$PZZA
PAPA JOHNS INTERNATIONAL INC

2023 Q2 Form 10-Q Financial Statement

#000162828023015436 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $514.5M $527.0M
YoY Change -1.56% -2.88%
Cost Of Revenue $354.6M $361.5M
YoY Change -3.04% -4.53%
Gross Profit $159.9M $165.5M
YoY Change 1.9% 0.92%
Gross Profit Margin 31.08% 31.41%
Selling, General & Admin $49.02M $51.94M
YoY Change 9.79% -14.76%
% of Gross Profit 30.65% 31.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.69M $14.72M
YoY Change 23.2% 23.29%
% of Gross Profit 9.81% 8.89%
Operating Expenses $123.7M $127.7M
YoY Change 4.81% -4.26%
Operating Profit $36.22M $37.80M
YoY Change -6.9% 161.84%
Interest Expense -$11.28M -$9.021M
YoY Change 85.41% 111.56%
% of Operating Profit -31.13% -23.87%
Other Income/Expense, Net
YoY Change
Pretax Income $23.64M $28.78M
YoY Change -27.99% 182.88%
Income Tax $5.778M $6.229M
% Of Pretax Income 24.44% 21.65%
Net Earnings $17.77M $22.38M
YoY Change -30.14% 113.23%
Net Earnings / Revenue 3.45% 4.25%
Basic Earnings Per Share $0.55 $0.66
Diluted Earnings Per Share $0.54 $0.65
COMMON SHARES
Basic Shares Outstanding 32.66M shares 34.68M shares
Diluted Shares Outstanding 32.65M shares 34.32M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.77M $46.71M
YoY Change -16.02% -42.1%
Cash & Equivalents $43.77M $46.71M
Short-Term Investments
Other Short-Term Assets $59.51M $49.92M
YoY Change 19.64% -24.06%
Inventory $37.52M $37.11M
Prepaid Expenses
Receivables $94.26M $100.0M
Other Receivables $6.947M $13.16M
Total Short-Term Assets $242.0M $246.9M
YoY Change 0.92% -13.75%
LONG-TERM ASSETS
Property, Plant & Equipment $470.4M $253.1M
YoY Change 108.7% 17.06%
Goodwill $76.62M $70.79M
YoY Change 8.33% -1.12%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.85M $74.24M
YoY Change -10.18% -12.05%
Total Long-Term Assets $631.6M $618.0M
YoY Change 5.89% 3.1%
TOTAL ASSETS
Total Short-Term Assets $242.0M $246.9M
Total Long-Term Assets $631.6M $618.0M
Total Assets $873.6M $864.9M
YoY Change 4.47% -2.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.35M $68.62M
YoY Change 35.51% 93.66%
Accrued Expenses $189.0M $159.9M
YoY Change 12.7% -9.71%
Deferred Revenue $19.59M $20.51M
YoY Change -1.7% 4.37%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $24.72M $8.200M
YoY Change 373.18% 58.0%
Total Short-Term Liabilities $296.8M $272.9M
YoY Change 18.49% -2.05%
LONG-TERM LIABILITIES
Long-Term Debt $795.3M $797.4M
YoY Change 48.25% 50.99%
Other Long-Term Liabilities $246.0M $67.18M
YoY Change 209.37% -24.69%
Total Long-Term Liabilities $1.041B $864.5M
YoY Change 69.05% 40.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $296.8M $272.9M
Total Long-Term Liabilities $1.041B $864.5M
Total Liabilities $1.355B $1.339B
YoY Change 26.74% 22.98%
SHAREHOLDERS EQUITY
Retained Earnings $207.5M $203.6M
YoY Change 6.98% 12.39%
Common Stock $492.0K $492.0K
YoY Change 0.2% 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$481.0M -$491.2M
YoY Change
Total Liabilities & Shareholders Equity $873.6M $864.9M
YoY Change 4.47% -2.34%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $17.77M $22.38M
YoY Change -30.14% 113.23%
Depreciation, Depletion And Amortization $15.69M $14.72M
YoY Change 23.2% 23.29%
Cash From Operating Activities $52.95M $40.79M
YoY Change 162.23% 60.62%
INVESTING ACTIVITIES
Capital Expenditures $16.35M $18.41M
YoY Change -179.71% 79.91%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$1.103M -$42.00K
YoY Change -106.77% 425.0%
Cash From Investing Activities -$17.45M -$18.28M
YoY Change 314.73% 119.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -38.41M -$23.21M
YoY Change -12.49% 242.01%
NET CHANGE
Cash From Operating Activities 52.95M $40.79M
Cash From Investing Activities -17.45M -$18.28M
Cash From Financing Activities -38.41M -$23.21M
Net Change In Cash -2.913M -$665.0K
YoY Change -89.56% -106.61%
FREE CASH FLOW
Cash From Operating Activities $52.95M $40.79M
Capital Expenditures $16.35M $18.41M
Free Cash Flow $36.60M $22.38M
YoY Change -10.08% 47.6%

Facts In Submission

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CY2023Q1 us-gaap Basis Of Accounting
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<div style="margin-top:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">1. Basis of Presentation</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP” or “U.S. 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 26, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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,” “Papa Johns” or in the first-person notations of “we,” “us” and “our”) for the year ended December 25, 2022.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In discussions of our business, “Domestic” is defined as within the contiguous United States, “North America” includes Canada, and “International” includes the rest of the world other than North America.</span></div>
CY2023Q1 pzza Percentage Of Business Units Franchised
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CY2023Q1 us-gaap Use Of Estimates
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Use of EstimatesThe 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 the allowance for credit losses on accounts and notes receivable, intangible assets, contract assets and contract liabilities including the customer loyalty program obligation, right-of-use assets and lease liabilities, unredeemed gift card 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.
CY2022Q1 pzza Number Of Joint Ventures Divested
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CY2022Q1 us-gaap Sublease Income
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32709000 usd
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14600000 usd
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
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0.42
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CY2023Q1 pzza Participating Securities Dividends And Accretion Income Statement Impact
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
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CY2022Q4 us-gaap Debt Instrument Carrying Amount
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CY2023Q1 us-gaap Deferred Finance Costs Net
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CY2023Q1 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Impairment Of Intangible Assets Finitelived
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2800000 usd
CY2023Q1 us-gaap Number Of Reportable Segments
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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527049000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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542692000 usd
CY2023Q1 us-gaap Operating Income Loss
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37796000 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
14435000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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551975000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
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253144000 usd
CY2022Q1 pzza Refranchising Gains Losses Net
RefranchisingGainsLossesNet
-8400000 usd
CY2023Q1 us-gaap Severance Costs1
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1400000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
527049000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
542692000 usd

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