Wendy's — Feb 13, 2025 release

It also enables the Company to take advantage of an opportunity to repurchase shares in 2025 at what the Company believes is an attractive share price. The Company’s new target dividend payout ratio is 50% to 60% of adjusted earnings. As a result, beginning in the second quarter of 2025 the Company expects to pay a quarterly dividend of $0.14 per share. The Company plans to repurchase up to $200 million of its shares in 2025, with a majority of the shares expected to be acquired over the next few months. The Company expects to return up to $325 million of cash to shareholders in 2025 though dividends and share repurchases. 2025 Outlook     This release includes forward-looking projections for certain non-GAAP financial measures, including systemwide sales, adjusted EBITDA, adjusted earnings per share and free cash flow. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share and free cash flow, such as the impact from our advertising funds, including the net change in the restricted operating assets and liabilities and any excess or deficit of advertising fund revenues over advertising fund expenses, impairment of long-lived assets, reorganization and realignment costs, system optimization gains, net, amortization of cloud computing arrangements, gain on early extinguishment of debt, net, and the timing and resolution of certain tax matters. Due to the uncertainty and variability of the nature and amount of those expenses and benefits, the Company is unable without unreasonable effo