DALLAS, Dec. 5, 2024
/PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced that
its board of directors approved the purchase of up to an additional
$500 million of its outstanding
shares of common stock under its existing share repurchase program,
effective immediately. This repurchase program follows the
substantial completion of purchases of common stock under the
inaugural $250 million repurchase
authorization from August 2023. With
this additional repurchase authorization, the Company anticipates
executing a $250 million accelerated
share repurchase ("ASR") program that will commence in the fourth
quarter of 2024.
"We believe our asset-lite, highly-franchised model enables
industry-leading shareholder returns," commented Alex Kaleida, Chief Financial Officer. "Since
becoming a public company in 2015, we have returned more than
$1 billion of capital to
shareholders. Our share repurchase program is another example of
the long-term value creation enabled by our category of one
operating model."
Repurchases under the program may be made in the open market, in
privately negotiated transactions or by other means, including
through trading plans intended to qualify under Rule 10b5-1 of the
Securities and Exchange Act of 1934 and accelerated share
repurchase agreements, with the amount and timing of repurchases to
be determined at Wingstop's discretion, depending on market and
business conditions, prevailing stock prices, and contractual
limitations, among other factors. Open market repurchases will be
structured to occur in accordance with applicable federal
securities laws. This program does not obligate Wingstop to acquire
any particular amount of common stock, or at any specific time or
intervals and may be modified, suspended or terminated at any time
at Wingstop's discretion.
Wingstop expects to fund repurchases with existing cash and cash
equivalents, including the proceeds from its recently completed
$500 million financing transaction
which closed on December 3, 2024.
About Wingstop
Founded in 1994 and headquartered in Dallas, TX, Wingstop Inc. (NASDAQ: WING)
operates and franchises more than 2,450 locations worldwide. The
Wing Experts are dedicated to Serving the World Flavor through an
unparalleled guest experience and a best-in-class technology
platform, all while offering classic and boneless wings, tenders,
and chicken sandwiches, cooked to order and hand sauced-and-tossed
in fans' choice of 12 bold, distinctive flavors. Wingstop's menu
also features signature sides including fresh-cut, seasoned fries
and freshly-made ranch and bleu cheese dips.
In fiscal year 2023, Wingstop's system-wide sales increased
27.1% to approximately $3.5 billion,
marking the 20th consecutive year of same store sales growth. With
a vision of becoming a Top 10 Global Restaurant Brand, Wingstop's
system is comprised of corporate-owned restaurants and independent
franchisees, or brand partners, who account for approximately 98%
of Wingstop's total restaurant count of 2,458 as of September 28, 2024.
A key to this business success and consumer fandom stems from
The Wingstop Way, which includes a core value system of being
Authentic, Entrepreneurial, Service-minded, and Fun. The Wingstop
Way extends to the brand's environmental, social and governance
platform as Wingstop seeks to provide value to all guests.
In 2023, Wingstop earned its "Best Places to Work"
certification. The Company landed on Entrepreneur Magazine's
"Fastest-Growing Franchises" list and ranked #16 on "Franchise
500." Wingstop was listed on Technomic's "Top 500 Chain Restaurant
Report," QSR Magazine's "2023 QSR 50" and Franchise Time's "40
Smartest-Growing Franchises."
For more information, visit www.wingstop.com or
www.wingstop.com/own-a-wingstop and follow @Wingstop on X,
Instagram, Facebook, and TikTok. Learn more about Wingstop's
involvement in its local communities at www.wingstopcharities.org.
Unless specifically noted otherwise, references to our website
addresses, the website addresses of third parties or other
references to online content in this press release do not
constitute incorporation by reference of the information contained
on such website and should not be considered part of this
release.
Forward-looking Statements
This news release includes statements of our expectations,
intentions, plans and beliefs that constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and are intended to come within the safe
harbor protection provided by those sections. These statements,
which involve risks and uncertainties, relate to the discussion of
our expectations concerning the implementation and execution of our
share repurchase program, including the anticipated execution of a
$250 million ASR and our strategic
growth initiatives. These forward-looking statements can generally
be identified by the use of forward-looking terminology, including
the terms "may," "will," "should," "expect," "intend," "plan,"
"outlook," "guidance," "anticipate," "believe," "think,"
"estimate," "seek," "predict," "can," "could," "project,"
"potential" or, in each case, their negative or other variations or
comparable terminology, although not all forward-looking statements
are accompanied by such terms. These forward-looking statements are
made based on expectations and beliefs concerning future events
affecting us and are subject to uncertainties, risks, and factors
relating to our operations and business environments, all of which
are difficult to predict and many of which are beyond our control,
that could cause our actual results to differ materially from those
matters expressed or implied by these forward-looking statements.
Please refer to the risk factors discussed in our Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q, which can be found at
the SEC's website www.sec.gov. The discussion of these risks is
specifically incorporated by reference into this news release.
When considering forward-looking statements in this news release
or that we make in other reports or statements, you should keep in
mind the cautionary statements in this news release and future
reports we file with the SEC. New risks and uncertainties arise
from time to time, and we cannot predict when they may arise or how
they may affect us. Any forward-looking statement in this news
release speaks only as of the date on which it was made. Except as
required by law, we assume no obligation to update or revise any
forward-looking statements for any reason, or to update the reasons
actual results could differ materially from those anticipated in
any forward-looking statements, even if new information becomes
available in the future.
Media Contact
Maddie
Lupori
Media@wingstop.com
Investor Contact
Kristen
Thomas
IR@wingstop.com
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SOURCE Wingstop Restaurants Inc.
