Domino's Pizza 10-Q 2022-03-27

Filed 2022-04-28. 1 sections, 98K characters. Original on sec.gov · Markdown · JSON

Full document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 27, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-32242

Domino’s Pizza, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware38-2511577
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
30 Frank Lloyd Wright Drive Ann Arbor**,** Michigan48105
(Address of Principal Executive Offices)(Zip Code)

(734) 930-3030

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Domino’s Pizza, Inc. Common Stock, $0.01 par valueDPZNew York Stock Exchange

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 21, 2022, Domino’s Pizza, Inc. had 36,045,067 shares of common stock, par value $0.01 per share, outstanding.

Domino’s Pizza, Inc.

TABLE OF CONTENTS

Page No.
PART I.FINANCIAL INFORMATION
Item 1.Financial Statements3
Condensed Consolidated Balance Sheets (Unaudited) – As of March 27, 2022 and January 2, 20223
Condensed Consolidated Statements of Income (Unaudited) – Fiscal quarters ended March 27, 2022 and March 28, 20214
Condensed Consolidated Statements of Comprehensive Income (Unaudited) – Fiscal quarters ended March 27, 2022 and March 28, 20215
Condensed Consolidated Statements of Cash Flows (Unaudited) – Fiscal quarters ended March 27, 2022 and March 28, 20216
Notes to Condensed Consolidated Financial Statements (Unaudited)7
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations13
Item 3.Quantitative and Qualitative Disclosures About Market Risk22
Item 4.Controls and Procedures22
PART II.OTHER INFORMATION
Item 1.Legal Proceedings23
Item 1A.Risk Factors23
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds23
Item 3.Defaults Upon Senior Securities23
Item 4.Mine Safety Disclosures23
Item 5.Other Information23
Item 6.Exhibits24
SIGNATURES25

PA****RT I. FINANCIAL INFORMATION

Ite****m 1. Financial Statements.

Domino’s Pizza, Inc. and Subsidiaries

Conden****sed Consolidated Balance Sheets

(Unaudited)

(In thousands)March 27, 2022January 2, 2022 (1)
Assets
Current assets:
Cash and cash equivalents$164,962$148,160
Restricted cash and cash equivalents168,241180,579
Accounts receivable, net246,978255,327
Inventories77,71168,328
Prepaid expenses and other27,85727,242
Advertising fund assets, restricted175,488180,904
Total current assets861,237860,540
Property, plant and equipment:
Land and buildings108,426108,372
Leasehold and other improvements195,355193,572
Equipment318,504312,772
Construction in progress26,65227,815
648,937642,531
Accumulated depreciation and amortization(329,290)(318,466)
Property, plant and equipment, net319,647324,065
Other assets:
Operating lease right-of-use assets209,099210,702
Goodwill16,15315,034
Capitalized software, net96,79095,558
Investments125,840125,840
Other assets43,00937,968
Deferred income taxes2,2472,109
Total other assets493,138487,211
Total assets$1,674,022$1,671,816
Liabilities and stockholders' deficit
Current liabilities:
Current portion of long-term debt$55,632$55,588
Accounts payable92,35391,547
Operating lease liabilities37,38437,155
Insurance reserves31,65832,588
Dividends payable40,632918
Advertising fund liabilities168,161173,737
Other accrued liabilities169,004199,208
Total current liabilities594,824590,741
Long-term liabilities:
Long-term debt, less c

Showing the first 8K of 98K characters. Open the full section