ANN ARBOR, Mich., July 16, 2015 /PRNewswire/ -- Domino's
Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza
delivery, today announced results for the second quarter of 2015,
comprised of strong same store sales results and store count
growth, which resulted in robust EPS growth. Domestic same store
sales grew 12.8% during the quarter versus the year-ago period,
continuing the positive sales momentum in the Company's domestic
business. The international division also posted strong results
with same store sales growth of 6.7%, marking the 86th
consecutive quarter of international same store sales growth. The
Company had global net store growth of 186 stores in the
quarter.
Diluted EPS was 81 cents, which
was up 20.9% over the Company's diluted EPS in the prior year
quarter. During the quarter, the Company repurchased 637,587 shares
of its common stock for approximately $68.1
million. The Board of Directors also declared a 31-cent per share quarterly dividend for
shareholders of record as of September 15,
2015, to be paid on September 30,
2015.
J. Patrick Doyle, Domino's
President and Chief Executive Officer, said: "It was simply
another great quarter. Our franchisees and corporate team members
are executing at a very high level, and our digital initiatives
continue to help attract more customers around the world. We're in
a great place as a brand."
Second Quarter Highlights:
|
(dollars in
millions, except per share data)
|
|
Second
Quarter
of
2015
|
|
|
Second
Quarter
of
2014
|
|
|
Two
Fiscal
Quarters
of
2015
|
|
|
Two
Fiscal
Quarters
of
2014
|
|
|
Net
income
|
|
$
|
45.9
|
|
|
$
|
38.5
|
|
|
$
|
92.2
|
|
|
$
|
78.9
|
|
|
Weighted average
diluted shares
|
|
|
56,628,237
|
|
|
|
57,124,457
|
|
|
|
56,820,743
|
|
|
|
57,246,871
|
|
|
Diluted earnings
per share, as reported
|
|
$
|
0.81
|
|
|
$
|
0.67
|
|
|
$
|
1.62
|
|
|
$
|
1.38
|
|
|
Items affecting
comparability*
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(0.02)
|
|
|
Diluted earnings
per share, as adjusted*
|
|
$
|
0.81
|
|
|
$
|
0.67
|
|
|
$
|
1.62
|
|
|
$
|
1.36
|
|
|
* Refer to the
Items Affecting Comparability section below for additional
details.
|
- Revenues were up 8.5% for the second quarter versus the
prior year period, driven by higher domestic same store sales and
store count growth, which resulted in increased royalties from our
franchised stores and higher revenues at our Company-owned stores.
Higher supply chain revenues from increased volumes and incremental
sales of equipment to stores in connection with the Company's store
reimaging program also contributed to this increase. Although
international franchise same store sales and store count grew as
compared to the prior year period, the resulting increase in
revenues was partially offset by the negative impact of foreign
currency exchange rates.
- Net Income was up 19.4% for the second quarter versus
the prior year period, driven by domestic and international same
store sales growth, global store count growth and higher supply
chain volumes. This was offset in part by the negative impact of
foreign currency exchange rates.
- Diluted EPS was 81 cents
for the second quarter versus 67
cents in the prior year quarter, which represents an
increase of 14 cents, or 20.9%. This
increase was due to higher net income and lower weighted average
diluted shares outstanding.
The table below outlines certain statistical measures utilized
by the Company to analyze its performance. Refer to the Comments
on Regulation G section below for additional details.
|
|
Second
Quarter
of
2015
|
|
|
Second
Quarter
of
2014
|
|
Same store sales
growth: (versus prior year period)
|
|
|
|
|
|
|
|
|
Domestic Company-owned
stores
|
|
|
+ 12.5
|
%
|
|
|
+ 3.5
|
%
|
Domestic franchise
stores
|
|
|
+ 12.8
|
%
|
|
|
+ 5.5
|
%
|
Domestic
stores
|
|
|
+ 12.8
|
%
|
|
|
+ 5.4
|
%
|
International stores
(excluding foreign currency impact)
|
|
|
+ 6.7
|
%
|
|
|
+ 7.7
|
%
|
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period)
|
|
|
|
|
|
|
|
|
Domestic
stores
|
|
|
+ 14.9
|
%
|
|
|
+ 6.9
|
%
|
International
stores
|
|
|
+ 1.3
|
%
|
|
|
+ 15.6
|
%
|
Total
|
|
|
+ 7.5
|
%
|
|
|
+ 11.5
|
%
|
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period,
excluding foreign currency impact)
|
|
|
|
|
|
|
|
|
Domestic
stores
|
|
|
+ 14.9
|
%
|
|
|
+ 6.9
|
%
|
International
stores
|
|
|
+ 15.0
|
%
|
|
|
+ 16.0
|
%
|
Total
|
|
|
+ 14.9
|
%
|
|
|
+ 11.7
|
%
|
|
|
Domestic
Company-
owned
Stores
|
|
|
Domestic
Franchise
Stores
|
|
|
Total
Domestic
Stores
|
|
|
International
Stores
|
|
|
Total
|
|
Store
counts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count at March
22, 2015
|
|
|
379
|
|
|
|
4,705
|
|
|
|
5,084
|
|
|
|
6,655
|
|
|
|
11,739
|
|
Openings
|
|
|
—
|
|
|
|
22
|
|
|
|
22
|
|
|
|
178
|
|
|
|
200
|
|
Closings
|
|
|
(1)
|
|
|
|
(7)
|
|
|
|
(8)
|
|
|
|
(6)
|
|
|
|
(14)
|
|
Transfers
|
|
|
(2)
|
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Store count at June
14, 2015
|
|
|
376
|
|
|
|
4,722
|
|
|
|
5,098
|
|
|
|
6,827
|
|
|
|
11,925
|
|
Second quarter 2015
net change
|
|
|
(3)
|
|
|
|
17
|
|
|
|
14
|
|
|
|
172
|
|
|
|
186
|
|
Trailing four quarters
net change
|
|
|
—
|
|
|
|
96
|
|
|
|
96
|
|
|
|
708
|
|
|
|
804
|
|
Conference Call Information
The Company will file its quarterly report on Form 10-Q this
morning. As previously announced, Domino's Pizza, Inc. will
hold a conference call today at 10
a.m. (Eastern) to review its second quarter 2015 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 71619074. The webcast will also be archived for 30
days on biz.dominos.com.
Share Repurchases
During the second quarter of 2015, the Company repurchased and
retired 637,587 shares of its common stock under its open market
share repurchase program for approximately $68.1 million, or an average price of
$106.84 per share. On July 15, 2015, 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 July 15, 2015, the Board of
Directors declared a 31-cent per
share quarterly dividend for shareholders of record as of
September 15, 2015, to be paid on
September 30, 2015.
Items Affecting Comparability
The Company's reported financial results for the two fiscal
quarters of 2015 are not comparable to the reported financial
results for the equivalent period in 2014. The table below presents
certain items that affect comparability between 2015 and 2014
financial results. Management believes that including such
information is critical to the understanding of its financial
results for the two fiscal quarters of 2015 as compared to the same
period in 2014 (See the Comments on Regulation G section
below for additional details).
In addition to the items noted in the table below, the Company
had lower weighted average diluted shares outstanding in 2015 that
resulted in an increase in diluted EPS of approximately
one cent in both the second quarter
and the two fiscal quarters of 2015.
|
|
|
Second
Quarter
|
|
|
Two Fiscal
Quarters
|
|
|
(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
|
|
|
Total of 2014
items*
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,652
|
|
|
$
|
1,362
|
|
|
$
|
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.
|
Liquidity
As of June 14, 2015, the Company
had approximately:
- $25.9 million of unrestricted
cash and cash equivalents;
- $1.53 billion in total debt;
and
- $55.9 million of available
borrowings under its $100.0 million
variable funding notes. This amount is net of letters of credit
issued of $44.1 million, of which
$13.9 million has been collateralized
with restricted cash. The Company has the ability to access this
cash with minimal notice.
The Company's cash borrowing rate averaged 5.3% in both the
second quarter of 2015 and the second quarter of 2014.
Additionally, the Company invested $20.2
million in capital expenditures during the two fiscal
quarters of 2015, versus $18.9
million in the two fiscal quarters of 2014.
Free cash flow, as reconciled below to cash flows from
operations as determined under generally accepted accounting
principles (GAAP), was approximately $83.4
million in the two fiscal quarters of 2015.
(in
thousands)
|
|
Two Fiscal
Quarters
of
2015
|
|
Net cash provided by
operating activities
|
|
$
|
103,594
|
|
Capital
expenditures
|
|
|
(20,238)
|
|
Free cash
flow
|
|
$
|
83,356
|
|
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. 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, supply chain revenues are
directly impacted by changes in 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 reflect 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 a
global enterprise of more than 11,900 stores in over 80
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 second quarter of 2015, Domino's had global
retail sales of nearly $2.2 billion,
comprised of $1.1 billion in the U.S.
and $1.1 billion internationally. Its
system is comprised of franchise owners who accounted for nearly
97% of Domino's stores as of the second quarter of 2015. Emphasis
on technology innovation helped Domino's generate approximately 50%
of U.S. sales from digital channels at the end of 2014, and reach
an estimated run rate of $4.0 billion
annually in global digital sales. Domino's features an ordering app
lineup that covers nearly 95% of the U.S. smartphone market and has
recently introduced several innovative ordering platforms,
including Ford SYNC®, Samsung Smart TV® and
Pebble Watch, as well as Twitter and text message using a pizza
emoji. In June 2014, Domino's debuted
voice ordering for its iPhone® and Android™ apps, a true
technology first within traditional and e-commerce retail.
Order – www.dominos.com
Mobile – http://mobile.dominos.com
Digital Info – anyware.dominos.com
Company 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 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, digital
ordering 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 operating
expenses resulting from changes in prices of food (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
|
|
|
|
June
14,
2015
|
|
|
%
of
Total
Revenues
|
|
|
June
15,
2014
|
|
|
%
of
Total
Revenues
|
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Company-owned
stores
|
|
$
|
88,794
|
|
|
|
|
|
|
$
|
78,814
|
|
|
|
|
|
Domestic
franchise
|
|
|
60,827
|
|
|
|
|
|
|
|
52,038
|
|
|
|
|
|
Supply
chain
|
|
|
302,903
|
|
|
|
|
|
|
|
284,928
|
|
|
|
|
|
International
franchise
|
|
|
36,098
|
|
|
|
|
|
|
|
34,683
|
|
|
|
|
|
Total
revenues
|
|
|
488,622
|
|
|
|
100.0
|
%
|
|
|
450,463
|
|
|
|
100.0
|
%
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Company-owned
stores
|
|
|
66,082
|
|
|
|
|
|
|
|
60,717
|
|
|
|
|
|
Supply
chain
|
|
|
269,868
|
|
|
|
|
|
|
|
255,101
|
|
|
|
|
|
Total cost of
sales
|
|
|
335,950
|
|
|
|
68.8
|
%
|
|
|
315,818
|
|
|
|
70.1
|
%
|
Operating
margin
|
|
|
152,672
|
|
|
|
31.2
|
%
|
|
|
134,645
|
|
|
|
29.9
|
%
|
General and
administrative
|
|
|
60,441
|
|
|
|
12.3
|
%
|
|
|
53,282
|
|
|
|
11.8
|
%
|
Income from
operations
|
|
|
92,231
|
|
|
|
18.9
|
%
|
|
|
81,363
|
|
|
|
18.1
|
%
|
Interest expense,
net
|
|
|
(18,953)
|
|
|
|
(3.9)
|
%
|
|
|
(19,824)
|
|
|
|
(4.4)
|
%
|
Income before
provision for income taxes
|
|
|
73,278
|
|
|
|
15.0
|
%
|
|
|
61,539
|
|
|
|
13.7
|
%
|
Provision for income
taxes
|
|
|
27,369
|
|
|
|
5.6
|
%
|
|
|
23,077
|
|
|
|
5.2
|
%
|
Net income
|
|
$
|
45,909
|
|
|
|
9.4
|
%
|
|
$
|
38,462
|
|
|
|
8.5
|
%
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock –
diluted
|
|
$
|
0.81
|
|
|
|
|
|
|
$
|
0.67
|
|
|
|
|
|
Dividends declared
per share
|
|
$
|
0.31
|
|
|
|
|
|
|
$
|
0.25
|
|
|
|
|
|
Domino's Pizza,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Income
|
(Unaudited)
|
|
|
|
Two Fiscal
Quarters Ended
|
|
|
|
June
14,
2015
|
|
|
%
of
Total
Revenues
|
|
|
June
15,
2014
|
|
|
%
of
Total
Revenues
|
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Company-owned
stores
|
|
$
|
181,169
|
|
|
|
|
|
|
$
|
161,271
|
|
|
|
|
|
Domestic
franchise
|
|
|
122,601
|
|
|
|
|
|
|
|
105,459
|
|
|
|
|
|
Supply
chain
|
|
|
614,559
|
|
|
|
|
|
|
|
569,262
|
|
|
|
|
|
International
franchise
|
|
|
72,320
|
|
|
|
|
|
|
|
68,323
|
|
|
|
|
|
Total
revenues
|
|
|
990,649
|
|
|
|
100.0
|
%
|
|
|
904,315
|
|
|
|
100.0
|
%
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic Company-owned
stores
|
|
|
134,234
|
|
|
|
|
|
|
|
123,508
|
|
|
|
|
|
Supply
chain
|
|
|
546,677
|
|
|
|
|
|
|
|
509,120
|
|
|
|
|
|
Total cost of
sales
|
|
|
680,911
|
|
|
|
68.7
|
%
|
|
|
632,628
|
|
|
|
70.0
|
%
|
Operating
margin
|
|
|
309,738
|
|
|
|
31.3
|
%
|
|
|
271,687
|
|
|
|
30.0
|
%
|
General and
administrative
|
|
|
123,254
|
|
|
|
12.5
|
%
|
|
|
106,149
|
|
|
|
11.7
|
%
|
Income from
operations
|
|
|
186,484
|
|
|
|
18.8
|
%
|
|
|
165,538
|
|
|
|
18.3
|
%
|
Interest expense,
net
|
|
|
(39,024)
|
|
|
|
(3.9)
|
%
|
|
|
(40,119)
|
|
|
|
(4.4)
|
%
|
Income before
provision for income taxes
|
|
|
147,460
|
|
|
|
14.9
|
%
|
|
|
125,419
|
|
|
|
13.9
|
%
|
Provision for income
taxes
|
|
|
55,262
|
|
|
|
5.6
|
%
|
|
|
46,483
|
|
|
|
5.2
|
%
|
Net income
|
|
$
|
92,198
|
|
|
|
9.3
|
%
|
|
$
|
78,936
|
|
|
|
8.7
|
%
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock –
diluted
|
|
$
|
1.62
|
|
|
|
|
|
|
$
|
1.38
|
|
|
|
|
|
Dividends declared
per share
|
|
$
|
0.62
|
|
|
|
|
|
|
$
|
0.50
|
|
|
|
|
|
Domino's Pizza,
Inc. and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
|
|
|
June 14,
2015
|
|
|
December 28,
2014
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
25,891
|
|
|
$
|
30,855
|
|
Restricted cash and
cash equivalents
|
|
|
96,817
|
|
|
|
120,954
|
|
Accounts
receivable
|
|
|
113,328
|
|
|
|
118,395
|
|
Inventories
|
|
|
36,283
|
|
|
|
37,944
|
|
Advertising fund
assets, restricted
|
|
|
90,302
|
|
|
|
72,055
|
|
Other
assets
|
|
|
41,880
|
|
|
|
48,158
|
|
Total current
assets
|
|
|
404,501
|
|
|
|
428,361
|
|
Property, plant and
equipment, net
|
|
|
117,196
|
|
|
|
114,046
|
|
Other
assets
|
|
|
76,204
|
|
|
|
76,873
|
|
Total
assets
|
|
$
|
597,901
|
|
|
$
|
619,280
|
|
Liabilities and
stockholders' deficit
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
237
|
|
|
$
|
565
|
|
Accounts
payable
|
|
|
76,961
|
|
|
|
86,552
|
|
Dividends
payable
|
|
|
17,485
|
|
|
|
14,351
|
|
Advertising fund
liabilities
|
|
|
90,302
|
|
|
|
72,055
|
|
Other accrued
liabilities
|
|
|
84,228
|
|
|
|
92,085
|
|
Total current
liabilities
|
|
|
269,213
|
|
|
|
265,608
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
1,527,161
|
|
|
|
1,523,546
|
|
Other accrued
liabilities
|
|
|
47,182
|
|
|
|
49,591
|
|
Total long-term
liabilities
|
|
|
1,574,343
|
|
|
|
1,573,137
|
|
Total stockholders'
deficit
|
|
|
(1,245,655)
|
|
|
|
(1,219,465)
|
|
Total liabilities and
stockholders' deficit
|
|
$
|
597,901
|
|
|
$
|
619,280
|
|
Domino's Pizza,
Inc. and Subsidiaries
|
Condensed
Consolidated Statements of Cash Flows
|
(Unaudited)
|
|
|
|
Two Fiscal
Quarters Ended
|
|
|
|
June
14,
2015
|
|
|
June
15,
2014
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
92,198
|
|
|
$
|
78,936
|
|
Adjustments to
reconcile net income to net cash flows provided by
operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
15,028
|
|
|
|
13,077
|
|
Gains on sale/disposal
of assets
|
|
|
(272)
|
|
|
|
(1,687)
|
|
Amortization of
deferred financing costs
|
|
|
2,550
|
|
|
|
2,771
|
|
Benefit from deferred
income taxes
|
|
|
(1,964)
|
|
|
|
(2,187)
|
|
Non-cash compensation
expense
|
|
|
7,776
|
|
|
|
8,080
|
|
Tax impact from
equity-based compensation
|
|
|
(7,556)
|
|
|
|
(8,319)
|
|
Other
|
|
|
(725)
|
|
|
|
(623)
|
|
Changes in operating
assets and liabilities
|
|
|
(3,441)
|
|
|
|
(29,258)
|
|
Net cash provided by
operating activities
|
|
|
103,594
|
|
|
|
60,790
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(20,238)
|
|
|
|
(18,948)
|
|
Proceeds from sale of
assets
|
|
|
8,785
|
|
|
|
4,967
|
|
Changes in restricted
cash
|
|
|
24,137
|
|
|
|
50,743
|
|
Other
|
|
|
1,449
|
|
|
|
(1,049)
|
|
Net cash provided by
investing activities
|
|
|
14,133
|
|
|
|
35,713
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repayments of
long-term debt and capital lease obligations
|
|
|
(141)
|
|
|
|
(12,022)
|
|
Proceeds from exercise
of stock options
|
|
|
2,067
|
|
|
|
2,648
|
|
Tax impact from
equity-based compensation
|
|
|
7,556
|
|
|
|
8,319
|
|
Purchases of common
stock
|
|
|
(97,634)
|
|
|
|
(65,006)
|
|
Tax payments for
restricted stock upon vesting
|
|
|
(3,737)
|
|
|
|
(4,363)
|
|
Payments of common
stock dividends and equivalents
|
|
|
(31,039)
|
|
|
|
(25,130)
|
|
Net cash used in
financing activities
|
|
|
(122,928)
|
|
|
|
(95,554)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
237
|
|
|
|
(28)
|
|
Change in cash and
cash equivalents
|
|
|
(4,964)
|
|
|
|
921
|
|
Cash and cash
equivalents, at beginning of period
|
|
|
30,855
|
|
|
|
14,383
|
|
Cash and cash
equivalents, at end of period
|
|
$
|
25,891
|
|
|
$
|
15,304
|
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/dominos-pizza-announces-second-quarter-2015-financial-results-300114089.html
SOURCE Domino's Pizza, Inc.