8-K
Papa Johns International Inc (PZZA)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 6, 2021
Commission File Number: 000-21660
PAPA JOHN’S INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 61-1203323 |
|---|---|
| (State or other jurisdiction of | (I.R.S. Employer Identification |
| incorporation or organization) | Number) |
2002 Papa Johns Boulevard
Louisville, Kentucky 40299-2367
(Address of principal executive offices)
(502) 261-7272
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol | Name of each exchange on which registered: |
|---|---|---|
| Common stock, $0.01 par value | PZZA | The NASDAQ Stock Market LLC |
Securities registered pursuant to Section 12(g) of the Act: None
Section 2 – Financial Information
Item 2.02 Results of Operations and Financial Condition
On May 6, 2021, Papa John’s International, Inc. issued a press release announcing first quarter 2021 financial results.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits |
|---|---|
| Exhibit | |
| --- | --- |
| Number | Description |
| 99.1 | Papa John’s International, Inc. press release dated May 6, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
PAPA JOHN’S INTERNATIONAL, INC.
(Registrant)
| Date: May 6, 2021 | : | /s/ Ann Gugino |
|---|---|---|
| Ann Gugino | ||
| Chief Financial Officer |
EXHIBIT INDEX
| Exhibit<br><br> Number | Description of Exhibit |
|---|---|
| 99.1 | Papa John’s<br> International, Inc. press release dated May 6, 2021. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| Exhibit 99.1 | |
| --- |
Papa John’s Announces First Quarter 2021 Financial Results
LOUISVILLE, Ky.--(BUSINESS WIRE)--May 6, 2021--Papa John’s International, Inc. (NASDAQ: PZZA) **** today announced financial results for the first quarter ended March 28, 2021.
First quarter 2021 highlights compared to first quarter 2020
- Total revenues increased 24.9% to $511.7 million
- Comparable sales up 26.2% in North America and 23.2% Internationally driven by menu innovation, including the new Epic Stuffed Crust pizza in North America, and expanding customer base
- Earnings per diluted share rose to $0.82 from $0.15; Adjusted earnings per diluted share grew to $0.90 from $0.15
- Cash flow from operations of $63.2 million; free cash flow of $52.7 million
- 68 net unit openings in the first quarter driven by International growth; now in 50 countries and territories with first new units in Germany and Cambodia
“Papa John’s started 2021 strongly, delivering our sixth straight quarter of industry outperformance and fourth of double-digit global sales growth. In addition, our unit growth accelerated, and we achieved 600 basis points of operating margin expansion, growing adjusted earnings per share 500%,” said President & CEO Rob Lynch. “This momentum is a result of the hard work of our team members and the strength of our franchise system, who together have delivered sustainable business growth over the past seven quarters, reversing the prior six quarters of global restaurant sales declines.”
Mr. Lynch continued, “The strategy we put in place more than 18 months ago – focused on innovation, development, operational improvements, and building a culture that values diversity, inclusivity and winning – has provided the strong foundation that underscores Papa John’s industry outperformance and positive long-term outlook.”
Global Restaurant and Comparable Sales Information
Global restaurant and comparable sales information for the first quarter ended March 28, 2021, compared to the first quarter ended March 29, 2020 are as follows:
| Three Months Ended | ||
|---|---|---|
| Mar. 28, 2021 | Mar. 29, 2020 | |
| Global restaurant sales growth, | ||
| excluding the impact of foreign currency (a) | 26.6% | 5.4% |
| Comparable sales growth (b) | ||
| Domestic company-owned restaurants | 23.3% | 6.1% |
| North America franchised restaurants | 27.1% | 5.1% |
| System-wide North America restaurants | 26.2% | 5.3% |
| System-wide international restaurants | 23.2% | 2.3% |
| (a) | Includes both company-owned and franchised restaurant sales. | |
| --- | --- | |
| (b) | Represents the change in year-over-year sales for the same base of restaurants for the same fiscal periods. Comparable sales results for restaurants operating outside of the United States<br> are reported on a constant dollar basis, which excludes the impact of foreign currency translation. See “Supplemental Information and Financial Statements” below for a discussion of comparable sales, a key operating metric. |
Financial Highlights
| Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| In thousands, except per share amounts | Mar. 28, 2021 | Mar. 29, 2020 | Increase | |||
| Revenue | $ | 511,746 | $ | 409,859 | $ | 101,887 |
| Operating income | 46,862 | 15,472 | 31,390 | |||
| Net income | 33,883 | 8,443 | 25,440 | |||
| Diluted earnings per share | 0.82 | 0.15 | 0.67 | |||
| Adjusted diluted earnings per share (a) | 0.90 | 0.15 | 0.75 | |||
| (a) | Adjusted diluted earnings per share is a non-GAAP measure that excludes “Special items,” which impact comparability. Special items of $3.9 million for 2021 include strategic corporate<br> reorganization costs associated with our new office in Atlanta, Georgia projected to open in the summer of 2021. The reconciliation of GAAP to non-GAAP financial results is included in “Reconciliation of Non-GAAP Financial Measures”<br> below. | |||||
| --- | --- |
Revenues
Consolidated revenues of $511.7 million increased $101.9 million, or 24.9%, in the first quarter of 2021 compared to the first quarter of 2020 primarily as a result of strong comparable sales results for North America restaurants, which benefited from successful menu innovation, including the new Epic Stuffed Crust pizza, and expanding customer base, as reflected in higher company-owned restaurant revenues, franchise royalties and commissary sales. International revenues also increased primarily due to higher commissary revenues and higher royalties from strong comparable sales results of 23.2% for the quarter.
Operating Results
Consolidated operating income of $46.9 million for the first quarter of 2021 increased $31.4 million compared to the first quarter of 2020. The increase primarily reflects strong operating leverage and expense control on higher comparable sales both domestically and internationally. Additionally, temporary franchise support of $10.7 million ($5.7 million of royalty relief and $5.0 million of discretionary marketing fund investments) was provided in the first quarter of 2020. The franchise assistance program concluded in the third quarter of 2020.
Diluted earnings per share was $0.82 for the first quarter of 2021 representing an increase of $0.67 over the first quarter of 2020. Excluding Special items, diluted earnings per share was $0.90 representing an increase of $0.75 over the first quarter of 2020. Diluted earnings per share was reduced by approximately $0.10 per diluted share in the first quarter of 2021 ($0.11 impact when excluding Special items) due to income attributable to participating securities, including our Series B Convertible Preferred Stock (the “Series B Preferred Stock”), based on the allocation of undistributed earnings to participating securities in the quarter.
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) for the first quarter of 2021 and 2020, respectively, were as follows (in thousands):
| First Quarter | ||||||
|---|---|---|---|---|---|---|
| Mar. 28, | Mar. 29, | |||||
| 2021 | 2020 | |||||
| Net cash provided by operating activities | $ | 63,217 | $ | 33,734 | ||
| Purchases of property and equipment | (7,076 | ) | (5,933 | ) | ||
| Dividends paid to preferred shareholders | (3,412 | ) | (3,412 | ) | ||
| Free cash flow | $ | 52,729 | $ | 24,389 |
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.
See the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of our Quarterly Report on Form 10-Q filed with the SEC for additional information concerning our operating results and cash flow for the three months ended March 28, 2021.
Cash Dividend
The company paid common and preferred stock dividends of $10.8 million in the first quarter of 2021. The company declared second quarter 2021 dividends of approximately $10.9 million on April 27, 2021, which will be paid to common shareholders on May 21, 2021. The second quarter preferred dividend will be paid on July 1, 2021. The declaration and payment of any future dividends on our common stock will be at the discretion of our Board of Directors, subject to the company’s financial results, cash requirements, and other factors deemed relevant by our Board of Directors. The holders of Series B Preferred Stock receive quarterly preferred dividends and common stock dividends on an as converted to common stock basis.
Global Restaurant Unit Data
As of March 28, 2021, there were 5,468 Papa John’s restaurants operating in 50 countries and territories, as follows:
| Domestic Company- owned | Franchised North America | Total North America | International | System-wide | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| First Quarter | ||||||||||
| Beginning - December 27, 2020 | 588 | 2,701 | 3,289 | 2,111 | 5,400 | |||||
| Opened | - | 12 | 12 | 68 | 80 | |||||
| Closed | - | (3 | ) | (3 | ) | (9 | ) | (12 | ) | |
| Acquired | 1 | - | 1 | - | 1 | |||||
| Sold | - | (1 | ) | (1 | ) | - | (1 | ) | ||
| Ending - March 28, 2021 | 589 | 2,709 | 3,298 | 2,170 | 5,468 | |||||
| Net unit growth | 1 | 8 | 9 | 59 | 68 | |||||
| % increase | 0.2 | % | 0.3 | % | 0.3 | % | 2.8 | % | 1.3 | % |
Our development pipeline as of March 28, 2021 included approximately 1,650 restaurants (250 units in North America and 1,400 units internationally), the majority of which are scheduled to open over the next six years.
Conference Call
A conference call is scheduled for May 6, 2021 at 8:00 a.m. Eastern Time to review the company’s first quarter 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 web. The Conference ID is 2447789.
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 novel coronavirus disease (COVID-19), 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, our plans to open a new office in Atlanta, the associated reorganization costs and the related organizational, employment and real estate changes that are expected, 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, 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; impact of delayed new store openings, both domestically and internationally; the overall contraction in global economic activity, including increased unemployment; our ability to navigate changing governmental programs and regulations relating to the pandemic; the increased risk of phishing and other cyber-attacks; and our ability to successfully implement or fully realize the anticipated benefits of our corporate reorganization and new office in Atlanta, Georgia and corporate reorganization in the timeframes we desire or within the expected range of expenses, or at all. In addition, turnover in our support teams due to our relocations to Georgia could distract our employees, decrease employee morale, harm our reputation, and negatively impact the overall performance of our corporate support teams. 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 27, 2020. 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: We believe North America, international and global restaurant and comparable sales growth 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. 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 | |||||
|---|---|---|---|---|---|
| Mar. 28, | Mar. 29, | ||||
| (In thousands, except per share amounts) | 2021 | 2020 | |||
| GAAP operating income | $ | 46,862 | $ | 15,472 | |
| Strategic corporate reorganization costs (1) | 3,883 | - | |||
| Adjusted operating income | $ | 50,745 | $ | 15,472 | |
| GAAP net income attributable to common shareholders | $ | 27,113 | $ | 4,972 | |
| Strategic corporate reorganization costs (1) | 3,883 | - | |||
| Tax effect of Non-GAAP items (2) | (874 | ) | - | ||
| Two-class impact for Non-GAAP adjustment to net income (3) | (423 | ) | - | ||
| Adjusted net income attributable to common shareholders | $ | 29,699 | $ | 4,972 | |
| GAAP diluted earnings per share | $ | 0.82 | $ | 0.15 | |
| Strategic corporate reorganization costs (1) | 0.12 | - | |||
| Tax effect of Non-GAAP items (2) | (0.03 | ) | - | ||
| Two-class impact for Non-GAAP adjustment to earnings per share (3) | (0.01 | ) | - | ||
| Adjusted diluted earnings per share | $ | 0.90 | $ | 0.15 | |
| (1) | Represents strategic corporate reorganization costs associated with our new office in Atlanta, Georgia projected to open in the summer of 2021. | ||||
| --- | --- | ||||
| (2) | The tax effect for strategic corporate reorganization costs was calculated by applying the 2021 full year marginal tax rate of 22.5%. | ||||
| (3) | 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 | ||||||
| March 28, | December 27, | |||||
| 2021 | 2020 | |||||
| (In thousands) | (Unaudited) | (Note) | ||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 171,272 | $ | 130,204 | ||
| Accounts receivable, net | 76,008 | 90,135 | ||||
| Notes receivable, current portion | 10,687 | 11,318 | ||||
| Income tax receivable | 707 | 1,273 | ||||
| Inventories | 27,552 | 30,265 | ||||
| Prepaid expenses and other current assets | 45,355 | 43,212 | ||||
| Total current assets | 331,581 | 306,407 | ||||
| Property and equipment, net | 195,083 | 200,895 | ||||
| Finance lease right-of-use assets, net | 22,710 | 16,840 | ||||
| Operating lease right-of-use assets | 166,976 | 148,110 | ||||
| Notes receivable, less current portion, net | 35,966 | 36,538 | ||||
| Goodwill | 81,019 | 80,791 | ||||
| Deferred income taxes | 6,890 | 10,800 | ||||
| Other assets | 78,060 | 72,389 | ||||
| Total assets | $ | 918,285 | $ | 872,770 | ||
| Liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' deficit | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 32,020 | $ | 37,370 | ||
| Income and other taxes payable | 25,308 | 10,263 | ||||
| Accrued expenses and other current liabilities | 165,767 | 174,563 | ||||
| Current deferred revenue | 19,807 | 19,590 | ||||
| Current finance lease liabilities | 4,499 | 3,545 | ||||
| Current operating lease liabilities | 24,322 | 23,538 | ||||
| Current portion of long-term debt | 20,000 | 20,000 | ||||
| Total current liabilities | 291,723 | 288,869 | ||||
| Deferred revenue | 13,391 | 13,664 | ||||
| Long-term finance lease liabilities | 18,533 | 13,531 | ||||
| Long-term operating lease liabilities | 143,269 | 124,666 | ||||
| Long-term debt, less current portion, net | 328,538 | 328,292 | ||||
| Deferred income taxes | 267 | 948 | ||||
| Other long-term liabilities | 104,601 | 111,364 | ||||
| Total liabilities | 900,322 | 881,334 | ||||
| Series B Convertible Preferred Stock | 251,938 | 251,901 | ||||
| Redeemable noncontrolling interests | 6,125 | 6,474 | ||||
| Total Stockholders' deficit | (240,100 | ) | (266,939 | ) | ||
| Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders' deficit | $ | 918,285 | $ | 872,770 | ||
| Note: The Condensed Consolidated Balance Sheets have been derived from the audited consolidated financial statements, but do not include all information and<br> 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 | ||||||
| March 28, 2021 | March 29, 2020 | |||||
| (In thousands, except per share amounts) | (Unaudited) | (Unaudited) | ||||
| Revenues: | ||||||
| Domestic company-owned restaurant sales | $ | 197,234 | $ | 161,440 | ||
| North America franchise royalties and fees | 32,715 | 19,440 | ||||
| North America commissary revenues | 184,878 | 155,422 | ||||
| International revenues | 34,607 | 26,059 | ||||
| Other revenues | 62,312 | 47,498 | ||||
| Total revenues | 511,746 | 409,859 | ||||
| Costs and expenses: | ||||||
| Operating costs (excluding depreciation and amortization | ||||||
| shown separately below): | ||||||
| Domestic company-owned restaurant expenses | 155,888 | 129,111 | ||||
| North America commissary expenses | 170,684 | 144,272 | ||||
| International expenses | 19,618 | 15,101 | ||||
| Other expenses | 55,807 | 45,957 | ||||
| General and administrative expenses | 50,011 | 47,651 | ||||
| Depreciation and amortization | 12,876 | 12,295 | ||||
| Total costs and expenses | 464,884 | 394,387 | ||||
| Operating income | 46,862 | 15,472 | ||||
| Net interest expense | (3,647 | ) | (3,967 | ) | ||
| Income before income taxes | 43,215 | 11,505 | ||||
| Income tax expense | 7,932 | 2,512 | ||||
| Net income before attribution to noncontrolling interests | 35,283 | 8,993 | ||||
| Net income attributable to noncontrolling interests | (1,400 | ) | (550 | ) | ||
| Net income attributable to the company | $ | 33,883 | $ | 8,443 | ||
| Calculation of net income for earnings per share: | ||||||
| Net income attributable to the company | $ | 33,883 | $ | 8,443 | ||
| Dividends paid to participating securities and accretion | (3,527 | ) | (3,471 | ) | ||
| Net income attributable to participating securities | (3,243 | ) | - | |||
| Net income attributable to common shareholders | $ | 27,113 | $ | 4,972 | ||
| Basic earnings per common share | $ | 0.83 | $ | 0.15 | ||
| Diluted earnings per common share | $ | 0.82 | $ | 0.15 | ||
| Basic weighted average common shares outstanding | 32,756 | 32,093 | ||||
| Diluted weighted average common shares outstanding | 33,090 | 32,320 | ||||
| Dividends declared per common share | $ | 0.225 | $ | 0.225 |
| Papa John's International, Inc. and Subsidiaries | ||||||
|---|---|---|---|---|---|---|
| Condensed Consolidated Statements of Cash Flows | ||||||
| Three Months Ended | ||||||
| (In thousands) | March 28, 2021 | March 29, 2020 | ||||
| (Unaudited) | (Unaudited) | |||||
| Operating activities | ||||||
| Net income before attribution to noncontrolling interests | $ | 35,283 | $ | 8,993 | ||
| Adjustments to reconcile net income to net cash provided by | ||||||
| operating activities: | ||||||
| (Credit) provision for allowance for credit losses on accounts and notes receivable | (1,098 | ) | 768 | |||
| Depreciation and amortization | 12,876 | 12,295 | ||||
| Deferred income taxes | 2,586 | 1,185 | ||||
| Stock-based compensation expense | 4,113 | 3,950 | ||||
| Other | 325 | 234 | ||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||
| Accounts receivable | 13,349 | (1,839 | ) | |||
| Income tax receivable | 566 | 932 | ||||
| Inventories | 2,721 | (2,281 | ) | |||
| Prepaid expenses and other current assets | 711 | 5,586 | ||||
| Other assets and liabilities | (7,901 | ) | 2,670 | |||
| Accounts payable | (5,350 | ) | 4,604 | |||
| Income and other taxes payable | 15,045 | 568 | ||||
| Accrued expenses and other current liabilities | (9,736 | ) | (1,903 | ) | ||
| Deferred revenue | (273 | ) | (2,028 | ) | ||
| Net cash provided by operating activities | 63,217 | 33,734 | ||||
| Investing activities | ||||||
| Purchases of property and equipment | (7,076 | ) | (5,933 | ) | ||
| Notes issued | (3,417 | ) | (7,413 | ) | ||
| Repayments of notes issued | 4,864 | 3,790 | ||||
| Acquisitions, net of cash acquired | (699 | ) | - | |||
| Other | 29 | 1 | ||||
| Net cash used in investing activities | (6,299 | ) | (9,555 | ) | ||
| Financing activities | ||||||
| Repayments of term loan | (5,000 | ) | (5,000 | ) | ||
| Net proceeds of revolving credit facilities | 5,000 | 640 | ||||
| Proceeds from exercise of stock options | 2,298 | 1,241 | ||||
| Dividends paid to common stockholders | (7,404 | ) | (7,237 | ) | ||
| Dividends paid to preferred stockholders | (3,412 | ) | (3,412 | ) | ||
| Tax payments for equity award issuances | (3,834 | ) | (1,383 | ) | ||
| Acquisition of Company common stock | (1,267 | ) | — | |||
| Distributions to noncontrolling interests | (1,705 | ) | (30 | ) | ||
| Other | (756 | ) | (350 | ) | ||
| Net cash used in financing activities | (16,080 | ) | (15,531 | ) | ||
| Effect of exchange rate changes on cash and cash equivalents | 230 | (183 | ) | |||
| Change in cash and cash equivalents | 41,068 | 8,465 | ||||
| Cash and cash equivalents at beginning of period | 130,204 | 27,911 | ||||
| Cash and cash equivalents at end of period | $ | 171,272 | $ | 36,376 |
Contacts
Ann Gugino
Chief Financial Officer
502-261-7272
Steve Coke
Senior Vice President of Financial Operations, Accounting and Reporting
502-261-7272