2022 Q1 Form 10-Q Financial Statement

#000155837022007209 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $542.7M $528.9M $511.7M
YoY Change 6.05% 12.57% 24.86%
Cost Of Revenue $378.7M $366.0M $346.2M
YoY Change 9.38% 10.85% 20.0%
Gross Profit $164.0M $162.9M $165.6M
YoY Change -0.95% 16.67% 36.41%
Gross Profit Margin 30.22% 30.79% 32.36%
Selling, General & Admin $60.94M $50.76M $46.10M
YoY Change 32.19% -8.71% -3.35%
% of Gross Profit 37.15% 31.16% 27.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.94M $11.99M $12.88M
YoY Change -7.27% -2.55% 4.73%
% of Gross Profit 7.28% 7.36% 7.78%
Operating Expenses $133.4M $121.0M $114.8M
YoY Change 16.23% 0.89% 8.4%
Operating Profit $14.44M $41.90M $46.86M
YoY Change -69.2% 112.69% 202.88%
Interest Expense -$4.264M -$6.018M -$3.647M
YoY Change 16.92% 62.65% -8.07%
% of Operating Profit -29.54% -14.36% -7.78%
Other Income/Expense, Net
YoY Change
Pretax Income $10.17M $32.15M $43.20M
YoY Change -76.45% 100.92% 275.49%
Income Tax -$1.256M $6.606M $7.932M
% Of Pretax Income -12.35% 20.55% 18.36%
Net Earnings $10.49M $24.62M $33.88M
YoY Change -69.03% 87.01% 301.31%
Net Earnings / Revenue 1.93% 4.66% 6.62%
Basic Earnings Per Share $0.29 $0.83
Diluted Earnings Per Share $0.29 $656.8K $0.82
COMMON SHARES
Basic Shares Outstanding 35.93M 36.36M 32.76M
Diluted Shares Outstanding 36.24M 33.09M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.67M $70.61M $171.3M
YoY Change -52.91% -45.77% 370.6%
Cash & Equivalents $80.67M $70.61M $171.3M
Short-Term Investments
Other Short-Term Assets $65.73M $46.31M $45.40M
YoY Change 44.79% 7.2% 62.14%
Inventory $38.99M $34.98M $27.55M
Prepaid Expenses
Receivables $81.23M $81.37M $76.01M
Other Receivables $19.64M $21.74M $11.40M
Total Short-Term Assets $286.3M $255.0M $331.6M
YoY Change -13.67% -16.77% 79.05%
LONG-TERM ASSETS
Property, Plant & Equipment $216.3M $223.9M $195.1M
YoY Change 10.85% 11.43% -4.85%
Goodwill $71.59M $80.63M $81.02M
YoY Change -11.63% -0.2% 1.61%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $84.42M $88.38M $78.06M
YoY Change 8.14% 22.1% 38.02%
Total Long-Term Assets $599.4M $630.7M $586.7M
YoY Change 2.16% 11.36% 10.06%
TOTAL ASSETS
Total Short-Term Assets $286.3M $255.0M $331.6M
Total Long-Term Assets $599.4M $630.7M $586.7M
Total Assets $885.6M $885.7M $918.3M
YoY Change -3.56% 1.48% 27.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $35.43M $28.09M $32.02M
YoY Change 10.66% -24.83% -5.11%
Accrued Expenses $177.1M $212.7M $190.1M
YoY Change -6.82% 11.28% 48.63%
Deferred Revenue $19.65M $21.70M $19.81M
YoY Change -0.8% 10.77% 216.91%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.190M $4.977M $20.00M
YoY Change -74.05% -75.12% -3.02%
Total Short-Term Liabilities $278.6M $287.4M $291.7M
YoY Change -4.49% -0.5% 35.28%
LONG-TERM LIABILITIES
Long-Term Debt $528.1M $480.7M $328.5M
YoY Change 60.74% 46.43% -4.11%
Other Long-Term Liabilities $89.21M $93.15M $104.6M
YoY Change -14.71% -16.35% 21.31%
Total Long-Term Liabilities $617.3M $573.9M $433.1M
YoY Change 42.52% 30.53% 1.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.6M $287.4M $291.7M
Total Long-Term Liabilities $617.3M $573.9M $433.1M
Total Liabilities $1.089B $1.053B $900.3M
YoY Change 20.93% 19.44% 14.44%
SHAREHOLDERS EQUITY
Retained Earnings $181.1M $183.2M $242.1M
YoY Change -25.19% -16.43% 19.69%
Common Stock $491.0K $490.0K $453.0K
YoY Change 8.39% 8.17% 1.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $832.6M $806.5M $737.3M
YoY Change 12.93% 8.73% -0.97%
Treasury Stock Shares $13.40M $13.21M $12.66M
Shareholders Equity -$224.1M -$187.7M -$255.4M
YoY Change
Total Liabilities & Shareholders Equity $885.6M $885.7M $918.3M
YoY Change -3.56% 1.48% 27.85%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $10.49M $24.62M $33.88M
YoY Change -69.03% 87.01% 301.31%
Depreciation, Depletion And Amortization $11.94M $11.99M $12.88M
YoY Change -7.27% -2.55% 4.73%
Cash From Operating Activities $25.39M -$8.949M $63.22M
YoY Change -59.83% -149.99% 87.4%
INVESTING ACTIVITIES
Capital Expenditures $10.23M -$27.23M $7.076M
YoY Change 44.62% 138.87% 19.27%
Acquisitions $1.250M $699.0K
YoY Change 78.83%
Other Investing Activities -$8.000K $4.910M -$29.00K
YoY Change -72.41% -546.36% 2800.0%
Cash From Investing Activities -$8.315M -$22.32M -$6.299M
YoY Change 32.01% 78.57% -34.08%
FINANCING ACTIVITIES
Cash Dividend Paid $10.80M
YoY Change 0.93%
Common Stock Issuance & Retirement, Net $32.71M $1.267M
YoY Change 2481.61%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.787M -3.468M -16.08M
YoY Change -57.79% -78.46% 3.53%
NET CHANGE
Cash From Operating Activities 25.39M -8.949M 63.22M
Cash From Investing Activities -8.315M -22.32M -6.299M
Cash From Financing Activities -6.787M -3.468M -16.08M
Net Change In Cash 10.06M -34.74M 41.07M
YoY Change -75.51% 224.65% 385.15%
FREE CASH FLOW
Cash From Operating Activities $25.39M -$8.949M $63.22M
Capital Expenditures $10.23M -$27.23M $7.076M
Free Cash Flow $15.16M $18.28M $56.14M
YoY Change -72.99% -37.6% 101.94%

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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Basis Of Accounting
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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-weight:bold;">Basis of Presentation</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual 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 three months ended March 27, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 25, 2022.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for Papa John’s International, Inc. (referred to as the “Company”, “Papa John’s” or in the first-person notations of “we”, “us” and “our”) for the year ended December 26, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2022Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items that are subject to such estimates and assumptions include allowance for credit losses on accounts and notes receivable, intangible assets, contract assets and contract liabilities, including the online customer loyalty program obligation and gift card breakage, right-of-use assets and lease liabilities, insurance reserves and tax reserves. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. </p>
CY2022Q1 pzza Percentage Of Business Units Franchised
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0.80
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CY2022Q1 pzza Number Of Joint Ventures Having Noncontrolling Interests
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CY2021Q1 us-gaap Sublease Income
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65
CY2022Q1 pzza Contingent Liability Assumed In Sale Of Business
ContingentLiabilityAssumedInSaleOfBusiness
10800000
CY2022Q1 pzza Contingent Liability Assumed In Sale Of Business
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CY2021Q1 us-gaap Finance Lease Interest Payment On Liability
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CY2021Q1 us-gaap Finance Lease Principal Payments
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CY2022Q1 us-gaap Operating Lease Payments
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CY2021Q1 us-gaap Operating Lease Payments
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CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021Q1 pzza Proceeds From Subleases
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CY2022Q1 us-gaap Capitalized Contract Cost Amortization
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CY2022Q1 us-gaap Stock Repurchased During Period Value
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CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2021Q1 us-gaap Stock Repurchased During Period Value
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CY2021Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2022Q1 pzza Dividends Recorded
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CY2022Q1 us-gaap Dividends Payable Amount Per Share
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 pzza Participating Securities Dividends And Accretion Income Statement Impact
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 us-gaap Operating Income Loss
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CY2021Q1 us-gaap Operating Income Loss
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CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q1 us-gaap Property Plant And Equipment Net
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216253000
CY2022Q1 pzza Refranchising Gains Losses Net
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CY2022Q1 pzza Number Of Stores Held For Sale
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CY2022Q1 pzza Legal Settlement Fees
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CY2021Q1 us-gaap Restructuring Costs
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CY2022Q1 us-gaap Revenues
Revenues
542692000
CY2021Q1 us-gaap Revenues
Revenues
511746000

Files In Submission

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0001558370-22-007209-index-headers.html Edgar Link pending
0001558370-22-007209-index.html Edgar Link pending
0001558370-22-007209.txt Edgar Link pending
0001558370-22-007209-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pzza-20220327.xsd Edgar Link pending
pzza-20220327x10q.htm Edgar Link pending
pzza-20220327x10q001.jpg Edgar Link pending
pzza-20220327x10q_htm.xml Edgar Link completed
pzza-20220327xex10d1.htm Edgar Link pending
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pzza-20220327_cal.xml Edgar Link unprocessable
pzza-20220327_def.xml Edgar Link unprocessable
pzza-20220327_lab.xml Edgar Link unprocessable
pzza-20220327_pre.xml Edgar Link unprocessable
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