Net income (USD, thousands)

Depreciation and amortization (USD, thousands)

Refranchising loss (USD, thousands)

Loss on sale/disposal of assets (USD, thousands)

Amortization of debt issuance costs (USD, thousands)

Benefit for deferred income taxes (USD, thousands)

Non‑cash equity‑based compensation expense (USD, thousands)

Excess tax benefits from equity-based compensation (USD, thousands)

Unrealized gain (loss) on investments (USD, thousands)

Changes in operating assets and liabilities (USD, thousands)

Changes in advertising fund assets and liabilities, restricted (USD, thousands)

Net cash provided by operating activities (USD, thousands)

Capital expenditures (USD, thousands)

Other (Investing) (USD, thousands)

Net cash used in investing activities (USD, thousands)

Repayments of long‑term debt and finance lease obligations (USD, thousands)

Proceeds from exercise of stock options (USD, thousands)

Purchases of common stock (USD, thousands)

Tax payments for restricted stock upon vesting (USD, thousands)

Payments of common stock dividends and equivalents (USD, thousands)

Net cash used in financing activities (USD, thousands)

Effect of exchange rate changes on cash (USD, thousands)

Change in cash and cash equivalents, restricted cash and cash equivalents (USD, thousands)

Cash and cash equivalents, beginning of period (USD, thousands)

Restricted cash and cash equivalents, beginning of period (USD, thousands)

Cash and cash equivalents included in advertising fund assets, restricted, beginning of period (USD, thousands)

Combined cash, restricted cash, and advertising fund cash equivalents, beginning of period (USD, thousands)

Cash and cash equivalents, end of period (USD, thousands)

Restricted cash and cash equivalents, end of period (USD, thousands)

Cash and cash equivalents included in advertising fund assets, restricted, end of period (USD, thousands)

Combined cash, restricted cash, and advertising fund cash equivalents, end of period (USD, thousands)

905f7411144a01ec40b7bd0c3b077aa65375e85877adca03ade2fd9a58625e09

The significant spike in Q4 2024 total revenues was primarily driven by an increase of **$10.7 million (0.8%)** compared to Q4 2023. This boost resulted mainly from **higher global franchise royalties and fees** due to global retail sales growth (excluding foreign currency impacts) and **higher supply chain revenues** coming from increased order volumes. These factors were somewhat offset by a **decrease in U.S. franchise advertising revenues** related to increased advertising incentives and a lower market basket pricing to stores in the previous period.  **[0000950170-24-019724_dpz-ex99_1.htm:2]** 

What drove the significant spike in Total revenues in Q4 2024?

In Q1 2025, Domino’s Pizza, Inc. reported a **refranchising loss of $133,149 thousand** compared to no loss in Q4 2024, marking a considerable increase. However, the documents do not provide specific details or reasons explaining this sudden change.  **[0000950170-24-049419_dpz-20240324.htm:3]** 

What caused the sudden increase in Refranchising loss in Q1 2025?

The available documents indicate that the **EPS was 4.52** in Q4 2024 and **3.62** in Q1 2025.  **[0000950170-24-019725_dpz-20231231.htm:81]** **[0000950170-24-049419_dpz-20240324.htm:3]**  However, none of the documents provide a specific explanation for why the EPS was notably lower in Q1 2025.

Why was EPS notably lower in Q1 2025?

The decline in **FY 2024 Total revenues** compared to **FY 2023** was mainly driven by a **decrease in U.S. Company-Owned Store Revenues**, which dropped by **$69,630 thousand (15.6%)**, and a **decline in Supply Chain Revenues** that fell by **$39,733 thousand (1.4%)**. Additionally, **U.S. Franchise Advertising Revenues** decreased by **$12,135 thousand (2.5%)**. These negative factors were only partially offset by increases in **U.S. Franchise Royalties and Fees** and **International Franchise Royalties and Fees**.  **[0000950170-24-019725_dpz-20231231.htm:81]** 

Why did FY 2024 Total revenues decline compared to FY 2023?

The documents provide the revenue figures for Q4 2024 (**1,402,972**  **[0000950170-24-019725_dpz-20231231.htm:81]** ) and Q1 2025 (**1,084,647**  **[0000950170-24-049419_dpz-20240324.htm:3]** ) but do not explain why there was a drop from Q4 2024 to Q1 2025. The only additional discussion relates to revenue changes in Q1 2024 compared to Q1 2023 and outlines factors that contributed to an increase, not a decline. Therefore, there is no specific information in the provided documents that explains the quarter-to-quarter decline.

What led to the drop in Total revenues from Q4 2024 to Q1 2025?

9d8a08b450b6d98a35d020016173c7f1346e2c8bde74d35c4eb602139bb721dc

The jump in cash and cash equivalents in **Q2 2025** was primarily driven by a **robust operating cash inflow**. Domino's experienced a significant increase in net cash provided by operating activities—bolstered by a higher net income and favorable non-cash adjustments—which more than offset the cash used in investing activities (for technology and capital expenditures) and financing activities (such as dividend payments, share repurchases, and debt repayments). Additionally, the minor impact from exchange rate changes also played a role in the net increase.  **[0000950170-24-084431_dpz-20240616.htm:30]** 

Why did cash and cash equivalents jump so high in Q2 2025?

The significant rise in total assets in Q2 2025 was primarily driven by several factors. **Cash and cash equivalents** experienced a substantial increase from **$114,098 thousand** to **$283,699 thousand**, reflecting strong operating cash flows. Additionally, there was an increase in **other assets** (from **$202,367 thousand** to **$226,334 thousand**), an uptick in **operating lease right-of-use assets** (from **$207,323 thousand** to **$210,919 thousand**), and growth in **prepaid expenses and other current assets** (from **$30,215 thousand** to **$50,291 thousand**). These changes collectively contributed to the overall increase in total assets.  **[0000950170-24-084430_dpz-ex99_1.htm:13]** **[0000950170-24-084431_dpz-20240616.htm:2]** 

What drove the significant rise in total assets in Q2 2025?

The **drastic drop** in the current portion of long-term debt in Q1 2025 was due to a reclassification of debt. Specifically, because the company’s **Holdco Leverage Ratio** was less than or equal to **5.0x total debt to adjusted EBITDA**, it did not make the scheduled debt amortization payment on its outstanding senior notes starting in the second quarter of 2024. Consequently, the principal amounts that were previously classified as current liabilities were instead reclassified as long-term debt, reducing the current portion from **$56,366 thousand** at the end of 2023 to **$4,866 thousand** in Q1 2025.  **[0000950170-24-019724_dpz-ex99_1.htm:13]** **[0000950170-24-049419_dpz-20240324.htm:2]** **[0000950170-24-049419_dpz-20240324.htm:23]** 

Why did the current portion of long-term debt drop drastically in Q1 2025?

The sharp increase in **deferred income tax assets, net** in Q4 2024 was primarily driven by several factors. The company made significant **valuation allowance adjustments** related to deferred tax assets, which notably altered the net balance. Additionally, there was a **reduction in deferred tax liabilities**, particularly those associated with **capitalized software** and **depreciation, amortization, and asset basis differences**. Finally, changes stemming from **unrealized gains on investments** and adjustments in **foreign tax credits** also contributed to the overall increase in the deferred income tax assets.  **[0000950170-24-019725_dpz-20231231.htm:107]** **[0000950170-24-019725_dpz-20231231.htm:80]** 

What caused the sharp increase in deferred income tax assets in Q4 2024?

The drop in **Advertising fund assets, restricted** was primarily caused by **payments for advertising activities outpacing receipts for advertising contributions**, resulting in a **$9.6 million negative impact** during the period.  **[0000950170-24-049419_dpz-20240324.htm:2]** **[0000950170-24-049419_dpz-20240324.htm:24]** 

Why did advertising fund assets drop so low in Q1 2025?

051a5f20ca805eadcf5b8f66242f7303785897ee2d8693e56c788eeb61dfe04d

Cash and cash equivalents (USD, thousands)

Restricted cash and cash equivalents (USD, thousands)

Accounts receivable, net (USD, thousands)

Inventories (USD, thousands)

Prepaid expenses and other (USD, thousands)

Advertising fund assets, restricted (USD, thousands)

Total current assets (USD, thousands)

Property, plant and equipment, net (USD, thousands)

Operating lease right-of-use assets (USD, thousands)

Investment in DPC Dash (USD, thousands)

Other assets (USD, thousands)

Total assets (USD, thousands)

Current portion of long-term debt (USD, thousands)

Accounts payable (USD, thousands)

Operating lease liabilities (USD, thousands)

Advertising fund liabilities (USD, thousands)

Other accrued liabilities (USD, thousands)

Total current liabilities (USD, thousands)

Long-term debt, less current portion (USD, thousands)

Total long-term liabilities (USD, thousands)

Total stockholders’ deficit (USD, thousands)

Total liabilities and stockholders’ deficit (USD, thousands)

a85d240b61b86fc1af43d5086e6f2c6eba8468143c8ea5cff133c2fe6a29b40b

Total revenues (USD, thousands)

Total cost of sales (USD, thousands)

Gross margin (USD, thousands)

General and administrative (USD, thousands)

U.S. franchise advertising (USD, thousands)

Income from operations (USD, thousands)

Income before provision for income taxes (USD, thousands)

Provision for income taxes (USD, thousands)

Earnings per share - diluted (USD)

b2a7c9a9fc93a47e4a89d51d0d00ee4abbbf940ad06bd5055222d5b3f7cefecf

de42f5bd4820540782081ff0961c98265207ad5e97846f07d4c3f461a364006c

0232286f472b36caeea8df05cac8230de9030440aff9688b6caf9c3721855519

4a74959ac204423c97ae6b0bbc30f2227f7a6882b7caf0c871e3a38b6cc57395

b04b3173b852d23dd297f4786971a96c464c55e40794c9462b7415e99d2c767c

U.S. Stores

- U.S. Company-owned

- U.S. Franchise

International Franchise

U.S. Franchise Advertising

Supply Chain

Intersegment Revenues

Total Revenue

581974ed7c041664d54f587cd905f2a5b40ae7230fb9236b72581c9642608330

- U.S. Company-owned Stores

- U.S. Franchise Royalties and Fees

- U.S. Franchise Advertising

- Domestic Supply Chain

- International Supply Chain

- International Franchise Royalties and Fees

fcdd3c18250f5e941c263c4b18fb1c2538195f54e1e982c6c1d4a562dba59d92

DOMINOS PIZZA (DPZ)

Financials