Denny's is a full-service, family dining restaurant chain — "America's Diner" — built around affordable, all-day breakfast served in a casual, 24/7 environment. The brand's flagship offering is the Grand Slam breakfast, and Denny's targets value-conscious consumers, with roughly 70% of guests having household incomes at or below $75K. Denny's also owns Keke's Breakfast Cafe, a smaller daytime-only breakfast concept concentrated in Florida but expanding to new states. Denny's operates an asset-light, franchise-heavy model: 96% of its 1,499 Denny's locations are franchised, with franchisees paying royalties of up to 4.50% of gross sales. Keke's had 69 locations, 80% franchised. Franchise royalties and fees are the primary revenue driver; the company also owns 75 restaurants across both brands, which carry far lower margins than the franchise business. The key revenue driver is system-wide same-restaurant sales, which flow through directly to royalty income. Near-term strategy focuses on traffic recovery through a tiered value menu ($2/$4/$6/$8 platform), a remodel program (Diner 2.0) that showed a 6.5% traffic lift in testing, and three virtual brands operating out of existing kitchens. For Keke's, Denny's is opening company-operated cafes in new markets and then refranchising them over time. Denny's also runs an active share repurchase program, having returned over $700M since 2010.