Papa John's Announces Fourth Quarter and Full Year 2014 Results
2015 Operating Assumptions and Earnings Guidance Announced
Highlights
-
Fourth quarter earnings per diluted share of
$0.52 in 2014 compared to$0.41 in 2013, an increase of 26.8%; Earnings per diluted common share of$1.75 for the full year increased 12.9% over earnings per diluted common share of$1.55 for 2013 -
System-wide comparable sales increases of 4.1% for
North America and 8.9% for International for the fourth quarter; System-wide comparable sales increases of 6.7% forNorth America and 7.4% for International for the full year -
126 net global restaurant openings in the fourth quarter and 235
for the full year, of which 181 were International and 54 were in
North America
"I'd like to congratulate our corporate and franchise operators, who
drove outstanding comparable sales to overcome a historically difficult
commodity environment and deliver another record year for Papa John's,"
said Papa John's founder, chairman, president and CEO,
Fourth quarter 2014 revenues were
Full year 2014 revenues were
Three Months Ended | Year Ended | ||||||||||||||
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Global restaurant sales growth (a) | 6.6 | % | 4.8 | % | 9.8 | % | 6.2 | % | |||||||
Global restaurant sales growth, excluding the | |||||||||||||||
impact of foreign currency (a) | 8.2 | % | 12.9 | % | 10.6 | % | 8.7 | % | |||||||
Comparable sales growth (b) | |||||||||||||||
Domestic company-owned restaurants | 5.9 | % | 11.5 | % | 8.2 | % | 6.6 | % | |||||||
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3.4 | % | 8.1 | % | 6.2 | % | 3.1 | % | |||||||
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4.1 | % | 9.0 | % | 6.7 | % | 4.0 | % | |||||||
System-wide international restaurants | 8.9 | % | 7.0 | % | 7.4 | % | 7.5 | % | |||||||
(a) Includes both company-owned and franchised restaurant sales.
(b) Represents the change in year-over-year sales for the same base of
restaurants for the same fiscal periods. Comparable sales results for
restaurants operating outside of
We believe global restaurant and comparable sales growth information, as
defined in the table above, is useful in analyzing our results since our
franchisees pay royalties that are based on a percentage of franchise
sales. Franchise sales generate commissary revenue in
Revenue and Operating Highlights
All revenue and operating highlights below are compared to the same period of the prior year, unless otherwise noted.
Revenue Highlights
Consolidated revenues increased
-
Domestic company-owned restaurant sales increased
$15.0 million , or 8.8%, and$66.5 million , or 10.5%, for the fourth quarter and full year 2014, respectively, primarily due to increases of 5.9% and 8.2% in comparable sales. -
North America franchise royalty revenue increased approximately$2.4 million , or 11.3%, and$7.8 million , or 9.5%, for the fourth quarter and full year 2014, respectively, primarily due to increases of 3.4% and 6.2% in comparable sales and due to reduced levels of performance-based royalty incentives. -
Domestic commissary sales increased
$8.7 million , or 5.6%, and$50.6 million , or 8.7%, for the fourth quarter and full year 2014, respectively, due to increases in the prices of certain commodities, primarily cheese and meats, and higher overall margins. Additionally, higher sales volumes contributed to the full-year increase. -
Other sales increased
$9.8 million , or 66.4%, and$20.9 million , or 39.1%, for the fourth quarter and full year 2014, respectively, primarily due to point-of-sale system ("FOCUS") equipment sales to franchisees. See the "FOCUS Update" section for additional information. -
International revenues increased
$1.7 million , or 6.6%, and$13.8 million , or 15.6%, for the fourth quarter and full year of 2014, primarily due to increases in the number of restaurants and increases in comparable sales of 8.9% and 7.4%, respectively, calculated on a constant dollar basis. The fourth quarter of 2013 included an additional month of revenues at ourChina company-owned operations as we changed the reporting cycle in the fourth quarter of 2013 to no longer consolidate the results one month in arrears. The impact of this change resulted in incremental revenues of$2.1 million in 2013.
Operating Highlights
The table below summarizes income before income taxes on a reporting segment basis:
Three Months Ended | Year Ended | |||||||||||||||||||||||||||
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Increase |
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Increase | |||||||||||||||||||||||
(In thousands) | 2014 | 2013 | (Decrease) | 2014 | 2013 | (Decrease) | ||||||||||||||||||||||
Domestic company-owned restaurants | $ | 8,900 | $ | 9,924 | $ | (1,024 | ) | $ | 40,969 | $ | 34,590 | $ | 6,379 | |||||||||||||||
Domestic commissaries | 13,143 | 11,526 | 1,617 | 39,317 | 37,804 | 1,513 | ||||||||||||||||||||||
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20,620 | 18,067 | 2,553 | 77,009 | 70,201 | 6,808 | ||||||||||||||||||||||
International | 3,179 | 651 | 2,528 | 7,250 | 2,803 | 4,447 | ||||||||||||||||||||||
All others | 141 | 1,088 | (947 | ) | (9 | ) | 3,490 | (3,499 | ) | |||||||||||||||||||
Unallocated corporate expenses | (14,035 | ) | (12,550 | ) | (1,485 | ) | (49,440 | ) | (41,025 | ) | (8,415 | ) | ||||||||||||||||
Elimination of intersegment losses (profits) | 443 | (765 | ) | 1,208 | (841 | ) | (1,754 | ) | 913 | |||||||||||||||||||
Total income before income taxes (a) | $ | 32,391 |
$ |
27,941 |
$ | 4,450 | $ | 114,255 | $ | 106,109 | $ | 8,146 | ||||||||||||||||
(a) Includes FOCUS system rollout costs of approximately
Total income before income taxes and other measures excluding FOCUS
system rollout costs included within this press release are not measures
defined by accounting principles generally accepted in
Fourth quarter 2014 income before income taxes increased
-
Domestic company-owned restaurants results decreased approximately
$1.0 million . The decrease was primarily due to higher automobile insurance claims costs of approximately$3.5 million and higher commodities costs, primarily cheese and meats, partially offset by the 5.9% increase in comparable sales. Additionally, the results for the fourth quarter of 2014 include approximately$500,000 of depreciation expense associated with FOCUS equipment costs. -
Domestic commissaries results increased approximately
$1.6 million primarily due to higher margins, partially offset by higher workers' compensation and automobile insurance claims costs of approximately$1.5 million . -
North America franchising increased$2.6 million primarily due to higher royalties attributable to the 3.4% increase in comparable sales and a reduced level of performance-based royalty incentives. -
International income increased approximately
$2.5 million primarily due to an increase in units and comparable sales of 8.9% which resulted in both higher royalties and an improvement inUnited Kingdom commissary results. The fourth quarter of 2013 also included a$215,000 loss for the additional month ofChina company-owned operations as previously discussed. -
The results for the "All others" segment decreased approximately
$900,000 primarily due to higher infrastructure costs to support our digital ordering business. -
Unallocated corporate expenses were
$1.5 million higher primarily due to higher legal, management incentive compensation, and interest costs, partially offset by lower general and administrative and other expenses, including travel costs. Additionally, the results for the fourth quarter of 2014 include approximately$600,000 of depreciation expense associated with FOCUS capitalized software development costs.
The full year increase in income before income taxes was
-
Domestic company-owned restaurants income increased approximately
$6.4 million primarily due to the 8.2% increase in comparable sales partially offset by higher commodities and higher automobile insurance claims costs of approximately$3.5 million . Additionally, the full year results include approximately$1.2 million of depreciation expense associated with FOCUS equipment costs. -
Domestic commissaries results increased approximately
$1.5 million primarily due to higher margins and higher sales volumes, which were somewhat offset by higher workers' compensation and automobile insurance claims costs of approximately$2.6 million and higher costs associated with various ongoing commissary initiatives. -
International income increased approximately
$4.4 million primarily due to an increase in units and comparable sales of 7.4% which resulted in both higher royalties and contributed to an improvement in theUnited Kingdom commissary results. These increases were partially offset by unfavorable results at ourChina company-owned restaurant operations, primarily due to higher restaurant disposition costs for 11 restaurants, which were approximately$700,000 higher in 2014. -
In 2013, unallocated corporate expenses included an approximate
$1.1 million benefit from a decrease in the redemption value of a mandatorily redeemable noncontrolling interest in a joint venture. An amendment to the joint venture agreement during 2014 no longer requires changes in the value to be recorded in net interest.
The effective income tax rates were 31.0% and 32.0% for the three months
and full year ended
The company's free cash flow, a non-GAAP financial measure, was as follows (in thousands):
Year Ended | ||||||||||
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2014 | 2013 | |||||||||
Net cash provided by operating activities (a) | $ | 122,632 | $ | 101,360 | ||||||
Purchases of property and equipment (b) | (48,655 | ) | (50,750 | ) | ||||||
Free cash flow | $ | 73,977 | $ | 50,610 | ||||||
(a) The increase of approximately
(b) Purchases of property and equipment were relatively consistent for
both periods. The current year period includes FOCUS equipment costs for
domestic company-owned restaurants and technology investments, including
FOCUS software development costs. The prior year period includes
expenditures on equipment for
We define free cash flow as net cash provided by operating activities (from the consolidated statements of cash flows) less the amounts spent on the purchase of property and equipment. We view free cash flow as an important measure because it is a factor that management uses in determining the amount of cash available for discretionary investment, dividends or share repurchases. Free cash flow is not a term defined by GAAP and as a result our measure of free cash flow might not be comparable to similarly titled measures used by other companies. Free cash flow should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP measures.
See the Management's Discussion and Analysis of Financial Condition and
Results of Operations section of our Annual Report on Form 10-K filed
with the
FOCUS Update
As previously disclosed, the company is implementing a new, proprietary
point-of-sale system ("FOCUS") in substantially all domestic system-wide
restaurants. As of
For the fourth quarter and full year 2014, the impact of implementing
FOCUS was a
Global Restaurant Unit Data
At
Domestic |
Franchised |
Total North |
International | System-wide | ||||||||||||
Fourth Quarter |
||||||||||||||||
Beginning - |
683 | 2,630 | 3,313 | 1,224 | 4,537 | |||||||||||
Opened | 3 | 46 | 49 | 120 | 169 | |||||||||||
Closed | (1 | ) | (21 | ) | (22 | ) | (21 | ) | (43 | ) | ||||||
Acquired (divested) | 1 | (1 | ) | - | - | - | ||||||||||
Ending - |
686 | 2,654 | 3,340 | 1,323 | 4,663 | |||||||||||
Year-to-date |
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Beginning - |
665 | 2,621 | 3,286 | 1,142 | 4,428 | |||||||||||
Opened | 12 | 132 | 144 | 244 | 388 | |||||||||||
Closed | (4 | ) | (86 | ) | (90 | ) | (63 | ) | (153 | ) | ||||||
Acquired (divested) | 13 | (13 | ) | - | - | - | ||||||||||
Ending - |
686 | 2,654 | 3,340 | 1,323 | 4,663 | |||||||||||
Unit growth | 21 | 33 | 54 | 181 | 235 | |||||||||||
% increase | 3.2 | % | 1.3 | % | 1.6 | % | 15.8 | % | 5.3 | % | ||||||
Our development pipeline as of
Share Repurchase Activity
The following table reflects our repurchases for the fourth quarter and
full year 2014 and subsequent repurchases through
Period | Number of Shares | Cost | |||
Fourth Quarter 2014 | 502 | $ | 23,248 | ||
Full Year 2014 | 2,562 | $ | 117,400 | ||
|
224 |
$ |
13,593 |
||
There were 40.8 million and 41.7 million diluted weighted average shares
outstanding for the fourth quarter and full year, respectively,
representing decreases of 5.8% and 5.7%, respectively, over the prior
year comparable periods. Diluted earnings per share increased
2015 Key Operating Assumptions and Earnings Guidance
Earnings per Share (EPS) - The company projects 2015 EPS to
increase to a range of
Comparable Restaurant Sales -
Worldwide Net Unit Growth - Worldwide net unit growth in 2015 is expected to range between 220 and 250 units, with approximately 75% of the net unit growth in International markets.
Revenues - Total consolidated revenues are expected to increase 3% to 5% in 2015.
Income Before Income Taxes Margin - Consolidated income before
income taxes margin in 2015 is expected to increase 30 to 50 basis
points over 2014 levels. The biggest drivers of increased margins are
projected improvements in International profitability resulting from
added scale in franchised markets, and in company-owned restaurants in
Income Tax Rate - The income tax rate in 2015 is expected to range from 31.5% to 33.0%.
Share Repurchases and Debt - The company expects to repurchase
shares of its outstanding stock in a range of
Capital Expenditures - Capital expenditures for 2015 are expected
to approximate
Conference Call
A conference call is scheduled for
Investors and others should note that we announce material financial
information to our investors using our investor relations website, press
releases,
Annual Meeting Date Scheduled
The 2015 Annual Meeting of Stockholders will be held on
Forward-Looking Statements
Certain matters discussed in this press release and other company communications constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as "expect," "estimate," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. Such forward-looking statements may relate to projections or guidance concerning business performance, revenue, earnings, contingent liabilities, resolution of litigation, commodity costs, profit margins, unit growth, capital expenditures, and other financial and operational measures. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to:
- aggressive changes in pricing or other marketing or promotional strategies by competitors, which may adversely affect sales; and new product and concept developments by food industry competitors;
- changes in consumer preferences or consumer buying habits, including the impact of adverse general economic conditions;
- the impact that product recalls, food quality or safety issues, incidences of foodborne illness, food contamination and other general public health concerns, including potential epidemics, could have system-wide on our restaurants or our results;
- failure to maintain our brand strength and quality reputation;
- the ability of the company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably;
- increases in or sustained high costs of food ingredients or other restaurant costs. This could include increased employee compensation, benefits, insurance, tax rates, regulatory compliance and similar costs; including increased costs resulting from federal health care legislation;
- disruption of our supply chain or commissary operations which could be caused by our sole source of supply of cheese or limited source of suppliers for other key ingredients or more generally due to weather, drought, disease, geopolitical or other disruptions beyond our control;
-
increased risks associated with our international operations,
including economic and political conditions, instability in our
international markets, fluctuations in currency exchange rates, and
difficulty in meeting planned sales targets and new store growth. This
could include our expansion into emerging or underpenetrated markets,
such as
China , where we have a company-owned presence. Based on prior experience in underpenetrated markets, operating losses are likely to occur as the market is being established; - the impact of changes in interest rates on the company or our franchisees;
- the credit performance of our franchise loan or guarantee programs;
- the impact of the resolution of current or future claims and litigation;
- current or proposed legislation impacting our business;
- failure to effectively execute succession planning, and our reliance on the multiple roles of our Founder, Chairman, President and Chief Executive Officer, who also serves as our brand spokesperson; and
- disruption of critical business or information technology systems, and risks associated with systems failures and data privacy and security breaches, including theft of company, employee and customer information.
These and other risk factors are discussed in detail in "Part I. Item
1A. - Risk Factors" in our Annual Report on Form 10-K for the fiscal
year ended
For more information about the company, please visit www.papajohns.com.
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Condensed Consolidated Statements of Income | |||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||
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(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | |||||||||||||||
Revenues: | |||||||||||||||||
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Domestic company-owned restaurant sales | $ | 184,585 | $ | 169,604 | $ | 701,854 | $ | 635,317 | |||||||||
Franchise royalties | 23,715 | 21,310 | 89,443 | 81,692 | |||||||||||||
Franchise and development fees | 233 | 153 | 726 | 1,181 | |||||||||||||
Domestic commissary sales | 165,640 | 156,929 | 629,492 | 578,870 | |||||||||||||
Other sales | 24,475 | 14,705 | 74,179 | 53,322 | |||||||||||||
International: | |||||||||||||||||
Royalties and franchise and development fees | 6,961 | 6,067 | 25,730 | 21,979 | |||||||||||||
Restaurant and commissary sales | 19,900 | 19,122 | 76,725 | 66,661 | |||||||||||||
Total revenues | 425,509 | 387,890 | 1,598,149 | 1,439,022 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Domestic company-owned restaurant expenses: | |||||||||||||||||
Cost of sales | 46,087 | 43,106 | 175,733 | 156,237 | |||||||||||||
Salaries and benefits | 49,011 | 46,290 | 188,234 | 173,316 | |||||||||||||
Advertising and related costs | 16,484 | 15,278 | 63,463 | 59,172 | |||||||||||||
Occupancy costs and other restaurant operating expenses | 39,677 | 33,356 | 144,628 | 128,826 | |||||||||||||
Total domestic company-owned restaurant expenses | 151,259 | 138,030 | 572,058 | 517,551 | |||||||||||||
Domestic commissary expenses: | |||||||||||||||||
Cost of sales | 128,638 | 122,164 | 492,940 | 448,693 | |||||||||||||
Salaries and benefits and other commissary operating expenses | 23,819 | 21,468 | 91,981 | 85,649 | |||||||||||||
Total domestic commissary expenses | 152,457 | 143,632 | 584,921 | 534,342 | |||||||||||||
Other operating expenses | 23,622 | 12,917 | 71,068 | 48,011 | |||||||||||||
International restaurant and commissary expenses | 16,352 | 16,601 | 63,718 | 56,609 | |||||||||||||
General and administrative expenses | 36,367 | 36,164 | 140,566 | 134,228 | |||||||||||||
Other general expenses | 1,583 | 2,631 | 8,223 | 6,673 | |||||||||||||
Depreciation and amortization | 10,426 | 9,433 | 39,965 | 35,105 | |||||||||||||
Total costs and expenses | 392,066 | 359,408 | 1,480,519 | 1,332,519 | |||||||||||||
Operating income | 33,443 | 28,482 | 117,630 | 106,503 | |||||||||||||
Net interest expense | (1,052 | ) | (541 | ) | (3,375 | ) | (394 | ) | |||||||||
Income before income taxes | 32,391 | 27,941 | 114,255 | 106,109 | |||||||||||||
Income tax expense | 10,036 | 8,204 | 36,558 | 33,130 | |||||||||||||
Net income before attribution to noncontrolling interests | 22,355 | 19,737 | 77,697 | 72,979 | |||||||||||||
Income attributable to noncontrolling interests | (1,174 | ) | (932 | ) | (4,382 | ) | (3,442 | ) | |||||||||
Net income attributable to the company | $ | 21,181 | $ | 18,805 | $ | 73,315 | $ | 69,537 | |||||||||
Calculation of income for earnings per share: | |||||||||||||||||
Net income attributable to the company | $ | 21,181 | $ | 18,805 | $ | 73,315 | $ | 69,537 | |||||||||
Increase in noncontrolling interest redemption value | 37 | (510 | ) | (44 | ) | (510 | ) | ||||||||||
Net income attributable to participating securities | (107 | ) | (530 | ) | (402 | ) | (530 | ) | |||||||||
Net income attributable to common shareholders | $ | 21,111 | $ | 17,765 | $ | 72,869 | $ | 68,497 | |||||||||
Basic earnings per common share | $ | 0.53 | $ | 0.42 | $ | 1.78 | $ | 1.58 | |||||||||
Diluted earnings per common share | $ | 0.52 | $ | 0.41 | $ | 1.75 | $ | 1.55 | |||||||||
Basic weighted average common shares outstanding | 40,097 | 42,417 | 40,960 | 43,387 | |||||||||||||
Diluted weighted average common shares outstanding | 40,789 | 43,301 | 41,718 | 44,243 | |||||||||||||
Dividends declared per common share | $ | 0.14 | $ | 0.125 | $ | 0.53 | $ | 0.25 | |||||||||
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Condensed Consolidated Balance Sheets | ||||||||
Year Ended | ||||||||
(In thousands) |
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Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 20,122 | $ | 13,670 | ||||
Accounts receivable, net | 56,047 | 53,203 | ||||||
Notes receivable, net | 6,106 | 3,566 | ||||||
Income taxes receivable | 9,527 | - | ||||||
Inventories | 27,394 | 23,035 | ||||||
Deferred income taxes | 8,248 | 8,004 | ||||||
Prepaid expenses and other current assets | 28,564 | 23,562 | ||||||
Total current assets | 156,008 | 125,040 | ||||||
Property and equipment, net | 219,457 | 212,097 | ||||||
Notes receivable, less current portion, net | 12,801 | 13,239 | ||||||
Goodwill | 82,007 | 79,391 | ||||||
Deferred income taxes | 3,914 | - | ||||||
Other assets | 38,616 | 34,524 | ||||||
Total assets | $ | 512,803 | $ | 464,291 | ||||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 38,832 | $ | 35,653 | ||||
Income and other taxes payable | 9,637 | 4,401 | ||||||
Accrued expenses and other current liabilities | 58,293 | 57,807 | ||||||
Total current liabilities | 106,762 | 97,861 | ||||||
Deferred revenue | 4,257 | 5,827 | ||||||
Long-term debt | 230,451 | 157,900 | ||||||
Deferred income taxes | 22,188 | 14,660 | ||||||
Other long-term liabilities | 41,875 | 42,835 | ||||||
Total liabilities | 405,533 | 319,083 | ||||||
Redeemable noncontrolling interests | 8,555 | 7,024 | ||||||
Total stockholders' equity | 98,715 | 138,184 | ||||||
Total liabilities, redeemable noncontrolling interests and stockholders' equity | $ | 512,803 | $ | 464,291 | ||||
Note: The Condensed Consolidated Balance Sheets have been derived
from the audited consolidated financial statements, but do not
include all information and footnotes required by accounting
principles generally accepted in |
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Consolidated Statements of Cash Flows | |||||||||||
Year Ended | |||||||||||
(In thousands) |
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Operating activities | |||||||||||
Net income before attribution to noncontrolling interests | $ | 77,697 | $ | 72,979 | |||||||
Adjustments to reconcile net income to net cash provided by | |||||||||||
operating activities: | |||||||||||
Provision for uncollectible accounts and notes receivable | 1,795 | 1,921 | |||||||||
Depreciation and amortization | 39,965 | 35,105 | |||||||||
Deferred income taxes | 14,704 | 10,603 | |||||||||
Stock-based compensation expense | 8,712 | 7,409 | |||||||||
Excess tax benefit on equity awards | (10,282 | ) | (4,755 | ) | |||||||
Other | 4,738 | 2,767 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (5,741 | ) | (11,058 | ) | |||||||
Income taxes receivable | (9,527 | ) | - | ||||||||
Inventories | (2,838 | ) | (857 | ) | |||||||
Prepaid expenses and other current assets | (4,781 | ) | (3,011 | ) | |||||||
Other assets and liabilities | 915 | (3,728 | ) | ||||||||
Accounts payable | 3,171 | 3,029 | |||||||||
Income and other taxes payable | 5,233 | (6,027 | ) | ||||||||
Accrued expenses and other current liabilities | (665 | ) | (2,536 | ) | |||||||
Deferred revenue | (464 | ) | (481 | ) | |||||||
Net cash provided by operating activities | 122,632 | 101,360 | |||||||||
Investing activities | |||||||||||
Purchases of property and equipment | (48,655 | ) | (50,750 | ) | |||||||
Loans issued | (6,816 | ) | (6,095 | ) | |||||||
Repayments of loans issued | 4,254 | 7,068 | |||||||||
Acquisitions, net of cash acquired | (4,773 | ) | - | ||||||||
Proceeds from divestitures of restaurants | 400 | - | |||||||||
Other | 556 | 339 | |||||||||
Net cash used in investing activities | (55,034 | ) | (49,438 | ) | |||||||
Financing activities | |||||||||||
Net proceeds on line of credit facility | 72,551 | 69,642 | |||||||||
Cash dividends paid | (21,735 | ) | (10,797 | ) | |||||||
Excess tax benefit on equity awards | 10,282 | 4,755 | |||||||||
Tax payments for equity award issuances | (9,235 | ) | (3,584 | ) | |||||||
Proceeds from exercise of stock options | 5,837 | 6,865 | |||||||||
Acquisition of Company common stock | (117,400 | ) | (118,569 | ) | |||||||
Contributions from noncontrolling interest holders | 1,086 | 950 | |||||||||
Distributions to noncontrolling interest holders | (2,800 | ) | (3,650 | ) | |||||||
Other | 491 | (327 | ) | ||||||||
Net cash used in financing activities | (60,923 | ) | (54,715 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (223 | ) | 67 | ||||||||
Change in cash and cash equivalents | 6,452 | (2,726 | ) | ||||||||
Cash and cash equivalents at beginning of year | 13,670 | 16,396 | |||||||||
Cash and cash equivalents at end of year | $ | 20,122 | $ | 13,670 |
Papa John's
Chief
Financial Officer
Source: Papa John's
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