ANN ARBOR, Mich., Feb. 24, 2015 /PRNewswire/ -- Domino's
Pizza, Inc. (NYSE: DPZ), the recognized world leader in
pizza delivery, today announced results for the fourth quarter and
fiscal 2014, comprised of strong growth in same store sales, global
store counts and earnings. Domestic same store sales grew 11.1%
during the quarter versus the year-ago period, and 7.5% 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 6.1% during the quarter and
6.9% for the full year. The fourth quarter marked the
84th consecutive quarter – or 21st full year
– of international same store sales growth. The Company also had
global net store growth of 743 stores in 2014, comprised of 81 net
new domestic stores and a record 662 net new stores
internationally.
On an as-reported basis, fourth quarter diluted EPS was
85 cents, up 9.0% over the prior-year
quarter; full year diluted EPS was $2.86, up 15.3% over the prior year. On an
as-adjusted basis, fourth quarter diluted EPS was 91 cents, up 16.7% over the prior-year quarter;
full year as-adjusted diluted EPS was $2.90, up 18.4% over the prior year.
Management commented that it had deployed free cash flow
totaling approximately $147 million
in fiscal 2014, including $82.4
million in share repurchases, $52.8
million in quarterly dividend payments and $11.8 million in required principal payments on
long-term debt. Additionally, on February
11, 2015, the Board of Directors declared a 31 cent per share quarterly dividend for
shareholders of record as of March 13,
2015 to be paid on March 30,
2015. This represents a 24% increase over the previous
quarterly dividend amount.
J. Patrick Doyle, Domino's
President and Chief Executive Officer, said: "Fundamental
strength, with a growing global store base, robust sales and
technological innovation, continues to truly drive the business.
Franchisees are both energized and financially sound, which is
fueling our store reimage program, sales and store
growth."
Fourth Quarter and Fiscal 2014 Highlights:
(dollars in
millions, except per share data)
|
Fourth Quarter of
2014
|
|
Fourth Quarter of
2013
|
|
Fiscal
2014
|
|
Fiscal
2013
|
Net
income
|
$ 48.0
|
|
$ 44.7
|
|
$ 162.6
|
|
$ 143.0
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares
|
56,777,007
|
|
57,412,557
|
|
56,931,226
|
|
57,720,998
|
|
|
|
|
|
|
|
|
Diluted earnings
per share, as reported
|
$ 0.85
|
|
$ 0.78
|
|
$ 2.86
|
|
$ 2.48
|
Items affecting
comparability*
|
0.06
|
|
-
|
|
0.04
|
|
(0.02)
|
Diluted earnings
per share, as adjusted*
|
$ 0.91
|
|
$ 0.78
|
|
$ 2.90
|
|
$ 2.45
|
* 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 13.5% for the fourth quarter versus the
prior year period, due primarily to higher supply chain volumes and
elevated commodity prices (specifically cheese and meats) as well
as increased sales of equipment to stores as our store reimaging
program continues. Additionally, sales and store growth contributed
to increased revenues in all business segments. These increases
were partially offset by the negative impact of foreign currency
exchange rates.
- Net Income was up $3.4
million, or 7.5%, for the fourth quarter versus the prior
year period, primarily driven by domestic and international same
store sales growth and global store count growth, as well as
increased supply chain volumes. The resulting increase in net
income was partially offset by an impairment charge recognized in
connection with the sale of the Company's corporate airplane (which
negatively impacted net income by $3.6
million) and the negative impact of foreign currency
exchange rates.
- Diluted EPS increases, as noted above, were due to
higher net income and lower weighted average diluted shares
outstanding. (See the Items Affecting Comparability section
and the Comments on Regulation G section.)
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
2014
|
|
Fiscal
2014
|
|
|
Same store sales
growth: (versus prior year period)
|
|
|
|
|
|
Domestic
Company-owned stores
|
+ 11.9%
|
|
+ 6.2%
|
|
|
Domestic
franchise stores
|
+ 11.0%
|
|
+ 7.7%
|
|
|
Domestic
stores
|
+ 11.1%
|
|
+ 7.5%
|
|
|
International
stores (excluding foreign currency impact)
|
+ 6.1%
|
|
+ 6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period)
|
|
|
|
|
|
Domestic
stores
|
+ 13.0%
|
|
+ 9.2%
|
|
|
International
stores
|
+ 8.5%
|
|
+ 12.9%
|
|
|
Total
|
+ 10.6%
|
|
+ 11.1%
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period,
excluding
foreign currency impact)
|
|
|
|
|
|
Domestic
stores
|
+ 13.0%
|
|
+ 9.2%
|
|
|
International
stores
|
+ 14.3%
|
|
+ 15.3%
|
|
|
Total
|
+ 13.7%
|
|
+ 12.4%
|
|
|
|
Domestic
Company-owned
Stores
|
|
Domestic Franchise
Stores
|
|
Total
Domestic
Stores
|
|
International
Stores
|
|
Total
|
Store
counts:
|
|
|
|
|
|
|
|
|
|
Store count at
September 7, 2014
|
376
|
|
4,640
|
|
5,016
|
|
6,265
|
|
11,281
|
Openings
|
-
|
|
60
|
|
60
|
|
323
|
|
383
|
Closings
|
-
|
|
(9)
|
|
(9)
|
|
(26)
|
|
(35)
|
Transfers
|
1
|
|
(1)
|
|
-
|
|
-
|
|
-
|
Store count at
December 28, 2014
|
377
|
|
4,690
|
|
5,067
|
|
6,562
|
|
11,629
|
Fourth quarter
2014 net change
|
1
|
|
50
|
|
51
|
|
297
|
|
348
|
Fiscal 2014
net change
|
(13)
|
|
94
|
|
81
|
|
662
|
|
743
|
Conference Call Information
The Company will file its annual report on Form 10-K this
morning. Additionally, Domino's Pizza will hold a
conference call today at 10
a.m. (Eastern) to review its 2014 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 biz.dominos.com. If you are unable to participate on the
call, a replay will be available for thirty days by dialing (855)
859-2056 (U.S./Canada) or (404)
537-3406 (International), Conference ID 71608177. The webcast will
also be archived for 30 days on biz.dominos.com.
Share Repurchases
During fiscal 2014, the Company repurchased and retired
1,151,931 shares of its common stock under its open market share
repurchase program for approximately $82.4
million, or an average price of $71.54 per share. As of February 17, 2015, the Company had authorization
for repurchases of approximately $132.7
million remaining under the program.
Change in Segment Reporting
Historically, we have operated in, and reported three business
segments: domestic stores, domestic supply chain and
international. In the fourth quarter of 2014, several
organizational changes were made within the Company's management
structure, with one of the changes impacting the management of our
supply chain operations. As a result, management determined
that its previous domestic supply chain segment and the
international supply chain operations division of its previous
international segment should be combined into a new global supply
chain segment. As a result, we now report the following three
business segments: domestic stores, supply chain and international
franchise. While the consolidated results of the Company have
not been impacted by this change in our reportable segments, we
have restated our historical segment information in order to
provide readers of our financial statements with a consistent
presentation.
Items Affecting Comparability
The Company's reported financial results for the fourth quarter
and fiscal 2014 are not comparable to the reported financial
results for the equivalent periods in 2013. The table below
presents certain items that affect comparability between 2014 and
2013 financial results. The Company believes that including such
information is critical to the understanding of its financial
results for the fourth quarter and fiscal 2014 as compared to the
same periods in 2013 (See the Comments on Regulation G
section on pages four and five for additional details).
In addition to the items noted in the table below, the Company
had lower weighted average diluted shares outstanding in 2014 that
resulted in an increase in diluted EPS of approximately
one cent in the fourth quarter of
2014 and four cents in fiscal
2014.
|
Fourth
Quarter
|
|
Full
Year
|
(in thousands,
except per share data)
|
Pre-tax
|
|
After-tax
|
|
Diluted EPS
Impact
|
|
Pre-tax
|
|
After-tax
|
|
Diluted EPS
Impact
|
2014 items
affecting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Gain on the sale of
Company-owned stores (1)
|
$ -
|
|
$ -
|
|
$ -
|
|
$ 1,652
|
|
$ 1,033
|
|
$ 0.02
|
Deferred tax asset
valuation allowance reversal (2)
|
-
|
|
-
|
|
-
|
|
-
|
|
329
|
|
0.01
|
Impairment of
corporate airplane (3)
|
(5,781)
|
|
(3,614)
|
|
(0.06)
|
|
(5,781)
|
|
(3,614)
|
|
(0.06)
|
Total of 2014
items*
|
$ (5,781)
|
|
$ (3,614)
|
|
$ (0.06)
|
|
$ (4,129)
|
|
$ (2,252)
|
|
$ (0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 items
affecting comparability:
|
|
|
|
|
|
|
|
|
|
|
|
Tax benefit for
domestic dough production (4)
|
$ -
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$ 1,358
|
|
$ 0.02
|
Total of 2013
items
|
$ -
|
|
$ -
|
|
$ -
|
|
$ -
|
|
$ 1,358
|
|
$ 0.02
|
|
* Diluted earnings
per share figures may not sum to the total due to the rounding of
each individual calculation.
|
(1)
|
Represents the gain
recognized on the sale of 14 Company-owned stores to a franchisee.
The gain is net of a reduction in goodwill of approximately $0.5
million.
|
(2)
|
As a result of the
capital gain recognized in connection with the sale of
Company-owned stores, the Company was able to utilize a portion of
a previously unrecognized benefit of a capital loss carry
forward.
|
(3)
|
In connection with
the purchase of a newer model used airplane, the Company recognized
an impairment charge to reduce its existing corporate airplane to
its fair value, less cost to sell.
|
(4)
|
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.
|
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 2015, the Company adjusted
portions of this long range outlook, as follows:
|
Current
Outlook
|
|
Prior
Outlook
|
|
|
|
|
|
|
Domestic same store
sales growth
|
2% – 4%
|
|
2% – 4%
|
|
International same
store sales growth
|
3% – 6%
|
|
3% – 6%
|
|
Net unit
growth
|
5% – 7%
|
|
4% – 6%
|
|
Global retail sales
growth
|
7% – 11%
|
|
6% – 10%
|
|
Capital expenditures
(in millions)
|
$50 – $60
|
|
$35 – $45
|
|
Effective tax
rate
|
37% – 38%
|
|
37% – 38%
|
|
Liquidity
As of December 28, 2014, the
Company had approximately:
- $30.9 million of unrestricted
cash and cash equivalents;
- $1.52 billion in total debt;
and
- $55.9 million of available
borrowings under its $100.0 million
variable funding notes, net of letters of credit issued of
$44.1 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 2014. Additionally, the Company
invested $70.1 million in capital
expenditures in fiscal 2014, compared to $40.4 million in fiscal 2013.
Free cash flow, as reconciled below to cash flows from
operations as determined under generally accepted accounting
principles (GAAP), was approximately $122.2
million in fiscal 2014.
(in
thousands)
|
Fiscal
2014
|
Net cash provided by
operating activities
|
$ 192,339
|
Capital
expenditures
|
(70,093)
|
|
|
Free cash
flow
|
$ 122,246
|
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," which is
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 reflect changes
in international local currency sales.
The Company uses "Free cash flow," which is 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 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 11,600 stores in over 75
international markets. Domino's had global retail sales of over
$8.9 billion in 2014, comprised of
more than $4.1 billion in the U.S.
and nearly $4.8 billion
internationally. In the fourth quarter of 2014, Domino's had global
retail sales of over $2.8 billion,
comprised of $1.3 billion in the U.S.
and $1.5 billion internationally. Its
system is made up of franchise owners who accounted for nearly 97%
of Domino's Pizza stores as of the fourth quarter of 2014. The
emphasis on technology innovation helped Domino's generate
approximately 50% of U.S. sales from its digital channels at the
end of 2014, and reach an estimated run rate of $4 billion annually in global digital sales.
Domino's recently launched its ordering app for iPad®,
adding to an existing ordering app lineup that covers nearly 95% of
the U.S. smartphone market. In June
2014, Domino's debuted voice ordering for its
iPhone® and Android™ apps, a true technology
first within both traditional and e-commerce retail.
Order - www.dominos.com
Mobile – http://mobile.dominos.com
Info - biz.dominos.com
Twitter - http://twitter.com/dominos
Facebook - http://www.facebook.com/dominos
YouTube - http://www.youtube.com/dominos
Please visit our Investor Relations website at biz.dominos.com
to view a schedule of upcoming earnings releases, significant
announcements and conference webcasts.
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 and our ability
to refinance 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; our reputation and 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; 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; cyber-attacks or other catastrophic events; 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
28,
2014
|
% of
Total
Revenues
|
|
December
29,
2013
|
% of
Total
Revenues
|
(In thousands, except
per share data)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Domestic
Company-owned stores
|
$ 109,582
|
|
|
$ 101,888
|
|
Domestic
franchise
|
72,875
|
|
|
65,039
|
|
Supply
chain
|
410,755
|
|
|
355,579
|
|
International franchise
|
49,738
|
|
|
44,041
|
|
Total
revenues
|
642,950
|
100.0%
|
|
566,547
|
100.0%
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Domestic
Company-owned stores
|
84,123
|
|
|
77,130
|
|
Supply
chain
|
369,262
|
|
|
316,870
|
|
Total cost of
sales
|
453,385
|
70.5%
|
|
394,000
|
69.5%
|
Operating
margin
|
189,565
|
29.5%
|
|
172,547
|
30.5%
|
|
|
|
|
|
|
General and
administrative
|
86,683
|
13.5%
|
|
74,877
|
13.2%
|
Income from
operations
|
102,882
|
16.0%
|
|
97,670
|
17.3%
|
|
|
|
|
|
|
Interest expense,
net
|
(26,667)
|
(4.1)%
|
|
(27,091)
|
(4.8)%
|
Income before
provision for
income
taxes
|
76,215
|
11.9%
|
|
70,579
|
12.5%
|
|
|
|
|
|
|
Provision for income
taxes
|
28,182
|
4.4%
|
|
25,916
|
4.6%
|
Net income
|
$ 48,033
|
7.5%
|
|
$ 44,663
|
7.9%
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Common
stock – diluted
|
$ 0.85
|
|
|
$ 0.78
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$ 0.25
|
|
|
$ 0.20
|
|
Domino's Pizza,
Inc. and Subsidiaries Condensed Consolidated Statements
of Income (Unaudited)
|
|
|
Fiscal Year
Ended
|
|
December
28,
2014
|
% of
Total
Revenues
|
|
December
29,
2013
|
% of
Total
Revenues
|
(In thousands, except
per share data)
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
Domestic
Company-owned stores
|
$ 348,497
|
|
|
$ 337,414
|
|
Domestic
franchise
|
230,192
|
|
|
212,369
|
|
Supply
chain
|
1,262,523
|
|
|
1,118,873
|
|
International franchise
|
152,621
|
|
|
133,567
|
|
Total
revenues
|
1,993,833
|
100.0%
|
|
1,802,223
|
100.0%
|
|
|
|
|
|
|
Cost of
sales:
|
|
|
|
|
|
Domestic
Company-owned stores
|
267,385
|
|
|
256,596
|
|
Supply
chain
|
1,131,682
|
|
|
996,653
|
|
Total cost of
sales
|
1,399,067
|
70.2%
|
|
1,253,249
|
69.5%
|
Operating
margin
|
594,766
|
29.8%
|
|
548,974
|
30.5%
|
|
|
|
|
|
|
General and
administrative
|
249,405
|
12.5%
|
|
235,163
|
13.1%
|
Income from
operations
|
345,361
|
17.3%
|
|
313,811
|
17.4%
|
|
|
|
|
|
|
Interest expense,
net
|
(86,738)
|
(4.3)%
|
|
(88,712)
|
(4.9)%
|
Income before
provision for
income
taxes
|
258,623
|
13.0%
|
|
225,099
|
12.5%
|
|
|
|
|
|
|
Provision for income
taxes
|
96,036
|
4.8%
|
|
82,114
|
4.6%
|
Net income
|
$ 162,587
|
8.2%
|
|
$ 142,985
|
7.9%
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Common
stock – diluted
|
$ 2.86
|
|
|
$ 2.48
|
|
|
|
|
|
|
|
Dividends declared
per share
|
$ 1.00
|
|
|
$ 0.80
|
Domino's Pizza,
Inc. and Subsidiaries Condensed Consolidated Balance
Sheets
(Unaudited)
|
|
|
|
|
|
|
|
December 28,
2014
|
|
December 29,
2013
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
30,855
|
|
$
|
14,383
|
|
Restricted cash and
cash equivalents
|
|
120,954
|
|
|
125,453
|
|
Accounts
receivable
|
|
118,395
|
|
|
105,779
|
|
Inventories
|
|
37,944
|
|
|
30,321
|
|
Advertising fund
assets, restricted
|
|
72,055
|
|
|
44,695
|
|
Other
assets
|
|
48,158
|
|
|
30,909
|
Total current
assets
|
|
428,361
|
|
|
351,540
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
114,046
|
|
|
97,584
|
|
|
|
|
|
|
Other
assets
|
|
76,873
|
|
|
76,131
|
|
|
|
|
|
|
Total
assets
|
$
|
619,280
|
|
$
|
525,255
|
|
|
|
|
|
|
Liabilities and
stockholders' deficit
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
long-term debt
|
$
|
565
|
|
$
|
24,144
|
|
Accounts
payable
|
|
86,552
|
|
|
83,408
|
|
Dividends
payable
|
|
14,351
|
|
|
11,849
|
|
Advertising fund
liabilities
|
|
72,055
|
|
|
44,695
|
|
Other accrued
liabilities
|
|
92,085
|
|
|
90,515
|
Total current
liabilities
|
|
265,608
|
|
|
254,611
|
|
|
|
|
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
1,523,546
|
|
|
1,512,299
|
|
Other accrued
liabilities
|
|
49,591
|
|
|
48,547
|
Total long-term
liabilities
|
|
1,573,137
|
|
|
1,560,846
|
|
|
|
|
|
|
Total stockholders'
deficit
|
|
(1,219,465)
|
|
|
(1,290,202)
|
|
|
|
|
|
|
Total liabilities and
stockholders' deficit
|
$
|
619,280
|
|
$
|
525,255
|
Domino's Pizza,
Inc. and Subsidiaries Condensed Consolidated Statements
of Cash Flows
(Unaudited)
|
|
|
Fiscal Year
Ended
|
|
December
28,
2014
|
|
December
29,
2013
|
(In
thousands)
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
Net
income
|
$162,587
|
|
$ 142,985
|
Adjustments to
reconcile net income to net
cash
flows provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
35,788
|
|
25,783
|
Loss (gain) on
sale/disposal of assets
|
(1,107)
|
|
367
|
Amortization of
deferred financing costs
|
5,746
|
|
6,094
|
Provision (benefit)
for deferred income taxes
|
(132)
|
|
6,055
|
Non-cash compensation
expense
|
17,587
|
|
21,987
|
Tax impact from
equity-based compensation
|
(27,583)
|
|
(19,498)
|
Other
|
(570)
|
|
(1,257)
|
Changes in operating
assets and liabilities
|
23
|
|
11,473
|
Net cash provided by
operating activities
|
192,339
|
|
193,989
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(70,093)
|
|
(40,387)
|
Proceeds from
sale of assets
|
9,160
|
|
4,518
|
Changes in
restricted cash
|
4,499
|
|
(65,438)
|
Other
|
(1,009)
|
|
1,574
|
Net cash used in
investing activities
|
(57,443)
|
|
(99,733)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Repayments of
long-term debt and capital lease obligations
|
(12,332)
|
|
(24,349)
|
Proceeds from
exercise of stock options
|
9,028
|
|
9,451
|
Tax impact
from equity-based compensation
|
27,583
|
|
19,498
|
Purchases of
common stock
|
(82,407)
|
|
(97,132)
|
Tax payments
for restricted stock upon vesting
|
(7,927)
|
|
(8,031)
|
Payments of
common stock dividends and equivalents
|
(52,843)
|
|
(34,241)
|
Net cash used in
financing activities
|
(118,898)
|
|
(134,804)
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
474
|
|
118
|
|
|
|
|
Change in cash and
cash equivalents
|
16,472
|
|
(40,430)
|
|
|
|
|
Cash and cash
equivalents, at beginning of period
|
14,383
|
|
54,813
|
|
|
|
|
Cash and cash
equivalents, at end of period
|
$ 30,855
|
|
$ 14,383
|
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SOURCE Domino's Pizza