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EX-99.2 - PRESS RELEASE, DATED FEBRUARY 28, 2012 - DOMINOS PIZZA INCd303531dex992.htm

EXHIBIT 99.1

 

LOGO    For Immediate Release   

Contact: Lynn Liddle, Executive Vice President,        

Communications, Investor Relations and Legislative Affairs

(734) 930-3008

     
     

Domino’s Pizza Announces 2011 Financial Results

Global Momentum Drives 30% Adjusted EPS Growth for the Quarter, 25% for 2011

ANN ARBOR, Michigan, February 28, 2012: Domino’s Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the fourth quarter and fiscal 2011, each ended January 1, 2012. Domestic same store sales grew 6.8% during the fourth quarter versus the year-ago period, and 3.5% for the full year, indicating sustained improvement in the Company’s domestic business. International also posted strong results with same store sales growth of 4.7% for the quarter, and 6.8% for the full year. This quarter marked the 72nd quarter — or 18th full year — of consecutive quarterly same store sales growth. The International division also had record net store growth in fiscal 2011 of 413 stores. Fourth quarter diluted EPS was 52 cents, up 30% over the as-adjusted diluted EPS in the prior year quarter. Diluted EPS, as adjusted was $1.69 for fiscal 2011, up 25% over the as-adjusted diluted EPS in the prior year. The Company also repurchased and retired 1,146,263 shares of its common stock for $35.8 million during the quarter and repurchased and retired 6,414,813 shares of its common stock for $165.0 million in fiscal 2011.

J. Patrick Doyle, Domino’s President and Chief Executive Officer, said: “Our positive results this year provide yet more evidence that we have successfully reset the bar for Domino’s Pizza. The global momentum that we are driving through our innovation, commitment to food quality and outstanding service continues to energize our franchise owners and team members and inspire their terrific performance.”

Fourth Quarter and Fiscal 2011 Highlights:

 

(dollars in millions, except per share data)    Fourth
Quarter of
2011
     Fourth
Quarter of
2010
     Fiscal
2011
    Fiscal
2010
 

Net income

   $ 30.9       $ 24.2       $ 105.4      $ 87.9   

Weighted average diluted shares

     59,764,693         61,715,975         61,653,519        60,815,898   

Diluted earnings per share, as reported

   $ 0.52       $ 0.39       $ 1.71      $ 1.45   

Items affecting comparability (see section below)

   $ —         $ 0.01       $ (0.02   $ (0.09
  

 

 

    

 

 

    

 

 

   

 

 

 

Diluted earnings per share, as adjusted

   $ 0.52       $ 0.40       $ 1.69      $ 1.35   
  

 

 

    

 

 

    

 

 

   

 

 

 

Note: Diluted earnings per share figures may not sum to the total due to the rounding of each individual calculation.

 

   

Revenues were up 4.5% for the fourth quarter versus the prior-year period, due primarily to higher commodity prices impacting the Company’s supply chain revenues, higher same store sales in both domestic and international stores and store count growth in international markets. Partially offsetting these increases were lower Company-owned store revenues, due primarily to the sale of Company-owned stores to multiple franchisees during 2011.

 

   

Net Income was up 27.9% for the fourth quarter versus the prior-year period, primarily driven by domestic and international same store sales growth, international store growth and lower interest expense.

 

   

Diluted EPS was 52 cents on an as-reported basis for the fourth quarter versus 39 cents in the prior-year quarter. Diluted EPS, as adjusted was also 52 cents for the fourth quarter versus 40 cents in the prior-year quarter — an increase of 12 cents, or 30%. This increase was primarily due to higher net income and lower weighted average diluted shares outstanding. (See the Items Affecting Comparability section and the Comments on Non-GAAP Measures section.)

 

More…


Domino’s Pizza: FY 2011 Earnings Release, Page Two

 

   

Global Retail Sales were up 8.8% in the fourth quarter, or up 9.9% when excluding the impact of foreign currency. For fiscal 2011, global retail sales were up 11.0%, or up 8.8% when excluding the impact of foreign currency.

 

     Fourth
Quarter  of
2011
    Fiscal
2011
 

Same store sales growth: (versus prior year period)

    

Domestic Company-owned stores

     +8.7     +4.1

Domestic franchise stores

     +6.6     +3.4
  

 

 

   

 

 

 

Domestic stores

     +6.8     +3.5
  

 

 

   

 

 

 

International stores

     +4.7     +6.8
  

 

 

   

 

 

 

Global retail sales growth: (versus prior year period)

    

Domestic stores

     +6.9     +3.7

International stores

     +10.7     +19.2
  

 

 

   

 

 

 

Total

     +8.8     +11.0
  

 

 

   

 

 

 

Global retail sales growth: (versus prior year period,

excluding foreign currency impact)

    

Domestic stores

     +6.9     +3.7

International stores

     +12.8     +14.5
  

 

 

   

 

 

 

Total

     +9.9     +8.8
  

 

 

   

 

 

 

 

     Domestic
Company-
owned  Stores
    Domestic
Franchise
Stores
    Total
Domestic
Stores
    International
Stores
    Total  

Store counts:

          

Store count at September 11, 2011

     395        4,496        4,891        4,650        9,541   

Openings

     1        32        33        200        233   

Closings

     —          (17     (17     (15     (32

Transfers

     (2     2        —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Store count at January 1, 2012

     394        4,513        4,907        4,835        9,742   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fourth quarter 2011 net growth

     (1     17        16        185        201   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fiscal 2011 net growth

     (60     38        (22     413        391   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Conference Call Information

The Company will file its annual report on Form 10-K this morning. Additionally, as previously announced, Domino’s Pizza, Inc. will hold a conference call today at 10 a.m. (Eastern) to review its fiscal 2011 financial results. The call can be accessed by dialing (888) 306-6182 (U.S./Canada) or (706) 634-4947 (International). Ask for the Domino’s Pizza conference call. The call will also be webcast at www.dominosbiz.com. If you are unable to participate on the call, a replay will be available for thirty days by dialing (855) 859-2056 (U.S./Canada) or (404) 537-3406 (International), Conference ID 41245361. The webcast will also be archived for 30 days on www.dominosbiz.com.

Share Repurchases

During the fourth quarter of 2011, the Company repurchased and retired 1,146,263 shares of its common stock under its open market share repurchase program for approximately $35.8 million, or an average price of $31.25 per share. For fiscal 2011, the Company repurchased and retired 6,414,813 shares of its common stock for approximately $165.0 million, or an average price of $25.72 per share. The Company has used approximately 59% of the total amount authorized under its open market share repurchase program and has approximately $82.3 million remaining under the program, which the Company’s Board of Directors reset at $200.0 million during the third quarter of 2011.

 

More…


Domino’s Pizza: FY 2011 Earnings Release, Page Three    

 

Items Affecting Comparability

The Company’s reported financial results for the fourth quarter and fiscal 2011 are not comparable to the reported financial results for the equivalent prior-year periods. The table below presents certain items that affect comparability between 2011 and 2010 financial results. Management believes that including such information is critical to the understanding of its financial results for the fourth quarter and fiscal 2011 as compared to the same periods in 2010 (See the Comments on Non-GAAP Measures section).

In addition to the items noted in the table below, the Company experienced lower interest expense primarily as a result of lower debt levels, further impacting comparability to the prior year periods. Lower interest expense resulted in an increase in diluted EPS of approximately one cent in the fourth quarter of 2011 and four cents in fiscal 2011 versus the comparable periods in 2010.

 

     Fourth Quarter     Full Year  
(in thousands, except per share data)    Pre-tax     After-tax     Diluted
EPS
Impact
    Pre-tax     After-tax     Diluted
EPS
Impact
 

2011 items affecting comparability:

            

Impact related to the sale of Company-owned stores (1)

   $ —        $ —        $ —        $ 1,560      $ 962      $ 0.02   

Gain on Netherlands operations (2)

     —          —          —          678        417        0.01   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of 2011 items

   $ —        $ —        $ —        $ 2,238      $ 1,379      $ 0.02   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

2010 items affecting comparability:

            

Gain (loss) on debt extinguishment (3)

   $ (765   $ (466   $ (0.01   $ 7,809      $ 4,763      $ 0.08   

Deferred financing fee write-off and other (4)

     (216     (132     (0.00     (1,755     (1,070     (0.02

Tax reserves (5)

     —          —          —          565        2,025        0.03   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total of 2010 items

   $ (981   $ (598   $ (0.01   $ 6,619      $ 5,718      $ 0.09   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) The income recognized primarily relates to the sale of 56 Company-owned stores during fiscal 2011. The income during fiscal 2011 is net of related expenses of approximately $0.3 million and net of a reduction in goodwill of approximately $0.7 million.
(2) This amount relates to the recognition of a contingent gain in connection with the previous sale of the Netherlands operations to the current master franchisee. The amount was received by the Company during the first quarter of 2011 as a portion of the contingency was finalized.
(3) Represents the losses recognized in the fourth quarter and net gains recognized in fiscal 2010 on the repurchase and retirement of $23.5 million and $123.9 million, respectively, of principal on the fixed rate notes for a total purchase price of $24.4 million and $116.6 million, respectively, including accrued interest of $0.1 million and $0.5 million, respectively.
(4) Represents the write-off of deferred financing fees and the prepayment of insurance fees in connection with the related debt extinguishments.
(5) Represents $1.7 million of income tax benefit and $0.6 million ($0.3 million after-tax) of interest income, both relating to tax reserve reversals for a state tax matter.

 

More…


Domino’s Pizza: FY 2011 Earnings Release, Page Four    

 

Long Range Outlook

The Company does not provide quarterly or annual earnings estimates. The following long range outlook does not constitute specific earnings guidance, but management believes these ranges to be appropriate and achievable over the long term. Management noted that it had recently increased portions of this long range outlook as noted below:

 

     Current
Outlook
     Prior
Outlook

Domestic same store sales

   1% – 3%      1% – 3%

International same store sales

   3% – 6%      3% – 5%

Net units

   350 – 450      250 – 300

Global retail sales

   5% – 8%      4% – 7%

Capital expenditures (in millions)

   $25 – $35      $20 – $30

Tax rate

   38% – 39%      38% – 39%

Liquidity

As of January 1, 2012, the Company had approximately:

 

   

$50.3 million of unrestricted cash and cash equivalents, and

 

   

$1.45 billion in total debt, including $60.0 million of borrowings under its $60.0 million variable funding note facility.

The Company’s cash borrowing rate averaged 5.9% for both the fourth quarter and fiscal 2011. It invested $24.3 million in capital expenditures during fiscal 2011 versus $25.4 million in fiscal 2010.

Free cash flow, as reconciled below to cash flows from operations as determined under generally accepted accounting principles (GAAP), was approximately $128.7 million in fiscal 2011.

 

(in thousands)    Fiscal
2011
 

Net cash provided by operating activities (as reported)

   $ 153,073   

Capital expenditures (as reported)

     (24,349
  

 

 

 

Free cash flow

   $ 128,724   
  

 

 

 

 

More…


Domino’s Pizza: FY 2011 Earnings Release, Page Five    

 

Comments on Non-GAAP Measures

In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures relative to items affecting comparability between fiscal quarters. Additionally, the Company has 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 and are important to understanding Company performance.

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’s management 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. Management uses Diluted EPS, as adjusted, to internally evaluate operating performance, to evaluate itself against its peers and to determine future performance targets and 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 “Global retail sales” to refer to total worldwide retail sales at Company-owned and franchise stores. Management believes global retail sales information is useful in analyzing revenues because franchisees pay royalties that are based on a percentage of franchise retail sales. Management reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino’s Pizza® brand. In addition, domestic supply chain revenues are directly impacted by changes in domestic franchise retail sales. Retail sales for franchise stores are reported to the Company by its franchisees and are not included in Company revenues.

The Company uses “Same store sales growth,” 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 domestic same store sales growth. Changes in international same store sales are reported on a constant dollar basis, which reflects changes in international local currency sales.

The Company uses “Free cash flow,” calculated as cash flows from operations less capital expenditures, both as reported under GAAP. Management 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, paying dividends or other similar uses of cash.

 

More…


Domino’s Pizza: FY 2011 Earnings Release, Page Six    

 

About Domino’s Pizza®

Founded in 1960, Domino’s Pizza is the recognized world leader in pizza delivery. Domino’s is listed on the NYSE under the symbol “DPZ.” As of the fourth quarter of 2011, through its primarily locally-owned and operated franchised system, Domino’s operated a network of 9,742 franchised and Company-owned stores in the United States and over 70 international markets. During the fourth quarter of 2011, Domino’s had global retail sales of nearly $2.2 billion, comprised of nearly $1.1 billion domestically and over $1.1 billion internationally. Domino’s Pizza had global retail sales of over $6.9 billion in 2011, comprised of over $3.4 billion domestically and over $3.5 billion internationally.

In May 2011, Pizza Today named Domino’s its “Chain of the Year” for the second straight year – making the company a three-time overall winner, and the first pizza delivery company to receive the honor in back-to-back years. In 2011, Domino’s was ranked #1 in Forbes Magazine’s “Top 20 Franchises for the Money” list. Helped by the launch of its Domino’s Smart Slice school lunch pizza in late 2010, Domino’s is collaborating with the Alliance for a Healthier Generation to serve healthier school foods and beverages in the United States. In late 2009, Domino’s debuted its “Inspired New Pizza” – a permanent change to its hand-tossed product, reinvented from the crust up.

Order — www.dominos.com

Mobile — http://mobile.dominos.com

Info — www.dominosbiz.com

Twitter — http://twitter.com/dominos

Facebook — http://www.facebook.com/Dominos

 

More…


Domino’s Pizza: FY 2011 Earnings Release, Page Seven    

 

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions that concern our strategy, plans or intentions. These forward-looking statements relating to our anticipated profitability, estimates in same store sales growth, the growth of our international business, ability to service our indebtedness, our intentions with respect to the extensions of the interest-only period on our fixed rate notes, our operating performance, the anticipated success of our reformulated pizza product, trends in our business and other descriptions of future events reflect management’s expectations based upon currently available information and data. However, actual results are subject to future risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause actual results to differ materially include: the level of and our ability to refinance our long-term and other indebtedness; uncertainties relating to litigation; consumer preferences, spending patterns and demographic trends; the effectiveness of our advertising, operations and promotional initiatives; the strength of our brand in the markets in which we compete; our ability to retain key personnel; new product and concept developments by us, such as our reformulated pizza, and other food-industry competitors; the ongoing level of profitability of our franchisees; and our ability and that of our franchisees’ to open new restaurants and keep existing restaurants in operation; changes in food prices, particularly cheese, labor, utilities, insurance, employee benefits and other operating costs; the impact that widespread illness or general health concerns may have on our business and the economy of the countries where we operate; severe weather conditions and natural disasters; changes in our effective tax rate; changes in government legislation and regulations; adequacy of our insurance coverage; costs related to future financings; our ability and that of our franchisees to successfully operate in the current credit environment; changes in the level of consumer spending given the general economic conditions including interest rates, energy prices and weak consumer confidence; availability of borrowings under our variable funding notes and our letters of credit; changes in accounting policies; and the European sovereign debt crisis and its potential to negatively impact the global economy. Important factors that could cause actual results to differ materially from our expectations are more fully described in our other filings with the Securities and Exchange Commission, including under the section headed “Risk Factors” in our annual report on Form 10-K. Except as required by applicable securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

TABLES TO FOLLOW


Domino’s Pizza: FY 2011 Earnings Release, Page Eight    

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

 

     Fiscal Quarter Ended  
     January 1,
2012
    % of
Total

Revenues
    January 2,
2011
    % of
Total

Revenues
 

(In thousands, except per share data)

        

Revenues:

        

Domestic Company-owned stores

   $ 98,470        $ 100,986     

Domestic franchise

     57,965          54,027     

Domestic supply chain

     282,718          265,058     

International

     62,595          59,899     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     501,748        100.0     479,970        100.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales:

        

Domestic Company-owned stores

     77,250          81,209     

Domestic supply chain

     254,402          237,373     

International

     25,239          25,282     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     356,891        71.1     343,864        71.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin

     144,857        28.9     136,106        28.4

General and administrative

     68,725        13.7     68,720        14.4
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     76,132        15.2     67,386        14.0

Interest expense, net

     (28,067     (5.6 )%      (28,766     (6.0 )% 

Other

     —          —          (765     (0.1 )% 
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     48,065        9.6     37,855        7.9

Provision for income taxes

     17,154        3.4     13,682        2.9
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 30,911        6.2   $ 24,173        5.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Common stock – diluted

   $ 0.52        $ 0.39     


Domino’s Pizza: FY 2011 Earnings Release, Page Nine    

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

 

     Fiscal Year Ended  
     January 1,
2012
    % of
Total

Revenues
    January 2,
2011
    % of
Total

Revenues
 

(In thousands, except per share data)

        

Revenues:

        

Domestic Company-owned stores

   $ 336,349        $ 345,636     

Domestic franchise

     187,007          173,345     

Domestic supply chain

     927,904          875,517     

International

     200,933          176,396     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     1,652,193        100.0     1,570,894        100.0
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of sales:

        

Domestic Company-owned stores

     267,066          278,297     

Domestic supply chain

     831,665          778,510     

International

     82,946          75,498     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of sales

     1,181,677        71.5     1,132,305        72.1
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating margin

     470,516        28.5     438,589        27.9

General and administrative

     211,371        12.8     210,887        13.4
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     259,145        15.7     227,702        14.5

Interest expense, net

     (91,339     (5.5 )%      (96,566     (6.2 )% 

Other

     —          —          7,809        0.5
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before provision for income taxes

     167,806        10.2     138,945        8.8

Provision for income taxes

     62,445        3.8     51,028        3.2
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 105,361        6.4   $ 87,917        5.6
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Common stock – diluted

   $ 1.71        $ 1.45     


Domino’s Pizza: FY 2011 Earnings Release, Page Ten    

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

 

(In thousands)    January 1, 2012     January 2, 2011  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 50,292      $ 47,945   

Restricted cash and cash equivalents

     92,612        85,530   

Accounts receivable

     87,200        80,410   

Inventories

     30,702        26,998   

Advertising fund assets, restricted

     36,281        36,134   

Other assets

     29,756        28,021   
  

 

 

   

 

 

 

Total current assets

     326,843        305,038   

Property, plant and equipment, net

     92,400        97,384   

Other assets

     61,300        58,415   
  

 

 

   

 

 

 

Total assets

   $ 480,543      $ 460,837   
  

 

 

   

 

 

 

Liabilities and stockholders’ deficit

    

Current liabilities:

    

Current portion of long-term debt

   $ 904      $ 835   

Accounts payable

     69,714        56,602   

Advertising fund liabilities

     36,281        36,134   

Other accrued liabilities

     90,276        92,555   
  

 

 

   

 

 

 

Total current liabilities

     197,175        186,126   

Long-term liabilities:

    

Long-term debt, less current portion

     1,450,369        1,451,321   

Other accrued liabilities

     42,738        34,041   
  

 

 

   

 

 

 

Total long-term liabilities

     1,493,107        1,485,362   

Total stockholders’ deficit

     (1,209,739     (1,210,651
  

 

 

   

 

 

 

Total liabilities and stockholders’ deficit

   $ 480,543      $ 460,837   
  

 

 

   

 

 

 


Domino’s Pizza: FY 2011 Earnings Release, Page Eleven    

 

Domino’s Pizza, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

 

     Fiscal Year Ended  
(In thousands)    January 1,
2012
    January 2,
2011
 

Cash flows from operating activities:

    

Net income

   $ 105,361      $ 87,917   

Adjustments to reconcile net income to net cash flows provided by operating activities:

    

Depreciation and amortization

     24,042        24,052   

Gains on debt extinguishment

     —          (7,809

(Gains) losses on sale/disposal of assets

     (2,436     403   

Amortization of deferred financing costs, debt discount and other

     6,190        7,837   

Provision for deferred income taxes

     8,169        6,027   

Non-cash compensation expense

     13,954        13,370   

Tax impact from equity-based compensation

     (15,589     (2,100

Other

     1,428        64   

Changes in operating assets and liabilities

     11,954        (1,436
  

 

 

   

 

 

 

Net cash provided by operating activities

     153,073        128,325   

Cash flows from investing activities:

    

Capital expenditures

     (24,349     (25,421

Proceeds from sale of assets

     6,031        2,737   

Changes in restricted cash

     (7,082     5,611   

Other

     (1,541     (1,307
  

 

 

   

 

 

 

Net cash used in investing activities

     (26,941     (18,380

Cash flows from financing activities:

    

Proceeds from issuance of long-term debt

     —          2,861   

Repayments of long-term debt and capital lease obligations

     (890     (116,760

Proceeds from issuance of common stock

     563        4,548   

Proceeds from exercise of stock options

     33,524        9,450   

Tax impact from equity-based compensation

     15,589        2,100   

Purchase of common stock

     (165,007     (5,384

Tax payments for restricted stock

     (3,504     (1,082

Cash paid for financing costs

     (3,760     —     
  

 

 

   

 

 

 

Net cash used in financing activities

     (123,485     (104,267

Effect of exchange rate changes on cash and cash equivalents

     (300     (125
  

 

 

   

 

 

 

Change in cash and cash equivalents

     2,347        5,553   

Cash and cash equivalents, at beginning of period

     47,945        42,392   
  

 

 

   

 

 

 

Cash and cash equivalents, at end of period

   $ 50,292      $ 47,945   
  

 

 

   

 

 

 

###