Company Quick10K Filing
Papa John's
Price64.45 EPS0
Shares32 P/E386
MCap2,056 P/FCF33
Net Debt342 EBIT25
TEV2,398 TEV/EBIT95
TTM 2019-12-29, in MM, except price, ratios
10-Q 2020-06-28 Filed 2020-08-06
10-Q 2020-03-29 Filed 2020-05-06
10-K 2019-12-29 Filed 2020-02-26
10-Q 2019-09-29 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-30 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-07-01 Filed 2018-08-07
10-Q 2018-04-01 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-24 Filed 2017-10-31
10-Q 2017-06-25 Filed 2017-08-01
10-Q 2017-03-26 Filed 2017-05-02
10-K 2016-12-25 Filed 2017-02-21
10-Q 2016-09-25 Filed 2016-11-01
10-Q 2016-06-26 Filed 2016-08-02
10-Q 2016-03-27 Filed 2016-05-03
10-K 2015-12-27 Filed 2016-02-23
10-Q 2015-09-27 Filed 2015-11-03
10-Q 2015-06-28 Filed 2015-08-04
10-Q 2015-03-29 Filed 2015-05-05
10-K 2014-12-28 Filed 2015-02-24
10-Q 2014-09-28 Filed 2014-11-04
10-Q 2014-06-29 Filed 2014-08-05
10-Q 2014-03-30 Filed 2014-05-06
10-K 2013-12-29 Filed 2014-02-25
10-Q 2013-09-29 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-30 Filed 2013-02-28
10-Q 2012-09-23 Filed 2012-10-31
10-Q 2012-06-24 Filed 2012-07-31
10-Q 2012-03-25 Filed 2012-05-01
10-K 2011-12-25 Filed 2012-02-21
10-Q 2011-09-25 Filed 2011-11-01
10-Q 2011-06-26 Filed 2011-08-02
10-Q 2011-03-27 Filed 2011-05-03
10-K 2010-12-26 Filed 2011-02-22
10-Q 2010-09-26 Filed 2010-11-03
10-Q 2010-06-27 Filed 2010-08-03
10-Q 2010-03-28 Filed 2010-05-04
10-K 2009-12-27 Filed 2010-02-23
8-K 2020-08-25 Regulation FD, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-30 Regulation FD, Exhibits
8-K 2020-05-27
8-K 2020-05-06
8-K 2020-04-23
8-K 2020-03-31
8-K 2020-02-26
8-K 2020-02-19
8-K 2020-02-10
8-K 2019-11-06
8-K 2019-11-01
8-K 2019-10-23
8-K 2019-09-27
8-K 2019-08-30
8-K 2019-08-26
8-K 2019-08-06
8-K 2019-06-19
8-K 2019-06-13
8-K 2019-06-10
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-03-28
8-K 2019-03-21
8-K 2019-03-14
8-K 2019-03-06
8-K 2019-03-04
8-K 2019-02-26
8-K 2019-02-15
8-K 2019-02-14
8-K 2019-02-04
8-K 2019-02-03
8-K 2018-11-06
8-K 2018-11-02
8-K 2018-10-12
8-K 2018-10-09
8-K 2018-09-05
8-K 2018-08-07
8-K 2018-07-22
8-K 2018-07-15
8-K 2018-07-11
8-K 2018-05-21
8-K 2018-05-08
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-03-01
8-K 2018-02-27
8-K 2018-02-09
8-K 2018-01-12

PZZA 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 pzza-20200628xex31d1.htm
EX-31.2 pzza-20200628xex31d2.htm
EX-32.1 pzza-20200628xex32d1.htm
EX-32.2 pzza-20200628xex32d2.htm

Papa John's Earnings 2020-06-28

Balance SheetIncome StatementCash Flow
0.80.60.30.1-0.2-0.42011201420172021
Assets, Equity
0.50.40.30.10.0-0.12011201420172021
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12011201420172021
Ops, Inv, Fin

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Table of Contents

Graphic

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 28, 2020

OR

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 0-21660

PAPA JOHN’S INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

    

61-1203323

(State or other jurisdiction of

(I.R.S. Employer Identification

incorporation or organization)

number)

2002 Papa John’s Boulevard

Louisville, Kentucky 40299-2367

(Address of principal executive offices)

(502) 261-7272

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common stock, $0.01 par value

PZZA

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes  No 

Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

    

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

At July 30, 2020, there were outstanding 32,814,222 shares of the registrant’s common stock, par value $0.01 per share.

Table of Contents

INDEX

Page No.

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets — June 28, 2020 and December 29, 2019

3

Condensed Consolidated Statements of Operations — Three and Six months ended June 28, 2020 and June 30, 2019

4

Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six months ended June 28, 2020 and June 30, 2019

5

Condensed Consolidated Statements of Stockholders’ Deficit — Three and Six months ended June 28, 2020 and June 30, 2019

6

Condensed Consolidated Statements of Cash Flows — Six months ended June 28, 2020 and June 30, 2019

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

41

Item 4.

Controls and Procedures

42

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

42

Item 1A.

Risk Factors

42

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

42

Item 6.

Exhibits

43

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

    

June 28,

    

December 29,

(In thousands, except per share amounts)

2020

2019

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

75,699

$

27,911

Accounts receivable, net

73,530

80,921

Notes receivable, current portion

 

9,651

 

7,790

Income tax receivable

755

4,024

Inventories

 

32,546

 

27,529

Prepaid expenses and other current assets

 

33,292

 

33,371

Total current assets

 

225,473

 

181,546

Property and equipment, net

 

200,581

 

211,741

Finance lease right-of-use assets, net

8,978

9,383

Operating lease right-of-use assets

141,861

148,229

Notes receivable, less current portion, net

 

32,158

 

33,010

Goodwill

 

79,634

 

80,340

Deferred income taxes

4,978

1,839

Other assets

 

64,074

 

64,633

Total assets

$

757,737

$

730,721

Liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders’ deficit

Current liabilities:

Accounts payable

$

30,699

$

29,141

Income and other taxes payable

 

11,200

 

7,599

Accrued expenses and other current liabilities

 

134,989

 

120,566

Current deferred revenue

5,382

5,624

Current finance lease liabilities

3,879

1,789

Current operating lease liabilities

22,663

23,226

Current portion of long-term debt

20,107

20,000

Total current liabilities

 

228,919

 

207,945

Deferred revenue

 

13,543

 

14,722

Long-term finance lease liabilities

5,265

7,629

Long-term operating lease liabilities

118,946

125,297

Long-term debt, less current portion, net

 

327,932

 

347,290

Deferred income taxes

 

859

 

2,649

Other long-term liabilities

 

95,627

 

84,927

Total liabilities

 

791,091

 

790,459

Series B Convertible Preferred Stock; $0.01 par value; 260.0 shares authorized, 252.5 shares issued and outstanding at June 28, 2020 and December 29, 2019

251,827

251,133

Redeemable noncontrolling interests

 

6,667

 

5,785

Stockholders’ deficit:

Common stock ($0.01 par value per share; issued 45,122 at June 28, 2020 and 44,748 at December 29, 2019)

451

447

Additional paid-in capital

 

243,577

 

219,047

Accumulated other comprehensive loss

 

(21,104)

 

(10,185)

Retained earnings

 

212,104

 

205,697

Treasury stock (12,773 shares at June 28, 2020 and 12,854 shares at December 29, 2019, at cost)

 

(742,600)

 

(747,327)

Total stockholders’ deficit

 

(307,572)

 

(332,321)

Noncontrolling interests in subsidiaries

 

15,724

 

15,665

Total Stockholders’ deficit

 

(291,848)

 

(316,656)

Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and
Stockholders’ deficit

$

757,737

$

730,721

See accompanying notes.

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Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

    

Three Months Ended

Six Months Ended

June 28,

June 30,

June 28,

June 30,

(In thousands, except per share amounts)

    

2020

    

2019

    

2020

    

2019

Revenues:

Domestic Company-owned restaurant sales

$

186,506

$

163,656

$

347,946

$

325,459

North America franchise royalties and fees

 

24,174

 

19,761

 

43,614

 

37,291

North America commissary revenues

 

167,619

 

147,128

 

323,041

 

296,032

International revenues

 

28,093

25,497

 

54,152

 

51,164

Other revenues

54,231

43,581

101,729

88,082

Total revenues

 

460,623

 

399,623

 

870,482

 

798,028

Costs and expenses:

Operating costs (excluding depreciation and amortization shown separately below):

Domestic Company-owned restaurant expenses

145,168

131,950

274,279

265,003

North America commissary expenses

154,467

136,744

298,739

275,301

International expenses

18,304

14,652

33,405

28,957

Other expenses

51,345

41,970

97,302

86,067

General and administrative expenses

 

48,428

 

48,718

 

96,079

 

99,853

Depreciation and amortization

 

12,377

 

11,521

 

24,672

 

23,270

Total costs and expenses

 

430,089

 

385,555

 

824,476

 

778,451

Refranchising gains

163

163

Operating income

 

30,534

 

14,231

 

46,006

 

19,740

Net interest expense

 

(3,627)

(4,272)

 

(7,594)

 

(10,548)

Income before income taxes

 

26,907

 

9,959

 

38,412

 

9,192

Income tax expense

 

4,956

 

1,283

 

7,468

 

2,114

Net income before attribution to noncontrolling interests

 

21,951

 

8,676

 

30,944

 

7,078

Net income attributable to noncontrolling interests

 

(1,337)

 

(322)

 

(1,887)

 

(455)

Net income attributable to the Company

$

20,614

$

8,354

$

29,057

$

6,623

Calculation of net income for earnings per share:

Net income attributable to the Company

$

20,614

$

8,354

$

29,057

$

6,623

Preferred stock dividends and accretion

 

(3,347)

 

(3,486)

 

(6,818)

 

(5,556)

Net income attributable to participating securities

 

(1,560)

 

 

(1,306)

 

Net income attributable to common shareholders

$

15,707

$

4,868

$

20,933

$

1,067

Basic earnings per common share

$

0.49

$

0.15

$

0.65

$

0.03

Diluted earnings per common share

$

0.48

$

0.15

$

0.65

$

0.03

Basic weighted average common shares outstanding

 

32,335

 

31,587

 

32,214

 

31,570

Diluted weighted average common shares outstanding

 

32,619

 

31,773

 

32,444

 

31,746

Dividends declared per common share

$

0.225

$

0.225

$

0.450

$

0.450

See accompanying notes.

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Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Three Months Ended

Six Months Ended

June 28,

June 30,

June 28,

June 30,

(In thousands)

    

2020

    

2019

    

2020

    

2019

Net income before attribution to noncontrolling interests

$

21,951

$

8,676

$

30,944

$

7,078

Other comprehensive loss, before tax:

Foreign currency translation adjustments

(334)

(1,537)

(3,159)

196

Interest rate swaps (1)

 

(103)

 

(6,699)

 

(11,022)

 

(10,654)

Other comprehensive loss, before tax

 

(437)

 

(8,236)

 

(14,181)

 

(10,458)

Income tax effect:

Foreign currency translation adjustments

 

77

 

354

 

727

 

(45)

Interest rate swaps (2)

 

24

 

1,532

 

2,535

 

2,450

Income tax effect

 

101

 

1,886

 

3,262

 

2,405

Other comprehensive loss, net of tax

 

(336)

 

(6,350)

 

(10,919)

 

(8,053)

Comprehensive income (loss) before attribution to noncontrolling interests

 

21,615

 

2,326

 

20,025

 

(975)

Less: comprehensive (income) loss, redeemable noncontrolling interests

 

(707)

 

(32)

 

(883)

 

87

Less: comprehensive (income), nonredeemable noncontrolling interests

 

(630)

 

(290)

 

(1,004)

 

(542)

Comprehensive income (loss) attributable to the Company

$

20,278

$

2,004

$

18,138

$

(1,430)

(1)Amounts reclassified out of accumulated other comprehensive loss into net interest expense included ($1,372) and ($1,702) for the three and six months ended June 28, 2020, respectively, and $231 and $688 for the three and six months ended June 30, 2019, respectively.

(2)The income tax effects of amounts reclassified out of accumulated other comprehensive loss into net interest expense were $332 and $412 for the three and six months ended June 28, 2020, respectively, and ($53) and ($158) for the three and six months ended June 30, 2019, respectively.

See accompanying notes.

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Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit

(Unaudited)

Papa John’s International, Inc.

    

Common

    

    

    

    

    

Accumulated

    

    

    

    

    

    

    

Stock

Additional

Other

Noncontrolling

Total

(In thousands)

Shares

Common

Paid-In

Comprehensive

Retained

Treasury

Interests in

Stockholders’

For the three months ended June 28, 2020

Outstanding

Stock

Capital

Loss

Earnings

Stock

Subsidiaries

Deficit

Balance at March 29, 2020

31,971

$

448

$

220,187

$

(20,768)

$

202,287

$

(744,463)

$

16,009

$

(326,300)

Net income (2)

20,614

630

21,244

Other comprehensive loss

(336)

(336)

Cash dividends on common stock

77

(7,360)

(7,283)

Cash dividends on preferred stock

(3,412)

(3,412)

Exercise of stock options

346

3

20,460

20,463

Stock-based compensation expense

4,792

4,792

Issuance of restricted stock

30

(1,760)

1,760

Tax effect of restricted stock awards

(196)

(196)

Distributions to noncontrolling interests

(915)

(915)

Other

2

17

(25)

103

95

Balance at June 28, 2020

 

32,349

$

451

$

243,577

$

(21,104)

$

212,104

$

(742,600)

$

15,724

$

(291,848)

For the six months ended June 28, 2020

Balance at December 29, 2019

 

31,894

$

447

$

219,047

$

(10,185)

$

205,697

$

(747,327)

$

15,665

$

(316,656)

Cumulative effect of adoption of ASU 2016-13 (1)

(1,066)

(1,066)

Adjusted Balance at December 30, 2019

31,894

447

219,047

(10,185)

204,631

(747,327)

15,665

(317,722)

Net income (2)

 

 

 

 

 

29,057

 

 

1,004

 

30,061

Other comprehensive loss

 

 

 

 

(10,919)

 

 

 

 

(10,919)

Cash dividends on common stock

132

(14,652)

(14,520)

Cash dividends on preferred stock

 

 

 

 

 

(6,825)

 

 

 

(6,825)

Exercise of stock options

 

373

 

4

 

21,700

 

 

 

 

 

21,704

Stock-based compensation expense

 

 

 

8,742

 

 

 

 

 

8,742

Issuance of restricted stock

 

77

 

 

(4,468)

 

 

 

4,468

 

 

Tax effect of restricted stock awards

(1,579)

(1,579)

Distributions to noncontrolling interests

 

 

 

 

 

 

 

(945)

 

(945)

Other

 

5

 

 

3

 

 

(107)

 

259

 

 

155

Balance at June 28, 2020

32,349

$

451

$

243,577

$

(21,104)

$

212,104

$

(742,600)

$

15,724

$

(291,848)

(1)As of December 30, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”.
(2)Net income to the Company for the three and six months ended June 28, 2020 excludes $707 and $883 allocable to the redeemable noncontrolling interests for our joint venture arrangements.

At June 28, 2020, the accumulated other comprehensive loss of $21,104 was comprised of net unrealized foreign currency translation loss of $