Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”)
(the “Company”) today announced financial results for the second
quarter ended June 30, 2024.
Highlights
- North America comparable sales(a) were down 4% from a year ago
as Domestic Company-owned restaurants were down 4% and North
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
lower North 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 our North 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 Todd Penegor, President and Chief Executive
Officer. “As we move forward together, our number one priority will
be to create great experiences for our customers and team members,
while also ensuring the restaurant economic model is strong. We
will move quickly to build on our strengths and execute today as we
evolve to be even better tomorrow.”
Commenting on second quarter results, Ravi Thanawala, Chief
Financial Officer, stated, “Papa Johns’ commitment to maintaining
the quality of our product and brand as well as managing our costs
drove continued improvement in restaurant-level margins and
Adjusted operating income, helping to offset our softer sales in
the second quarter. During the quarter, demand for our core product
— pizza, remained solid despite facing a highly promotional QSR
environment and a more value-conscious consumer.
“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) North America and International
comparable sales are reported on a 13-week basis comparing April 1,
2024 through June 30, 2024 with April 3, 2023 through July 2,
2023.
(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)
June 30, 2024
June 25, 2023
Increase (Decrease)
June 30, 2024
June 25, 2023
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 UK franchisee acquisitions that
occurred during the second and third quarters of 2023 and the UK
restaurant closures and refranchising transactions in the second
quarter of 2024.
Quarterly Results
Total revenues of $507.9 million decreased $6.6 million, or
1.3%, in the second quarter of 2024 compared with the prior year
period. The lower revenues were largely attributable to an $8.8
million decrease in North America commissary revenues reflecting a
combination of lower transaction volumes and commodity prices.
Revenues from Domestic Company-owned restaurants also declined $2.6
million, reflecting lower transaction volumes partially offset by
higher average ticket. Somewhat offsetting these declines was
higher International revenues primarily driven by the net impact of
the UK Company-owned restaurants versus the prior year period.
For the second quarter of 2024, Global system-wide restaurant
sales were $1.20 billion, down 0.7% from the prior year quarter
(excluding the impact of foreign currency). The decrease was
primarily due to lower North America comparable sales, partially
offset by 1.9% global net unit growth on a trailing twelve-month
basis.
Second quarter Operating income was $28.2 million, a $6.7
million, or a 19.2% decrease compared with the prior year second
quarter. Adjusted operating income(a) was $38.4 million, a $1.5
million, or 4.0%, increase from the same period a year ago. The
variance between Operating income and Adjusted operating income was
due to $6.1 million of International restructuring costs in the UK
and a $4.0 million non-cash impairment charge related to fixed and
intangible assets related to certain Domestic restaurants.
The increase in Adjusted operating income in the second quarter
of 2024 was primarily due to improved margins at our Domestic
Company-owned restaurants and local marketing savings. These
increases were partially offset by an approximate $3 million
operating loss related to the operations of the UK franchisee
acquisition and higher depreciation costs related to Company-owned
restaurants and our investments in technology platforms.
Diluted earnings per common share was $0.37 for the second
quarter of 2024 compared with $0.54 in the second quarter of 2023.
Adjusted diluted earnings per common share(a) was $0.61 for the
second quarter of 2024 compared with $0.59 in the second quarter of
2023. These changes were driven by the same factors impacting
Operating income and Adjusted operating income as discussed above.
In addition, diluted earnings per common share and Adjusted diluted
earnings per common share reflected lower interest expense and a
higher effective tax rate compared with the second quarter of 2023.
Interest expense decreased largely due to lower average outstanding
debt, partially offset by slightly higher average interest rates
compared with the prior year second quarter.
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 SEC for additional information
concerning our operating results for the three and six months ended
June 30, 2024.
(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 June 30, 2024, compared with the second
quarter ended June 25, 2023 are as follows (See “Supplemental
Information and Financial Statements” below for related
definitions):
Three Months Ended
Six Months Ended
Amounts below exclude the impact of
foreign currency
June 30, 2024
June 25, 2023
June 30, 2024
June 25, 2023
Comparable sales growth
(decline):
Domestic Company-owned restaurants
(4.2
)%
2.2
%
(3.6
)%
2.8
%
North America franchised restaurants
(3.4
)%
(2.3
)%
(2.4
)%
(1.6
)%
North America restaurants
(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):
Domestic Company-owned restaurants
(1.5
)%
2.5
%
(1.7
)%
3.7
%
North America franchised restaurants
(1.9
)%
(0.6
)%
(1.8
)%
0.1
%
North America restaurants
(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 June 30, 2024, there were 5,883 Papa Johns restaurants
operating in 49 countries and territories, as follows:
Second Quarter
Domestic Company Owned
Franchised North
America
Total North America
International Company
Owned
International
Franchised
Total International
System-wide
Beginning - March 31, 2024
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 - June 30, 2024
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 $12.8 million for the six
months ended June 30, 2024, compared with $59.0 million in the
prior year period. The year over year change primarily reflects
unfavorable working capital changes and timing of cash payments for
income taxes, partially offset by a $5.6 million decrease in
capital expenditures.
Six Months Ended
(in thousands)
June 30, 2024
June 25, 2023
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 $15.1 million ($0.46 per
common share) in the second quarter of 2024. On July 31, 2024, our
Board of Directors declared a third quarter dividend of $0.46 per
common share. The dividend will be paid on August 30, 2024 to
stockholders of record as of the close of business on August 19,
2024.
Conference Call
Papa Johns will host a call with analysts today, August 8, 2024,
at 8:00 a.m. Eastern Time. To access the conference call or
webcast, please register online at:
ir.papajohns.com/events-presentations. A replay of the webcast will
be available two hours after the call and archived on the same web
page.
About Papa Johns
Papa John’s International, Inc. (Nasdaq: PZZA) opened its doors
in 1984 with one goal in mind: BETTER INGREDIENTS. BETTER PIZZA.®
Papa Johns believes that using high-quality ingredients leads to
superior quality pizzas. Its original dough is made of only six
ingredients and is fresh, never frozen. Papa Johns tops its pizzas
with real cheese made from mozzarella, pizza sauce made with
vine-ripened tomatoes that go from vine to can in the same day and
meat free of fillers. It was the first national pizza delivery
chain to announce the removal of artificial flavors and synthetic
colors from its entire food menu. Papa Johns is co-headquartered in
Atlanta, Ga. and Louisville, Ky. and is the world’s third-largest
pizza delivery company with approximately 5,900 restaurants in
approximately 50 countries and territories. For more information
about the Company or to order pizza online, visit www.papajohns.com or download the Papa Johns
mobile app for iOS or Android.
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 UK
market, International restructuring plans, timing and costs,
International consumer demand, adoption of new accounting
standards, 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.
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 U.S. and international
markets, including the United Kingdom; labor shortages at Company
and/or franchised stores and our quality control centers; increases
in labor costs, changes in commodity costs, supply chain
incentive-based rebates, or sustained higher other operating costs,
including as a result of supply chain disruption, inflation or
climate change; the potential for delayed new store openings, both
domestically and internationally, or lower net unit development due
to changing circumstances outside of our control; the increased
risk of phishing, ransomware and other cyber-attacks; risks and
disruptions to the global economy and our business related to the
conflicts in Ukraine and the Middle East and other international
conflicts and risks related to a possible economic recession or
downturn that could reduce consumer spending or demand. These and
other risks, uncertainties and assumptions that are involved in our
forward-looking statements 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 31, 2023. 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.
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 Domestic Company-owned, North America franchised, and
International Comparable sales growth (decline) and Global
system-wide restaurant sales information is useful in analyzing our
results since our franchisees pay royalties and marketing fund
contributions that are based on a percentage of franchise sales.
Comparable sales and Global system-wide restaurant 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. Franchise sales also generate commissary
revenue in the United States and in certain international markets.
Comparable sales growth (decline) and Global system-wide restaurant
sales information is also useful for comparison to industry trends
and evaluating the strength of our brand. Management believes the
presentation of Global system-wide restaurant sales growth,
excluding the impact of foreign currency, provides investors with
useful information regarding underlying sales trends and the impact
of new unit growth without being impacted by swings in the external
factor of foreign currency. Franchise restaurant sales are not
included in the Company’s revenues.
Non-GAAP Financial
Measures
In addition to the results provided in accordance with U.S.
GAAP, we provide certain non-GAAP measures, which present results
on an adjusted basis. These are supplemental measures of
performance that are not required by or presented in accordance
with U.S. GAAP and include the following: Adjusted operating
income, Adjusted net income attributable to common shareholders and
Adjusted diluted earnings per common share. We believe that our
non-GAAP financial measures enable investors to assess the
operating performance of our business relative to our performance
based on U.S. GAAP results and relative to other companies. We
believe that the disclosure of these non-GAAP measures is useful to
investors as they reflect metrics that our management team and
Board utilize to evaluate our operating performance, allocate
resources and administer employee incentive plans. The most
directly comparable U.S. GAAP measures to Adjusted operating
income, Adjusted net income attributable to common shareholders and
Adjusted diluted earnings per common share are Operating income,
net income attributable to common shareholders and diluted earnings
per common share, respectively. These non-GAAP measures should not
be construed as a substitute for or a better indicator of the
Company’s performance than the Company’s U.S. GAAP results. The
table that follows reconciles our GAAP financial results to our
non-GAAP financial measures.
Three Months Ended
Six Months Ended
(In thousands, except per share
amounts)
June 30, 2024
June 25, 2023
June 30, 2024
June 25, 2023
Operating income
$
28,226
$
34,912
$
61,944
$
72,708
International restructuring costs (a)
6,129
—
15,652
—
UK repositioning and acquisition-related
costs (b)
—
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
—
UK repositioning and acquisition-related
costs (b)
—
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
—
UK repositioning and acquisition-related
costs (b)
—
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 June 30, 2024, these costs are comprised primarily of
leased and fixed asset impairment charges related to store closures
in the UK, combined with severance and other related costs.
(b)
Represents costs associated with
repositioning the UK portfolio as well as transaction costs related
to the acquisition of stores from franchisees.
(c)
For the three and six months ended June
30, 2024, represents a non-cash impairment charge related to fixed
and intangible assets related to certain Domestic restaurants. For
the three and six months ended June 25, 2023, represents severance
and related costs associated with the transition of certain
executives, recorded in General and administrative expenses.
(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 June 30, 2024 and June 25, 2023,
respectively.
Papa John’s International,
Inc. and Subsidiaries
Condensed Consolidated Balance
Sheets
(In $ thousands, except per share
amounts)
June 30, 2024
December 31,
2023
(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
Goodwill
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 ($0.01 par value per share;
issued 49,280 at June 30, 2024 and 49,235 at December 31, 2023)
493
492
Additional paid-in capital
446,547
452,290
Accumulated other comprehensive loss
(7,358
)
(7,803
)
Retained earnings
215,800
219,027
Treasury stock (16,658 shares at June 30,
2024 and 16,747 shares at December 31, 2023, at cost)
(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 International,
Inc. and Subsidiaries
Condensed Consolidated
Statements of Operations
(Unaudited)
Three Months Ended
Six Months Ended
(In thousands, except per share
amounts)
June 30, 2024
June 25, 2023
June 30, 2024
June 25, 2023
Revenues:
Domestic Company-owned restaurant
sales
$
173,207
$
175,780
$
349,431
$
355,646
North America franchise royalties and
fees
34,409
34,711
70,106
70,783
North America commissary revenues
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):
Domestic Company-owned restaurant
expenses
138,033
143,705
276,786
291,489
North America commissary expenses
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 International,
Inc. and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
Six Months Ended
(In $ thousands)
June 30, 2024
June 25, 2023
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/
Papa Johns Investor Relations
investor_relations@papajohns.com
Papa Johns (NASDAQ:PZZA)
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