Group 1 - Building Benjamins is a free stock picking and market commentary investment newsletter published by Tradition Investment Management, LLC [1] - Benjamin Halliburton, the founder, has a notable background in investment, having founded Tradition Capital Management in 2000 and received multiple accolades for his performance [1] - Halliburton has extensive experience in the investment field, starting his career at Merrill Lynch in 1986 and earning an MBA with a focus on finance from Duke's Fuqua School of Business in 1990 [1] Group 2 - Halliburton earned the Chartered Financial Analyst designation in 1994 and was recognized as the top-performing portfolio manager at Brundage, Story and Rose [1] - His investment strategy, known as "Disciplined Growth Strategy," outperformed the S&P 500 during the 1990s bull market [1] - Halliburton was the youngest partner at his previous firm and received high praise from senior managing partners for his investment acumen [1]

Papa John's International, Inc. (PZZA) is doubling down on its technology-driven growth strategy with an expanded multiyear partnership with Google Cloud. The move supports the pizza chain’s commitment to leveraging artificial intelligence (AI), data analytics and machine learning to enhance its ordering process, customer interactions and overall operational efficiency. By integrating Google Cloud’s advanced AI capabilities, the company aims to create a seamless, personalized and engaging experience for its ...

I have been working in the logistics sector for almost two decades. I have been into stock investing and macroeconomic analysis for almost a decade. Currently, I focus on ASEAN and NYSE/NASDAQ Stocks, particularly in banks, telco, logistics, and hotels. Since 2014, I have been trading on the PH stock market. I focus on banking, telco, and retail sectors. A colleague encouraged me to engage in the stock market as part of my portfolio diversification instead of putting all my savings in banks and properties. ...

I am an Equity Analyst and Accountant specializing in restaurant stocks, with a solid foundation in Business Administration and Accounting, complemented by an MBA in Forensic Accounting and Controllership. As the founder of Goulart's Restaurant Stocks, I lead a company focused on analyzing restaurant stocks in the U.S. market. Our coverage spans multiple segments, including QSR, fast casual, casual dining, fine dining, and family dining. We employ advanced analytical models and specialized valuation techniq ...

Papa John’s International, Inc. (PZZA) recorded better-than-expected fourth-quarter fiscal 2024 results, wherein adjusted earnings and revenues topped the Zacks Consensus Estimate. However, the metrics declined on a year-over-year basis.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.The year-over-year performance decline was attributable to a decrease in International revenues due to the adverse impact of the U.K. company-owned restaurants and a decrease in Domestic company-owned r ...

Financial Data and Key Metrics Changes - For Q4 2024, global system-wide restaurant sales were $1.23 billion, down approximately 8% in constant currency, primarily due to an additional week of operation in the prior year [29] - Total revenues for Q4 were $531 million, down 7% from last year, but excluding the impact of the additional week, revenue was largely flat [35] - Adjusted operating income for Q4 was $37 million, down $10 million from a year ago, with an adjusted operating income margin of 7%, down from 8.3% in 2023 [37] Business Line Data and Key Metrics Changes - North America comparable sales were down 4% in Q4, with transaction comps down 2% year-over-year, but showing sequential improvement [31] - International comparable sales were up 2% year-over-year in Q4, with strong performance in key markets like the Middle East [34] Market Data and Key Metrics Changes - Domestic average unit sales in North America were approximately $1.1 million in 2024, with the company opening more than 300 new restaurants globally [23] - The company opened nearly 200 new restaurants internationally in 2024 and anticipates similar growth in 2025 [25] Company Strategy and Development Direction - The company is focusing on franchisee profitability and operational excellence, with strategic priorities including product innovation, marketing amplification, and enhancing customer experience [10][11] - Plans for 2025 include investing up to an additional $25 million in marketing, focusing on both corporate and franchisee markets [17][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy to accelerate sales and drive long-term growth, despite a challenging operating environment [41] - For 2025, the company expects system-wide sales to increase between 2% and 5%, with North America comparable sales anticipated to be flat to up 2% [42] Other Important Information - The company plans to report adjusted EBITDA as a key performance measure starting in 2025, with an anticipated range of $200 million to $220 million [44] - The company refranchised 15 restaurants in Wisconsin and is in discussions to refranchise additional locations, which is expected to be neutral to slightly accretive to earnings [26] Q&A Session Summary Question: Industry expectations for 2025 and performance relative to the industry - Management acknowledged a value-focused environment and expects the pizza category to be flattish to slightly down, but believes initiatives in loyalty and marketing will help gain market share [56][58] Question: International growth and market penetration - Management highlighted a focus on nine core international markets, indicating significant growth potential and ongoing success in regions like the U.K. and the Middle East [66][70] Question: EBITDA guidance and investment breakdown - Management detailed that the EBITDA guidance includes up to $25 million in marketing investments, with a focus on both corporate and franchisee markets [76][81] Question: Development incentives and loyalty program performance - Management confirmed the three-year abatement for development incentives and noted significant growth in loyalty program membership and engagement [120][123]

Core Insights - Papa Johns (PZZA) exceeded earnings estimates for Q4, reporting adjusted earnings per share of $0.63 and revenue of $530.77 million, both lower than the previous year but above analyst consensus [1] Financial Performance - Comparable store sales in North America decreased by 4% year-over-year, aligning with estimates, while international comparable sales increased by 2%, surpassing expectations [2] - For 2025, the company anticipates comparable store sales in North America and internationally to be flat or grow up to 2%, compared to current analyst projections of 0.77% and 0.54% growth, respectively [2] Strategic Initiatives - CEO Todd Penegor expressed satisfaction with the initial progress in the company's transformation efforts aimed at improving value perception, simplifying operations, and enhancing digital and loyalty experiences [3] - The company has outlined strategic priorities to capture market share and is focused on executing initiatives to drive near-term sales momentum while increasing profitability over time [3] Market Reaction - Following the earnings report, shares of Papa Johns rose approximately 1.6%, although they have declined about 35% over the past year [3]

For the quarter ended December 2024, Papa John's (PZZA) reported revenue of $530.77 million, down 7.1% over the same period last year. EPS came in at $0.63, compared to $0.91 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $513 million, representing a surprise of +3.46%. The company delivered an EPS surprise of +31.25%, with the consensus EPS estimate being $0.48.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and h ...

Core Insights - Papa John's reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.48 per share, but down from $0.91 per share a year ago, representing an earnings surprise of 31.25% [1] - The company achieved revenues of $530.77 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.46%, although this is a decline from $571.32 million in the same quarter last year [2] - The stock has increased approximately 12.6% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.62 on revenues of $511.98 million, and for the current fiscal year, it is $2.39 on revenues of $2.07 billion [7] - The estimate revisions trend for Papa John's is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Retail - Restaurants industry, to which Papa John's belongs, is currently in the top 25% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Darden Restaurants, a peer in the same industry, is expected to report quarterly earnings of $2.82 per share, reflecting a year-over-year increase of 7.6%, with revenues projected at $3.22 billion, up 8.2% from the previous year [9][10]

or o Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 FORM 10-K (Mark One) x Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 29, 2024 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 juris ...