$PZZA
PAPA JOHNS INTERNATIONAL INC

2014 Q2 Form 10-Q Financial Statement

#000110465914056997 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $380.9M $349.2M
YoY Change 9.07% 9.61%
Cost Of Revenue $256.8M $254.0M
YoY Change 1.1% 9.91%
Gross Profit $124.0M $95.10M
YoY Change 30.39% 8.69%
Gross Profit Margin 32.56% 27.23%
Selling, General & Admin $73.90M $59.70M
YoY Change 23.79% 9.54%
% of Gross Profit 59.6% 62.78%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $9.855M $8.530M
YoY Change 15.53% 5.31%
% of Gross Profit 7.95% 8.97%
Operating Expenses $97.10M $68.20M
YoY Change 42.38% 8.25%
Operating Profit $27.00M $26.95M
YoY Change 0.19% 10.77%
Interest Expense -$763.0K -$340.0K
YoY Change 124.41% -220.57%
% of Operating Profit -2.83% -1.26%
Other Income/Expense, Net
YoY Change
Pretax Income $26.24M $26.61M
YoY Change -1.4% 13.39%
Income Tax $8.397M $8.563M
% Of Pretax Income 32.01% 32.18%
Net Earnings $16.75M $17.15M
YoY Change -2.34% 20.02%
Net Earnings / Revenue 4.4% 4.91%
Basic Earnings Per Share $0.40 $0.39
Diluted Earnings Per Share $0.40 $0.39
COMMON SHARES
Basic Shares Outstanding 41.23M shares 43.48M shares
Diluted Shares Outstanding 41.97M shares 44.50M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.00M $28.20M
YoY Change -29.08% -16.07%
Cash & Equivalents $19.97M $28.24M
Short-Term Investments
Other Short-Term Assets $9.646M $7.804M
YoY Change 23.6% 170.97%
Inventory $31.90M $21.72M
Prepaid Expenses $14.16M $10.78M
Receivables $48.38M $43.24M
Other Receivables $5.800M $3.500M
Total Short-Term Assets $137.6M $122.9M
YoY Change 11.91% 16.94%
LONG-TERM ASSETS
Property, Plant & Equipment $218.4M $201.9M
YoY Change 8.17% 8.24%
Goodwill $82.11M $78.09M
YoY Change 5.15% -0.32%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $35.53M $32.68M
YoY Change 8.74% 21.79%
Total Long-Term Assets $347.6M $326.5M
YoY Change 6.45% 8.02%
TOTAL ASSETS
Total Short-Term Assets $137.6M $122.9M
Total Long-Term Assets $347.6M $326.5M
Total Assets $485.2M $449.5M
YoY Change 7.95% 10.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $33.72M $28.73M
YoY Change 17.37% -11.28%
Accrued Expenses $54.50M $51.95M
YoY Change 4.91% 4.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $94.01M $82.09M
YoY Change 14.53% -4.65%
LONG-TERM LIABILITIES
Long-Term Debt $210.0M $133.2M
YoY Change 57.61% 166.48%
Other Long-Term Liabilities $45.64M $40.86M
YoY Change 11.71% 72.85%
Total Long-Term Liabilities $255.6M $174.1M
YoY Change 46.84% 136.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.01M $82.09M
Total Long-Term Liabilities $255.6M $174.1M
Total Liabilities $368.2M $274.9M
YoY Change 33.94% 72.09%
SHAREHOLDERS EQUITY
Retained Earnings $66.94M $392.9M
YoY Change -82.96% 18.95%
Common Stock $432.0K $373.0K
YoY Change 15.82% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $101.8M $514.5M
YoY Change -80.21% 31.68%
Treasury Stock Shares
Shareholders Equity $108.0M $167.8M
YoY Change
Total Liabilities & Shareholders Equity $485.2M $449.5M
YoY Change 7.95% 10.32%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $16.75M $17.15M
YoY Change -2.34% 20.02%
Depreciation, Depletion And Amortization $9.855M $8.530M
YoY Change 15.53% 5.31%
Cash From Operating Activities $27.90M $17.30M
YoY Change 61.27% -18.01%
INVESTING ACTIVITIES
Capital Expenditures -$15.10M -$12.30M
YoY Change 22.76% 43.02%
Acquisitions
YoY Change
Other Investing Activities -$3.300M -$400.0K
YoY Change 725.0% -90.91%
Cash From Investing Activities -$18.50M -$12.60M
YoY Change 46.83% -3.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.900M -900.0K
YoY Change 333.33% -95.34%
NET CHANGE
Cash From Operating Activities 27.90M 17.30M
Cash From Investing Activities -18.50M -12.60M
Cash From Financing Activities -3.900M -900.0K
Net Change In Cash 5.500M 3.800M
YoY Change 44.74% -133.63%
FREE CASH FLOW
Cash From Operating Activities $27.90M $17.30M
Capital Expenditures -$15.10M -$12.30M
Free Cash Flow $43.00M $29.60M
YoY Change 45.27% -0.34%

Facts In Submission

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44983000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
3803000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1841000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Proceeds From Minority Shareholders
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450000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
1750000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-9933000 USD
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54565000 USD
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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6301000 USD
CY2014Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19971000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16396000 USD
CY2013Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28236000 USD
us-gaap Basis Of Accounting
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1.</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b> <b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Basis of Presentation</font></b></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#8220;GAAP&#8221;) for interim financial information and with the instructions to Form&#160;10-Q and Article&#160;10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the six months ended June&#160;29, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ended December&#160;28, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form&#160;10-K for Papa John&#8217;s International,&#160;Inc. (referred to as the &#8220;Company,&#8221; &#8220;Papa John&#8217;s&#8221; or in the first person notations of &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;) for the year ended December&#160;29, 2013.</font></p> </div>
CY2014Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
48377000 USD
CY2014Q2 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
5862000 USD
CY2014Q2 us-gaap Inventory Net
InventoryNet
31895000 USD
CY2014Q2 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
7673000 USD
CY2014Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
14156000 USD
CY2014Q2 us-gaap Other Assets Current
OtherAssetsCurrent
9646000 USD
CY2014Q2 us-gaap Notes And Loans Receivable Net Noncurrent
NotesAndLoansReceivableNetNoncurrent
11534000 USD
CY2014Q2 us-gaap Goodwill
Goodwill
82106000 USD
CY2014Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
35532000 USD
CY2014Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
33719000 USD
CY2014Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
5824000 USD
CY2014Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
54468000 USD
CY2014Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
5579000 USD
CY2014Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
210000000 USD
CY2014Q2 us-gaap Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
12928000 USD
CY2014Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
45644000 USD
CY2014Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
8433000 USD
CY2014Q2 us-gaap Common Stock Value
CommonStockValue
432000 USD
CY2014Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
139705000 USD
CY2014Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
2765000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
66944000 USD
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
101830000 USD
CY2014Q2 us-gaap Minority Interest
MinorityInterest
589000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
355000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-149000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
206000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
178000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-165000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
343000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
7890000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-2270000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-3400000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7295000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-180000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
152000 USD
us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet
17000 USD
CY2014Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1086000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
2341000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
936000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
19019000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
6298000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3612000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-1934000 USD
us-gaap Increase Decrease In Accrued Taxes Payable
IncreaseDecreaseInAccruedTaxesPayable
1423000 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3970000 USD
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
305000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26239000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
2642000 USD
us-gaap Proceeds From Sale And Collection Of Notes Receivable
ProceedsFromSaleAndCollectionOfNotesReceivable
1880000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
7890000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-25000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
293000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
600000 USD
us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
100000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
63304000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3361000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
7498000 USD
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
33562000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
70528000 USD
CY2014Q2 us-gaap Other General Expense
OtherGeneralExpense
1964000 USD
us-gaap Other General Expense
OtherGeneralExpense
3497000 USD
CY2014Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9855000 USD
CY2014Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-763000 USD
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-1355000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8397000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19266000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
10404000 USD
CY2014Q2 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
1091000 USD
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
2321000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
959000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
926000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-404000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-447000 USD
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
39000 USD

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