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฀
52
Papa฀John’s฀International,฀Inc.฀and฀Subsidiaries
Consolidated฀Statements฀of฀Income
(In฀thousands,฀except฀per฀share฀amounts) Years฀Ended
December฀29, December฀30, December฀25,
2013 2012 2011
฀North฀America฀revenues:
Domestic฀Company-owned฀restaurant฀sales 635,317$฀฀฀฀฀฀฀฀฀฀฀ 592,203$฀฀฀฀฀฀฀฀฀฀฀ 525,841$฀฀฀฀฀฀฀฀฀฀฀
Franchise฀royalties 81,692฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 79,567฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 73,694฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Franchise฀and฀development฀fees 1,181฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 806฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 722฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Domestic฀commissary฀sales 578,870฀฀฀฀฀฀฀฀฀฀฀฀฀ 545,924฀฀฀฀฀฀฀฀฀฀฀฀฀ 508,155฀฀฀฀฀฀฀฀฀฀฀฀฀
Other฀sales 53,322฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 51,223฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 50,912฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
฀International฀revenues:
Royalties฀and฀franchise฀and฀development฀fees 21,979฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 19,881฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 16,327฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Restaurant฀and฀commissary฀sales 66,661฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 53,049฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 42,231฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀revenues 1,439,022฀฀฀฀฀฀฀฀฀฀ 1,342,653฀฀฀฀฀฀฀฀฀฀ 1,217,882฀฀฀฀฀฀฀฀฀฀
Costs฀and฀expenses:
Domestic฀Company-owned฀restaurant฀expenses:
Cost฀of฀sales 156,237฀฀฀฀฀฀฀฀฀฀฀฀฀ 137,378฀฀฀฀฀฀฀฀฀฀฀฀฀ 126,887฀฀฀฀฀฀฀฀฀฀฀฀฀
Salaries฀and฀benefits 173,316฀฀฀฀฀฀฀฀฀฀฀฀฀ 163,260฀฀฀฀฀฀฀฀฀฀฀฀฀ 142,093฀฀฀฀฀฀฀฀฀฀฀฀฀
Advertising฀and฀related฀costs 59,172฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 54,583฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 49,035฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Occupancy฀costs 36,546฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 34,734฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 32,278฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Other฀restaurant฀operating฀expenses 92,280฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 85,847฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 75,558฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀domestic฀Company-owned฀restaurant฀expenses 517,551฀฀฀฀฀฀฀฀฀฀฀฀฀ 475,802฀฀฀฀฀฀฀฀฀฀฀฀฀ 425,851฀฀฀฀฀฀฀฀฀฀฀฀฀
Domestic฀commissary฀expenses:
Cost฀of฀sales 448,693฀฀฀฀฀฀฀฀฀฀฀฀฀ 426,531฀฀฀฀฀฀฀฀฀฀฀฀฀ 397,323฀฀฀฀฀฀฀฀฀฀฀฀฀
Salaries฀and฀benefits 25,123฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 22,237฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 20,713฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Other฀commissary฀operating฀expenses 60,526฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 55,266฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 50,932฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀domestic฀commissary฀expenses 534,342฀฀฀฀฀฀฀฀฀฀฀฀฀ 504,034฀฀฀฀฀฀฀฀฀฀฀฀฀ 468,968฀฀฀฀฀฀฀฀฀฀฀฀฀
Other฀operating฀expenses 48,011฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 45,455฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 46,316฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
International฀restaurant฀and฀commissary฀expenses 56,609฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 44,853฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 35,674฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
General฀and฀administrative฀expenses 134,228฀฀฀฀฀฀฀฀฀฀฀฀฀ 131,591฀฀฀฀฀฀฀฀฀฀฀฀฀ 111,608฀฀฀฀฀฀฀฀฀฀฀฀฀
Other฀general฀expenses฀ 6,673฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 8,313฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 9,767฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Depreciation฀and฀amortization 35,105฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 32,798฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 32,681฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Total฀costs฀and฀expenses 1,332,519฀฀฀฀฀฀฀฀฀฀ 1,242,846฀฀฀฀฀฀฀฀฀฀ 1,130,865฀฀฀฀฀฀฀฀฀฀
Operating฀income฀ 106,503฀฀฀฀฀฀฀฀฀฀฀฀฀ 99,807฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 87,017฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Investment฀income 589฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 750฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 755฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Interest฀expense (983)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ (2,162)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ (2,981)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Income฀before฀income฀taxes 106,109฀฀฀฀฀฀฀฀฀฀฀฀฀ 98,395฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 84,791฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Income฀tax฀expense 33,130฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 32,393฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 26,324฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Net฀income฀before฀attribution฀to฀noncontrolling฀interests 72,979฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 66,002฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 58,467฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Income฀attributable฀to฀noncontrolling฀interests (3,442)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ (4,342)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ (3,732)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Net฀income฀attributable฀to฀the฀Company 69,537$฀฀฀฀฀฀฀฀฀฀฀฀฀ 61,660$฀฀฀฀฀฀฀฀฀฀฀฀฀ 54,735$฀฀฀฀฀฀฀฀฀฀฀฀฀
Calculation฀of฀income฀for฀earnings฀per฀share:
Net฀income฀attributable฀to฀the฀Company 69,537$฀฀฀฀฀฀฀฀฀฀฀฀฀ 61,660$฀฀฀฀฀฀฀฀฀฀฀฀฀ 54,735$฀฀฀฀฀฀฀฀฀฀฀฀฀
Increase฀in฀noncontrolling฀interest฀redemption฀value฀ (510)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ -฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ -฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Net฀income฀attributable฀to฀participating฀securities (530)฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ -฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ -฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Net฀income฀attributable฀to฀common฀shareholders 68,497$฀฀฀฀฀฀฀฀฀฀฀฀฀ 61,660$฀฀฀฀฀฀฀฀฀฀฀฀฀ 54,735$฀฀฀฀฀฀฀฀฀฀฀฀฀
Basic฀earnings฀per฀common฀share 1.58$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 1.31$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 1.09$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Earnings฀per฀common฀share฀-฀assuming฀dilution 1.55$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 1.29$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 1.08$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Basic฀weighted฀average฀common฀shares฀outstanding 43,387฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 46,916฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 50,086฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Diluted฀weighted฀average฀common฀shares฀outstanding 44,243฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 47,810฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 50,620฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Dividends฀declared฀per฀common฀share 0.25$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ -$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ -$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀
Supplemental฀data฀(see฀Note฀16):
Revenues฀-฀affiliates 3,259$฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀ 29,310$฀฀฀฀฀฀฀฀฀฀฀฀฀ 28,078$฀฀฀฀฀฀฀฀฀฀฀฀฀
฀
See฀accompanying฀notes.
฀