Title of each class: | Trading Symbol | Name of each exchange on which registered: | ||||||||||||
PAPA JOHN’S INTERNATIONAL, INC. | |||||
(Registrant) | |||||
Date: November 2, 2023 | /s/ Ravi Thanawala | ||||
Ravi Thanawala | |||||
Chief Financial Officer |
Exhibit Number | Description of Exhibit | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | September 24, 2023 | September 25, 2022 | Increase (Decrease) | September 24, 2023 | September 25, 2022 | Increase (Decrease) | ||||||||||||||||||||||||||||||||
Total revenues | $ | 522,812 | $ | 510,512 | $ | 12,300 | $ | 1,564,391 | $ | 1,575,869 | $ | (11,478) | ||||||||||||||||||||||||||
Operating income | $ | 31,868 | $ | 19,461 | $ | 12,407 | $ | 104,576 | $ | 72,800 | $ | 31,776 | ||||||||||||||||||||||||||
Adjusted operating income (a) | $ | 33,638 | $ | 33,593 | $ | 45 | $ | 109,671 | $ | 119,235 | $ | (9,564) | ||||||||||||||||||||||||||
Net income attributable to the Company | $ | 15,861 | $ | 8,331 | $ | 7,530 | $ | 56,005 | $ | 44,258 | $ | 11,747 | ||||||||||||||||||||||||||
Diluted earnings per common share | $ | 0.48 | $ | 0.23 | $ | 0.25 | $ | 1.68 | $ | 1.22 | $ | 0.46 | ||||||||||||||||||||||||||
Adjusted diluted earnings per common share (a) | $ | 0.53 | $ | 0.54 | $ | (0.01) | $ | 1.80 | $ | 2.23 | $ | (0.43) |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
Amounts below exclude the impact of foreign currency | September 24, 2023 | September 25, 2022 | September 24, 2023 | September 25, 2022 | ||||||||||||||||||||||
Comparable sales growth (decline): | ||||||||||||||||||||||||||
Domestic Company-owned restaurants | 5.9% | (2.2)% | 3.8% | (1.6)% | ||||||||||||||||||||||
North America franchised restaurants | 2.2% | (0.5)% | (0.4)% | 1.2% | ||||||||||||||||||||||
North America restaurants | 2.9% | (0.8)% | 0.4% | 0.6% | ||||||||||||||||||||||
International restaurants | (0.3)% | (10.1)% | (2.3)% | (5.8)% | ||||||||||||||||||||||
Total comparable sales growth (decline) | 2.2% | (3.4)% | (0.2)% | (1.1)% | ||||||||||||||||||||||
System-wide restaurant sales growth (decline): | ||||||||||||||||||||||||||
Domestic Company-owned restaurants | 6.7% | 0.5% | 4.7% | 0.8% | ||||||||||||||||||||||
North America franchised restaurants | 3.2% | 0.9% | 1.1% | 2.5% | ||||||||||||||||||||||
North America restaurants | 3.9% | 0.8% | 1.8% | 2.2% | ||||||||||||||||||||||
International restaurants (a) | 8.8% | (0.4)% | 6.8% | 5.3% | ||||||||||||||||||||||
Total global system-wide restaurant sales growth (decline) | 5.1% | 0.5% | 3.0% | 2.9% |
Third Quarter | Domestic Company Owned | Franchised North America | Total North America | International Company Owned | International Franchised | Total International | System-wide | ||||||||||||||||||||||||||||||||||
Beginning - June 25, 2023 | 521 | 2,868 | 3,389 | 91 | 2,300 | 2,391 | 5,780 | ||||||||||||||||||||||||||||||||||
Opened | — | 15 | 15 | — | 55 | 55 | 70 | ||||||||||||||||||||||||||||||||||
Closed | — | (7) | (7) | — | (18) | (18) | (25) | ||||||||||||||||||||||||||||||||||
Acquired | 9 | — | 9 | 27 | — | 27 | 36 | ||||||||||||||||||||||||||||||||||
Sold | — | (9) | (9) | — | (27) | (27) | (36) | ||||||||||||||||||||||||||||||||||
Refranchised | (4) | 4 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Ending - September 24, 2023 | 526 | 2,871 | 3,397 | 118 | 2,310 | 2,428 | 5,825 | ||||||||||||||||||||||||||||||||||
Net Unit Growth | 5 | 3 | 8 | 27 | 10 | 37 | 45 | ||||||||||||||||||||||||||||||||||
Trailing four quarters net store growth/(decline) | 4 | 35 | 39 | 118 | 79 | 197 | 236 |
Nine Months Ended | ||||||||||||||
(in thousands) | September 24, 2023 | September 25, 2022 | ||||||||||||
Net cash provided by operating activities | $ | 126,936 | $ | 76,553 | ||||||||||
Purchases of property and equipment | (50,905) | (48,424) | ||||||||||||
Free cash flow | $ | 76,031 | $ | 28,129 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(In thousands, except per share amounts) | September 24, 2023 | September 25, 2022 | September 24, 2023 | September 25, 2022 | ||||||||||||||||||||||
Operating income | $ | 31,868 | $ | 19,461 | $ | 104,576 | $ | 72,800 | ||||||||||||||||||
UK repositioning and acquisition-related costs (a) | 1,193 | — | 2,501 | — | ||||||||||||||||||||||
Refranchising and impairment losses (b) | — | 905 | — | 26,701 | ||||||||||||||||||||||
Legal settlements (c) | 577 | 10,000 | 577 | 15,000 | ||||||||||||||||||||||
Provision for uncollectible accounts and notes receivable (d) | — | 3,227 | — | 3,227 | ||||||||||||||||||||||
Other costs (e) | — | — | 2,017 | 1,507 | ||||||||||||||||||||||
Adjusted operating income | $ | 33,638 | $ | 33,593 | $ | 109,671 | $ | 119,235 | ||||||||||||||||||
Net income attributable to common shareholders | $ | 15,861 | $ | 8,245 | $ | 56,005 | $ | 43,996 | ||||||||||||||||||
UK repositioning and acquisition-related costs (a) | 1,193 | — | 2,501 | — | ||||||||||||||||||||||
Refranchising and impairment losses (b) | — | 905 | — | 26,701 | ||||||||||||||||||||||
Legal settlements (c) | 577 | 10,000 | 577 | 15,000 | ||||||||||||||||||||||
Provision for uncollectible accounts and notes receivable (d) | — | 3,227 | — | 3,227 | ||||||||||||||||||||||
Other costs (e) | — | — | 2,017 | 1,507 | ||||||||||||||||||||||
Tax effect of adjustments (f) | (404) | (3,180) | (1,162) | (10,449) | ||||||||||||||||||||||
Adjusted net income attributable to common shareholders (g) | $ | 17,227 | $ | 19,197 | $ | 59,938 | $ | 79,982 | ||||||||||||||||||
Diluted earnings per common share | $ | 0.48 | $ | 0.23 | $ | 1.68 | $ | 1.22 | ||||||||||||||||||
UK repositioning and acquisition-related costs (a) | 0.04 | — | 0.07 | — | ||||||||||||||||||||||
Refranchising and impairment losses (b) | — | 0.03 | — | 0.75 | ||||||||||||||||||||||
Legal settlements (c) | 0.02 | 0.28 | 0.02 | 0.42 | ||||||||||||||||||||||
Provision for uncollectible accounts and notes receivable (d) | — | 0.09 | — | 0.09 | ||||||||||||||||||||||
Other costs (e) | — | — | 0.06 | 0.04 | ||||||||||||||||||||||
Tax effect of adjustments (f) | (0.01) | (0.09) | (0.03) | (0.29) | ||||||||||||||||||||||
Adjusted diluted earnings per common share (g) | $ | 0.53 | $ | 0.54 | $ | 1.80 | $ | 2.23 |
Three Months Ended | Nine Months Ended | ||||||||||
(In thousands) | September 25, 2022 | September 25, 2022 | |||||||||
Refranchising impairment loss (1) | $ | — | $ | 8,412 | |||||||
Ukraine-related charge (2) | — | 17,384 | |||||||||
PJUK lease impairment (3) | 905 | 905 | |||||||||
Total adjustment | $ | 905 | $ | 26,701 |
(In thousands, except per share amounts) | September 24, 2023 | December 25, 2022 | ||||||||||||
(Unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 37,492 | $ | 47,373 | ||||||||||
Accounts receivable, net | 109,697 | 102,533 | ||||||||||||
Notes receivable, current portion | 5,169 | 6,848 | ||||||||||||
Income tax receivable | 1,162 | 8,780 | ||||||||||||
Inventories | 37,666 | 41,382 | ||||||||||||
Prepaid expenses and other current assets | 51,943 | 44,123 | ||||||||||||
Assets held for sale (a) | 3,427 | — | ||||||||||||
Total current assets | 246,556 | 251,039 | ||||||||||||
Property and equipment, net | 268,087 | 249,793 | ||||||||||||
Finance lease right-of-use assets, net | 34,443 | 24,941 | ||||||||||||
Operating lease right-of-use assets | 166,360 | 172,425 | ||||||||||||
Notes receivable, less current portion, net | 15,016 | 21,248 | ||||||||||||
Goodwill | 76,011 | 70,616 | ||||||||||||
Other assets | 71,092 | 74,165 | ||||||||||||
Total assets | $ | 877,565 | $ | 864,227 | ||||||||||
Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 68,020 | $ | 62,316 | ||||||||||
Income and other taxes payable | 9,738 | 8,766 | ||||||||||||
Accrued expenses and other current liabilities | 153,772 | 142,535 | ||||||||||||
Current deferred revenue | 19,565 | 21,272 | ||||||||||||
Current finance lease liabilities | 9,520 | 6,850 | ||||||||||||
Current operating lease liabilities | 25,935 | 23,418 | ||||||||||||
Current portion of long-term debt | 14,789 | — | ||||||||||||
Total current liabilities | 301,339 | 265,157 | ||||||||||||
Deferred revenue | 20,699 | 23,204 | ||||||||||||
Long-term finance lease liabilities | 26,305 | 19,022 | ||||||||||||
Long-term operating lease liabilities | 153,506 | 160,905 | ||||||||||||
Long-term debt, less current portion, net | 769,210 | 597,069 | ||||||||||||
Other long-term liabilities | 65,494 | 68,317 | ||||||||||||
Total liabilities | 1,336,553 | 1,133,674 | ||||||||||||
Redeemable noncontrolling interests | 910 | 1,217 | ||||||||||||
Stockholders’ deficit: | ||||||||||||||
Common stock ($0.01 par value per share; issued 49,227 at September 24, 2023 and 49,138 at December 26, 2022) | 492 | 491 | ||||||||||||
Additional paid-in capital | 447,699 | 449,829 | ||||||||||||
Accumulated other comprehensive loss | (7,916) | (10,135) | ||||||||||||
Retained earnings | 208,132 | 195,856 | ||||||||||||
Treasury stock (16,754 shares at September 24, 2023 and 14,402 shares at December 26, 2022, at cost) | (1,123,599) | (922,434) | ||||||||||||
Total stockholders’ deficit | (475,192) | (286,393) | ||||||||||||
Noncontrolling interests in subsidiaries | 15,294 | 15,729 | ||||||||||||
Total Stockholders’ deficit | (459,898) | (270,664) | ||||||||||||
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit | $ | 877,565 | $ | 864,227 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
(In thousands, except per share amounts) | September 24, 2023 | September 25, 2022 | September 24, 2023 | September 25, 2022 | ||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Domestic Company-owned restaurant sales | $ | 177,195 | $ | 166,050 | $ | 532,841 | $ | 536,226 | ||||||||||||||||||
North America franchise royalties and fees | 35,041 | 33,712 | 105,824 | 102,897 | ||||||||||||||||||||||
North America commissary revenues | 204,887 | 216,115 | 624,433 | 645,177 | ||||||||||||||||||||||
International revenues | 42,927 | 30,735 | 108,998 | 97,310 | ||||||||||||||||||||||
Other revenues | 62,762 | 63,900 | 192,295 | 194,259 | ||||||||||||||||||||||
Total revenues | 522,812 | 510,512 | 1,564,391 | 1,575,869 | ||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Operating costs (excluding depreciation and amortization shown separately below): | ||||||||||||||||||||||||||
Domestic Company-owned restaurant expenses | 145,433 | 138,299 | 436,922 | 441,986 | ||||||||||||||||||||||
North America commissary expenses | 189,551 | 203,129 | 576,434 | 604,689 | ||||||||||||||||||||||
International expenses | 29,796 | 18,196 | 67,542 | 57,346 | ||||||||||||||||||||||
Other expenses | 57,587 | 59,249 | 177,661 | 180,452 | ||||||||||||||||||||||
General and administrative expenses | 52,173 | 57,935 | 154,441 | 168,519 | ||||||||||||||||||||||
Depreciation and amortization | 16,404 | 13,338 | 46,815 | 38,012 | ||||||||||||||||||||||
Total costs and expenses | 490,944 | 490,146 | 1,459,815 | 1,491,004 | ||||||||||||||||||||||
Refranchising and impairment loss | — | (905) | — | (12,065) | ||||||||||||||||||||||
Operating income | 31,868 | 19,461 | 104,576 | 72,800 | ||||||||||||||||||||||
Net interest expense | (11,378) | (7,623) | (31,674) | (17,967) | ||||||||||||||||||||||
Income before income taxes | 20,490 | 11,838 | 72,902 | 54,833 | ||||||||||||||||||||||
Income tax expense | 4,539 | 3,374 | 16,546 | 9,212 | ||||||||||||||||||||||
Net income before attribution to noncontrolling interests | 15,951 | 8,464 | 56,356 | 45,621 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | (90) | (133) | (351) | (1,363) | ||||||||||||||||||||||
Net income attributable to the Company | $ | 15,861 | $ | 8,331 | $ | 56,005 | $ | 44,258 | ||||||||||||||||||
Calculation of net income for earnings per share: | ||||||||||||||||||||||||||
Net income attributable to the Company | $ | 15,861 | $ | 8,331 | $ | 56,005 | $ | 44,258 | ||||||||||||||||||
Dividends paid to participating securities | — | (86) | — | (228) | ||||||||||||||||||||||
Net income attributable to participating securities | — | — | — | (34) | ||||||||||||||||||||||
Net income attributable to common shareholders | $ | 15,861 | $ | 8,245 | $ | 56,005 | $ | 43,996 | ||||||||||||||||||
Basic earnings per common share | $ | 0.49 | $ | 0.23 | $ | 1.69 | $ | 1.23 | ||||||||||||||||||
Diluted earnings per common share | $ | 0.48 | $ | 0.23 | $ | 1.68 | $ | 1.22 | ||||||||||||||||||
Basic weighted average common shares outstanding | 32,564 | 35,259 | 33,053 | 35,602 | ||||||||||||||||||||||
Diluted weighted average common shares outstanding | 32,800 | 35,448 | 33,287 | 35,840 | ||||||||||||||||||||||
Dividends declared per common share | $ | 0.46 | $ | 0.42 | $ | 1.30 | $ | 1.12 |
Nine Months Ended | ||||||||||||||
(In thousands) | September 24, 2023 | September 25, 2022 | ||||||||||||
Operating activities | ||||||||||||||
Net income before attribution to noncontrolling interests | $ | 56,356 | $ | 45,621 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Provision for allowance for credit losses on accounts and notes receivable | 1,348 | 18,576 | ||||||||||||
Depreciation and amortization | 46,815 | 38,012 | ||||||||||||
Refranchising and impairment loss | — | 12,065 | ||||||||||||
Deferred income taxes | 3,481 | 519 | ||||||||||||
Stock-based compensation expense | 13,224 | 14,246 | ||||||||||||
Other | 331 | (466) | ||||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||
Accounts receivable | (11,643) | (19,584) | ||||||||||||
Income tax receivable | 7,617 | (1,146) | ||||||||||||
Inventories | 3,875 | (8,185) | ||||||||||||
Prepaid expenses and other current assets | (2,104) | 2,065 | ||||||||||||
Other assets and liabilities | 2,057 | (4,919) | ||||||||||||
Accounts payable | 15,237 | 16,188 | ||||||||||||
Income and other taxes payable | 1,087 | (1,789) | ||||||||||||
Accrued expenses and other current liabilities | (6,579) | (32,404) | ||||||||||||
Deferred revenue | (4,166) | (2,246) | ||||||||||||
Net cash provided by operating activities | 126,936 | 76,553 | ||||||||||||
Investing activities | ||||||||||||||
Purchases of property and equipment | (50,905) | (48,424) | ||||||||||||
Notes issued | (7,310) | (2,248) | ||||||||||||
Repayments of notes issued | 5,759 | 8,125 | ||||||||||||
Acquisitions, net of cash acquired | (5,599) | (1,346) | ||||||||||||
Proceeds from refranchising, net of cash transferred | — | 13,588 | ||||||||||||
Other | 401 | 76 | ||||||||||||
Net cash used in investing activities | (57,654) | (30,229) | ||||||||||||
Financing activities | ||||||||||||||
Net proceeds of revolving credit facilities | 185,789 | 66,999 | ||||||||||||
Proceeds from exercise of stock options | 1,816 | 2,730 | ||||||||||||
Acquisition of Company common stock | (210,348) | (95,000) | ||||||||||||
Dividends paid to common stockholders | (43,641) | (39,949) | ||||||||||||
Tax payments for equity award issuances | (6,279) | (9,426) | ||||||||||||
Distributions to noncontrolling interests | (651) | (1,090) | ||||||||||||
Other | (5,825) | (3,480) | ||||||||||||
Net cash used in financing activities | (79,139) | (79,216) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (24) | (1,100) | ||||||||||||
Change in cash and cash equivalents | (9,881) | (33,992) | ||||||||||||
Cash and cash equivalents at beginning of period | 47,373 | 70,610 | ||||||||||||
Cash and cash equivalents at end of period | $ | 37,492 | $ | 36,618 |
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