ANN ARBOR, Mich., April 29, 2021 /PRNewswire/ -- Domino's
Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world
based on global retail sales, announced results for the first
quarter. Global retail sales increased 16.7% in the first quarter,
or 14.0% excluding foreign currency impact. U.S. same store sales
grew 13.4% during the quarter versus the year-ago period,
continuing the positive sales momentum in the Company's U.S. stores
business. The international business also posted strong results,
with same store sales growth of 11.8% during the quarter. The first
quarter marked the 109th consecutive quarter of
international same store sales growth and the 40th
consecutive quarter of U.S. same store sales growth.
The Company had first quarter global net store growth of 175
stores, comprised of 36 net U.S. store openings and 139 net
international store openings.
First quarter diluted EPS was $3.00, down 2.3% over the prior year quarter.
Subsequent to the first quarter, on April
27, 2021, the Company's Board of Directors declared a
$0.94 per share quarterly dividend on
its outstanding common stock for shareholders of record as of
June 15, 2021, to be paid on
June 30, 2021.
"It was a strong first quarter for the Domino's brand, with
balanced growth across all areas of our global business," said
Ritch Allison, Domino's Chief
Executive Officer. "I applaud our franchisees and operators all
across the globe, who once again demonstrated why they are the best
in the restaurant business."
First Quarter Highlights (Unaudited):
(dollars in
millions, except per share data)
|
|
First
Quarter
of
2021
|
|
|
First
Quarter
of
2020
|
|
Net
income
|
|
$
|
117.8
|
|
|
$
|
121.6
|
|
Weighted average
diluted shares
|
|
|
39,208,383
|
|
|
|
39,633,404
|
|
Diluted
EPS
|
|
$
|
3.00
|
|
|
$
|
3.07
|
|
- Revenues increased $110.6
million, or 12.7%, in the first quarter of 2021. This
increase was primarily due to U.S. and international same store
sales growth and increases in global store counts during the
trailing four quarters, resulting in higher supply chain, U.S.
stores and international franchise revenues.
- Net Income decreased $3.8
million, or 3.2%, in the first quarter of 2021. This
decrease was driven by a significantly higher provision for income
taxes resulting from lower tax benefits from equity-based
compensation due to fewer stock option exercises in the first
quarter of 2021 as compared to the first quarter of 2020. Income
before provision (benefit) for income taxes increased $32.3 million in the first quarter of 2021 due to
higher income from operations resulting from the increases in
revenues described above.
- Diluted EPS was $3.00 for
the first quarter of 2021 versus $3.07 in the prior year quarter. This represents
a $0.07, or 2.3%, decrease from the
prior year quarter. The decrease in diluted EPS was driven by lower
net income and was partially offset by a lower weighted average
diluted share count resulting from the Company's share repurchases
during the trailing four quarters.
The table below outlines certain statistical measures utilized
by the Company to analyze its performance (unaudited). Refer to
Comments on Regulation G below for additional details.
|
|
First
Quarter
of
2021
|
|
|
First
Quarter
of
2020
|
|
Same store sales
growth: (versus prior year period)
|
|
|
|
|
|
|
|
|
U.S. Company-owned
stores
|
|
|
+
6.3
|
%
|
|
|
+ 3.9
|
%
|
U.S. franchise
stores
|
|
|
+ 13.9
|
%
|
|
|
+ 1.5
|
%
|
U.S. stores
|
|
|
+ 13.4
|
%
|
|
|
+ 1.6
|
%
|
International stores
(excluding foreign currency impact)
|
|
|
+ 11.8
|
%
|
|
|
+ 1.5
|
%
|
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period)
|
|
|
|
|
|
|
|
|
U.S. stores
|
|
|
+ 15.3
|
%
|
|
|
+ 4.9
|
%
|
International
stores
|
|
|
+ 18.0
|
%
|
|
|
+ 3.9
|
%
|
Total
|
|
|
+ 16.7
|
%
|
|
|
+ 4.4
|
%
|
|
|
|
|
|
|
|
|
|
Global retail
sales growth: (versus prior year period,
excluding foreign currency impact)
|
|
|
|
|
|
|
|
|
U.S. stores
|
|
|
+ 15.3
|
%
|
|
|
+ 4.9
|
%
|
International
stores
|
|
|
+ 12.8
|
%
|
|
|
+ 6.8
|
%
|
Total
|
|
|
+ 14.0
|
%
|
|
|
+ 5.9
|
%
|
|
|
U.S.
Company-
owned
Stores
|
|
|
U.S.
Franchise
Stores
|
|
|
Total
U.S.
Stores
|
|
|
International
Stores
|
|
|
Total
|
|
Store
counts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Store count at January
3, 2021
|
|
|
363
|
|
|
|
5,992
|
|
|
|
6,355
|
|
|
|
11,289
|
|
|
|
17,644
|
|
Openings
|
|
|
2
|
|
|
|
35
|
|
|
|
37
|
|
|
|
160
|
|
|
|
197
|
|
Closings
|
|
|
(1)
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(21)
|
|
|
|
(22)
|
|
Store count at March
28, 2021
|
|
|
364
|
|
|
|
6,027
|
|
|
|
6,391
|
|
|
|
11,428
|
|
|
|
17,819
|
|
First quarter 2021 net
store growth
|
|
|
1
|
|
|
|
35
|
|
|
|
36
|
|
|
|
139
|
|
|
|
175
|
|
Trailing four quarters
net store growth
|
|
|
19
|
|
|
|
216
|
|
|
|
235
|
|
|
|
495
|
|
|
|
730
|
|
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 first quarter 2021 financial
results. The call can be accessed by dialing (866) 470-5929
(U.S./Canada) or (409) 217-8311
(International). Ask for the Domino's Pizza conference call, ID
6396461. The call will also be webcast, and will be archived for
one year, on biz.dominos.com.
Share Repurchases
During the first quarter of 2021, the Company repurchased and
retired 65,870 shares of its common stock in open market
repurchases under its Board of Directors-approved share repurchase
program for approximately $25.0
million. As of March 28, 2021, the Company had a total
remaining authorized amount for share repurchases of $1.0 billion.
Liquidity
As of March 28, 2021, the Company had approximately:
- $267.7 million of unrestricted
cash and cash equivalents;
- $4.12 billion in total debt;
and
- $157.5 million of available
borrowing capacity under its 2019 variable funding notes, net of
letters of credit issued of $42.5
million.
Net cash provided by operating activities was $152.9 million during the first quarter of 2021.
The Company invested $16.6 million in
capital expenditures during the first quarter of 2021. Free cash
flow, as reconciled below to net cash provided by operating
activities, as determined under accounting principles generally
accepted in the United States of
America ("GAAP"), was approximately $136.3 million during the first quarter of 2021
(refer to Comments on Regulation G below for additional
details).
(in
thousands)
|
|
First
Quarter
of
2021
|
|
Net cash provided by
operating
activities
|
|
$
|
152,851
|
|
Capital
expenditures
|
|
|
(16,561)
|
|
Free cash
flow
|
|
$
|
136,290
|
|
2021 Recapitalization
Subsequent to the end of the first quarter of 2021, on
April 16, 2021 (the "closing date"),
the Company completed a previously announced $1.85 billion recapitalization transaction,
including the issuance by certain of its subsidiaries of
$850.0 million of 2.662% fixed rate
senior secured notes with an anticipated term of 7.5 years and
$1.0 billion of 3.151% fixed rate
senior secured notes with an anticipated term of 10 years
(collectively, the "2021 Notes").
The Company used a portion of the proceeds from the
recapitalization transaction to repay the remaining $291.0 million in outstanding principal under its
2017 five-year floating rate notes and to repay the remaining
$582.0 million in outstanding
principal under its 2017 five-year fixed rate notes. The proceeds
were also used to prefund a portion of the interest payable on the
2021 Notes and pay transaction fees and expenses. The Company
expects to use the remaining proceeds for general corporate
purposes, which may include distributions to holders of the
Company's common stock, other equivalent payments and/or stock
repurchases. Certain of the Company's subsidiaries also issued a
new $200.0 million variable funding
note facility, which was undrawn on the closing date, and the
Company's previous variable funding note facility was canceled. For
additional information related to this recapitalization
transaction, refer to the Company's Current Report on Form 8-K
filed on April 20, 2021 and the
Company's Form 10-Q for the quarter ended March 28, 2021.
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, including free cash flow
metrics. The Company has also included metrics such as global
retail sales, global retail sales growth, global retail sales
growth, excluding foreign currency impact 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 "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 and
advertising fees 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. "Global retail sales growth" is calculated as the
change of U.S. Dollar global retail sales against the comparable
period of the prior year. "Global retail sales growth, excluding
foreign currency impact" is calculated as the change of
international local currency global retail sales against the
comparable period of the prior year.
The Company uses "Same store sales growth," which is
calculated by including only sales from stores that also had sales
in the comparable weeks of both years. International same store
sales growth is calculated similarly to U.S. 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
net cash provided by operating activities, 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 or paying dividends.
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the largest pizza company in
the world based on retail sales, with a significant business in
both delivery and carryout pizza. It ranks among the world's top
public restaurant brands with a global enterprise of more than
17,800 stores in over 90 markets. Domino's had global retail sales
of over $16.1 billion in 2020, with
nearly $8.3 billion in the U.S. and
over $7.8 billion internationally. In
the first quarter of 2021, Domino's had global retail sales of over
$4.0 billion, with nearly
$2.0 billion in the U.S. and over
$2.0 billion internationally. Its
system is comprised of independent franchise owners who accounted
for 98% of Domino's stores as of the end of the first quarter of
2021. Emphasis on technology innovation helped Domino's achieve
more than half of all global retail sales in 2020 from digital
channels. In the U.S., Domino's generated more than 70% of sales in
2020 via digital channels and has developed several innovative
ordering platforms, including those for Google Home, Facebook
Messenger, Apple Watch, Amazon Echo, Twitter and more. In 2019,
Domino's announced a partnership with Nuro to further its
exploration and testing of autonomous pizza delivery. In mid-2020,
Domino's launched a new way to order contactless carryout
nationwide – via Domino's Carside Delivery®, which
customers can choose when placing a prepaid online order.
Order – dominos.com
Company Info – biz.dominos.com
Media Assets – media.dominos.com
Please visit our Investor Relations website at biz.dominos.com
to view news, announcements, earnings releases, investor
presentations and conference webcasts.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995:
This press release contains various forward-looking statements
about the Company within the meaning of the Private Securities
Litigation Reform Act of 1995 (the "Act") that are based on current
management expectations that involve substantial risks and
uncertainties which could cause actual results to differ materially
from the results expressed in, or implied by, these forward-looking
statements. The following cautionary statements are being made
pursuant to the provisions of the Act and with the intention of
obtaining the benefits of the "safe harbor" provisions of the Act.
You can identify forward-looking statements by the use of words
such as "anticipates," "believes," "could," "should," "estimates,"
"expects," "intends," "may," "will," "plans," "predicts,"
"projects," "seeks," "approximately," "potential," "outlook" and
similar terms and phrases that concern our strategy, plans or
intentions, including references to assumptions. These
forward-looking statements address various matters including
information concerning future results of operations and business
strategy, our anticipated profitability, estimates in same store
sales growth, the growth of our U.S. and 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. While we
believe these expectations and projections are based on reasonable
assumptions, such forward-looking statements are inherently subject
to risks, uncertainties and assumptions. Important factors that
could cause actual results to differ materially from our
expectations are more fully described in our filings with the
Securities and Exchange Commission, including under the section
headed "Risk Factors" in our Annual Report on
Form 10-K for the fiscal year ended January 3, 2021. Actual results may differ
materially from those expressed or implied in the forward-looking
statements as a result of various factors, including but not
limited to: our substantial increased indebtedness as a result of
our recapitalization transactions and our ability to incur
additional indebtedness or refinance or renegotiate key terms of
that indebtedness in the future; the impact a downgrade in our
credit rating may have on our business, financial condition and
results of operations; our future financial performance and our
ability to pay principal and interest on our indebtedness; our
ability to manage difficulties associated with or related to the
COVID-19 pandemic and the effects of COVID-19 on our business and
supply chain; the effectiveness of our advertising, operations and
promotional initiatives; the strength of our brand, including our
ability to compete in the U.S. and internationally in our intensely
competitive industry, including the food service and food delivery
markets; the impact of social media and other consumer-oriented
technologies on our business, brand and reputation; the impact of
new or improved technologies and alternative methods of delivery on
consumer behavior; new product, digital ordering and concept
developments by us, and other food-industry competitors; our
ability to maintain good relationships with and attract new
franchisees, and franchisees' ability to successfully manage their
operations without negatively impacting our royalty payments and
fees or our brand's reputation; our ability to successfully
implement cost-saving strategies; our ability and that of our
franchisees to successfully operate in the current and future
credit environment; changes in the level of consumer spending given
general economic conditions, including interest rates, energy
prices and consumer confidence; 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), fuel and other commodity
costs, labor, utilities, insurance, employee benefits and other
operating costs; the impact that widespread illness, health
epidemics or general health concerns, severe weather conditions and
natural disasters may have on our business and the economies of the
countries where we operate; changes in foreign currency exchange
rates; changes in income tax rates; our ability to retain or
replace our executive officers and other key members of management
and our ability to adequately staff our stores and supply chain
centers with qualified personnel; our ability to find and/or retain
suitable real estate for our stores and supply chain centers;
changes in government legislation and regulations, including
changes in laws and regulations regarding information privacy,
payment methods consumer protection and social media; adverse legal
judgments or settlements; food-borne illness or contamination of
products; data breaches, power loss, technological failures, user
error or other cyber risks threatening us or our franchisees; the
effect of war, terrorism, catastrophic events or climate change;
our ability to pay dividends and repurchase shares; changes in
consumer tastes, spending and traffic patterns and demographic
trends; actions by activist investors; changes in accounting
policies; and adequacy of our insurance coverage. In light of these
risks, uncertainties and assumptions, the forward-looking events
discussed in this press release might not occur. All
forward-looking statements speak only as of the date of this press
release and should be evaluated with an understanding of their
inherent uncertainty. Except as required under federal securities
laws and the rules and regulations of the Securities and Exchange
Commission, or other applicable law, we will not undertake, and
specifically disclaim, any obligation to publicly update or revise
any forward-looking statements to reflect events or circumstances
arising after the date of this press release, whether as a result
of new information, future events or otherwise. You are cautioned
not to place undue reliance on the forward-looking statements
included in this press release or that may be made elsewhere from
time to time by, or on behalf of, us. All forward-looking
statements attributable to us are expressly qualified by these
cautionary statements.
TABLES TO FOLLOW
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Income
(Unaudited)
|
|
|
|
Fiscal Quarter
Ended
|
|
|
|
March 28,
2021
|
|
|
%
of
Total
Revenues
|
|
|
March 22,
2020
|
|
|
%
of
Total
Revenues
|
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Company-owned
stores
|
|
$
|
112,744
|
|
|
|
|
|
|
$
|
102,326
|
|
|
|
|
|
U.S. franchise
royalties and fees
|
|
|
124,486
|
|
|
|
|
|
|
|
104,746
|
|
|
|
|
|
Supply
chain
|
|
|
568,338
|
|
|
|
|
|
|
|
512,700
|
|
|
|
|
|
International
franchise royalties and fees
|
|
|
66,770
|
|
|
|
|
|
|
|
57,496
|
|
|
|
|
|
U.S. franchise
advertising
|
|
|
111,360
|
|
|
|
|
|
|
|
95,834
|
|
|
|
|
|
Total
revenues
|
|
|
983,698
|
|
|
|
100.0
|
%
|
|
|
873,102
|
|
|
|
100.0
|
%
|
Cost of
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Company-owned
stores
|
|
|
85,742
|
|
|
|
|
|
|
|
79,388
|
|
|
|
|
|
Supply
chain
|
|
|
508,805
|
|
|
|
|
|
|
|
453,557
|
|
|
|
|
|
Total cost of
sales
|
|
|
594,547
|
|
|
|
60.4
|
%
|
|
|
532,945
|
|
|
|
61.0
|
%
|
Operating
margin
|
|
|
389,151
|
|
|
|
39.6
|
%
|
|
|
340,157
|
|
|
|
39.0
|
%
|
General and
administrative
|
|
|
91,253
|
|
|
|
9.3
|
%
|
|
|
88,489
|
|
|
|
10.2
|
%
|
U.S. franchise
advertising
|
|
|
111,360
|
|
|
|
11.3
|
%
|
|
|
95,834
|
|
|
|
11.0
|
%
|
Income from
operations
|
|
|
186,538
|
|
|
|
19.0
|
%
|
|
|
155,834
|
|
|
|
17.8
|
%
|
Other
income
|
|
|
2,500
|
|
|
|
0.2
|
%
|
|
|
—
|
|
|
|
0.0
|
%
|
Interest expense,
net
|
|
|
(39,400)
|
|
|
|
(4.0)
|
%
|
|
|
(38,538)
|
|
|
|
(4.4)
|
%
|
Income before
provision (benefit) for income taxes
|
|
|
149,638
|
|
|
|
15.2
|
%
|
|
|
117,296
|
|
|
|
13.4
|
%
|
Provision (benefit)
for income taxes
|
|
|
31,877
|
|
|
|
3.2
|
%
|
|
|
(4,306)
|
|
|
|
(0.5)
|
%
|
Net income
|
|
$
|
117,761
|
|
|
|
12.0
|
%
|
|
$
|
121,602
|
|
|
|
13.9
|
%
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock –
diluted
|
|
$
|
3.00
|
|
|
|
|
|
|
$
|
3.07
|
|
|
|
|
|
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(Unaudited)
|
|
|
|
March 28,
2021
|
|
|
January
3,
2021
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
267,719
|
|
|
$
|
168,821
|
|
Restricted cash and
cash equivalents
|
|
|
176,029
|
|
|
|
217,453
|
|
Accounts receivable,
net
|
|
|
235,789
|
|
|
|
244,560
|
|
Inventories
|
|
|
63,775
|
|
|
|
66,683
|
|
Prepaid expenses and
other
|
|
|
20,372
|
|
|
|
24,169
|
|
Advertising fund
assets, restricted
|
|
|
162,118
|
|
|
|
147,698
|
|
Total current
assets
|
|
|
925,802
|
|
|
|
869,384
|
|
Property, plant and
equipment, net
|
|
|
293,369
|
|
|
|
297,364
|
|
Operating lease
right-of-use assets
|
|
|
224,359
|
|
|
|
228,268
|
|
Investments
|
|
|
82,500
|
|
|
|
40,000
|
|
Other
assets
|
|
|
136,802
|
|
|
|
132,152
|
|
Total
assets
|
|
$
|
1,662,832
|
|
|
$
|
1,567,168
|
|
Liabilities and
stockholders' deficit
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
2,931
|
|
|
$
|
2,855
|
|
Accounts
payable
|
|
|
95,042
|
|
|
|
94,499
|
|
Operating lease
liabilities
|
|
|
36,058
|
|
|
|
35,861
|
|
Advertising fund
liabilities
|
|
|
154,963
|
|
|
|
141,175
|
|
Other accrued
liabilities
|
|
|
212,841
|
|
|
|
196,429
|
|
Total current
liabilities
|
|
|
501,835
|
|
|
|
470,819
|
|
Long-term
liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
|
4,116,858
|
|
|
|
4,116,018
|
|
Operating lease
liabilities
|
|
|
198,640
|
|
|
|
202,268
|
|
Other accrued
liabilities
|
|
|
81,579
|
|
|
|
78,468
|
|
Total long-term
liabilities
|
|
|
4,397,077
|
|
|
|
4,396,754
|
|
Total stockholders'
deficit
|
|
|
(3,236,080)
|
|
|
|
(3,300,405)
|
|
Total liabilities and
stockholders' deficit
|
|
$
|
1,662,832
|
|
|
$
|
1,567,168
|
|
Domino's Pizza,
Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
Fiscal Quarter
Ended
|
|
|
|
March 28,
2021
|
|
|
March 22,
2020
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
117,761
|
|
|
$
|
121,602
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
16,465
|
|
|
|
14,032
|
|
Loss on sale/disposal
of assets
|
|
|
161
|
|
|
|
306
|
|
Amortization of debt
issuance costs
|
|
|
1,203
|
|
|
|
1,291
|
|
Provision for deferred
income taxes
|
|
|
1,578
|
|
|
|
702
|
|
Non-cash equity-based
compensation expense
|
|
|
5,204
|
|
|
|
4,914
|
|
Excess tax benefits
from equity-based compensation
|
|
|
(914)
|
|
|
|
(30,449)
|
|
Provision for losses
and accounts and notes receivable
|
|
|
180
|
|
|
|
1,589
|
|
Unrealized gain on
investments
|
|
|
(2,500)
|
|
|
|
—
|
|
Changes in operating
assets and liabilities
|
|
|
(1,634)
|
|
|
|
(23,119)
|
|
Changes in advertising
fund assets and liabilities, restricted
|
|
|
15,347
|
|
|
|
4,490
|
|
Net cash provided by
operating activities
|
|
|
152,851
|
|
|
|
95,358
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(16,561)
|
|
|
|
(17,467)
|
|
Purchase of
investments
|
|
|
(40,000)
|
|
|
|
—
|
|
Other
|
|
|
121
|
|
|
|
(426)
|
|
Net cash used in
investing activities
|
|
|
(56,440)
|
|
|
|
(17,893)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Repayments of
long-term debt and finance lease obligations
|
|
|
(704)
|
|
|
|
(10,849)
|
|
Proceeds from exercise
of stock options
|
|
|
3,693
|
|
|
|
10,105
|
|
Purchases of common
stock
|
|
|
(25,000)
|
|
|
|
(79,590)
|
|
Tax payments for
restricted stock upon vesting
|
|
|
(1,044)
|
|
|
|
(1,796)
|
|
Payments of common
stock dividends and equivalents
|
|
|
(64)
|
|
|
|
(80)
|
|
Other
|
|
|
—
|
|
|
|
152
|
|
Net cash used in
financing activities
|
|
|
(23,119)
|
|
|
|
(82,058)
|
|
Effect of exchange
rate changes on cash
|
|
|
161
|
|
|
|
(961)
|
|
Change in cash and
cash equivalents, restricted cash and cash equivalents
|
|
|
73,453
|
|
|
|
(5,554)
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
168,821
|
|
|
|
190,615
|
|
Restricted cash and
cash equivalents, beginning of period
|
|
|
217,453
|
|
|
|
209,269
|
|
Cash and cash
equivalents included in advertising fund assets,
restricted,
beginning of period
|
|
|
115,872
|
|
|
|
84,040
|
|
Cash and cash
equivalents, restricted cash and cash equivalents and
cash and
cash equivalents included in advertising fund assets,
restricted,
beginning of period
|
|
|
502,146
|
|
|
|
483,924
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period
|
|
|
267,719
|
|
|
|
200,801
|
|
Restricted cash and
cash equivalents, end of period
|
|
|
176,029
|
|
|
|
189,370
|
|
Cash and cash
equivalents included in advertising fund assets,
restricted,
end of
period
|
|
|
131,851
|
|
|
|
88,199
|
|
Cash and cash
equivalents, restricted cash and cash equivalents and cash
and
cash
equivalents included in advertising fund assets,
restricted,
end of
period
|
|
$
|
575,599
|
|
|
$
|
478,370
|
|
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SOURCE Domino's Pizza, Inc.