Papa John's Announces Third Quarter 2015 Results
Highlights
-
Third quarter earnings per diluted share of
$0.45 in 2015 compared to$0.39 in 2014, an increase of 15.4% -
System-wide comparable sales increases of 3.0% for
North America and 8.0% for International - 52 worldwide net unit openings during the quarter
"I'd like to congratulate our operators and team members on another
solid quarter of sales, earnings and unit growth," said Papa John's
founder, chairman and CEO
Third quarter 2015 revenues were
Revenues were
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Three Months Ended | Nine Months Ended | |||||||||||||||
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Global restaurant sales growth (a) | 3.9 | % | 10.2 | % | 5.9 | % | 11.0 | % | ||||||||
Global restaurant sales growth, excluding the impact of foreign currency (a) |
7.0 | % | 10.7 | % | 8.5 | % | 11.5 | % | ||||||||
Comparable sales growth (b) | ||||||||||||||||
Domestic company-owned restaurants | 4.7 | % | 8.3 | % | 6.8 | % | 9.1 | % | ||||||||
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2.4 | % | 7.1 | % | 4.4 | % | 7.2 | % | ||||||||
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3.0 | % | 7.4 | % | 5.0 | % | 7.7 | % | ||||||||
System-wide international restaurants | 8.0 | % | 5.5 | % | 7.5 | % | 6.9 | % |
(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 |
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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 decreased
-
Domestic company-owned restaurant sales increased
$11.0 million , or 6.5%, and$46.0 million , or 8.9%, for the three and nine months, respectively, primarily due to increases of 4.7% and 6.8% in comparable sales. -
North America franchise royalty revenue was relatively flat for the three months as the increase in revenue from a 2.4% increase in comparable sales was offset by higher royalty incentives. The increase of$4.8 million , or 7.3%, for the nine months was primarily due to an increase of 4.4% in comparable sales and lower royalty incentives. -
International revenues increased approximately
$600,000 , or 2.3%, and$3.2 million , or 4.2%, for the three and nine months, respectively, primarily due to increases in the number of restaurants and increases in comparable sales of 8.0% and 7.5%, calculated on a constant dollar basis. This was somewhat offset by the negative impact of foreign currency exchange rates of approximately$2.1 million and$5.9 million for the three and nine months, respectively. -
Other sales decreased approximately
$9.3 million , or 39.7%, and increased$400,000 , or 0.8%, for the three and nine months, respectively. As previously discussed, the decrease for the three-month period was primarily due to the lower FOCUS equipment sales. The higher levels of FOCUS equipment sales in the third quarter of 2014 had no significant impact on operating results. -
Domestic commissary sales decreased
$3.4 million , or 2.3%, and$6.6 million , or 1.4%, for the three and nine months, respectively, primarily due to lower revenues associated with lower cheese prices, somewhat offset by increases in restaurant sales volumes. PJFS pricing for cheese is based on a fixed dollar markup; when cheese prices decrease, revenues decrease with no overall impact on the related dollar margin.
Operating Highlights
The tables below summarize income before income taxes on a reporting segment basis and exclude the previously mentioned legal settlement (as detailed in the "Item Impacting Comparability" section) for the three- and nine-month periods of 2015:
Three Months Ended | |||||||||||||||||||||||
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Increase | |||||||||||||||||||||
(In thousands) | 2015 | 2014 | (Decrease) | ||||||||||||||||||||
Domestic company-owned restaurants | $ | 8,088 | $ | 8,133 | $ | (45 | ) | ||||||||||||||||
Domestic commissaries | 10,192 | 8,897 | 1,295 | ||||||||||||||||||||
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19,172 | 19,023 | 149 | ||||||||||||||||||||
International | 3,184 | 1,436 | 1,748 | ||||||||||||||||||||
All others | (556 | ) | (298 | ) | (258 | ) | |||||||||||||||||
Unallocated corporate expenses | (13,482 | ) | (12,242 | ) | (1,240 | ) | |||||||||||||||||
Elimination of intersegment profits | (341 | ) | (731 | ) | 390 | ||||||||||||||||||
Total income before income taxes | $ | 26,257 | $ | 24,218 | $ | 2,039 | |||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||||||||||
As Reported | Legal | Adjusted | Adjusted | |||||||||||||||||||||||||||||||||
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Settlement |
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Increase | ||||||||||||||||||||||||||||||||
(In thousands) | 2015 | expense | 2015 | 2014 | (Decrease) | |||||||||||||||||||||||||||||||
Domestic company-owned restaurants | $ | 41,185 | $ | - | $ | 41,185 | $ | 32,069 | $ | 9,116 | ||||||||||||||||||||||||||
Domestic commissaries | 32,694 | - | 32,694 | 26,174 | 6,520 | |||||||||||||||||||||||||||||||
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61,545 | - | 61,545 | 56,389 | 5,156 | |||||||||||||||||||||||||||||||
International | 6,807 | - | 6,807 | 4,071 | 2,736 | |||||||||||||||||||||||||||||||
All others | (230 | ) | - | (230 | ) | (150 | ) | (80 | ) | |||||||||||||||||||||||||||
Unallocated corporate expenses | (60,636 | ) | 12,278 | (48,358 | ) | (35,405 | ) | (12,953 | ) | |||||||||||||||||||||||||||
Elimination of intersegment profits | (1,141 | ) | - | (1,141 | ) | (1,284 | ) | 143 | ||||||||||||||||||||||||||||
Total income before income taxes | $ | 80,224 | $ | 12,278 | $ | 92,502 | $ | 81,864 | $ | 10,638 | ||||||||||||||||||||||||||
Third quarter 2015 income before income taxes increased approximately
-
Domestic company-owned restaurants were relatively flat for the
quarter as higher profits from the 4.7% increase in comparable sales
and from lower commodity costs were offset by incremental insurance
expense of approximately
$2.9 million primarily from higher non-owned automobile claims costs. The market price for cheese averaged$1.68 per pound for the third quarter of 2015, compared to$2.14 per pound in the prior period. -
Domestic commissaries income increased approximately
$1.3 million primarily due to a higher margin and incremental profits from higher restaurant volumes. These increases were partially offset by incremental insurance expense of approximately$1.6 million primarily from higher automobile claims costs. -
North America franchising was relatively flat as higher royalties attributable to the 2.4% comparable sales increase were substantially offset by higher royalty incentives. -
International income increased approximately
$1.7 million primarily due to the previously mentioned increase in units and comparable sales of 8.0%, which resulted in both higher royalties and an increase inUnited Kingdom commissary results. This was somewhat offset by the negative impact of foreign currency exchange rates of approximately$900,000 . Additionally, the prior year included an impairment charge of approximately$700,000 for eight company-owned restaurants inChina .
These increases were partially offset by higher unallocated corporate
expenses of approximately
Income before income taxes increased
-
Domestic company-owned restaurants increased approximately
$9.1 million primarily due to higher profits from the 6.8% increase in comparable sales and from lower commodity costs, partially offset by incremental insurance expense of$3.9 million primarily from higher non-owned automobile claims costs and higher depreciation expense of$1.1 million associated with FOCUS equipment. The market price for cheese averaged$1.62 per pound for the first nine months of 2015, compared to$2.16 per pound in the prior year. -
North America franchising increased$5.2 million primarily due to higher royalties attributable to the 4.4% comparable sales increase and lower royalty incentives. -
Unallocated corporate expenses increased
$13.0 million primarily due to higher salaries and benefits, including an increase in health insurance claims costs, and increased legal and interest costs. In addition, management incentive compensation costs have increased in 2015 due to higher annual operating results.
The effective income tax rates were 27.7% and 30.6% for the three and
nine months ended
The company's free cash flow, a non-GAAP financial measure, for the first nine months of 2015 and 2014, was as follows (in thousands):
Nine Months Ended | ||||||||||||||
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2015 | 2014 | |||||||||||||
Net cash provided by operating activities (a) | $ | 119,738 | $ | 84,826 | ||||||||||
Purchases of property and equipment (b) | (26,508 | ) | (37,700 | ) | ||||||||||
Free cash flow | $ | 93,230 | $ | 47,126 | ||||||||||
(a) |
The increase of approximately |
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(b) |
The decrease of approximately |
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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 dividends, share repurchases and discretionary investment. 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 Quarterly Report on Form 10-Q filed
with the
Global Restaurant Unit Data
At
Domestic |
Franchised |
Total North |
International | System-wide | ||||||||||||||||||||||||||
Third Quarter |
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Beginning - |
693 | 2,653 | 3,346 | 1,388 | 4,734 | |||||||||||||||||||||||||
Opened | 4 | 31 | 35 | 50 | 85 | |||||||||||||||||||||||||
Closed | - | (20 | ) | (20 | ) | (13 | ) | (33 | ) | |||||||||||||||||||||
Ending - |
697 | 2,664 | 3,361 | 1,425 | 4,786 | |||||||||||||||||||||||||
Year-to-date |
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Beginning - |
686 | 2,654 | 3,340 | 1,323 | 4,663 | |||||||||||||||||||||||||
Opened | 8 | 68 | 76 | 142 | 218 | |||||||||||||||||||||||||
Closed | - | (55 | ) | (55 | ) | (40 | ) | (95 | ) | |||||||||||||||||||||
Acquired (divested) | 3 | (3 | ) | - | - | - | ||||||||||||||||||||||||
Ending - |
697 | 2,664 | 3,361 | 1,425 | 4,786 | |||||||||||||||||||||||||
Unit growth | 11 | 10 | 21 | 102 | 123 | |||||||||||||||||||||||||
% increase | 1.6 | % | 0.4 | % | 0.6 | % | 7.7 | % | 2.6 | % | ||||||||||||||||||||
Our development pipeline as of
Item Impacting Comparability
The following table reconciles our GAAP financial results to our
adjusted financial results, which are non-GAAP measures, for the three
and nine month periods ended
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
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(In thousands, except per share amounts) | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||||||
Income before income taxes, as reported | $ | 26,257 | $ | 24,218 | $ | 80,224 | $ | 81,864 | ||||||||||||||||
Legal Settlement expense | - | - | 12,278 | - | ||||||||||||||||||||
Income before income taxes, as adjusted | $ | 26,257 | $ | 24,218 | $ | 92,502 | $ | 81,864 | ||||||||||||||||
Net income, as reported | $ | 17,971 | $ | 16,075 | $ | 50,987 | $ | 52,134 | ||||||||||||||||
Legal Settlement expense | - | - | 7,986 | - | ||||||||||||||||||||
Net income, as adjusted | $ | 17,971 | $ | 16,075 | $ | 58,973 | $ | 52,134 | ||||||||||||||||
Diluted earnings per share, as reported | $ | 0.45 | $ | 0.39 | $ | 1.27 | $ | 1.23 | ||||||||||||||||
Legal Settlement expense | - | - | 0.20 | - | ||||||||||||||||||||
Diluted earnings per share, as adjusted | $ | 0.45 | $ | 0.39 | $ | 1.47 | $ | 1.23 | ||||||||||||||||
The Legal Settlement expense represents a pre-tax expense of
The non-GAAP results shown above, which exclude the legal settlement, should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP results. Management believes presenting the financial information excluding the legal settlement is important for purposes of comparison to prior year results. In addition, management uses this metric to evaluate the company's underlying operating performance and to analyze trends.
Share Repurchase Activity
In
The following table reflects our repurchases for the three and nine
months ended
Period |
Number of |
Cost | |||||||||||
Three Months Ended |
390 | $ | 28,083 | ||||||||||
Nine Months Ended |
1,208 | $ | 80,166 | ||||||||||
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192 | $ | 13,167 | ||||||||||
There were 39.9 million and 40.2 million diluted weighted average shares
outstanding for the three and nine months ended
China Operations
The company has decided to refranchise the
2015 Guidance Update
Despite the higher insurance costs, the company is reaffirming its
current 2015 diluted earnings per share guidance range of
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,
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 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 and risks related to our better ingredients marketing strategy;
- 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;
- increases in insurance claims and related costs for programs funded by the company up to certain retention limits, including medical, owned and non-owned automobiles, workers' compensation, general liability and property;
- 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 where we have a Company-owned presence;
- the impact of increases in interest rates on the Company or our franchisees;
- the credit performance of our franchise loan 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 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.
Papa John's |
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Condensed Consolidated Statements of Income | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
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(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
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Domestic company-owned restaurant sales | $ | 180,059 | $ | 169,076 | $ | 563,308 | $ | 517,269 | ||||||||||||||||
Franchise royalties | 22,079 | 22,131 | 70,519 | 65,728 | ||||||||||||||||||||
Franchise and development fees | 206 | 217 | 666 | 493 | ||||||||||||||||||||
Domestic commissary sales | 145,863 | 149,224 | 457,203 | 463,852 | ||||||||||||||||||||
Other sales | 14,076 | 23,359 | 50,110 | 49,704 | ||||||||||||||||||||
International: | ||||||||||||||||||||||||
Royalties and franchise and development fees | 6,755 | 6,673 | 19,894 | 18,769 | ||||||||||||||||||||
Restaurant and commissary sales | 20,246 | 19,719 | 58,859 | 56,825 | ||||||||||||||||||||
Total revenues | 389,284 | 390,399 | 1,220,559 | 1,172,640 | ||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Domestic company-owned restaurant expenses: | ||||||||||||||||||||||||
Cost of sales | 42,150 | 42,460 | 132,943 | 129,646 | ||||||||||||||||||||
Salaries and benefits | 50,229 | 45,835 | 155,389 | 139,223 | ||||||||||||||||||||
Advertising and related costs | 16,293 | 15,369 | 49,555 | 46,979 | ||||||||||||||||||||
Occupancy costs and other restaurant operating expenses | 39,864 | 35,687 | 113,037 | 104,951 | ||||||||||||||||||||
Total domestic company-owned restaurant expenses | 148,536 | 139,351 | 450,924 | 420,799 | ||||||||||||||||||||
Domestic commissary expenses: | ||||||||||||||||||||||||
Cost of sales | 111,205 | 116,908 | 350,108 | 364,302 | ||||||||||||||||||||
Salaries and benefits and other commissary operating expenses | 24,029 | 22,221 | 72,420 | 68,162 | ||||||||||||||||||||
Total domestic commissary expenses | 135,234 | 139,129 | 422,528 | 432,464 | ||||||||||||||||||||
Other operating expenses | 13,475 | 22,794 | 47,726 | 47,446 | ||||||||||||||||||||
International restaurant and commissary expenses | 16,481 | 16,605 | 48,209 | 47,366 | ||||||||||||||||||||
General and administrative expenses | 36,053 | 33,671 | 120,029 | 104,199 | ||||||||||||||||||||
Other general expenses | 1,607 | 3,143 | 4,427 | 6,640 | ||||||||||||||||||||
Depreciation and amortization | 10,461 | 10,520 | 30,638 | 29,539 | ||||||||||||||||||||
Total costs and expenses | 361,847 | 365,213 | 1,124,481 | 1,088,453 | ||||||||||||||||||||
Operating income | 27,437 | 25,186 | 96,078 | 84,187 | ||||||||||||||||||||
Legal settlement expense | - | - | (12,278 | ) | - | |||||||||||||||||||
Net interest expense | (1,180 | ) | (968 | ) | (3,576 | ) | (2,323 | ) | ||||||||||||||||
Income before income taxes | 26,257 | 24,218 | 80,224 | 81,864 | ||||||||||||||||||||
Income tax expense | 7,281 | 7,256 | 24,541 | 26,522 | ||||||||||||||||||||
Net income before attribution to noncontrolling interests | 18,976 | 16,962 | 55,683 | 55,342 | ||||||||||||||||||||
Income attributable to noncontrolling interests | (1,005 | ) | (887 | ) | (4,696 | ) | (3,208 | ) | ||||||||||||||||
Net income attributable to the company | $ | 17,971 | $ | 16,075 | $ | 50,987 | $ | 52,134 | ||||||||||||||||
Calculation of income for earnings per share: | ||||||||||||||||||||||||
Net income attributable to the company | $ | 17,971 | $ | 16,075 | $ | 50,987 | $ | 52,134 | ||||||||||||||||
Decrease (increase) in noncontrolling interest redemption value | 49 | (42 | ) | 192 | (81 | ) | ||||||||||||||||||
Net income attributable to participating securities | (73 | ) | (77 | ) | (223 | ) | (295 | ) | ||||||||||||||||
Net income attributable to common shareholders | $ | 17,947 | $ | 15,956 | $ | 50,956 | $ | 51,758 | ||||||||||||||||
Basic earnings per common share | $ | 0.46 | $ | 0.39 | $ | 1.29 | $ | 1.25 | ||||||||||||||||
Diluted earnings per common share | $ | 0.45 | $ | 0.39 | $ | 1.27 | $ | 1.23 | ||||||||||||||||
Basic weighted average common shares outstanding | 39,394 | 40,739 | 39,640 | 41,248 | ||||||||||||||||||||
Diluted weighted average common shares outstanding | 39,895 | 41,386 | 40,210 | 42,021 | ||||||||||||||||||||
Dividends declared per common share | $ | 0.175 | $ | 0.14 | $ | 0.455 | $ | 0.39 | ||||||||||||||||
Papa John's |
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Condensed Consolidated Balance Sheets | ||||||||||||
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2015 | 2014 | |||||||||||
(In thousands) | (Unaudited) | (Note) | ||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Cash and cash equivalents | $ | 24,441 | $ | 20,122 | ||||||||
Accounts receivable, net | 56,445 | 56,047 | ||||||||||
Notes receivable, net | 7,738 | 6,106 | ||||||||||
Income taxes receivable | 796 | 9,527 | ||||||||||
Inventories | 24,335 | 27,394 | ||||||||||
Deferred income taxes | 9,990 | 8,248 | ||||||||||
Prepaid expenses and other current assets | 25,376 | 28,564 | ||||||||||
Assets held for sale | 9,555 | - | ||||||||||
Total current assets | 158,676 | 156,008 | ||||||||||
Property and equipment, net | 209,137 | 219,457 | ||||||||||
Notes receivable, less current portion, net | 10,444 | 12,801 | ||||||||||
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79,913 | 82,007 | ||||||||||
Deferred income taxes | 3,021 | 3,914 | ||||||||||
Other assets | 33,426 | 38,616 | ||||||||||
Total assets | $ | 494,617 | $ | 512,803 | ||||||||
Liabilities and stockholders' equity |
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Current liabilities: | ||||||||||||
Accounts payable | $ | 35,546 | $ | 38,832 | ||||||||
Income and other taxes payable | 10,012 | 9,637 | ||||||||||
Accrued expenses and other current liabilities | 78,562 | 58,293 | ||||||||||
Total current liabilities | 124,120 | 106,762 | ||||||||||
Deferred revenue | 3,627 | 4,257 | ||||||||||
Long-term debt | 239,000 | 230,451 | ||||||||||
Deferred income taxes | 14,251 | 22,188 | ||||||||||
Other long-term liabilities | 44,034 | 41,875 | ||||||||||
Total liabilities | 425,032 | 405,533 | ||||||||||
Redeemable noncontrolling interests | 8,274 | 8,555 | ||||||||||
Total stockholders' equity |
61,311 | 98,715 | ||||||||||
Total liabilities, redeemable noncontrolling interests and stockholders' equity |
$ | 494,617 | $ | 512,803 | ||||||||
Note: The Condensed Consolidated Balance Sheet has been derived
from the audited consolidated financial statements, but does not
include all information and footnotes required by accounting
principles generally accepted in |
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Papa John's |
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Consolidated Statements of Cash Flows | ||||||||||||||
Nine Months Ended | ||||||||||||||
(In thousands) |
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(Unaudited) | (Unaudited) | |||||||||||||
Operating activities | ||||||||||||||
Net income before attribution to noncontrolling interests | $ | 55,683 | $ | 55,342 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
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Provision for uncollectible accounts and notes receivable | 813 | 1,714 | ||||||||||||
Depreciation and amortization | 30,638 | 29,539 | ||||||||||||
Deferred income taxes | 2,259 | 7,687 | ||||||||||||
Stock-based compensation expense | 7,124 | 5,958 | ||||||||||||
Excess tax benefit on equity awards | (9,884 | ) | (8,493 | ) | ||||||||||
Other | 3,268 | 3,916 | ||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||
Accounts receivable | (1,994 | ) | (6,861 | ) | ||||||||||
Income taxes receivable | 8,731 | - | ||||||||||||
Inventories | 2,178 | (9,792 | ) | |||||||||||
Prepaid expenses and other current assets | 2,400 | 2,148 | ||||||||||||
Other assets and liabilities | 819 | 3,887 | ||||||||||||
Accounts payable | (3,380 | ) | (1,380 | ) | ||||||||||
Income taxes and other taxes payable | 375 | 6,434 | ||||||||||||
Accrued expenses and other current liabilities | 20,508 | (5,163 | ) | |||||||||||
Deferred revenue | 200 | (110 | ) | |||||||||||
Net cash provided by operating activities | 119,738 | 84,826 | ||||||||||||
Investing activities | ||||||||||||||
Purchases of property and equipment | (26,508 | ) | (37,700 | ) | ||||||||||
Loans issued | (2,497 | ) | (5,221 | ) | ||||||||||
Repayments of loans issued | 3,961 | 3,371 | ||||||||||||
Acquisitions, net of cash acquired | (491 | ) | (4,264 | ) | ||||||||||
Other | 406 | 25 | ||||||||||||
Net cash used in investing activities | (25,129 | ) | (43,789 | ) | ||||||||||
Financing activities | ||||||||||||||
Net proceeds on line of credit facility | 8,549 | 66,784 | ||||||||||||
Cash dividends paid | (17,950 | ) | (16,119 | ) | ||||||||||
Excess tax benefit on equity awards | 9,884 | 8,493 | ||||||||||||
Tax payments for equity award issuances | (10,947 | ) | (7,540 | ) | ||||||||||
Proceeds from exercise of stock options | 4,569 | 4,752 | ||||||||||||
Acquisition of Company common stock | (80,166 | ) | (94,152 | ) | ||||||||||
Contributions from noncontrolling interest holders | 683 | 1,086 | ||||||||||||
Distributions to noncontrolling interest holders | (4,950 | ) | (1,200 | ) | ||||||||||
Other | 377 | 423 | ||||||||||||
Net cash used in financing activities | (89,951 | ) | (37,473 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (339 | ) | (86 | ) | ||||||||||
Change in cash and cash equivalents | 4,319 | 3,478 | ||||||||||||
Cash and cash equivalents at beginning of period | 20,122 | 13,670 | ||||||||||||
Cash and cash equivalents at end of period | $ | 24,441 | $ | 17,148 | ||||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103006749/en/
Papa John's
Chief
Financial Officer
Source: Papa John's
News Provided by Acquire Media