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What is the Federal Government’s Job?

What is the Federal Government’s Job?

A couple of weeks ago we conducted a thought experiment in which the government became a nonprofit, and this week we propose another thought experiment in which the government becomes a public corporation. We suggest that this could provide very useful input into the debt ceiling debate.

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The Importance of Free Cash Flow in Financial Analysis

The Importance of Free Cash Flow in Financial Analysis

Cash represents the lifeblood of all business enterprises which is why it is important to analyze free cash flow which we define as operating cash flow minus capex, dividends, and stock buybacks. We illustrate DoorDash as an example of why cash flow analysis is so important.

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Lessons From Tucker Carlson

Lessons From Tucker Carlson

There are many theories about why Fox booted Tucker Carlson, but it may be a very simple reason which can instruct everyone involved in the consumer retail segment.

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It is Imperative that Climate Change Regs Incorporate Economic Reality

It is Imperative that Climate Change Regs Incorporate Economic Reality

This week we spotlight efforts by international agencies to lower the earth’s temperature by imposing onerous regulations on energy producers. We suggest it will be better to: begin a process of implementing continuous improvements designed to support both economic & climate progress; and use international organizations to share tech & best practices as opposed to providing them with regulatory powers best left to individual nation-states.   

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RR 2023 Wendy’s Report

RR 2023 Wendy’s Report

While Wendy’s has done well to magnify its significant menu prowess sufficient to generate a respectable +18% cumulative U.S. comp growth from 2019 – 2022, the chain must continue to work to translate its QSR+ positioning into increased frequency from a higher income demo sufficient to drive a higher check and store level profits.

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RR 2023 IHOP Report

RR 2023 IHOP Report

IHOP is well positioned as the largest player in the $1B+ family chain segment with 30% market share and the largest marketing budget in the segment. The chain is well known for: an unexpected twist on “all things breakfast, any time of the day”; world famous pancakes; flavored syrups; and the never empty coffee pot.

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Burger King’s Largest Franchisee Reports Strong 1Q23 Results

Burger King’s Largest Franchisee Reports Strong 1Q23 Results

1Q23 comps increased +11.7% y/y (+9.7% price, +3.3% mix & -1.1% traffic), helped by a 7% reduction in discount mix & late-night traffic strength. The best 1Q restaurant-level adjusted EBITDA margin in 5 years (12.2%) reflected strong sales, moderating inflation & improved operational efficiencies.

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Wendy’s 1Q23 System Comps Increased +7.2% Y/Y

Wendy’s 1Q23 System Comps Increased +7.2% Y/Y

Wendy’s reported that net disposable income is a big driver of restaurant sales & noted that decreasing grocery price inflation should drive net disposable income higher. Also, while traffic is flat for the under $75k consumer, traffic is growing for the over $75k demo.

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RR Report McDonald’s 2023

RR Report McDonald’s 2023

While McDonald’s is well positioned for the long-term with solid execution around sound fundamentals, the current macro environment may prompt its core value-oriented customers to demand more deals and concessions than the system is prepared for.

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