Popeye's 2012 Annual Report Download - page 2

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Passion and People Who Drive Results
Since implementing our Strategic Road Map for Results fi ve years ago, Popeyes has delivered on its brand promise
to serve up fl avorful Louisiana cuisine to our guests while delivering exceptional results for our investors and our
franchisees. 2012 marks our most successful year to date as we continued to outpace the competition, increase
share value, re-energize the brand, and deliver innovative profi t-making opportunities to our franchisees. Critical to
that success are our servant leaders in restaurants around the globe who bring a distinct Louisiana passion to work
each and every day.
About Popeyes
AFC Enterprises, Inc. (NASDAQ: AFCE) is the franchisor and operator of Popeyes® restaurants, the world’s second-
largest quick-service chicken concept based on number of units. Founded in 1972, Popeyes is a growing global
brand, bringing the fl avor and festivals of Louisiana to people in 47 states across America, 26 foreign countries,
and three territories: Guam, Puerto Rico, and the Cayman Islands. Our 340 franchisees share the passion that
Popeyes guests have for our bold, distinctive food, and they are excited about their future as owners. The Popeyes
brand offers franchisees an excellent investment opportunity backed by exceptional support systems and services.
For AFCE investors, we believe the Popeyes highly franchised business model provides strong, stable cash fl ows,
a solid balance sheet, a diversifi ed revenue stream, and signifi cant opportunities for restaurant growth.
Financial Highlights & Key Operational Metrics(1)
(Dollars in millions, except per common share data) 2012 2 011 2010
Franchise revenues $ 110.5 $ 95.0 $ 89.4
Total revenues(1) $ 178.8 $ 153.8 $ 146.4
Net income $ 30.4 $ 24.2 $ 22.9
Earnings per common share, diluted(2) $ 1.24 $ 0.97 $ 0.90
Adjusted earnings per common share, diluted(3,6) $1.24 $ 0.99 $ 0.86
Operating EBITDA(4,6) $ 55.9 $ 45.4 $ 45.3
Operating EBITDA margin(4,6) 31.3% 29.5% 30.9%
Free cash fl ow(5,6) $ 36.7 $ 28.5 $ 26.3
Global system-wide sales growth(7) 13.5% 6.6% 5.1%
Domestic system-wide same-store sales growth 7.5% 3.0% 2.5%
International system-wide same-store sales growth 2.6% 3.3% 3.1%
Global system-wide same-store sales growth 6.9% 3.1% 2.6%
New restaurant openings 141 140 106
Total restaurants 2,104 2,035 1,977
Cover Photo: Popeyes culinary team members
Pat Walker and Bobby O’Brien show off what happens
when slow cooking meets Louisiana Fast™.
See page 8 for defi nitions, computations, and reconciliations to GAAP measures.