Domino's Pizza® Announces Fourth Quarter and Fiscal 2018 Financial Results
The Company had fourth quarter global net store growth of 560 stores, comprised of 125 net new U.S. stores and 435 net new international stores. In fiscal 2018, the Company opened 1,058 net new stores, comprised of 258 net new U.S. stores and 800 net new international stores, which included surpassing the 10,000th store mark in our international business.
Fourth quarter diluted EPS was
On
"I am pleased with our fourth quarter, which capped a very strong 2018 for Domino's," said
Fourth Quarter and Fiscal 2018 Highlights:
(dollars in millions, except per share data) |
Fourth Quarter of 2018 |
Fourth Quarter of 2017 |
Fiscal 2018 |
Fiscal 2017 |
||||||||||||
Net income |
$ |
111.6 |
$ |
93.3 |
$ |
362.0 |
$ |
277.9 |
||||||||
Weighted average diluted shares |
42,591,025 |
44,593,094 |
43,331,278 |
47,677,834 |
||||||||||||
Diluted earnings per share, as reported |
$ |
2.62 |
$ |
2.09 |
$ |
8.35 |
$ |
5.83 |
||||||||
Items affecting comparability (1) |
— |
— |
0.07 |
0.08 |
||||||||||||
Diluted earnings per share, as adjusted (1) |
$ |
2.62 |
$ |
2.09 |
$ |
8.42 |
$ |
5.91 |
||||||||
(1) Refer to the Financial Results Comparability section on page four for additional details. See also the Comments on Regulation G section on pages five and six. |
- Revenues increased
$190.6 million , or 21.4%, in the fourth quarter of 2018. The Company adopted Accounting Standards Codification 606, Revenue from Contracts with Customers ("ASC 606") in the first quarter of 2018. This resulted in the recognition of$112.9 million in U.S. franchise advertising revenues during the fourth quarter of 2018 related to contributions from U.S. franchisees to Domino'sNational Advertising Fund Inc. ("DNAF"), the Company's consolidated not-for-profit advertising fund. In 2017, under accounting standards in effect at that time, the Company had presented these contributions net with the related disbursements in its consolidated statement of income. Refer to the Adoption of New Accounting Guidance section on page three for additional information related to the adoption of this accounting standard. The remaining increase in revenues was due primarily to higher supply chain volumes resulting from order and store count growth. Higher U.S. franchise royalties and fee revenues andU.S. Company -owned store revenues resulting from higher retail sales also contributed to the increase. These increases were partially offset by a decrease in international franchise royalties and fee revenues due primarily to the negative impact of foreign currency in the fourth quarter of 2018. - Net Income increased
$18.3 million , or 19.6%, in the fourth quarter of 2018. This increase was primarily driven by a lower effective tax rate resulting from regulations under the Tax Cuts and Jobs Act of 2017 (the "2017 Tax Act") through a reduction in the provision for income taxes. Higher U.S. royalty revenues and higher supply chain volumes also positively impacted net income in the fourth quarter. These increases were partially offset by higher general and administrative expenses due to our continued investments in technological initiatives and investments in other strategic areas. Additionally, general and administrative expenses in the fourth quarter of 2017 were partially offset by a$4.0 million pre-tax gain due to the sale of certainU.S. Company -owned stores to franchisees. Higher net interest expense primarily due to a higher net debt balance and lower excess tax benefits from equity-based compensation as compared to the prior year also negatively impacted net income. - Diluted EPS was
$2.62 for the fourth quarter versus$2.09 in the prior year quarter. This represents a$0.53 or 25.4% increase over the prior year quarter. These increases were driven by higher net income, as well as lower diluted share count, primarily as a result of the share repurchases made during 2018.
The table below outlines certain statistical measures utilized by the Company to analyze its performance. Refer to the Comments on Regulation G section on pages five and six for additional details.
Fourth Quarter of 2018 |
Fourth Quarter of 2017 |
Fiscal 2018 |
Fiscal 2017 |
|||||||||||||
Same store sales growth: (versus prior year period) |
||||||||||||||||
U.S. Company-owned stores |
+ 3.6 |
% |
+ 3.8 |
% |
+ 4.8 |
% |
+ 8.7 |
% |
||||||||
U.S. franchise stores |
+ 5.7 |
% |
+ 4.2 |
% |
+ 6.8 |
% |
+ 7.6 |
% |
||||||||
U.S. stores |
+ 5.6 |
% |
+ 4.2 |
% |
+ 6.6 |
% |
+ 7.7 |
% |
||||||||
International stores (excluding foreign currency impact) |
+ 2.4 |
% |
+ 2.5 |
% |
+ 3.5 |
% |
+ 3.4 |
% |
||||||||
Global retail sales growth: (versus prior year period) |
||||||||||||||||
U.S. stores |
+10.2 |
% |
+7.6 |
% |
+11.2 |
% |
+11.1 |
% |
||||||||
International stores |
+ 3.3 |
% |
+15.6 |
% |
+ 9.9 |
% |
+14.2 |
% |
||||||||
Total |
+ 6.5 |
% |
+11.7 |
% |
+ 10.6 |
% |
+12.7 |
% |
||||||||
Global retail sales growth: (versus prior year period, excluding foreign currency impact) |
||||||||||||||||
U.S. stores |
+10.2 |
% |
+7.6 |
% |
+11.2 |
% |
+11.1 |
% |
||||||||
International stores |
+ 8.9 |
% |
+12.0 |
% |
+ 10.4 |
% |
+14.8 |
% |
||||||||
Total |
+9.5 |
% |
+9.9 |
% |
+10.8 |
% |
+13.0 |
% |
U.S. owned |
U.S. Stores |
Total U.S. |
International Stores |
Total |
||||||||||||||||
Store counts: |
||||||||||||||||||||
Store count at September 9, 2018 |
386 |
5,365 |
5,751 |
9,603 |
15,354 |
|||||||||||||||
Openings |
4 |
123 |
127 |
472 |
599 |
|||||||||||||||
Closings |
— |
(2) |
(2) |
(37) |
(39) |
|||||||||||||||
Store count at December 30, 2018 |
390 |
5,486 |
5,876 |
10,038 |
15,914 |
|||||||||||||||
Fourth quarter 2018 net store growth |
4 |
121 |
125 |
435 |
560 |
|||||||||||||||
Fiscal 2018 net store growth (1) |
12 |
246 |
258 |
800 |
1,058 |
|||||||||||||||
(1) Fiscal 2018 net store growth does not include the effect of transfers. In the first fiscal quarter of 2018, the Company began managing its 31 franchised stores in Alaska and Hawaii as part of its U.S. stores segment. Prior to 2018, these franchised stores were included in the Company's international stores segment. Additionally, in the second and third fiscal quarters of 2018, the Company sold a total of 14 U.S. Company-owned stores to U.S. franchisees. |
Conference Call Information
The Company will file its annual report on Form 10-K this morning. As previously announced,
Adoption of New Accounting Guidance
The Company adopted ASC 606 during the first quarter of 2018. ASC 606 requires a gross presentation on the consolidated statement of income for franchisee contributions received by and related expenses of DNAF, the Company's consolidated not-for-profit advertising fund. Under prior accounting guidance, the Company had presented the restricted assets and liabilities of DNAF in its consolidated balance sheets and had determined that it acted as an agent for accounting purposes with regard to franchise store contributions and disbursements. As a result, the Company historically presented the activities of DNAF net in its consolidated statement of income and consolidated statement of cash flows. Under the requirements of ASC 606, the Company determined that there are not performance obligations associated with the franchise advertising contributions received by DNAF that are separate from its U.S. royalty payment stream, and as a result, these franchise contributions and the related expenses are presented gross in the Company's consolidated statement of income and consolidated statement of cash flows. While this change materially impacted the gross amount of reported franchise revenues and expenses, the impact is generally expected to be an offsetting increase to both revenues and expenses such that the impact on income from operations and net income is not expected to be material. Refer to the Company's Form 10-K for the fiscal year ended December 30, 2018 for additional information regarding the adoption of ASC 606.
The Company also adopted ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash ("ASU 2016-18") during the first quarter of 2018, which requires that restricted cash and cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The Company historically presented changes in restricted cash and cash equivalents in the investing section of its consolidated statement of cash flows. This new guidance did not impact the Company's financial results but did result in a change in the presentation of restricted cash and restricted cash equivalents within the consolidated statement of cash flows. Refer to the Company's Form 10-K for the fiscal year ended December 30, 2018 for additional information regarding the adoption of ASU 2016-18.
Financial Results Comparability
Financial results for the Company are significantly affected by changes in our capital structure, our effective tax rate and the adoption of new accounting guidance. Our recapitalization transactions have resulted in higher net interest expense due primarily to higher net debt levels, as well as the amortization of debt issuance costs associated with the repayment of certain of the Company's notes. Additionally, repurchases and retirements of the Company's common stock have reduced our weighted average diluted shares outstanding. A lower statutory tax rate due to the enactment of the 2017 Tax Act has resulted in a reduction in our provision for income taxes in 2018.
Finally, the adoption of ASC 606 materially impacted the gross amount of reported U.S. franchise advertising revenues and expenses. U.S. franchise advertising revenues do not have a cost of sales component, so changes in revenues have a disproportionate effect on the Company's operating margin.
In addition to the above factors impacting comparability, the table below presents certain other items that affect comparability between 2018 and 2017 financial results. Management believes that including such information is critical to an understanding of the Company's financial results for the fourth quarter of 2018 and fiscal 2018 as compared to the same periods in 2017 (See the Comments on Regulation G section on pages five and six for additional details).
Fiscal Year Ended December 30, 2018 |
||||||||||||
(in thousands, except per share data) |
Pre-tax |
After-tax |
Diluted EPS Impact |
|||||||||
2018 items affecting comparability: |
||||||||||||
Recapitalization expenses: |
||||||||||||
General and administrative expenses (1) |
$ |
(532) |
$ |
(411) |
$ |
(0.01) |
||||||
Interest expense (2) |
(142) |
(110) |
(0.00) |
|||||||||
Debt issuance cost write-off (3) |
(3,164) |
(2,446) |
(0.06) |
|||||||||
Total of 2018 items |
$ |
(3,838) |
$ |
(2,967) |
$ |
(0.07) |
||||||
Fiscal Year Ended December 31, 2017 |
||||||||||||
(in thousands, except per share data) |
Pre-tax |
After-tax |
Diluted EPS Impact |
|||||||||
2017 items affecting comparability: |
||||||||||||
Recapitalization expenses: |
||||||||||||
General and administrative expenses (1) |
$ |
(622) |
$ |
(389) |
$ |
(0.01) |
||||||
Interest expense (4) |
(264) |
(165) |
(0.00) |
|||||||||
Debt issuance cost write-off (5) |
(5,521) |
(3,450) |
(0.07) |
|||||||||
Total of 2017 items |
$ |
(6,407) |
$ |
(4,004) |
$ |
(0.08) |
||||||
(1) Represents legal, professional and administrative fees incurred in connection with the Company's 2018 and 2017 recapitalization transactions. |
||||||||||||
(2) Represents interest expense the Company incurred on its 2015 five-year fixed rate notes subsequent to the closing of the 2018 recapitalization transaction, but prior to the repayment of the 2015 five-year fixed rate notes, resulting in the payment of interest on both the 2015 five-year fixed rate notes and the 2018 fixed rate notes for a short period of time. |
||||||||||||
(3) Represents the write-off of debt issuance costs related to the extinguishment of the 2015 five-year fixed rate notes in connection with the Company's 2018 recapitalization transaction. |
||||||||||||
(4) Represents interest expense the Company incurred on its 2012 fixed rate notes subsequent to the closing of the 2017 recapitalization transaction, but prior to the repayment of the 2012 fixed rate notes, resulting in the payment of interest on both the 2012 fixed rate notes and the 2017 fixed and floating rate notes for a short period of time. |
||||||||||||
(5) Represents the write-off of debt issuance costs related to the extinguishment of the 2012 fixed rate notes in connection with the Company's 2017 recapitalization transaction. |
Share Repurchases
During the fourth quarter of 2018, the Company repurchased and retired 636,376 shares of its common stock under its Board of Directors-approved open market share repurchase program for approximately
Liquidity
As of December 30, 2018, the Company had approximately:
$25.4 million of unrestricted cash and cash equivalents;$3.53 billion in total debt; and$61.9 million of available borrowings under its$175.0 million variable funding notes, net of letters of credit issued of$48.1 million and$65.0 million of borrowings under its variable funding notes.
The Company invested
(in thousands) |
Fiscal Year Ended |
|||
Net cash provided by operating activities |
$ |
394,171 |
||
Capital expenditures |
(119,888) |
|||
Free cash flow |
$ |
274,283 |
Three to Five-Year Outlook
The Company does not provide quarterly or annual earnings estimates. The following outlook does not constitute specific earnings guidance. In
Current |
||
Global retail sales growth (1) |
8% – 12% |
|
U.S. same store sales growth |
3% – 6% |
|
International same store sales growth |
3% – 6% |
|
Net unit growth |
6% – 8% |
|
(1) Excluding foreign currency impact |
Comments on Regulation G
In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow metrics and measures related to items affecting comparability between fiscal quarters and other fiscal periods. The Company has also included metrics such as global retail sales growth and same store sales growth, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.
The Company uses "Global retail sales" to refer to total worldwide retail sales at Company-owned and franchise stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the
The Company uses "Same store sales growth," which is calculated by including only sales from stores that also had sales in the comparable period of the prior year. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported excluding foreign currency impacts, which reflect changes in international local currency sales.
The Company uses "Diluted EPS, as adjusted," which is calculated as reported Diluted EPS, adjusted for the items that affect comparability to the prior year periods discussed above. The most directly comparable financial measure calculated and presented in accordance with GAAP is Diluted EPS. The Company believes that the Diluted EPS, as adjusted, measure is important and useful to investors and other interested persons and that such persons benefit from having a consistent basis for comparison between reporting periods. The Company uses Diluted EPS, as adjusted, to internally evaluate operating performance, to evaluate itself against its peers and in long-range planning. Additionally, the Company believes that analysts covering the Company's stock performance generally eliminate these items affecting comparability when preparing their financial models, when determining their published EPS estimates and when benchmarking the Company against its competitors.
The Company uses "Free cash flow," which is calculated as cash flows from operations less capital expenditures, both as reported under GAAP. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure which communicates how much cash flow is available for working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.
About
Founded in 1960,
Order – dominos.com
AnyWare Ordering – anyware.dominos.com
Company Info – biz.dominos.com
Twitter – twitter.com/dominos
Instagram – instagram.com/dominos
Please visit our Investor Relations website at biz.dominos.com to view news, announcements, earnings releases and conference webcasts.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, the growth of our U.S. and international business, ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events reflect the Company's expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our other filings with the
TABLES TO FOLLOW
Domino's Pizza, Inc. and Subsidiaries |
||||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Fiscal Quarter Ended |
||||||||||||||||
December 30, 2018 |
% of Total Revenues |
December 31, 2017 |
% of Total Revenues |
|||||||||||||
(In thousands, except per share data) |
||||||||||||||||
Revenues: |
||||||||||||||||
U.S. Company-owned stores |
$ |
156,283 |
$ |
151,966 |
||||||||||||
U.S. franchise royalties and fees |
125,158 |
108,839 |
||||||||||||||
Supply chain |
617,221 |
558,238 |
||||||||||||||
International franchise royalties and fees |
70,565 |
72,466 |
||||||||||||||
U.S. franchise advertising |
112,908 |
— |
||||||||||||||
Total revenues |
1,082,135 |
100.0 |
% |
891,509 |
100.0 |
% |
||||||||||
Cost of sales: |
||||||||||||||||
U.S. Company-owned stores |
120,146 |
114,636 |
||||||||||||||
Supply chain |
548,034 |
496,021 |
||||||||||||||
Total cost of sales |
668,180 |
61.8 |
% |
610,657 |
68.5 |
% |
||||||||||
Operating margin |
413,955 |
38.2 |
% |
280,852 |
31.5 |
% |
||||||||||
General and administrative |
121,411 |
11.2 |
% |
105,601 |
11.8 |
% |
||||||||||
U.S. franchise advertising |
112,908 |
10.4 |
% |
— |
— |
% |
||||||||||
Income from operations |
179,636 |
16.6 |
% |
175,251 |
19.7 |
% |
||||||||||
Interest expense, net |
(45,073) |
(4.2) |
% |
(38,695) |
(4.3) |
% |
||||||||||
Income before provision for income taxes |
134,563 |
12.4 |
% |
136,556 |
15.4 |
% |
||||||||||
Provision for income taxes |
22,921 |
2.1 |
% |
43,229 |
4.9 |
% |
||||||||||
Net income |
$ |
111,642 |
10.3 |
% |
$ |
93,327 |
10.5 |
% |
||||||||
Earnings per share: |
||||||||||||||||
Common stock – diluted |
$ |
2.62 |
$ |
2.09 |
||||||||||||
Dividends declared per share |
$ |
0.55 |
$ |
0.46 |
Domino's Pizza, Inc. and Subsidiaries |
||||||||||||||||
Condensed Consolidated Statements of Income |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Fiscal Year Ended |
||||||||||||||||
December 30, 2018 |
% of Total Revenues |
December 31, 2017 |
% of Total Revenues |
|||||||||||||
(In thousands, except per share data) |
||||||||||||||||
Revenues: |
||||||||||||||||
U.S. Company-owned stores |
$ |
514,804 |
$ |
490,846 |
||||||||||||
U.S. franchise royalties and fees |
391,493 |
351,387 |
||||||||||||||
Supply chain |
1,943,297 |
1,739,038 |
||||||||||||||
International franchise royalties and fees |
224,747 |
206,708 |
||||||||||||||
U.S. franchise advertising |
358,526 |
— |
||||||||||||||
Total revenues |
3,432,867 |
100.0 |
% |
2,787,979 |
100.0 |
% |
||||||||||
Cost of sales: |
||||||||||||||||
U.S. Company-owned stores |
398,158 |
377,674 |
||||||||||||||
Supply chain |
1,732,030 |
1,544,314 |
||||||||||||||
Total cost of sales |
2,130,188 |
62.1 |
% |
1,921,988 |
68.9 |
% |
||||||||||
Operating margin |
1,302,679 |
37.9 |
% |
865,991 |
31.1 |
% |
||||||||||
General and administrative |
372,464 |
10.8 |
% |
344,759 |
12.4 |
% |
||||||||||
U.S. franchise advertising |
358,526 |
10.4 |
% |
— |
— |
% |
||||||||||
Income from operations |
571,689 |
16.7 |
% |
521,232 |
18.7 |
% |
||||||||||
Interest expense, net |
(143,011) |
(4.2) |
% |
(121,079) |
(4.3) |
% |
||||||||||
Income before provision for income taxes |
428,678 |
12.5 |
% |
400,153 |
14.4 |
% |
||||||||||
Provision for income taxes |
66,706 |
2.0 |
% |
122,248 |
4.4 |
% |
||||||||||
Net income |
$ |
361,972 |
10.5 |
% |
$ |
277,905 |
10.0 |
% |
||||||||
Earnings per share: |
||||||||||||||||
Common stock – diluted |
$ |
8.35 |
$ |
5.83 |
||||||||||||
Dividends declared per share |
$ |
2.20 |
$ |
1.84 |
Domino's Pizza, Inc. and Subsidiaries |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(Unaudited) |
||||||||
December 30, 2018 |
December 31, 2017 |
|||||||
(In thousands) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ |
25,438 |
$ |
35,768 |
||||
Restricted cash and cash equivalents |
166,993 |
191,762 |
||||||
Accounts receivable, net |
190,091 |
173,677 |
||||||
Inventories |
45,975 |
39,961 |
||||||
Prepaid expenses and other |
25,710 |
18,389 |
||||||
Advertising fund assets, restricted |
112,744 |
120,223 |
||||||
Total current assets |
566,951 |
579,780 |
||||||
Property, plant and equipment, net |
234,939 |
169,586 |
||||||
Other assets |
105,495 |
87,387 |
||||||
Total assets |
$ |
907,385 |
$ |
836,753 |
||||
Liabilities and stockholders' deficit |
||||||||
Current liabilities: |
||||||||
Current portion of long-term debt |
$ |
35,893 |
$ |
32,324 |
||||
Accounts payable |
92,546 |
106,894 |
||||||
Advertising fund liabilities |
107,150 |
120,223 |
||||||
Other accrued liabilities |
144,154 |
138,844 |
||||||
Total current liabilities |
379,743 |
398,285 |
||||||
Long-term liabilities: |
||||||||
Long-term debt, less current portion |
3,495,691 |
3,121,490 |
||||||
Other accrued liabilities |
71,872 |
52,362 |
||||||
Total long-term liabilities |
3,567,563 |
3,173,852 |
||||||
Total stockholders' deficit |
(3,039,921) |
(2,735,384) |
||||||
Total liabilities and stockholders' deficit |
$ |
907,385 |
$ |
836,753 |
Domino's Pizza, Inc. and Subsidiaries |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(Unaudited) |
||||||||
Fiscal Year Ended |
||||||||
December 30, 2018 |
December 31, 2017 |
|||||||
(In thousands) |
||||||||
Cash flows from operating activities: |
||||||||
Net income |
$ |
361,972 |
$ |
277,905 |
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
53,665 |
44,369 |
||||||
Gain on sale/disposal of assets |
(4,737) |
(3,148) |
||||||
Amortization of debt issuance costs |
8,033 |
10,976 |
||||||
(Benefit) provision for deferred income taxes |
(872) |
6,160 |
||||||
Non-cash compensation expense |
22,792 |
20,713 |
||||||
Excess tax benefits from equity-based compensation |
(23,786) |
(27,227) |
||||||
Provision (benefit) for losses on accounts and notes receivable |
899 |
(277) |
||||||
Changes in operating assets and liabilities |
(18,443) |
9,565 |
||||||
Changes in advertising fund assets and liabilities, restricted |
(5,352) |
2,225 |
||||||
Net cash provided by operating activities |
394,171 |
341,261 |
||||||
Cash flows from investing activities: |
||||||||
Capital expenditures |
(119,888) |
(90,011) |
||||||
Proceeds from sale of assets |
8,367 |
6,835 |
||||||
Maturities of advertising fund investments, restricted |
94,007 |
— |
||||||
Purchases of advertising fund investments, restricted |
(70,152) |
— |
||||||
Other |
(591) |
(562) |
||||||
Net cash used in investing activities |
(88,257) |
(83,738) |
||||||
Cash flows from financing activities: |
||||||||
Proceeds from issuance of long-term debt |
970,000 |
1,900,000 |
||||||
Repayments of long-term debt and capital lease obligations |
(604,088) |
(928,193) |
||||||
Proceeds from exercise of stock options |
9,832 |
6,099 |
||||||
Purchases of common stock |
(591,212) |
(1,064,253) |
||||||
Tax payments for restricted stock upon vesting |
(6,962) |
(9,449) |
||||||
Payments of common stock dividends and equivalents |
(92,166) |
(84,298) |
||||||
Cash paid for financing costs |
(8,207) |
(16,846) |
||||||
Other |
— |
(205) |
||||||
Net cash used in financing activities |
(322,803) |
(197,145) |
||||||
Effect of exchange rate changes on cash |
(538) |
66 |
||||||
Change in cash and cash equivalents, restricted cash and cash equivalents |
$ |
(17,427) |
$ |
60,444 |
||||
Cash and cash equivalents, beginning of period |
35,768 |
42,815 |
||||||
Restricted cash and cash equivalents, beginning of period |
191,762 |
126,496 |
||||||
Cash and cash equivalents included in advertising fund assets, restricted, beginning of period |
27,316 |
25,091 |
||||||
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash |
$ |
254,846 |
$ |
194,402 |
||||
Cash and cash equivalents, end of period |
25,438 |
35,768 |
||||||
Restricted cash and cash equivalents, end of period |
166,993 |
191,762 |
||||||
Cash and cash equivalents included in advertising fund assets, restricted, end of period |
44,988 |
27,316 |
||||||
Cash and cash equivalents, restricted cash and cash equivalents and cash and cash |
$ |
237,419 |
$ |
254,846 |
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SOURCE
Tim McIntyre, Executive Vice President, Communication, Investor Relations and Legislative Affairs, (734) 930-3563