Panera Bread 2013 Annual Report Download - page 29

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21
For the fiscal year ended (1)
(in thousands, except per share and percentage information)
December 31,
2013
December 25,
2012
December 27,
2011
December 28,
2010
December 29,
2009
Consolidated balance sheet data:
Cash and cash equivalents . . . . . . . . . . . $ 125,245 $ 297,141 $ 222,640 $ 229,299 $ 246,400
Prepaid expenses and other . . . . . . . . . . 43,064 42,223 31,228 23,905 16,211
Property and equipment, net . . . . . . . . . 669,409 571,754 492,022 444,094 403,784
Total assets. . . . . . . . . . . . . . . . . . . . . . . 1,180,862 1,268,163 1,027,322 924,581 837,165
Current liabilities . . . . . . . . . . . . . . . . . . 303,325 277,540 238,334 211,516 142,259
Long-term liabilities . . . . . . . . . . . . . . . 177,645 168,704 133,912 117,457 97,870
Stockholders’ equity . . . . . . . . . . . . . . . 699,892 821,919 655,076 595,608 597,036
Franchisee revenues (2) . . . . . . . . . . . . . . $ 2,175,155 $ 1,981,674 $ 1,828,188 $ 1,802,116 $ 1,640,309
Comparable net bakery-cafe sales
percentage for (2)(3):
Company-owned bakery-cafes . . . . . . . 4.5% 6.5% 4.9% 7.5% 2.4%
Franchise-operated bakery-cafes . . . . . . 3.9% 5.0% 3.4% 8.2% 2.0%
Bakery-cafe data:
Company-owned bakery-cafes open . . . 867 809 740 662 585
Franchise-operated bakery-cafes open . 910 843 801 791 795
Total bakery-cafes open . . . . . . . . . . . 1,777 1,652 1,541 1,453 1,380
(1) The fiscal year ended December 31, 2013, or fiscal 2013, was a 53 week year consisting of 371 days. All other fiscal years
presented contained 52 weeks consisting of 364 days.
(2) We do not record franchise-operated net bakery-cafe sales as revenues. However, royalty revenues are calculated based on
a percentage of franchise-operated net bakery-cafe sales, as reported by franchisees. We use franchise-operated and system-
wide sales information internally in connection with store development decisions, planning, and budgeting analyses. We
believe franchise-operated and system-wide sales information is useful in assessing consumer acceptance of our brand,
facilitates an understanding of financial performance and the overall direction and trends of sales and operating income, helps
us appreciate the effectiveness of our advertising and marketing initiatives to which our franchisees also contribute based on
a percentage of their sales, and provides information that is relevant for comparison within the industry.
(3) Comparable net bakery-cafe sales for fiscal 2013 contained 53 weeks of sales, with an impact of approximately $28.3 million
and $30.5 million of sales in the additional week for Company-owned and franchise-operated base store bakery-cafes,
respectively. Adjusted to reflect a comparative 53 week period in fiscal 2012 (52 weeks in fiscal 2012 plus week one of fiscal
2013), Company-owned, franchise-operated, and system-wide comparable net bakery-cafe sales for the fiscal year ended
December 31, 2013, or fiscal 2013, would have been approximately 2.6 percent, 2.0 percent, and 2.3 percent, respectively.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
General
Our revenues are derived from Company-owned net bakery-cafe sales, fresh dough and other product sales to franchisees, and
franchise royalties and fees. Fresh dough and other product sales to franchisees are primarily comprised of sales of fresh dough,
produce, tuna, and cream cheese to certain of our franchisees. Franchise royalties and fees include royalty income and franchise
fees. The cost of food and paper products, labor, occupancy, and other operating expenses relate primarily to Company-owned
net bakery-cafe sales. The cost of fresh dough and other product sales to franchisees relates primarily to the sale of fresh dough,
produce, tuna, and cream cheese to certain of our franchisees. General and administrative, depreciation and amortization, and
pre-opening expenses relate to all areas of revenue generation.
Our fiscal year ends on the last Tuesday in December. As a result, our fiscal year ending December 31, 2013 had 53 weeks with
the fourth quarter comprising 14 weeks. The fiscal years ended December 25, 2012 and December 27, 2011 each had 52 weeks.