ANN ARBOR, Mich., Feb. 25, 2014 /PRNewswire/ -- Domino's
Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza
delivery, today announced results for the fourth quarter and fiscal
2013, comprised of robust growth in same store sales and global
store counts which resulted in strong EPS growth. Domestic
same store sales grew 3.7% during the quarter versus the year-ago
period, and 5.4% for the full year, continuing the positive sales
momentum in the Company's domestic business. The
international division also posted strong results with same store
sales growth of 7.0% during the quarter and 6.2% for the full year.
The fourth quarter marked the 80th quarter – or
20th full year – of consecutive quarterly international
same store sales growth. The Company also had global net
store growth of 631 stores in 2013, comprised of 58 net new
domestic stores and a record 573 net new stores
internationally.
(Logo:
http://photos.prnewswire.com/prnh/20120814/DE55948LOGO-b )
Fourth quarter diluted EPS was 78
cents, up 21.9% over the Company's EPS in the prior year
quarter. Diluted EPS, as reported, was $2.48 for fiscal 2013, up 29.8% over the as
reported EPS in the prior year. Diluted EPS, as adjusted, was
$2.45 for fiscal 2013, up 21.3% over
the as adjusted diluted EPS in the prior year. The Company also
repurchased 297,203 shares of its stock for $20.2 million during the quarter, and repurchased
1,666,435 shares of its stock for $97.1
million in fiscal 2013. Additionally, on February 12, 2014, the Board of Directors
declared a 25 cent per share
quarterly dividend for shareholders of record as of March 14, 2014 to be paid on March 28, 2014. This represents a 25%
increase over the previous dividend amount.
J. Patrick Doyle, Domino's
President and Chief Executive Officer, said: "We made
consistent progress in 2013 building a bigger and better Domino's
brand. We had strong global momentum in sales, store growth and
innovation. Consumers worldwide are redefining convenience – and we
are meeting their evolving needs by pioneering technology in the
restaurant industry."
Doyle continued, "We are in the strong position of being
able to increase our quarterly dividend while also resetting yet
another share repurchase authorization for the fourth time in seven
years."
Fourth Quarter and Fiscal 2013 Highlights:
(dollars in
millions, except per share data)
|
Fourth
Quarter of 2013
|
|
Fourth
Quarter of 2012
|
|
Fiscal
2013
|
|
Fiscal
2012
|
Net
income
|
$
44.7
|
|
$
37.6
|
|
$
143.0
|
|
$
112.4
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares
|
57,412,557
|
|
58,487,618
|
|
57,720,998
|
|
58,997,476
|
|
|
|
|
|
|
|
|
Diluted earnings
per share, as reported
|
$
0.78
|
|
$
0.64
|
|
$
2.48
|
|
$
1.91
|
Items affecting
comparability*
|
-
|
|
-
|
|
(0.02)
|
|
0.11
|
Diluted earnings
per share, as adjusted*
|
$
0.78
|
|
$
0.64
|
|
$
2.45
|
|
$
2.02
|
|
* Refer to the
Items Affecting Comparability section on page three for
additional details. Diluted earnings per share figures may
not sum to the total due to the rounding of each individual
calculation.
|
- Revenues were up 5.0% for the fourth quarter versus the
prior year period, due primarily to higher supply chain revenues,
higher international revenues, and higher domestic franchise and
Company-owned store revenues.
- Net Income was up 18.9% for the fourth quarter versus
the prior year period, driven by domestic and international same
store sales growth, global store count growth and a lower effective
tax rate, offset in part by higher general and administrative
expenses and the negative impact of foreign currency exchange rates
on international revenues.
- Diluted EPS was 78 cents
for the quarter versus 64 cents in
the prior year quarter – an increase of 14
cents, or 21.9% – due primarily to higher net income and
lower weighted average diluted shares outstanding. There were
no items that affected comparability in the fourth quarter of 2013
or the fourth quarter of 2012.
The table below outlines certain statistical measures utilized
by the Company to analyze its performance. Refer to the Comments
on Regulation G section on page four for additional
details.
|
Fourth
Quarter
of 2013
|
|
Fiscal
2013
|
Same store sales
growth: (versus prior year period)
|
|
|
|
Domestic
Company-owned stores
|
+ 1.2%
|
|
+ 3.9%
|
Domestic
franchise stores
|
+ 4.0%
|
|
+ 5.5%
|
Domestic
stores
|
+ 3.7%
|
|
+ 5.4%
|
International
stores (excluding foreign currency impact)
|
+ 7.0%
|
|
+ 6.2%
|
|
|
|
|
Global retail
sales growth: (versus prior year period)
|
|
|
|
Domestic
stores
|
+ 4.8%
|
|
+ 6.2%
|
International
stores
|
+
9.3%
|
|
+10.1%
|
Total
|
+
7.2%
|
|
+
8.2%
|
|
|
|
|
Global retail
sales growth: (versus prior year period,
excluding
foreign currency impact)
|
|
|
|
Domestic
stores
|
+
4.8%
|
|
+
6.2%
|
International
stores
|
+14.3%
|
|
+13.9%
|
Total
|
+
9.9%
|
|
+10.2%
|
|
Domestic
Company-owned Stores
|
|
Domestic Franchise
Stores
|
|
Total
Domestic
Stores
|
|
International
Stores
|
|
Total
|
Store
counts:
|
|
|
|
|
|
|
|
|
|
Store count at
September 8, 2013
|
390
|
|
4,549
|
|
4,939
|
|
5,627
|
|
10,566
|
Openings
|
-
|
|
62
|
|
62
|
|
286
|
|
348
|
Closings
|
-
|
|
(15)
|
|
(15)
|
|
(13)
|
|
(28)
|
Store count at
December 29, 2013
|
390
|
|
4,596
|
|
4,986
|
|
5,900
|
|
10,886
|
Fourth quarter
2013 net change
|
-
|
|
47
|
|
47
|
|
273
|
|
320
|
Fiscal 2013
net change
|
2
|
|
56
|
|
58
|
|
573
|
|
631
|
Conference Call Information
The Company will file its annual report on Form 10-K this
morning. Additionally, as previously announced, Domino's
Pizza, Inc. will hold a conference call today at
10 a.m. (Eastern) to review its
fiscal 2013 financial results. The call can be accessed by dialing
(888) 400-9978 (U.S./Canada) or
(706) 634-4947 (International). Ask for the Domino's Pizza
conference call. The call will also be webcast at
www.dominosbiz.com. A replay will be available for 30 days by
dialing (855) 859-2056 (U.S./Canada) or (404) 537-3406 (International),
Conference ID 34198150. The webcast will also be archived for
30 days on www.dominosbiz.com.
Share Repurchases
During the fourth quarter of 2013, the Company repurchased and
retired 297,203 shares of its common stock under its open market
share repurchase program for approximately $20.2 million, or an average price of
$68.11 per share. During fiscal 2013,
the Company repurchased and retired 1,666,435 shares of common
stock for a total of approximately $97.1
million, or an average price of $58.29 per share. Additionally, subsequent to the
fourth quarter of 2013 and through February
18, 2014, the Company repurchased and retired 221,481 shares
of its common stock for approximately $15.1
million, or an average of $68.32 per share.
On February 12, 2014, the Board of
Directors approved an increase to the Company's open market share
repurchase program, resulting in a total remaining authorized
amount for additional share repurchases of $200.0 million.
Dividends
On February 12, 2014, the Board of
Directors declared a 25 cent per
share quarterly dividend for shareholders of record as of
March 14, 2014, to be paid on
March 28, 2014. This dividend
represents a five cent, or 25%,
increase from the previous 20 cent
per share quarterly dividend.
Items Affecting Comparability
The Company's reported financial results for fiscal 2013 are not
comparable to the reported financial results for the equivalent
prior-year period. The table below presents certain items that
affect comparability between 2013 and 2012 financial results. The
Company believes that including such information is critical to the
understanding of its financial results for fiscal 2013 as compared
to the same period in 2012 (See the Comments on Regulation G
section on page four for additional details).
In addition to the items noted in the table below, the Company
had lower weighted average diluted shares outstanding that resulted
in an increase in diluted EPS of one
cent in the fourth quarter of 2013 and five cents in fiscal 2013.
|
Fourth
Quarter
|
|
Full
Year
|
(in thousands,
except per share data)
|
Pre-tax
|
|
After-tax
|
|
Diluted EPS
Impact
|
|
Pre-tax
|
|
After-tax
|
|
Diluted EPS
Impact
|
2013 items
affecting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit for
domestic dough production (1)
|
$
-
|
|
$
-
|
|
$ -
|
|
$
-
|
|
$ 1,358
|
|
$
0.02
|
Total of 2013
items
|
$
-
|
|
$
-
|
|
$ -
|
|
$
-
|
|
$ 1,358
|
|
$
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 items
affecting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Recapitalization
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
General
and administrative
expenses
(2)
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(293)
|
|
$
(182)
|
|
$(0.00)
|
Additional interest expense (3)
|
-
|
|
-
|
|
-
|
|
(10,222)
|
|
(6,348)
|
|
(0.11)
|
Subtotal
|
-
|
|
-
|
|
-
|
|
(10,515)
|
|
(6,530)
|
|
(0.11)
|
Deferred tax asset
valuation
allowance
(4)
|
-
|
|
-
|
|
-
|
|
-
|
|
(868)
|
|
(0.01)
|
Tax benefit for
increased tax basis in certain assets (5)
|
-
|
|
-
|
|
-
|
|
-
|
|
735
|
|
0.01
|
Total of 2012
items
|
$
-
|
|
$
-
|
|
$
-
|
|
$(10,515)
|
|
$(6,663)
|
|
$(0.11)
|
(1)
|
Represents additional
tax benefit recorded for prior tax years in connection with the
Company revising its calculation for a deduction related to its
domestic dough production.
|
(2)
|
Primarily includes
stock compensation expenses, payroll taxes related to the payments
made to certain stock option holders, and legal and professional
fees incurred in connection with the Company's 2012
recapitalization.
|
(3)
|
Primarily includes
the write-off of deferred financing fees related to the
extinguishment of the 2007 debt in connection with the Company's
2012 recapitalization. Additionally, the Company incurred $2.1
million of interest expense on the 2007 borrowings subsequent to
the closing of the 2012 recapitalization but prior to the repayment
of the 2007 borrowings, resulting in the payment of interest on
both the 2007 and 2012 facilities for a short period of
time.
|
(4)
|
Represents a
valuation allowance recorded on a deferred tax asset related to a
capital loss that resulted from a write-off of the tax basis
goodwill associated with the sale of the six remaining
Company-owned stores in a certain market in the first quarter of
2012.
|
(5)
|
During the third
quarter of 2012, a tax benefit of $0.7 million was recorded to
reflect an increased tax basis in certain assets due to the
issuance of final tax rules in the quarter.
|
Long Range Outlook
The Company does not provide quarterly or annual earnings
estimates. The following long range outlook does not constitute
specific earnings guidance, but the Company believes these ranges
to be appropriate and achievable over the long term. In
January 2014 the Company adjusted
portions of this long range outlook, as follows:
|
Current
Outlook
|
|
Prior
Outlook
|
|
|
|
|
|
|
Domestic same store
sales growth
|
2% – 4%
|
|
1% – 3%
|
|
International same
store sales growth
|
3% – 6%
|
|
3% – 6%
|
|
Net unit
growth
|
4% – 6%
|
|
4% – 6%
|
|
Global retail sales
growth
|
6% – 10%
|
|
6% – 10%
|
|
Capital expenditures
(in millions)
|
$35 – $45
|
|
$25 – $35
|
|
Tax rate
|
37% – 38%
|
|
37.5% –
38.5%
|
|
Liquidity
As of December 29, 2013, the
Company had approximately:
- $14.4 million of unrestricted
cash and cash equivalents;
- $1.54 billion in total debt;
and
- $57.7 million of available
borrowings under its $100.0 million
variable funding notes, net of letters of credit issued of
$42.3 million. The Company has collateralized these
letters of credit with restricted cash, and has the ability to
access this cash with minimal notice.
The Company's cash borrowing rate averaged 5.3% in both the
fourth quarter and fiscal 2013. Additionally, the Company
invested $40.4 million in capital
expenditures during fiscal 2013, versus $29.3 million during fiscal 2012.
Free cash flow, as reconciled below to cash flows from
operations as determined under generally accepted accounting
principles (GAAP), was approximately $153.6
million during fiscal 2013.
(in
thousands)
|
Fiscal
2013
|
Net cash provided by
operating activities
|
$193,989
|
Capital
expenditures
|
(40,387)
|
|
|
Free cash
flow
|
$153,602
|
Comments on Regulation G
In addition to the GAAP financial measures set forth in this
press release, the Company has included non-GAAP financial measures
within the meaning of Regulation G due to items affecting
comparability between fiscal quarters and fiscal years. The
Company has also included metrics such as global retail sales
growth and same store sales growth, which are commonly used
statistical measures in the quick-service restaurant industry that
are important to understanding Company performance.
The Company uses "Diluted EPS, as adjusted," which is
calculated as reported Diluted EPS adjusted for the items that
affect comparability to the prior year period discussed
above. The most directly comparable financial measure
calculated and presented in accordance with GAAP is Diluted
EPS. The Company believes that the Diluted EPS, as adjusted
measure is important and useful to investors and other interested
persons and that such persons benefit from having a consistent
basis for comparison between reporting periods. The Company
uses Diluted EPS, as adjusted to internally evaluate operating
performance, to evaluate itself against its peers and to determine
future performance targets and long-range planning.
Additionally, the Company believes that analysts covering the
Company's stock performance generally eliminate these items
affecting comparability when preparing their financial models, when
determining their published EPS estimates and when benchmarking the
Company against its competitors.
The Company uses "Global retail sales" to refer to total
worldwide retail sales at Company-owned and franchise stores. The
Company believes global retail sales information is useful in
analyzing revenues because franchisees pay royalties that are based
on a percentage of franchise retail sales. The Company reviews
comparable industry global retail sales information to assess
business trends and to track the growth of the Domino's
Pizza® brand. In addition, domestic supply chain
revenues are directly impacted by changes in domestic franchise
retail sales. Retail sales for franchise stores are reported to the
Company by its franchisees and are not included in Company
revenues.
The Company uses "Same store sales growth," calculated by
including only sales from stores that also had sales in the
comparable period of the prior year. International same store
sales growth is calculated similarly to domestic same store sales
growth. Changes in international same store sales are
reported excluding foreign currency impacts, which reflects changes
in international local currency sales.
The Company uses "Free cash flow," calculated as cash
flows from operations less capital expenditures, both as reported
under GAAP. The Company believes that the free cash flow
measure is important to investors and other interested persons, and
that such persons benefit from having a measure which communicates
how much cash flow is available for working capital needs or to be
used for repurchasing debt, making acquisitions, repurchasing
common stock, paying dividends or other similar uses of cash.
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the recognized world leader
in pizza delivery, with a significant business in carryout pizza.
It ranks among the world's top public restaurant brands with its
global enterprise of more than 10,800 stores in over 70
international markets. Domino's had global retail sales of over
$8.0 billion in 2013, comprised of
nearly $3.8 billion in the U.S. and
over $4.2 billion internationally. In
the fourth quarter of 2013, Domino's had global retail sales of
over $2.5 billion, comprised of over
$1.1 billion in the U.S. and nearly
$1.4 billion internationally. Its
system is made up of franchise owner-operators who accounted for
over 96% of the Domino's Pizza stores as of the fourth quarter of
2013. The emphasis on technology innovation has helped Domino's
reach an estimated $3 billion
annually in global digital sales. Domino's generated
approximately 40% of sales in the U.S. from its digital channels in
2013, helped by the introduction of ordering apps for iPhone®,
Android™, Windows Phone 8® and Kindle
Fire™. Domino's ordering apps now cover nearly 95%
of the U.S. smartphone market. Continuing its focus on menu
enhancement, Domino's established itself as a player in the pan
pizza market with the launch of its Handmade Pan Pizza, featuring
fresh, never-frozen dough, in October
2012.
Order - www.dominos.com
Mobile – http://mobile.dominos.com
Info - www.dominosbiz.com
Twitter - http://twitter.com/dominos
Facebook - http://www.facebook.com/dominos
For all future earnings releases and other significant webcasts
and announcements, we plan to continue our practice of publishing
press releases. However, for regular investor conferences with no
updates from management, we will no longer be sending out a press
release to notify the public of the webcast. Instead, please
visit our Investor Relations website at www.dominosbiz.com to view
a schedule of upcoming conference webcasts.
About Domino's Pizza®
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995:
This press release contains forward-looking statements. You can
identify forward-looking statements because they contain words such
as "believes," "expects," "may," "will," "should," "seeks,"
"approximately," "intends," "plans," "estimates," or "anticipates"
or similar expressions that concern our strategy, plans or
intentions. These forward-looking statements relating to our
anticipated profitability, estimates in same store sales growth,
the growth of our international business, ability to service our
indebtedness, our future cash flows, our operating performance,
trends in our business and other descriptions of future events
reflect the Company's expectations based upon currently available
information and data. However, actual results are subject to
future risks and uncertainties that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. The risks and uncertainties that
could cause actual results to differ materially include: the level
of our long-term and other indebtedness; uncertainties relating to
litigation; consumer preferences, spending patterns and demographic
trends; the effectiveness of our advertising, operations and
promotional initiatives; the strength of our brand in the markets
in which we compete; our ability to retain key personnel; new
product and concept developments by us, and other food-industry
competitors; the ongoing level of profitability of our franchisees;
and our ability and that of our franchisees to open new restaurants
and keep existing restaurants in operation; changes in food prices,
particularly cheese, labor, utilities, insurance, employee benefits
and other operating costs; the impact that widespread illness or
general health concerns may have on our business and the economy of
the countries where we operate; severe weather conditions and
natural disasters; changes in our effective tax rate; changes in
foreign currency exchange rates; changes in government legislation
and regulations; adequacy of our insurance coverage; costs related
to future financings; our ability and that of our franchisees to
successfully operate in the current credit environment; changes in
the level of consumer spending given the general economic
conditions including interest rates, energy prices and weak
consumer confidence; availability of borrowings under our variable
funding notes and our letters of credit; and changes in accounting
policies. Important factors that could cause actual results to
differ materially from our expectations are more fully described in
our other filings with the Securities and Exchange Commission,
including under the section headed "Risk Factors" in our annual
report on Form 10-K. These forward-looking statements speak
only as of the date of this press release, and you should not rely
on such statements as representing the views of the Company as of
any subsequent date. Except as required by applicable
securities laws, we do not undertake to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
TABLES TO FOLLOW
Domino's Pizza,
Inc. and Subsidiaries Condensed Consolidated Statements
of Income (Unaudited)
|
|
|
|
Fiscal Quarter
Ended
|
|
December
29,
2013
|
%
of
Total
Revenues
|
|
December
30,
2012
|
%
of
Total
Revenues
|
(In thousands, except
per share data)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Domestic
Company-owned stores
|
$
101,888
|
|
|
$
99,907
|
|
Domestic
franchise
|
65,039
|
|
|
61,479
|
|
Domestic
supply chain
|
318,697
|
|
|
305,316
|
|
International
|
80,923
|
|
|
72,948
|
|
Total
revenues
|
566,547
|
100.0%
|
|
539,650
|
100.0%
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Domestic
Company-owned stores
|
77,130
|
|
|
76,066
|
|
Domestic
supply chain
|
284,124
|
|
|
273,852
|
|
International
|
32,746
|
|
|
29,056
|
|
Total cost of
sales
|
394,000
|
69.5%
|
|
378,974
|
70.2%
|
Operating
margin
|
172,547
|
30.5%
|
|
160,676
|
29.8%
|
|
|
|
|
|
|
General and
administrative
|
74,877
|
13.2%
|
|
72,637
|
13.5%
|
Income from
operations
|
97,670
|
17.3%
|
|
88,039
|
16.3%
|
|
|
|
|
|
|
Interest expense,
net
|
(27,091)
|
(4.8)%
|
|
(27,734)
|
(5.1)%
|
Income before
provision for
income
taxes
|
70,579
|
12.5%
|
|
60,305
|
11.2%
|
|
|
|
|
|
|
Provision for income
taxes
|
25,916
|
4.6%
|
|
22,727
|
4.2%
|
Net income
|
$
44,663
|
7.9%
|
|
$
37,578
|
7.0%
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Common
stock – diluted
|
$
0.78
|
|
|
$
0.64
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$
0.20
|
|
|
$
-
|
|
Domino's Pizza,
Inc. and Subsidiaries Condensed Consolidated Statements
of Income (Unaudited)
|
|
|
Fiscal Year
Ended
|
|
December
29,
2013
|
% of
Total
Revenues
|
|
December
30,
2012
|
% of
Total
Revenues
|
(In thousands, except
per share data)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Domestic
Company-owned stores
|
$
337,414
|
|
|
$
323,652
|
|
Domestic
franchise
|
212,369
|
|
|
195,000
|
|
Domestic
supply chain
|
1,009,851
|
|
|
942,219
|
|
International
|
242,589
|
|
|
217,568
|
|
Total
revenues
|
1,802,223
|
100.0%
|
|
1,678,439
|
100.0%
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Domestic
Company-owned stores
|
256,596
|
|
|
247,391
|
|
Domestic
supply chain
|
899,860
|
|
|
843,329
|
|
International
|
96,793
|
|
|
86,381
|
|
Total cost of
sales
|
1,253,249
|
69.5%
|
|
1,177,101
|
70.1%
|
Operating
margin
|
548,974
|
30.5%
|
|
501,338
|
29.9%
|
|
|
|
|
|
|
General and
administrative
|
235,163
|
13.1%
|
|
219,007
|
13.1%
|
Income from
operations
|
313,811
|
17.4%
|
|
282,331
|
16.8%
|
|
|
|
|
|
|
Interest expense,
net
|
(88,712)
|
(4.9)%
|
|
(101,144)
|
(6.0)%
|
Income before
provision for
income
taxes
|
225,099
|
12.5%
|
|
181,187
|
10.8%
|
|
|
|
|
|
|
Provision for income
taxes
|
82,114
|
4.6%
|
|
68,795
|
4.1%
|
Net income
|
$
142,985
|
7.9%
|
|
$
112,392
|
6.7%
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Common
stock – diluted
|
$
2.48
|
|
|
$
1.91
|
|
|
|
|
|
|
Dividends declared
per share
|
$
0.80
|
|
|
$
3.00
|
Domino's Pizza,
Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
|
|
|
|
|
|
December 29,
2013
|
|
December 30,
2012
|
(In thousands)
|
|
|
|
Assets
|
|
|
|
Current assets:
|
|
|
|
Cash and cash
equivalents
|
$
14,383
|
|
$
54,813
|
Restricted cash
and cash
equivalents
|
125,453
|
|
60,015
|
Accounts
receivable
|
105,779
|
|
94,103
|
Inventories
|
30,321
|
|
31,061
|
Advertising fund
assets,
restricted
|
44,695
|
|
37,917
|
Other
assets
|
30,909
|
|
28,358
|
Total current assets
|
351,540
|
|
306,267
|
|
|
|
|
Property, plant and equipment, net
|
97,584
|
|
91,445
|
|
|
|
|
Other assets
|
76,131
|
|
80,485
|
|
|
|
|
Total assets
|
$
525,255
|
|
$
478,197
|
|
|
|
|
Liabilities and stockholders'
deficit
|
|
|
|
Current liabilities:
|
|
|
|
Current portion
of long-term
debt
|
$
24,144
|
|
$
24,349
|
Accounts
payable
|
83,408
|
|
77,414
|
Dividends
payable
|
11,849
|
|
1,502
|
Advertising fund
liabilities
|
44,695
|
|
37,917
|
Other accrued
liabilities
|
90,515
|
|
88,316
|
Total current liabilities
|
254,611
|
|
229,498
|
|
|
|
|
Long-term liabilities:
|
|
|
|
Long-term debt,
less current
portion
|
1,512,299
|
|
1,536,443
|
Other accrued
liabilities
|
48,547
|
|
47,779
|
Total long-term liabilities
|
1,560,846
|
|
1,584,222
|
|
|
|
|
Total stockholders' deficit
|
(1,290,202)
|
|
(1,335,523)
|
|
|
|
|
Total liabilities and stockholders' deficit
|
$
525,255
|
|
$
478,197
|
Domino's Pizza,
Inc. and Subsidiaries Condensed Consolidated Statements
of Cash Flows
(Unaudited)
|
|
|
Fiscal Year
Ended
|
|
December
29,
2013
|
|
December
30,
2012
|
(In
thousands)
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Net
income
|
$
142,985
|
|
$
112,392
|
Adjustments to
reconcile net income to net
cash
flows provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
25,783
|
|
23,171
|
Gains on sale/disposal
of assets
|
367
|
|
540
|
Amortization of
deferred financing costs and other
|
6,094
|
|
14,596
|
Provision for deferred
income taxes
|
6,055
|
|
4,193
|
Non-cash compensation
expense
|
21,987
|
|
17,621
|
Tax impact from
equity-based compensation
|
(19,498)
|
|
(16,220)
|
Other
|
(1,257)
|
|
(69)
|
Changes in operating
assets and liabilities
|
11,473
|
|
20,096
|
Net cash provided by
operating activities
|
193,989
|
|
176,320
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(40,387)
|
|
(29,267)
|
Proceeds from
sale of assets
|
4,518
|
|
2,988
|
Changes in
restricted cash
|
(65,438)
|
|
32,597
|
Other
|
1,574
|
|
1,030
|
Net cash provided by
(used in) investing activities
|
(99,733)
|
|
7,348
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from
issuance of long-term debt
|
-
|
|
1,575,000
|
Repayments of
long-term debt and capital lease obligations
|
(24,349)
|
|
(1,465,509)
|
Proceeds from
exercise of stock options
|
9,451
|
|
8,945
|
Tax impact
from equity-based compensation
|
19,498
|
|
16,220
|
Purchases of
common stock
|
(97,132)
|
|
(88,238)
|
Tax payments
for restricted stock upon vesting
|
(8,031)
|
|
(5,845)
|
Payments of
common stock dividends and equivalents
|
(34,241)
|
|
(185,484)
|
Cash paid for
financing costs
|
-
|
|
(32,538)
|
Net cash used in
financing activities
|
(134,804)
|
|
(177,449)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
118
|
|
(1,698)
|
|
|
|
|
Change in cash and
cash equivalents
|
(40,430)
|
|
4,521
|
|
|
|
|
Cash and cash
equivalents, at beginning of period
|
54,813
|
|
50,292
|
|
|
|
|
Cash and cash
equivalents, at end of period
|
$
14,383
|
|
$
54,813
|
SOURCE Domino's Pizza, Inc.