Domino's Pizza® Announces Fourth Quarter and Fiscal 2020 Financial Results
Domino's Pizza (DPZ) reported robust fourth-quarter and fiscal 2020 results, highlighting a 21.7% increase in global retail sales in Q4 and a 12.5% increase for the year. U.S. same-store sales grew 11.2% in Q4, marking the 39th consecutive quarter of growth. Diluted EPS rose 23.4% to $3.85 in Q4, with fiscal 2020 EPS at $12.39, up 29.6%. The company saw net store growth of 388 locations in Q4. A new $1.0 billion share repurchase program was authorized, and a quarterly dividend of $0.94 was declared, up 20.5%.
- Global retail sales increased 21.7% in Q4 2020.
- Diluted EPS rose 23.4% to $3.85 in Q4 2020.
- U.S. same store sales grew 11.2% in Q4 and 11.5% for fiscal 2020.
- 388 net store openings in Q4 2020.
- New share repurchase program authorized for $1.0 billion.
- Quarterly dividend increased by 20.5%.
- Higher variable performance-based compensation and COVID-related costs impacted net income.
ANN ARBOR, Mich., Feb. 25, 2021 /PRNewswire/ -- Domino's Pizza, Inc. (NYSE: DPZ), the largest pizza company in the world based on global retail sales, announced results for the fourth quarter and fiscal 2020, comprised of growth in global retail sales, same store sales and earnings per share. Global retail sales increased
U.S. same store sales grew
Fourth quarter diluted EPS was
During the fourth quarter of 2020, the Company repurchased and retired 567,807 shares of its common stock in open market repurchases under its Board of Directors-approved share repurchase program for approximately
On February 24, 2021, the Company's Board of Directors declared a quarterly dividend of
"We celebrated our 60th year as a company in 2020, and while it was a challenging year in so many ways, it was also a year that saw the Domino's brand rise to the occasion all over the world," said Ritch Allison, Domino's Chief Executive Officer. "We led with our values first and delivered an outstanding year of growth and financial performance. This past year, a year like none other, reminded me once again that Domino's has the best group of global franchisees and team members in the restaurant business."
Fourth Quarter and Fiscal 2020 Highlights: | ||||||||||||||||
(dollars in millions, except per share data) | Fourth Quarter of 2020 | Fourth Quarter of 2019 | Fiscal 2020 | Fiscal 2019 | ||||||||||||
Net income | $ | 151.9 | $ | 129.3 | $ | 491.3 | $ | 400.7 | ||||||||
Weighted average diluted shares | 39,463,552 | 41,422,831 | 39,640,791 | 41,923,062 | ||||||||||||
Diluted EPS | $ | 3.85 | $ | 3.12 | $ | 12.39 | $ | 9.56 | ||||||||
Items affecting comparability (1) | (0.39) | 0.01 | (0.38) | 0.01 | ||||||||||||
Diluted EPS, as adjusted (1) | $ | 3.46 | $ | 3.13 | $ | 12.01 | $ | 9.57 | ||||||||
(1) | Refer to the Financial Results Comparability and the Comments on Regulation G sections below for additional information. |
- Revenues increased
$206.2 million , or17.9% , in the fourth quarter of 2020. This increase was primarily due to higher U.S. and international retail sales resulting from same store sales growth and an increase in store counts during the trailing four quarters, resulting in higher supply chain, U.S. and international franchise and U.S. Company-owned stores revenues. The 53rd week in 2020 contributed an estimated$88.4 million to the increase in revenues. - Net Income increased
$22.6 million , or17.5% , in the fourth quarter of 2020. This increase was driven by higher income from operations resulting from increased U.S. and international franchise revenues as well as higher supply chain volumes. The 53rd week in the fourth quarter of 2020 had an estimated$15.2 million positive impact on net income. These increases in net income were partially offset by higher variable performance-based compensation expense and professional fees, as well as COVID-related costs, including additional compensation and enhanced sick pay for frontline workers. - Diluted EPS was
$3.85 for the fourth quarter of 2020 versus$3.12 in the prior year quarter. This represents a$0.73 , or23.4% , increase over the prior year quarter. Diluted EPS, as adjusted, was$3.46 for the fourth quarter versus$3.13 diluted EPS, as adjusted, in the prior year quarter. This represents a$0.33 , or10.5% , increase over the prior year quarter. The increase in diluted EPS was driven by higher net income, as well as a lower weighted average diluted share count, resulting from the Company's share repurchases during the trailing four quarters. Refer to the Financial Results Comparability and the Comments on Regulation G sections below for additional information.
The table below outlines certain statistical measures utilized by the Company to analyze its performance (unaudited). Refer to the Financial Results Comparability and the Comments on Regulation G sections below for additional information.
Fourth Quarter of 2020 | Fourth Quarter of 2019 | Fiscal 2020 | Fiscal 2019 | ||||||||||||||||||||
Same store sales growth: (versus prior year period) | |||||||||||||||||||||||
U.S. Company-owned stores | + 8.1 | % | + 3.9 | % | + 11.0 | % | + 2.8 | % | |||||||||||||||
U.S. franchise stores | + 11.4 | % | + 3.3 | % | + 11.5 | % | + 3.2 | % | |||||||||||||||
U.S. stores | + 11.2 | % | + 3.4 | % | + 11.5 | % | + 3.2 | % | |||||||||||||||
International stores (excluding foreign currency impact) | + 7.3 | % | + 1.7 | % | + 4.4 | % | + 1.9 | % | |||||||||||||||
Global retail sales growth: (versus prior year period) | |||||||||||||||||||||||
U.S. stores | + 22.8 | % | + 6.8 | % | +17.6 | % | +6.9 | % | |||||||||||||||
International stores | + 20.7 | % | + 7.0 | % | + 7.5 | % | + 4.6 | % | |||||||||||||||
Total | + 21.7 | % | + 6.9 | % | + 12.5 | % | + 5.7 | % | |||||||||||||||
Global retail sales growth: (versus prior year period, excluding foreign currency impact) | |||||||||||||||||||||||
U.S. stores | + 22.8 | % | + 6.8 | % | +17.6 | % | +6.9 | % | |||||||||||||||
International stores | + 19.0 | % | + 8.4 | % | + 8.8 | % | + 9.0 | % | |||||||||||||||
Total | + 20.9 | % | + 7.6 | % | +13.2 | % | +8.0 | % | |||||||||||||||
Global retail sales growth: (versus prior year period, excluding foreign currency impact and 53rd week impact) | |||||||||||||||||||||||
U.S. stores | + 14.3 | % | + 6.8 | % | +15.0 | % | +6.9 | % | |||||||||||||||
International stores | + 9.9 | % | + 8.4 | % | + 5.9 | % | + 9.0 | % | |||||||||||||||
Total | + 12.0 | % | + 7.6 | % | +10.4 | % | +8.0 | % | |||||||||||||||
U.S. Company- owned Stores | U.S. Franchise Stores | Total U.S. Stores | International Stores | Total | ||||||||||||||||
Store counts: | ||||||||||||||||||||
Store count at September 6, 2020 | 348 | 5,891 | 6,239 | 11,017 | 17,256 | |||||||||||||||
Openings | 15 | 103 | 118 | 328 | 446 | |||||||||||||||
Closings (1) | — | (2) | (2) | (56) | (58) | |||||||||||||||
Store count at January 3, 2021 | 363 | 5,992 | 6,355 | 11,289 | 17,644 | |||||||||||||||
Fourth quarter 2020 net store growth | 15 | 101 | 116 | 272 | 388 | |||||||||||||||
Fiscal 2020 net store growth | 21 | 208 | 229 | 395 | 624 | |||||||||||||||
(1) | Temporary store closures are not treated as store closures and affected stores are included in the ending store count. Based on information reported to the Company by its master franchisees, the Company estimates that as of January 3, 2021, there were fewer than 150 international stores temporarily closed. |
Two- to Three-Year Outlook
The Company also announced a new two- to three-year outlook for certain business metrics. The following two- to three-year outlook does not constitute specific earnings guidance.
Two- to Three-Year | ||
Global retail sales growth, excluding foreign currency impact | ||
Global net unit growth | ||
Financial Results Comparability
Financial results for the Company can be significantly affected by changes in our capital structure, our effective tax rate, adoption of new accounting pronouncements, store portfolio changes, calendar timing and other factors. Our recapitalization transactions have historically resulted in higher net interest expense due primarily to higher net debt levels, as well as the amortization of debt issuance costs associated with the repayment of certain of the Company's notes. Additionally, repurchases and retirements of shares of the Company's common stock pursuant to our share repurchase programs have historically reduced our weighted average diluted shares outstanding.
In addition to the above factors impacting comparability, the table below presents certain other items that affect comparability between the Company's 2020 and 2019 financial results (unaudited). Management believes that including such information is critical to an understanding of the Company's financial results for the fourth quarter of 2020 and fiscal year 2020 as compared to the same periods in 2019. Refer to the Comments on Regulation G sections below for additional information.
Fourth Quarter Ended January 3, 2021 | Fiscal Year Ended January 3, 2021 | |||||||||||||||||||||||
(in thousands, except per share data) | Pre-tax | After-tax | Diluted EPS Impact | Pre-tax | After-tax | Diluted EPS Impact | ||||||||||||||||||
2020 items affecting comparability: | ||||||||||||||||||||||||
Estimated 53rd week impact (1) | $ | 19,161 | $ | 15,201 | $ | (0.39) | $ | 19,161 | $ | 15,201 | $ | (0.38) | ||||||||||||
Total of 2020 items | $ | 19,161 | $ | 15,201 | $ | (0.39) | $ | 19,161 | $ | 15,201 | $ | (0.38) | ||||||||||||
Fourth Quarter Ended December 29, 2019 | Fiscal Year Ended December 29, 2019 | |||||||||||||||||||||||
(in thousands, except per share data) | Pre-tax | After-tax | Diluted EPS Impact | Pre-tax | After-tax | Diluted EPS Impact | ||||||||||||||||||
2019 items affecting comparability: | ||||||||||||||||||||||||
Recapitalization expenses: | ||||||||||||||||||||||||
General and administrative expenses (2) | $ | (509) | $ | (396) | $ | (0.01) | $ | (509) | $ | (396) | $ | (0.01) | ||||||||||||
Total of 2019 items | $ | (509) | $ | (396) | $ | (0.01) | $ | (509) | $ | (396) | $ | (0.01) | ||||||||||||
(1) | Represents the estimated impact of the 53rd week in the fourth quarter and fiscal year 2020. |
(2) | Represents legal, professional and administrative fees incurred in connection with the 2019 Recapitalization. |
Conference Call Information
The Company will file its Annual Report on Form 10-K this morning. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 10 a.m. (Eastern) to review its fourth quarter and fiscal year 2020 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 4488127. The call will also be webcast, and will be archived for one year, on biz.dominos.com.
Investment in Dash Brands Ltd.
During the second quarter of 2020, a subsidiary of the Company acquired a non-controlling interest in Dash Brands Ltd. ("Dash Brands"), for
Share Repurchases
During the fourth quarter of 2020, the Company repurchased and retired 567,807 shares of its common stock in open market repurchases under its Board of Directors-approved share repurchase program for approximately
On February 24, 2021, the Company's Board of Directors authorized a new share repurchase program to repurchase up to
Liquidity
As of January 3, 2021, the Company had approximately:
$168.8 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
(in thousands) | Fiscal year ended January 3, 2021 | |||
Net cash provided by operating activities | $ | 592,794 | ||
Capital expenditures | (88,768) | |||
Free cash flow | $ | 504,026 | ||
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 and measures related to items affecting comparability between fiscal quarters and other fiscal periods such as diluted EPS, as adjusted. The Company has also included metrics such as global retail sales, global retail sales growth, global retail sales growth, excluding foreign currency impact, global retail sales growth excluding foreign currency impact, and 53rd week 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. "Global retail sales growth, excluding foreign currency impact and 53rd week impact" is calculated as the change of international local currency global retail sales against the comparable period of the prior year and excluding the global retail sales attributable to the Company's 53rd week.
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 53rd week in fiscal 2020 had no impact on reported same store sales growth amounts.
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 periods. 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 "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 17,600 stores in over 90 markets. Domino's had global retail sales during the 53-week fiscal year of over
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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. These forward-looking statements generally can be identified 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 the 2019 Recapitalization, 2018 Recapitalization, 2017 Recapitalization and 2015 Recapitalization 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 or regulation, including changes in laws and regulations regarding information privacy, payment methods and 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 taste, 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 | ||||||||||||||||
January 3, 2021 | % of Total Revenues | December 29, 2019 | % of Total Revenues | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
U.S. Company-owned stores | $ | 155,749 | $ | 130,534 | ||||||||||||
U.S. franchise royalties and fees | 167,298 | 139,155 | ||||||||||||||
Supply chain | 791,149 | 680,149 | ||||||||||||||
International franchise royalties and fees | 89,555 | 76,830 | ||||||||||||||
U.S. franchise advertising | 152,816 | 123,684 | ||||||||||||||
Total revenues | 1,356,567 | 100.0 | % | 1,150,352 | 100.0 | % | ||||||||||
Cost of sales: | ||||||||||||||||
U.S. Company-owned stores | 121,591 | 98,652 | ||||||||||||||
Supply chain | 699,712 | 604,412 | ||||||||||||||
Total cost of sales | 821,303 | 60.5 | % | 703,064 | 61.1 | % | ||||||||||
Operating margin | 535,264 | 39.5 | % | 447,288 | 38.9 | % | ||||||||||
General and administrative | 138,404 | 10.2 | % | 119,653 | 10.4 | % | ||||||||||
U.S. franchise advertising | 152,816 | 11.3 | % | 123,684 | 10.8 | % | ||||||||||
Income from operations | 244,044 | 18.0 | % | 203,951 | 17.7 | % | ||||||||||
Interest expense, net | (54,479) | (4.0) | % | (46,681) | (4.1) | % | ||||||||||
Income before provision for income taxes | 189,565 | 14.0 | % | 157,270 | 13.6 | % | ||||||||||
Provision for income taxes | 37,668 | 2.8 | % | 27,943 | 2.4 | % | ||||||||||
Net income | $ | 151,897 | 11.2 | % | $ | 129,327 | 11.2 | % | ||||||||
Earnings per share: | ||||||||||||||||
Common stock – diluted | $ | 3.85 | $ | 3.12 | ||||||||||||
Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
January 3, 2021 | % of Total Revenues | December 29, 2019 | % of Total Revenues | |||||||||||||
(In thousands, except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
U.S. Company-owned stores | $ | 485,569 | $ | 453,560 | ||||||||||||
U.S. franchise royalties and fees | 503,196 | 428,504 | ||||||||||||||
Supply chain | 2,416,651 | 2,104,936 | ||||||||||||||
International franchise royalties and fees | 249,757 | 240,975 | ||||||||||||||
U.S. franchise advertising | 462,238 | 390,799 | ||||||||||||||
Total revenues | 4,117,411 | 100.0 | % | 3,618,774 | 100.0 | % | ||||||||||
Cost of sales: | ||||||||||||||||
U.S. Company-owned stores | 379,598 | 346,168 | ||||||||||||||
Supply chain | 2,143,320 | 1,870,107 | ||||||||||||||
Total cost of sales | 2,522,918 | 61.3 | % | 2,216,275 | 61.2 | % | ||||||||||
Operating margin | 1,594,493 | 38.7 | % | 1,402,499 | 38.8 | % | ||||||||||
General and administrative | 406,613 | 9.9 | % | 382,293 | 10.6 | % | ||||||||||
U.S. franchise advertising | 462,238 | 11.2 | % | 390,799 | 10.8 | % | ||||||||||
Income from operations | 725,642 | 17.6 | % | 629,407 | 17.4 | % | ||||||||||
Interest expense, net | (170,512) | (4.1) | % | (146,770) | (4.1) | % | ||||||||||
Income before provision for income taxes | 555,130 | 13.5 | % | 482,637 | 13.3 | % | ||||||||||
Provision for income taxes | 63,834 | 1.6 | % | 81,928 | 2.3 | % | ||||||||||
Net income | $ | 491,296 | 11.9 | % | $ | 400,709 | 11.1 | % | ||||||||
Earnings per share: | ||||||||||||||||
Common stock – diluted | $ | 12.39 | $ | 9.56 | ||||||||||||
Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
January 3, 2021 | December 29, 2019 | |||||||
(In thousands) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 168,821 | $ | 190,615 | ||||
Restricted cash and cash equivalents | 217,453 | 209,269 | ||||||
Accounts receivable, net | 244,560 | 210,260 | ||||||
Inventories | 66,683 | 52,955 | ||||||
Prepaid expenses and other | 24,169 | 19,129 | ||||||
Advertising fund assets, restricted | 147,698 | 105,389 | ||||||
Total current assets | 869,384 | 787,617 | ||||||
Property, plant and equipment, net | 297,364 | 242,881 | ||||||
Operating lease right-of-use assets | 228,268 | 228,785 | ||||||
Other assets | 172,152 | 122,809 | ||||||
Total assets | $ | 1,567,168 | $ | 1,382,092 | ||||
Liabilities and stockholders' deficit | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 2,855 | $ | 43,394 | ||||
Accounts payable | 94,499 | 111,101 | ||||||
Operating lease liabilities | 35,861 | 33,318 | ||||||
Advertising fund liabilities | 141,175 | 101,921 | ||||||
Other accrued liabilities | 196,429 | 164,097 | ||||||
Total current liabilities | 470,819 | 453,831 | ||||||
Long-term liabilities: | ||||||||
Long-term debt, less current portion | 4,116,018 | 4,071,055 | ||||||
Operating lease liabilities | 202,268 | 202,731 | ||||||
Other accrued liabilities | 78,468 | 70,234 | ||||||
Total long-term liabilities | 4,396,754 | 4,344,020 | ||||||
Total stockholders' deficit | (3,300,405) | (3,415,759) | ||||||
Total liabilities and stockholders' deficit | $ | 1,567,168 | $ | 1,382,092 | ||||
Domino's Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) | ||||||||
Fiscal Year Ended | ||||||||
January 3, 2021 | December 29, 2019 | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 491,296 | $ | 400,709 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 65,038 | 59,930 | ||||||
Loss on sale/disposal of assets | 2,922 | 2,023 | ||||||
Amortization of debt issuance costs | 5,526 | 4,748 | ||||||
Provision (benefit) for deferred income taxes | 14,424 | (3,297) | ||||||
Non-cash equity-based compensation expense | 24,244 | 20,265 | ||||||
Excess tax benefits from equity-based compensation | (60,364) | (25,735) | ||||||
Provision for losses on accounts and notes receivable | 2,134 | 1,195 | ||||||
Changes in operating assets and liabilities | 18,797 | 47,120 | ||||||
Changes in advertising fund assets and liabilities, restricted | 28,777 | (10,008) | ||||||
Net cash provided by operating activities | 592,794 | 496,950 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (88,768) | (85,565) | ||||||
Purchase of investments | (40,000) | — | ||||||
Proceeds from sale of assets | 174 | 12,258 | ||||||
Maturities of advertising fund investments, restricted | — | 50,152 | ||||||
Other | (333) | (4,699) | ||||||
Net cash used in investing activities | (128,927) | (27,854) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of long-term debt | 158,000 | 675,000 | ||||||
Repayments of long-term debt and finance lease obligations | (202,058) | (92,085) | ||||||
Proceeds from exercise of stock options | 30,970 | 13,064 | ||||||
Purchases of common stock | (304,590) | (699,007) | ||||||
Tax payments for restricted stock upon vesting | (6,803) | (5,951) | ||||||
Payments of common stock dividends and equivalents | (121,925) | (105,715) | ||||||
Cash paid for financing costs | — | (8,098) | ||||||
Net cash used in financing activities | (446,406) | (222,792) | ||||||
Effect of exchange rate changes on cash | 761 | 201 | ||||||
Change in cash and cash equivalents, restricted cash and cash equivalents | 18,222 | 246,505 | ||||||
Cash and cash equivalents, beginning of period | 190,615 | 25,438 | ||||||
Restricted cash and cash equivalents, beginning of period | 209,269 | 166,993 | ||||||
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 84,040 | 44,988 | ||||||
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash equivalents included in advertising fund assets, restricted, beginning of period | 483,924 | 237,419 | ||||||
Cash and cash equivalents, end of period | 168,821 | 190,615 | ||||||
Restricted cash and cash equivalents, end of period | 217,453 | 209,269 | ||||||
Cash and cash equivalents included in advertising fund assets, restricted, end 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, end of period | $ | 502,146 | $ | 483,924 | ||||
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SOURCE Domino's Pizza, Inc.
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