Thermometer

Dashboard: July 2021

• Possible Pause from Astounding 2Q Sales Results
• Drive-Thrus Back in Favor
• FSR Feels Need to Discount More So Than QSR
• Food Inflation & Labor Shortages are a Thing

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Dashboard: June 2021

• Sales Recovery Getting Industry Back to 2019 Levels
• Lumber & Cheese Prices Tank Despite Broader Inflation
• Franchisee EBITDA Multiple Valuations on Track for Full Recovery

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Dashboard: May 2021

• 2Q quarter to date sales momentum on a 2-yr. stacked basis looks strong as the vast majority of restaurants are now open for dine-in and capacity constraints diminish across the country.
• Commodity Inflation Aggravated by Act of Terror.
• More sellers are coming to market, driven by improving sales & profit and by the prospect of a significant increase in the capital gains tax.

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