# EDGAR Filing Document

**Accession Number:** 0000852772
**File Stem:** 0000852772-23-000013
**Filing Date:** 2023-1
**Character Count:** 63513
**Document Hash:** 281ffe54bccde45a8c322fb8d77ad2b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000852772-23-000013.hdr.sgml**: 20230109

**ACCESSION NUMBER**: 0000852772-23-000013

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20230109

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230109

**DATE AS OF CHANGE**: 20230109

**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:** 23516774

**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-20230109

**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>January 9, 2023</u>

![denn-20230109_g1.jpg](denn-20230109_g1.jpg)

**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 obligations 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 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 January 9, 2023, Denny's Corporation issued a press release announcing preliminary financial results for the fourth quarter and fiscal year 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.** 

As part of the ICR Conference taking place January 9 - 11, 2023, Company management will present to and conduct meetings with members of the investment community. A copy of the investor presentation to be used during the conference is attached to this Current Report on Form 8-K as Exhibit 99.2 and is also available in the "Investor Relations" section of the Company's 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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 January 9, 2023.](q42022pre-releaseearningsp.htm)</u> |
| 99.2 | <u>[Investor Presentation, dated January 9, 2023.](denn_icr2023presentation.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: January 9, 2023 | /s/ Robert P. Verostek |
| | Robert P. Verostek |
| | Executive Vice President and |
| | Chief Financial Officer |

---

## Exhibit 99.1

![dennyslogo.jpg](dennyslogo.jpg)

**DENNY'S CORPORATION RELEASES PRELIMINARY FINANCIAL RESULTS FOR FOURTH QUARTER AND FISCAL YEAR 2022**

**- Company Reiterates Fourth Quarter 2022 Guidance Expectations -**

**SPARTANBURG, S.C., January 9, 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 selected preliminary and unaudited results for its fourth quarter and fiscal year ended December 28, 2022.

Kelli Valade, Chief Executive Officer, stated, "We were pleased to conclude 2022 with another solid quarter of same-restaurant\*\* sales performance in a challenging environment. We remain focused on increasing staffing levels, extending operating hours, and upholding our commitment to everyday value in the near-term while we move forward with exciting revitalization strategies to further propel our business into the future."

**<u>Preliminary Results</u>**

Denny's fourth quarter 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.

Denny's fiscal year 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.

In 2022, the Company opened 30 restaurants, including 8 international locations, and closed 66 restaurants, bringing the year-end total restaurant count to 1,656. In addition, 49 remodels were completed during the fiscal year, including 11 at company restaurants.

In the fourth quarter, the Company allocated $7.8 million to share repurchases, resulting in $64.9 million allocated to share repurchases for the full year. As of December 28, 2022, the Company had approximately $153 million remaining under its existing repurchase authorization.

**<u>Business Outlook</u>**

Based on preliminary results, the Company is reiterating its fourth quarter 2022 guidance expectations provided with the Company's third quarter 2022 results, which were announced on November 1, 2022:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Denny's domestic system-wide same-restaurant sales\*\* between 1% and 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total general and administrative expenses between $17 million and $18 million, including approximately $2 million related to share-based compensation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated Adjusted EBITDA\* between $21 million and $23 million.

The Company expects to release financial and operating results for its fourth quarter and fiscal year ended December 28, 2022, along with financial guidance for 2023, after the market closes on Monday, February 13, 2023.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** | **Preliminary Results** |
| **(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> **vs. Prior Year** | **Changes in Same-Restaurant Sales** <sup>(1)</sup> **vs. Prior Year** | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended | Quarter Ended | Quarter Ended | Fiscal Year Ended | Fiscal Year Ended |
| (Increase (decrease)) | (Increase (decrease)) | 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 |
| (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. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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 <sup>(3)</sup> | Units Acquired <sup>(3)</sup> |  |  |  |  |  |  |
| 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 |
|  |  | **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 |
| (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. |

---

*\*The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable 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 the same period in the prior year. 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.*

------

**Upcoming Investor Conference Presentation**

The Company will be participating in the 2023 Annual ICR Conference taking place at the JW Marriott Orlando Grande Lakes in Orlando, Florida. The Company's presentation will take place on Tuesday, January 10, 2023, at 10:00 a.m. Eastern Time. Investors and interested parties may listen to a live audio webcast of the event which will be available online in the Investor Relations section of the Company's website at <u>investor.dennys.com</u> with a replay of the webcast available following the live event. Investors and interested parties may access a copy of the presentation in the Events and Presentations section of the Company's 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 our 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

## Exhibit 99.2

![](denn_icr2023presentation001.jpg)

INVESTOR PRESENTATION January 2023

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![](denn_icr2023presentation002.jpg)

2 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 our 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: FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES $ Millions (except per share amounts) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD Sep 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 $43.0 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 $61.9 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 $1.00 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 $25.0 Investing Activities ($7.7) ($3.5) ($16.5) ($21.3) ($32.7) ($32.7) ($27.1) ($32.0) $105.0 $4.7 $29.0 ($84.0) Financing Activities ($67.1) ($55.9) ($51.2) ($53.2) ($52.0) ($37.6) ($48.7) ($41.6) ($150.0) ($1.0) ($78.5) $32.7

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![](denn_icr2023presentation003.jpg)

3 IT ALL STARTED NEARLY 70 YEARS AGO Started as a Lakewood, California donut shop founded by Harold Butler in 1953 "We love feeding people" – Harold Butler Guest's evolving expectations… • Compelling products at a reasonable price • Comfortable environment to match the times • Consistently positive guest experience

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![](denn_icr2023presentation004.jpg)

4 RECENT AWARDS

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5 Ra i s ed o v e r $1 M i l l i on f o r S t . J ude Ch i l d r en ' s Resea r ch Hosp i t a l s i n ce ou r pa r t ne r sh i p began i n 2020 "WE LOVE FEEDING PEOPLE – BODIES, MINDS, AND SOULS" No Kid Hungry Denny's Mobile Relief Diner St. Jude Children's Research Hospital Hungry for Education Denny's Power Fund Habitat For Humanity Comp l e t ed 12 t h y e a r s uppo r t i ng "No K i d Hung r y " whe r e ou r gues t s , f r a nch i s ee s & company r e s t a u r an t s dona t ed o v e r $12 . 5 M i l l i on Ou r Mob i l e Re l i e f D i ne r h a s s e r v ed ove r 70 , 000 mea l s s i n ce i t ' s 2017 i n c ep t i on . I n 2011 , we l a unched ou r Hung r y f o r Educa t i on S cho l a r sh ip P r og r am , wh i ch ha s awa r ded mo r e t h an $1 . 3 M i l l i on i n s cho l a r sh ip s . Pa r t i c i p a t ed i n t h e cons t r u c t i on o f ou r 11 t h Hab i t a t f o r Human i t y home ; mo r e t h an 60 o f ou r emp l oyee s a s s i s t e d i n t h i s p r o j e c t S i n ce 2005 , Denny ' s POWER Fund ha s he l ped mo r e t h an 650 emp l oyee s & t he i r f am i l i e s , w i t h o v e r $1 . 3 M i l l i on i n dona t i ons .

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6 2022 PRELIMARY 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. Denny's Domestic System-Wide Same-Restaurant Sales1 Share Repurchases New Unit Openings Q4 2.0 % FY 6.3 % Q4 13 Denny's – 12 Keke's - 1 FY 30 Denny's – 28 Keke's - 2 Q4 $7.8M FY $64.9M Reaffirm Q4 Guidance • Denny's domestic system-wide same restaurant sales1: 1% - 3% • Consolidated total general and administrative expenses: $17M - $18M • Consolidated share-based compensation: ~$2M • Consolidated Adjusted EBITDA\*: $21M-$23M

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7 DENNY'S DOMESTIC AVERAGE WEEKLY SALES & SAME-RESTAURANT SALES1 $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 $35.8 $35.2 $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, 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. 𝟐 2021 and 2022 Denny's domestic system-wide same-restaurant sales1 are versus 2019. 3 Preliminary data through Fiscal December ended December 28, 2022 Denny's Q4 2022 Domestic Average Weekly Sales Outperformed Q4 2021 by 3.8% and Q4 2019 by 7.1% 1,2 3

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8 58% 59% 64% 65% 42% 41% 36% 35% 0% 20% 40% 60% 80% Dine In Off-Premise The Burger Den The Meltdown Sales Mix Weekday vs. Weekend1 Weekday Weekend 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 DENNY'S OFF-PREMISE SALES Off-Premise Sales Have Grown To Be a Significant Sales Channel for Our Brand That Over-Indexes at the Dinner & Late-Night Dayparts and During Weekdays 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 𝟏 Preliminary data through Fiscal December ended December 28, 2022. The Burge r Den i s cu r ren t l y ac t i ve in ove r 1 ,100 domes t i c loca t ions . The Me l t down i s cu r r en t l y a c t i v e i n o v e r 930 domes t i c l o c a t i ons . Fo rme r l y a Doo rDash exc l u s i v e , The Me l t down expanded t o mu l t i p l e de l i v e r y p a r t ne r s i n Q3 o f 2022 .

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9 BARBELL MENU STRATEGY Launched our A l l Day Diner Deals Value Promot ion in September 2022 Which Drove Encouraging Traf f ic Trends Continue to In t roduce New and Innovat ive LTOs Featur ing Socia l Media In f luencers

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10 DENNY'S DOMESTIC FOOTPRINT Tota l of 1,445 Restaurants in the U.S. wi th Strongest Presence in Cal i fornia, Texas, Flor ida, and Ar izona 1 Top 10 U.S. Markets1 DMA 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% 𝟏 Preliminary data through Fiscal December ended December 28, 2022. 3 24 2 7 6 5 6 1

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11 DENNY'S INTERNATIONAL FOOTPRINT International Presence of 157 Restaurants in 14 Countries and U.S. Territories has Grown by 80% Since Year End 20101 International Footprint1 Country Restaurants United States 1,445 Canada 84 Puerto Rico 15 Mexico 15 Philippines 10 New Zealand 7 Honduras 6 United Arab Emirates 5 Costa Rica 3 Guatemala 4 El Salvador 2 Guam 2 Indonesia 2 Curaçao 1 United Kingdom 1 Total 1,602 𝟏 Preliminary data through Fiscal December ended December 28, 2022.

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12 Well Diversi f ied, Exper ienced, and Energet ic 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. DENNY'S STRONG PARTNERSHIP WITH FRANCHISEES Ownership o f 1 ,536 Franchisee Res taurants 1 Number of Franchised Restaurants Number of Franchisees Franchisees as % of Total Total Franchised Restaurants Franchised Restaurants 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 preliminary Fiscal December ended December 28, 2022.

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13 6 KEKE'S FOOTPRINT Tota l of 54 Restaurants Across Flor ida wi th Heavy Concentrat ions in the Orlando and Tampa Areas 1 8 Company Restaurants 46 Franchised Restaurants Across 18 Franchisees 𝟏 Preliminary data through Fiscal December ended December 28, 2022 Ownership o f 46 Franchisee Restaurants 1 Number of Franchised Restaurants Number of Franchisees Franchisees as % of Total Total Franchised Restaurants Franchised Restaurants 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%

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14 KEKE'S PERFORMANCE COMPARISON $1.7 $1.2 $1.6 $1.6 $1.2 $1.9 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 2019 2020 2021 $M s System Restaurant AUVs Denny's Keke's 77% 85% 10% 5% 13% 10% 0% 20% 40% 60% 80% 100% Denny's Keke's 2021 Sales by Channel Dine In Carry Out Delivery - 3rd Party • Par t of the fast -growing day t ime eater y segment wi th ample whi tespace • Average entrée pr ice is ~20% higher than Denny's, a t t ract ing a di f ferent consumer • Keke's did not c lose a s ingle restaurant through the pandemic

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15 $50 $25 $25 $3.9 $21.6 $22.2 $24.7 $36.0 $82.9 $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• During Q4 2022, we allocated nearly $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 $153 million remaining under existing repurchase authorization2. SHARE REPURCHASES ($ Millions) $105.8 $58.7 $68.0 Average Price of $10.43 Nearly $650 Million Allocated Towards Share Repurchases Since We Started Returning Capital to Shareholders in late 20101 2 HISTORY OF CONSISTENTLY RETURNING CAPITAL TO SHAREHOLDERS 𝟏 Data from November 2010 through preliminary Fiscal December ended December 28, 2022. 𝟐 Data through preliminary Fiscal December ended December 28, 2022.. Multi-year share repurchase program suspended from February 2020 through August 2021

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16 Disciplined Focus on Debt Leverage with Financial Flexibility to Make Brand Investments and Return Capital to Shareholders Target Total Debt / Adjusted EBITDA\* Leverage Ratio Range of 2.5x to 3.5x 1 Total Debt / Adjusted EBITDA\* leverage ratio was waived starting in Q2 '20 through Q1 '21. 2 Increased borrowings under the credit facility in Q3 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 $266.5 $23.1 $22.5 $20.1 $20.1 $18.8 $20.7 $27.1 $30.2 $30.6 $16.5 $15.4 $12.7 $11.7 3.5x 2.7x 2.4x 2.2x 1.9x 2.5x 2.5x 2.8x 3.0x 2.7x 2.1x 3.3x 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 Q3 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 SOLID BALANCE SHEET WITH FLEXIBILITY Debt amendments provided temporary covenant relief1

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17 NEAR-TERM FOCUS: THE BIG THREE Staffing Staffing levels at Denny's company restaurants are comparable to pre- pandemic levels with significant reductions in turnover. 24/7 Operation > 63% of Denny's domestic restaurants were operating 24 hours per day as of the end of Q41. Value > 14% Total value preference including the new All Day Diner Deals and Super Slam for Q41. 400-bas i s po i n t improvemen t f r om m id-yea r 2022 . Compa r ed t o 53% a t t h e end o f Q2 2022 As o f Q3 2022 , Denny ' s r o l l i ng 12 - mon th managemen t t u r nove r w a s app r ox ima t e l y 600 b a s i s po i n t s l owe r t h an i t s F am i l y D i n i ng compe t i t o r s . 𝟏 Preliminary data through Fiscal December ended December 28, 2022

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18 STRATEGIC PRIORITES Deve lop Bes t- In- Class Peop le and Teams Through Cu l tu re, Too ls and Sys tems Dr ive Pro f i tab le Tra f f ic Through a Re levant and Ou ts tanding Gues t Exper ience Opt imize the Bus iness Mode l to Max imize Res taurant Margins Lead Wi th Technology and Innova t ion Grow New Res taurants as a Franchisor o f Cho ice Continuing to Develop Our Teams and Elevate The Overall Guest Experience To Drive Enhanced Profitability and Growth

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APPENDIX

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20 $1.8 $1.9 $2.0 $2.1 $2.2 $2.3 $2.3 $2.3 $2.5 $1.8 $2.7 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Denny's Company 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 $M s $1.4 $1.4 $1.4 $1.5 $1.6 $1.6 $1.6 $1.6 $1.7 $1.2 $1.6 $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Denny's Franchised Restaurant AUVs $M s FRANCHISED AND COMPANY RESTAURANT SALES

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21 ~$11 ~$10 $17 $12 $9 $8 $8 $11 $15 $20 $18 $18 $17 $1 $2 $3 $4 $5 $3 $6 $3 $24 $10 $16 $16 $21 $22 $33 $34 $31 $32 $25 $7 $18 $82 $79 $78 $83 $89 $100 $103 $105 $97 $27 $86 $48 $49 $45 $49 $42 $52 $51 $50 $30 $2 $41 $0 $20 $40 $60 $80 $100 $120 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 $ 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 Over $418 Million in Adjusted Free Cash Flow\* Generated Over Last 10 Fiscal Years Adjusted Free Cash Flow\* Impacted by ~$11 Million of Real Estate Acquisitions in 2019 ADJUSTED FREE CASH FLOW\* Nearly $460 Million in Adjusted Fr e Cash Flow\* Generated r t 1 i al r Adjusted Free Cash Flow\* Impacted by ~$21 Million of Real Estate Acquisitions Between 2019 and 2021 ¹ Includes cash interest expense, net and cash payments of approximately $1.9 million and $3.3 million for dedesignated interest rate swap derivatives for the full year 2020 and 2021, 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. 1

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22 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). EXPERIENCED AND COMMITTED LEADERSHIP TEAM 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 various 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.

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23 RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP FINANCIAL MEASURES $ Millions 2011 2012 2013 20141 2015 2016 2017 2018 2019 20201 2021 YTD Sep 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 $61.9 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 21.4 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) (1.1) 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) (49.9) 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 9.5 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 (2.5) 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 9.5 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 11.1 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) (0.7) 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 $54.1 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% 16.1% 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.

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24 ¹ Includes 53 operating weeks. 2 For year-to-date 2022, amount includes cash paid for the acquisition of a Denny's franchise restaurant and exclude 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, net and cash payments of approximately $1.9 million, $3.3 million, and $2.0 million for dedesignated interest rate swap derivatives for the full year 2020, full year 2021, and year-to-date 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. 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 YTD Sep 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 $25.0 Capital Expenditures (16.1) (14.2) (16.8) (22.1) (27.0) (19.7) (18.8) (22.0) (14.0) (7.0) (7.4) (10.1) 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) (0.7) 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 (2.5) 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) (49.9) 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) (0.5) Amortization of Debt Discount (0.5) (0.1) - - - - - - - - - - Gains (Losses) and Amortization on Interest Rate Swap Derivatives, Net - - - - - - - - - 2.2 12.6 52.7 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 9.5 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) (11.0) 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) (15.7) 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 - 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 21.4 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) (6.2) 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) 4.8 Inventories (0.6) (0.5) (0.0) 0.1 0.2 (0.1) 0.2 (0.1) (1.7) (0.1) 3.9 3.9 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) (1.7) 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 (3.2) Operating Lease Assets and Liabilities - - - - - - - - 0.6 (0.8) 1.5 0.6 Accounts Payable (2.0) 1.2 5.5 (1.6) (2.3) (4.8) (10.0) 5.1 5.2 10.7 (6.6) 3.1 Accrued Payroll (0.9) (2.3) 2.5 (2.6) (4.1) 7.4 6.4 (2.2) 3.8 2.8 (3.1) 3.4 Accrued Taxes 0.6 0.7 (0.1) (0.9) (0.2) (0.1) 0.0 (0.3) 2.0 0.8 0.3 (1.9) 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) 2.0 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 9.2 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 $26.0

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25 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, net and cash payments of approximately $1.9 million, $3.3 million, and $2.0 million for dedesignated interest rate swap derivatives for the full year 2020, full year 2021, and year-to-date 2022, respectively. 4 For year-to-date 2022, amount includes cash paid for the acquisition of a Denny's franchise restaurant and exclude 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, full year 2021, and year-to-date 2022 reflect an effective tax rate of 25.6%, 25.0%, and 25.7%, 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. 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 YTD Sep 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 $54.1 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% 16.1% 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) (11.0) 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) (6.2) 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) (10.9) 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 $26.0 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 $61.9 Pension Settlement Loss - - - - - 24.3 - - - - - - (Gains) Losses and Amort. on Interest Rate Swap Derivatives, Net - - - - - - - - - (2.2) (12.6) (52.7) (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) (3.3) 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 - - - - - - 0.0 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 14.1 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 $21.1 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 $1.00 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) ($0.66) 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 $0.34 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 61,686

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26 $ Millions 2011 2012 2013 20141 2015 2016 2017 2018 2019 20201 2021 YTD Sep 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 $42.9 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 50.2 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 11.1 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) (1.1) 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 $103.2 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 13.5 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 89.7 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 $103.2 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. RECONCILIATION OF OPERATING INCOME TO NON-GAAP FINANCIAL MEASURES

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