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[Form 4] Victory Capital Holdings, Inc. Insider Trading Activity

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顿别苍苍测鈥檚 Corp. (DENN) Q2 FY25 10-Q highlights

  • Total operating revenue rose 1.5 % to $117.7 m; company-owned restaurant sales +7 % offset a 3.8 % drop in franchise & license revenue.
  • Higher food, labor and interest costs squeezed profitability: operating income slipped 6 % to $8.6 m and net income fell 31 % to $2.5 m (diluted EPS $0.05).
  • Company restaurant margin contracted to 10.4 % (vs. 12.5 %), driven by commodity inflation (egg prices) and wage pressure; franchise cost ratio improved to 49.3 % after prior-year advertising rebates.
  • Same-store sales: 顿别苍苍测鈥檚 company flat, domestic franchise -1.4 %; 碍别办别鈥檚 +3.4 % (company) and +4.2 % (franchise). System units: 顿别苍苍测鈥檚 1,484 (-57 YoY); 碍别办别鈥檚 74 (+12 YoY).
  • Cash from operations was $14.4 m (flat YoY); capex and acquisitions of $20.5 m drove a $0.5 m cash decrease to $1.2 m.
  • Revolver borrowings increased net $7.3 m to $268.6 m, pushing leverage to 3.98脳鈥攋ust below the 4.0脳 covenant; unused capacity $115.5 m.
  • Share repurchases: 0.4 m shares for $1.6 m, leaving $87.6 m on the 2019 authorization.
  • Restructuring & impairment charges YTD $6.9 m (incl. $3.3 m asset impairments, $3.7 m severance/exit costs).
  • Accumulated OCI loss widened by $6 m on hedge valuation; active swaps reduce revolver rate to 5.36 %.

YTD (26 weeks): revenue +1.5 % to $229.3 m; net income down 66 % to $2.8 m; free cash flow negative after $16.4 m capex. Management cites cost-savings initiative (66 positions eliminated) and evaluates tax changes under newly enacted OBBBA.

Principali dati del 10-Q Q2 FY25 di 顿别苍苍测鈥檚 Corp. (DENN)

  • I ricavi operativi totali sono aumentati dell'1,5% a 117,7 milioni di dollari; le vendite nei ristoranti di propriet脿 sono cresciute del 7%, compensando un calo del 3,8% nei ricavi da franchising e licenze.
  • I maggiori costi per alimenti, lavoro e interessi hanno ridotto la redditivit脿: l'utile operativo 猫 sceso del 6% a 8,6 milioni di dollari e l'utile netto 猫 diminuito del 31% a 2,5 milioni (EPS diluito $0,05).
  • Il margine dei ristoranti di propriet脿 si 猫 contratto al 10,4% (rispetto al 12,5%), a causa dell'inflazione delle materie prime (prezzo delle uova) e della pressione salariale; il rapporto costi franchising 猫 migliorato al 49,3% dopo i rimborsi pubblicitari dell'anno precedente.
  • Vendite a parit脿 di locali: 顿别苍苍测鈥檚 aziendale stabile, franchising nazionale -1,4%; 碍别办别鈥檚 +3,4% (aziendale) e +4,2% (franchising). Unit脿 del sistema: 顿别苍苍测鈥檚 1.484 (-57 su base annua); 碍别办别鈥檚 74 (+12 su base annua).
  • Il flusso di cassa operativo 猫 stato di 14,4 milioni (stabile su base annua); investimenti e acquisizioni per 20,5 milioni hanno causato una diminuzione di cassa di 0,5 milioni, portando la liquidit脿 a 1,2 milioni.
  • I prestiti da linea di credito rotativa sono aumentati di 7,3 milioni netti a 268,6 milioni, portando la leva finanziaria a 3,98脳, appena sotto il covenant di 4,0脳; capacit脿 inutilizzata 115,5 milioni.
  • Riacquisto di azioni: 0,4 milioni di azioni per 1,6 milioni di dollari, con 87,6 milioni residui dall'autorizzazione 2019.
  • Accantonamenti per ristrutturazioni e svalutazioni da inizio anno pari a 6,9 milioni (inclusi 3,3 milioni di svalutazioni di attivit脿 e 3,7 milioni di costi di licenziamento/uscita).
  • La perdita accumulata da OCI si 猫 ampliata di 6 milioni per la valutazione delle coperture; swap attivi riducono il tasso della linea di credito al 5,36%.

Primi 26 settimane (YTD): ricavi +1,5% a 229,3 milioni; utile netto in calo del 66% a 2,8 milioni; flusso di cassa libero negativo dopo 16,4 milioni di investimenti. La direzione cita iniziative di riduzione dei costi (66 posizioni eliminate) e valuta modifiche fiscali secondo la nuova OBBBA.

Aspectos destacados del 10-Q del Q2 FY25 de 顿别苍苍测鈥檚 Corp. (DENN)

  • Los ingresos operativos totales aumentaron un 1,5 % hasta 117,7 millones de d贸lares; las ventas en restaurantes propios crecieron un 7 %, compensando una ca铆da del 3,8 % en ingresos por franquicias y licencias.
  • Los mayores costos de alimentos, mano de obra e intereses presionaron la rentabilidad: el ingreso operativo cay贸 un 6 % a 8,6 millones y el ingreso neto baj贸 un 31 % a 2,5 millones (EPS diluido de $0,05).
  • El margen de restaurantes propios se redujo al 10,4 % (vs. 12,5 %), impulsado por la inflaci贸n de materias primas (precio de huevos) y la presi贸n salarial; la proporci贸n de costos de franquicia mejor贸 a 49,3 % tras reembolsos publicitarios del a帽o anterior.
  • Ventas en tiendas comparables: 顿别苍苍测鈥檚 empresa estable, franquicia nacional -1,4 %; 碍别办别鈥檚 +3,4 % (empresa) y +4,2 % (franquicia). Unidades del sistema: 顿别苍苍测鈥檚 1,484 (-57 interanual); 碍别办别鈥檚 74 (+12 interanual).
  • El flujo de caja operativo fue de 14,4 millones (estable interanual); gastos de capital y adquisiciones por 20,5 millones generaron una disminuci贸n de caja de 0,5 millones a 1,2 millones.
  • Los pr茅stamos revolventes aumentaron netos 7,3 millones a 268,6 millones, elevando el apalancamiento a 3,98脳, justo por debajo del convenio de 4,0脳; capacidad no utilizada de 115,5 millones.
  • Recompras de acciones: 0,4 millones de acciones por 1,6 millones, quedando 87,6 millones disponibles bajo la autorizaci贸n de 2019.
  • Cargos por reestructuraci贸n y deterioro en lo que va del a帽o de 6,9 millones (incluye 3,3 millones en deterioro de activos y 3,7 millones en costos de despidos/salidas).
  • La p茅rdida acumulada en OCI se ampli贸 en 6 millones por la valoraci贸n de coberturas; swaps activos reducen la tasa del revolvente al 5,36 %.

Acumulado del a帽o (26 semanas): ingresos +1,5 % a 229,3 millones; ingreso neto baj贸 66 % a 2,8 millones; flujo de caja libre negativo tras 16,4 millones en gastos de capital. La gerencia menciona iniciativas de ahorro de costos (66 puestos eliminados) y eval煤a cambios fiscales bajo la nueva OBBBA.

顿别苍苍测鈥檚 Corp. (DENN) 2025 須岅硠鞐半弰 2攵勱赴 10-Q 欤检殧 雮挫毄

  • 齑� 鞓侅梾 靾橃澋鞚� 1.5% 歃濌皜頃橃棳 1鞏� 1,770毵� 雼煬毳� 旮半; 歆侅榿鞝� 毵れ稖鞚� 7% 歃濌皜頄堨溂雮� 頂勲灉彀澊歃� 氚� 霛检澊靹犾姢 靾橃澋鞚� 3.8% 臧愳唽頃�.
  • 鞁濏拡, 鞚戈贝牍�, 鞚挫瀽 牍勳毄 靸侅姽鞙茧 靾橃澋靹� 鞎曤皶: 鞓侅梾鞚挫澋鞚� 6% 臧愳唽頃� 860毵� 雼煬, 靾滌澊鞚奠潃 31% 臧愳唽頃� 250毵� 雼煬(頋劃 欤茧嫻靾滌澊鞚� $0.05) 旮半.
  • 歆侅榿鞝� 毵堨鞚� 12.5%鞐愳劀 10.4%搿� 於曥唽, 鞚措姅 鞗愳瀽鞛� 鞚疙攲霠堨澊靺�(瓿勲瀫 臧�瓴� 靸侅姽)瓿� 鞛勱笀 鞎曤牓 霑岆鞛�; 頂勲灉彀澊歃� 牍勳毄 牍勳湪鞚� 鞝勲厔 甏戧碃 頇橁笁 頉� 49.3%搿� 臧滌劆霅�.
  • 霃欖澕 鞝愴彫 毵れ稖: 顿别苍苍测鈥檚 歆侅榿鞝愳潃 氤错暕, 甑偞 頂勲灉彀澊歃堧姅 -1.4%; 碍别办别鈥檚電� 歆侅榿鞝� +3.4%, 頂勲灉彀澊歃� +4.2% 歃濌皜. 鞁滌姢韰� 鞝愴彫 靾�: 顿别苍苍测鈥檚 1,484臧�(-57雲勱皠), 碍别办别鈥檚 74臧�(+12雲勱皠).
  • 鞓侅梾頇滊彊順勱笀頋愲鞚� 1,440毵� 雼煬搿� 鞝勲厔瓿� 牍勳姺; 鞛愲掣 歆�於� 氚� 鞚胳垬鞐� 2,050毵� 雼煬 歆�於滍晿氅� 順勱笀鞚� 50毵� 雼煬 臧愳唽頃� 120毵� 雼煬臧� 霅�.
  • 須岇爠 鞁犾毄 雽�於� 靾滌皑鞛呹笀鞚� 730毵� 雼煬 歃濌皜頃� 2鞏� 6,860毵� 雼煬臧� 霅橃棃鞙茧┌, 霠堧矂毽 牍勳湪鞚� 3.98氚半 4.0氚� 鞝滍暅靹� 氚旊 鞎勲灅鞛�; 氙胳偓鞖� 頃滊弰電� 1鞏� 1,550毵� 雼煬.
  • 欤检嫕 頇橂Г: 40毵� 欤�, 160毵� 雼煬 攴滊搿� 2019雲� 鞀轨澑 鞛旍暋鞚� 8,760毵� 雼煬鞛�.
  • 鞐办磮 鞚错泟 甑“臁办爼 氚� 靻愳儊彀啇 牍勳毄鞚� 690毵� 雼煬(鞛愳偘 靻愳儊 330毵� 雼煬, 韲挫/韲挫稖 牍勳毄 370毵� 雼煬 韽暔).
  • 項れ 韽夑皜靻愳嫟搿� 雸勳爜 旮绊儉韽磩靻愳嫟鞚� 600毵� 雼煬 頇曤寑; 頇滌劚 鞀れ檻鞙茧 須岇爠 鞁犾毄 旮堧Μ臧� 5.36%搿� 雮晞歆�.

鞐办磮 雸勱硠 (26欤�): 毵れ稖 1.5% 歃濌皜頃� 2鞏� 2,930毵� 雼煬; 靾滌澊鞚奠潃 66% 臧愳唽頃� 280毵� 雼煬; 1,640毵� 雼煬鞚� 鞛愲掣 歆�於滊 鞛愳湢順勱笀頋愲鞚� 毵堨澊雱堨姢. 瓴届榿歆勳潃 牍勳毄 鞝堦皭(66氇� 臧愳洂) 瓿勴殟鞚� 鞏戈笁頃橂┌ 靸堧 鞝滌爼霅� OBBBA 靹胳牅 氤�頇旊ゼ 瓴�韱� 欷戩瀯.

Points cl茅s du 10-Q T2 FY25 de 顿别苍苍测鈥檚 Corp. (DENN)

  • Le chiffre d'affaires total a augment茅 de 1,5 % pour atteindre 117,7 millions de dollars ; les ventes des restaurants en propre ont progress茅 de 7 %, compensant une baisse de 3,8 % des revenus de franchises et licences.
  • La hausse des co没ts alimentaires, salariaux et d鈥檌nt茅r锚ts a pes茅 sur la rentabilit茅 : le r茅sultat op茅rationnel a diminu茅 de 6 % 脿 8,6 millions de dollars et le r茅sultat net a chut茅 de 31 % 脿 2,5 millions (BPA dilu茅 de 0,05 $).
  • La marge des restaurants en propre s鈥檈st contract茅e 脿 10,4 % (contre 12,5 %), impact茅e par l鈥檌nflation des mati猫res premi猫res (prix des 艙ufs) et la pression salariale ; le ratio des co没ts en franchise s鈥檈st am茅lior茅 脿 49,3 % apr猫s les remboursements publicitaires de l鈥檃nn茅e pr茅c茅dente.
  • Ventes 脿 magasins comparables : 顿别苍苍测鈥檚 en propre stable, franchise domestique -1,4 % ; 碍别办别鈥檚 +3,4 % (en propre) et +4,2 % (franchise). Unit茅s syst猫me : 顿别苍苍测鈥檚 1 484 (-57 sur un an) ; 碍别办别鈥檚 74 (+12 sur un an).
  • Les flux de tr茅sorerie op茅rationnels se sont 茅lev茅s 脿 14,4 millions (stable sur un an) ; les investissements et acquisitions de 20,5 millions ont entra卯n茅 une baisse de tr茅sorerie de 0,5 million 脿 1,2 million.
  • Les emprunts sur ligne de cr茅dit renouvelable ont augment茅 de 7,3 millions nets 脿 268,6 millions, portant l鈥檈ffet de levier 脿 3,98脳, juste en dessous du covenant de 4,0脳 ; capacit茅 inutilis茅e de 115,5 millions.
  • Rachats d鈥檃ctions : 0,4 million d鈥檃ctions pour 1,6 million, restant 87,6 millions sous l鈥檃utorisation de 2019.
  • Charges de restructuration et d茅pr茅ciations depuis le d茅but de l鈥檃nn茅e de 6,9 millions (dont 3,3 millions de d茅pr茅ciations d鈥檃ctifs, 3,7 millions de co没ts de licenciement/sortie).
  • La perte OCI cumul茅e s鈥檈st creus茅e de 6 millions suite 脿 la valorisation des couvertures ; les swaps actifs r茅duisent le taux de la ligne renouvelable 脿 5,36 %.

Ann茅e en cours (26 semaines) : chiffre d鈥檃ffaires +1,5 % 脿 229,3 millions ; r茅sultat net en baisse de 66 % 脿 2,8 millions ; flux de tr茅sorerie libre n茅gatif apr猫s 16,4 millions d鈥檌nvestissements. La direction 茅voque une initiative d鈥櫭ヽonomies (66 postes supprim茅s) et 茅tudie les changements fiscaux li茅s 脿 la nouvelle OBBBA.

顿别苍苍测鈥檚 Corp. (DENN) Q2 FY25 10-Q Highlights

  • Der Gesamtumsatz stieg um 1,5 % auf 117,7 Mio. USD; der Umsatz in eigenen Restaurants wuchs um 7 %, was einen R眉ckgang der Franchise- und Lizenzums盲tze um 3,8 % ausglich.
  • H枚here Kosten f眉r Lebensmittel, Personal und Zinsen belasteten die Profitabilit盲t: das Betriebsergebnis sank um 6 % auf 8,6 Mio. USD, der Nettogewinn fiel um 31 % auf 2,5 Mio. USD (verw盲ssertes EPS 0,05 USD).
  • Die Marge der eigenen Restaurants schrumpfte auf 10,4 % (vorher 12,5 %), verursacht durch Rohstoffinflation (Eierpreise) und Lohndruck; die Franchise-Kostenquote verbesserte sich auf 49,3 % nach Werber眉ckerstattungen im Vorjahr.
  • Umsatz auf vergleichbarer Fl盲che: 顿别苍苍测鈥檚 eigene Restaurants stabil, inl盲ndische Franchise -1,4 %; 碍别办别鈥檚 +3,4 % (eigene Restaurants) und +4,2 % (Franchise). Systemeinheiten: 顿别苍苍测鈥檚 1.484 (-57 im Jahresvergleich); 碍别办别鈥檚 74 (+12 im Jahresvergleich).
  • Der operative Cashflow betrug 14,4 Mio. USD (konstant im Jahresvergleich); Investitionen und Akquisitionen in H枚he von 20,5 Mio. USD f眉hrten zu einem Cash-R眉ckgang von 0,5 Mio. USD auf 1,2 Mio. USD.
  • Die revolvierenden Kreditaufnahmen stiegen netto um 7,3 Mio. USD auf 268,6 Mio. USD, wodurch die Verschuldungsquote auf 3,98脳 stieg 鈥� knapp unter dem Covenant von 4,0脳; nicht genutzte Kapazit盲t 115,5 Mio. USD.
  • Aktienr眉ckk盲ufe: 0,4 Mio. Aktien f眉r 1,6 Mio. USD, verbleibend 87,6 Mio. USD unter der Genehmigung von 2019.
  • Restrukturierungs- und Wertminderungsaufwendungen seit Jahresbeginn 6,9 Mio. USD (inkl. 3,3 Mio. USD Verm枚genswertabschreibungen, 3,7 Mio. USD Abfindungs-/Austrittskosten).
  • Kumulativer OCI-Verlust erweiterte sich um 6 Mio. USD aufgrund der Bewertung von Sicherungsinstrumenten; aktive Swaps senken den Revolver-Zinssatz auf 5,36 %.

Jahresverlauf (26 Wochen): Umsatz +1,5 % auf 229,3 Mio. USD; Nettogewinn um 66 % auf 2,8 Mio. USD gefallen; freier Cashflow negativ nach 16,4 Mio. USD Investitionen. Das Management nennt Kosteneinsparungen (66 Stellen gestrichen) und pr眉ft Steuer盲nderungen unter dem neu eingef眉hrten OBBBA.

Positive
  • Revenue growth of 1.5 % YoY driven by 碍别办别鈥檚 unit expansion and positive comps.
  • Interest-rate swaps cut effective revolver rate to 5.36 %, partially insulating against rising rates.
  • Continued share buybacks: $1.6 m repurchased, $87.6 m authorization remaining.
  • Covenant compliance maintained with leverage ratio just under 4.0脳.
Negative
  • Net income declined 31 % QoQ and 66 % YTD, reflecting margin compression and higher interest expense.
  • 顿别苍苍测鈥檚 domestic franchise same-store sales fell 1.4 % (quarter) and 2.3 % (YTD).
  • Leverage elevated at 3.98脳, leaving minimal cushion under debt covenant.
  • Shareholders鈥� deficit widened to $34.6 m; OCI losses increased on hedge valuation.
  • Restructuring & impairment charges totaled $6.9 m YTD, signaling operational challenges.

Insights

TL;DR 鈥� Revenue stable but cost inflation and higher interest sliced earnings; leverage near covenant warrants caution.

顿别苍苍测鈥檚 eked out low-single-digit top-line growth thanks to 碍别办别鈥檚 expansion, yet core brand traffic remains soft. Food inflation and wage growth lifted restaurant COGS and labor 100-140 bp, compressing company margin to sub-11 %. Interest expense up 18 % and $3 m of restructuring/impairments cut net profit to $2.5 m. With net leverage at 3.98脳 (limit 4.0脳) management has little headroom; any further EBITDA slippage could force de-levering or covenant renegotiation. Positive: cash-flow generation is still adequate for modest buybacks and capex, and swaps hedge 80+ % of debt at <6 %. Investors should monitor 顿别苍苍测鈥檚 comps, egg pricing, and progress on cost-savings to gauge margin recovery.

TL;DR 鈥� Mixed quarter: 碍别办别鈥檚 growth offsets 顿别苍苍测鈥檚 declines, but EPS compression limits upside.

碍别办别鈥檚 +12 unit build and 4 % comps signal a viable growth vector, yet it represents <10 % of revenue. The flagship 顿别苍苍测鈥檚 brand posted negative franchise comps and unit attrition, indicating competitive pressures at the value breakfast segment. While the board continues share repurchases, the shareholder deficit, rising debt and OCI hedge losses dilute book value. Valuation support hinges on management hitting cost-cut targets and reigniting 顿别苍苍测鈥檚 traffic. Absent that, the stock may tread water despite low absolute P/E.

Principali dati del 10-Q Q2 FY25 di 顿别苍苍测鈥檚 Corp. (DENN)

  • I ricavi operativi totali sono aumentati dell'1,5% a 117,7 milioni di dollari; le vendite nei ristoranti di propriet脿 sono cresciute del 7%, compensando un calo del 3,8% nei ricavi da franchising e licenze.
  • I maggiori costi per alimenti, lavoro e interessi hanno ridotto la redditivit脿: l'utile operativo 猫 sceso del 6% a 8,6 milioni di dollari e l'utile netto 猫 diminuito del 31% a 2,5 milioni (EPS diluito $0,05).
  • Il margine dei ristoranti di propriet脿 si 猫 contratto al 10,4% (rispetto al 12,5%), a causa dell'inflazione delle materie prime (prezzo delle uova) e della pressione salariale; il rapporto costi franchising 猫 migliorato al 49,3% dopo i rimborsi pubblicitari dell'anno precedente.
  • Vendite a parit脿 di locali: 顿别苍苍测鈥檚 aziendale stabile, franchising nazionale -1,4%; 碍别办别鈥檚 +3,4% (aziendale) e +4,2% (franchising). Unit脿 del sistema: 顿别苍苍测鈥檚 1.484 (-57 su base annua); 碍别办别鈥檚 74 (+12 su base annua).
  • Il flusso di cassa operativo 猫 stato di 14,4 milioni (stabile su base annua); investimenti e acquisizioni per 20,5 milioni hanno causato una diminuzione di cassa di 0,5 milioni, portando la liquidit脿 a 1,2 milioni.
  • I prestiti da linea di credito rotativa sono aumentati di 7,3 milioni netti a 268,6 milioni, portando la leva finanziaria a 3,98脳, appena sotto il covenant di 4,0脳; capacit脿 inutilizzata 115,5 milioni.
  • Riacquisto di azioni: 0,4 milioni di azioni per 1,6 milioni di dollari, con 87,6 milioni residui dall'autorizzazione 2019.
  • Accantonamenti per ristrutturazioni e svalutazioni da inizio anno pari a 6,9 milioni (inclusi 3,3 milioni di svalutazioni di attivit脿 e 3,7 milioni di costi di licenziamento/uscita).
  • La perdita accumulata da OCI si 猫 ampliata di 6 milioni per la valutazione delle coperture; swap attivi riducono il tasso della linea di credito al 5,36%.

Primi 26 settimane (YTD): ricavi +1,5% a 229,3 milioni; utile netto in calo del 66% a 2,8 milioni; flusso di cassa libero negativo dopo 16,4 milioni di investimenti. La direzione cita iniziative di riduzione dei costi (66 posizioni eliminate) e valuta modifiche fiscali secondo la nuova OBBBA.

Aspectos destacados del 10-Q del Q2 FY25 de 顿别苍苍测鈥檚 Corp. (DENN)

  • Los ingresos operativos totales aumentaron un 1,5 % hasta 117,7 millones de d贸lares; las ventas en restaurantes propios crecieron un 7 %, compensando una ca铆da del 3,8 % en ingresos por franquicias y licencias.
  • Los mayores costos de alimentos, mano de obra e intereses presionaron la rentabilidad: el ingreso operativo cay贸 un 6 % a 8,6 millones y el ingreso neto baj贸 un 31 % a 2,5 millones (EPS diluido de $0,05).
  • El margen de restaurantes propios se redujo al 10,4 % (vs. 12,5 %), impulsado por la inflaci贸n de materias primas (precio de huevos) y la presi贸n salarial; la proporci贸n de costos de franquicia mejor贸 a 49,3 % tras reembolsos publicitarios del a帽o anterior.
  • Ventas en tiendas comparables: 顿别苍苍测鈥檚 empresa estable, franquicia nacional -1,4 %; 碍别办别鈥檚 +3,4 % (empresa) y +4,2 % (franquicia). Unidades del sistema: 顿别苍苍测鈥檚 1,484 (-57 interanual); 碍别办别鈥檚 74 (+12 interanual).
  • El flujo de caja operativo fue de 14,4 millones (estable interanual); gastos de capital y adquisiciones por 20,5 millones generaron una disminuci贸n de caja de 0,5 millones a 1,2 millones.
  • Los pr茅stamos revolventes aumentaron netos 7,3 millones a 268,6 millones, elevando el apalancamiento a 3,98脳, justo por debajo del convenio de 4,0脳; capacidad no utilizada de 115,5 millones.
  • Recompras de acciones: 0,4 millones de acciones por 1,6 millones, quedando 87,6 millones disponibles bajo la autorizaci贸n de 2019.
  • Cargos por reestructuraci贸n y deterioro en lo que va del a帽o de 6,9 millones (incluye 3,3 millones en deterioro de activos y 3,7 millones en costos de despidos/salidas).
  • La p茅rdida acumulada en OCI se ampli贸 en 6 millones por la valoraci贸n de coberturas; swaps activos reducen la tasa del revolvente al 5,36 %.

Acumulado del a帽o (26 semanas): ingresos +1,5 % a 229,3 millones; ingreso neto baj贸 66 % a 2,8 millones; flujo de caja libre negativo tras 16,4 millones en gastos de capital. La gerencia menciona iniciativas de ahorro de costos (66 puestos eliminados) y eval煤a cambios fiscales bajo la nueva OBBBA.

顿别苍苍测鈥檚 Corp. (DENN) 2025 須岅硠鞐半弰 2攵勱赴 10-Q 欤检殧 雮挫毄

  • 齑� 鞓侅梾 靾橃澋鞚� 1.5% 歃濌皜頃橃棳 1鞏� 1,770毵� 雼煬毳� 旮半; 歆侅榿鞝� 毵れ稖鞚� 7% 歃濌皜頄堨溂雮� 頂勲灉彀澊歃� 氚� 霛检澊靹犾姢 靾橃澋鞚� 3.8% 臧愳唽頃�.
  • 鞁濏拡, 鞚戈贝牍�, 鞚挫瀽 牍勳毄 靸侅姽鞙茧 靾橃澋靹� 鞎曤皶: 鞓侅梾鞚挫澋鞚� 6% 臧愳唽頃� 860毵� 雼煬, 靾滌澊鞚奠潃 31% 臧愳唽頃� 250毵� 雼煬(頋劃 欤茧嫻靾滌澊鞚� $0.05) 旮半.
  • 歆侅榿鞝� 毵堨鞚� 12.5%鞐愳劀 10.4%搿� 於曥唽, 鞚措姅 鞗愳瀽鞛� 鞚疙攲霠堨澊靺�(瓿勲瀫 臧�瓴� 靸侅姽)瓿� 鞛勱笀 鞎曤牓 霑岆鞛�; 頂勲灉彀澊歃� 牍勳毄 牍勳湪鞚� 鞝勲厔 甏戧碃 頇橁笁 頉� 49.3%搿� 臧滌劆霅�.
  • 霃欖澕 鞝愴彫 毵れ稖: 顿别苍苍测鈥檚 歆侅榿鞝愳潃 氤错暕, 甑偞 頂勲灉彀澊歃堧姅 -1.4%; 碍别办别鈥檚電� 歆侅榿鞝� +3.4%, 頂勲灉彀澊歃� +4.2% 歃濌皜. 鞁滌姢韰� 鞝愴彫 靾�: 顿别苍苍测鈥檚 1,484臧�(-57雲勱皠), 碍别办别鈥檚 74臧�(+12雲勱皠).
  • 鞓侅梾頇滊彊順勱笀頋愲鞚� 1,440毵� 雼煬搿� 鞝勲厔瓿� 牍勳姺; 鞛愲掣 歆�於� 氚� 鞚胳垬鞐� 2,050毵� 雼煬 歆�於滍晿氅� 順勱笀鞚� 50毵� 雼煬 臧愳唽頃� 120毵� 雼煬臧� 霅�.
  • 須岇爠 鞁犾毄 雽�於� 靾滌皑鞛呹笀鞚� 730毵� 雼煬 歃濌皜頃� 2鞏� 6,860毵� 雼煬臧� 霅橃棃鞙茧┌, 霠堧矂毽 牍勳湪鞚� 3.98氚半 4.0氚� 鞝滍暅靹� 氚旊 鞎勲灅鞛�; 氙胳偓鞖� 頃滊弰電� 1鞏� 1,550毵� 雼煬.
  • 欤检嫕 頇橂Г: 40毵� 欤�, 160毵� 雼煬 攴滊搿� 2019雲� 鞀轨澑 鞛旍暋鞚� 8,760毵� 雼煬鞛�.
  • 鞐办磮 鞚错泟 甑“臁办爼 氚� 靻愳儊彀啇 牍勳毄鞚� 690毵� 雼煬(鞛愳偘 靻愳儊 330毵� 雼煬, 韲挫/韲挫稖 牍勳毄 370毵� 雼煬 韽暔).
  • 項れ 韽夑皜靻愳嫟搿� 雸勳爜 旮绊儉韽磩靻愳嫟鞚� 600毵� 雼煬 頇曤寑; 頇滌劚 鞀れ檻鞙茧 須岇爠 鞁犾毄 旮堧Μ臧� 5.36%搿� 雮晞歆�.

鞐办磮 雸勱硠 (26欤�): 毵れ稖 1.5% 歃濌皜頃� 2鞏� 2,930毵� 雼煬; 靾滌澊鞚奠潃 66% 臧愳唽頃� 280毵� 雼煬; 1,640毵� 雼煬鞚� 鞛愲掣 歆�於滊 鞛愳湢順勱笀頋愲鞚� 毵堨澊雱堨姢. 瓴届榿歆勳潃 牍勳毄 鞝堦皭(66氇� 臧愳洂) 瓿勴殟鞚� 鞏戈笁頃橂┌ 靸堧 鞝滌爼霅� OBBBA 靹胳牅 氤�頇旊ゼ 瓴�韱� 欷戩瀯.

Points cl茅s du 10-Q T2 FY25 de 顿别苍苍测鈥檚 Corp. (DENN)

  • Le chiffre d'affaires total a augment茅 de 1,5 % pour atteindre 117,7 millions de dollars ; les ventes des restaurants en propre ont progress茅 de 7 %, compensant une baisse de 3,8 % des revenus de franchises et licences.
  • La hausse des co没ts alimentaires, salariaux et d鈥檌nt茅r锚ts a pes茅 sur la rentabilit茅 : le r茅sultat op茅rationnel a diminu茅 de 6 % 脿 8,6 millions de dollars et le r茅sultat net a chut茅 de 31 % 脿 2,5 millions (BPA dilu茅 de 0,05 $).
  • La marge des restaurants en propre s鈥檈st contract茅e 脿 10,4 % (contre 12,5 %), impact茅e par l鈥檌nflation des mati猫res premi猫res (prix des 艙ufs) et la pression salariale ; le ratio des co没ts en franchise s鈥檈st am茅lior茅 脿 49,3 % apr猫s les remboursements publicitaires de l鈥檃nn茅e pr茅c茅dente.
  • Ventes 脿 magasins comparables : 顿别苍苍测鈥檚 en propre stable, franchise domestique -1,4 % ; 碍别办别鈥檚 +3,4 % (en propre) et +4,2 % (franchise). Unit茅s syst猫me : 顿别苍苍测鈥檚 1 484 (-57 sur un an) ; 碍别办别鈥檚 74 (+12 sur un an).
  • Les flux de tr茅sorerie op茅rationnels se sont 茅lev茅s 脿 14,4 millions (stable sur un an) ; les investissements et acquisitions de 20,5 millions ont entra卯n茅 une baisse de tr茅sorerie de 0,5 million 脿 1,2 million.
  • Les emprunts sur ligne de cr茅dit renouvelable ont augment茅 de 7,3 millions nets 脿 268,6 millions, portant l鈥檈ffet de levier 脿 3,98脳, juste en dessous du covenant de 4,0脳 ; capacit茅 inutilis茅e de 115,5 millions.
  • Rachats d鈥檃ctions : 0,4 million d鈥檃ctions pour 1,6 million, restant 87,6 millions sous l鈥檃utorisation de 2019.
  • Charges de restructuration et d茅pr茅ciations depuis le d茅but de l鈥檃nn茅e de 6,9 millions (dont 3,3 millions de d茅pr茅ciations d鈥檃ctifs, 3,7 millions de co没ts de licenciement/sortie).
  • La perte OCI cumul茅e s鈥檈st creus茅e de 6 millions suite 脿 la valorisation des couvertures ; les swaps actifs r茅duisent le taux de la ligne renouvelable 脿 5,36 %.

Ann茅e en cours (26 semaines) : chiffre d鈥檃ffaires +1,5 % 脿 229,3 millions ; r茅sultat net en baisse de 66 % 脿 2,8 millions ; flux de tr茅sorerie libre n茅gatif apr猫s 16,4 millions d鈥檌nvestissements. La direction 茅voque une initiative d鈥櫭ヽonomies (66 postes supprim茅s) et 茅tudie les changements fiscaux li茅s 脿 la nouvelle OBBBA.

顿别苍苍测鈥檚 Corp. (DENN) Q2 FY25 10-Q Highlights

  • Der Gesamtumsatz stieg um 1,5 % auf 117,7 Mio. USD; der Umsatz in eigenen Restaurants wuchs um 7 %, was einen R眉ckgang der Franchise- und Lizenzums盲tze um 3,8 % ausglich.
  • H枚here Kosten f眉r Lebensmittel, Personal und Zinsen belasteten die Profitabilit盲t: das Betriebsergebnis sank um 6 % auf 8,6 Mio. USD, der Nettogewinn fiel um 31 % auf 2,5 Mio. USD (verw盲ssertes EPS 0,05 USD).
  • Die Marge der eigenen Restaurants schrumpfte auf 10,4 % (vorher 12,5 %), verursacht durch Rohstoffinflation (Eierpreise) und Lohndruck; die Franchise-Kostenquote verbesserte sich auf 49,3 % nach Werber眉ckerstattungen im Vorjahr.
  • Umsatz auf vergleichbarer Fl盲che: 顿别苍苍测鈥檚 eigene Restaurants stabil, inl盲ndische Franchise -1,4 %; 碍别办别鈥檚 +3,4 % (eigene Restaurants) und +4,2 % (Franchise). Systemeinheiten: 顿别苍苍测鈥檚 1.484 (-57 im Jahresvergleich); 碍别办别鈥檚 74 (+12 im Jahresvergleich).
  • Der operative Cashflow betrug 14,4 Mio. USD (konstant im Jahresvergleich); Investitionen und Akquisitionen in H枚he von 20,5 Mio. USD f眉hrten zu einem Cash-R眉ckgang von 0,5 Mio. USD auf 1,2 Mio. USD.
  • Die revolvierenden Kreditaufnahmen stiegen netto um 7,3 Mio. USD auf 268,6 Mio. USD, wodurch die Verschuldungsquote auf 3,98脳 stieg 鈥� knapp unter dem Covenant von 4,0脳; nicht genutzte Kapazit盲t 115,5 Mio. USD.
  • Aktienr眉ckk盲ufe: 0,4 Mio. Aktien f眉r 1,6 Mio. USD, verbleibend 87,6 Mio. USD unter der Genehmigung von 2019.
  • Restrukturierungs- und Wertminderungsaufwendungen seit Jahresbeginn 6,9 Mio. USD (inkl. 3,3 Mio. USD Verm枚genswertabschreibungen, 3,7 Mio. USD Abfindungs-/Austrittskosten).
  • Kumulativer OCI-Verlust erweiterte sich um 6 Mio. USD aufgrund der Bewertung von Sicherungsinstrumenten; aktive Swaps senken den Revolver-Zinssatz auf 5,36 %.

Jahresverlauf (26 Wochen): Umsatz +1,5 % auf 229,3 Mio. USD; Nettogewinn um 66 % auf 2,8 Mio. USD gefallen; freier Cashflow negativ nach 16,4 Mio. USD Investitionen. Das Management nennt Kosteneinsparungen (66 Stellen gestrichen) und pr眉ft Steuer盲nderungen unter dem neu eingef眉hrten OBBBA.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Amundi
(Last) (First) (Middle)
91-93 BOULEVARD PASTEUR
(Street)
PARIS I0 75015
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Victory Capital Holdings, Inc. [ VCTR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Preferred Stock (4)(5)(6)(7) 08/01/2025 D(1)(2)(3)(6)(7) 44,026 (4)(5)(6)(7) (4)(5)(6)(7) Common Stock(4)(5)(6)(7) 44,026(3)(4)(5)(6)(7) (1)(2)(3)(6)(7) $19,786,821 I(1)(2) See Explanation of Responses(1)(2)(3)(8)(9)(10)
1. Name and Address of Reporting Person*
Amundi
(Last) (First) (Middle)
91-93 BOULEVARD PASTEUR
(Street)
PARIS I0 75015
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Amundi Asset Management SAS
(Last) (First) (Middle)
91-93 BOULEVARD PASTEUR
(Street)
PARIS I0 75015
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. On July 8, 2024, Amundi Asset Management S.A.S. ("Amundi AM"), Amundi S.A. ("Amundi S.A." together with Amundi AM, the "Reporting Persons") and Victory Capital Holdings, Inc. (the "Issuer") entered into a Contribution Agreement (the "Contribution Agreement") pursuant to which, on April 1, 2025, Amundi AM contributed, and the Issuer accepted, all of the issued and outstanding equity interests of Amundi Holdings US, Inc., a Delaware corporation and wholly-owned subsidiary of Amundi AM ("Amundi US"), in exchange for the securities in the Issuer described herein comprised of (i) 3,293,471 shares of Common Stock, par value $0.01 (the "Common Stock") representing 4.9% of the total number of shares of Common Stock issued and outstanding after giving effect to the issuance and (ii) 14,305,982 newly issued shares of non-voting convertible preferred stock of Issuer (the "Preferred Stock").
2. On May 16, 2025, Amundi AM acquired beneficial ownership of an additional 5,436,318 shares of Preferred Stock as a result of a post-closing adjustment to the Preferred Stock received by Amundi AM at the closing of the transaction, which together with the Common Stock and Preferred Stock acquired at the closing of the transaction, resulted in Amundi AM beneficially owning 26.1% of the Issuer's outstanding capital stock as of the closing date of the transaction on a fully diluted basis. On July 16, 2025, pursuant to the Shareholder Agreement (as defined in footnote 4), Amundi AM acquired beneficial ownership of an additional 88,547 shares of Preferred Stock and reduced its beneficial ownership of Common Stock by 88,547 shares pursuant to its right under the Shareholder Agreement to cause the Issuer to issue shares of Preferred Stock to Amundi AM in exchange for an equal number of shares of Common Stock.
3. On August 1, 2025, in accordance with the terms of the Contribution Agreement, Amundi AM forfeited its beneficial ownership of 44,026 shares of Preferred Stock as a result of a post-closing adjustment to the amount of Preferred Stock received by Amundi AM at the closing of the transaction pursuant to the Contribution Agreement.
4. Pursuant to the terms of the Shareholder Agreement that Amundi AM and the Issuer entered into upon the closing of the transaction on April 1, 2025 (the "Shareholder Agreement"), the Reporting Persons are not permitted to transfer shares of Common Stock or Preferred Stock beneficially owned by them until April 1, 2028, subject to certain exceptions.
5. Under the terms of the Shareholder Agreement, Amundi AM has the right to require the Issuer to nominate and use reasonable best efforts (subject to applicable law and the exercise of fiduciary duties) to have two individuals designated by Amundi AM elected to the Issuer's board of directors (the "Board") for so long as Amundi AM and its permitted transferees own at least 50% of the shares Amundi AM acquired pursuant to the Contribution Agreement and one individual designated by Amundi AM elected to the Board for so long as Amundi AM and its permitted transferees own at least 33% (but less than 50%) of the shares Amundi AM acquired pursuant to the Contribution Agreement. In accordance with the terms of the Shareholder Agreement, the Issuer appointed two individuals designated by Amundi AM to the Board on April 1, 2025.
6. The Preferred Stock is not convertible at the option of the holder and is only convertible into shares of Common Stock after a transfer: (i) in a widespread public distribution; (ii) to the Issuer; (iii) in transfers in which no transferee (or group of associated transferees) would receive two percent or more of the outstanding securities of any "class of voting shares" (as defined in 12 C.F.R. ss. 225.2(q)(3)) of the Issuer; or (iv) to a transferee that controls more than 50% of every "class of voting shares" (as defined in 12 C.F.R. ss. 225.2(q)(3)) of the Issuer without any transfer from the transferring holder of the Preferred Stock, in each case, so long as the transfer of such Preferred Stock is not to an "affiliate" (as such term is defined in the Bank Holding Company Act of 1956, as amended) of the holder of the Preferred Stock ("Automatic Transfer Conversion").
7. (continued from footnote 6) The Preferred Stock is convertible into Common Stock upon an Automatic Transfer Conversion on a one-to-one basis. Separately, Amundi AM is permitted to exchange its Common Stock for Preferred Stock at any time and will be required to exchange its Common Stock for Preferred Stock under certain circumstances as contemplated in the Shareholder Agreement. The Common Stock will be exchangeable into Preferred Stock on a one-to-one basis.
8. On July 8, 2024, Amundi AM entered into a Voting Agreement (the "Crestview Voting Agreement") with Crestview Victory, L.P. and Crestview Advisors, L.L.C. (together, "Crestview"), and a Voting Agreement (together with the Crestview Voting Agreement, the "Voting Agreements") with certain officers of the Issuer (the "Executives") and a three-person committee of employees of the Issuer (the "Employee Shareholders Committee" or the "ESC") authorized to vote the shares of Common Stock held by certain employees of the Issuer pursuant to the terms of that certain Employee Shareholders' Agreement, dated as of February 12, 2018, by and among the Issuer, the Employee Shareholders' Committee and those certain employees of the Issuer party thereto (the "Employee Shareholders' Agreement").
9. (continued from footnote 8) Pursuant to the terms of the Voting Agreements, each of Crestview and the ESC have agreed not to nominate any person for election to the Board in lieu of, or in a contested election with, such nominee of Amundi AM, for so long as Amundi AM retains the right to nominate any person for election to the Board. By virtue of the Voting Agreements, the Reporting Persons may be deemed to beneficially own the securities of the Issuer beneficially owned by Crestview and the ESC.
10. Pursuant to Rule 16a-1(a)(4) under the Securities and Exchange Act of 1934 (the "Act"), this filing shall not be deemed an admission that the Reporting Persons are, for purposes of Section 16 of the Act or otherwise, part of a "group" (within the meaning of Rule 13d-5(b)(1) under the Act) by virtue of the Voting Agreements or have beneficial ownership of the shares of Common Stock held by any party thereto.
/s/ Marc Imsel, Marc Imsel, Head of Compliance - Market Integrity of Amundi S.A. 08/04/2025
/s/ Marc Imsel, Marc Imsel, Head of Compliance - Market Integrity of Amundi Asset Management S.A.S. 08/04/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source:

FAQ

How did DENN's revenue perform in Q2 2025?

Total operating revenue increased 1.5 % to $117.7 million versus the prior-year quarter.

What was DENN's Q2 2025 earnings per share?

Diluted EPS was $0.05, down from $0.07 in Q2 2024.

What is 顿别苍苍测鈥檚 current debt level and leverage ratio?

Long-term debt stands at $268.6 million; consolidated leverage ratio is 3.98脳, just below the 4.0脳 covenant cap.

How did same-store sales trend for 顿别苍苍测鈥檚 and 碍别办别鈥檚?

Q2 2025 comps: 顿别苍苍测鈥檚 company 0.0 %, franchise -1.4 %; 碍别办别鈥檚 company +3.4 %, franchise +4.2 %.

What amount of share repurchase authorization remains for DENN?

Approximately $87.6 million remains under the $250 million program approved in 2019.
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Victory Capital

NASDAQ:VCTR

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#1989 Ranked by Market Cap
#1146 Ranked by Dividends

VCTR Latest News

Aug 7, 2025
Victory Capital Reports Strong Second-Quarter Results
Jul 10, 2025
Victory Capital Reports June 2025 Total Client Assets
Jun 26, 2025
Victory Capital Expands VictoryShares庐 Offerings with Three New ETFs
Jun 10, 2025
Victory Capital Reports May 2025 Total Client Assets and Provides Additional Information Following Close of Amundi Transaction
May 9, 2025
Victory Capital Reports April 2025 Total Client Assets

VCTR Latest SEC Filings

Aug 7, 2025
[8-K] Victory Capital Holdings, Inc. Reports Material Event
Aug 1, 2025
[SCHEDULE 13G/A] Victory Capital Holdings, Inc. SEC Filing
Jul 17, 2025
[Form 4] Victory Capital Holdings, Inc. Insider Trading Activity
Jul 14, 2025
[Form 4] Victory Capital Holdings, Inc. Insider Trading Activity
Jul 14, 2025
[Form 4] Victory Capital Holdings, Inc. Insider Trading Activity

VCTR Stock Data

4.66B
52.85M
10.07%
78.65%
3.24%
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