UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) October 8, 2015

 

 

Domino’s Pizza, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

(State or Other Jurisdiction of

Incorporation or Organization)

 

001-32242   38-2511577

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

30 Frank Lloyd Wright Drive

Ann Arbor, Michigan

  48105
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code (734) 930-3030

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On October 8, 2015, the Company issued a press release announcing financial results for the third quarter, ended September 6, 2015. A copy of the press release is attached hereto as Exhibit 99.1. The information in this Form 8-K and the Exhibit attached hereto are being furnished pursuant to Item 2.02 of Form 8-K and therefore shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

  

Description

99.1    Domino’s Pizza, Inc. 2015 third quarter financial results press release, dated October 8, 2015.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

      DOMINO’S PIZZA, INC.
      (Registrant)
Date: October 8, 2015      

/s/ Jeffrey D. Lawrence

      Jeffrey D. Lawrence
      Chief Financial Officer


Exhibit 99.1

 

LOGO   

 

For Immediate Release

  

 

Contact: Lynn Liddle, Executive Vice President,

Communications, Investor Relations and Legislative Affairs

(734) 930-3008

Domino’s Pizza® Announces Third Quarter 2015 Financial Results

Continued Global Momentum with Strong Sales and Store Count Growth

ANN ARBOR, Michigan, October 8, 2015: Domino’s Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the third quarter of 2015, comprised of strong same store sales results and store count growth. Domestic same store sales grew 10.5% 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 7.7%, marking the 87th consecutive quarter of international same store sales growth. The Company had global net store growth of 194 stores in the quarter.

During the quarter, the Company incurred incremental insurance expense relating to updated independent actuarial estimates for the Company’s casualty insurance program, and faced continued pressure from foreign currency exchange rates. Diluted EPS was 67 cents for the third quarter, which was up 6.3% over the Company’s diluted EPS in the prior year quarter.

The Company repurchased 365,460 shares of its common stock during the quarter for approximately $40.9 million. The Board of Directors also declared a 31-cent per share quarterly dividend for shareholders of record as of December 15, 2015, to be paid on December 30, 2015.

J. Patrick Doyle, Domino’s President and Chief Executive Officer, said: “We are pleased with the sustained strong sales and continued momentum behind store growth. The things we are doing are working, and we will continue to aggressively lead the industry.”

Third Quarter Highlights:

 

(dollars in millions, except per share data)    Third
Quarter of
2015
     Third
Quarter of
2014
     Three Fiscal
Quarters of
2015
     Three Fiscal
Quarters of
2014
 

Net income

   $ 37.8       $ 35.6       $ 130.0       $ 114.6   

Weighted average diluted shares

     56,115,670         56,610,608         56,584,913         57,030,669   

Diluted earnings per share, as reported

   $ 0.67       $ 0.63       $ 2.30       $ 2.01   

Items affecting comparability*

     —           —           —           (0.02
  

 

 

    

 

 

    

 

 

    

 

 

 

Diluted earnings per share, as adjusted*

   $ 0.67       $ 0.63       $ 2.30       $ 1.98   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

* 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 8.5% for the third quarter versus the prior year period, driven by higher supply chain volumes and sales of equipment to stores in connection with the Company’s global store reimaging program. Higher domestic same store sales and store count growth, which resulted in increased royalties from franchised stores and higher revenues at Company-owned stores, also contributed to this increase. International revenues benefited from increased same store sales and store count growth, and were offset in part by the negative impact of foreign currency.

 

    Net Income was up 6.2% for the third quarter versus the prior year period, driven by domestic and international same store sales growth, global store count growth and higher supply chain volumes. These increases were offset in part by the negative impact of foreign currency exchange rates and incremental insurance expense related to the Company’s casualty insurance program.

 

    Diluted EPS was 67 cents for the third quarter versus 63 cents in the prior year quarter, an increase of 4 cents, or 6.3%. This increase was due to higher net income and lower weighted average diluted shares outstanding.

 

More…


Domino’s Pizza: Q3 2015 Earnings Release, Page Two

 

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.

 

     Third Quarter
of 2015
    Third Quarter
of 2014
 

Same store sales growth: (versus prior year period)

    

Domestic Company-owned stores

     +11.5     +6.1

Domestic franchise stores

     +10.4     +7.8
  

 

 

   

 

 

 

Domestic stores

     +10.5     +7.7
  

 

 

   

 

 

 

International stores (excluding foreign currency impact)

     +7.7     +7.1
  

 

 

   

 

 

 

Global retail sales growth: (versus prior year period)

    

Domestic stores

     +12.7     +9.3

International stores

     +0.7     +17.9
  

 

 

   

 

 

 

Total

     +6.1     +13.8
  

 

 

   

 

 

 

Global retail sales growth: (versus prior year period, excluding foreign currency impact)

    

Domestic stores

     +12.7     +9.3

International stores

     +17.4     +15.2
  

 

 

   

 

 

 

Total

     +15.2     +12.4
  

 

 

   

 

 

 

 

    Domestic
Company-
owned Stores
    Domestic
Franchise
Stores
    Total
Domestic
Stores
    International
Stores
    Total  

Store counts:

         

Store count at June 14, 2015

    376        4,722        5,098        6,827        11,925   

Openings

    1        23        24        201        225   

Closings

    —          (10     (10     (21     (31

Transfers

    —          —          —          —          —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Store count at September 6, 2015

    377        4,735        5,112        7,007        12,119   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Third quarter 2015 net change

    1        13        14        180        194   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trailing four quarters net change

    1        95        96        742        838   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Casualty Insurance

The Company has retention programs for workers’ compensation, general liability and owned and non-owned automobile liabilities for its corporate stores, offices and supply chain centers. Insurance reserves relating to these retention programs are based on independent actuarial estimates.

While the Company’s claims activity in these areas has been fairly consistent over the past several years, as the Company announced on September 28, 2015, a more recent increase in the frequency and severity of claims resulted in an independent actuarial determination that required the Company to record a pre-tax expense of approximately $5.7 million in the third quarter. This resulted in an approximate six-cent decrease in the third quarter 2015 diluted earnings per share. The Company will continue to focus on its safety efforts for all of its team members.

Proposed Debt Refinancing

On September 28, 2015, the Company issued a press release announcing the intent of certain of its subsidiaries to complete a recapitalization transaction, which will include the refinancing of a portion of their outstanding securitized debt with a new series of securitized notes under its existing securitized financing facility.

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 third 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 30 days by dialing (855) 859-2056 (U.S./Canada) or (404) 537-3406 (International), Conference ID 71624546. The webcast will also be archived for 30 days on biz.dominos.com.

 

More…


Domino’s Pizza: Q3 2015 Earnings Release, Page Three

 

Share Repurchases

During the third quarter of 2015, the Company repurchased and retired 365,460 shares of its common stock under its open market share repurchase program for approximately $40.9 million, or an average price of $111.96 per share.

Dividends

On October 6, 2015, the Board of Directors declared a 31-cent per share quarterly dividend for shareholders of record as of December 15, 2015, to be paid on December 30, 2015.

Items Affecting Comparability

The Company’s reported financial results for the three 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 three fiscal quarters of 2015 as compared to the same period in 2014 (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 in 2015 that resulted in an increase in diluted EPS of approximately one cent in the third quarter of 2015 and two cents in the three fiscal quarters of 2015.

 

     Third Quarter      Three 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 September 6, 2015, the Company had approximately:

 

    $32.5 million of unrestricted cash and cash equivalents;

 

    $1.53 billion in total debt; and

 

    $56.5 million of available borrowings under its $100.0 million variable funding notes facility. This amount is net of letters of credit issued of $43.5 million, of which $5.0 million has been collateralized with restricted cash. The Company has the ability to access this collateralized cash with minimal notice.

The Company invested $33.8 million in capital expenditures during the three fiscal quarters of 2015, versus $31.0 million in the three fiscal quarters of 2014.

 

More…


Domino’s Pizza: Q3 2015 Earnings Release, Page Four

 

Free cash flow, as reconciled below to cash flows from operations as determined under generally accepted accounting principles (GAAP), was approximately $133.5 million in the three fiscal quarters of 2015.

 

(in thousands)    Three Fiscal
Quarters
of 2015
 

Net cash provided by operating activities

   $ 167,308   

Capital expenditures

     (33,834
  

 

 

 

Free cash flow

   $ 133,474   
  

 

 

 

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 in 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,” 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 working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock, paying dividends or other similar uses of cash.

 

More…


Domino’s Pizza: Q3 2015 Earnings Release, Page Five

 

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 12,100 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 third quarter of 2015, Domino’s had global retail sales of over $2.1 billion, comprised of over $1.0 billion in the U.S. and over $1.1 billion internationally. Its system is comprised of independent franchise owners who accounted for nearly 97% of Domino’s stores as of the third 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.

 

More…


Domino’s Pizza: Q3 2015 Earnings Release, Page Six

 

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, as well as our ability to complete the proposed refinancing on the terms described or at all; 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

 

More…


Domino’s Pizza: Q3 2015 Earnings Release, Page Seven

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

 

     Fiscal Quarter Ended  
     September 6,
2015
    % of
Total
Revenues
    September 7,
2014
    % of
Total
Revenues
 
(In thousands, except per share data)                         

Revenues:

        

Domestic Company-owned stores

   $ 86,456        $ 77,644     

Domestic franchise

     59,385          51,858     

Supply chain

     303,591          282,506     

International franchise

     35,264          34,560     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     484,696        100.0     446,568        100.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales:

        

Domestic Company-owned stores

     70,032          59,754     

Supply chain

     272,710          253,300     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     342,742        70.7     313,054        70.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin

     141,954        29.3     133,514        29.9

General and administrative

     61,411        12.7     56,573        12.7
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     80,543        16.6     76,941        17.2

Interest expense, net

     (19,915     (4.1 )%      (19,952     (4.4 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     60,628        12.5     56,989        12.8

Provision for income taxes

     22,796        4.7     21,371        4.8
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 37,832        7.8   $ 35,618        8.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Common stock – diluted

   $ 0.67        $ 0.63     

Dividends declared per share

   $ 0.31        $ 0.25     


Domino’s Pizza: Q3 2015 Earnings Release, Page Eight

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Unaudited)

 

     Three Fiscal Quarters Ended  
     September 6,
2015
    % of
Total
Revenues
    September 7,
2014
    % of
Total
Revenues
 
(In thousands, except per share data)                         

Revenues:

        

Domestic Company-owned stores

   $ 267,625        $ 238,915     

Domestic franchise

     181,986          157,317     

Supply chain

     918,150          851,768     

International franchise

     107,584          102,883     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     1,475,345        100.0     1,350,883        100.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales:

        

Domestic Company-owned stores

     204,266          183,262     

Supply chain

     819,387          762,420     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     1,023,653        69.4     945,682        70.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin

     451,692        30.6     405,201        30.0

General and administrative

     184,665        12.5     162,722        12.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     267,027        18.1     242,479        18.0

Interest expense, net

     (58,939     (4.0 )%      (60,071     (4.5 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     208,088        14.1     182,408        13.5

Provision for income taxes

     78,058        5.3     67,854        5.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 130,030        8.8   $ 114,554        8.5
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Common stock – diluted

   $ 2.30        $ 2.01     

Dividends declared per share

   $ 0.93        $ 0.75     


Domino’s Pizza: Q3 2015 Earnings Release, Page Nine

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

 

     September 6, 2015     December 28, 2014  
(In thousands)             

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 32,506      $ 30,855   

Restricted cash and cash equivalents

     91,021        120,954   

Accounts receivable

     112,398        118,395   

Inventories

     39,826        37,944   

Advertising fund assets, restricted

     96,030        72,055   

Other assets

     32,651        48,158   
  

 

 

   

 

 

 

Total current assets

     404,432        428,361   

Property, plant and equipment, net

     119,452        114,046   

Other assets

     79,312        76,873   
  

 

 

   

 

 

 

Total assets

   $ 603,196      $ 619,280   
  

 

 

   

 

 

 

Liabilities and stockholders’ deficit

    

Current liabilities:

    

Current portion of long-term debt

   $ 256      $ 565   

Accounts payable

     86,423        86,552   

Dividends payable

     17,316        14,351   

Advertising fund liabilities

     96,030        72,055   

Other accrued liabilities

     79,266        92,085   
  

 

 

   

 

 

 

Total current liabilities

     279,291        265,608   

Long-term liabilities:

    

Long-term debt, less current portion

     1,527,664        1,523,546   

Other accrued liabilities

     52,190        49,591   
  

 

 

   

 

 

 

Total long-term liabilities

     1,579,854        1,573,137   

Total stockholders’ deficit

     (1,255,949     (1,219,465
  

 

 

   

 

 

 

Total liabilities and stockholders’ deficit

   $ 603,196      $ 619,280   
  

 

 

   

 

 

 


Domino’s Pizza: Q3 2015 Earnings Release, Page Ten

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

     Three Fiscal Quarters Ended  
     September 6,
2015
    September 7,
2014
 
(In thousands)             

Cash flows from operating activities:

    

Net income

   $ 130,030      $ 114,554   

Adjustments to reconcile net income to net cash flows provided by operating activities:

    

Depreciation and amortization

     22,695        20,024   

Gains on sale/disposal of assets

     (73     (1,381

Amortization of deferred financing costs

     3,825        4,046   

Provision for deferred income taxes

     959        1,008   

Non-cash compensation expense

     11,188        11,897   

Tax impact from equity-based compensation

     (15,745     (10,899

Other

     (1,216     (888

Changes in operating assets and liabilities

     15,645        (19,476
  

 

 

   

 

 

 

Net cash provided by operating activities

     167,308        118,885   

Cash flows from investing activities:

    

Capital expenditures

     (33,834     (30,983

Proceeds from sale of assets

     10,464        5,802   

Changes in restricted cash

     29,933        51,861   

Other

     1,304        (1,365
  

 

 

   

 

 

 

Net cash provided by investing activities

     7,867        25,315   

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     5,000        —     

Repayments of long-term debt and capital lease obligations

     (5,198     (12,152

Proceeds from exercise of stock options

     4,459        3,094   

Tax impact from equity-based compensation

     15,745        10,899   

Purchases of common stock

     (138,550     (82,407

Tax payments for restricted stock upon vesting

     (7,442     (7,889

Payments of common stock dividends and equivalents

     (48,141     (39,208
  

 

 

   

 

 

 

Net cash used in financing activities

     (174,127     (127,663
  

 

 

   

 

 

 

Effect of exchange rate changes on cash and cash equivalents

     603        16   
  

 

 

   

 

 

 

Change in cash and cash equivalents

     1,651        16,553   

Cash and cash equivalents, at beginning of period

     30,855        14,383   
  

 

 

   

 

 

 

Cash and cash equivalents, at end of period

   $ 32,506      $ 30,936   
  

 

 

   

 

 

 

###

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