Le Lézard
Classified in: Business, Covid-19 virus
Subjects: EARNINGS, Dividend, Conference Call, Webcast, Stock Sale/Buyback

Papa John's Announces Fourth Quarter and Full Year 2021 Financial Results


Papa John's International, Inc. (Nasdaq: PZZA) today announced financial results for the three months and full year ended December 26, 2021.

Fourth quarter 2021 highlights compared to prior year fourth quarter

Full year 2021 highlights compared to prior year

"In 2021 Papa Johns achieved strong comparable sales growth and industry outperformance for a second consecutive year, driving 15% system-wide sales gains and demonstrating our ability to sustain growth, even during one of the most uncertain and difficult business environments we have ever seen," said President & CEO Rob Lynch. "On a two-year basis, comparable sales rose 29% in North America and 26% internationally last quarter, as our innovation culture continued to deliver high-value, premium products that customers love, such as Epic Stuffed Crust and New York Style pizza. With North America average annual unit sales exceeding $1.1 million and 2021 adjusted EPS of $3.51, a company record, I'm proud to say that we also delivered great value to our franchisees and shareholders."

Mr. Lynch continued, "While the current labor and commodity environment presents great challenges across the restaurant industry and the economy as a whole, we have been able to continue growing and protect margins thanks to Papa Johns differentiated strategy, premium position and our dedicated franchisees and team members, especially in our restaurants and vertically integrated supply chain. In addition, Papa Johns development momentum is at an all-time high. In one of our best years, we opened 250 net new units in 2021 and since last summer we have signed multiple historic development deals for the brand, including most recently for 1,350 new stores in southern China. In short, Papa Johns long-term growth outlook has never been brighter."

Financial Highlights

Three Months Ended Year Ended
In thousands, except per share amounts Dec. 26,
2021
  Dec. 27,
2020
  Increase Dec. 26,
2021
  Dec. 27,
2020
  Increase
(Decrease)
         
Revenue

$

528,885

 

$

469,811

 

$

59,074

$

2,068,421

 

$

1,813,234

 

$

255,187

 

Operating income

 

38,165

 

 

19,698

 

 

18,467

 

168,241

 

 

90,253

 

 

77,988

 

Net income

 

24,623

 

 

13,167

 

 

11,456

 

120,016

 

 

57,932

 

 

62,084

 

Diluted earnings per share

 

0.67

 

 

0.28

 

 

0.39

 

0.12

 

 

1.28

 

 

(1.16

)

Adjusted diluted earnings per share (a)

 

0.75

 

 

0.40

 

 

0.35

 

3.51

 

 

1.40

 

 

2.11

 

(a)

Adjusted diluted earnings per share is a non-GAAP measure that excludes "Special items," which impact comparability. Special items include strategic corporate reorganization costs associated with the company's new office in Atlanta, Georgia of $3.7 million and $13.1 million for the three months and year ended December 26, 2021, and $6.0 million for the three months and year ended December 27, 2020, respectively. For the year ended December 26, 2021, Special items also include $109.9 million of one-time charges associated with the repurchase and conversion of all shares of the company's Series B Convertible Preferred Stock ("Series B Preferred Stock") during the second quarter. The reconciliation of GAAP to non-GAAP financial results is included in "Reconciliation of Non-GAAP Financial Measures" below.

Quarterly Results

Consolidated revenues of $528.9 million in the fourth quarter of 2021 increased $59.1 million, or 12.6%, compared to the fourth quarter of the prior year primarily as a result of comparable sales increases of 11.1% and 2.4% for North America and International restaurants, respectively, which benefited from our menu innovation and growth strategies and higher customer retention from our customer rewards program which drove higher company-owned restaurant revenues, franchise royalties and commissary sales.

Consolidated operating income of $38.2 million for the fourth quarter of 2021 increased $18.5 million compared to the fourth quarter of 2020. The increase reflects stronger consolidated revenue from higher comparable sales and year-over-year restaurant unit growth internationally. These benefits more than offset an increase in expenses, including higher labor costs as a result of labor shortages in the market and higher commodity costs associated with our supply chain.

Diluted earnings per share was $0.67 for the fourth quarter of 2021 representing an increase of $0.39 over the fourth quarter of 2020. Excluding the impact of Special items, adjusted diluted earnings per share was $0.75 representing an increase of $0.35 over the fourth quarter of 2020.

Full Year Results

Consolidated revenues increased 14.1% to $2.1 billion for the year ended December 26, 2021, compared to the prior year, primarily due to higher comparable sales which benefited each of the company's operating segments. Consolidated operating income increased $78.0 million for the year ended December 26, 2021 ($85.1 million excluding Special items), compared to the prior year, primarily due to double-digit comparable sales growth and strong net unit growth domestically and internationally.

For the year ended December 26, 2021, diluted earnings per share was $0.12 representing a decrease of $1.16 over the prior year period. Diluted earnings per share includes a $3.10 diluted impact from the repurchase and conversion of all shares of Series B Preferred Stock in the second quarter of 2021, which reflects the excess of the one-time cash payment over the carrying value of the Series B Preferred Stock. Excluding Special items, adjusted diluted earnings per share was $3.51 representing an increase of $2.11 over the prior year.

See the Management's Discussion and Analysis of Financial Condition and Results of Operations section of our Annual Report on Form 10-K filed with the SEC for additional information concerning our operating results for the year ended December 26, 2021.

Global Restaurant Sales Information

Global restaurant and comparable sales information for the three months and full year ended December 26, 2021, compared to the three months and full year ended December 27, 2020 are as follows (See "Supplemental Information and Financial Statements" below for related definitions):

Three Months Ended Year Ended
Dec. 26,
2021
Dec. 27,
2020
Dec. 26,
2021
Dec. 27,
2020
Comparable sales growth:
Domestic company-owned restaurants

10.2%

10.2%

11.3%

14.2%

North America franchised restaurants

11.3%

14.5%

12.0%

18.6%

North America restaurants

11.1%

13.5%

11.8%

17.6%

International restaurants

2.4%

21.4%

13.0%

12.6%

Total comparable sales growth

8.6%

15.6%

12.1%

16.3%

 
System-wide restaurant sales growth:
(excluding the impact of foreign currency)
Domestic company-owned restaurants

10.9%

8.0%

11.1%

7.5%

North America franchised restaurants

12.7%

13.7%

13.0%

18.7%

North America restaurants

12.3%

12.4%

12.6%

16.0%

International restaurants

15.2%

24.8%

24.4%

15.5%

Total global system-wide restaurant sales growth

13.1%

15.4%

15.4%

15.9%

Global Restaurant Unit Data

As of December 26, 2021, there were 5,650 Papa John's restaurants operating in 50 countries and territories, as follows:

Domestic
Company-
owned
Franchised
North
America
Total North
America
International System-wide
Fourth Quarter
Beginning - September 26, 2021

591

2,732

 

3,323

 

2,246

 

5,569

 

Opened

9

17

 

26

 

94

 

120

 

Closed

-

(10

)

(10

)

(29

)

(39

)

Ending - December 26, 2021

600

2,739

 

3,339

 

2,311

 

5,650

 

Net unit growth

9

7

 

16

 

65

 

81

 

 
Year-to-Date
Beginning - December 27, 2020

588

2,701

 

3,289

 

2,111

 

5,400

 

Opened

11

74

 

85

 

304

 

389

 

Closed

-

(35

)

(35

)

(104

)

(139

)

Acquired

1

-

 

1

 

-

 

1

 

Sold

-

(1

)

(1

)

-

 

(1

)

Ending - December 26, 2021

600

2,739

 

3,339

 

2,311

 

5,650

 

Full year net store growth

12

38

 

50

 

200

 

250

 

Free Cash Flow

The company's free cash flow (a non-GAAP financial measure defined as net cash provided by operating activities, less purchases of property and equipment and dividends paid to preferred shareholders) was as follows (in thousands):

Year Ended

Dec. 26,

 

Dec. 27,

2021

 

2020

 
Net cash provided by operating activities

$

184,675

 

$

186,439

 

Purchases of property and equipment (1)

 

(68,559

)

 

(35,652

)

Dividends paid to preferred shareholders (2)

 

(6,394

)

 

(13,649

)

Free cash flow

$

109,722

 

$

137,138

 

(1)

Increase of $32.9 million primarily driven by investment in growth, including technology and development initiatives.

(2)

Excludes cash consideration of $188.6 million paid for the repurchase and conversion of the Series B Preferred Stock in the second quarter of 2021.

We view free cash flow as an important financial measure because it is one factor that management uses in determining the amount of cash available for discretionary investment. Free cash flow is not a term defined by GAAP, and as a result, our measure of free cash flow might not be comparable to similarly titled measures used by other companies. Free cash flow should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP measures.

Cash Dividend and Share Repurchases

The company paid cash dividends of $12.7 million ($0.35 per common share) in the fourth quarter of 2021. On January 27, 2022, our Board of Directors declared a first quarter dividend of $0.35 per common share. The common share dividend was paid on February 18, 2022 to stockholders of record as of the close of business on February 7, 2022. The declaration and payment of any future dividends will be at the discretion of our Board of Directors.

As previously announced, in October 2021, our Board of Directors approved a new share repurchase program with an indefinite duration for up to $425.0 million of the company's common stock. In the fourth quarter, the new share repurchase program operated alongside our previous $75.0 million share repurchase authorization, which expired on December 26, 2021. During the fourth quarter, a total of approximately 408,000 shares with an aggregate cost of $51.9 million and an average price of $127.44 per share were repurchased under these programs. Subsequent to the fourth quarter, we acquired an additional 109,000 shares at an aggregate cost of $13.3 million. Approximately $411.5 million remained available under the Company's share repurchase program as of February 17, 2022.

The timing and volume of share repurchases under the new share repurchase program may be executed at the discretion of management on an opportunistic basis, subject to market and business conditions, regulatory requirements and other factors, or pursuant to trading plans or other arrangements. Repurchases under the new program may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deems appropriate. Repurchases under the company's share repurchase program may be commenced or suspended from time to time at the company's discretion without prior notice.

2022 Outlook

Given on-going uncertainty surrounding the future impact of COVID-19, and especially the Omicron variant, we are not providing comprehensive outlook metrics for 2022 at this time.

Conference Call

A conference call is scheduled for February 24, 2022 at 8:00 a.m. Eastern Time to review the company's fourth quarter and full year 2021 earnings results. The call can be accessed from the company's web page at www.papajohns.com in a listen-only mode or dial 877-312-8816 (U.S. and Canada) or 253-237-1189 (International). The conference call will be available for replay, including by downloadable podcast, from the company's website. The Conference ID is 3070297.

Forward-Looking Statements

Certain matters discussed in this press release and other company communications that are not statements of historical fact constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as "expect," "intend," "estimate," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. Such forward-looking statements include or may relate to projections or guidance concerning business performance, revenue, earnings, cash flow, earnings per share, share repurchases, the financial impact of the temporary business opportunities, disruptions and temporary changes in demand we are experiencing related to the current outbreak of the COVID-19 pandemic and the related restrictions, commodity costs, currency fluctuations, profit margins, unit growth, unit level performance, capital expenditures, restaurant and franchise development, the duration of changes in consumer behavior caused by the pandemic, labor shortages, inflation, reorganization costs and the related organizational, employment and real estate changes from opening our new office in Atlanta, royalty relief, the effectiveness of our menu innovations and other business initiatives, marketing efforts, liquidity, compliance with debt covenants, strategic decisions and actions, dividends, effective tax rates, regulatory changes and impacts, adoption of new accounting standards, and other financial and operational measures. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control.

Our forward-looking statements are based on our assumptions which are based on currently available information, including assumptions about our ability to manage difficulties and opportunities associated with or related to the COVID-19 pandemic or the cessation thereof in the future, including risks related to: the impact of governmental restrictions on freedom of movement and business operations including quarantines, social distancing requirements and mandatory business closures; changes in consumer demand or behavior; labor shortages at company and/or franchised stores and our quality control centers; impact of delayed new store openings, both domestically and internationally; vaccine mandates; our ability to navigate changing governmental programs and regulations relating to the pandemic; the increased risk of phishing, ransomware and other cyber-attacks; and our ability to fully realize the anticipated benefits of our corporate reorganization and new office in Atlanta, Georgia. Actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. These and other risks, uncertainties and assumptions that are involved in our forward-looking statements are discussed in detail in "Part I. Item 1A. ? Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 26, 2021. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.

For more information about the company, please visit www.papajohns.com.

Supplemental Information and Financial Statements

Definition

"Comparable sales" represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. "Global system-wide restaurant sales" represents total restaurant sales for all company-owned and franchised stores open during the comparable periods, and "Global system-wide restaurant sales growth" represents the change in such sales year-over-year. We believe North America, international and global restaurant and comparable sales growth and Global system-wide restaurant sales information is useful in analyzing our results since our franchisees pay royalties and marketing fund contributions that are based on a percentage of franchise sales. Comparable sales and Global system-wide restaurant sales results for restaurants operating outside of the United States are reported on a constant dollar basis, which excludes the impact of foreign currency translation. Franchise sales also generate commissary revenue in the United States and in certain international markets. Franchise restaurant and comparable sales growth information is also useful for comparison to industry trends and evaluating the strength of our brand. Management believes the presentation of franchise restaurant sales growth, excluding the impact of foreign currency, provides investors with useful information regarding underlying sales trends and the impact of new unit growth without being impacted by swings in the external factor of foreign currency. Franchise restaurant sales are not included in the company's revenues.

Reconciliation of Non-GAAP Financial Measures

The table below reconciles our GAAP financial results to our adjusted financial results, which are non-GAAP measures. The non-GAAP adjusted results shown below and within this press release, which exclude the items in the table below (collectively defined as "Special items"), should not be construed as a substitute for or a better indicator of the company's performance than the company's GAAP results. Management believes presenting certain financial information excluding the Special items is important for purposes of comparison to current year results. In addition, management uses these metrics to evaluate the company's underlying operating performance and to analyze trends.

Three Months Ended

 

Year Ended

Dec. 26,

 

Dec. 27,

 

Dec. 26,

 

Dec. 27,

(In thousands, except per share amounts)

2021

 

2020

 

2021

 

2020

(Note) (Note)
GAAP operating income

$

38,165

 

$

19,698

 

$

168,241

 

$

90,253

 

Strategic corporate reorganization costs (1)

 

3,730

 

 

5,985

 

 

13,094

 

 

5,985

 

Adjusted operating income

$

41,895

 

$

25,683

 

$

181,335

 

$

96,238

 

 
GAAP net income attributable to common shareholders

$

24,389

 

$

9,319

 

$

4,073

 

$

41,737

 

Strategic corporate reorganization costs (1)

 

3,730

 

 

5,985

 

 

13,094

 

 

5,985

 

Repurchase and conversion of Series B Preferred Stock (2)

 

-

 

 

-

 

 

109,852

 

 

-

 

Tax effect of strategic corporate reorganization costs (3)

 

(839

)

 

(1,346

)

 

(2,946

)

 

(1,346

)

Two-class impact for Non-GAAP adjustment to net income (4)

 

-

 

 

(658

)

 

-

 

 

(662

)

Adjusted net income attributable to common shareholders

$

27,280

 

$

13,300

 

$

124,073

 

$

45,714

 

 
GAAP diluted earnings per common share

$

0.67

 

$

0.28

 

$

0.12

 

$

1.28

 

Strategic corporate reorganization costs (1)

 

0.10

 

 

0.18

 

 

0.37

 

 

0.18

 

Repurchase and conversion of Series B Preferred Stock (2)

 

-

 

 

-

 

 

3.10

 

 

-

 

Tax effect of strategic corporate reorganization costs (3)

 

(0.02

)

 

(0.04

)

 

(0.08

)

 

(0.04

)

Two-class impact for Non-GAAP adjustment to net income (4)

 

-

 

 

(0.02

)

 

-

 

 

(0.02

)

Adjusted diluted earnings per common share

$

0.75

 

$

0.40

 

$

3.51

 

$

1.40

 

(Note) The above table does not include the impact of the allocation of undistributed earnings to participating securities for Special items in 2021.

 

 

(1)

Represents strategic corporate reorganization costs associated with our new office in Atlanta, Georgia.

(2)

Represents the one-time charge related to the repurchase and conversion of all shares of Series B Preferred Stock and includes related professional fees incurred as part of the transaction.

(3)

The tax effect for strategic corporate reorganization costs was calculated by applying the marginal tax rate of 22.5%. There was no tax effect on the repurchase and conversion of the Series B Preferred Stock as the one-time charge was non-deductible for tax purposes.

(4)

Represents an adjustment to the allocation of undistributed earnings to participating securities for the strategic corporate reorganization costs.

Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
     
     
 

December 26,

 

December 27,

 

2021

 

2020

(In thousands)    
     
Assets    
Current assets:    
Cash and cash equivalents  

$

70,610

 

 

$

130,204

 

Accounts receivable, net  

 

81,370

 

 

 

90,135

 

Notes receivable, current portion  

 

12,352

 

 

 

11,318

 

Income tax receivable  

 

9,386

 

 

 

1,273

 

Inventories  

 

34,981

 

 

 

30,265

 

Prepaid expenses and other current assets  

 

46,310

 

 

 

43,212

 

Total current assets  

 

255,009

 

 

 

306,407

 

     
Property and equipment, net  

 

223,856

 

 

 

200,895

 

Finance lease right-of-use assets, net  

 

20,907

 

 

 

16,840

 

Operating lease right-of-use assets  

 

176,256

 

 

 

148,110

 

Notes receivable, less current portion, net  

 

35,504

 

 

 

36,538

 

Goodwill  

 

80,632

 

 

 

80,791

 

Deferred income taxes  

 

5,156

 

 

 

10,800

 

Other assets  

 

88,384

 

 

 

72,389

 

Total assets  

$

885,704

 

 

$

872,770

 

     
     
Liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' deficit    
Current liabilities:    
Accounts payable  

$

28,092

 

 

$

37,370

 

Income and other taxes payable  

 

19,996

 

 

 

10,263

 

Accrued expenses and other current liabilities  

 

190,116

 

 

 

174,563

 

Current deferred revenue  

 

21,700

 

 

 

19,590

 

Current finance lease liabilities  

 

4,977

 

 

 

3,545

 

Current operating lease liabilities  

 

22,543

 

 

 

23,538

 

Current portion of long-term debt  

 

-

 

 

 

20,000

 

Total current liabilities  

 

287,424

 

 

 

288,869

 

     
Deferred revenue  

 

13,846

 

 

 

13,664

 

Long-term finance lease liabilities  

 

16,580

 

 

 

13,531

 

Long-term operating lease liabilities  

 

160,672

 

 

 

124,666

 

Long-term debt, less current portion, net  

 

480,730

 

 

 

328,292

 

Deferred income taxes  

 

258

 

 

 

948

 

Other long-term liabilities  

 

93,154

 

 

 

111,364

 

Total liabilities  

 

1,052,664

 

 

 

881,334

 

     
Series B Convertible Preferred Stock  

 

?

 

 

 

251,901

 

Redeemable noncontrolling interests  

 

5,498

 

 

 

6,474

 

     
Total Stockholders' deficit  

 

(172,458

)

 

 

(266,939

)

Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' deficit  

$

885,704

 

 

$

872,770

 

     
     
Note: The Condensed Consolidated Balance Sheets have been derived from the audited consolidated financial statements, but do not include all information and footnotes required by accounting principles generally accepted in the United States for a complete set of financial statements.
Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
         
  Three Months Ended   Year Ended
  December 26,
2021
  December 27,
2020
  December 26,
2021
  December 27,
2020
(In thousands, except per share amounts)   (Unaudited)   (Unaudited)    
Revenues:        
Domestic company-owned restaurant sales  

$

193,381

 

 

$

174,440

 

 

$

778,323

 

 

$

700,757

 

North America franchise royalties and fees  

 

32,187

 

 

 

27,837

 

 

 

129,310

 

 

 

96,732

 

North America commissary revenues  

 

200,562

 

 

 

176,414

 

 

 

761,305

 

 

 

680,793

 

International revenues  

 

40,142

 

 

 

36,371

 

 

 

150,771

 

 

 

123,963

 

Other revenues  

 

62,613

 

 

 

54,749

 

 

 

248,712

 

 

 

210,989

 

Total revenues  

 

528,885

 

 

 

469,811

 

 

 

2,068,421

 

 

 

1,813,234

 

         
Costs and expenses:        
Operating costs (excluding depreciation and amortization shown separately below):
Domestic company-owned restaurant expenses  

 

156,213

 

 

 

144,717

 

 

 

621,871

 

 

 

563,799

 

North America commissary expenses  

 

185,312

 

 

 

164,261

 

 

 

703,622

 

 

 

630,937

 

International expenses  

 

24,495

 

 

 

21,219

 

 

 

87,286

 

 

 

73,994

 

Other expenses  

 

58,228

 

 

 

52,085

 

 

 

226,320

 

 

 

200,304

 

General and administrative expenses  

 

54,486

 

 

 

55,562

 

 

 

212,265

 

 

 

204,242

 

Depreciation and amortization  

 

11,986

 

 

 

12,269

 

 

 

48,816

 

 

 

49,705

 

Total costs and expenses  

 

490,720

 

 

 

450,113

 

 

 

1,900,180

 

 

 

1,722,981

 

Operating income  

 

38,165

 

 

 

19,698

 

 

 

168,241

 

 

 

90,253

 

Investment income  

 

530

 

 

 

436

 

 

 

1,912

 

 

 

2,131

 

Interest expense  

 

(6,548

)

 

 

(4,097

)

 

 

(19,205

)

 

 

(17,022

)

Income before income taxes  

 

32,147

 

 

 

16,037

 

 

 

150,948

 

 

 

75,362

 

Income tax expense  

 

6,606

 

 

 

2,764

 

 

 

25,993

 

 

 

14,748

 

Net income before attribution to noncontrolling interests  

 

25,541

 

 

 

13,273

 

 

 

124,955

 

 

 

60,614

 

Net income attributable to noncontrolling interests  

 

(918

)

 

 

(106

)

 

 

(4,939

)

 

 

(2,682

)

Net income attributable to the company  

$

24,623

 

 

$

13,167

 

 

$

120,016

 

 

$

57,932

 

         
Calculation of net income for earnings per share:        
Net income attributable to the company  

$

24,623

 

 

$

13,167

 

 

$

120,016

 

 

$

57,932

 

Dividends on redemption of Series B Convertible Preferred Stock  

 

?

 

 

 

?

 

 

 

(109,852

)

 

 

?

 

Dividends paid to participating securities  

 

(127

)

 

 

(3,513

)

 

 

(6,091

)

 

 

(14,059

)

Net income attributable to participating securities  

 

(107

)

 

 

(335

)

 

 

?

 

 

 

(2,136

)

Net income attributable to common shareholders  

$

24,389

 

 

$

9,319

 

 

$

4,073

 

 

$

41,737

 

         
Basic earnings per common share  

$

0.67

 

 

$

0.29

 

 

$

0.12

 

 

$

1.29

 

Diluted earnings per common share  

$

0.67

 

 

$

0.28

 

 

$

0.12

 

 

$

1.28

 

         
Basic weighted average common shares outstanding  

 

36,171

 

 

 

32,698

 

 

 

35,007

 

 

 

32,421

 

Diluted weighted average common shares outstanding  

 

36,513

 

 

 

32,981

 

 

 

35,337

 

 

 

32,717

 

         
Dividends declared per common share  

$

0.350

 

 

$

0.225

 

 

$

1.150

 

 

$

0.900

 

Papa John's International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
   
  Year Ended
(In thousands)   December 26,
2021
December 27,
2020
   
Operating activities  
Net income before attribution to noncontrolling interests  

$

124,955

 

$

60,614

 

Adjustments to reconcile net income to net cash provided by operating activities:
Benefit for allowance for credit losses on accounts and notes receivable  

 

(852

)

 

(4,734

)

Depreciation and amortization  

 

48,816

 

 

49,705

 

Deferred income taxes  

 

3,753

 

 

(9,268

)

Stock-based compensation expense  

 

16,919

 

 

16,310

 

Other  

 

581

 

 

2,257

 

Changes in operating assets and liabilities, net of acquisitions:  
Accounts receivable  

 

4,023

 

 

(22,420

)

Income tax receivable  

 

(8,113

)

 

3,760

 

Inventories  

 

(4,708

)

 

(2,736

)

Prepaid expenses and other current assets  

 

2,866

 

 

2,884

 

Other assets and liabilities  

 

(20,077

)

 

20,879

 

Accounts payable  

 

(9,278

)

 

8,229

 

Income and other taxes payable  

 

9,733

 

 

2,664

 

Accrued expenses and other current liabilities  

 

15,875

 

 

59,353

 

Deferred revenue  

 

182

 

 

(1,058

)

Net cash provided by operating activities  

 

184,675

 

 

186,439

 

   
Investing activities  
Purchases of property and equipment  

 

(68,559

)

 

(35,652

)

Notes issued  

 

(16,132

)

 

(16,589

)

Repayments of notes issued  

 

18,555

 

 

11,154

 

Acquisitions, net of cash acquired  

 

(699

)

 

?

 

Other  

 

3,323

 

 

16

 

Net cash used in investing activities  

 

(63,512

)

 

(41,071

)

   
Financing activities  
Proceeds from issuance of senior notes  

 

400,000

 

 

?

 

Repayments of term loan  

 

(340,000

)

 

(20,000

)

Net proceeds of revolving credit facilities  

 

80,000

 

 

?

 

Debt issuance costs  

 

(9,179

)

 

?

 

Repurchase of Series B Convertible Preferred Stock  

 

(188,647

)

 

?

 

Acquisition of Company common stock  

 

(72,499

)

 

(2,701

)

Proceeds from exercise of stock options  

 

11,969

 

 

30,622

 

Dividends paid to common stockholders  

 

(40,356

)

 

(29,362

)

Dividends paid to preferred stockholders  

 

(6,394

)

 

(13,649

)

Tax payments for equity award issuances  

 

(5,847

)

 

(3,974

)

Distributions to noncontrolling interests  

 

(5,942

)

 

(2,420

)

Other  

 

(3,631

)

 

(1,977

)

Net cash used in financing activities  

 

(180,526

)

 

(43,461

)

   
Effect of exchange rate changes on cash and cash equivalents  

 

(231

)

 

386

 

Change in cash and cash equivalents  

 

(59,594

)

 

102,293

 

Cash and cash equivalents at beginning of period  

 

130,204

 

 

27,911

 

   
Cash and cash equivalents at end of period  

$

70,610

 

$

130,204

 

 


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