Investor Presentaiton
Denny's
SOLID BALANCE SHEET WITH FLEXIBILITY
Growing Adjusted EBITDA* Enables Higher Leverage while Maintaining
Financial Flexibility to Make Investments and Return Capital to Shareholders
Total Debt ($ Millions)
3.5x
$600
2x to 3x Total Debt to
3.0x
Adjusted EBITDA* Ratio Target
$500
2.5x
$400
2.0x
$300
1.5x
$200
1.0x
$100
0.5x
0.0x
$0
2010
2011
2012
2013 2014 2015
2016
Total Debt /
Adjusted EBITDA*
Total Debt* Total Debt / Adjusted EBITDA*
* See Appendix for non-GAAP financial reconciliations of Net Income to Adjusted EBITDA, Adjusted Income Before Taxes, Adjusted Net Income, Adjusted Net
Income per Share (also called Adjusted Earnings per Share), and Free Cash Flow. Total Debt is Gross Debt including Capital Lease Obligations.
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