2017 Annual Report
Total Page:16
File Type:pdf, Size:1020Kb
CORPORATE INFORMATION PAPA JOHN’S CORPORATE HEADQUARTERS 2002 Papa John’s Boulevard Louisville, Kentucky 40299 502-261-7272 2017 STOCK LISTING ANNUAL REPORT Papa John’s stock is listed on The NASDAQ Global Select Market under the ticker symbol PZZA ANNUAL MEETING The annual meeting of stockholders will be held Wednesday, May 2, 2018, 11:00 A.M. (E.D.T) at: Papa John’s International, Inc. 2002 Papa John’s Boulevard Louisville, Kentucky 40299 INDEPENDENT PUBLIC ACCOUNTANTS Ernst & Young LLP for the fiscal period ending December 31, 2017 KPMG LLP for the fiscal period ending December 30, 2018 TRANSFER AGENT Computershare Shareholder Services 462 South 4th Street, Suite 1600 Louisville, KY 40202 www.computershare.com/investor 800-622-6757 (US, Canada, Puerto Rico) +1 781-575-2879 (non-US) INVESTOR RELATIONS Steven R. Coke Vice President of Investor Relations and Strategy 502-261-7272 CORPORATE COMMUNICATIONS – MEDIA RELATIONS Peter Collins Senior Director Public Relations 502-261-7272 FORWARD-LOOKING STATEMENTS This report includes non-historical or “forward-looking” statements concerning future events or conditions. Important risk factors, which could cause actual results to differ materially from these statements, are set forth in Item 1A. Risk Factors in the accompanying Form 10-K. FOR MORE INFORMATION To learn more about Papa John’s, or to order online, visit our website at www.papajohns.com TO OUR SHAREHOLDERS, FRANCHISEES, We are amid a positive brand evolution, and Steve is EXECUTIVE LEADERSHIP TEAM SUPPLY PARTNERS, AND TEAM MEMBERS: already leading Papa John’s global development as the architect of this marketing, digital and customer At Papa John’s, 98% of restaurant managers experience evolution. With over 60% of our domestic STEVE M. RITCHIE President and Chief Executive Officer are promoted from hourly positions – delivery sales from digital channels, we have only begun to scratch the surface in leveraging technology, ★ 22 Years drivers, customer service team members and shift modern marketing and operational enhancements managers – within the company. I have the utmost TIMOTHY C. O’HERN to improve Papa John’s brand relevancy and quality Senior Vice President and Chief positioning. The recent additions of Mike Nettles as admiration for the hard work and dedication to Development Officer Chief Information and Digital Officer, Brandon Rhoten quality embodied by our team members across the ★ 31 Years as Chief Marketing Officer and the addition of a company. We know that by focusing on the success digital-first creative agency of record, Laundry Service, R. SHANE HUTCHINS and well-being of our team members, they will underpin the brand’s emphasis on digital marketing Senior Vice President, PJ Food Service in turn continue delivering world class customer and technology. Combined with the company’s ★ 20 Years experiences. As we know well, happy people make continuing focus on quality and our team members, we’re confident we have the right recipe for our next CAROLINE MILLER OYLER better pizza! stage of success. Senior Vice President, General Counsel ★ 18 Years As we’ve proven yet again this year, at Papa John’s As I turn the page to the next chapter in this anything is achievable if you dedicate yourself to unbelievable journey that started over 33 years ago SEAN A. MULDOON putting your best foot forward every day. In 1996, our in a broom closet, I see a future that is bright. As Senior Vice President, own Steve Ritchie began his career at Papa John’s as a Founder and Chairman, I will continue to champion Chief Ingredient Officer DIRECTORS customer service representative at $6 per hour. In 2018, the core principles that have led to our unquestioned ★ 18 Years he became our Chief Executive Officer. I can’t think position as the industry leader in product quality and EDMOND M. HEELAN JOHN H. SCHNATTER of a more inspirational story for our restaurant team customer satisfaction. While the brand evolves and Senior Vice President, North American Founder, Chairman members than to simply point to Steve and what he we continue to make the investments needed to reach Operations & Global OST has accomplished. customers when and where they desire, the BETTER ★ 17 Years CHRISTOPHER L. COLEMAN (1)(3) INGREDIENTS. BETTER PIZZA. promise will always be Managing Director, Rothschild – London I am so proud of Steve – he has excelled at every job at the heart of everything we do. ROBERT W. SMITH, JR. he’s ever held at Papa John’s – from being an hourly Senior Vice President, Global Human OLIVIA F. KIRTLEY (2*)(4) customer service rep, to a delivery driver, store general There are exciting times Resources Business Consultant manager, director of operations, franchisee and ahead for Papa John’s. I look ★ 15 Years most recently President. With 120,000 Papa John’s forward to supporting Steve LAURETTE T. KOELLNER (1*)(2) corporate and franchise employees, Steve will shine and the Executive Leadership JACK H. SWAYSLAND Business Consultant the spotlight on our pizza and the most important Team in partnering with you Senior Vice President, International ingredient – our team members. We couldn’t have a to bring the brand to ★ 11 Years SONYA E. MEDINA (3) more proven leader to guide Papa John’s through its new heights. MICHAEL R. NETTLES Government and Public Affairs Strategist next stage of growth. Senior Vice President, Chief Information John H. Schnatter and Digital Officer (1)(3*) Founder and Chairman MARK S. SHAPIRO ★ 1 Year Co-President, WME | IMG BRANDON P. RHOTEN W. KENT TAYLOR (2) Senior Vice President, A MESSAGE FROM PRESIDENT AND CHIEF EXECUTIVE OFFICER STEVE RITCHIE Founder, Chairman and Chief Executive Chief Marketing Officer Officer of Texas Roadhouse, Inc. First and foremost, I am humbled to take on this role and would like to thank John ★ 1 Year for his vision for a better pizza company, for all of the wisdom he has imparted and Numbers Indicate Board Committees: STEVEN R. COKE for the opportunities he has given to me over the years. And I am grateful for John’s (1) Audit Committee friendship, and the trust he has placed in me to lead Papa John’s into the future. Vice President of Investor Relations and (2) Compensation Committee Strategy, Interim Principal Financial and (3) Corporate Governance and Nominating Like John, I have the utmost admiration for the hard work and dedication to quality Accounting Officer Committee embodied by our team members – they are our most important ingredient. (4) Lead Independent Director I’m certain our future company leaders are delivering pizzas in one of our 5,000 stores around the world right now. As always, we’ll continue to focus on what’s ★ = Represents years working with John H. Schnatter and/or Papa John’s * Committee Chair important – the people and the pizza making. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2017 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: 0-21660 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 incorporation or organization) Identification No.) 2002 Papa John’s Boulevard Louisville, Kentucky 40299-2367 (Address of principal executive offices) (Zip Code) (502) 261-7272 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: (Title of Each Class) (Name of each exchange on which registered) Common Stock, $0.01 par value The NASDAQ Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the 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 and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes No Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting 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.