2023 Q4 Form 10-Q Financial Statement

#000162828023036180 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $571.3M $522.8M
YoY Change 8.57% 2.41%
Cost Of Revenue $397.7M $364.8M
YoY Change 7.87% 1.44%
Gross Profit $173.6M $158.0M
YoY Change 10.21% 4.71%
Gross Profit Margin 30.38% 30.22%
Selling, General & Admin $54.17M $51.00M
YoY Change 10.8% 14.07%
% of Gross Profit 31.21% 32.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.28M $16.40M
YoY Change 23.22% 22.99%
% of Gross Profit 9.95% 10.38%
Operating Expenses $129.3M $124.9M
YoY Change 6.6% 6.48%
Operating Profit $44.31M $31.87M
YoY Change 22.3% 63.75%
Interest Expense -$11.80M -$11.38M
YoY Change 61.71% 49.26%
% of Operating Profit -26.62% -35.7%
Other Income/Expense, Net
YoY Change
Pretax Income $30.77M $20.50M
YoY Change 6.34% 73.17%
Income Tax $4.328M $4.539M
% Of Pretax Income 14.07% 22.14%
Net Earnings $26.09M $15.86M
YoY Change 11.67% 90.39%
Net Earnings / Revenue 4.57% 3.03%
Basic Earnings Per Share $0.49
Diluted Earnings Per Share $0.80 $0.48
COMMON SHARES
Basic Shares Outstanding 32.76M shares 32.74M shares
Diluted Shares Outstanding 32.80M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.59M $37.50M
YoY Change -14.32% 2.41%
Cash & Equivalents $40.59M $37.49M
Short-Term Investments
Other Short-Term Assets $42.29M $55.30M
YoY Change -4.17% 18.89%
Inventory $36.13M $37.67M
Prepaid Expenses
Receivables $104.2M $109.7M
Other Receivables $7.776M $6.300M
Total Short-Term Assets $231.0M $246.6M
YoY Change -7.98% 2.94%
LONG-TERM ASSETS
Property, Plant & Equipment $282.8M $268.1M
YoY Change 13.22% 16.11%
Goodwill $76.21M $76.01M
YoY Change 7.92% 9.41%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.73M $71.09M
YoY Change 6.2% -8.06%
Total Long-Term Assets $644.0M $631.0M
YoY Change 5.02% 6.91%
TOTAL ASSETS
Total Short-Term Assets $231.0M $246.6M
Total Long-Term Assets $644.0M $631.0M
Total Assets $875.0M $877.6M
YoY Change 1.25% 5.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $74.95M $68.02M
YoY Change 20.27% 53.67%
Accrued Expenses $182.2M $179.7M
YoY Change 9.82% 2.51%
Deferred Revenue $20.43M $19.57M
YoY Change -3.97% -1.81%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.029M $14.79M
YoY Change 31.81% 143.56%
Total Short-Term Liabilities $304.6M $301.3M
YoY Change 14.87% 14.26%
LONG-TERM LIABILITIES
Long-Term Debt $757.4M $769.2M
YoY Change 26.86% 40.17%
Other Long-Term Liabilities $60.19M $65.49M
YoY Change -11.89% -15.94%
Total Long-Term Liabilities $817.6M $834.7M
YoY Change 22.88% 33.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $304.6M $301.3M
Total Long-Term Liabilities $817.6M $834.7M
Total Liabilities $1.318B $1.337B
YoY Change 16.24% 22.94%
SHAREHOLDERS EQUITY
Retained Earnings $219.0M $208.1M
YoY Change 11.83% 11.13%
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 -$459.1M -$475.2M
YoY Change
Total Liabilities & Shareholders Equity $875.0M $877.6M
YoY Change 1.25% 5.76%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $26.09M $15.86M
YoY Change 11.67% 90.39%
Depreciation, Depletion And Amortization $17.28M $16.40M
YoY Change 23.22% 22.99%
Cash From Operating Activities $66.12M $33.20M
YoY Change 60.27% 7.21%
INVESTING ACTIVITIES
Capital Expenditures $25.72M $16.10M
YoY Change -14.19% -191.06%
Acquisitions
YoY Change
Other Investing Activities $8.246M -$5.700M
YoY Change -417.52% 21823.08%
Cash From Investing Activities -$17.47M -$22.00M
YoY Change -46.35% 24.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -44.94M -17.50M
YoY Change -1609.98% -38.68%
NET CHANGE
Cash From Operating Activities 66.12M 33.20M
Cash From Investing Activities -17.47M -22.00M
Cash From Financing Activities -44.94M -17.50M
Net Change In Cash 3.713M -6.300M
YoY Change -68.18% -58.76%
FREE CASH FLOW
Cash From Operating Activities $66.12M $33.20M
Capital Expenditures $25.72M $16.10M
Free Cash Flow $40.40M $17.10M
YoY Change 257.94% -64.85%

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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 nine months ended September 24, 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>
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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.
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Files In Submission

Name View Source Status
pzza-20230924_cal.xml Edgar Link unprocessable
pzza-20230924_pre.xml Edgar Link unprocessable
0001628280-23-036180-index-headers.html Edgar Link pending
0001628280-23-036180-index.html Edgar Link pending
0001628280-23-036180.txt Edgar Link pending
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