papa john call transcript

Yeah. Comparable sales rose 13.5% in North America and 21.4% Internationally. In my last specific point on 2021, free cash flow will reflect the higher strategic capex and the reversal of the working capital timing benefit we saw in 2020 which I just described. 2020 with a year of rebuilding our infrastructure. I'd like to thank our shareholders and everyone on this call for their interest in our Company and for their continued support. Strong earnings as well as favorable changes in working capital, including an approximately $40 million benefit from the timing of payments associated with our marketing fund contributed to a dramatic increase in free cash flow last year. We have built the capability now, that is a 100% data driven, and we are able to apply that in every market domestically. Sure, I'll start. And our next question comes from Brian Bittner with Oppenheimer & Company. But importantly, can you rank out some of those main check drivers and how you think about lapping those dynamics in 2021 as perhaps, the market maybe as the margin shifts to more of a carry out market where check is lower or, you know, just behaviors change, so how do you think about lapping check in 2021? And I look forward to talking again soon. Company Individuals: Steve Coke — Senior Vice Company Individuals: Steve Coke — Senior Vice Papa John’s International Inc (PZZA) Q4 2020 Earnings Call Transcript | Bitcoin With Money I am thankful to be here this morning to discuss our 2020 results. As we reported this morning, Papa John's Q4 results continued the momentum we achieved in Q2 and Q3. 2020 was a transformational year in these partnerships as we saw sales through aggregators increase four-fold contributing in part to our record growth and we expect these partnerships to be a key part of our long-term growth plan. We invested in innovative new tools and resources to support profitable franchise growth including helping new and existing franchisees, identify development areas, find optimal sites and negotiate leases and then guide them throughout the design and construction process. I mean, our Company restaurants, our average AUVs is in the -- is over $1.1 million. 7 August 2019: Q2 2019 Earnings Call Transcript Q2 2019. John Schnatter—the founder, chairman and public face of pizza chain Papa John’s—used racially offensive language on a conference call in May, a source with knowledge of the event told Forbes. As we said, we seek to balance three key priorities: Investing in high return opportunities; maintaining a strong balance sheet and; returning capital to shareholders. In the past, our maps have been drawn by just where restaurants, where there was not a lot of analytic, not a lot of data that went into, how we should optimize our delivery areas. And so, what we've done is we've gone and we've built this mapping tool. More than at any time in our history, Papa John's has a clear path forward. But our teams did it, our franchisees did it, and now it's just become the new norm. And then lastly, it needs to be operations friendly. These restaurants, the new AUVs, and the improvement in margins that we're seeing are generating a lot of free cash flow for our franchisees and they want to invest it back in the brand because they believe in the future. And I'm just hoping you can maybe elaborate a little more around, what are some of the initiatives that's driving that success? Papa John's continues to move forward on a sustainable long-term growth path with tremendous promise and potential. Just kind of any color and context around that would be helpful. So, I think we've talked about it a couple of times that we projected to have between, call it four and five new, big promotions and LTOs over a -- on a yearly basis. You talked about the Epic Stuffed Crust performance out of the gate and taking the time to get that right operationally. And that allows our -- loyalty members are our most valuable customers. We have been more excited about 2021, beginning with Epic Stuffed Crust which we launched in the last week of 2020 and is a big part of our 2021 plan. Papa John's International Inc. (NASDAQ:PZZA) Q3 2018 Earnings Conference Call - Final Transcript Good day, ladies and gentlemen, and welcome to Papa John's Third Quarter 2018 Conference Call and Webcast. This purposes our guiding path moving forward. So how are you guys going to go about it differently you think? And then keep in mind, the primary way in which we create operating efficiencies is by making investments that will lead to higher sales growth and higher strength in the business, which also is new unit growth. And we did see some closures in 2020, more than the sales growth warranted, but I think that helped us to kind of clean up the system a little bit and make sure that we were well positioned for disproportionate growth moving forward. So between the one-time benefit in the fourth quarter of 2019 that we lapsed namely Papa Rewards and refranchising gains, and the one-time investments in bonuses, those discrete items equates close to about $9 million of pressure year-over-year. So that's kind of the -- that's kind of our approach, which I know is a little bit different than some others in the industry, but we've been very happy in the size of the aggregator business, our business with the aggregators has tripled over the course of the last year. At Papa John's, innovation means challenging how we can be better at everything that we do. And we structured in a way that we put more focus up against our major markets, and versus being very fragmented globally and kind of considering every geography equal. Given where the AUVs are and the franchisee economics, I know you guys are confident in accelerating the growth. I'm just trying to understand what's driving the international comp growth? In the past, our maps have been drawn by just where restaurants, where there was not a lot of analytic, not a lot of data that went into, how we should optimize our delivery areas. I would now like to hand the conference over to your speaker Mr. Steve Coke, Senior Vice President of Financial Operations, Accounting and Reporting. Rob and Ann will have comments on our business and provide a financial update. We hope that all of you are as excited about the future of Papa John's as we are. Fortunately, Papa John's differentiated premium position also gives us a lot of runway for great product innovation. And so, that's really our strategy. Last year, Papa John's added 10 million new and lapsed customers through our digital channels alone helping Papa Rewards, our loyalty platform gain more than 5 million new members. 27 February 2020: Q4 2019 Earnings Call Transcript Q3 2019. Let me now turn to restaurant profitability, which is a fundamental driver of results for our Company and our franchisees. So let’s go back to first the NFL call. Find 84 listings related to John Pizza in Levittown on YP.com. So, if I was to call out any type of roadblock, it would be, just people still being hesitant in some of our whitespace territory to dive in not knowing how the governments, the respective government in those geographies are going to handle the pandemic over the next six months. Hi, Peter. Hi, Peter. And at first, there was a little bit of a learning curve, but we put it into our restaurant a week early and mitigated a lot of the challenges that operators were going to have before we really turned on the media machine and launched it full scale. Papa John's Centralizes Phone Orders to Give Workers More Time to Make Pizza this link is to an external site that may or may not meet accessibility guidelines. And a lot of times, that puts stress on the operations and can therefore result in lower customer satisfaction scores. Thank you. Second, there was a $3.2 million headwind from our Papa Rewards Loyalty program in addition to $2.9 million in refranchising gains, affecting the year-over-year comparison. After the prepared remarks, both will be available for Q&A. So I would say that's definitely a tailwind as well. Contents: Prepared Remarks. I mean, that's what it's all about. Schnatter is also accused of using the n-word on a conference call with a Papa John's ad agency Credit: ... Freeh claims the call transcript shows that Schnatter didn't use the n-word. Image source: The Motley Fool. Understood. Download a free trial today. Building a Company where everyone belongs helps us attract and retain talent in a highly competitive environment. I'd note, we achieved these superior results at the same time we made continued investments to protect and support our team members, including the $2.7 million special end of your bonus we paid to corporate front-line team members. Most of our big development agreements over the last six months have been kind of a new franchisees or relatively new franchisees getting involved in laying a bill. And welcome to Papa John's Fourth Quarter 2018 Conference Call … Ladies and gentlemen, thank you for standing by, and welcome to Papa John's Fiscal 2020 Q4 Earnings Conference Call. Chris O'Cull -- Stifel Financial Corp. -- Analyst. I mean, obviously, the majority of our new store growth comes internationally where our AUVs are lower than they are domestically. And I'm excited about we just launched -- we've already launched Papadia in about 25 geographies. It helps us drive innovation that reflects and resonates with the increasing diversity of our customers, both domestically and globally. Despite the challenges of 2020, Papa John's was able to move forward with its new strategy, delivering significant business growth in the process. And then, if you think there could be an elevated level of closures in certain markets of others, QSR has seen, I know you guys haven't seen that as much, but any thoughts on what to expect in '21 on that front? So, can you just provide your updated thoughts on potential refranchising deals if this is a 2021 event, part of the development outlook for the year any change in your view? Here’s an example of a sales call backed with this type of script: Click here to copy this script to use on your own. King & Associates -- Analyst. Thanks. That's right -- they think these 10 stocks are even better buys. And so, we're already starting to see those seeds that we planted bear some fruit. Thank you. Frankly, it's our best performing market, significantly better than even the United States. In April, and continuing through the remainder of 2020, our restaurant operations, vertically integrated supply chain, e-commerce platform and last mile delivery business model, all proved their worth driving record results and strong outperformance in North America and internationally. I'm very proud of the fact that we have such a diverse leadership team. I wish everyone well. But just wondering if you could talk a bit more about the margin opportunities and the efficiencies from here. My follow-up question is just, Rob, how do you think about the opportunity for AUVs in North America. Despite a historic rise in sales volume, a record number of new menu items and fundamental changes that we made to our operating model like no contact delivery, our restaurant staff rose to these challenges without allowing them to negatively impact our customer satisfaction levels. In April, and continuing through the remainder of 2020, our restaurant operations, vertically integrated supply chain, e-commerce platform and last mile delivery business model, all proved their worth driving record results and strong outperformance in North America and internationally. We worked on that product for a year. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Our brand -- our overall brand sentiment is very strong, obviously coming off some lows back in 2018 and 2019, there's been a big bounce back in overall brand sentiment, but what I'm really excited about is our restaurants had huge -- had a huge increase in demand and transactions in 2020. Last quarter, we also opportunistically repurchased 32,000 shares for $2.7 million or $83.90 per share under our previously announced $75 million share repurchase authorization. Is it new store -- new product news, customer introductions to kind of the loyalty program or something? But we're not seeing new stores in a geography that has current stores performing significantly different than our current RD [Phonetic] status restaurants. We are building off a remarkable year, and I am so proud of our team. Product innovation will continue to be an integral component of our strategy moving forward. These results included a number of special items, a net $0.12 expense associated with our strategic corporate reorganization announced in September and a net $0.07 one-time gain from refranchising a year ago. Additionally, Freeh claims in the report that Papa John's did not "counter the public relations 'feeding frenzy' which produced the false narrative" about Schnatter following the 2017 earnings call. I'd like to wrap up with a few points on our outlook. Thank you. First, in our product, marketing and customer experience, as we build on our premium position in the marketplace. Thanks, Dennis. In 2020, we rebuilt the foundations of Papa John's development efforts, all of it focused on maximizing our franchise's long-term profitability and return on investment. Good day, ladies and gentlemen. Thank you, and good morning everyone. Our next question comes from Chris O'Cull with Stifel. And we did see some closures in 2020, more than the sales growth warranted, but I think that helped us to kind of clean up the system a little bit and make sure that we were well positioned for disproportionate growth moving forward. And we've been working with them really throughout the pandemic to do that. I mean, we have built an infrastructure now where we are able to assist our customers or I'm sorry, our franchisees throughout the entire process. Papa John’s Announces Third Quarter 2020 Results 695.6 KB. At this time, all participants are in a listen-only mode. The economics are unbelievable. Strong earnings as well as favorable changes in working capital, including an approximately $40 million benefit from the timing of payments associated with our marketing fund contributed to a dramatic increase in free cash flow last year. They're building restaurants this year already. And we've gotten better and better. In the fourth quarter, closures picked up slightly with 22 in North America and 36 internationally. We're see -- of the 10 million new customers, almost 5 million of them came into our loyalty program. For four straight quarters, Papa John's comp sales have outperformed the other [Phonetic] pizza delivery peers. We're very excited about our start to 2021, and then the restaurants that have already opened this year and our pipeline is very robust, we've added a lot of new franchisees that have come on with development agreements, planning to open up new white space opportunities as well as franchisees who are continuing to develop the white space that we have in the markets we're already competing. So, innovation and better targeted discounting are the ways we're going to continue to grow that check part. Papa John's International's (PZZA) CEO Rob Lynch on Q4 2020 Results - Earnings Call Transcript Feb. 25, 2021 11:57 AM ET Papa John's International, Inc. (PZZA) SA Transcripts Ann? Our focus on diversity, inclusivity and winning is how we foster an innovation mindset. As I previously discussed, new product marketing and customer experience innovation was an overarching headline in Papa John's 2020 story, especially our record comp sales. First, segment operating income was impacted by proactive investments in productivity, like the rollout of Papa call and in customer experience initiatives, as well as our investments to protect and support our people for example with the year-end bonuses. Thank you. As a result, we couldn't be better positioned for 2021 and the long-term. Our discussion today will contain forward-looking statements involving risks that could cause actual results to differ materially from these statements. Our check growth was not a function of pricing. Ann will discuss our results in more detail in a moment. So, innovation and better targeted discounting are the ways we're going to continue to grow that check part. And our AUVs on a weekly per store averages have been extremely high Q4, 13.5% comp sales growth, obviously not 23.8% and the 28% that we delivered in the two quarters prior, but with very high level of sales through the restaurant. For this model, we're able to have a lot of flexibility, a lot of optionality. Adjusted earnings per diluted share for the year grew to $1.44 from just $0.03 in 2019, excluding special items. This too was a great story in 2020. And I'm just hoping you can maybe elaborate a little more around, what are some of the initiatives that's driving that success? Thanks, Dennis. And essentially, it takes the trade areas, and it takes everything into account from household count, traffic, traffic mapping, and every other detail that can go into how we should be thinking about where to build stores, and how to make sure that those stores are successful. Hey, thanks for taking the questions. The investments in our team members and our frontline worker bonuses that we made at the end of the year that hits our restaurant P&L. Our operating model is set up to be able to deal with these types of volumes and the customer satisfaction scores have not been negatively impacted despite all that incremental volume. Papa John's International (PZZA) Q1 2020 Earnings Call Transcript PZZA earnings call for the period ending March 31, 2020. I'm very optimistic about 2021, for our Company, for our communities and for the world. Thank you, Ann. And our franchisees are asking us to do that. And it wasn't just us as a Company, it was us working hand-in-hand collaboratively with our franchisees. Setting aside those factors, corporate restaurant operating income improved with a significant benefit of sales, growth and operating leverage. As we reported this morning, Papa John's Q4 results continued the momentum we achieved in Q2 and Q3. See reviews, photos, directions, phone numbers and more for John Pizza locations in Levittown, PA. And we're going into these markets that with franchisees who thought they were built out and showing them a lot of opportunity to build more restaurants. A 15% rise in global restaurant sales for the quarter, in combination with the end of the We Win Together franchise support program resulted in a $29 million increase in adjusted operating income. So we think that we keep coming with ideas like that, if we keep coming with new product innovation, we're going to continue to grow our PSAs, and the comps will follow accordingly. Thank you. But maybe you could frame it as which channel has more opportunity going forward, whether it's delivery or take out? If we have something that maybe isn't as big of an idea, we can shorten the amount of time that we focus our promotions on those items. And we think that this year is going to be a year where we return to a very strong level of development across the globe. We continue to evolve our capital allocation strategy as our balance sheet has dramatically strengthened over the past 12 months. So, we are working with franchisees, I mean, it's going to take a lot of development for us to part with our restaurant. However, we believe that if we have a big winner, someone like Stuffed Crust, then we are able to continue to sell that ongoing and continue to drive disproportionate sales for our restaurants. We all hope for the end of the pandemic as soon as possible. Second, we will continue to invest in innovative new products and technology that build on our differentiated brand and exceed customer expectations. I'm very optimistic about 2021, for our Company, for our communities and for the world. Papa John’s wants to eliminate the phone call, at least inside of its restaurants. Very helpful. 7 May 2020: Q1 2020 Earnings Call Transcript Q4 2019. And then just on the cadence throughout the quarter, are you willing to give any color on either comps or sales volumes throughout 4Q? We're not giving any detail on Q1 performance at this point. So that's the model, we're seeing a lot of excitement domestically. One is the loyalty program. These restaurants, the new AUVs, and the improvement in margins that we're seeing are generating a lot of free cash flow for our franchisees and they want to invest it back in the brand because they believe in the future. And that allows our -- loyalty members are our most valuable customers. Thanks, good morning. As Rob discussed, innovation across the Company positions Papa John's with great momentum and prospects in 2021 and beyond. Our check growth was a function of mix. As Rob indicated, the record momentum in the second and third quarter continued in Q4. Motley Fool Transcribing (MFTranscribing) Aug 7, … As Rob said, it's a very exciting time for Papa John's as innovation drives excellence across our Company, including our strong financial performance, record free cash flow and balance sheet, and ultimately, a great outlook for 2021 and long-term sustainable growth. Only about 30% of orders at a typical Papa John’s now come in through the old-fashioned method, but it’s still disruptive enough that the company is introducing a call center to take those orders in a system called Papa Call. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. As we look ahead, we are optimistic about the impact of the vaccines and how they will help all of us overcome this terrible pandemic. We brought on a lot of new team members, new leadership, new -- we built new capabilities both to support our domestic development efforts as well as our international development efforts. So, lots of fuel to drive these great ideas and lots of flexibility on how we promote them in the cadence of our innovation. In domestic Company-owned restaurants, a number of factors were at work, resulting in a decline in operating income, but importantly, core performance improved. But even more importantly, I see every day how diversity and inclusivity enable the innovation and makes us a better brand and drives our long-term success. This concludes today's question-and-answer session. When I joined the Company in August of 2019, the enormous potential of our brand, team members and franchisees was apparent. Great. Thanks for the questions. At this time, all participants are in a listen-only mode. In terms of the third-party aggregators, they have -- you know the numbers as well as I do, they're growing triple digits. Wanted to ask a bit more about the domestic sales and AUV opportunity this year. We believe this has created a more profitable foundation going into 2021, freeing up capital and management focus for us and our franchisees to develop new profitable opportunities. Hey, thanks for taking the questions. We believe this has created a more profitable foundation going into 2021, freeing up capital and management focus for us and our franchisees to develop new profitable opportunities. Supplemental Financial Data 192 KB. As Rob discussed, innovation across the Company positions Papa John's with great momentum and prospects in 2021 and beyond. With that, I'll turn the call over to our operator for Q&A. Questions and Answers. But once we get through that period, I think the government comes off and we're ready to build a lot of restaurants. And then, just wanted to follow up, you've done so much work repositioning the brand and the image and lots of exciting innovation, so curious what your metrics on brand sentiment and guest satisfaction are telling you. Does The Street Have Papa John's International Figured Out? Papa John's International, Inc. Common Stock (PZZA) Stock Quotes - Nasdaq offers stock quotes & market activity data for US and global markets. Finally, we ask any members of the media to be in a listen-only mode. Our next question comes from Dennis Geiger with UBS. In 2021, we're focused on maximizing the impact of a number of productivity initiatives that we launched last year including deploying dough spinners, enhancing the makeline and retrofitting our cut stations. And as we shorten the times that it takes to deliver, our throughput goes up, which therefore can also generate greater AUVs. So we're really happy about the growth there. As an outcome of this commitment, I am proud to share that Papa John's received a score of 100 on the Human Rights Campaign's 2021 Corporate Equality Index, measuring corporate policies and practices related to LGBTQ workplace equality. And we think that this year is going to be a year where we return to a very strong level of development across the globe. Papa John's free cash flow generation, which is an inherent aspect of our franchise business model is strengthening our balance sheet and positioning us to invest in long-term growth while continuing to return cash to shareholders. And then on the new franchisee front, we're in discussions with a lot of franchisees who want to come in. We love pizza. And so that's how we approach all of our innovation, whether it be Papadias, Shaq-a-Roni, Stuffed Crust, it's got to be -- have a lot of strong customer pull, it's got to be supply chain friendly and it's got to be operations friendly. Last quarter, we also opportunistically repurchased 32,000 shares for $2.7 million or $83.90 per share under our previously announced $75 million share repurchase authorization. Looking ahead at 2021, we expect to build on this momentum across four key areas of our business. Papa John's International ... All earnings call transcripts. I appreciate all the comments about development in terms of the pipeline and all that ground work that really got you into the position that you are in today to accelerate the unit growth.

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