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Papa John's International (PZZA) FY2023 results: revenue $2.1 billion, up 1.6% on the year

Papa John's International, Inc. (PZZA) reported revenue of $2.1 billion for fiscal 2023, the year ended 31 December 2023, up 1.6% on the year before. Net income was $82 million, up 21.1%, and diluted earnings per share $2.48. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue
$2.1 billion
+1.6% on the year
FY2016FY2023
Operating margin
6.9%
5.2% a year earlier
FY2016FY2023
Net income
$82 million
+21.1% on the year
FY2016FY2023
Diluted EPS
$2.48
+31.2% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue2,1362,1022,068+1.6%
Cost of revenue1,5581,558n/a+0.0%
Gross profit577544n/a+6.0%
Gross margin27.0%25.9%n/a
Operating income147109168+35.0%
Operating margin6.9%5.2%8.1%
Interest expense43.526.719.2+63.1%
Pre-tax income10483.8n/a+23.8%
Income tax20.914.426.0+44.8%
Effective tax rate20.1%17.2%n/a
Net income82.167.8120+21.1%
Net margin3.8%3.2%5.8%
Diluted EPS$2.48$1.89$0.12+31.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow193118185+63.9%
Capital expenditure76.678.468.6-2.3%
Free cash flow11639.4116+195.4%
Free cash flow margin5.5%1.9%5.6%
Cash from investing-75.1-62.8-63.5
Cash from financing-124-76.2-181
Depreciation and amortisation64.152.048.8+23.2%
Share-based compensation17.918.416.9-2.5%
Buybacks21012572.5+68.3%
Dividends paid58.554.840.4+6.7%
Dividend per share$1.76$1.54$1.15+14.3%
Diluted shares, weighted33m36m35m-7.2%
Shares outstanding at period end32m35m36m-6.3%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity-459-286-188
Non-controlling interest15.515.715.2-1.6%
Redeemable equity0.91.25.5-30.1%
Debt757597481+26.9%
Operating lease liabilities151161161-6.1%
Finance lease liabilities24.119.016.6+26.9%
Other liabilities385357395+8.0%
Total liabilities and equity875864886+1.2%
Fixed assets283250224+13.2%
Goodwill76.270.680.6+7.9%
Cash and equivalents40.647.470.6-14.3%
Receivables10410381.4+1.7%
Inventory36.141.435.0-12.7%
Other assets335353394-5.0%
Total assets875864886+1.2%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.