THE WEEK THAT WAS, ENDING FEBRUARY 7th – SIX EARNINGS REPORTS – JUST ONE UPGRADE – with relevant transcripts – EARNINGS SEASON HEATS UP (further) IN COMING WEEK WITH 9 REPORTS

PREVIOUSLY REPORTING: ONE UPGRADE: DENNY’S UPGRADED FROM NEUTRAL TO OUTPERFORM (AT WEDBUSH)

OTHERWISE:

McDonald’s maintained at Neutral by 1 firm.

Wendy’s maintained at Sell by 1 firm.

Cheesecake Factory maintained at Buy by 1 firm.

COMPANIES REPORTING DURING WEEK: CHIPOTLE, NATHAN’S, YUM CHINA, YUM BRANDS, VALVOLINE, GOOD TIMES RESTAURANTS

YUM BRANDS: maintained with Neutral ratings at 3 firms, Positive rating at 1 firm

CHIPOTLE MEXICAN GRILL: maintained with Neutral ratings at 3 firms, Positive at 5 firms.

VALVOLINE: maintained at Outperform at 1 firm.

No ratings changes and virtually no coverage, except ours, at Good Times Restaurants and Nathan’s Famous.

Conference call transcripts are below for all companies reporting in prior weeks with ratings changes (Denny’s), Initiations (none), or companies reporting in THE WEEK THAT WAS: (CHIPOTLE, YUM CHINA, YUM BRANDS, VALVOLINE, GOOD TIMES RESTAURANTS – no conference call or transcript at Nathan’s Famous) )

TRANSCRIPTS:

CHIPOTLE MEXICAN GRILL (CMG)

Chipotle Mexican Grill, Inc. (CMG) Q4 2024 Earnings Call Transcript _ Seeking Alpha

YUM CHINA (YUMC)

Yum China Holdings, Inc. (YUMC) Q4 2024 Earnings Call Transcript _ Seeking Alpha

YUM BRANDS (YUM)

Yum! Brands (YUM) Q4 2024 Earnings Call Transcript _ Seeking Alpha

VALVOLINE (VVV)

Valvoline Inc. (VVV) Q1 2025 Earnings Call Transcript _ Seeking Alpha

Valvoline Inc. 2025 Q1 – Results – Earnings Call Presentation (NYSE _ VVV) _ Seeking

GOOD TIMES RESTAURANTS (GTIM)

Good Times Restaurants Inc. (GTIM) Q1 2025 Earnings Call Transcript _ Seeking Alpha