Papa John's Announces Second Quarter 2016 Results
Highlights
-
Second quarter earnings per diluted share of
$0.61 in 2016, or an increase of 29.8% over adjusted 2015 earnings, which excludes the impact of a prior year legal settlement -
System-wide comparable sales increases of 4.8% for
North America and 5.3% for International -
Increased 2016 diluted earnings per share guidance to a range of
$2.35 to$2.45 from the prior range of$2.30 to$2.40 - Increased 2016 North America comparable sales guidance to a range of 3.0% to 5.0% from the prior range of 2.0% to 4.0%
-
Regular dividend increased to
$0.80 annually from$0.70 annually
"We are pleased with our strong 2nd quarter results, with
good comp sales leading to another quarter of excellent earnings
growth," said Papa John's founder, chairman and CEO
Second quarter 2016 revenues were
Revenues were
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Three Months Ended | Six Months Ended | ||||||||||||||||
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Global restaurant sales growth (a) | 5.9 | % | 6.4 | % | 4.0 | % | 6.9 | % | |||||||||
Global restaurant sales growth, excluding the impact of foreign currency (a) |
7.7 | % | 8.8 | % | 5.8 | % | 9.2 | % | |||||||||
Comparable sales growth (b) | |||||||||||||||||
Domestic company-owned restaurants | 5.6 | % | 7.4 | % | 3.2 | % | 7.7 | % | |||||||||
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4.5 | % | 4.8 | % | 2.1 | % | 5.4 | % | |||||||||
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4.8 | % | 5.5 | % | 2.4 | % | 6.0 | % | |||||||||
System-wide international restaurants | 5.3 | % | 6.8 | % | 5.5 | % | 7.2 | % | |||||||||
(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
$18.3 million , or 9.8%, and$26.7 million , or 7.0%, for the three and six months, respectively, primarily due to increases of 5.6% and 3.2% in comparable sales and increases of 5.1% and 4.6% in equivalent units, including 20 restaurants acquired from franchisees during the first quarter. -
Domestic franchise royalties and fees increased approximately
$2.0 million , or 8.7%, and$2.9 million , or 5.9%, for the three and six months, respectively, primarily due to increases of 4.5% and 2.1% in comparable sales and reduced levels of royalty incentives in 2016. -
Domestic commissary and other sales increased
$1.5 million , or 0.9%, and decreased$13.4 million , or 3.9%, for the three and six months, respectively. The increase of$1.5 million for the three-month period was primarily due to higher commissary sales from an increase in volumes, partially offset by lower pricing for certain commodities, including cheese, and an increase in online fee revenues for our online and mobile ordering business. These increases were partially offset by the prior year inclusion of approximately$1.3 million of FOCUS equipment sales to franchisees which had no significant impact on 2015 operating results. The decrease of$13.4 million for the six-month period was primarily due to lower FOCUS equipment sales of approximately$9.8 million and lower domestic commissary sales due to lower pricing for certain commodities, partially offset by higher domestic commissary sales volumes. -
International revenues increased approximately
$2.1 million , or 8.1%, and$4.2 million , or 8.0%, for the three and six months, respectively, primarily due to the following:-
International revenues include sublease rental revenue in the
United Kingdom of approximately$1.7 million and$3.3 million for the three- and six-months, respectively, which were shown net of the rental expenses in the prior year. The change had no impact on income before income taxes. - Royalties and commissary revenues were higher due to an increase in the number of restaurants and increases in comparable sales of 5.3% and 5.5% for the three- and six-month periods, respectively, calculated on a constant dollar basis.
-
China Company -owned restaurant revenues were$1.3 million and$2.6 million lower than the prior year three- and six-month periods, respectively, primarily due to negative comparable sales and fewer restaurants.
-
International revenues include sublease rental revenue in the
Foreign currency exchange rates reduced revenues by approximately
Operating Highlights
The tables below reconcile our GAAP financial results to the
adjusted (non-GAAP) financial results, excluding the legal settlement in
2015, for the three and six months ended
Three Months Ended | |||||||||||||||||||||||||
As Reported | Legal | Adjusted | Adjusted | ||||||||||||||||||||||
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Settlement |
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Increase | |||||||||||||||||||||
(In thousands) | 2016 | 2015 | expense | 2015 | (Decrease) | ||||||||||||||||||||
Domestic company-owned restaurants | $ | 15,325 | $ | 14,617 | $ | - | $ | 14,617 | $ | 708 | |||||||||||||||
Domestic commissaries | 11,682 | 10,702 | - | 10,702 | 980 | ||||||||||||||||||||
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22,445 | 20,054 | - | 20,054 | 2,391 | ||||||||||||||||||||
International | 2,875 | 2,279 | - | 2,279 | 596 | ||||||||||||||||||||
All others | 425 | (117 | ) | - | (117 | ) | 542 | ||||||||||||||||||
Unallocated corporate expenses | (17,079 | ) | (29,949 | ) | 12,278 | (17,671 | ) | 592 | |||||||||||||||||
Elimination of intersegment profits | (473 | ) | (55 | ) | - | (55 | ) | (418 | ) | ||||||||||||||||
Total income before income taxes | $ | 35,200 | $ | 17,531 | $ | 12,278 | $ | 29,809 | $ | 5,391 | |||||||||||||||
Six Months Ended | |||||||||||||||||||||||||
As Reported | Legal | Adjusted | Adjusted | ||||||||||||||||||||||
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Settlement |
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Increase | |||||||||||||||||||||
(In thousands) | 2016 | 2015 | expense | 2015 | (Decrease) | ||||||||||||||||||||
Domestic company-owned restaurants | $ | 35,512 | $ | 33,097 | $ | - | $ | 33,097 | $ | 2,415 | |||||||||||||||
Domestic commissaries | 23,228 | 22,502 | - | 22,502 | 726 | ||||||||||||||||||||
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46,025 | 42,373 | - | 42,373 | 3,652 | ||||||||||||||||||||
International | 5,913 | 3,623 | - | 3,623 | 2,290 | ||||||||||||||||||||
All others | 476 | 326 | - | 326 | 150 | ||||||||||||||||||||
Unallocated corporate expenses | (33,411 | ) | (47,154 | ) | 12,278 | (34,876 | ) | 1,465 | |||||||||||||||||
Elimination of intersegment profits | (1,134 | ) | (800 | ) | - | (800 | ) | (334 | ) | ||||||||||||||||
Total income before income taxes | $ | 76,609 | $ | 53,967 | $ | 12,278 | $ | 66,245 | $ | 10,364 | |||||||||||||||
Second quarter 2016 income before income taxes increased approximately
-
Domestic company-owned restaurants increased approximately
$700,000 primarily due to a 5.6% increase in comparable sales and lower commodity costs, partially offset by higher non-owned automobile claims costs. -
Domestic commissaries income increased approximately
$1.0 million primarily due to higher sales volumes. -
North America franchising income increased approximately$2.4 million primarily due to higher royalties attributable to the 4.5% increase in comparable sales and lower sales and development incentives. -
International income increased approximately
$600,000 primarily due to higher royalties from an increase in the number of restaurants and an increase in comparable sales. This increase was somewhat offset by the impact of negative foreign currency exchange rates of approximately$500,000 . -
Unallocated corporate expenses were approximately
$600,000 lower primarily due to lower legal costs.
Income before income taxes increased
The effective income tax rates were 31.5% and 31.9% for the three and
six months ended
The company's free cash flow, a non-GAAP financial measure, for the first six months of 2016 and 2015, was as follows (in thousands):
Six Months Ended | |||||||||||
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2016 | 2015 | ||||||||||
Net cash provided by operating activities (a) | $ | 75,123 | $ | 77,982 | |||||||
Purchases of property and equipment | (24,001 | ) | (16,501 | ) | |||||||
Free cash flow | $ | 51,122 | $ | 61,481 | |||||||
(a) The decrease of approximately
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. 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 liquidity or 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 | |||||||||||||||||
Second Quarter |
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Beginning - |
729 | 2,661 | 3,390 | 1,513 | 4,903 | ||||||||||||||||
Opened | 5 | 23 | 28 | 46 | 74 | ||||||||||||||||
Closed | - | (16 | ) | (16 | ) | (26 | ) | (42 | ) | ||||||||||||
Ending - |
734 | 2,668 | 3,402 | 1,533 | 4,935 | ||||||||||||||||
Year-to-date |
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Beginning - |
707 | 2,681 | 3,388 | 1,505 | 4,893 | ||||||||||||||||
Opened | 7 | 41 | 48 | 70 | 118 | ||||||||||||||||
Closed | - | (34 | ) | (34 | ) | (42 | ) | (76 | ) | ||||||||||||
Acquired (divested) | 20 | (20 | ) | - | - | - | |||||||||||||||
Ending - |
734 | 2,668 | 3,402 | 1,533 | 4,935 | ||||||||||||||||
Unit growth (decline) | 27 | (13 | ) | 14 | 28 | 42 | |||||||||||||||
% increase (decrease) | 3.8 | % | (0.5 | %) | 0.4 | % | 1.9 | % | 0.9 | % | |||||||||||
Our development pipeline as of
Item Impacting Comparability - Non-GAAP Presentation
The following table reconciles our GAAP financial results to our
adjusted financial results, which are non-GAAP measures, for the three
and six month periods ended
Three Months Ended | Six Months Ended | ||||||||||||||||
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(In thousands, except per share amounts) | 2016 | 2015 | 2016 | 2015 | |||||||||||||
Income before income taxes, as reported | $ | 35,200 | $ | 17,531 | $ | 76,609 | $ | 53,967 | |||||||||
Legal settlement expense | - | 12,278 | - | 12,278 | |||||||||||||
Income before income taxes, as adjusted | $ | 35,200 | $ | 29,809 | $ | 76,609 | $ | 66,245 | |||||||||
Net income, as reported | $ | 22,541 | $ | 10,780 | $ | 48,723 | $ | 33,016 | |||||||||
Legal settlement expense | - | 7,986 | - | 7,986 | |||||||||||||
Net income, as adjusted | $ | 22,541 | $ | 18,766 | $ | 48,723 | $ | 41,002 | |||||||||
Diluted earnings per share, as reported | $ | 0.61 | $ | 0.27 | $ | 1.29 | $ | 0.82 | |||||||||
Legal settlement expense | - | 0.20 | - | 0.20 | |||||||||||||
Diluted earnings per share, as adjusted | $ | 0.61 | $ | 0.47 | $ | 1.29 | $ | 1.02 | |||||||||
The 2015 legal settlement expense represents a pre-tax expense of
The non-GAAP adjusted results shown above, which exclude the 2015 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
The following table reflects our repurchases for the three and six
months ended
Period |
Number of |
Cost | ||||||
Three Months Ended |
521 | $ | 30,322 | |||||
Six Months Ended |
1,807 | $ | 96,355 | |||||
|
68 | $ | 4,661 | |||||
There were 37.5 million and 37.9 million diluted weighted average shares
outstanding for the three and six months ended
Cash Dividend
We paid a cash dividend of approximately
2016 Guidance Update
The company provided the following 2016 guidance updates and reaffirmed all other guidance:
Updated Guidance | Previous Guidance | ||||||
Diluted earnings per share* |
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+3.0% to +5.0% | +2.0% to +4.0% | |||||
Capital expenditures |
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*The earnings guidance presented excludes any potential impact of a
refranchising in 2016 of our corporate owned
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," "intend," "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, cash flow, contingent liabilities, resolution of litigation, commodity costs, profit margins, unit growth, unit level performance, 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 profitability; and new product and concept developments by food industry competitors;
- changes in consumer preferences or consumer buying habits, including changes in general economic conditions or other factors that may affect consumer confidence and discretionary spending;
- the adverse impact on the company or our results caused by product recalls, food quality or safety issues, incidences of foodborne illness, food contamination and other general public health concerns about our company-owned or franchised restaurants or others in the restaurant industry;
- failure to maintain our brand strength, quality reputation and consumer enthusiasm for our better ingredients marketing and advertising strategy;
- the ability of the company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably, including difficulties finding qualified franchisees, store level employees or suitable sites;
- increases in food costs or sustained higher other operating costs. This could include increased employee compensation, benefits, insurance, tax rates, new regulatory requirements or increasing compliance costs;
- 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, natural disasters including drought, disease, geopolitical or other disruptions beyond our control;
- increased risks associated with our international operations, including economic and political conditions, instability or uncertainty in our international markets, especially emerging markets, fluctuations in currency exchange rates, and difficulty in meeting planned sales targets and new store growth;
- the impact of current or future claims and litigation, including labor and employment-related claims;
- 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, or those of our suppliers, and risks associated with systems failures and data privacy and security breaches, including theft of confidential company, employee and customer information, including payment cards.
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 | Six Months Ended | ||||||||||||||||||||
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(In thousands, except per share amounts) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||
Revenues: | |||||||||||||||||||||
Domestic company-owned restaurant sales | $ | 204,248 | $ | 185,962 | $ | 409,927 | $ | 383,249 | |||||||||||||
Domestic franchise royalties and fees | 25,302 | 23,276 | 51,778 | 48,900 | |||||||||||||||||
Domestic commissary and other sales | 164,954 | 163,427 | 333,939 | 347,374 | |||||||||||||||||
International | 28,460 | 26,326 | 55,915 | 51,752 | |||||||||||||||||
Total revenues | 422,964 | 398,991 | 851,559 | 831,275 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||
Operating costs (excluding depreciation and amortization shown separately below): |
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Domestic company-owned restaurant expenses | 163,469 | 147,356 | 324,779 | 302,388 | |||||||||||||||||
Domestic commissary and other expenses | 152,258 | 151,206 | 309,064 | 321,545 | |||||||||||||||||
International expenses | 17,752 | 16,250 | 35,342 | 31,728 | |||||||||||||||||
General and administrative expenses | 42,623 | 43,047 | 82,870 | 86,796 | |||||||||||||||||
Depreciation and amortization | 10,031 | 10,136 | 19,775 | 20,177 | |||||||||||||||||
Total costs and expenses | 386,133 | 367,995 | 771,830 | 762,634 | |||||||||||||||||
Operating income | 36,831 | 30,996 | 79,729 | 68,641 | |||||||||||||||||
Legal settlement expense | - | (12,278 | ) | - | (12,278 | ) | |||||||||||||||
Net interest expense | (1,631 | ) | (1,187 | ) | (3,120 | ) | (2,396 | ) | |||||||||||||
Income before income taxes | 35,200 | 17,531 | 76,609 | 53,967 | |||||||||||||||||
Income tax expense | 11,088 | 5,063 | 24,446 | 17,260 | |||||||||||||||||
Net income before attribution to noncontrolling interests | 24,112 | 12,468 | 52,163 | 36,707 | |||||||||||||||||
Income attributable to noncontrolling interests | (1,571 | ) | (1,688 | ) | (3,440 | ) | (3,691 | ) | |||||||||||||
Net income attributable to the company | $ | 22,541 | $ | 10,780 | $ | 48,723 | $ | 33,016 | |||||||||||||
Calculation of income for earnings per share: | |||||||||||||||||||||
Net income attributable to the company | $ | 22,541 | $ | 10,780 | $ | 48,723 | $ | 33,016 | |||||||||||||
Change in noncontrolling interest redemption value | 279 | 73 | 499 | 143 | |||||||||||||||||
Net income attributable to participating securities | (91 | ) | (50 | ) | (201 | ) | (150 | ) | |||||||||||||
Net income attributable to common shareholders | $ | 22,729 | $ | 10,803 | $ | 49,021 | $ | 33,009 | |||||||||||||
Basic earnings per common share | $ | 0.61 | $ | 0.27 | $ | 1.30 | $ | 0.83 | |||||||||||||
Diluted earnings per common share | $ | 0.61 | $ | 0.27 | $ | 1.29 | $ | 0.82 | |||||||||||||
Basic weighted average common shares outstanding | 37,203 | 39,692 | 37,567 | 39,764 | |||||||||||||||||
Diluted weighted average common shares outstanding | 37,507 | 40,217 | 37,904 | 40,368 | |||||||||||||||||
Dividends declared per common share | $ | 0.175 | $ | 0.140 | $ | 0.350 | $ | 0.280 | |||||||||||||
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Condensed Consolidated Balance Sheets | ||||||||||
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2016 | 2015 | |||||||||
(In thousands) | (Unaudited) | (Note) | ||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 15,266 | $ | 21,006 | ||||||
Accounts receivable, net | 56,357 | 63,320 | ||||||||
Notes receivable, net | 4,715 | 7,816 | ||||||||
Income taxes receivable | 744 | 272 | ||||||||
Inventories | 22,531 | 21,564 | ||||||||
Prepaid expenses and other current assets | 25,989 | 29,313 | ||||||||
Assets held for sale | 8,823 | 9,299 | ||||||||
Total current assets | 134,425 | 152,590 | ||||||||
Property and equipment, net | 217,528 | 214,044 | ||||||||
Notes receivable, less current portion, net | 9,906 | 11,105 | ||||||||
|
87,266 | 79,657 | ||||||||
Deferred income taxes | 1,713 | 2,415 | ||||||||
Other assets | 36,385 | 34,247 | ||||||||
Total assets | $ | 487,223 | $ | 494,058 | ||||||
Liabilities and stockholders' equity (deficit) | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 34,928 | $ | 43,492 | ||||||
Income and other taxes payable | 12,231 | 8,527 | ||||||||
Accrued expenses and other current liabilities | 68,887 | 80,918 | ||||||||
Total current liabilities | 116,046 | 132,937 | ||||||||
Deferred revenue | 3,965 | 3,190 | ||||||||
Long-term debt, net | 316,484 | 255,146 | ||||||||
Deferred income taxes | 2,002 | 4,610 | ||||||||
Other long-term liabilities | 58,019 | 47,606 | ||||||||
Total liabilities | 496,516 | 443,489 | ||||||||
Redeemable noncontrolling interests | 7,989 | 8,363 | ||||||||
Total stockholders' equity (deficit) | (17,282 | ) | 42,206 | |||||||
Total liabilities, redeemable noncontrolling interests and stockholders' equity (deficit) | $ | 487,223 | $ | 494,058 | ||||||
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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Consolidated Statements of Cash Flows | |||||||||||
Six Months Ended | |||||||||||
(In thousands) |
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(Unaudited) | (Unaudited) | ||||||||||
Operating activities | |||||||||||
Net income before attribution to noncontrolling interests | $ | 52,163 | $ | 36,707 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
Provision for uncollectible accounts and notes receivable | 247 | 631 | |||||||||
Depreciation and amortization | 19,775 | 20,177 | |||||||||
Deferred income taxes | 3,786 | (3,064 | ) | ||||||||
Stock-based compensation expense | 4,893 | 4,985 | |||||||||
Other | 1,883 | 2,239 | |||||||||
Changes in operating assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 6,680 | 1,682 | |||||||||
Income taxes receivable | (472 | ) | (1,281 | ) | |||||||
Inventories | (877 | ) | 3,474 | ||||||||
Prepaid expenses and other current assets | 3,817 | 1,292 | |||||||||
Other assets and liabilities | (1,724 | ) | (773 | ) | |||||||
Accounts payable | (8,654 | ) | (3,877 | ) | |||||||
Income and other taxes payable | 3,703 | 72 | |||||||||
Accrued expenses and other current liabilities | (11,425 | ) | 15,495 | ||||||||
Deferred revenue | 1,328 | 223 | |||||||||
Net cash provided by operating activities | 75,123 | 77,982 | |||||||||
Investing activities | |||||||||||
Purchases of property and equipment | (24,001 | ) | (16,501 | ) | |||||||
Loans issued | (1,630 | ) | (1,571 | ) | |||||||
Repayments of loans issued | 5,382 | 2,787 | |||||||||
Acquisitions, net of cash acquired | (11,202 | ) | (491 | ) | |||||||
Other | 165 | 348 | |||||||||
Net cash used in investing activities | (31,286 | ) | (15,428 | ) | |||||||
Financing activities | |||||||||||
Net proceeds on line of credit facility | 61,375 | 3,549 | |||||||||
Cash dividends paid | (13,130 | ) | (11,083 | ) | |||||||
Excess tax benefit on equity awards | 4,490 | 9,488 | |||||||||
Tax payments for equity award issuances |
(5,831 | ) | (10,654 | ) | |||||||
Proceeds from exercise of stock options | 2,812 | 3,915 | |||||||||
Acquisition of Company common stock | (96,355 | ) | (52,083 | ) | |||||||
Contributions from noncontrolling interest holders | 120 | 683 | |||||||||
Distributions to noncontrolling interest holders | (3,320 | ) | (4,350 | ) | |||||||
Other | 391 | 319 | |||||||||
Net cash used in financing activities | (49,448 | ) | (60,216 | ) | |||||||
Effect of exchange rate changes on cash and cash equivalents | (129 | ) | (13 | ) | |||||||
Change in cash and cash equivalents | (5,740 | ) | 2,325 | ||||||||
Cash and cash equivalents at beginning of period | 21,006 | 20,122 | |||||||||
Cash and cash equivalents at end of period | $ | 15,266 | $ | 22,447 | |||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160802006946/en/
Papa John's
Chief
Financial Officer
Source: Papa John's
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