8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 8, 2018

WINGSTOP INC.

(Exact name of registrant as specified in its charter)

Delaware	001-37425	47-3494862
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)
5501 LBJ Freeway, 5th Floor, Dallas, Texas		75240
(Address of principal executive offices)		(Zip Code)

(972) 686-6500

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.” Consequently, it is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Securities Exchange Act of 1934 or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

On January 8, 2018, Wingstop Inc. (the "Company") issued a press release announcing certain financial results for its fourth fiscal quarter ended December 30, 2017. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein in its entirety.

Item 7.01 Regulation FD Disclosure

As previously announced, Wingstop Inc. (the “Company”) plans to present at the 2018 ICR Conference on January 9, 2018. The presentation will be webcast live and later archived on the investor relations section of the Company's website at ir.wingstop.com under the 'News & Events' section. A copy of the Company’s presentation materials to be used for the conference are attached hereto and furnished as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits

(d)    Exhibits

99.1    Press release, dated January 8, 2018 (furnished to the Commission as part of this Form 8-K).

99.2    Investor presentation materials, dated January 2018.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Wingstop Inc.
			(Registrant)
Date:	January 8, 2018	By:	/s/ Michael J. Skipworth
			Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release, dated January 8, 2018.
99.2	Investor presentation materials, dated January 2018.

EX-99.1

FOR IMMEDIATE RELEASE

Wingstop Inc. Releases Preliminary Fiscal Fourth Quarter 2017 Sales Results

Reports 13.5% Unit Growth and 5.2% Domestic Same Store Sales Growth

Dallas, TX. January 8, 2018 - (GLOBE NEWSWIRE) - Wingstop Inc. (“Wingstop” or the “Company”) (NASDAQ: WING) today released preliminary unaudited sales results for the fiscal fourth quarter and full year 2017 periods ended December 30, 2017.

Highlights for the fiscal fourth quarter 2017 as compared to the fiscal fourth quarter 2016 (on a 13-week basis):

▪ System-wide restaurant count increased 13.5% to 1,133 worldwide locations with 45 net openings

▪ Domestic same store sales increased 5.2%

▪ Company-owned restaurant same store sales increased 4.6%

▪ System-wide sales increased 15.6% to approximately $285 million

Highlights for the fiscal year 2017 as compared to the fiscal year 2016 (on a 52-week basis):

▪ 135 net openings in fiscal year 2017

▪ Domestic same store sales increased 2.6%

▪ Company-owned restaurant same store sales increased 1.6%

▪ System-wide sales increased 14.0% to approximately $1.1 billion

Note fiscal year 2016 contained an extra week in the fourth quarter, resulting in incremental revenue in the comparable periods, which had 14 and 53 weeks, respectively.

As of December 30, 2017, there were 1,133 Wingstop restaurants system-wide. This included 1,027 restaurants in the United States, of which 1,004 were franchised restaurants and 23 were company-owned. Our international footprint consisted of 106 franchised restaurants across eight countries.

Chairman and Chief Executive Officer Charlie Morrison stated, “Overcoming the challenges that we faced in 2017, including record wing inflation over 40% and post-election consumer sentiment is a testament of the strength of our brand and business model. Despite those challenges, we achieved 13.5% unit growth, recorded our 14th consecutive year of same store sales growth and ended the year with fourth quarter same store sales growth of 5.2%, resulting in 2017 system-wide sales of $1.1 billion. The resilience of our team members and franchisees helped make these strong results possible.” Morrison continued, “our achievements in 2017 reflect our focus on four key long-term growth strategies: national advertising, digital expansion, delivery and international development which we believe will position us to achieve our vision of becoming a top 10 global restaurant brand.”

ICR Conference Participation

Beginning today, Monday, January 8^th, Wingstop will be participating at the 20th Annual ICR Conference at the Grande Lakes Hotel & Resort in Orlando, FL.

The Company will host investor meetings on Monday, January 8th and Tuesday, January 9th as well as webcast its presentation beginning at 3:00 PM ET on Tuesday, January 9th. The presentation will be webcast live and later archived on the investor relations section of Wingstop's corporate website at ir.wingstop.com under the 'News & Events' section.

The following definitions apply to these terms as used in this release:

Same store sales reflects the change in year-over-year sales for the comparable restaurant base. We define the comparable restaurant base to include those restaurants open for at least 52 full weeks. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and closures.

System-wide sales represents net sales for all of our company-owned and franchised restaurants, as reported by franchisees.

About Wingstop

Founded in 1994 and headquartered in Dallas, Texas, Wingstop Inc. (NASDAQ:WING) operates and franchises more than 1,100 restaurants across the United States, Mexico, Singapore, the Philippines, Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Colombia. The Wing Experts’ menu features classic and boneless wings with 11 bold, distinctive flavors including Original Hot, Cajun, Atomic, Mild, Teriyaki, Lemon Pepper, Hawaiian, Garlic Parmesan, Hickory Smoked BBQ, Louisiana Rub, and Mango Habanero. Wingstop’s wings are always cooked to order, hand-sauced and tossed and served with a variety of house-made sides including fresh-cut, seasoned fries. Having grown its domestic same store sales for 13 consecutive years, the Company has been ranked #3 on the “Top 100 Fastest Growing Restaurant Chains” by Nation’s Restaurant News (2016), #7 on the “Top 40 Fast Casual Chains” by Restaurant Business (2016), and was named “Best Franchise Deal in North America” by QSR magazine (2014). Wingstop was ranked #88 on Fortune’s 100 Best Medium Workplaces list in October 2016. For more information visit www.wingstop.com or www.wingstopfranchise.com. Follow us onfacebook.com/Wingstop and Twitter @Wingstop.

Media Contact

Brian Bell

972-707-3956

bbell@wingstop.com

Investor Contact

Raphael Gross

203-682-8253

raphael.gross@icrinc.com

Forward-looking Information

Certain statements contained in this news release, as well as other information provided from time to time by Wingstop Inc. or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “guidance,” “anticipate,” “estimate,” “expect,” “forecast,” “project,” “plan,” “intend,” “believe,” “confident,” “may,” “should,” “can have,” “likely,” “future” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Examples of forward-looking statements in this news release include our anticipated potential restaurant expansion opportunities and progress toward our goal of becoming a top 10 global restaurant brand.

Any such forward-looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company’s control) and assumptions. Although we believe any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results and cause them to differ materially from those anticipated in any forward-looking statements. Further, we have not yet completed closing procedures for fiscal fourth quarter or full year 2017, and our independent registered public accounting firm has not yet reviewed or audited the results. Accordingly, these preliminary results are subject to change pending finalization, and actual results could differ materially as we finalize such results. Please refer to the risk factors discussed in our Form 10-K for the year ended December 31, 2016, which can be found at the SEC’s website www.sec.gov. The discussion of these risks is specifically incorporated by reference into this news release.

Any forward-looking statement made by Wingstop Inc. in this press release speaks only as of the date on which it is made. We undertake no obligation to update any forward looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

EX-99.2

0 JANUARY 2018 INVESTOR PRESENTATION

1 Forward-Looking Statements This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this presentation are forward-looking statements. Forward-looking statements give Wingstop Inc.’s (the “Company”) current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. The forward-looking statements contained in this presentation are based on assumptions that the Company has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond its control) and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. The Company believes these factors include, but are not limited to, those described under the sections “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, the Company’s actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which it is made. Factors or events that could cause the Company’s actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Non-GAAP Financial Measures This presentation contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. The Company has provided a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income in the Appendix to this presentation. Adjusted EBITDA is presented because management believes that such financial measure, when viewed with the Company’s results of operations presented in accordance with GAAP and the reconciliation of Adjusted EBITDA to net income, provides additional information to investors about certain material non-cash items and about unusual items that the Company does not expect to continue at the same level in the future. Adjusted EBITDA is used by investors as a supplemental measure to evaluate the overall operating performance of companies in the Company’s industry, but you should not consider it in isolation, or as a substitute for analysis of results as reported in accordance with GAAP. The Company’s calculation of Adjusted EBITDA may not be comparable to that reported by other companies. For additional information about the Company’s non-GAAP financial measures, see the Company’s filings with the SEC. FORWARD-LOOKING STATEMENTS

2 CATEGORY OF ONE

3 Challenging Backdrop • 40%+ wing inflation with record wing costs; peak food cost impact of 680 bps • Post-election environment resulted in negative Q1 SSS • 135(2) net new openings; 13.5%(1) growth • 14th consecutive year of positive SSS • Q4 SSS growth of 5.2% • Q4 system-wide sales growth of 15.6% • 2017 System-wide sales of $1.1 billion • Successfully launched national advertising • Testing delivery in 3 diverse markets • Initiated regular dividend: targeted at 40% of FCF(3) 2017 TESTED THE STRENGTH OF OUR MODEL Note: (1) Based on preliminary results released on January 8, 2018. (2) Based on restaurant count as of 12/30/17. (3) FCF is defined as net income plus depreciation & amortization, stock compensation and changes in working capital less capital expenditures and required debt payments. Key Highlights (1)

4 LONG TRACK RECORD OF OUTSTANDING RESULTS CONTINUES Notes: (1) Three-year period ended September 30, 2017. (2) Refer to Adjusted EBITDA reconciliation in Appendix. 3 Year CAGR(1) Unit Development 17% System-Wide Sales 18% Revenue 15% Adjusted EBITDA(2) 20%

5 Source: Company filings. Notes: (1) Domestic system-wide (2) Americas (3) Total System (4) North America 2014 2013 2012 2012 – 2016 Stacked Same Store Sales SSS OUTPACE TOP INDUSTRY BRANDS 2015 (1) (1) (3) (1) (1) (3) (4) (3) (1) (2) 47.3% 38.5% 29.0% 19.7% 17.0% 16.7% 14.0% 12.1% 9.8% 3.2% 2.0% (3) 2016 3.2% 7.9% 12.5% 9.9% 13.8%

6 LONG-TERM GROWTH DRIVERS National Advertising Digital Expansion Delivery International

7 NATIONAL ADVERTISING NATIONAL ADVERTISING

8 SUCCESSFUL NATIONAL ADVERTISING ROLLOUT WITH UPSIDE OPPORTUNITY 2017 National Advertising Launch • Launched mid-February • Reach of 80% adults 18-49 • Cadence of 2-3 weeks on/off • Aided brand awareness improvement of 500 bps 2017 2018 2019 Future of National Ad Fund • National Ad Fund will grow with system-wide sales • Designed to provide multi-year benefit • Opportunity to increase contribution from 3% to 4% in 2019 -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% System Sales Comp vs. APT Index vs. Sales Index SSS % APT Sales Index

9 4.9% 6.5% 4.6% -2.1% -9.1% -9.6% -6.6% 6.9% -4.7% 12.1% -2.6% -8.9% -12.1% -5.5% -9.7% -4.6% -8.6% -9.2% -8.7% -12.2% -12.7% -15.5% -5.5% -5.3% -9.2% -10.5% -11.8% -3.4% -10.6% -6.6% -15.8% -4.5% -16.8% -11.8% -9.0% -5.7% -9.3% -17% to -12% -12% to -8% -8% to 0% 0% to 5% 5% to 13% Wingstop SSS variance to the APT Index - four weeks ended February 11, 2017 SALES TRENDS PRE-NATIONAL ADVERTISING ROLLOUT Source: APT Index. SSS variances compare Wingstop stores to APT index stores in those markets.

10 7.1% 30.9% 1.7% 11.4% 11.9% 27.4% 3.0% 7.9% 10.9% 4.3% 11.1% 1.0% 7.5% 10.6% 30.4% 17.0% 55.3% 8.3% 17.9% 6.7% 14.2% 7.9% 11.4% 9.8% 22.9% 23.6% 17.3% 32.6% 32.9% 7.2% 4.6% 25.4% 16.4% 27.3% 9.5% 22.8% 1.5% Wingstop SSS variance to the APT Index - four weeks ended December 16, 2017 SALES TRENDS POST-NATIONAL ADVERTISING ROLLOUT Source: APT Index. SSS variances compare Wingstop stores to APT index stores in those markets. -10% to 0% 0% to 5% 5% to 10% 10% to 20% 20%+

11 DELIVERY

12 • Initial test market of Las Vegas market experienced 10%+ incremental sales lift • Expanded test in late Q4 to Chicago and Austin markets • Strategic partnership with DoorDash • Likely rollout market-by-market beginning late 2018 / early 2019 EARLY SUCCESS IN INITIAL DELIVERY TEST MARKETS -10.00 % -5.00 % 0.00 % 5.00 % 10.00 % 15.00 % 20.00 % 25.00 % 30.00 % W e ek 1 W e ek 3 W e ek 5 W e ek 7 W e ek 9 W e ek 1 1 W e ek 1 3 W e ek 1 5 W e ek 1 7 W e ek 1 9 W e ek 2 1 W e ek 2 3 W e ek 2 5 W e ek 2 7 W e ek 2 9 W e ek 3 1 W e ek 3 3 W e ek 3 5 W e ek 3 7 W e ek 3 9 Las Vegas Market SSS Growth 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% W k7 W k9 W k1 1 W k1 3 W k1 5 W k1 7 W k1 9 W k2 1 W k2 3 W k2 5 W k2 7 W k2 9 W k3 1 W k3 3 W k3 5 W k3 7 W k3 9 W k4 1 Las Vegas Market Digital Sales Mix Vegas Online Pickup Marketplace Delivery Wingstop.com Delivery System Online Pickup

13 DIGITAL

14 16% 17% 18% 19% 20% 21% 22% - 50 100 150 200 250 300 350 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 T o tal O n line S al e s % S to re C o u n t Less than 10% Between 10-15% Between 15-20% Between 20-25% Greater than 25% Total Digital Sales % POISED FOR CONTINUED DIGITAL GROWTH Sources: (1) As of quarter ended 9/30/17 for Domestic restaurants. (2) OLO. • 75% take-out • ~50% phone orders • $5 higher digital average ticket (1) • Q4 digital sales of 23% vs. fast casual average of 6%(2) 60% Wingstop Restaurants > 20% Digital Sales(1)

15 ON OUR WAY TO BEST IN CLASS DIGITAL SALES Sources: (1) Q4 2016 earnings call transcript. (2) Papa John’s Investor Presentation, Nov 2017. (3) Q3 2017 earnings call transcript. (4) Q4 2017 earnings call transcript. (1) (2) (3) (3) (3) (3) 0% 10% 20% 30% 40% 50% 60% (4) Potential impact from delivery 2019 annual growth of 400 bps 2018 annual growth of 400 bps D ig ita l S a les %

16 MEETING DIGITAL GUESTS WHERE THEY ARE First to launch: • Bot technology and customizable ordering on Facebook Messenger, Twitter and Amazon Alexa • Order directly from your GM vehicle via OnStar Marketplace

17 INTERNATIONAL

18 VISION: TOP 10 GLOBAL RESTAURANT BRAND Note: Unit counts as shown on most recent 10-Q or 10-K, except for the following: (1) Source - http://www.subway.com/en-us/exploreourworld 25.8 14.2 13.9 4.2 7.6 7.2 5.5 9.0 2.6 6.7 6.5 18.3 22.7 13.4 16.9 8.9 8.6 8.9 3.4 5.4 44.1 36.9 27.3 21.1 16.6 15.7 14.4 12.4 7.9 6.7 6.5 1 2 3 4 5 6 7 8 9 10 11 International Units US Units (1) (unit count in thousands)

19 STRONG EMERGING INTERNATIONAL BUSINESS Market (Date Open) Current Store Count (1) Potential Store Count (2) Mexico (11/09) 60 200 Indonesia (6/14) 21 75 Philippines (7/14) 11 50 Singapore (12/13) 5 15 UAE (4/15) 4 20 Malaysia (6/17) 2 50 Saudi Arabia (7/17) 1 125 Colombia (12/17) 2 30 Panama (2018) - 20 United Kingdom (2018) - 150 Australia/New Zealand (2018) - 175 France (2018) - 125 Totals 106 1,035 Business Performance • Accelerating sales to investment ratio • Solid unit economics • Restaurants operating in 8 countries (outside of the US) • Commitment agreements for 5 additional countries to open 2018 – 2019 Note: (1) Unit data as of 12/30/17. (2) Potential store count based on Company and franchisee estimates.

20 COMPELLING SSS GROWTH AND UNIT LEVEL ECONOMICS 4.9% 11.2% 13.4% 3.9% 15.3% 9.9% 2012 2013 2014 2015 2016 2017 International SSS(1) Momentum Market Sales to Investment Ratio (2) Mexico 2.0:1 Indonesia 2.0:1 Philippines 1.5:1 Singapore 3.5:1 UAE 1.5:1 Malaysia 4.0:1 Saudi Arabia 2.0:1 United States 3.0:1 Solid Unit Level Economics Note: (1) International sales exclude the impact of foreign currency exchange rate changes. (2) Sales to investment ratio is based on fiscal 2017 sales / avg. investment cost as reported by the franchisee. 6th Consecutive Year of Positive SSS Growth

21 FAST CASUAL SPORTS – CASUAL DINING • Contemporary design • Order at counter • Table delivery and beer (optional) • Digital menu boards • 50-70 seats • Sports theme design • Table service • Full bar • 20+ TV monitors & audio • 150-200 seats WITH PROVEN PORTABILITY TO MEET LOCAL MARKET NEEDS

22 • First Wingstop Opened in 2009 • 60 restaurants as of 12/30/2017 • Sports – Casual Dining Model • Clear market leader chicken wing concept 10 14 18 24 34 44 60 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 PROVEN INTERNATIONAL MODEL - MEXICO Total Store Count AUV and Same Store Sales Growth Market Overview 6.4% 14.7% 15.3% 4.7% 14.3% 8.3% 8.5% AUV

23 5 10 15 21 2014 2015 2016 2017 2015 2016 2017 PROVEN INTERNATIONAL MODEL - INDONESIA Total Store Count AUV and Same Store Sales Growth • First Wingstop Opened in 2014 • 21 restaurants as of 12/30/2017 • Fast Casual Model • 20%+ Delivery Sales Mix 22% 35% 23% AUV Market Overview

24 Americas Market Consumption Brazil 39kg Canada 32kg Colombia/Panama 31kg PROVEN PORTABILITY WITH SIGNIFICANT WHITESPACE Source: EOCD-FAO Agricultural Outlook 2015. Note: (1) Unit data as of Q3’15; Poultry consumption in estimated average kilograms per capita from 2012 to 2014. Signed/to be launched by mid-2018 Targeted for late 2018 to 2021 Current market Africa Market Consumption South Africa 31kg Asia Market Consumption Malaysia 41kg Australia 39kg New Zealand 35kg China 12kg India 2kg Europe Market Consumption Poland 27kg Ireland 23kg France 16kg Germany 12kg United Kingdom 11kg Middle East Market Consumption Saudi Arabia 44kg Kuwait 32kg Bahrain 24kg

25 Distrito Federal, Mexico

26 Distrito Federal, Mexico

27 Manila, Philippines

28 LONG-TERM GROWTH DRIVERS National Advertising Digital Expansion Delivery International

29 53 64 82 118 139 115 4 10 20 24 20 32 57 74 102 142 159 147 2012 2013 2014 2015 2016 2017 Domestic International 274 363 503 530 518 445 107 136 268 249 359 596 381 499 771 779 877 1041 2012 2013 2014 2015 2016 2017 Domestic International GLOBAL MOMENTUM Global Gross New Unit Openings Global Restaurant Opening Commitments

30 FAVORABLE TRENDS IN WINGS Fresh Jumbo Wing Price Per Pound $1.25 $1.35 $1.45 $1.55 $1.65 $1.75 $1.85 $1.95 $2.05 $2.15 $2.25 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2016 2017

31 Franchisee Year 2 Target(1) Domestic System Average(4) Unit Economics AUV $890k $1.1M Investment Cost(2) $370k Unlevered Year 2 COC Return(3) 35%-40% 50%+ BEST IN CLASS UNIT LEVEL ECONOMICS Notes: (1) AUV based on year 2 sales volumes for the 2014 vintage years. (2) Investment cost based on last 2 fiscal years actual costs; excludes pre-opening and working capital. (3) Average store economics are internal Company estimates based on unaudited results reported by franchise owners. (4) As of 9/30/17.

32 5.2x 2.4x 5.0x 3.4x Q1 2015 Post Recap. Q2 2016 Q2 2016 Pro- Forma Q3 2017 97.1 95.9 94.0 90.6 71.4 EBITDA Growth and Cash Generation Support Return of Capital and Deleveraging (5) $1.83 Per Share Dividend (2) (2) (4) % LTM Q3 2017 Cash Conversion(1) $2.90 Per Share Dividend Net Debt / LTM Adjusted EBITDA(3) SHAREHOLDER FRIENDLY MODEL Source: Public company filings. Notes: (1) Defined as (EBITDA – CapEx) / EBITDA. (2) Calculations use Adj. EBITDA. (3) Leverage = Net Debt / LTM Adjusted EBITDA. (Refer to appendix for reconciliation.) (4) LTM Q3 Capex of $2.4 million is adjusted for store acquisitions. (5) Primary proceeds were used to pay a $2.90 per share special cash dividend. (Refer to appendix for Pro-Forma reconciliation.)

33 Disciplined Unit Growth Strong Same Store Sales Growth Steady, Reliable Profit Growth + = ATTRACTIVE BUSINESS MODEL LONG-TERM GROWTH TARGETS UNIQUELY POSITIONED FRANCHISE MODEL LONG-TERM FINANCIAL TARGETS* *These are not projections; they are goals and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section in our Form 10-K and other filings with the SEC. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. • 10%+ annual unit growth • Becoming a top 10 global restaurant brand • Low single digit annual growth • Online ordering • National advertising • 13%-15% Adjusted EBITDA growth • 18%-20% Net Income / EPS growth • Strong free cash flow and conversion

34 APPENDIX

35 (1) In $000s Year Ended Dec. 28, 2013 Year Ended Dec. 27, 2014 Year Ended Dec. 26, 2015 Year Ended Dec. 31, 2016 YTD Sept. 26, 2015 YTD Sept. 24, 2016 YTD Sept. 30, 2017 Net income 7,530 8,986 10,106 15,434 6,311 11,122 16,807 Interest expense, net 2,863 3,684 3,477 4,396 2,764 2,858 3,908 Income tax expense 4,493 5,312 5,739 9,119 3,753 6,714 6,161 Depreciation and amortization 3,030 2,904 2,682 3,008 1,944 2,187 2,407 EBITDA 17,916 20,886 22,004 31,957 14,772 22,881 29,283 Adjustments Management agreement termination fee(1) – – 3,297 – 3,297 – – Management fees(2) 436 449 237 – 237 – – Transaction costs(3) 395 2,169 2,186 2,388 2,186 2,272 – Gains and losses on disposal of assets(4) – (86) – – – – – Stock-based compensation expense(5) 748 960 1,155 1,231 492 392 894 Adjusted EBITDA 19,495 24,378 28,879 35,576 20,984 25,545 30,177 HISTORICAL ADJUSTED EBITDA RECONCILIATION Notes: (1) One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC. (2) Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC. (3) Represents costs and expenses related to refinancings of our credit agreement and our public offerings. (4) Represents non-cash gains and losses resulting from the sale of company-owned restaurants to a franchisee and associated goodwill impairment. (5) Includes non-cash, stock-based compensation.

36 In $000s June 25, 2016 Adjustments for Refinance and Dividend(1) Q2 Pro-Forma Ending Balance September 30, 2017 Total Debt 85,500 79,500 165,000 140,625 Cash and Cash Equivalents 10,014 (3,684) 6,330 4,589 Net debt 75,486 83,184 158,670 136,036 NET DEBT RECONCILIATION Note: (1) Adjusted for proceeds from the new senior secured debt facility and available cash used to fund the special cash dividend.