$PZZA
PAPA JOHNS INTERNATIONAL INC

2023 Q3 Form 10-Q Financial Statement

#000162828023026991 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $522.8M $514.5M
YoY Change 2.41% -1.56%
Cost Of Revenue $364.8M $354.6M
YoY Change 1.44% -3.04%
Gross Profit $158.0M $159.9M
YoY Change 4.71% 1.9%
Gross Profit Margin 30.22% 31.08%
Selling, General & Admin $51.00M $49.02M
YoY Change 14.07% 9.79%
% of Gross Profit 32.28% 30.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.40M $15.69M
YoY Change 22.99% 23.2%
% of Gross Profit 10.38% 9.81%
Operating Expenses $124.9M $123.7M
YoY Change 6.48% 4.81%
Operating Profit $31.87M $36.22M
YoY Change 63.75% -6.9%
Interest Expense -$11.38M -$11.28M
YoY Change 49.26% 85.41%
% of Operating Profit -35.7% -31.13%
Other Income/Expense, Net
YoY Change
Pretax Income $20.50M $23.64M
YoY Change 73.17% -27.99%
Income Tax $4.539M $5.778M
% Of Pretax Income 22.14% 24.44%
Net Earnings $15.86M $17.77M
YoY Change 90.39% -30.14%
Net Earnings / Revenue 3.03% 3.45%
Basic Earnings Per Share $0.49 $0.55
Diluted Earnings Per Share $0.48 $0.54
COMMON SHARES
Basic Shares Outstanding 32.74M shares 32.66M shares
Diluted Shares Outstanding 32.80M shares 32.65M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.50M $43.77M
YoY Change 2.41% -16.02%
Cash & Equivalents $37.49M $43.77M
Short-Term Investments
Other Short-Term Assets $55.30M $59.51M
YoY Change 18.89% 19.64%
Inventory $37.67M $37.52M
Prepaid Expenses
Receivables $109.7M $94.26M
Other Receivables $6.300M $6.947M
Total Short-Term Assets $246.6M $242.0M
YoY Change 2.94% 0.92%
LONG-TERM ASSETS
Property, Plant & Equipment $268.1M $470.4M
YoY Change 16.11% 108.7%
Goodwill $76.01M $76.62M
YoY Change 9.41% 8.33%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $71.09M $68.85M
YoY Change -8.06% -10.18%
Total Long-Term Assets $631.0M $631.6M
YoY Change 6.91% 5.89%
TOTAL ASSETS
Total Short-Term Assets $246.6M $242.0M
Total Long-Term Assets $631.0M $631.6M
Total Assets $877.6M $873.6M
YoY Change 5.76% 4.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $68.02M $55.35M
YoY Change 53.67% 35.51%
Accrued Expenses $179.7M $189.0M
YoY Change 2.51% 12.7%
Deferred Revenue $19.57M $19.59M
YoY Change -1.81% -1.7%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.79M $24.72M
YoY Change 143.56% 373.18%
Total Short-Term Liabilities $301.3M $296.8M
YoY Change 14.26% 18.49%
LONG-TERM LIABILITIES
Long-Term Debt $769.2M $795.3M
YoY Change 40.17% 48.25%
Other Long-Term Liabilities $65.49M $246.0M
YoY Change -15.94% 209.37%
Total Long-Term Liabilities $834.7M $1.041B
YoY Change 33.2% 69.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $301.3M $296.8M
Total Long-Term Liabilities $834.7M $1.041B
Total Liabilities $1.337B $1.355B
YoY Change 22.94% 26.74%
SHAREHOLDERS EQUITY
Retained Earnings $208.1M $207.5M
YoY Change 11.13% 6.98%
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 -$475.2M -$481.0M
YoY Change
Total Liabilities & Shareholders Equity $877.6M $873.6M
YoY Change 5.76% 4.47%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $15.86M $17.77M
YoY Change 90.39% -30.14%
Depreciation, Depletion And Amortization $16.40M $15.69M
YoY Change 22.99% 23.2%
Cash From Operating Activities $33.20M $52.95M
YoY Change 7.21% 162.23%
INVESTING ACTIVITIES
Capital Expenditures $16.10M $16.35M
YoY Change -191.06% -179.71%
Acquisitions
YoY Change
Other Investing Activities -$5.700M -$1.103M
YoY Change 21823.08% -106.77%
Cash From Investing Activities -$22.00M -$17.45M
YoY Change 24.25% 314.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.50M -38.41M
YoY Change -38.68% -12.49%
NET CHANGE
Cash From Operating Activities 33.20M 52.95M
Cash From Investing Activities -22.00M -17.45M
Cash From Financing Activities -17.50M -38.41M
Net Change In Cash -6.300M -2.913M
YoY Change -58.76% -89.56%
FREE CASH FLOW
Cash From Operating Activities $33.20M $52.95M
Capital Expenditures $16.10M $16.35M
Free Cash Flow $17.10M $36.60M
YoY Change -64.85% -10.08%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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pzza Minority Interest Decrease From Distributions To Noncontrolling Interest Holders Including Nonredeemable Noncontrolling Interest Holders
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us-gaap Stockholders Equity Other
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CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Profit Loss
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us-gaap Provision For Doubtful Accounts
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us-gaap Depreciation Depletion And Amortization
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us-gaap Asset Impairment Charges
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Taxes Payable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Notes Receivable
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us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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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 and six months ended June 25, 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>
CY2023Q2 pzza Percentage Of Business Units Franchised
PercentageOfBusinessUnitsFranchised
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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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us-gaap Sublease Income
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CY2023Q2 pzza Contingent Liability Number Of Leases
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us-gaap Finance Lease Interest Payment On Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023Q2 us-gaap Long Term Debt Current
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CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
768820000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
597069000 usd
CY2023Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-11275000 usd
CY2022Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-6081000 usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-20296000 usd
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-10344000 usd
CY2023Q2 us-gaap Interest Paid Net
InterestPaidNet
5700000 usd
CY2022Q2 us-gaap Interest Paid Net
InterestPaidNet
2400000 usd
us-gaap Interest Paid Net
InterestPaidNet
16600000 usd
us-gaap Interest Paid Net
InterestPaidNet
12600000 usd
CY2022Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
2800000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
514530000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
522665000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1041579000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1065357000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
34912000 usd
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
548626000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
264393000 usd
pzza Refranchising Gains Losses Net
RefranchisingGainsLossesNet
-8400000 usd
pzza Re Positioning And Acquisition Related Costs
RePositioningAndAcquisitionRelatedCosts
1300000 usd
CY2023Q2 pzza Re Positioning And Acquisition Related Costs
RePositioningAndAcquisitionRelatedCosts
1300000 usd
CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
700000 usd
us-gaap Severance Costs1
SeveranceCosts1
2000000 usd
CY2022Q2 pzza Advisory Fees And Severance Costs
AdvisoryFeesAndSeveranceCosts
1500000 usd
pzza Advisory Fees And Severance Costs
AdvisoryFeesAndSeveranceCosts
1500000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
70616000 usd
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
5376000 usd
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
631000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
76623000 usd

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