Finance Leases Credit Facility Total Debt / Adjusted EBITDA\* 2 Debt amendments provided temporary covenant relief1 Disciplined Focus on Debt Leverage with Financial Flexibil ity to Make Brand Investments & Return Capital to Shareholders Target Total Debt / Adjusted EBITDA\* Leverage Ratio Range of 2.5x to 3.5x 16

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STRATEGIC PRIORITES Develop Best- In- Class People and Teams Through Culture, Tools and Systems Drive Profi table Traff ic Through a Relevant and Outstanding Guest Experience Continuing to Develop Our Teams and Elevate The Overall Guest Experience To Drive Enhanced Profitability and Growth Optimize the Business Model to Maximize Restaurant Margins Lead With Technology and Innovation Grow New Restaurants as a Franchisor of Choice 17

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APPENDIX

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DENNY'S FRANCHISED AND COMPANY RESTAURANT SALES $1.8 $1.9 $2.0 $2.1 $2.2 $2.3 $2.3 $2.3 $2.5 $1.8 $2.7 $3.0 $0.0 $1.0 $2.0 $3.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $M s Denny's Company Restaurant AUVs $1.4 $1.4 $1.4 $1.5 $1.6 $1.6 $1.6 $1.6 $1.7 $1.2 $1.6 $1.7 $0.0 $1.0 $2.0 $3.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $M s Denny's Franchised Restaurant AUVs History of Steady Growth in Franchised and Company Average Unit Volumes Refranchising Strategy Benefited AUVs at Both Franchised and Company Restaurants in 2019 19

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ADJUSTED FREE CASH FLOW\* Approximately $500 Mil lion in Adjusted Free Cash Flow\* Generated Over Last 12 Fiscal Years Adjusted Free Cash Flow\* Impacted by ~$21 Mil lion of Real Estate Acquisitions Between 2019 and 2021 ¹ Includes cash interest expense, net and cash payments of approximately $1.9 million, $3.3 million, and $1.8 million for dedesignated interest rate swap derivatives for full year 2020, 2021, and 2022, respectively. \* See Appendix for reconciliation of Net Income (Loss) and Net Cash Provided by Operating Activities to Non-GAAP Financial Measures, as well as the reconciliation of Operating Income (Loss) to Non-GAAP Financial Measures. ~$11 ~$10 $17 $12 $9 $8 $8 $11 $15 $20 $18 $18 $17 $15 $1 $2 $3 $4 $5 $3 $6 $3 $24 $0 $10 $9 $16 $16 $21 $22 $33 $34 $31 $32 $25 $18 $13 $82 $79 $78 $83 $89 $100 $103 $105 $97 $27 $86 $78 $48 $49 $45 $49 $42 $52 $51 $50 $30 $2 $41 $41 $0 $20 $40 $60 $80 $100 $120 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $ M ill io ns Real Estate Acquisitions Cash Interest Cash Taxes Cash Capital Adjusted EBITDA\* Adjusted Free Cash Flow\* Cash capital expenditures include real estate acquisitions through like- kind exchange transactions 1 20

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EXPERIENCED AND COMMITTED LEADERSHIP TEAM Michael L. Furlow, Executive Vice President, Chief Information Officer. Prior to joining Denny's in 2017, served as Chief Information Officer and Senior Vice President of IT at Red Robin Gourmet Burgers and CEC Entertainment, Inc. (an operator and franchisor of Chuck E. Cheese's and Peter Piper Pizza) . Jay C. Gilmore, Senior Vice President, Chief Accounting Officer and Corporate Controller. Joined Denny's in 1999 as Director of Accounting and Assistant Corporate Controller and was named Senior Vice President, Chief Accounting Officer and Corporate Controller in 2021. Prior experience includes serving as a Senior Manager with KPMG LLP. John W. Dillon, President of Denny's. Prior to joining Denny's in 2007, held multiple marketing leadership positions with var ious organizations, including 10 years with YUM! Brands/Pizza Hut and was Vice President of Marketing for the National Basketball Association's Houston Rockets. Robert P. Verostek, Executive Vice President, Chief Financial Officer. Joined Denny's in 1999 and served in numerous leadersh ip positions across the Finance and Accounting teams. Named Vice President of Financial Planning and Analysis in 2012 and Chief Financial Officer is 2020. Prior experience includes various accounting roles for Insignia Financial Group. Kelli A. Valade, Chief Executive Officer. Prior to joining Denny's in June 2022, served as CEO of Red Lobster, CEO of Black Box Intelligence , and held various management positions at Chili's including Brand President, Chief Operating Officer and Senior Vice President of Human Resources. Gail S. Myers, Executive Vice President, Chief Legal Officer, Chief People Officer and Secretary. Prior to joining Denny's in 2020, served as Executive Vice President, General Counsel, Secretary and Chief Compliance Officer for American Tire Distributors, Inc., Senior Vice President, Deputy General Counsel and Chief Compliance Counsel at U.S. Foods and Senior Vice President, General Counsel and Secretary at Snyder's-Lance, Inc. David P. Schmidt, President of Keke's Breakfast Café. Prior to joining Keke's in September 2022, served as CFO of Red Lobster and worked for Bloomin' Brands where he held various leadership roles throughout his tenure including Group Vice President and CFO of Bloomin' Brand's Casual Dining. Stephen C. Dunn, Executive Vice President, Chief Global Development Officer. Prior to joining Denny's in 2004, held executive -level positions with Church's Chicken, El Pollo Loco, Mr. Gatti's, and TCBY. Earned the distinction of Certified Franchise Executive by the International Franchise Association Educational Foundation. Served as an Infantry Officer in the United States Army. 21

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1 Includes 53 operating weeks. 2 In 2011, we recorded an $89 million net deferred tax benefit from the release of a substantial portion of the valuation allowance on certain deferred tax assets. This release was primarily based on our improved historical and projected pre-tax income. 3 Beginning in 2018, historical presentations of Adjusted EBITDA and Adjusted Free Cash Flow have been restated to exclude the impact of market valuation changes in the Company's non-qualified deferred compensation plan liabilities. $ Millions 2011 2012 2013 20141 2015 2016 2017 2018 2019 20201 2021 2022 Net Income (Loss) $112.3 $22.3 $24.6 $32.7 $36.0 $19.4 $39.6 $43.7 $117.4 ($5.1) $78.1 $74.7 Provision for (Benefit from) Income Taxes2 (84.0) 12.8 11.5 16.0 17.8 16.5 17.2 8.6 31.8 (2.0) 26.0 24.7 Operating (Gains) Losses and Other Charges, Net 2.1 0.5 7.1 1.3 2.4 26.9 4.3 2.6 (91.2) 1.8 (46.1) (1.0) Other Nonoperating Expense (Income), Net 2.6 7.9 1.1 (0.6) 0.1 (1.1) (1.7) 0.6 (2.8) (4.2) (15.2) (52.6) Share-Based Compensation Expense 4.2 3.5 4.9 5.8 6.6 7.6 8.5 6.0 6.7 7.9 13.6 11.4 Deferred Compensation Plan Valuation Adjustments3 (0.1) 0.7 1.1 0.5 0.0 0.9 1.6 (1.0) 2.6 1.6 2.1 (2.2) Interest Expense, Net 20.0 13.4 10.3 9.2 9.3 12.2 15.6 20.7 18.5 18.0 15.1 13.8 Depreciation and Amortization 28.0 22.3 21.5 21.2 21.5 22.2 23.7 27.0 19.8 16.2 15.4 14.9 Cash Payments for Restructuring Charges and Exit Costs (2.7) (3.8) (2.8) (2.0) (1.5) (1.8) (1.7) (1.1) (2.6) (3.0) (1.8) (1.1) Cash Payments for Share-Based Compensation (0.8) (1.0) (1.2) (1.1) (3.4) (2.5) (3.9) (1.9) (3.6) (4.6) (1.8) (5.1) Adjusted EBITDA3 $81.7 $78.6 $78.0 $83.1 $88.8 $100.2 $103.3 $105.3 $96.8 $26.6 $85.6 $77.5 Adjusted EBITDA Margin % 15.2% 16.1% 16.9% 17.6% 18.1% 19.8% 19.5% 16.7% 17.9% 9.2% 21.5% 17.0% RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP FINANCIAL MEASURES 22

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RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO NON- GAAP FINANCIAL MEASURES $ Millions 2011 2012 2013 20141 2015 2016 2017 2018 2019 20201 2021 2022 Net Cash Provided By (Used In) Operating Activities $59.5 $59.2 $57.0 $74.6 $83.2 $71.2 $78.3 $73.7 $43.3 ($3.1) $76.2 $39.5 Capital Expenditures (16.1) (14.2) (16.8) (22.1) (27.0) (19.7) (18.8) (22.0) (14.0) (7.0) (7.4) (11.8) Acquisition of Restaurants and Real Estate2 - (1.4) (4.0) - (5.8) (14.3) (12.4) (10.4) (11.3) - (10.4) (0.8) Cash Payments for Restructuring Charges and Exit Costs (2.7) (3.8) (2.8) (2.0) (1.5) (1.8) (1.7) (1.1) (2.6) (3.0) (1.8) (1.1) Cash Payments for Share-Based Compensation (0.8) (1.0) (1.2) (1.1) (3.4) (2.5) (3.9) (1.9) (3.6) (4.6) (1.8) (5.1) Deferred Compensation Plan Valuation Adjustments3 (0.1) 0.7 1.1 0.5 0.0 0.9 1.6 (1.0) 2.6 1.6 2.1 (2.2) Other Nonoperating Expense (Income), Net 2.6 7.9 1.1 (0.6) 0.1 (1.1) (1.7) 0.6 (2.8) (4.2) (15.2) (52.6) Gains (Losses) on Investments - - - - - - - 0.0 0.2 0.1 (0.0) (0.3) Gains (Losses) on Change in the Fair Value of Interest Rate Caps - (0.1) (0.0) 0.0 - - - - - - - - Gains (Losses) on Early Termination of Debt and Leases (2.6) (8.3) (2.2) 0.0 (0.2) 0.0 (0.1) 0.2 0.0 (0.2) 0.5 0.0 Amortization of Deferred Financing Costs (1.4) (0.8) (0.5) (0.5) (0.5) (0.6) (0.6) (0.6) (0.6) (0.9) (1.1) (0.6) Amortization of Debt Discount (0.5) (0.1) - - - - - - - - - - Gains (Losses) and Amortization on Interest Rate Swap Derivatives, Net - - - - - - - - - 2.2 12.6 55.0 Interest Expense, Net 20.0 13.4 10.3 9.2 9.3 12.2 15.6 20.7 18.5 18.0 15.1 13.8 Cash Interest Expense, Net4 (17.0) (11.6) (9.1) (8.1) (8.3) (11.2) (14.6) (19.6) (17.6) (18.0) (17.2) (14.9) Deferred Income Tax Expense (3.2) (11.4) (9.1) (13.2) (14.0) (8.8) (10.3) (6.2) (16.0) (4.0) (14.1) (14.7) Decrease (Increase) in Tax Valuation Allowance5 89.1 0.7 0.4 0.3 0.1 (0.1) (0.2) (0.1) 2.9 3.0 5.0 (0.5) Provision for (Benefit from) Income Taxes5 (84.0) 12.8 11.5 16.0 17.8 16.5 17.2 8.6 31.8 (2.0) 26.0 24.7 Income Taxes Paid, Net (1.1) (2.0) (2.8) (3.8) (5.4) (3.0) (6.4) (3.3) (24.1) (0.0) (9.9) (9.3) Changes in Operating Assets and Liabilities Receivables (2.2) 1.7 (0.1) 1.5 (1.4) 2.9 0.8 4.7 2.0 (6.4) (1.4) 5.9 Inventories (0.6) (0.5) (0.0) 0.1 0.2 (0.1) 0.2 (0.1) (1.7) (0.1) 3.9 0.5 Other Current assets 1.1 (2.8) (1.0) 0.3 3.8 (4.6) 2.4 (0.9) 4.1 3.9 (7.5) 1.1 Other Noncurrent Assets (0.4) 3.2 2.1 2.1 0.1 3.6 6.3 (0.0) 4.6 1.8 1.9 2.1 Operating Lease Assets and Liabilities - - - - - - - - 0.6 (0.8) 1.5 0.7 Accounts Payable (2.0) 1.2 5.5 (1.6) (2.3) (4.8) (10.0) 5.1 5.2 10.7 (6.6) (3.9) Accrued Payroll (0.9) (2.3) 2.5 (2.6) (4.1) 7.4 6.4 (2.2) 3.8 2.8 (3.1) 2.9 Accrued Taxes 0.6 0.7 (0.1) (0.9) (0.2) (0.1) 0.0 (0.3) 2.0 0.8 0.3 0.1 Other Accrued Liabilities 4.7 4.4 0.7 (0.1) (9.5) 10.2 (0.1) 1.7 4.1 5.5 (12.7) 5.9 Other Noncurrent Liabilities 5.5 3.8 2.7 1.2 11.2 (0.0) 3.1 4.4 (1.9) 5.5 5.5 6.5 Adjusted Free Cash Flow2 $47.5 $49.4 $45.3 $49.1 $42.3 $51.9 $51.2 $50.0 $29.8 $1.6 $40.8 $40.7 ¹ Includes 53 operating weeks. 2 For 2022, amount includes cash paid for the acquisition of a Denny's franchise restaurant and excludes capital paid for the acquisition of Keke's. 3 Beginning in 2018, historical presentations of Adjusted EBITDA and Adjusted Free Cash Flow have been restated to exclude the impact of market valuation changes in the Company's non-qualified deferred compensation plan liabilities. 4 Includes cash interest expense (income), net and cash payments of approximately $1.9 million, $3.3 million, and $1.8 million for dedesignated interest rate swap derivatives for full year 2020, 2021 and 2022, respectively. 5 In 2011, we recorded an $89 million net deferred tax benefit from the release of a substantial portion of the valuation allowance on certain deferred tax assets. This release was primarily based on our improved historical and projected pre-tax income. 23

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RECONCILIATION OF NET INCOME (LOSS) AND NET CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FINANCIAL MEASURES $ Millions (except per share amounts) 2011 2012 2013 20141 2015 2016 2017 2018 2019 20201 2021 2022 Adjusted EBITDA2 $81.7 $78.6 $78.0 $83.1 $88.8 $100.2 $103.3 $105.3 $96.8 $26.6 $85.6 $77.5 Adjusted EBITDA Margin % 15.2% 16.1% 16.9% 17.6% 18.1% 19.8% 19.5% 16.7% 17.9% 9.2% 21.5% 17.0% Cash Interest Expense, Net3 (17.0) (11.6) (9.1) (8.1) (8.3) (11.2) (14.6) (19.6) (17.6) (18.0) (17.2) (14.9) Cash Paid for Income Taxes, Net (1.1) (2.0) (2.8) (3.8) (5.4) (3.0) (6.4) (3.3) (24.1) (0.0) (9.9) (9.3) Cash Paid for Capital Expenditures and Acquisition of Restaurants and Real Estate4 (16.1) (15.6) (20.8) (22.1) (32.8) (34.0) (31.2) (32.4) (25.3) (7.0) (17.7) (12.6) Adjusted Free Cash Flow2 $47.5 $49.4 $45.3 $49.1 $42.3 $51.9 $51.2 $50.0 $29.8 $1.6 $40.8 $40.7 Net Income (Loss) $112.3 $22.3 $24.6 $32.7 $36.0 $19.4 $39.6 $43.7 $117.4 ($5.1) $78.1 $74.7 Pension Settlement Loss - - - - - 24.3 - - - - - - (Gains) Losses and Amort. on Interest Rate Swap Derivatives, Net - - - - - - - - - (2.2) (12.6) (55.0) (Gains) Losses on Sales of Assets and Other, Net (3.2) (7.1) (0.1) (0.1) (0.1) 0.0 3.5 (0.5) (93.6) (4.7) (47.8) (3.4) Impairment Charges 4.1 3.7 5.7 0.4 0.9 1.1 0.3 1.6 - 4.1 0.4 1.0 Loss on Early Extinguishment of Debt and Debt Refinancing 1.4 7.9 1.2 - 0.3 - - - - - - - Tax Reform - - - - - - (1.6) - - - - - Tax Effect5 (0.8) (1.6) (2.2) (0.1) (0.4) (2.5) (1.2) (0.2) 24.1 0.7 15.0 14.3 Adjusted Provision for Income Taxes6 (94.3) - - - - - - - - - - - Adjusted Net Income (Loss) $19.5 $25.2 $29.3 $32.9 $36.7 $42.3 $40.7 $44.6 $47.9 ($7.2) $33.1 $31.6 Diluted Net Income (Loss) Per Share $1.15 $0.23 $0.26 $0.37 $0.42 $0.25 $0.56 $0.67 $1.90 ($0.08) $1.19 $1.23 Adjustments Per Share ($0.95) $0.03 $0.05 $0.00 $0.01 $0.30 $0.02 $0.01 ($1.13) ($0.04) ($0.69) ($0.71) Adjusted Net Income (Loss) Per Share $0.20 $0.26 $0.31 $0.37 $0.43 $0.55 $0.58 $0.68 $0.77 ($0.12) $0.50 $0.52 Diluted Weighted Average Shares Outstanding (000's) 99,588 96,754 92,903 88,355 84,729 77,206 70,403 65,562 61,833 60,812 65,573 60,879 1 Includes 53 operating weeks. 2 Beginning in 2018, historical presentations of Adjusted EBITDA and Adjusted Free Cash Flow have been restated to exclude the impact of market valuation changes in the Company's non-qualified deferred compensation plan liabilities. 3 Includes cash interest expense (income), net and cash payments of approximately $1.9 million, $3.3 million, and $1.8 million for dedesignated interest rate swap derivatives for full year 2020, 2021 and 2022, respectively. 4 For 2022, amount includes cash paid for capital expenditures and the acquisition of a Denny's franchise restaurant, and excludes capital paid for the acquisition of Keke's. 5 Tax adjustments for full year 2013, 2014, 2015, 2017 and 2018 use full year effective tax rates of 31.9%, 32.9%, 33.0%, 30.3% and 16.4%, respectively. Tax adjustments for full year 2011 and 2012 are calculated using the full year 2012 effective rate of 36.4%. The tax adjustment for the loss on pension termination in 2016 is calculated using an effective tax rate of 8.8%., with all remaining adjustments calculated using an effective tax rate of 30.9%. Tax adjustments for the gains on sales of assets and other, net in 2019 are calculated using an effective rate of 25.7%. Tax adjustments for full year 2020, 2021, and 2022 reflect an effective tax rate of 25.6%, 25.0%, and 24.9%, respectively. 6 The adjusted provision for income taxes based on effective income tax rate of 36.4% for full year ended Dec. 27, 2012 and excludes impact of net deferred tax benefit. 24

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RECONCILIATION OF OPERATING INCOME TO NON-GAAP FINANCIAL MEASURES $ Millions 2011 2012 2013 20141 2015 2016 2017 2018 2019 20201 2021 2022 Operating Income $51.0 $56.4 $47.5 $57.3 $63.2 $47.0 $70.7 $73.6 $165.0 $6.7 $104.1 $60.6 General and Administrative Expenses 55.4 60.3 56.8 58.9 66.6 68.0 66.4 63.8 69.0 55.0 68.7 67.2 Depreciation and Amortization 28.0 22.3 21.5 21.2 21.5 22.2 23.7 27.0 19.8 16.2 15.4 14.9 Operating (Gains) Losses and Other Charges, Net 2.1 0.5 7.1 1.3 2.4 26.9 4.3 2.6 (91.2) 1.8 (46.1) (1.0) Restaurant-Level Operating Margin $136.4 $139.5 $132.9 $138.7 $153.6 $164.0 $165.2 $167.1 $162.7 $79.7 $142.1 $141.6 Restaurant-Level Operating Margin Consists Of: Company Restaurant Operating Margin 53.8 51.5 44.8 45.9 58.7 65.2 65.6 63.2 48.0 3.6 28.1 20.3 Franchise Operating Margin 82.6 88.0 88.2 92.9 94.9 98.8 99.5 104.0 114.7 76.1 114.0 121.3 Restaurant-Level Operating Margin $136.4 $139.5 $132.9 $138.7 $153.6 $164.0 $165.2 $167.1 $162.7 $79.7 $142.1 $141.6 𝟏 Includes 53 operating weeks. The Company believes that, in addition to GAAP measures, certain other non-GAAP financial measures are appropriate indicators to assist in the evaluation of restaurant-level operating efficiency and performance of ongoing restaurant-level operations. The Company uses Restaurant-level Operating Margin, Company Restaurant Operating Margin and Franchise Operating Margin internally as performance measures for planning purposes, including the preparation of annual operating budgets, and these three non-GAAP measures are used to evaluate operating effectiveness. The Company defines Restaurant-level Operating Margin as operating income excluding the following three items: general and administrative expenses, depreciation and amortization, and operating (gains), losses and other charges, net. Restaurant-level Operating Margin is presented as a percent of total operating revenue. The Company excludes general and administrative expenses, which include primarily non-restaurant-level costs associated with support of company and franchised restaurants and other activities at their corporate office. The Company excludes depreciation and amortization expense, substantially all of which is related to company restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlays for the restaurants. The Company excludes special items, included within operating (gains), losses and other charges, net, to provide investors with a clearer perspective of its ongoing operating performance and a more relevant comparison to prior period results. Restaurant-level Operating Margin is the total of Company Restaurant Operating Margin and Franchise Operating Margin. The Company defines Company Restaurant Operating Margin as company restaurant sales less costs of company restaurant sales (which include product costs, company restaurant level payroll and benefits, occupancy costs, and other operating costs including utilities, repairs and maintenance, marketing and other expenses) and presents it as a percent of company restaurant sales. The Company defines Franchise Operating Margin as franchise and license revenue (which includes franchise royalties and other non-food and beverage revenue streams such as initial franchise and other fees, advertising revenue and occupancy revenue) less costs of franchise and license revenue and presents it as a percent of franchise and license revenue. These non-GAAP financial measures provide a meaningful comparison between periods and enable investors to focus on the performance of restaurant-level operations by excluding revenues and costs unrelated to food and beverage sales in addition to corporate general and administrative expense, depreciation and amortization, and operating (gains), losses and other charges, net. However, each of these non-GAAP financial measures should be considered as a supplement to, not a substitute for, operating income, net income or other financial performance measures prepared in accordance with U.S. generally accepted accounting principles. Restaurant-level Operating Margin, Company Restaurant Operating Margin and Franchise Operating Margin do not accrue directly to the benefit of shareholders because of the aforementioned excluded items and are not indicative of the overall results for the Company. 25

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