Panera Financial Statements & Ratios

8/10/2019 Panera Financial Statements & Ratios

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Panera Consolidated Statements of Operations (USD $000s)

Dec. 25, 2012

Revenue, Net: 2,130,057$

Costs and Expenses:

Bakery-cafe expenses:

Cost of food and paper products 552,580Labor 559,446

Occupancy, Net 130,793

Other Cost and Expense, Operating 256,029

Total Bakery Cafe Expenses 1,498,848

Fresh dough and other product cost of sales to franchisees 131,006

Depreciation and amortization 90,939

General and administrative expenses 117,932

Pre-opening expenses 8,462

Total costs and expenses 1,847,187

Operating profit 282,870

Interest expense 1,082

Other (income) expense, net (1,208)

Income before income taxes 282,996

Income taxes 109,548

Net Income 173,448

Less: net (loss) income attributable to noncontrolling interest -

Net income attributable to Panera Bread Company 173,448

Earnings per common share attributable to Panera Bread Company:

Earnings Per Share, Basic (in dollars per share) $5.94

Earnings Per Share, Diluted (in dollars per share) $5.89

Weighted average shares of common and common equivalent outstanding:

Weighted Average Number of Shares Outstanding, Basic (in shares) 29,217

Weighted Average Number of Shares Outstanding, Diluted (in shares) 29,455

1


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Dec. 27, 2011 Dec. 28, 2010

1,822,032$ 1,542,489$

470,398 374,816484,014 419,140

115,290 100,970

216,237 177,059

1,285,939 1,071,985

116,267 110,986

79,899 68,673

113,083 101,494

6,585 4,282

1,601,773 1,357,420

220,259 185,069

822 675

(466) 4,232

219,903 180,162

83,951 68,563

135,952 111,599

- (267)

135,952 111,866

$4.59 $3.65

$4.55 $3.62

29,601 30,614

29,903 30,922

2 Months Ended


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Panera Consolidated Balance Sheets (USD $000s) Dec. 25, 2012 Dec. 27, 2011 Dec. 28, 2010

Assets

Current assets:

Cash and cash equivalents 297,141$ 222,640$ 229,299$

Trade accounts receivable, net 43,843 30,700 20,378

Other accounts receivable 42,419 24,009 17,962Inventories 19,714 17,016 14,345

Prepaid expenses and other 42,223 31,228 23,905

Deferred income taxes 33,502 27,526 24,796

Total current assets 478,842 353,119 330,685

Property and equipment, net 571,754 492,022 444,094

Other assets:

Goodwill 121,903 108,071 94,442

Other intangible assets, net 88,073 67,269 48,402

Deposits and other 7,591 6,841 6,958

Total other assets 217,567 182,181 149,802

Total assets 1,268,163 1,027,322 924,581

Liabilities

Current liabilities:

Accounts payable 9,371 15,884 7,346

Accrued expenses 268,169 222,450 204,170

Total current liabilities 277,540 238,334 211,516

Deferred rent 59,822 54,055 47,974

Deferred income taxes 60,655 34,345 30,264

Other long-term liabilities 48,227 45,512 39,219

Total liabilities 446,244 372,246 328,973

Stockholders' Equity

Common stock ($.0001 par value) 3 3 3

Treasury stock (207,161) (175,595) (78,990)

Additional paid-in capital 174,690 150,093 130,005

Accumulated other comprehensive income 672 308 275

Retained earnings 853,715 680,267 544,315

Total stockholders' equity 821,919 655,076 595,608

Total liabilities and stockholders' equity 1,268,163 1,027,322 924,581


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Dec. 29, 2009

246,400$

17,317

11,17612,295

16,211

18,685

322,084

403,784

87,481

19,195

4,621

111,297

837,165

6,417

135,842

142,259

43,371

28,813

25,686

240,129

3

(3,928)

168,288

224

432,449

597,036

837,165


6/22

Panera Consolidated Statements of Operations (USD $000s)

Revenue, Net: 2,130,057$

Costs and Expenses:

Bakery-cafe expenses:

Cost of food and paper products 552,580Labor 559,446

Occupancy, Net 130,793

Other Cost and Expense, Operating 256,029

Total Bakery Cafe Expenses 1,498,848

Fresh dough and other product cost of sales to franchisees 131,006

Depreciation and amortization 90,939

General and administrative expenses 117,932

Pre-opening expenses 8,462

Total costs and expenses 1,847,187

Operating profit 282,870

Interest expense 1,082

Other (income) expense, net (1,208)

Income before income taxes 282,996

Income taxes 109,548

Net Income 173,448

Less: net (loss) income attributable to noncontrolling interest -

Net income attributable to Panera Bread Company 173,448

Earnings per common share attributable to Panera Bread Company:

Earnings Per Share, Basic (in dollars per share) $5.94

Earnings Per Share, Diluted (in dollars per share) $5.89

Weighted average shares of common and common equivalent outstanding:

Weighted Average Number of Shares Outstanding, Basic (in shares) 29,217

Weighted Average Number of Shares Outstanding, Diluted (in shares) 29,455

Dec. 2


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100.00% 1,822,032$ 100.00% 1,542,489$ 100.00%

25.94% 470,398 25.82% 374,816 24.30%26.26% 484,014 26.56% 419,140 27.17%

6.14% 115,290 6.33% 100,970 6.55%

12.02% 216,237 11.87% 177,059 11.48%

70.37% 1,285,939 70.58% 1,071,985 69.50%

6.15% 116,267 6.38% 110,986 7.20%

4.27% 79,899 4.39% 68,673 4.45%

5.54% 113,083 6.21% 101,494 6.58%

0.40% 6,585 0.36% 4,282 0.28%

86.72% 1,601,773 87.91% 1,357,420 88.00%

13.28% 220,259 12.09% 185,069 12.00%

0.05% 822 0.05% 675 0.04%

-0.06% (466) -0.03% 4,232 0.27%

13.29% 219,903 12.07% 180,162 11.68%

5.14% 83,951 4.61% 68,563 4.44%

8.14% 135,952 7.46% 111,599 7.23%

0.00% - 0.00% (267) -0.02%

8.14% 135,952 7.46% 111,866 7.25%

$4.59 $3.65

$4.55 $3.62

29,601 30,614

29,903 30,922

12 Months Ended

, 2012 Dec. 27, 2011 Dec. 28, 2010


8/22

Liabilities and shareholders' equity


Accounts payable 58700 46382 33705 25230

Accrued payroll and benefits 71731 60241 50336 41404

Accrued liabilities 56278 46456 38892 31216

Current portion of deemed landlord financing 143 133 121 96

Income tax payable 4241 4207Total current liabilities 186852 157453 123054 102153

Deferred rent 167057 143284 123667 106395

Deemed landlord financing 3386 3529 3661 3782

Deferred income tax liability 48947 64381 50525 38863

Other liabilities 16499 12435 9825 6851

Total liabilities 422741 381082 310732 258044

Shareholders' equity:

Preferred stock

Common Stock 349 344 340 335

Additional Paid-in capital 816612 676652 594331 539880

Treasury stock, at cost -521518 -304426 -240918 -114316

Accumulated other comprehensive income 1024 197 606 29

Retained earnings 949459 671459 456514 277533

Total shareholders' equity 1245926 1044226 810873 703461

Total liabilities and shareholders' equity 1668667 1425308 1121605 961505


Accounts payable 13.9% 12.2% 10.8% 9.8%

Accrued payroll and benefits 17.0% 15.8% 16.2% 16.0%

Accrued liabilities 13.3% 12.2% 12.5% 12.1%

Current portion of deemed landlord financing 0.0% 0.0% 0.0% 0.0%Income tax payable

Total current liabilities 44.2% 41.3% 39.6% 39.6%

Deferred rent 39.5% 37.6% 39.8% 41.2%

Deemed landlord financing 0.8% 0.9% 1.2% 1.5%

Deferred income tax liability 11.6% 16.9% 16.3% 15.1%

Other liabilities 3.9% 3.3% 3.2% 2.7%

Total liabilities 100.0% 100.0% 100.0% 100.0%


Preferred stock

Common Stock

Additional Paid-in capitalTreasury stock, at cost

Accumulated other comprehensive income

Retained earnings

Total shareholders' equity

Total liabilities and shareholders' equity


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Liabilities


Accounts payable 9,371 15,884 7,346 6,417

Accrued expenses 268,169 222,450 204,170 135,842

Total current liabiliti 277,540 238,334 211,516 142,259

Deferred rent 59,822 54,055 47,974 43,371

Deferred income taxes 60,655 34,345 30,264 28,813Other long-term liabilit 48,227 45,512 39,219 25,686

Total liabilities 446,244 372,246 328,973 240,129



Accrued expenses 60.1% 59.8% 62.1% 56.6%

Total current liabiliti 62.2% 64.0% 64.3% 59.2%

Deferred rent 13.4% 14.5% 14.6% 18.1%

Deferred income taxes 13.6% 9.2% 9.2% 12.0%

Other long-term liabilit 10.8% 12.2% 11.9% 10.7%




Accrued expenses 60.1% 59.8% 62.1% 56.6%

Total current liabiliti 62.2% 64.0% 64.3% 59.2%

Deferred rent 13.4% 14.5% 14.6% 18.1%Deferred income taxes 13.6% 9.2% 9.2% 12.0%

Other long-term liabilit 10.8% 12.2% 11.9% 10.7%



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Panera - Year ended 2012 2011 2010

Return on Investment 15.11% 13.93% 12.70%

Margin 8.14% 7.46% 7.25%

Asset Turnover 1.86 1.87 1.75

Return on Equity 23.49% 21.74% 18.76%

Debt Ratio 35.19% 36.23% 35.58%

Operating Income Margin 13% 12% 12%

Net Income Margin 8.1% 7.5% 7.3%

Gross Profit Margin 29.6% 29.4% 30.5%


Revenue 2,130,057 1,822,032 1,542,489

Total Assets 1,147,743 975,952 880,873



Operating Income Margin 13.3% 12.1% 12.0%


Panera - Year ended 2012 2011 2010Debt Ratio 35.19% 36.23% 35.58%






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Chipotle - Year ended 2012 2011 2010

Return on Investment 18.02% 16.85% 17.24%

Margin 10.21% 9.45% 9.78%


Return on Equity 24.28% 23.17% 23.64%

Debt Ratio 25.33% 26.74% 27.70%





Revenue 2,731,224 2,269,548 1,835,922

Total Assets 1,546,988 1,273,457 1,041,555



Operating Income Margin 16.7% 15.4% 15.7%


Chipotle - Year ended 2012 2011 2010Debt Ratio 25.33% 26.74% 27.70%




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Chipotle Financial Ratios

Chipotle Consolidated Balance Sheets 2009-2012

31-Dec 31-Dec 31-Dec 31-Dec

2012 2011 2010 2009

Assets

Current assets:

Cash and cash equivalents $322,553 $401,243 224,838 219,566

Accounts receivable 16,800 8,389 5,658 4,763

Inventory 11,096 8,913 7,098 5,614

Current deferred tax asset 8,862 6,238 4,317 3,134

Prepaid expenses and other current assets 27,378 21,404 16,016 14,377

Income tax receivable 9,612 23,528

Investments 150,306 55,005 124,766 50,000

Total current assets 546,607 501,192 406,221 297,454

Leasehold improvements, property and equipment, net 866,703 751,951 676,881 636,411

Long term investments 190,868 128,241Other assets 42,550 21,985 16,564 5,701

Goodwill 21,939 21,939 21,939 21,939

Total assets 1,668,667 1,425,308 1,121,605 961,505

(In Thousands)

Current as of 10/30/2014 12/22


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2012 2011 2010 2009

Liabilities and shareholders' equity


Accounts payable 58,700 46,382 33,705 25,23Accrued payroll and benefits 71,731 60,241 50,336 41,40

Accrued liabilities 56,278 46,456 38,892 31,21

Current portion of deemed landlord financing 143 133 121 9

Income tax payable 4,241 4,20

Total current liabilities 186,852 157,453 123,054 102,15

Deferred rent 167,057 143,284 123,667 106,39

Deemed landlord financing 3,386 3,529 3,661 3,78

Deferred income tax liability 48,947 64,381 50,525 38,86

Other liabilities 16,499 12,435 9,825 6,85

Total liabilities 422,741 381,082 310,732 258,04


Preferred stock

Common Stock 349 344 340 33Additional Paid-in capital 816,612 676,652 594,331 539,88

Treasury stock, at cost -521,518 -304,426 -240,918 -114,31

Accumulated other comprehensive income 1,024 197 606 2

Retained earnings 949,459 671,459 456,514 277,53

Total shareholders' equity 1,245,926 1,044,226 810,873 703,46

Total liabilities and shareholders' equity 1,668,667 1,425,308 1,121,605 961,50

Current as of 10/30/2014 13/22


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2012 2011 2010 2009 2008

31-Dec 31-Dec 31-Dec 31-Dec 31-Dec

Revenue 2,731,224 2,269,548 1,835,922 1,518,417 1,331,96

Restraunt Operating Costs:

Food, beverage and packaging 891,003 738,720 561,107 466,027 431,94

Labor 641,836 543,119 453,573 385,072 351,00

Occupancy 171,435 147,274 128,933 114,218 98,07

Other operating costs 286,610 251,208 202,904 174,581 164,01

General and administrative expenses 183,409 149,426 118,590 99,149 89,15

Depreciation and amortization 84,130 74,938 68,921 61,308 52,77

Pre-opening costs 11,909 8,495 7,767 8,401 11,62

Loss on disposal of assets 5,027 5,806 6,296 5,956 9,33

Total operating expenses 2,275,359 1,918,986 1,548,091 1,314,712 1,207,92

Income from operations 455,865 350,562 287,831 203,705 124,03

Interest and other income (expense), net 1,820 -857 1,230 520 3,16

Income before income taxes 457,685 349,705 289,061 204,225 127,20

Provision from income taxes -179,685 -134,760 -110,080 -77,380 -49,00

Net Income 278,000 214,945 178,981 126,845 78,20

Other comprehensive income:

Foreign currency translation adjustments 827 -409 577

Coprehensive Income 278,827 214,536 179,558 126,845 78,20

Earnings per Share:

Basic 8.82 6.89 5.73 3.99 2.3

Diluted 8.75 6.76 5.64 3.95 2.3

Weighted average common share outstanding:

Basic 31,513 31,217 31,234 31,766 32,76

Diluted 31,783 31,775 31,735 32,102 33,14

(In Thousands Except Per Share Data)

Chipotle Consolidated Statement of Income

Current as of 10/30/2014 14/22


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2012 2011 2010

31-Dec 31-Dec 31-Dec

Revenue 2,731,224 100.00% 2,269,548 100.00% 1,835,922 100.00


Food, beverage and packaging 891,003 32.62% 738,720 32.55% 561,107 30.56

Labor 641,836 23.50% 543,119 23.93% 453,573 24.71

Occupancy 171,435 6.28% 147,274 6.49% 128,933 7.02

Other operating costs 286,610 10.49% 251,208 11.07% 202,904 11.05

General and administrative expenses 183,409 6.72% 149,426 6.58% 118,590 6.46

Depreciation and amortization 84,130 3.08% 74,938 3.30% 68,921 3.75

Pre-opening costs 11,909 0.44% 8,495 0.37% 7,767 0.42

Loss on disposal of assets 5,027 0.18% 5,806 0.26% 6,296 0.34

Total operating expenses 2,275,359 83.31% 1,918,986 84.55% 1,548,091 84.32

Income from operations 455,865 16.69% 350,562 15.45% 287,831 15.68Interest and other income (expense), net 1,820 0.07% -857 -0.04% 1,230 0.07

Income before income taxes 457,685 16.76% 349,705 15.41% 289,061 15.74

Provision from income taxes -179,685 -6.58% -134,760 -5.94% -110,080 -6.00

Net Income 278,000 10.18% 214,945 9.47% 178,981 9.75


Foreign currency translation adjustments 827 0.03% -409 -0.02% 577 0.03

Coprehensive Income 278,827 10.21% 214,536 9.45% 179,558 9.78

Vertical Analysis

Current as of 10/30/2014 15/22


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2009 2008

31-Dec 31-Dec

Revenue 1,518,417 100.00% 1,331,968 100.00%


Food, beverage and packaging 466,027 30.69% 431,947 32.43%

Labor 385,072 25.36% 351,005 26.35%

Occupancy 114,218 7.52% 98,071 7.36%

Other operating costs 174,581 11.50% 164,018 12.31%

General and administrative expenses 99,149 6.53% 89,155 6.69%

Depreciation and amortization 61,308 4.04% 52,770 3.96%

Pre-opening costs 8,401 0.55% 11,624 0.87%

Loss on disposal of assets 5,956 0.39% 9,339 0.70%

Total operating expenses 2,275,359 149.85% 1,918,986 144.07%

Income from operations 203,705 13.42% 350,562 26.32%

Interest and other income (expense), net 520 0.03% 3,167 0.24%

Income before income taxes 457,685 30.14% 349,705 26.25%

Provision from income taxes -77,380 -5.10% -49,004 -3.68%

Net Income 278,000 18.31% 214,945 16.14%


Foreign currency translation adjustments

Coprehensive Income 278,827 18.36% 214,536 16.11%

Vertical Analysis

Current as of 10/30/2014 16/22


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2012 2011 2010 2009


Revenue 20.34% 23.62% 20.91% 14.00%


Food, beverage and packaging 20.61% 31.65% 20.40% 7.89%

Labor 18.18% 19.74% 17.79% 9.71%

Occupancy 16.41% 14.23% 12.88% 16.46%

Other operating costs 14.09% 23.81% 16.22% 6.44%

General and administrative expenses 22.74% 26.00% 19.61% 11.21%

Depreciation and amortization 12.27% 8.73% 12.42% 16.18%

Pre-opening costs 40.19% 9.37% -7.55% -27.73%

Loss on disposal of assets -13.42% -7.78% 5.71% -36.22%

Total operating expenses 18.57% 23.96% 17.75% 8.84%

Income from operations 30.04% 21.79% 41.30% 64.23%

Interest and other income (expense), net Not Mean. -169.67% 136.54% -83.58%Income before income taxes 30.88% 20.98% 41.54% 60.55%

Provision from income taxes 33.34% 22.42% 42.26% 57.91%

Net Income 29.34% 20.09% 41.10% 62.20%


Foreign currency translation adjustments -302.20% -170.88%

Coprehensive Income 29.97% 19.48% 41.56% 62.20%

Horizontal analysis

Current as of 10/30/2014 17/22


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For year end Dec 31: 2012 2011 2010 2009

Margin: 10.21% 9.45% 9.78%

Net income from continuating operations 278,827 214,536 179,558

Sales 2,731,224 2,269,548 1,835,922

Turnover: 1.77 1.78 1.76

Sales 2,731,224 2,269,548 1,835,922

Average Total Assets 1546987.5 1273456.5 1041555

Total Assets 1,668,667 1,425,308 1,121,605 961,505

Net Return on Investment 18.02% 16.85% 17.24%

For year end Dec 31: 2012 2011 2010

Current Assets 546,607 501,192 406,221

Current Liabilities 186,852 157,453 123,054

Current Ratio 2.93 3.18 3.30

For year end Dec 31: 2012 2011 2010

Total Current Assets Less Inventory 535,511 492,279 399,123

Total Current Assets 546,607 501,192 406,221

Inventory 11,096 8,913 7,098

Current Liabilities 186,852 157,453 123,054

Acid Test Ratio 2.87 3.13 3.24

(Dollars In thousands)

Net Return on Investment = Margin x Turnover

Current Ratio

Current Ratio = Current Assets/Current Liabilities

Acid Test Ratio

Net Return on investments

(Dollars in Thousands)

(Dollars In Thousands)

Acid Test Ratio = (Total Current Assets - Inventory)/Current Liabilities

Current as of 10/30/2014 18/22


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For year end Dec: 31 2012 2011 2010

Accounts Recievable 16,800 8,389 5,658

Average Days Sales 7482.81 6217.94 5029.92

Sales 2,731,224 2,269,548 1,835,922

Days in Fiscal Year 365 365 365

Number of Days Sales in Accounts Recievable 2.25 1.35 1.12

Inventory Turnover = Cost of Sales/Average Inventory

For year end Dec 31: 2012 2011 2010 2009

Cost of Sales 891,003 738,720 561,107

Average Inventory 10004.5 8005.5 6356

Inventory 11,096 8,913 7,098 5,614

Inventory Turnover 89.06 92.28 88.28

For year end Dec 31: 2012 2011 2010

Closing Market Price/Share* 297.46 337.74 212.66

Diluted Earnings/Share from Continuing Operations 8.75 6.76 5.64

Price Earnings Ratio 34.00 49.96 37.71

Number of Days Sales in accounts recievable = Accounts Recievable/Average Days Sales

(Dollars in thousands)

Price Earnings Ratio = Price per Share / Diluted Earnings per Share

(Dollars in thousands)

* Data from Yahoo Finance at close last day of fiscal year

Inventory Turnover

Price Earnings Ratio

Number of Days Sales in Accounts Recievable

Current as of 10/30/2014 19/22


20/22


For year end Dec 31: 2012 2011 2010

Cash Dividends Declared Per Share 0 0 0

Closing Market Price per Share* 297.46 337.74 212.66

Dividend Yield 0 0 0

Dividend Payout Ratio

For end year Dec 31: 2012 2011 2010

Cash Dividends Declared Per Share 0 0 0

Diluted Earnings/Share from Continuing Operations 8.75 6.76 5.64

Dividend Payout Ratio 0 0 0

For year end Dec 31: 2012 2011 2010

Total Liabilities 422,741 381,082 310,732

Total Owners' Equity 1,245,926 1,044,226 810,873

Total Liabilities and Owners' Equity 1,668,667 1,425,308 1,121,605

Debt Ratio 25.33% 26.74% 27.70%

Dividend Yield

Dividend Yield = Dividends per Share / Market Price Per Share

Dividend Payout Ratio = Cash dividend declared per share/Diluted earning per share


Debt Ratio

Debt Ratio = Total liabilities / Total liabilities and owners' equity

Current as of 10/30/2014 20/22


21/22


For year end Dec 31: 2012 2011 2010 2009

Net Income less Preferred Dividends 278,000 214,945 178,981

Net Income 278,000 214,945 178,981

Preferred Dividends 0 0 0

Average Total Owners' Equity 1145076 927549.5 757167

Owners' Equity 1,245,926 1,044,226 810,873 703,461

Return on Equity 24.28% 23.17% 23.64%

Operating Income Margin

For year end Dec 31: 2012 2011 2010 2009 2008

Operating Income 455,865 350,562 287,831 203,705 124,039

Sales 2,731,224 2,269,548 1,835,922 1,518,417 1,331,968

Operating Income Margin 17% 15% 16% 13% 9%

Operating Income Margin = Operating income / Sales

Return on Equity = Net Income (less Preferred Dividends)/Averafe Total Owners' Equity

Return on Equity


Current as of 10/30/2014 21/22


22/22

15.11

13.93

12.7

Panera Financial Statements & Ratios

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Transcript of Panera Financial Statements & Ratios