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PANERA BREAD COMPANY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
66
The accounting policies applicable to each segment are consistent with those described in Note 2, “Summary of Significant
Accounting Policies.” Segment information related to the Company’s three business segments is as follows (in thousands):
For the fiscal year ended
December 30,
2014
December 31,
2013
December 25,
2012
Revenues:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,230,370 $ 2,108,908 $ 1,879,280
Franchise operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,686 112,641 102,076
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 370,004 347,922 312,308
Intercompany sales eliminations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (194,865)(184,469)(163,607)
Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,529,195 $ 2,385,002 $ 2,130,057
Segment profit:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 400,261 $ 413,474 $ 380,432
Franchise operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117,770 106,395 95,420
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 22,872 21,293 17,695
Total segment profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 540,903 $ 541,162 $ 493,547
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 124,109 $ 106,523 $ 90,939
Unallocated general and administrative expenses. . . . . . . . . . . . . . . . . . . . 132,144 117,089 111,276
Pre-opening expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,707 7,794 8,462
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,824 1,053 1,082
Other (income) expense, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,175)(4,017)(1,208)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 277,294 $ 312,720 $ 282,996
Depreciation and amortization:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 103,239 $ 90,872 $ 78,198
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 8,613 8,239 6,793
Corporate administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,257 7,412 5,948
Total depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 124,109 $ 106,523 $ 90,939
Capital expenditures:
Company bakery-cafe operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 167,856 $ 153,584 $ 122,868
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . 12,178 11,461 13,434
Corporate administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,183 26,965 16,026
Total capital expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 224,217 $ 192,010 $ 152,328
December 30,
2014
December 31,
2013
Segment assets:
Company bakery-cafe operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 953,896 $ 867,093
Franchise operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,145 10,156
Fresh dough and other product operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,219 62,854
Total segment assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,032,260 $ 940,103
Unallocated cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 196,493 $ 125,245
Unallocated trade and other accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,104 2,281
Unallocated property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,224 53,587
Unallocated deposits and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,791 3,865
Other unallocated assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,030 55,781
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,390,902 $ 1,180,862