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Papa John’s
International Inc.
Course J401 | Section 21414
C 40 – C 49
Team Leader:
Mariana Freitas
Team Members:
Peyton B...
Peyton Balazs: Senior | Marketing Major
Autumn Gordon: Junior | Accounting & Finance Major
Mariana Freitas: Junior | Finan...
In this presentation, Team 2 will present a final analysis on Papa John’s International, Inc. We
will begin with an overvi...
TABLE OF CONTENTS
Papa John's | Final Case Analysis | 4
Company Overview.....................................................
TABLE OF CONTENTS
Papa John's | Final Case Analysis | 5
Financial Analysis 2013-2015.........................................
Papa John's | Final Case Analysis | 6
COMPANY OVERVIEW
COMPANY FACTS
Beginning: Jeffersonville, Indiana
Headquartered: Louisville, Kentucky
Financial Year End: December
Employee...
Source: Papa John’s Website
MISSION & VALUES
 Customers
Papa John’s will create superior brand loyalty, i.e. “raving
fans...
Norborne P. Cole Jr. Chair of the Compensation Committee | Appointed in 2003
Christopher L. Coleman Audit Committee & Corp...
Laurette T. Koellner Audit Committee & Corporate Governance and Nominating
Committee | Appointed in 2014
Sonya E. Medina C...
Papa John's | Final Case Analysis | 11
CASE IQ RECAP
Founder John
Schnatter
History
1984-2013
Marketing and
Advertising
Industry
• Market Share
• Industry Trends
Competition
•...
Papa John's | Final Case Analysis | 13
PAPA JOHN’S STRATEGY
2013-2015
GROWTH STRATEGY
6 Year Plan
2013 Plan: Open 1,200
net units globally by
2018 (180 to 210 net
global unit openings a
year)
...
SWOT ANALYSIS
Source: Papa John’s Website, 2014 & 2015 10K, Franchise Help Holdings LLC, Statista, Fast Food Menu Prices, ...
• Local Level
- Target consumers within the
delivery area of the restaurant
- Community orientated activities
within schoo...
• Official Pizza Sponsor of the NFL
- 41% polled named Papa John’s most
active sponsorship of NFL (2013)
• Peyton Manning
...
• Four step loyalty program that allows
Papa John’s customers to earn discounts
based on their amount of spending
- Exampl...
• Highest digital sales mix in category
- Mobile represents over 50% of total digital sales
• Highest rating according to ...
• New point-of-sale system (FOCUS)
• Implementation: 2015, in all North
American traditional restaurants
- Lowered income ...
Papa John's | Final Case Analysis | 21
THE PIZZA INDUSTRY
2013-2015
THE PIZZA INDUSTRY
6.5%
7.9%
14.8%
9.9%
20.2%
40.9%
Market Share Percentage of Sales
Pizza Industry - 2014
Papa John's Lit...
COMPETITORS
Source: Thompson, Crafting and Executing Strategy: The Quest for Competitive Advantage (20th Ed.), 2016, Pizza...
PAPA JOHN’S GLOBAL EXPANSION
2013-2015
Papa John's | Final Case Analysis | 24
• Owning corporate restaurants
helps franchises implement Papa
John’s best practices and strategies
• Outperformance of co...
Source: Papa John’s 2016 Company Presentation
INTERNATIONAL LOCATIONS
Papa John's | Final Case Analysis | 26
Papa John’s g...
• As of 2013: 4,200 units in 34 countries and
plan is to open 1,200 net units in the next 6
years
• Opened a total of 730 ...
INTERNATIONAL MARKETS
Source: Market Line, 2015 Q3 Earnings Call
U.K.
319 franchises
China
45 company-owned and 199 franch...
CHINA MARKET
Source: 2014 Q2 & Q3 Earnings Call, 2015 Q4 Earnings Call
• Why is China the only International
market that h...
Papa John's | Final Case Analysis | 30
FINANCIAL ANALYSIS
2013-2015
Source: Bloomberg Terminal, http://ir.papajohns.com/calculator.cfm
STOCK ANALYSIS
• IPO on June 8, 1993 traded
at $2.90 a ...
REVENUES
• 2015 revenue of $1.6 B, a
2.5% increase compared
to 2014 (increase of 4.2%
for North America and
6.9% internati...
Source: Bloomberg Terminal, 2015 Annual Report
• Debt-to-Equity: 506.24%
- 2015 net debt was $256 M,
an 11% increase
- Sig...
Source: Bloomberg Terminal, 2013 Annual Report
Free Cash Flow from 2011 to 2015
FREE CASH FLOW
Papa John's | Final Case An...
Source: Bloomberg Terminal, 2015 Annual Report
• ROCE: 130.7%
• Dividends: 32.7%
- Initial payout 2013
- Annual Dividend $...
Papa John's | Final Case Analysis | 36
RISK FACTORS, LOOKING
FORWARD, &
RECOMMENDATIONS
Source: 2015 Annual Report
• Increase in commodity prices
- Competitive strength is quality
- Refuse to compromise to save...
Source: 2015 Q4 Earnings Call
2016 Annual Meeting of Shareholders
Thursday, April 28, 2016 – 11:00 AM ET
International gro...
Source: Bloomberg Terminal
ANALYST RECOMMENDATION
According to the Bloomberg Terminal as of April 8, 2016, 4 out of 7 anal...
TEAM 2 RECOMMENDATION
Papa John's | Final Case Analysis | 40
As a group, Team 2 reached a consolidated conclusion that we ...
“When it comes to quality there is absolutely no compromise, no
compromise ever” – J. Schnatter
QUESTIONS?
Source: 2015 Q3...
Papa John's | Final Case Analysis | 42
REFERENCES
RECOMMENDATIONS
• 2015 First Quarter Results
• 2015 Nielsen Global Health and Wellness Survey
• http://ir.papajohns.com/ca...
Papa John's | Final Case Analysis | 44
WORKPAPERS
Papa John's | Final Case Analysis | 45
ATTENDANCE
Attendance – March 29th, 2016
Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry
J401 ...
Attendance – March 31st, 2016
Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry
J401 ...
Attendance – April 7th, 2016
Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry
J401 -...
Attendance – April 11th, 2016
Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry
J401 ...
Attendance – April 13th, 2016
Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry
J401 ...
Attendance – April 14th, 2016
Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry
J401 ...
Papa John's | Final Case Analysis | 52
MEETING MINUTES
MINUTES
Team Meeting
BUS J401 BS2007
March 29th, 2016
3:00PM-4:00PM
1. Met with group 30 Minutes
• Discussed Case 2 and to...
MINUTES
Team Meeting
BUS J401 BS2007
March 31st, 2016
3PM-4:30PM
1. Met with group 1hr 30 minutes
• Split up tasks
• Read ...
MINUTES
Team Meeting
BUS J401 BS2007
April 7th, 2016
3PM-4:00PM
1.Met with group 60 minutes
• Reviewed PowerPoint
• Made c...
MINUTES
Team Meeting
BUS J401 BS2007
April 11th, 2016
4:30PM-5:30PM
1. Met with group and Nestor to review PowerPoint 60 m...
MINUTES
Team Meeting
BUS J401 BS2007
April 13th, 2016
3:00PM-5:30PM
1. Met with group 2hr 30 minutes
• Final review of the...
MINUTES
Team Meeting
BUS J401 BS2007
April 14th, 2016
9:00AM-10:15AM
1. Met with group for final practice 1hr 15 minutes
T...
Papa John's | Final Case Analysis | 59
TIMESHEETS
Weekday Calender Date Location Description Start Time End Time Total Daily Hours
Monday 3/28/16 Home Read the case 7:30 PM...
Weekday Calender Date Location Description Start Time End Time Total Daily Hours
Friday 3/25/16 Home Research for Case 1 Q...
Weekday Calender Date Location Description Start Time End Time Total Daily Hours
Tuesday 3/29/16 Library Met group to star...
Weekday Calender Date Location Description Start Time End Time Total Daily Hours
Tuesday 3/29/16 Library Talked about case...
Weekday Calender Date Location Description Start Time End Time Total Daily Hours
Tuesday 3/29/16 Home Prepared ideas for g...
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Case Analysis Project - Papa Johns

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Case Analysis Project - Papa Johns

  1. 1. Papa John’s International Inc. Course J401 | Section 21414 C 40 – C 49 Team Leader: Mariana Freitas Team Members: Peyton Balazs Autumn Gordon Simran Saini Ashton Wagler April 14, 2016 Team 2
  2. 2. Peyton Balazs: Senior | Marketing Major Autumn Gordon: Junior | Accounting & Finance Major Mariana Freitas: Junior | Finance & International Studies Major |Economics Minor Simran Saini: Junior | Accounting & Finance Major | Economics Minor Ashton Wagler: Senior | Accounting & Finance Major TEAM MEMBERS Papa John's | Final Case Analysis | 2
  3. 3. In this presentation, Team 2 will present a final analysis on Papa John’s International, Inc. We will begin with an overview of the mission and values of Papa John’s, the board of directors, and a brief recap from the Case IQ presentation. Firstly, Team 2 will focus on Papa John’s growth strategy along with an updated SWOT analysis, marketing strategy, and technology strategy. We will then present an overview of the pizza industry and discuss Papa John’s main competitors. We will then cover the franchise component, domestic and international expansion, and an analysis on the U.K. and China market. Lastly, we will conduct a financial analysis on the company. To conclude, Team 2 will highlight system-wide risk factors and risks specific to Papa John’s, as well as provide recommendations from analysts and our group members. Please contact us via e-mail with any questions or concerns regarding our presentation Mariana Freitas mm233@iupui.edu Peyton Balazs pbalazs@iupui.edu | Autumn Gordon augordon@iupui.edu Simran Saini sainis@iupui.edu | Ashton Wagler atwagler@iupui.edu EXECUTIVE SUMMARY Papa John's | Final Case Analysis | 3
  4. 4. TABLE OF CONTENTS Papa John's | Final Case Analysis | 4 Company Overview......................................................................................................................................... Company Facts................................................................................................................................. Mission and Values.......................................................................................................................... Board of Directors............................................................................................................................ Case IQ Recap................................................................................................................................................... Papa John’s Strategy 2013-2015...................................................................................................................... Growth Strategy................................................................................................................................ SWOT Analysis................................................................................................................................. Marketing Strategy........................................................................................................................... Papa Rewards................................................................................................................................... Technology Strategy......................................................................................................................... POS System FOCUS........................................................................................................................ The Pizza Industry 2013-2015........................................................................................................................ The Pizza Industry........................................................................................................................... Competitors...................................................................................................................................... Papa John’s Global Expansion 2013-2015.................................................................................................... Franchise vs. Corporate................................................................................................................... International Locations.................................................................................................................... Global Units Openings.................................................................................................................... International Markets...................................................................................................................... China Market.................................................................................................................................... 6 7 8 9-10 11-12 13 14 15 16-17 18 19 20 21 22 23 24 25 26 27 28 29
  5. 5. TABLE OF CONTENTS Papa John's | Final Case Analysis | 5 Financial Analysis 2013-2015......................................................................................................................... Stock Analysis.................................................................................................................................. Revenues........................................................................................................................................... Debt and Margins............................................................................................................................ Free Cash Flow…............................................................................................................................. Growth.............................................................................................................................................. Risk Factors, Looking Forward, and Recommendation........................................................................... Risk Factors...................................................................................................................................... 2016 Guidance.................................................................................................................................. Analyst Recommendation.............................................................................................................. Team 2 Recommendation............................................................................................................... Questions........................................................................................................................................... References.......................................................................................................................................................... Work Papers...................................................................................................................................................... Attendance........................................................................................................................................ Meeting Minutes.............................................................................................................................. Timesheets......................................................................................................................................... 30 31 32 33 34 35 36 37 38 39 40 41 42-43 44 45 52 59
  6. 6. Papa John's | Final Case Analysis | 6 COMPANY OVERVIEW
  7. 7. COMPANY FACTS Beginning: Jeffersonville, Indiana Headquartered: Louisville, Kentucky Financial Year End: December Employees as of December 27, 2015: 22,350 Market Cap: $2.14B as of April 13, 2016 Ticker Symbol: PZZA Exchange: NASDAQ Papa John's | Final Case Analysis | 7 First Papa John’s Restaurant in Jeffersonville, IN Source: Yahoo! Finance, Bloomberg Terminal
  8. 8. Source: Papa John’s Website MISSION & VALUES  Customers Papa John’s will create superior brand loyalty, i.e. “raving fans”, through (a) authentic, superior-quality products, (b) legendary customer service and (c) exceptional community service.  Team Members People are our most important asset. Papa John’s will provide clear, consistent, strategic leadership and career opportunities for Team Members who (a) exhibit passion toward their work, (b) uphold our Core Values, (c) take pride of ownership in building the long-term value of the Papa John’s brand and (d) have ethical business practices.  Franchisees We will work as a team with our franchisees to create continued opportunity for outstanding financial returns to those franchisees who (a) adhere to Papa John’s proven Core Values and systems, (b) exhibit passion in running their businesses and (c) take pride of ownership in building the long-term value of the Papa John’s brand.  Shareholders We will produce superior long-term value for our shareholders. P.A.P.AAccountability Attitude Constant Improvement Focus Superiority Papa John's | Final Case Analysis | 8
  9. 9. Norborne P. Cole Jr. Chair of the Compensation Committee | Appointed in 2003 Christopher L. Coleman Audit Committee & Corporate Governance and Nominating Committee | Appointed in 2012 Olivia F. Kirtley Chair of the Audit Committee & Compensation Committee |Appointed in 2003 Source: 2014 Annual Report BOARD OF DIRECTORS John Schnatter Founder, Chairman & Chief Executive Officer | Appointed in 1984 Papa John's | Final Case Analysis | 9
  10. 10. Laurette T. Koellner Audit Committee & Corporate Governance and Nominating Committee | Appointed in 2014 Sonya E. Medina Corporate Governance & Nominating Committee | Appointed in 2015 Mark S. Shapiro Audit Committee | Corporate Governance and Nominating Committee | Appointed in 2011 W. Kent Taylor Compensation Committee | Appointed in 2011 Source: 2014 Annual Report BOARD OF DIRECTORS Papa John's | Final Case Analysis | 10
  11. 11. Papa John's | Final Case Analysis | 11 CASE IQ RECAP
  12. 12. Founder John Schnatter History 1984-2013 Marketing and Advertising Industry • Market Share • Industry Trends Competition • Direct • Indirect Strategy • Five Components • SWOT Analysis Franchises • Requirements • Modifications Porter’s Five Forces Source: Team 2 Case IQ Presentation Papa John's | Final Case Analysis | 12
  13. 13. Papa John's | Final Case Analysis | 13 PAPA JOHN’S STRATEGY 2013-2015
  14. 14. GROWTH STRATEGY 6 Year Plan 2013 Plan: Open 1,200 net units globally by 2018 (180 to 210 net global unit openings a year) • #1 in the 2015 American Customer Satisfaction • Leader in the pizza category and #2 in total of all QSR in customer experience in the Temkin Experience Rating Customer Satisfaction Maintain Premium Pricing • Clean Label Initiative • Quality Guarantee • Papa’s Lighter Choices menu offerings and Online Nutrition Calculator • Summer 2016: First national pizza chain to use poultry raised without human or animal antibiotics, as well as fed with a 100% vegetarian diet Quality Focused Reduce “pass- throughs” and reimbursements in the form of discounts, and invest that in marketing to build the brand and to create a stronger emotional connection with customers Source: 2013 Q1 & Q4 Earnings Call, 2015 Q1, Q3 & Q4 Earnings Call Papa John's | Final Case Analysis | 14
  15. 15. SWOT ANALYSIS Source: Papa John’s Website, 2014 & 2015 10K, Franchise Help Holdings LLC, Statista, Fast Food Menu Prices, BLS, Tampa Bay Times, 2015 Nielsen Global Health and Wellness Survey, United States Department of Agriculture Strengths • Community Oriented – Contributed more than $1 million toward disaster recovery and relief since 2012. Also donated approximately $1.3 million to the JA Program • Better Quality – Ranked #1 in customer satisfaction by American Customer Satisfaction Index for 13/15 years • Marketing Techniques – Official sponsor of over 350 professional and collegiate sports teams • Efficient Operating System – Implementation of FOCUS Opportunities • Franchising – Signed agreements to open approximately 1,000 international franchise units over the next six years • Social Media Advertising – Only 16% of people in the United States place orders online • Projected Industry Growth – Expected growth of 3.06% by 2020 in the United States Weaknesses Threats • Limited Menu – Does not offer options such as sandwiches, salads, or pasta, compared to other industry leaders • Higher Price – Approximately $1-2 above other industry leaders • Dine-In Options – “Few” locations because it reduces operating costs • Delivery Driving Service – Fatalities in Driver/Sales occupation occur at a rate of 24.3%, approximately seven times more than overall workplace average • High Competition – Moved from third-largest pizza chain to fourth place • Health Awareness – 2015 Nielsen Survey indicated 69% of consumers are eating healthier • Price of Ingredients – Food prices increased 2.9% in 2015 SWOT Analysis Papa John's | Final Case Analysis | 15
  16. 16. • Local Level - Target consumers within the delivery area of the restaurant - Community orientated activities within schools, sports venues, and other organizations - Special promotions • National Level - Television, print, direct mail, digital, mobile marketing, and social media - “Co-op” – Individual Papa John’s may be obliged to contribute percentage of sales towards market- wide advertising campaign MARKETING STRATEGY Papa John's | Final Case Analysis | 16 • Papa John’s Marketing Fund • International Level - Focus: people who live or work within a small radius of a Papa John’s restaurant - Radio, television, mobile-marketing, print materials, and digital marketing - Local promotions to raise awareness: community events, sporting events, and school programs Source: 2015 Annual Report, 2014 Q1 Earnings Call
  17. 17. • Official Pizza Sponsor of the NFL - 41% polled named Papa John’s most active sponsorship of NFL (2013) • Peyton Manning - 62% named him face of the NFL (2013) - Owner of 27 Papa John’s Franchises - Market Cap was $900 M in 2012 (Manning), now $2.14 B • J.J. Watt - New spokesman for Papa John’s - All Pro defensive player, considered one of the most prominent faces of the NFL • Specials and Promotions - “Double Cheeseburger Pizza” - Official pizza of the MLB (April 3, 2016) Source: 2013 and 2015 Q4 Earnings Calls, 2015 Annual Report, PapaJohns.com/Investor Relations Papa John's | Final Case Analysis | 17 MARKETING STRATEGY
  18. 18. • Four step loyalty program that allows Papa John’s customers to earn discounts based on their amount of spending - Example: large 2-topping pizza – 20 points; garlic knots – 10 points Source: 2016 Company Presenation, PapaJohns.com, 2015 Annual Report Papa John's | Final Case Analysis | 18 • Increases loyalty in a value-driven category - Papa Rewards surpasses other major brands as favorite dining/QSR loyalty program in Bond Brand Loyalty Report • “Papa Card” 1. Sign up online for Papa Rewards 2. Place order online 3. Earn 1 point with every $5 you spend 4. Redeem your points for Papa John’s products PAPA REWARDS
  19. 19. • Highest digital sales mix in category - Mobile represents over 50% of total digital sales • Highest rating according to The Search Agency Report “The Mobile Experience Scorecard – Restaurants and Catering” • iOS app upgrade (Feb 24, 2015) - Current iOS version: 969 Customer Reviews with an average rating of greater than 4 out of 5 stars • Fully responsive web design to improve the customer online/mobile experience - Ability to change size and aspect ratio based upon individual screen size • e-Commerce - Pay Share (April 2015) Source: 2015 Annual Report, 2016 Company Presentation, 2013 Q4 Earnings Call, iTunes Store Papa John's | Final Case Analysis | 19 TECHNOLOGY STRATEGY
  20. 20. • New point-of-sale system (FOCUS) • Implementation: 2015, in all North American traditional restaurants - Lowered income before taxes by $1.8 M - Increased Other Sales by $8.9 M primarily due to FOCUS equipment being sold to franchisees Papa John's | Final Case Analysis | 20 Source: 2015 First Quarter Results, 2015 Q1 Earnings Call, 2015 Annual Report • Expected to improve labor costs over time - Quicker employee training • Touch screen technology - Improve in-store customer experience - Drive speed and order accuracy POS SYSTEM FOCUS
  21. 21. Papa John's | Final Case Analysis | 21 THE PIZZA INDUSTRY 2013-2015
  22. 22. THE PIZZA INDUSTRY 6.5% 7.9% 14.8% 9.9% 20.2% 40.9% Market Share Percentage of Sales Pizza Industry - 2014 Papa John's Little Caesars Pizza Hut Domino's Other Chains Independent Chains Papa John’s ↑0.5% Domino’s ↓0.1% Little Caesars ↑3.2% Pizza Hut ↑3.3% Other Chains ↑0.6% Independent Chains ↓7.3% Percentage Change in Market Share Since 2013 Source: Thompson, Crafting and Executing Strategy: The Quest for Competitive Advantage (20th Ed.), 2016, Business Insights, Yahoo! Finance 33.65 6.83 2.14 Market Cap in Billions Big Four in the Pizza Industry 2015 Yum! Brands Domino's Papa John's Note: Little Caesars is privately held Papa John's | Final Case Analysis | 22 • Overview of the Pizza Industry - Worldwide sales for 2012 and 2017 (projected) were $42.8 B and $49.5 B, respectively - Estimate worldwide sales for 2015 were $46.7 B (CAGR 2.95%) - Worldwide establishments in 2012 and 2017 (projected) were 74,400 and 86,493, respectively - Estimate worldwide establishments for 2015 were 81,441 (CAGR 3.06%)
  23. 23. COMPETITORS Source: Thompson, Crafting and Executing Strategy: The Quest for Competitive Advantage (20th Ed.), 2016, Pizza Hut 2015 Report, Pizza Hut Website, Domino’s 2015 Annual Report, Little Caesars Website • Growth strategy is increasing net openings outside of the U.S. • Want to sharpen brand position by concentrating on product customization, transparency, and leading innovation/engagement through technology • Planning to split into Yum! China and Yum! by the end of 2016 • 2015 Year End Store Count: 16,063 • Growth strategy is dependent on global expansion • Transforming all locations by the end of 2017 to increase hospitality in locations • Leader in technology with apps in many different operating systems • Convenient store locations and efficient supply chain • 2015 Year End Store Count: 12,530 • “Highest-Rated Chain – Value for the Money” based on a nationwide survey of quick-service restaurant consumers conducted by Sandelman & Associates, 2007-2014 • Innovation - recognized pioneer in pizza industry, such as the "two pizzas for the price of one" deal Commonalities: All the major players in the pizza industry are focused on franchising, expanding internationally, and utilizing technology Papa John's | Final Case Analysis | 23
  24. 24. PAPA JOHN’S GLOBAL EXPANSION 2013-2015 Papa John's | Final Case Analysis | 24
  25. 25. • Owning corporate restaurants helps franchises implement Papa John’s best practices and strategies • Outperformance of company stores relative to the franchises - Corporate stores are in more tenured and penetrated markets • Papa John’s is in the process of weeding out the franchisees that are not engaged - Higher store closures in 2015 Source: 2013 Q1 Earnings Call, 2015 Q3 & Q4 Earnings Call FRANCHISE vs. CORPORATE Papa John's | Final Case Analysis | 25 Company- owned Franchised North America 665 2,621 International 58 1,084 Company- owned Franchised North America 707 2,681 International 45 1,460 Worldwide Net Units as of December 27, 2015 Worldwide Net Units as of December 29, 2013
  26. 26. Source: Papa John’s 2016 Company Presentation INTERNATIONAL LOCATIONS Papa John's | Final Case Analysis | 26 Papa John’s global presence and net units in each country as of December 27, 2015
  27. 27. • As of 2013: 4,200 units in 34 countries and plan is to open 1,200 net units in the next 6 years • Opened a total of 730 net units from 2013 to 2015 • The plan was to open approximately 200 net units a year, therefore, Papa John’s exceeded their goal by 21.7% in the past 3 years • Projection for 2016: to open 180 to 210 net units worldwide Q1 34 Q2 55 Q3 44 Q4 132 Q1 12 Q2 47 Q3 50 Q4 126 Q1 36 Q2 35 Q3 52 Q4 107 2013 2014 2015 Units Opened per Quarter 2013-2015 Net units opened in North America and Internationally from 2011 to 2015 Source: Papa John’s 2016 Company Presentation, 2013 Q1 Earnings Call, 2015 Q4 Earnings Call GLOBAL UNITS OPENINGS Papa John's | Final Case Analysis | 27
  28. 28. INTERNATIONAL MARKETS Source: Market Line, 2015 Q3 Earnings Call U.K. 319 franchises China 45 company-owned and 199 franchises Why the U.K. and China? The U.K. and China are the two international markets with the highest number of Papa John’s restaurant units. After conducting research, Team 2 constructed an analysis chart with possible reasons to why these two markets are favorable to Papa John’s. • GDP growth from $2.40 trillion to $2.58 trillion* • Unemployment rate decreased from 7.92% to 5.70%* • Corporate tax reduction to 20% as of April 1, 2015 • Stable governance system ensures that there is remarkable consistency in its policies • The country scores high in business, labor, trade, investment and financial freedom • According to Market Line, it ranks 17th in “getting credit”, meaning companies face fewer hurdles in terms of meeting working capital and long-term capital requirements • GDP growth from $4.87 trillion to $5.6 trillion* • Middle class and consuming class potentially growing to 600 million over the next 5 to 6 years • According to S&P, the government initiatives to reduce corruption, measures to enhance business environment and liberalize the financial sector, will boost the economy • As of June 2015, China’s central bank cut the benchmark interest rate 4 times since Nov. 2014. The recent interest rate cut by 25 basis points in June 2015 was to support the development of the economy Papa John's | Final Case Analysis | 28*From 2013 to 2015
  29. 29. CHINA MARKET Source: 2014 Q2 & Q3 Earnings Call, 2015 Q4 Earnings Call • Why is China the only International market that has corporate-owned units? - China is a different market than any market in the world, therefore, Papa John’s must approach it differently - By owning corporate restaurants in China, franchisees can better understand how to implement Papa John’s best practices and strategies • 2014: Partnership deal where Papa John’s is the official pizza sponsor of the Guoan Football Club in Beijing • 2014: OSI incident in China held back growth • 2015: Long-term plan is to close the company- owned in China and let another qualified franchisee take over operations Strategic Model Incorporate Menu Branding Aspects Marketing Changes Model Design Papa John's | Final Case Analysis | 29
  30. 30. Papa John's | Final Case Analysis | 30 FINANCIAL ANALYSIS 2013-2015
  31. 31. Source: Bloomberg Terminal, http://ir.papajohns.com/calculator.cfm STOCK ANALYSIS • IPO on June 8, 1993 traded at $2.90 a share and netted $12 M • Stock Splits: - 3-for-2 (two in 1996) - 2-for-1 (2005 and 2013) • If you had invested $1,000 at the time of the IPO, by April 8, 2016, the value would be $24,920.98 Papa John’s IPO to current stock price (04/10/2016) Papa John's | Final Case Analysis | 31
  32. 32. REVENUES • 2015 revenue of $1.6 B, a 2.5% increase compared to 2014 (increase of 4.2% for North America and 6.9% internationally) • Only brand that has had 12 consecutive years of even or positive sales • CAGR from 2011 to 2015 of 7.68% Revenues from 2011 to 2015 for Domestic Company-Owned Restaurants, Domestic Commissaries, Domestic Franchising, and International Restaurants Source: Bloomberg Terminal, 2015 Q4 Earnings Call Papa John's | Final Case Analysis | 32
  33. 33. Source: Bloomberg Terminal, 2015 Annual Report • Debt-to-Equity: 506.24% - 2015 net debt was $256 M, an 11% increase - Significant increase in investments in technology, marketing, and international markets • Profit Margin: 5.92% & Gross Margin: 32.4% - Profit margin and gross margin are very erratic due to the volatile environment (i.e. commodity prices, restaurant level bonuses, competitors pricing) Total Debt to Total Equity, Profit Margin, and Gross Margin from 2011 to 2015 DEBT & MARGINS Papa John's | Final Case Analysis | 33
  34. 34. Source: Bloomberg Terminal, 2013 Annual Report Free Cash Flow from 2011 to 2015 FREE CASH FLOW Papa John's | Final Case Analysis | 34 • Capital primarily used for: - Development, acquisition, renovation and maintenance of restaurants - Development, renovation and maintenance of commissary print and promotions facilities and equipment - Enhancement of corporate systems and facilities • CAGR 14.06% from 2011 to 2015
  35. 35. Source: Bloomberg Terminal, 2015 Annual Report • ROCE: 130.7% • Dividends: 32.7% - Initial payout 2013 - Annual Dividend $0.70 • SGR: 87.8% - Increased retained earnings 54% in 2015 ROCE, Dividends Payout Ratio, and SGR from 2011 to 2015 GROWTH Papa John's | Final Case Analysis | 35
  36. 36. Papa John's | Final Case Analysis | 36 RISK FACTORS, LOOKING FORWARD, & RECOMMENDATIONS
  37. 37. Source: 2015 Annual Report • Increase in commodity prices - Competitive strength is quality - Refuse to compromise to save money - Cheese is largest food cost • Foreign currency risk - Negative impact of $2.7 million in 2015 - Pressurizes franchisees’ cash flows • John Schnatter - No employment agreement - No “key man” life insurance - Major component in promotions - Owns 27% of common stock • Lawsuits RISK FACTORS Papa John's | Final Case Analysis | 37
  38. 38. Source: 2015 Q4 Earnings Call 2016 Annual Meeting of Shareholders Thursday, April 28, 2016 – 11:00 AM ET International growth opportunities 5 years out: Brazil, South Africa, Australia and countries throughout Western Europe Consolidated revenues growth of 4% to 6% and 180 to 210 net global unit openings, substantially all of which are expected to open in the final three quarters of the year North America full-year comparable sales growth of 2% to 4% and International full-year comparable sales growth of 5% to 7% Anticipate opening their 5,000th store globally Summer 2016 2016 GUIDANCE Papa John's | Final Case Analysis | 38
  39. 39. Source: Bloomberg Terminal ANALYST RECOMMENDATION According to the Bloomberg Terminal as of April 8, 2016, 4 out of 7 analysts from the firms listed below recommend to buy Papa John’s stock Analyst recommendations from the Bloomberg Terminal Papa John's | Final Case Analysis | 39
  40. 40. TEAM 2 RECOMMENDATION Papa John's | Final Case Analysis | 40 As a group, Team 2 reached a consolidated conclusion that we would buy Papa John’s stock. Papa John’s has a great potential for growth, as they are constantly investing in the company. They have developed innovative ways to run the business and expand into new markets. They also strongly believe in quality, so customers and investors can rely on carefully-inspected and prepared food. Although Papa John’s may be growing slower than their competitors, they focus on their long-term strategy and refuse to compromise their quality in order to compete on pricing. These qualities forecast long-term success and a profitable investment.
  41. 41. “When it comes to quality there is absolutely no compromise, no compromise ever” – J. Schnatter QUESTIONS? Source: 2015 Q3 Earnings Call Papa John's | Final Case Analysis | 41
  42. 42. Papa John's | Final Case Analysis | 42 REFERENCES
  43. 43. RECOMMENDATIONS • 2015 First Quarter Results • 2015 Nielsen Global Health and Wellness Survey • http://ir.papajohns.com/calculator.cfm • Bloomberg Terminal • Bureau of Labor Statistics • Business Insights • Domino’s 2015 Annual Report • Fast Food Menu Prices • Franchise Help Holdings LLC • Little Caesars Website • Market Line • Papa John’s 2014 & 2015 Annual Report • Papa John’s 2016 Company Presentation • Papa John’s 2013, 2014, & 2015 Earnings Calls • Papa John’s Website • Pizza Hut 2014, 2015 Report • Pizza Hut Website • Statista • Tampa Bay Times Papa John's | Final Case Analysis | 43 • Thompson, Crafting and Executing Strategy: The Quest for Competitive Advantage (20th Ed.), 2016 • United States Department of Agriculture • Yahoo! Finance
  44. 44. Papa John's | Final Case Analysis | 44 WORKPAPERS
  45. 45. Papa John's | Final Case Analysis | 45 ATTENDANCE
  46. 46. Attendance – March 29th, 2016 Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry J401 - Section 21414 Location: Library Team Leader Signature: _____________________________________________________ Members Signature Peyton Balazs Autumn Gordon Mariana Freitas Simran Saini Ashton Wagler
  47. 47. Attendance – March 31st, 2016 Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry J401 - Section 21414 Location: Library Team Leader Signature: _____________________________________________________ Members Signature Peyton Balazs Autumn Gordon Mariana Freitas Simran Saini Ashton Wagler
  48. 48. Attendance – April 7th, 2016 Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry J401 - Section 21414 Location: Library Team Leader Signature: _____________________________________________________ Members Signature Peyton Balazs Autumn Gordon Mariana Freitas Simran Saini Ashton Wagler
  49. 49. Attendance – April 11th, 2016 Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry J401 - Section 21414 Location: Library Team Leader Signature: _____________________________________________________ Members Signature Peyton Balazs Autumn Gordon Mariana Freitas Simran Saini Ashton Wagler
  50. 50. Attendance – April 13th, 2016 Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry J401 - Section 21414 Location: Library Team Leader Signature: _____________________________________________________ Members Signature Peyton Balazs Autumn Gordon Mariana Freitas Simran Saini Ashton Wagler
  51. 51. Attendance – April 14th, 2016 Team 2: Papa John's International, Inc.: Its Strategy in the Pizza Restaurant Industry J401 - Section 21414 Location: Library Team Leader Signature: _____________________________________________________ Members Signature Peyton Balazs Autumn Gordon Mariana Freitas Simran Saini Ashton Wagler
  52. 52. Papa John's | Final Case Analysis | 52 MEETING MINUTES
  53. 53. MINUTES Team Meeting BUS J401 BS2007 March 29th, 2016 3:00PM-4:00PM 1. Met with group 30 Minutes • Discussed Case 2 and topics to focus on 2. Met with Professor Steele for advice and feedback 30 Minutes Team Leader Signature: _____________________________________________________
  54. 54. MINUTES Team Meeting BUS J401 BS2007 March 31st, 2016 3PM-4:30PM 1. Met with group 1hr 30 minutes • Split up tasks • Read over research done by team members so far • Elaborated a strategy in order to move forward Team Leader Signature: _____________________________________________________
  55. 55. MINUTES Team Meeting BUS J401 BS2007 April 7th, 2016 3PM-4:00PM 1.Met with group 60 minutes • Reviewed PowerPoint • Made changes to PowerPoint Team Leader Signature: _____________________________________________________
  56. 56. MINUTES Team Meeting BUS J401 BS2007 April 11th, 2016 4:30PM-5:30PM 1. Met with group and Nestor to review PowerPoint 60 minutes • Took notes on where to make changes • Went over PowerPoint with Nestor • Fixed the order of the slides Team Leader Signature: _____________________________________________________
  57. 57. MINUTES Team Meeting BUS J401 BS2007 April 13th, 2016 3:00PM-5:30PM 1. Met with group 2hr 30 minutes • Final review of the PowerPoint • Met with Nestor for a Final review • Met with librarian Katherine Macy • Attempted to find information on the worldwide pizza industry • Practiced presentation Team Leader Signature: _____________________________________________________
  58. 58. MINUTES Team Meeting BUS J401 BS2007 April 14th, 2016 9:00AM-10:15AM 1. Met with group for final practice 1hr 15 minutes Team Leader Signature: _____________________________________________________
  59. 59. Papa John's | Final Case Analysis | 59 TIMESHEETS
  60. 60. Weekday Calender Date Location Description Start Time End Time Total Daily Hours Monday 3/28/16 Home Read the case 7:30 PM 8:00 PM 0:30 Tuesday 3/29/16 Library Met with group & Prof. Steele 3:00 PM 4:00 PM 1:00 Tuesday 3/29/16 Library and Bloomberg Terminal Conducted research on Bloomberg Terminal 3:55 PM 4:45 PM 0:50 Wednesday 3/30/16 Library and Bloomberg Terminal Conducted research on Bloomberg Terminal 12:00 PM 1:15 PM 1:15 Wednesday 3/30/16 Library and Bloomberg Terminal Conducted research on Bloomberg Terminal 7:00 PM 10:30 PM 3:30 Wednesday 3/30/16 Home Worked on breaking down data and PowerPoint 11:30 PM 2:00 AM 2:30 Thursday 3/31/16 Library Met with group 3:00 PM 4:30 PM 1:30 Friday 4/1/16 Library and Bloomberg Terminal Conducted research on Bloomberg Terminal 11:00 AM 1:30 PM 2:30 Saturday 4/2/16 Home Research on Market Line and worked on PowerPoint 1:00 PM 5:30 PM 4:30 Saturday 4/2/16 Home Research on Market Line and worked on PowerPoint 8:00 PM 10:00 PM 2:00 Monday 4/4/16 Home Summarized 2013 & 2015 Earnings Call 9:00 PM 1:00 AM 4:00 Tuesday 4/5/16 Home Finished summarizing 2015 Earnings Call 5:30 PM 7:30 PM 2:00 Tuesday 4/5/16 Home Summarized 2014 Earnings Call 10:00 PM 11:30 PM 1:30 Wednesday 4/6/16 Home Summarized 2014 Earnings Call 11:15 AM 12:00 PM 0:45 Wednesday 4/6/16 Home Finished summarizing 2014 Earnings Call 3:40 PM 6:00 PM 2:20 Wednesday 4/6/16 Home Worked on PowerPoint 9:00 PM 1:00 AM 4:00 Thursday 4/7/16 Library Met with group 3:00 PM 4:00 PM 1:00 Friday 4/8/16 Meeting with Nestor Met with Autumn and Nestor (PowerPoint) 1:00 PM 2:50 PM 1:50 Friday 4/8/16 Professor Steele's office hours Met with Prof. Steele to discuss Case 2 3:15 PM 4:30 PM 1:15 Sunday 4/10/16 Home Worked on PowerPoint 10:30 PM 2:00 AM 3:30 Monday 4/11/16 Meeting with Nestor Met with Nestor to go over the PowerPoint 3:40 PM 4:20 PM 0:40 Monday 4/11/16 Library Met with group 4:30 PM 5:30 PM 1:00 Tuesday 4/12/16 Home Worked on PowerPoint 7:00 PM 11:30 PM 4:30 Wednesday 4/13/16 Home Fixed Timesheets and finished PowerPoint 8:00 AM 12:00 PM 4:00 Wednesday 4/13/16 Practice Met with group 3:00 PM 5:30 PM 2:30 Wednesday 4/13/16 Home Wrote my script and practiced individually 8:00 PM 9:00 PM 1:00 Thursday 4/14/16 Practice Met with group 9:00 AM 10:15 AM 1:15 57.10 Total Time Print Name Sign Name Date Kelley School of Business Honor Code Team 2 Second Papa John's Case Analysis: Total Working Time Mariana Freitas - Time Sheet The honor code applies to any course offered by the Kelley School of Business. All students participating in Kelley classes are expected to uphold the code, regardless of their academic pursuits or major. Students who have been admitted to the Kelley School of Business are expected to continue their commitment to ethical behavior in all of their endeavors, including, but not limited to, course work outside of the Kelley School of Business, internships, co-op programs, community service, and overseas study. By signing below, I acknowledge that I have abided by the Kelley School of Business Honor Code. I also acknowledge that my time sheet is ligitimate and that my hours have not been falsified.
  61. 61. Weekday Calender Date Location Description Start Time End Time Total Daily Hours Friday 3/25/16 Home Research for Case 1 Q&A 3:00 PM 3:45 PM 0.45 Monday 3/29/16 Library and Bloomberg Terminal Team Meeting, Professor Steele's office 3:00 PM 4:00 PM 1:00 Wednesday 3/30/16 Library and Bloomberg Terminal Listened to 2015 earnings call 7:30 PM 8:45 PM 1:15 Wednesday 3/30/16 Home Read earnings call transcripts (2013 & 2014) 9:30 PM 11:30 PM 2:00 Thursday 3/31/16 Home Researched news and read 2014 annual report 9:15 AM 10:00 AM 0:45 Thursday 3/31/16 Library Team Meeting: Assigned Case 2 tasks 3:00 PM 4:30 PM 1:30 Friday 4/1/16 Home Researched risk factors and added to PPT 11:30 PM 1:00 AM 1:30 Saturday 4/2/16 Home Researched financials and added to PPT 9:00 AM 11:00 AM 2:00 Saturday 4/2/16 Home Financial research, PPT, and compiled notes 8:30 PM 12:30 AM 4:00 Sunday 4/3/16 Home Researched stock fluctuations; finsihed notes 12:45 PM 1:45 PM 1:00 Monday 4/4/16 Library Met with Mariana to discuss Case 2 progress 4:15 PM 5:15 PM 1:00 Tuesday 4/5/16 Home Researched competition and strategies 6:00 PM 7:30 PM 1:30 Thursday 4/7/16 Library Team Meeting: Finalized presentation approach 3:00 PM 4:00 PM 1:00 Friday 4/8/16 Meeting with Nestor Discussed Case 2 and showed PPT 1:15 PM 2:50 PM 1:35 Friday 4/8/16 Professor Steele's office hours Discussed Case 2 and showed PPT 3:15 PM 4:30 PM 1:15 Saturday 4/9/16 Home Research for updated SWOT analysis 10:30 PM 1:30 AM 4:00 Sunday 4/10/16 Home Research for updated SWOT analysis 6:00 PM 6:45 PM 0:45 Monday 4/11/16 Meeting with Nestor Team Meeting: reviewed PPT and assigned slides 4:30 PM 5:30 PM 1:00 Tuesday 4/12/16 Home Studied Mariana's earnings call notes 8:00 PM 9:00 PM 1:00 Wednesday 4/13/16 Practice Team Meeting: practiced presentation 4:30 PM 5:30 PM 1:00 Thursday 4/14/16 Practice Team Meeting: practiced presentation 9:00 AM 10:15 AM 1:15 31:05 Total Time Print Name Sign Name Date Kelley School of Business Honor Code Team 2 Second Papa John's Case Analysis: Total Working Time Autumn Gordon - Time Sheet The honor code applies to any course offered by the Kelley School of Business. All students participating in Kelley classes are expected to uphold the code, regardless of their academic pursuits or major. Students who have been admitted to the Kelley School of Business are expected to continue their commitment to ethical behavior in all of their endeavors, including, but not limited to, course work outside of the Kelley School of Business, internships, co-op programs, community service, and overseas study. By signing below, I acknowledge that I have abided by the Kelley School of Business Honor Code. I also acknowledge that my time sheet is ligitimate and that my hours have not been falsified.
  62. 62. Weekday Calender Date Location Description Start Time End Time Total Daily Hours Tuesday 3/29/16 Library Met group to start case 2 analysis 3:00 PM 3:20 PM 0:20 Tuesday 3/29/16 Professor Steele's office hours Meeting with Professor Steele 3:30 PM 4:00 PM 0:30 Tuesday 3/29/16 Library and Bloomberg Terminal Research on Bloomberg Terminal 4:10 PM 4:35 PM 0:25 Tuesday 3/29/16 Library Research on Factiva 4:35 PM 5:00 PM 0:25 Thursday 3/31/16 Home Secondary research and Powerpoint updates 12:15 PM 1:30 PM 1:15 Thursday 3/31/16 Library Team meeting 3:00 PM 4:30 PM 1:30 Thursday 3/31/16 Home Powerpoint slides 8:20 PM 9:25 PM 1:05 Friday 4/1/16 Home Powerpoint slides/research 7:30 PM 8:45 PM 1:15 Saturday 4/2/16 Home Powerpoint slides/research 8:00 PM 10:15 PM 2:15 Tuesday 4/5/16 Home Powerpoint notes for slides 1:00 PM 2:30 PM 1:30 Tuesday 4/5/16 Home Powerpoint notes for slides 7:00 PM 8:45 PM 1:45 Thursday 4/7/16 Library Met group 3:00 PM 4:00 PM 1:00 Monday 4/11/16 Home Read earnings calls summary 12:00 PM 1:25 PM 1:25 Monday 4/11/16 Meeting with Nestor Team meeting with Nestor 4:30 PM 5:30 PM 1:00 Monday 4/11/16 Home Update notes for presentation 8:00 PM 9:15 PM 1:15 Tuesday 4/12/16 Home Finalize notes/slides 6:00 PM 8:00 PM 2:00 Wednesday 4/13/16 Practice Team practice/finalize notes 3:00 PM 5:30 PM 2:30 Wednesday 4/13/16 Home Personal Practice 6:30 PM 7:30 PM 1:00 Thursday 4/14/16 Practice Team practice 9:00 AM 10:15 AM 1:15 23:40 Total Time Print Name Sign Name Date Kelley School of Business Honor Code Team 2 Second Papa John's Case Analysis: Total Working Time Peyton Balazs - Time Sheet The honor code applies to any course offered by the Kelley School of Business. All students participating in Kelley classes are expected to uphold the code, regardless of their academic pursuits or major. Students who have been admitted to the Kelley School of Business are expected to continue their commitment to ethical behavior in all of their endeavors, including, but not limited to, course work outside of the Kelley School of Business, internships, co-op programs, community service, and overseas study. By signing below, I acknowledge that I have abided by the Kelley School of Business Honor Code. I also acknowledge that my time sheet is ligitimate and that my hours have not been falsified.
  63. 63. Weekday Calender Date Location Description Start Time End Time Total Daily Hours Tuesday 3/29/16 Library Talked about case and met with Prof. Steele 3:00 PM 4:00 PM 1:00 Wednesday 3/30/16 Home Read current news and listened to earnings calls 12:00 PM 3:00 PM 3:00 Thursday 3/31/16 Library and Bloomberg Terminal Research on Bloomberg Terminal 12:45 PM 1:30 PM 0:45 Thursday 3/31/16 Library Met with team to split tasks 3:00 PM 4:30 PM 1:30 Friday 4/1/16 Home Started slides 7:00 PM 9:00 PM 2:00 Saturday 4/2/16 Home Competition and current news research/slides 7:30 PM 1:30 AM 6:00 Sunday 4/3/16 Home Re-did slides 8:00 PM 11:00 PM 3:00 Thursday 4/7/16 Library and Bloomberg Terminal Met with librarian and looked for credible sources 12:30 PM 1:30 PM 1:00 Thursday 4/7/16 Library and Bloomberg Terminal Meeting with team and Bloomberg Terminal 3:00 PM 4:00 PM 1:00 Monday 4/11/16 Home Powerpoint, earnings calls and other docs on canvas 8:00 PM 11:30 PM 3:30 Tuesday 4/12/16 Home Read current news on Papa John's 12:00 PM 1:30 PM 1:30 Tuesday 4/12/16 Home Worked on powerpoint & did external research 9:00 PM 11:00 PM 2:00 Wednesday 4/13/16 Practice Practice 3:00 PM 5:30 PM 2:30 Thursday 4/14/16 Practice Practice before presentation 9:00 AM 10:15 AM 1:15 30:00 Total Time Print Name Sign Name Date Kelley School of Business Honor Code Team 2 Second Papa John's Case Analysis: Total Working Time Simran Saini - Time Sheet The honor code applies to any course offered by the Kelley School of Business. All students participating in Kelley classes are expected to uphold the code, regardless of their academic pursuits or major. Students who have been admitted to the Kelley School of Business are expected to continue their commitment to ethical behavior in all of their endeavors, including, but not limited to, course work outside of the Kelley School of Business, internships, co-op programs, community service, and overseas study. By signing below, I acknowledge that I have abided by the Kelley School of Business Honor Code. I also acknowledge that my time sheet is ligitimate and that my hours have not been falsified.
  64. 64. Weekday Calender Date Location Description Start Time End Time Total Daily Hours Tuesday 3/29/16 Home Prepared ideas for group meeting 12:30 PM 1:00 PM 0:30 Tuesday 3/29/16 Library Group meeting and met with Prof. Steele 3:00 PM 4:00 PM 1:00 Thursday 3/31/16 Home Read Company Earnings Calls 12:00 PM 2:30 PM 2:30 Thursday 3/31/16 Library Group meeting 3:00 PM 4:30 PM 1:30 Saturday 4/2/16 Library Worked on PowerPoint slides 2:00 PM 3:30 PM 1:30 Thursday 4/7/16 Library Group meeting about new ideas 3:00 PM 4:00 PM 1:00 Friday 4/8/16 Home Edited/Created new PowerPoint slides 3:00 PM 5:00 PM 2:00 Monday 4/11/16 Library Discussed PPT layout, final touches as a group 4:30 PM 5:30 PM 1:00 Monday 4/11/16 Home Read earnings call summary -- Case IQ 10:00 PM 11:00 PM 1:00 Tuesday 4/12/16 Home Edited PowerPoint slides with new information 4:30 PM 5:45 PM 1:15 Tuesday 4/12/16 Home Prepared notes for presentation 7:00 PM 9:30 PM 2:30 Tuesday 4/12/16 Home Practiced for presentation 10:00 PM 11:30 PM 1:30 Wednesday 4/13/16 Practice Practiced with team 3:00 PM 5:30 PM 2:30 Thursday 4/14/16 Practice Practiced with team 9:00 AM 10:15 AM 1:15 21:00 Total Time Print Name Sign Name Date Kelley School of Business Honor Code Team 2 Second Papa John's Case Analysis: Total Working Time Ashton Wagler - Time Sheet The honor code applies to any course offered by the Kelley School of Business. All students participating in Kelley classes are expected to uphold the code, regardless of their academic pursuits or major. Students who have been admitted to the Kelley School of Business are expected to continue their commitment to ethical behavior in all of their endeavors, including, but not limited to, course work outside of the Kelley School of Business, internships, co-op programs, community service, and overseas study. By signing below, I acknowledge that I have abided by the Kelley School of Business Honor Code. I also acknowledge that my time sheet is ligitimate and that my hours have not been falsified.

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