Papa Johns Announces Second Quarter 2024 Financial Results
Highlights
-
North America comparable sales(a) were down 4% from a year ago asDomestic Company -owned restaurants were down 4% andNorth America franchised restaurants were down 3%; International comparable sales(a) were flat compared with the prior year period. -
31 net unit closures in the second quarter resulting from anticipated strategic International closures, including 43 Company-owned restaurants in the
UK . -
Global system-wide restaurant sales were
$1.20 billion , a 1%(b) decrease compared with the prior year second quarter, driven by lowerNorth America comparable sales partially offset by trailing twelve month net unit growth. -
Total revenues of
$508 million were down 1% compared with a year ago driven by lower revenues in ourNorth America commissary segment primarily due to a combination of lower volume and commodity prices. -
Operating income of
$28 million decreased 19% compared with the second quarter of 2023, while Adjusted operating income(c) of$38 million increased 4% on improved restaurant-level margins and continued focus on cost discipline. -
Diluted earnings per common share of
$0.37 compared with$0.54 for the second quarter of 2023; Adjusted diluted earnings per common share(c) was$0.61 compared with$0.59 for the second quarter a year ago.
“I am honored and excited to join the Papa Johns team and look forward to building a strong and collaborative partnership with our franchisees,” said
Commenting on second quarter results,
“We recognize there is work to do to achieve our full potential. We are committed to doing what is necessary to become the pizza brand of choice for consumers and franchisees around the world,” continued Thanawala. “We are actively pursuing opportunities that sharpen our focus, improve unit economics, drive unit development and provide an excellent consumer experience. We are evolving our marketing to meet consumers’ value expectations, investing in our digital experience to streamline our ordering journey and enhancing our loyalty experience to drive consumer engagement.
“We are confident that our approach will drive long-term increased franchisee profitability and sustainable, profitable growth for all stakeholders,” concluded Thanawala.
|
_______________________________________________________ |
|
(a) |
|
(b) Excludes the impact of foreign currency. |
|
(c) Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation to the most comparable US GAAP measure. |
Financial Highlights
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||||||
|
(In thousands, except per share amounts) |
|
|
|
|
|
Increase (Decrease) |
|
|
|
|
|
Increase (Decrease) |
||||||||
|
Total revenues |
|
$ |
507,894 |
|
$ |
514,530 |
|
$ |
(6,636 |
) |
|
$ |
1,021,810 |
|
$ |
1,041,579 |
|
$ |
(19,769 |
) |
|
Operating income |
|
$ |
28,226 |
|
$ |
34,912 |
|
$ |
(6,686 |
) |
|
$ |
61,944 |
|
$ |
72,708 |
|
$ |
(10,764 |
) |
|
Adjusted operating income (a) |
|
$ |
38,355 |
|
$ |
36,881 |
|
$ |
1,474 |
|
|
$ |
81,596 |
|
$ |
76,033 |
|
$ |
5,563 |
|
|
Net income attributable to the Company |
|
$ |
12,243 |
|
$ |
17,768 |
|
$ |
(5,525 |
) |
|
$ |
26,879 |
|
$ |
40,144 |
|
$ |
(13,265 |
) |
|
Diluted earnings per common share |
|
$ |
0.37 |
|
$ |
0.54 |
|
$ |
(0.17 |
) |
|
$ |
0.82 |
|
$ |
1.20 |
|
$ |
(0.38 |
) |
|
Adjusted diluted earnings per common share (a) |
|
$ |
0.61 |
|
$ |
0.59 |
|
$ |
0.02 |
|
|
$ |
1.28 |
|
$ |
1.28 |
|
$ |
— |
|
Results for the first six months of 2024 are not directly comparable with the first six months of 2023, as year-over-year comparisons are impacted by the
Quarterly Results
Total revenues of
For the second quarter of 2024, Global system-wide restaurant sales were
Second quarter Operating income was
The increase in Adjusted operating income in the second quarter of 2024 was primarily due to improved margins at our
Diluted earnings per common share was
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
|
(a) Represents a Non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation to the most comparable US GAAP measures. |
Global Restaurant Sales Information
Global restaurant and comparable sales information for the second quarter ended
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
Amounts below exclude the impact of foreign currency |
|
|
|
|
|
|
|
|
||||
|
Comparable sales growth (decline): |
|
|
|
|
|
|
|
|
||||
|
|
|
(4.2 |
)% |
|
2.2 |
% |
|
(3.6 |
)% |
|
2.8 |
% |
|
|
|
(3.4 |
)% |
|
(2.3 |
)% |
|
(2.4 |
)% |
|
(1.6 |
)% |
|
|
|
(3.6 |
)% |
|
(1.4 |
)% |
|
(2.7 |
)% |
|
(0.7 |
)% |
|
International restaurants |
|
(0.1 |
)% |
|
(0.7 |
)% |
|
(1.4 |
)% |
|
(3.3 |
)% |
|
Total comparable sales growth (decline) |
|
(2.7 |
)% |
|
(1.3 |
)% |
|
(2.4 |
)% |
|
(1.3 |
)% |
|
System-wide restaurant sales growth (decline): |
|
|
|
|
|
|
|
|
||||
|
|
|
(1.5 |
)% |
|
2.5 |
% |
|
(1.7 |
)% |
|
3.7 |
% |
|
|
|
(1.9 |
)% |
|
(0.6 |
)% |
|
(1.8 |
)% |
|
0.1 |
% |
|
|
|
(1.9 |
)% |
|
— |
% |
|
(1.8 |
)% |
|
0.8 |
% |
|
International restaurants |
|
2.9 |
% |
|
8.6 |
% |
|
2.2 |
% |
|
5.8 |
% |
|
Total global system-wide restaurant sales growth (decline) |
|
(0.7 |
)% |
|
2.0 |
% |
|
(0.8 |
)% |
|
2.0 |
% |
Global Restaurant Unit Data
As of
|
Second Quarter |
Domestic Company Owned |
|
|
|
|
|
International Company Owned |
|
International Franchised |
|
|
|
System-wide |
||||||
|
Beginning - |
536 |
|
2,911 |
|
|
3,447 |
|
|
117 |
|
|
2,350 |
|
|
2,467 |
|
|
5,914 |
|
|
Opened |
1 |
|
9 |
|
|
10 |
|
|
— |
|
|
56 |
|
|
56 |
|
|
66 |
|
|
Closed |
— |
|
(10 |
) |
|
(10 |
) |
|
(43 |
) |
|
(44 |
) |
|
(87 |
) |
|
(97 |
) |
|
Refranchised |
— |
|
— |
|
|
— |
|
|
(41 |
) |
|
41 |
|
|
— |
|
|
— |
|
|
Ending - |
537 |
|
2,910 |
|
|
3,447 |
|
|
33 |
|
|
2,403 |
|
|
2,436 |
|
|
5,883 |
|
|
Net unit growth/(decline) |
1 |
|
(1 |
) |
|
— |
|
|
(84 |
) |
|
53 |
|
|
(31 |
) |
|
(31 |
) |
|
Trailing four quarters net store growth |
16 |
|
42 |
|
|
58 |
|
|
(58 |
) |
|
111 |
|
|
53 |
|
|
111 |
|
Free Cash Flow
Free cash flow, a non-GAAP financial measure which the Company defines as net cash provided by operating activities, less purchases of property and equipment, was
|
|
|
Six Months Ended |
||||||
|
(in thousands) |
|
|
|
|
||||
|
Net cash provided by operating activities |
|
$ |
41,957 |
|
|
$ |
93,735 |
|
|
Purchases of property and equipment |
|
|
(29,155 |
) |
|
|
(34,759 |
) |
|
Free cash flow |
|
$ |
12,802 |
|
|
$ |
58,976 |
|
We view free cash flow as an important financial measure because it is one 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 performance than the Company’s GAAP measures.
Cash Dividend
The Company paid cash dividends of
Conference Call
About
Papa John’s
Forward-Looking Statements
Certain matters discussed in this press release and other Company communications that are not statements of historical fact 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,” “outlook”, “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 include or may relate to projections or guidance concerning business performance, revenue, earnings, cash flow, earnings per share, share repurchases, the current economic environment, commodity and labor costs, currency fluctuations, profit margins, supply chain operating margin, net unit growth, unit level performance, capital expenditures, restaurant and franchise development, restaurant acquisitions, restaurant closures, labor shortages, labor cost increases, changes in management, inflation, royalty relief, franchisee support and incentives, the effectiveness of our menu innovations and other business initiatives, investments in product and digital innovation, marketing efforts and investments, liquidity, compliance with debt covenants, impairments, strategic decisions and actions, changes to our national marketing fund, changes to our commissary model, dividends, effective tax rates, regulatory changes and impacts, investments in and repositioning of the
Our forward-looking statements are based on our assumptions which are based on currently available information. Actual outcomes and results may differ materially from those matters expressed or implied in our forward-looking statements as a result of various factors, including but not limited to risks related to: deteriorating economic conditions in the
For more information about the company, please visit www.papajohns.com.
Supplemental Information and Financial Statements
Definitions
“Comparable sales” represents sales for the same base of restaurants for the same fiscal periods. “Comparable sales growth (decline)” represents the change in year-over-year comparable sales. “Global system-wide restaurant sales” represents total restaurant sales for all Company-owned and franchised restaurants open during the comparable periods, and “Global system-wide restaurant sales growth (decline)” represents the change in global system-wide restaurant sales year-over-year. Comparable sales, Comparable sales growth (decline), Global system-wide restaurant sales and Global system-wide sales growth (decline) exclude franchisees for which we suspended corporate support.
“Equivalent units” represents the number of restaurants open at the beginning of a given period, adjusted for restaurants opened, closed, acquired or sold during the period on a weighted average basis.
We believe
Non-GAAP Financial Measures
In addition to the results provided in accordance with
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
||||||||
|
Operating income |
|
$ |
28,226 |
|
|
$ |
34,912 |
|
|
$ |
61,944 |
|
|
$ |
72,708 |
|
|
International restructuring costs (a) |
|
|
6,129 |
|
|
|
— |
|
|
|
15,652 |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
1,308 |
|
|
|
— |
|
|
|
1,308 |
|
|
Other costs (c) |
|
|
4,000 |
|
|
|
661 |
|
|
|
4,000 |
|
|
|
2,017 |
|
|
Adjusted operating income |
|
$ |
38,355 |
|
|
$ |
36,881 |
|
|
$ |
81,596 |
|
|
$ |
76,033 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income attributable to common shareholders |
|
$ |
12,243 |
|
|
$ |
17,768 |
|
|
$ |
26,879 |
|
|
$ |
40,144 |
|
|
International restructuring costs (a) |
|
|
6,129 |
|
|
|
— |
|
|
|
15,652 |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
1,308 |
|
|
|
— |
|
|
|
1,308 |
|
|
Other costs (c) |
|
|
4,000 |
|
|
|
661 |
|
|
|
4,000 |
|
|
|
2,017 |
|
|
Tax effect of adjustments (d) |
|
|
(2,289 |
) |
|
|
(449 |
) |
|
|
(4,441 |
) |
|
|
(758 |
) |
|
Adjusted net income attributable to common shareholders |
|
$ |
20,083 |
|
|
$ |
19,288 |
|
|
$ |
42,090 |
|
|
$ |
42,711 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted earnings per common share |
|
$ |
0.37 |
|
|
$ |
0.54 |
|
|
$ |
0.82 |
|
|
$ |
1.20 |
|
|
International restructuring costs (a) |
|
|
0.19 |
|
|
|
— |
|
|
|
0.48 |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
Other costs (c) |
|
|
0.12 |
|
|
|
0.02 |
|
|
|
0.12 |
|
|
|
0.06 |
|
|
Tax effect of adjustments (d) |
|
|
(0.07 |
) |
|
|
(0.01 |
) |
|
|
(0.14 |
) |
|
|
(0.02 |
) |
|
Adjusted diluted earnings per common share |
|
$ |
0.61 |
|
|
$ |
0.59 |
|
|
$ |
1.28 |
|
|
$ |
1.28 |
|
Refer to footnotes on following page.
Footnotes to Non-GAAP Financial Measures
|
(a) |
Represents costs associated with the Company’s International Restructuring plan. For the three and six months ended |
|
(b) |
Represents costs associated with repositioning the |
|
(c) |
For the three and six months ended |
|
(d) |
The tax effect on non-GAAP adjustments was calculated by applying the marginal tax rates of 22.6% and 22.8% for the three and six months ended |
|
Papa John’s Condensed Consolidated Balance Sheets |
||||||||
|
(In $ thousands, except per share amounts) |
|
|
|
|
||||
|
|
|
(Unaudited) |
|
|
||||
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
24,305 |
|
|
$ |
40,587 |
|
|
Accounts receivable, net |
|
|
93,460 |
|
|
|
104,244 |
|
|
Notes receivable, current portion |
|
|
4,581 |
|
|
|
5,199 |
|
|
Income tax receivable |
|
|
2,771 |
|
|
|
2,577 |
|
|
Inventories |
|
|
37,656 |
|
|
|
36,126 |
|
|
Prepaid expenses and other current assets |
|
|
58,762 |
|
|
|
42,285 |
|
|
Assets held for sale |
|
|
4,205 |
|
|
|
— |
|
|
Total current assets |
|
|
225,740 |
|
|
|
231,018 |
|
|
Property and equipment, net |
|
|
265,693 |
|
|
|
282,812 |
|
|
Finance lease right-of-use assets, net |
|
|
28,759 |
|
|
|
31,740 |
|
|
Operating lease right-of-use assets |
|
|
154,371 |
|
|
|
164,158 |
|
|
Notes receivable, less current portion, net |
|
|
9,915 |
|
|
|
12,346 |
|
|
|
|
|
75,547 |
|
|
|
76,206 |
|
|
Other assets |
|
|
78,402 |
|
|
|
76,725 |
|
|
Total assets |
|
$ |
838,427 |
|
|
$ |
875,005 |
|
|
|
|
|
|
|
||||
|
Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
63,731 |
|
|
$ |
74,949 |
|
|
Income and other taxes payable |
|
|
6,810 |
|
|
|
17,948 |
|
|
Accrued expenses and other current liabilities |
|
|
149,673 |
|
|
|
158,167 |
|
|
Current deferred revenue |
|
|
19,941 |
|
|
|
20,427 |
|
|
Current finance lease liabilities |
|
|
7,815 |
|
|
|
9,029 |
|
|
Current operating lease liabilities |
|
|
24,874 |
|
|
|
24,076 |
|
|
Current portion of long-term debt |
|
|
2,375 |
|
|
|
— |
|
|
Total current liabilities |
|
|
275,219 |
|
|
|
304,596 |
|
|
Deferred revenue |
|
|
19,011 |
|
|
|
20,366 |
|
|
Long-term finance lease liabilities |
|
|
22,382 |
|
|
|
24,144 |
|
|
Long-term operating lease liabilities |
|
|
144,569 |
|
|
|
151,050 |
|
|
Long-term debt, less current portion, net |
|
|
758,861 |
|
|
|
757,422 |
|
|
Other long-term liabilities |
|
|
63,550 |
|
|
|
60,192 |
|
|
Total liabilities |
|
|
1,283,592 |
|
|
|
1,317,770 |
|
|
|
|
|
|
|
||||
|
Redeemable noncontrolling interests |
|
|
975 |
|
|
|
851 |
|
|
|
|
|
|
|
||||
|
Stockholders’ deficit: |
|
|
|
|
||||
|
Common stock ( |
|
|
493 |
|
|
|
492 |
|
|
Additional paid-in capital |
|
|
446,547 |
|
|
|
452,290 |
|
|
Accumulated other comprehensive loss |
|
|
(7,358 |
) |
|
|
(7,803 |
) |
|
Retained earnings |
|
|
215,800 |
|
|
|
219,027 |
|
|
|
|
|
(1,117,140 |
) |
|
|
(1,123,098 |
) |
|
Total stockholders’ deficit |
|
|
(461,658 |
) |
|
|
(459,092 |
) |
|
Noncontrolling interests in subsidiaries |
|
|
15,518 |
|
|
|
15,476 |
|
|
Total Stockholders’ deficit |
|
|
(446,140 |
) |
|
|
(443,616 |
) |
|
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit |
|
$ |
838,427 |
|
|
$ |
875,005 |
|
|
Papa John’s Condensed Consolidated Statements of Operations (Unaudited) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
(In thousands, except per share amounts) |
|
|
|
|
|
|
|
|
||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
||||||||
|
|
|
$ |
173,207 |
|
|
$ |
175,780 |
|
|
$ |
349,431 |
|
|
$ |
355,646 |
|
|
|
|
|
34,409 |
|
|
|
34,711 |
|
|
|
70,106 |
|
|
|
70,783 |
|
|
|
|
|
198,197 |
|
|
|
206,980 |
|
|
|
401,484 |
|
|
|
419,546 |
|
|
International revenues |
|
|
39,701 |
|
|
|
34,608 |
|
|
|
80,409 |
|
|
|
66,071 |
|
|
Other revenues |
|
|
62,380 |
|
|
|
62,451 |
|
|
|
120,380 |
|
|
|
129,533 |
|
|
Total revenues |
|
|
507,894 |
|
|
|
514,530 |
|
|
|
1,021,810 |
|
|
|
1,041,579 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
||||||||
|
Operating costs (excluding depreciation and amortization shown separately below): |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
138,033 |
|
|
|
143,705 |
|
|
|
276,786 |
|
|
|
291,489 |
|
|
|
|
|
182,299 |
|
|
|
190,468 |
|
|
|
367,498 |
|
|
|
386,883 |
|
|
International expenses |
|
|
27,077 |
|
|
|
20,435 |
|
|
|
55,423 |
|
|
|
37,746 |
|
|
Other expenses |
|
|
56,951 |
|
|
|
58,996 |
|
|
|
108,718 |
|
|
|
120,074 |
|
|
General and administrative expenses |
|
|
57,714 |
|
|
|
50,324 |
|
|
|
116,173 |
|
|
|
102,268 |
|
|
Depreciation and amortization |
|
|
17,594 |
|
|
|
15,690 |
|
|
|
35,268 |
|
|
|
30,411 |
|
|
Total costs and expenses |
|
|
479,668 |
|
|
|
479,618 |
|
|
|
959,866 |
|
|
|
968,871 |
|
|
Operating income |
|
|
28,226 |
|
|
|
34,912 |
|
|
|
61,944 |
|
|
|
72,708 |
|
|
Net interest expense |
|
|
(10,896 |
) |
|
|
(11,275 |
) |
|
|
(21,959 |
) |
|
|
(20,296 |
) |
|
Income before income taxes |
|
|
17,330 |
|
|
|
23,637 |
|
|
|
39,985 |
|
|
|
52,412 |
|
|
Income tax expense |
|
|
4,794 |
|
|
|
5,778 |
|
|
|
12,535 |
|
|
|
12,007 |
|
|
Net income before attribution to noncontrolling interests |
|
|
12,536 |
|
|
|
17,859 |
|
|
|
27,450 |
|
|
|
40,405 |
|
|
Net income attributable to noncontrolling interests |
|
|
(293 |
) |
|
|
(91 |
) |
|
|
(571 |
) |
|
|
(261 |
) |
|
Net income attributable to the Company |
|
$ |
12,243 |
|
|
$ |
17,768 |
|
|
$ |
26,879 |
|
|
$ |
40,144 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic earnings per common share |
|
$ |
0.37 |
|
|
$ |
0.55 |
|
|
$ |
0.82 |
|
|
$ |
1.20 |
|
|
Diluted earnings per common share |
|
$ |
0.37 |
|
|
$ |
0.54 |
|
|
$ |
0.82 |
|
|
$ |
1.20 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic weighted average common shares outstanding |
|
|
32,730 |
|
|
|
32,563 |
|
|
|
32,688 |
|
|
|
33,359 |
|
|
Diluted weighted average common shares outstanding |
|
|
32,853 |
|
|
|
32,650 |
|
|
|
32,871 |
|
|
|
33,487 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Dividends declared per common share |
|
$ |
0.46 |
|
|
$ |
0.42 |
|
|
$ |
0.92 |
|
|
$ |
0.84 |
|
|
Papa John’s Condensed Consolidated Statements of Cash Flows (Unaudited) |
||||||||
|
|
|
Six Months Ended |
||||||
|
(In $ thousands) |
|
|
|
|
||||
|
Operating activities |
|
|
|
|
||||
|
Net income before attribution to noncontrolling interests |
|
$ |
27,450 |
|
|
$ |
40,405 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
|
Provision for allowance for credit losses on accounts and notes receivable |
|
|
2,397 |
|
|
|
595 |
|
|
Depreciation and amortization |
|
|
35,268 |
|
|
|
30,411 |
|
|
Deferred income taxes |
|
|
2,812 |
|
|
|
3,664 |
|
|
Stock-based compensation expense |
|
|
2,545 |
|
|
|
8,498 |
|
|
Refranchising and impairment losses |
|
|
14,713 |
|
|
|
— |
|
|
Loss on disposal of property and equipment |
|
|
965 |
|
|
|
— |
|
|
Other |
|
|
800 |
|
|
|
(452 |
) |
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
|
||||
|
Accounts receivable |
|
|
9,974 |
|
|
|
4,299 |
|
|
Income tax receivable |
|
|
(203 |
) |
|
|
6,683 |
|
|
Inventories |
|
|
(1,748 |
) |
|
|
4,109 |
|
|
Prepaid expenses and other current assets |
|
|
(4,358 |
) |
|
|
46 |
|
|
Other assets and liabilities |
|
|
(5,788 |
) |
|
|
140 |
|
|
Accounts payable |
|
|
(11,364 |
) |
|
|
(8,174 |
) |
|
Income and other taxes payable |
|
|
(10,957 |
) |
|
|
(514 |
) |
|
Accrued expenses and other current liabilities |
|
|
(18,710 |
) |
|
|
7,203 |
|
|
Deferred revenue |
|
|
(1,839 |
) |
|
|
(3,178 |
) |
|
Net cash provided by operating activities |
|
|
41,957 |
|
|
|
93,735 |
|
|
Investing activities |
|
|
|
|
||||
|
Purchases of property and equipment |
|
|
(29,155 |
) |
|
|
(34,759 |
) |
|
Notes issued |
|
|
(153 |
) |
|
|
(4,374 |
) |
|
Repayments of notes issued |
|
|
1,794 |
|
|
|
3,224 |
|
|
Proceeds from dispositions, net of cash transferred |
|
|
1,495 |
|
|
|
— |
|
|
Other |
|
|
2,178 |
|
|
|
182 |
|
|
Net cash used in investing activities |
|
|
(23,841 |
) |
|
|
(35,727 |
) |
|
Financing activities |
|
|
|
|
||||
|
Net proceeds of revolving credit facilities |
|
|
3,024 |
|
|
|
186,529 |
|
|
Proceeds from exercise of stock options |
|
|
933 |
|
|
|
682 |
|
|
Acquisition of Company common stock |
|
|
— |
|
|
|
(210,348 |
) |
|
Dividends paid to common stockholders |
|
|
(30,212 |
) |
|
|
(28,485 |
) |
|
Tax payments for equity award issuances |
|
|
(3,330 |
) |
|
|
(6,108 |
) |
|
Distributions to noncontrolling interests |
|
|
(405 |
) |
|
|
(323 |
) |
|
Principal payments on finance leases |
|
|
(4,796 |
) |
|
|
(3,669 |
) |
|
Other |
|
|
358 |
|
|
|
102 |
|
|
Net cash used in financing activities |
|
|
(34,428 |
) |
|
|
(61,620 |
) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
30 |
|
|
|
11 |
|
|
Change in cash and cash equivalents |
|
|
(16,282 |
) |
|
|
(3,601 |
) |
|
Cash and cash equivalents at beginning of period |
|
|
40,587 |
|
|
|
47,373 |
|
|
Cash and cash equivalents at end of period |
|
$ |
24,305 |
|
|
$ |
43,772 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806898046/en/
investor_relations@papajohns.com
Source: Papa John’s