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Table of Contents

Graphic

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 27, 2020

OR

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 0-21660

PAPA JOHN’S INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

    

61-1203323

(State or other jurisdiction of

(I.R.S. Employer Identification

incorporation or organization)

number)

2002 Papa John’s Boulevard

Louisville, Kentucky 40299-2367

(Address of principal executive offices)

(502) 261-7272

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common stock, $0.01 par value

PZZA

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes  No 

Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

    

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

At October 30, 2020, there were outstanding 32,952,184 shares of the registrant’s common stock, par value $0.01 per share.

Table of Contents

INDEX

Page No.

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets — September 27, 2020 and December 29, 2019

3

Condensed Consolidated Statements of Operations — Three and Nine months ended September 27, 2020 and September 29, 2019

4

Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Nine months ended September 27, 2020 and September 29, 2019

5

Condensed Consolidated Statements of Stockholders’ Deficit — Three and Nine months ended September 27, 2020 and September 29, 2019

6

Condensed Consolidated Statements of Cash Flows — Nine months ended September 27, 2020 and September 29, 2019

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

40

Item 4.

Controls and Procedures

41

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

41

Item 1A.

Risk Factors

41

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 6.

Exhibits

42

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

    

September 27,

    

December 29,

(In thousands, except per share amounts)

2020

2019

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

140,050

$

27,911

Accounts receivable, net

69,332

70,462

Notes receivable, current portion

 

10,180

 

7,790

Income tax receivable

1,903

4,024

Inventories

 

28,702

 

27,529

Prepaid expenses and other current assets

 

29,771

 

43,830

Total current assets

 

279,938

 

181,546

Property and equipment, net

 

199,291

 

211,741

Finance lease right-of-use assets, net

9,458

9,383

Operating lease right-of-use assets

139,653

148,229

Notes receivable, less current portion, net

 

34,319

 

33,010

Goodwill

 

80,022

 

80,340

Deferred income taxes

7,454

1,839

Other assets

 

66,540

 

64,633

Total assets

$

816,675

$

730,721

Liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders’ deficit

Current liabilities:

Accounts payable

$

32,288

$

29,141

Income and other taxes payable

 

10,034

 

7,599

Accrued expenses and other current liabilities

 

153,171

 

108,517

Current deferred revenue

17,916

17,673

Current finance lease liabilities

2,229

1,789

Current operating lease liabilities

24,853

23,226

Current portion of long-term debt

20,000

20,000

Total current liabilities

 

260,491

 

207,945

Deferred revenue

 

13,471

 

14,722

Long-term finance lease liabilities

7,454

7,629

Long-term operating lease liabilities

116,684

125,297

Long-term debt, less current portion, net

 

328,079

 

347,290

Deferred income taxes

 

899

 

2,649

Other long-term liabilities

 

103,744

 

84,927

Total liabilities

 

830,822

 

790,459

Series B Convertible Preferred Stock; $0.01 par value; 260.0 shares authorized, 252.5 shares issued and outstanding at September 27, 2020 and December 29, 2019

251,864

251,133

Redeemable noncontrolling interests

 

6,834

 

5,785

Stockholders’ deficit:

Common stock ($0.01 par value per share; issued 45,253 at September 27, 2020 and 44,748 at December 29, 2019)

452

447

Additional paid-in capital

 

255,210

 

219,047

Accumulated other comprehensive loss

 

(18,510)

 

(10,185)

Retained earnings

 

216,911

 

205,697

Treasury stock (12,768 shares at September 27, 2020 and 12,854 shares at December 29, 2019, at cost)

 

(742,323)

 

(747,327)

Total stockholders’ deficit

 

(288,260)

 

(332,321)

Noncontrolling interests in subsidiaries

 

15,415

 

15,665

Total Stockholders’ deficit

 

(272,845)

 

(316,656)

Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and
Stockholders’ deficit

$

816,675

$

730,721

See accompanying notes.

3

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

    

Three Months Ended

Nine Months Ended

September 27,

September 29,

September 27,

September 29,

(In thousands, except per share amounts)

    

2020

    

2019

    

2020

    

2019

Revenues:

Domestic Company-owned restaurant sales

$

178,371

$

165,135

$

526,317

$

490,594

North America franchise royalties and fees

 

25,281

 

15,924

 

68,895

 

53,215

North America commissary revenues

 

181,338

 

154,703

 

504,379

 

450,735

International revenues

 

33,440

24,679

 

87,592

 

75,843

Other revenues

54,511

43,265

156,240

131,347

Total revenues

 

472,941

 

403,706

 

1,343,423

 

1,201,734

Costs and expenses:

Operating costs (excluding depreciation and amortization shown separately below):

Domestic Company-owned restaurant expenses

144,803

134,037

419,082

399,040

North America commissary expenses

167,937

144,624

466,676

419,925

International expenses

19,370

13,557

52,775

42,514

Other expenses

50,917

42,952

148,219

129,019

General and administrative expenses

 

52,601

 

53,503

 

148,680

 

153,356

Depreciation and amortization

 

12,764

 

11,832

 

37,436

 

35,102

Total costs and expenses

 

448,392

 

400,505

 

1,272,868

 

1,178,956

Refranchising gains

1,726

1,889

Operating income

 

24,549

 

4,927

 

70,555

 

24,667

Net interest expense

 

(3,636)

(4,249)

 

(11,230)

 

(14,797)

Income before income taxes

 

20,913

 

678

 

59,325

 

9,870

Income tax expense

 

4,516

 

421

 

11,984

 

2,535

Net income before attribution to noncontrolling interests

 

16,397

 

257

 

47,341

 

7,335

Net (income) loss attributable to noncontrolling interests

 

(689)

 

128

 

(2,576)

 

(327)

Net income attributable to the Company

$

15,708

$

385

$

44,765

$

7,008

Calculation of net income (loss) for earnings (loss) per share:

Net income attributable to the Company

$

15,708

$

385

$

44,765

$

7,008

Dividends paid to participating securities and accretion

 

(3,548)

 

(3,473)

 

(10,546)

 

(9,029)

Net income attributable to participating securities

 

(703)

 

 

(1,809)

 

Net income (loss) attributable to common shareholders

$

11,457

$

(3,088)

$

32,410

$

(2,021)

Basic earnings (loss) per common share

$

0.35

$

(0.10)

$

1.00

$

(0.06)

Diluted earnings (loss) per common share

$

0.35

$

(0.10)

$

0.99

$

(0.06)

Basic weighted average common shares outstanding

 

32,616

 

31,601

 

32,347

 

31,581

Diluted weighted average common shares outstanding

 

32,971

 

31,601

 

32,643

 

31,581

Dividends declared per common share

$

0.225

$

0.225

$

0.675

$

0.675

See accompanying notes.

4

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Three Months Ended

Nine Months Ended

September 27,

September 29,

September 27,

September 29,

(In thousands)

    

2020

    

2019

    

2020

    

2019

Net income before attribution to noncontrolling interests

$

16,397

$

257

$

47,341

$

7,335

Other comprehensive income (loss), before tax:

Foreign currency translation adjustments

1,721

(1,642)

(1,438)

(1,446)

Interest rate swaps (1)

 

1,647

 

(1,866)

 

(9,375)

 

(12,520)

Other comprehensive income (loss), before tax

 

3,368

 

(3,508)

 

(10,813)

 

(13,966)

Income tax effect:

Foreign currency translation adjustments

 

(395)

 

379

 

332

 

334

Interest rate swaps (2)

 

(379)

 

429

 

2,156

 

2,879

Income tax effect

 

(774)

 

808

 

2,488

 

3,213

Other comprehensive income (loss), net of tax

 

2,594

 

(2,700)

 

(8,325)

 

(10,753)

Comprehensive income (loss) before attribution to noncontrolling interests

 

18,991

 

(2,443)

 

39,016

 

(3,418)

Less: comprehensive (income) loss, redeemable noncontrolling interests

 

(301)

 

369

 

(1,184)

 

456

Less: comprehensive (income), nonredeemable noncontrolling interests

 

(388)

 

(241)

 

(1,392)

 

(783)

Comprehensive income (loss) attributable to the Company

$

18,302

$

(2,315)

$

36,440

$

(3,745)

(1)Amounts reclassified out of accumulated other comprehensive loss into net interest expense included ($1,674) and ($3,376) for the three and nine months ended September 27, 2020, respectively, and $161 and $849 for the three and nine months ended September 29, 2019, respectively.

(2)The income tax effects of amounts reclassified out of accumulated other comprehensive loss into net interest expense were $378 and $763 for the three and nine months ended September 27, 2020, respectively, and ($37) and ($195) for the three and nine months ended September 29, 2019, respectively.

See accompanying notes.

5

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit

(Unaudited)

Papa John’s International, Inc.

    

Common

    

    

    

    

    

Accumulated

    

    

    

    

    

    

    

Stock

Additional

Other

Noncontrolling

Total

(In thousands)

Shares

Common

Paid-In

Comprehensive

Retained

Treasury

Interests in

Stockholders’

For the three months ended September 27, 2020

Outstanding

Stock

Capital

Loss

Earnings

Stock

Subsidiaries

Deficit

Balance at June 28, 2020

32,349

$

451

$

243,577

$

(21,104)

$

212,104

$

(742,600)

$

15,724

$

(291,848)

Net income (2)

15,708

388

16,096

Other comprehensive income

2,594

2,594

Cash dividends on common stock

78

(7,414)

(7,336)

Cash dividends on preferred stock

(3,412)

(3,412)

Exercise of stock options

131

1

7,499

7,500

Stock-based compensation expense

4,328

4,328

Issuance of restricted stock

2

(105)

105

Tax effect of restricted stock awards

(86)

(86)

Distributions to noncontrolling interests

(697)

(697)

Other

3

(81)

(75)

172

16

Balance at September 27, 2020

 

32,485

$

452

$

255,210

$

(18,510)

$

216,911

$

(742,323)

$

15,415

$

(272,845)

For the nine months ended September 27, 2020

Balance at December 29, 2019

 

31,894

$

447

$

219,047

$

(10,185)

$

205,697

$

(747,327)

$

15,665

$

(316,656)

Cumulative effect of adoption of ASU 2016-13 (1)

(1,066)

(1,066)

Adjusted Balance at December 30, 2019

31,894

447

219,047

(10,185)

204,631

(747,327)

15,665

(317,722)

Net income (2)

 

 

 

 

 

44,765

 

 

1,392

 

46,157

Other comprehensive loss

 

 

 

 

(8,325)

 

 

 

 

(8,325)

Cash dividends on common stock

210

(22,066)

(21,856)

Cash dividends on preferred stock

 

 

 

 

 

(10,237)

 

 

 

(10,237)

Exercise of stock options

 

505

 

5

 

29,199

 

 

 

 

 

29,204

Stock-based compensation expense

 

 

 

13,071

 

 

 

 

 

13,071

Issuance of restricted stock

 

79

 

 

(4,573)

 

 

 

4,573

 

 

Tax effect of restricted stock awards

(1,665)

(1,665)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

(1,642)

 

(1,642)

Other

 

7

 

 

(79)

 

 

(182)

 

431

 

 

170

Balance at September 27, 2020

32,485

$

452

$

255,210

$

(18,510)

$

216,911

$

(742,323)

$

15,415

$

(272,845)

(1)As of December 30, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”.
(2)Net income to the Company for the three and nine months ended September 27, 2020 excludes $301 and $1,184 allocable to the redeemable noncontrolling interests for our joint venture arrangements.

At September 27, 2020, the accumulated other comprehensive loss of $18,510 was comprised of net unrealized foreign currency translation loss of $6,705 and net unrealized loss on the interest rate swap agreements of $11,805.

See accompanying notes.

6

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit (continued)

(Unaudited)

Papa John’s International, Inc.

    

Common

    

    

    

    

    

Accumulated

    

    

    

    

    

    

    

Stock

Additional

Other

Noncontrolling

Total

(In thousands)

Shares

Common

Paid-In

Comprehensive

Retained

Treasury

Interests in

Stockholders’

For the three months ended September 29, 2019

Outstanding

Stock

Capital

Loss

Earnings

Stock

Subsidiaries

Deficit

Balance at June 30, 2019

 

31,427

$

443

$

196,927

$

(11,196)

$

228,833

$

(748,657)

$

15,584

$

(318,066)

Net income (1)

 

 

 

 

 

385

 

 

241

 

626

Other comprehensive loss

 

 

 

 

(2,700)

 

 

 

 

(2,700)

Cash dividends on common stock

 

 

 

79

 

 

(7,182)

 

 

 

(7,103)

Cash dividends on preferred stock

(1,140)

(1,140)

Dividends declared on preferred stock

(2,273)

(2,273)

Exercise of stock options

 

9

 

 

239

 

 

 

 

 

239

Stock-based compensation expense

 

 

 

4,764

 

 

 

 

 

4,764

Issuance of restricted stock

 

10

 

 

(547)

 

 

 

547

 

 

Tax effect of restricted stock awards

 

 

 

(255)

 

 

 

 

(255)

Distributions to noncontrolling interests

(462)

(462)

Other

 

2

 

 

(17)

 

 

(99)

 

120

 

 

4

Balance at September 29, 2019

 

31,448

$

443

$

201,190

$

(13,896)

$

218,524

$

(747,990)

$

15,363

$

(326,366)

For the nine months ended September 29, 2019

Balance at December 30, 2018

 

31,372

$

443

$

192,984

$

(3,143)

$

242,182

$

(751,704)

$

15,225

$

(304,013)

Net income (1)

 

 

 

 

 

7,008

 

 

783

 

7,791

Other comprehensive loss

 

 

 

 

(10,753)