Papa John's Announces Third Quarter 2014 Results

Third Quarter Comparable Sales Increases of 7.4% for North America and 5.5% for International

LOUISVILLE, Ky. - November 04, 2014 - (BUSINESS WIRE) - Papa John's International, Inc. (NASDAQ: PZZA) today announced financial results for the three and nine months ended September 28, 2014.

Highlights

  • Third quarter earnings per diluted share of $0.39 in 2014 compared to $0.32 in 2013, an increase of 21.9%
  • Third quarter system-wide comparable sales increases of 7.4% for North America and 5.5% for international
  • Increased 2014 diluted earnings per share guidance to a range of $1.68 to $1.74; Increased North America comparable sales guidance to a range of +5.0% to +7.0%

"I’d like to congratulate our corporate and franchise operators for continuing to drive excellent sales and bottom line results," said Papa John’s Founder, Chairman, CEO and President John Schnatter. "Our focus on driving quality, digital innovation, and a better customer experience provides the foundation from which we will continue to consistently grow units and profitability."

Third quarter 2014 revenues were $390.4 million, a 12.7% increase from third quarter 2013 revenues of $346.3 million. Third quarter 2014 net income was $16.1 million, compared to third quarter 2013 net income of $14.3 million. Third quarter 2014 diluted earnings per share were $0.39, compared to third quarter 2013 diluted earnings per share of $0.32.

Revenues were $1.17 billion for the nine months ended September 28, 2014, an 11.6% increase from revenues of $1.05 billion for the same period in 2013. Net income was $52.1 million for the nine months ended September 28, 2014, compared to $50.7 million for the same period in 2013. Diluted earnings per share were $1.23 for the nine months ended September 28, 2014, compared to $1.13 for the same period in 2013.

Global Restaurant and Comparable Sales Information

             
      Three Months Ended     Nine Months Ended
     

Sept. 28,
2014

   

Sept. 29,
2013

   

Sept. 28,
2014

   

Sept. 29,
2013

                         
Global restaurant sales growth (a)     10.2%     6.9%     11.0%     6.7%
                         

Global restaurant sales growth, excluding the impact of foreign currency (a)

    10.7%     7.5%     11.5%     7.2%
                         
Comparable sales growth (b)                        
Domestic company-owned restaurants     8.3%     5.1%     9.1%     5.0%
North America franchised restaurants     7.1%     0.6%     7.2%     1.3%
System-wide North America restaurants     7.4%     1.8%     7.7%     2.3%
                         
System-wide international restaurants     5.5%     8.1%     6.9%     7.7%
                         

 

(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 the United States are reported on a constant dollar basis, which excludes the impact of foreign currency translation.
   

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 the United States and in certain international markets. Global restaurant and comparable sales growth information is also useful in analyzing industry trends and the strength of our brand. Franchise restaurant sales are not included in company revenues.

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 $44.1 million, or 12.7%, for the third quarter of 2014 and increased $121.5 million, or 11.6%, for the nine months ended September 28, 2014. The increases in revenues were primarily due to the following:

  • Domestic company-owned restaurant sales increased $16.4 million, or 10.8%, and $51.6 million, or 11.1%, for the three and nine months, respectively, primarily due to increases of 8.3% and 9.1% in comparable sales.
  • North America franchise royalty revenue increased approximately $2.7 million, or 14.0%, and $5.3 million, or 8.9%, for the three and nine months, respectively, primarily due to increases of 7.1% and 7.2% in comparable sales. The three-month period was also favorably impacted by lower performance-based royalty incentives.
  • Domestic commissary sales increased $11.2 million, or 8.1%, and $41.9 million, or 9.9%, for the three and nine months, respectively, due to increases in the prices of certain commodities, primarily cheese, and increases in sales volumes for the nine-month period.
  • Other sales increased $9.8 million, or 72.2%, and $11.1 million, or 28.7%, for the three and nine months, respectively, primarily due to point-of-sale system ("FOCUS") equipment sales to franchisees. See the "FOCUS Update" section for additional information.
  • International revenues increased $4.0 million, or 17.9%, and $12.1 million, or 19.1%, for the three and nine months, primarily due to increases in the number of restaurants and increases in comparable sales of 5.5% and 6.9%, respectively, calculated on a constant dollar basis.

Operating Highlights

The table below summarizes income before income taxes on a reporting segment basis:

      Three Months Ended     Nine Months Ended
      Sept. 28,     Sept. 29,     Increase     Sept. 28,     Sept. 29,     Increase
(In thousands)     2014     2013     (Decrease)     2014     2013     (Decrease)
                                       
Domestic company-owned restaurants     $ 8,133       $ 5,535       $ 2,598         $ 32,069       $ 24,666       $ 7,403  
Domestic commissaries       8,897         6,473         2,424           26,174         26,278         (104 )
North America franchising       19,023         16,516         2,507           56,389         52,134         4,255  
International       1,436         945         491           4,071         2,152         1,919  
All others       (298 )       590         (888 )         (150 )       2,402         (2,552 )
Unallocated corporate expenses       (12,242 )       (8,544 )       (3,698 )         (35,405 )       (28,475 )       (6,930 )
Elimination of intersegment losses (profits)       (731 )       (252 )       (479 )         (1,284 )       (989 )       (295 )
Total income before income taxes (a)     $ 24,218       $ 21,263      

$

2,955

        $ 81,864       $ 78,168      

$

3,696

 
                                                               

 

(a) Includes FOCUS system rollout costs of approximately $1.2 million and $2.3 million for the three and nine months ended September 28, 2014, respectively. See the FOCUS Update section of this press release and the Quarterly Report on Form 10-Q for the three and nine months ended September 28, 2014 for additional information.
   
  Total income before income taxes and other measures excluding FOCUS system rollout costs included within this press release are not measures defined by accounting principles generally accepted in the United States ("GAAP"). These non-GAAP measures should not be construed as substitutes for or better indicators of the company’s performance than the company’s GAAP results. Management believes presenting income before income taxes and other measures excluding the FOCUS system rollout costs is important for purposes of comparison to prior year results and analyzing each segment’s operating results. In addition, management uses these non-GAAP measures to allocate resources and analyze trends and underlying operating performance of the company.
   

Third quarter 2014 income before income taxes increased $3.0 million, or 13.9%. Excluding FOCUS rollout costs of approximately $1.2 million, income before income taxes increased approximately $4.1 million, or 19.5%. Significant results by segment are detailed as follows:

  • Domestic company-owned restaurants results increased approximately $2.6 million primarily due to the 8.3% increase in comparable sales, partially offset by the impact of higher commodity costs. The market price for cheese averaged $2.14 per pound for the third quarter of 2014, compared to $1.74 per pound in the prior year. Additionally, the results for the third quarter of 2014 include approximately $450,000 of depreciation expense associated with FOCUS hardware costs.
  • Domestic commissaries results increased approximately $2.4 million primarily due to a higher margin, partially offset by higher costs associated with various ongoing commissary initiatives. We manage commissary results on a full year basis and anticipate the 2014 full year profit margin percentage will approximate 2013.
  • North America franchising increased $2.5 million primarily due to higher royalties attributable to the 7.1% increase in comparable sales and lower performance-based royalty incentives.
  • International income increased approximately $500,000 primarily due to an increase in units and comparable sales of 5.5% which resulted in both higher royalties and an improvement in United Kingdom commissary results. These increases were partially offset by unfavorable results at our China company-owned restaurant operations, including an impairment charge of approximately $700,000 for eight restaurants.
  • The results for the "All others" segment decreased approximately $900,000. The decrease was primarily due to higher infrastructure costs to support our digital ordering business and a lower margin at our print and promotions business.
  • Unallocated corporate expenses were $3.7 million higher primarily due to the following:
    • General and administrative costs increased approximately $1.5 million primarily due to higher salaries, benefits, and equity compensation costs, increased professional and legal fees and higher insurance costs.
    • Interest costs were approximately $400,000 higher due to both a higher average outstanding debt balance and a higher effective interest rate.
    • The prior year included an approximate $375,000 benefit from a decrease in the redemption value of a mandatorily redeemable noncontrolling interest in a joint venture.
    • Depreciation expense increased approximately $1.0 million including depreciation expense of $600,000 for FOCUS capitalized software development costs.

Income before income taxes increased $3.7 million, or 4.7%, for the nine-month period ended September 28, 2014. Excluding FOCUS system rollout costs of approximately $2.3 million, income before income taxes increased by approximately $6.0 million, or 7.7% for the nine-month period. The increase was primarily due to the same reasons as noted above, except the domestic commissaries segment which decreased approximately $100,000 due to higher insurance costs of approximately $1.1 million and higher costs associated with ongoing commissary initiatives. These decreases were substantially offset by a higher margin.

The effective income tax rates were 30.0% and 32.4% for the three and nine months ended September 28, 2014, representing a decrease of 0.1% for the three-month period and an increase of 0.5% for the nine-month period. Our effective income tax rate may fluctuate from quarter to quarter for various reasons. The higher tax rate for the nine months of 2014 was primarily due to the prior year including both favorable state tax settlements and the reinstatement of certain 2012 tax credits under the American Taxpayer Relief Act of 2012.

(a) The increase of approximately $10.0 million was primarily due to higher net income and favorable changes in working capital and other operating activities including higher depreciation and amortization expense.
(b) Purchases of property and equipment were relatively consistent for the nine-month periods. The current year period includes FOCUS hardware costs for domestic company-owned restaurants. The prior year period includes expenditures on equipment for New Jersey commissary dough production as well as technology investments, including FOCUS software development costs.
 

 We define free cash flow as net cash provided by operating activities (from the consolidated statements of cash flows) less the amounts spent on the purchase of property and equipment. We view free cash flow as an important measure because it is a factor that management uses in determining the amount of cash available for discretionary investment, dividends or share repurchases. Free cash flow is not a term defined by GAAP and as a result our measure of free cash flow might not be comparable to similarly titled measures used by other companies. Free cash flow should not be construed as a substitute for or a better indicator of the company’s performance than the company’s GAAP measures.

See the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) for additional information concerning our operating results and cash flow for the three and nine months ended September 28, 2014.

FOCUS Update

As previously disclosed, the company is implementing a new, proprietary point-of-sale system ("FOCUS") in substantially all domestic system-wide restaurants. As of September 28, 2014, we had installed FOCUS in almost 50% of our domestic restaurants, including all company-owned restaurants and almost 800 franchised restaurants. Substantial completion is expected to occur by the end of the first quarter of 2015.

The costs related to implementing FOCUS are projected to decrease income before income taxes by approximately $4.0 million in 2014, or a $0.06 negative impact on diluted earnings per share, as compared to 2013. For the three and nine months ended September 28, 2014, the impact was a $1.2 million and $2.3 million reduction in income before income taxes, or a $0.02 and $0.04 reduction in diluted earnings per share, respectively. For additional information, see the Quarterly Report on Form 10-Q for the three- and nine-month periods ended September 28, 2014.

Global Restaurant Unit Data

At September 28, 2014, there were 4,537 Papa John’s restaurants operating in all 50 states and in 36 international countries and territories, as follows:

                               
     

Domestic
Company-
owned

   

Franchised
North
America

   

Total North
America

    International     System-wide

Third Quarter

                             
Beginning - June 29, 2014     672       2,614       3,286       1,201       4,487  
Opened     5       37       42       54       96  
Closed     (1 )     (14 )     (15 )     (31 )     (46 )
Acquired (divested)     7       (7 )     -       -       -  
Ending - September 28, 2014     683       2,630       3,313       1,224       4,537  
                               

Year-to-date

                             
Beginning - December 29, 2013     665       2,621       3,286       1,142       4,428  
Opened     9       86       95       124       219  
Closed     (3 )     (65 )     (68 )     (42 )     (110 )
Acquired (divested)     12       (12 )     -       -       -  
Ending - September 28, 2014     683       2,630       3,313       1,224       4,537  
                               
Unit growth     18       9       27       82       109  
                               
% increase     2.7 %     0.3 %     0.8 %     7.2 %     2.5 %
                                         

Our development pipeline as of September 28, 2014 included approximately 1,300 restaurants (300 units in North America and 1,000 units internationally), the majority of which are scheduled to open over the next six years.

Share Repurchase Activity

In October 2014, the company’s Board of Directors approved a $125 million increase in the amount of common stock that may be purchased under the company’s share repurchase program through December 31, 2015, bringing the total authorized under the program to $1.325 billion since its inception in 1999. Approximately $142.9 million remains available under the company’s share repurchase program as of October 28, 2014.

The following table reflects our repurchases for the three and nine months ended September 28, 2014 and subsequent repurchases through October 28, 2014 (in thousands):

Period        

Number
of Shares

        Cost
                     
Three Months Ended September 28, 2014         756         $ 30,848
                     
Nine Months Ended September 28, 2014         2,060         $ 94,152
                     
September 29, 2014 through October 28, 2014         240         $ 9,851
                     

There were 41.4 million and 42.0 million diluted weighted average shares outstanding for the three and nine months ended September 28, 2014, representing decreases of 6.3% and 6.1%, respectively, over the prior year comparable periods. Diluted earnings per share increased $0.03 and $0.08, respectively, for the three and nine months ended September 28, 2014 due to the reduction in shares outstanding, primarily resulting from the share repurchase program. Approximately 40.4 million actual shares of the company’s common stock were outstanding as of September 28, 2014.

2014 Guidance Update

The company provided the following 2014 guidance updates:

          Updated Guidance       Previous Guidance
                   
  Diluted earnings per share (a)       $1.68 to $1.74       $1.64 to $1.72
                   
  North America comparable sales       +5.0% to +7.0%       +4.0% to +6.0%
                   

(a)

Includes the approximate $0.06 per share impact of implementing FOCUS, which was previously estimated to be $0.08 per share.

 

 

               

Conference Call

A conference call is scheduled for November 5, 2014 at 8:00 a.m. Eastern Time to review our third quarter 2014 earnings results. The call can be accessed from the company’s web page at www.papajohns.com in a listen-only mode, or dial 877-312-8816 (U.S. and Canada) or 253-237-1189 (international). The conference call will be available for replay, including by downloadable podcast, from the company’s web site atwww.papajohns.com. The Conference ID is 17449361.

Investors and others should note that we announce material financial information to our investors using our investor relations website, press releases, SEC filings and public conference calls and webcasts. We intend to use our investor relations website as a means of disclosing information about our business, our financial condition and results of operations and other matters and for complying with our disclosure obligations under Regulation FD. The information we post on our investor relations website, including information contained in investor presentations, may be deemed material. Accordingly, investors should monitor our investor relations website, in addition to following our press releases, SEC filings and public conference calls and webcasts. We encourage investors and others to sign up for email alerts at our investor relations page under Shareholder Tools at the bottom right side of the page. These email alerts are intended to help investors and others to monitor our investor relations website by notifying them when new information is posted on the site.

Forward-Looking Statements

Certain matters discussed in this press release and other company communications constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as "expect," "estimate," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. Such forward-looking statements may relate to projections or guidance concerning business performance, revenue, earnings, contingent liabilities, resolution of litigation, commodity costs, profit margins, unit growth, capital expenditures, and other financial and operational measures. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to:

  • aggressive changes in pricing or other marketing or promotional strategies by competitors, which may adversely affect sales; and new product and concept developments by food industry competitors;
  • changes in consumer preferences or consumer buying habits, including the impact of adverse general economic conditions, such as increasing tax rates;
  • the impact that product recalls, food quality or safety issues, incidences of foodborne illness and other general public health concerns, including potential epidemics, could have system-wide on our restaurants or our results;
  • failure to maintain our brand strength and quality reputation;
  • the ability of the company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably;
  • increases in or sustained high costs of food ingredients or other restaurant costs. This could include increased employee compensation, benefits, insurance, tax rates, regulatory compliance and similar costs, including increased costs resulting from federal health care legislation;
  • disruption of our supply chain or commissary operations which could be caused by sole or limited source of suppliers or weather, drought, disease or other disruptions beyond our control;
  • increased risks associated with our international operations, including economic and political conditions and instability in our international markets and difficulty in meeting planned sales targets and new store growth. This could include our expansion into emerging or underpenetrated markets, such as China, where we have a company-owned presence. Based on prior experience in underpenetrated markets, operating losses are likely to occur as the market is being established;
  • the credit performance of our franchise loan or guarantee programs;
  • the impact of the resolution of current or future claims and litigation;
  • current or proposed legislation impacting our business;
  • the impact of changes in currency exchange and interest rates;
  • failure to effectively execute succession planning, and our reliance on the multiple roles of our Founder, Chairman, President and Chief Executive Officer, who also serves as our brand spokesperson;
  • 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 December 29, 2013. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

For more information about the company, please visit www.papajohns.com.

       
Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
                             
                             
          Three Months Ended     Nine Months Ended
         

Sept. 28, 2014

    Sept. 29, 2013     Sept. 28, 2014     Sept. 29, 2013
(In thousands, except per share amounts)     (Unaudited)     (Unaudited)     (Unaudited)     (Unaudited)
Revenues:                        
  North America:                        
    Domestic company-owned restaurant sales     $ 169,076       $ 152,662       $ 517,269       $ 465,713  
    Franchise royalties       22,131         19,419         65,728         60,382  
    Franchise and development fees       217         263         493         1,028  
    Domestic commissary sales       149,224         138,044         463,852         421,941  
    Other sales       23,359         13,566         49,704         38,617  
  International:                        
    Royalties and franchise and development fees       6,673         5,454         18,769         15,912  
    Restaurant and commissary sales       19,719         16,934         56,825         47,539  
Total revenues       390,399         346,342         1,172,640         1,051,132  
                             
Costs and expenses:                        
  Domestic company-owned restaurant expenses:                        
    Cost of sales       42,460         38,233         129,646         113,131  
    Salaries and benefits       45,835         41,701         139,223         127,026  
    Advertising and related costs       15,369         14,424         46,979         43,894  
    Occupancy costs       10,344         9,583         29,101         27,233  
    Other restaurant operating expenses       25,343         23,061         75,850         68,237  
  Total domestic company-owned restaurant expenses       139,351         127,002         420,799         379,521  
                             
  Domestic commissary expenses:                        
    Cost of sales       116,908         107,930         364,302         326,529  
    Salaries and benefits       7,208         6,173         21,079         18,273  
    Other commissary operating expenses       15,013         15,262         47,083         45,908  
  Total domestic commissary expenses       139,129         129,365         432,464         390,710  
                             
  Other operating expenses       22,794         12,510         47,446         35,094  
  International restaurant and commissary expenses       16,605         14,372         47,366         40,008  
  General and administrative expenses       33,671         31,780         104,199         98,064  
  Other general expenses       3,143         1,260         6,640         4,042  
  Depreciation and amortization       10,520         8,605         29,539         25,672  
Total costs and expenses       365,213         324,894         1,088,453         973,111  
                             
Operating income       25,186         21,448         84,187         78,021  
  Net interest (expense) income       (968 )       (185 )       (2,323 )       147  
Income before income taxes       24,218         21,263         81,864         78,168  
  Income tax expense       7,256         6,385         26,522         24,926  
Net income before attribution to noncontrolling interests       16,962         14,878         55,342         53,242  
  Income attributable to noncontrolling interests       (887 )       (602 )       (3,208 )       (2,510 )
Net income attributable to the company     $ 16,075       $ 14,276       $ 52,134       $ 50,732  
                             
Calculation of income for earnings per share:                        
Net income attributable to the company     $ 16,075       $ 14,276       $ 52,134       $ 50,732  
Increase in noncontrolling interest redemption value       (42 )       -         (81 )       -  
Net income attributable to participating securities       (77 )       -         (295 )       -  
Net income attributable to common shareholders     $ 15,956       $ 14,276       $ 51,758       $ 50,732  
                             
Basic earnings per common share     $ 0.39       $ 0.33       $ 1.25       $ 1.16  
Diluted earnings per common share     $ 0.39       $ 0.32       $ 1.23       $ 1.13  
                             
Basic weighted average common shares outstanding       40,739         43,182         41,248         43,710  
Diluted weighted average common shares outstanding       41,386         44,168         42,021         44,762  
                             
Dividends declared per common share     $ 0.14       $ 0.125       $ 0.39       $ 0.375  
                                         

 

           
Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
           
           
      September 28,   December 29,
      2014   2013
(In thousands)     (Unaudited)   (Note)
           
Assets          
Current assets:          
Cash and cash equivalents     $ 17,148   $ 13,670
Accounts receivable, net       57,262     53,203
Notes receivable, net       6,064     3,566
Inventories       34,428     23,035
Deferred income taxes       6,924     8,004
Prepaid expenses and other current assets       21,696     23,562
Total current assets       143,522     125,040
           
Property and equipment, net       218,453     212,097
Notes receivable, less current portion, net       12,359     13,239
Goodwill       82,689     79,391
Other assets       35,158     34,524
Total assets     $ 492,181   $ 464,291
           
           
Liabilities and stockholders' equity          
Current liabilities:          
Accounts payable     $ 34,273   $ 35,653
Income and other taxes payable       10,837     4,401
Accrued expenses and other current liabilities       52,866     57,807
Total current liabilities       97,976     97,861
           
Deferred revenue       4,887     5,827
Long-term debt       224,684     157,900
Deferred income taxes       12,604     14,660
Other long-term liabilities       39,180     42,835
Total liabilities       379,331     319,083
           
Redeemable noncontrolling interests       8,970     7,024
           
Total stockholders' equity       103,880     138,184
Total liabilities, redeemable noncontrolling interests and stockholders' equity     $ 492,181   $ 464,291
           
           

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 the United States for a complete set of financial statements.

 

 

 
Papa John's International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
               
               
      Nine Months Ended
(In thousands)     September 28, 2014       September 29, 2013
      (Unaudited)       (Unaudited)
Operating activities              
Net income before attribution to noncontrolling interests     $ 55,342         $ 53,242  

Adjustments to reconcile net income to net cash provided by operating activities:

             
Provision for uncollectible accounts and notes receivable       1,714           1,130  
Depreciation and amortization       29,539           25,672  
Deferred income taxes       7,687           6,994  
Stock-based compensation expense       5,958           5,642  
Excess tax benefit on equity awards       (8,493 )         (4,108 )
Other       3,916           1,260  
Changes in operating assets and liabilities, net of acquisitions:              
Accounts receivable       (6,861 )         (4,666 )
Inventories       (9,792 )         (740 )
Prepaid expenses and other current assets       2,148           281  
Other assets and liabilities       3,887           (3,254 )
Accounts payable       (1,380 )         1,457  
Income and other taxes payable       6,434           (4,511 )
Accrued expenses and other current liabilities       (5,163 )         (3,217 )
Deferred revenue       (110 )         (349 )
Net cash provided by operating activities       84,826           74,833  
               
Investing activities              
Purchases of property and equipment       (37,700 )         (38,537 )
Loans issued       (5,221 )         (3,830 )
Repayments of loans issued       3,371           3,687  
Acquisitions, net of cash acquired       (4,264 )         -  
Other       25           324  
Net cash used in investing activities       (43,789 )         (38,356 )
               
Financing activities              
Net proceeds on line of credit facility       66,784           31,742  
Cash dividends paid       (16,119 )         (5,414 )
Excess tax benefit on equity awards       8,493           4,108  
Tax payments for equity award issuances       (7,540 )         (1,862 )
Proceeds from exercise of stock options       4,752           4,193  
Acquisition of Company common stock       (94,152 )         (69,137 )
Contributions from noncontrolling interest holders       1,086           850  
Distributions to noncontrolling interest holders       (1,200 )         (3,200 )
Other       423           (501 )
Net cash used in financing activities       (37,473 )         (39,221 )
               
Effect of exchange rate changes on cash and cash equivalents       (86 )         37  
Change in cash and cash equivalents       3,478           (2,707 )
Cash and cash equivalents at beginning of period       13,670           16,396  
               
Cash and cash equivalents at end of period     $ 17,148         $ 13,689  

SOURCE Papa John's International, Inc.

Contact:

Lance Tucker
Papa John’s International, Inc.
502-261-4218
Chief Financial Officer

 

###

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