Attached files
file | filename |
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8-K - 8-K - DOMINOS PIZZA INC | dpz-8k_20150717.htm |
Exhibit 99.1
Domino's Pizza Master Issuer LLC
Domino's SPV Canadian Holding Company Inc.
Domino's Pizza Distribution LLC
Domino's IP Holder LLC
Quarterly Noteholders' Statement
Quarterly Collection Period Starting: |
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March 23, 2015 |
Quarterly Collection Period Ending: |
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June 14, 2015 |
Quarterly Payment Date: |
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July 27, 2015 |
Debt Service Coverage Ratios and Senior ABS Leverage |
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Senior ABS Leverage |
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Quarterly DSCR |
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Current Period |
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3.83 |
x |
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4.02 |
x |
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One Period Prior |
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3.92 |
x |
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4.23 |
x |
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Two Periods Prior |
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4.21 |
x |
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3.94 |
x |
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Three Periods Prior |
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4.36 |
x |
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3.70 |
x |
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System Performance |
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Domestic |
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Franchise |
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Company-Owned |
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Total Domestic |
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Open Stores at end of prior Quarterly Collection Period |
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4,705 |
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379 |
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5,084 |
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Store Openings during Quarterly Collection Period |
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22 |
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- |
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22 |
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Store Transfers during Quarterly Collection Period |
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2 |
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(2 |
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— |
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Permanent Store Closures during Quarterly Collection Period |
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(7 |
) |
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(1 |
) |
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(8 |
) |
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Net Change in Open Stores during Quarterly Collection Period |
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17 |
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(3 |
) |
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14 |
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Open Stores at end of Quarterly Collection Period |
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4,722 |
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376 |
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5,098 |
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International |
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Franchise |
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Company-Owned |
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Total International |
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Open Stores at end of prior Quarterly Collection Period |
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6,655 |
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— |
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6,655 |
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Store Openings during Quarterly Collection Period |
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178 |
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— |
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178 |
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Permanent Store Closures during Quarterly Collection Period |
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(6 |
) |
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— |
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(6 |
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Net Change in Open Stores during Quarterly Collection Period |
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172 |
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— |
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172 |
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Open Stores at end of Quarterly Collection Period |
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6,827 |
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— |
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6,827 |
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Franchise |
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Company-Owned |
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International |
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Same-Store Sales Growth for Quarterly Collection Period |
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12.8 |
% |
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12.5 |
% |
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6.7 |
% |
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Potential Events |
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Material Concern |
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i. Potential Rapid Amortization Event |
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No |
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ii. Potential Manager Termination Event |
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No |
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Cash Trapping |
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Date of |
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Commenced |
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Commencement |
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i. a. Partial Cash Trapping Period |
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No |
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N/A |
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b. Full Cash Trapping Period |
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No |
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N/A |
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ii. Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period |
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N/A |
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iii. Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date |
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N/A |
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iv. Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period |
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N/A |
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v. Series 2012-1 Partial Cash Trapping Release Event |
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N/A |
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vi. Series 2012-1 Full Cash Trapping Release Event |
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N/A |
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Occurrence Dates |
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Date of |
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Commenced |
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Commencement |
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i. Rapid Amortization Event |
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No |
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N/A |
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ii. Default |
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No |
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N/A |
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iii. Event of Default |
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No |
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N/A |
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iv. Manager Termination Event |
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No |
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N/A |
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Non-Amortization Test |
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Date of |
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Commenced |
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Commencement |
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i. Non-Amortization Period |
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Yes |
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April 27, 2015 |
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Extension Periods |
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Date of |
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Commenced |
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Commencement |
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i. Series 2012-1 Class A-1 first renewal period |
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No |
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N/A |
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ii. Series 2012-1 Class A-1 second renewal period |
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No |
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N/A |
Domino's Pizza Master Issuer LLC
Domino's SPV Canadian Holding Company Inc.
Domino's Pizza Distribution LLC
Domino's IP Holder LLC
Quarterly Noteholders' Statement
Quarterly Collection Period Starting: |
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March 23, 2015 |
Quarterly Collection Period Ending: |
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June 14, 2015 |
Quarterly Payment Date: |
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July 27, 2015 |
Allocation of Funds |
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1. Outstanding Notes and Reserve Account Balances as of Prior Quarterly Payment Date: |
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i. Outstanding Principal Balances |
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a. Advances Under Series 2012-1 Class A-1 Notes |
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$ |
— |
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b. Series 2012-1 Class A-2 Notes |
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$ |
1,521,843,750.00 |
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c. Senior Subordinated Notes |
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$ |
— |
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d. Subordinated Notes |
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$ |
— |
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ii. Reserve Account Balances |
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a. Available Senior Notes Interest Reserve Account Amount (1) |
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$ |
20,783,992.50 |
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b. Available Senior Subordinated Notes Interest Reserve Account Amount |
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$ |
— |
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c. Available Cash Trap Reserve Account Amount (1) |
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$ |
— |
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2. Retained Collections for Current Quarterly Payment Date: |
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i. Franchisee Payments |
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a. Domestic Continuing Franchise Fees |
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$ |
112,559,713.96 |
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b. International Continuing Franchise Fees |
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$ |
32,943,000.53 |
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c. Initial Franchise Fees |
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$ |
— |
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d. Other Franchise Fees |
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$ |
— |
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e. PULSE Maintenance Fees |
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$ |
142,826.01 |
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f. PULSE License Fees |
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$ |
536,370.00 |
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g. Technology Fees |
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5,771,813.28 |
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h. Franchisee Insurance Proceeds |
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$ |
— |
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i. Other Franchisee Payments |
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$ |
— |
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ii. Company-Owned Stores License Fees |
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$ |
4,741,100.94 |
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iii. Third-Party License Fees |
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$ |
— |
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iv. Product Purchase Payments |
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$ |
342,970,448.39 |
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v. Co-Issuers Insurance Proceeds |
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$ |
— |
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vi. Asset Disposition Proceeds |
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$ |
— |
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vii. Excluded Amounts |
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$ |
228,676.77 |
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viii. Other Collections |
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$ |
126,776.00 |
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ix. Investment Income |
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$ |
8,783.28 |
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x. HoldCo L/C Agreement Fee Income |
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$ |
103,892.40 |
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Less: |
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xiii. Excluded Amounts |
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$ |
60,117,239.83 |
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a. Advertising Fees |
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$ |
59,888,563.06 |
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b. Company-Owned Store Advertising Fees |
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$ |
— |
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c. Third-Party Matching Expenses |
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$ |
228,676.77 |
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xiv. Product Purchase Payments |
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$ |
342,970,448.39 |
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xiv. Bank Account Expenses |
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$ |
24,537.86 |
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Plus: |
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xvi. Aggregate Weekly Distributor Profit Amount |
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$ |
24,456,995.83 |
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xvii. Retained Collections Contributions |
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$ |
— |
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xviii. Total Retained Collections |
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$ |
121,478,171.31 |
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3. Adjusted Net Cash Flow for Current Quarterly Payment Date: |
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i. Retained Collections for Quarterly Collection Period |
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$ |
121,478,171.31 |
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Less: |
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ii. Servicing Fees, Liquidation Fees and Workout Fees |
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$ |
78,296.94 |
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iii. Securitization Entities Operating Expenses paid during Quarterly Collection Period |
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$ |
82,500.00 |
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iv. Weekly Manager Fee Amounts paid during Quarterly Collection Period |
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$ |
13,575,453.28 |
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v. Manager Advances Reimbursement Amounts |
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$ |
— |
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vi. PULSE Maintenance Fees |
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$ |
142,826.01 |
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vii. Technology Fees |
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$ |
5,771,813.28 |
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viii. Administrative Expenses |
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$ |
25,000.00 |
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vix. Investment Income |
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$ |
8,783.28 |
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vx. Retained Collections Contributions, if applicable, received during Quarterly Collection Period |
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$ |
— |
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viii. Net Cash Flow for Quarterly Collection Period |
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$ |
101,793,498.52 |
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ix. Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period |
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$ |
1,211,827.36 |
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x. Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year |
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92.75 |
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xi. Adjusted Net Cash Flow for Quarterly Collection Period |
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$ |
112,396,987.95 |
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1. Amounts calculated as of the close of business on the last Business Day of the preceding Quarterly Collection Period. |
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Domino's Pizza Master Issuer LLC
Domino's SPV Canadian Holding Company Inc.
Domino's Pizza Distribution LLC
Domino's IP Holder LLC
Quarterly Noteholders' Statement
Quarterly Collection Period Starting: |
|
March 23, 2015 |
Quarterly Collection Period Ending: |
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June 14, 2015 |
Quarterly Payment Date: |
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July 27, 2015 |
4. Debt Service / Payments to Noteholders for Current Quarterly Payment Date: |
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i. Required Interest on Senior and Senior Subordinated Notes |
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Series 2012-1 Class A-1 Quarterly Interest |
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$ |
169,572.02 |
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Series 2012-1 Class A-2 Quarterly Interest |
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$ |
19,844,842.50 |
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Series 2012-1 Senior Subordinated Quarterly Interest |
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$ |
— |
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ii. Required Principal on Senior and Senior Subordinated Notes |
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Series 2012-1 Class A-2 Quarterly Scheduled Principal |
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$ |
7,875,000.00 |
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Series 2012-1 Senior Subordinated Scheduled Principal |
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$ |
— |
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iii. Other |
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Series 2012-1 Class A-1 Quarterly Commitment Fees |
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$ |
70,874.36 |
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iv. Total Debt Service |
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$ |
27,960,288.88 |
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v. Other Payments to Noteholders Relating to Notes |
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Series 2012-1 Subordinated Quarterly Interest |
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$ |
— |
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Series 2012-1 Subordinated Quarterly Scheduled Principal |
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$ |
— |
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Series 2012-1 Class A-1 Quarterly Contingent Additional Interest |
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$ |
— |
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Series 2012-1 Class A-2 Quarterly Contingent Additional Interest |
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$ |
— |
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Senior Subordinated Quarterly Contingent Additional Interest |
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$ |
— |
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Subordinated Quarterly Contingent Additional Interest |
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$ |
— |
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5. Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date: |
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i. All available deposits in Series 2012-1 Class A-1 Distribution Account |
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$ |
265,446.38 |
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ii. All available deposits in Series 2012-1 Class A-2 Distribution Account |
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$ |
19,844,842.50 |
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iii. All available deposits in Senior Subordinated Distribution Account |
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$ |
— |
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iv. All available deposits in Subordinated Distribution Account |
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$ |
— |
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v. Total on Deposit in Distribution Accounts |
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$ |
20,110,288.88 |
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6. Distributions for Current Quarterly Payment Date: |
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Series 2012-1 Class A-1 Distribution Account |
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i. Payment of interest and fees related to Series 2012-1 Class A-1 Notes |
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$ |
265,446.38 |
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ii. Indemnification and Real Estate Disposition Proceeds Payments to reduce commitments under Series 2012-1 Class A-1 Notes |
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$ |
— |
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iii. Principal payments to Series 2012-1 Class A-1 Notes |
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$ |
— |
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iv. Payment of Series 2012-1 Class A-1 Notes Breakage Amounts |
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$ |
— |
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Series 2012-1 Class A-2 Distribution Account |
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i. Payment of interest related to Series 2012-1 Class A-2 Notes |
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$ |
19,844,842.50 |
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ii. Indemnification and Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes |
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$ |
— |
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iii. Principal payment to Series 2012-1 Class A-2 Notes |
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$ |
— |
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iv. Make-Whole Premium related to Series 2012-1 Class A-2 Notes |
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$ |
— |
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Senior Subordinated Distribution Account |
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i. Payment of interest related to Senior Subordinated Notes |
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$ |
— |
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ii. Indemnification and Real Estate Disposition Proceeds payments to Senior Subordinated Notes |
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$ |
— |
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iii. Principal payment to Senior Subordinated Notes |
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$ |
— |
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iv. Make-Whole Premium related to Senior Subordinated Notes |
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$ |
— |
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Subordinated Distribution Account |
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i. Payment of interest related to Subordinated Notes |
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$ |
— |
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ii. Indemnification and Real Estate Disposition Proceeds payments to Subordinated Notes |
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$ |
— |
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iii. Principal payment to Subordinated Notes |
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$ |
— |
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iv. Make-Whole Premium related to Subordinated Notes |
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$ |
— |
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Total Allocations from Distribution Accounts |
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$ |
20,110,288.88 |
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Domino's Pizza Master Issuer LLC
Domino's SPV Canadian Holding Company Inc.
Domino's Pizza Distribution LLC
Domino's IP Holder LLC
Quarterly Noteholders' Statement
Quarterly Collection Period Starting: |
|
March 23, 2015 |
Quarterly Collection Period Ending: |
|
June 14, 2015 |
Quarterly Payment Date: |
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July 27, 2015 |
7. Senior Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: |
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i. Deposits into Senior Notes Interest Reserve Account during Quarterly Collection Period |
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$ |
2,550.00 |
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ii. Less draws on / releases from Available Senior Notes Interest Reserve Account Amount |
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$ |
— |
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iii. Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount |
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$ |
2,550.00 |
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8. Senior Subordinated Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: |
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i. Deposits into Senior Subordinated Notes Interest Reserve Account during Quarterly Collection Period |
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$ |
— |
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ii. Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount |
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$ |
— |
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iii. Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount |
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$ |
— |
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9. Cash Trap Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: |
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i. Deposits into Cash Trap Reserve Account during Quarterly Collection Period |
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$ |
— |
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ii. Less draws on Available Cash Trap Reserve Account Amount |
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$ |
— |
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iii. Less Cash Trapping Release Amount |
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$ |
— |
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iv. Total Increase (Reduction) of Available Cash Trap Reserve Account Amount |
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$ |
— |
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10. Real Estate Disposition Proceeds |
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i. Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date |
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$ |
— |
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ii. Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date |
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$ |
— |
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11. Scheduled Principal Catch-Up Amounts |
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i. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Prior Quarterly Payment Date |
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$ |
— |
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ii. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date |
|
$ |
7,875,000.00 |
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12. Outstanding Balances as of Current Quarterly Payment Date (after giving effect to payments to be made on such date): |
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i. Series 2012-1 Class A-1 Notes |
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$ |
43,495,014.00 |
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ii. Series 2012-1 Class A-2 Notes |
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$ |
1,521,843,750.00 |
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iii. Senior Subordinated Notes |
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$ |
— |
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iv. Subordinated Notes |
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$ |
— |
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v. Reserve account balances: |
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a. Available Senior Notes Interest Reserve Account Amount |
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$ |
20,786,542.50 |
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b. Available Senior Subordinate Notes Interest Reserve Account Amount |
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$ |
— |
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c. Available Cash Trap Reserve Account Amount |
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$ |
— |
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IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders' Statement this July 22, 2015. |
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Domino's Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto, |
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by: |
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Jeffrey D. Lawrence - Treasurer |
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