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8-K - FORM 8-K - DOMINOS PIZZA INC | d158378d8k.htm |
Exhibit 99.1
Dominos Pizza Master Issuer LLC
Dominos SPV Canadian Holding Company Inc.
Dominos Pizza Distribution LLC
Dominos IP Holder LLC
Quarterly Noteholders Statement
Quarterly Collection Period Starting: | January 4, 2016 | |||||
Quarterly Collection Period Ending: | March 27, 2016 | |||||
Quarterly Payment Date: | April 25, 2016 |
Debt Service Coverage Ratios and Senior ABS Leverage | ||||||||||||||||||
Senior ABS Leverage | Quarterly DSCR | |||||||||||||||||
Current Period |
5.16 x | 3.51 x | ||||||||||||||||
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One Period Prior |
5.28 x | 3.08 x | ||||||||||||||||
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Two Periods Prior |
5.53 x | 3.90 x | ||||||||||||||||
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Three Periods Prior |
3.83 x | 4.02 x | ||||||||||||||||
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System Performance |
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Domestic |
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Franchise | Company-Owned | Total Domestic | ||||||||||||||||
Open Stores at end of prior Quarterly Collection Period |
4,816 | 384 | 5,200 | |||||||||||||||
Store Openings during Quarterly Collection Period |
17 | 1 | 18 | |||||||||||||||
Store Transfers during Quarterly Collection Period |
| | | |||||||||||||||
Permanent Store Closures during Quarterly Collection Period |
(2 | ) | | (2 | ) | |||||||||||||
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Net Change in Open Stores during Quarterly Collection Period |
15 | 1 | 16 | |||||||||||||||
Open Stores at end of Quarterly Collection Period |
4,831 | 385 | 5,216 | |||||||||||||||
International |
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Franchise | Company-Owned | Total International | ||||||||||||||||
Open Stores at end of prior Quarterly Collection Period |
7,330 | | 7,330 | |||||||||||||||
Store Openings during Quarterly Collection Period |
163 | | 163 | |||||||||||||||
Permanent Store Closures during Quarterly Collection Period |
(17 | ) | | (17 | ) | |||||||||||||
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Net Change in Open Stores during Quarterly Collection Period |
146 | | 146 | |||||||||||||||
Open Stores at end of Quarterly Collection Period |
7,476 | | 7,476 | |||||||||||||||
Franchise | Company-Owned | International | ||||||||||||||||
Same-Store Sales Growth for Quarterly Collection Period |
6.6 | % | 4.0 | % | 7.9 | % | ||||||||||||
Potential Events |
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Material Concern | ||||||||||||||||||
i. | Potential Rapid Amortization Event |
No | ||||||||||||||||
ii. | Potential Manager Termination Event |
No | ||||||||||||||||
Cash Trapping |
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Commenced | Date of Commencement | |||||||||||||||||
i. | a. | Partial Cash Trapping Period |
No | N/A | ||||||||||||||
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b. | Full Cash Trapping Period |
No | N/A | |||||||||||||||
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ii. | Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period |
N/A | ||||||||||||||||
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iii |
Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date |
N/A | ||||||||||||||||
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iv. | Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period |
N/A | ||||||||||||||||
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v. | Series 2012-1 Partial Cash Trapping Release Event |
N/A | ||||||||||||||||
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vi. | Series 2012-1 Full Cash Trapping Release Event |
N/A | ||||||||||||||||
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Occurrence Dates |
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Commenced | Date of Commencement | |||||||||||||||||
i. | Rapid Amortization Event |
No | N/A | |||||||||||||||
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ii. | Default |
No | N/A | |||||||||||||||
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iii. | Event of Default |
No | N/A | |||||||||||||||
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iv. | Manager Termination Event |
No | N/A | |||||||||||||||
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Non-Amortization Test |
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Commenced | Date of Commencement | |||||||||||||||||
i. | Non-Amortization Period |
No | N/A | |||||||||||||||
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Extension Periods |
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Commenced | Date of Commencement | |||||||||||||||||
i. | Series 2015-1 Class A-1 first renewal period |
No | N/A | |||||||||||||||
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ii. | Series 2015-1 Class A-1 second renewal period |
No | N/A | |||||||||||||||
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Allocation of Funds |
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1. |
Outstanding Notes and Reserve Account Balances as of Prior Quarterly Payment Date: | |||||||||||||
i. | Outstanding Principal Balances | |||||||||||||
a. | Advances Under Series 2015-1 Class A-1 Notes |
$ | | |||||||||||
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b. | Series 2012-1 Class A-2 Notes |
$ | 938,573,644.60 | |||||||||||
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b. | Series 2015-1 Class A-2-I Notes |
$ | 498,750,000.00 | |||||||||||
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b. | Series 2015-1 Class A-2-II Notes |
$ | 798,000,000.00 | |||||||||||
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c. | Senior Subordinated Notes |
$ | | |||||||||||
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d. | Subordinated Notes |
$ | | |||||||||||
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ii. | Reserve Account Balances | |||||||||||||
a. | Available Senior Notes Interest Reserve Account Amount (1) |
$ | 26,650,347.75 | |||||||||||
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b. | Available Senior Subordinated Notes Interest Reserve Account Amount |
$ | | |||||||||||
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c. | Available Cash Trap Reserve Account Amount (1) |
$ | | |||||||||||
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2. |
Retained Collections for Current Quarterly Payment Date: | |||||||||||||
i. | Franchisee Payments | |||||||||||||
a. | Domestic Continuing Franchise Fees |
$ | 130,539,295.31 | |||||||||||
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b. | International Continuing Franchise Fees |
$ | 37,101,513.07 | |||||||||||
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c. | Initial Franchise Fees |
$ | | |||||||||||
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d. | Other Franchise Fees |
$ | | |||||||||||
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e. | PULSE Maintenance Fees |
$ | 2,552.65 | |||||||||||
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f. | PULSE License Fees |
$ | 180,780.00 | |||||||||||
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g. | Technology Fees |
616,320.43 | ||||||||||||
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h. | Franchisee Insurance Proceeds |
$ | | |||||||||||
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i. | Other Franchisee Payments |
$ | | |||||||||||
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ii. | Company-Owned Stores License Fees | $ | 5,043,047.66 | |||||||||||
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iii. | Third-Party License Fees | $ | | |||||||||||
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iv. | Product Purchase Payments | $ | 367,482,816.10 | |||||||||||
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v. | Co-Issuers Insurance Proceeds | $ | | |||||||||||
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vi. | Asset Disposition Proceeds | $ | | |||||||||||
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vii. | Excluded Amounts | $ | (1,927,382.64 | ) | ||||||||||
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viii. | Other Collections | $ | 144,319.00 | |||||||||||
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ix. | Investment Income | $ | 49,499.32 | |||||||||||
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x. | HoldCo L/C Agreement Fee Income | $ | 58,823.40 | |||||||||||
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Less: | ||||||||||||||
xiii. | Excluded Amounts | $ | 67,458,740.83 | |||||||||||
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a. | Advertising Fees |
$ | 69,386,123.47 | |||||||||||
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b. | Company-Owned Store Advertising Fees |
$ | | |||||||||||
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c. | Third-Party Matching Expenses |
$ | (1,927,382.64 | ) | ||||||||||
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xiv. | Product Purchase Payments | $ | 367,482,816.10 | |||||||||||
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xiv. | Bank Account Expenses | $ | 29,613.07 | |||||||||||
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Plus: | ||||||||||||||
xvi. | Aggregate Weekly Distributor Profit Amount | $ | 28,315,957.61 | |||||||||||
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xvii. | Retained Collections Contributions | $ | | |||||||||||
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xviii. | Total Retained Collections | $ | 132,636,371.91 | |||||||||||
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3. |
Adjusted Net Cash Flow for Current Quarterly Payment Date: | |||||||||||||
i. | Retained Collections for Quarterly Collection Period | $ | 132,636,371.91 | |||||||||||
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Less: |
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ii. | Servicing Fees, Liquidation Fees and Workout Fees | $ | 111,124.50 | |||||||||||
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iii. | Securitization Entities Operating Expenses paid during Quarterly Collection Period | $ | 40,000.00 | |||||||||||
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iv. | Weekly Manager Fee Amounts paid during Quarterly Collection Period | $ | 14,130,392.68 | |||||||||||
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v. | Manager Advances Reimbursement Amounts | $ | 2,603,350.69 | |||||||||||
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vi. | PULSE Maintenance Fees | $ | 2,552.65 | |||||||||||
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vii. | Technology Fees | $ | 616,320.43 | |||||||||||
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viii. | Administrative Expenses | $ | 12,500.00 | |||||||||||
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vix. | Investment Income | $ | 49,499.32 | |||||||||||
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vx. | Retained Collections Contributions, if applicable, received during Quarterly Collection Period | $ | | |||||||||||
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viii. | Net Cash Flow for Quarterly Collection Period | $ | 115,070,631.63 | |||||||||||
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ix. | Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period | $ | 1,369,888.47 | |||||||||||
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x. | Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year | 91 | ||||||||||||
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xi. | Adjusted Net Cash Flow for Quarterly Collection Period | $ | 124,659,850.94 | |||||||||||
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1. Amounts calculated as of the close of business on the last Business Day of the preceding Quarterly Collection Period. |
4. |
Debt Service / Payments to Noteholders for Current Quarterly Payment Date: | |||||||||||||
i. | Required Interest on Senior and Senior Subordinated Notes | |||||||||||||
Series 2015-1 Class A-1 Quarterly Interest |
$ | 59,182.09 | ||||||||||||
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Series 2012-1 Class A-2 Quarterly Interest |
$ | 12,239,000.33 | ||||||||||||
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Series 2015-1 Class A-2-I Quarterly Interest |
$ | 4,344,112.50 | ||||||||||||
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Series 2015-1 Class A-2-II Quarterly Interest |
$ | 8,925,630.00 | ||||||||||||
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ii. | Required Principal on Senior and Senior Subordinated Notes | |||||||||||||
Series 2012-1 Class A-2 Quarterly Scheduled Principal |
$ | 6,398,437.50 | ||||||||||||
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Series 2015-1 Class A-2-I Quarterly Scheduled Principal |
$ | 1,250,000.00 | ||||||||||||
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Series 2015-1 Class A-2-II Quarterly Scheduled Principal |
$ | 2,000,000.00 | ||||||||||||
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iii. | Other | |||||||||||||
Series 2015-1 Class A-1 Quarterly Commitment Fees |
$ | 299,365.10 | ||||||||||||
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iv. | Total Debt Service | $ | 35,515,727.52 | |||||||||||
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v. | Other Payments to Noteholders Relating to Notes | |||||||||||||
Series 2012-1 Class A-2 Catch-Up Principal |
$ | 2,728,332.10 | ||||||||||||
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Series 2015-1 Class A-1 Quarterly Contingent Additional Interest |
$ | | ||||||||||||
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Series 2012-1 Class A-2 Quarterly Contingent Additional Interest |
$ | | ||||||||||||
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Series 2015-1 Class A-2-I Quarterly Contingent Additional Interest |
$ | | ||||||||||||
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Series 2015-1 Class A-2-II Quarterly Contingent Additional Interest |
$ | | ||||||||||||
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5. |
Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date: | |||||||||||||
i. | All available deposits in Series 2015-1 Class A-1 Distribution Account | $ | 371,047.19 | |||||||||||
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ii. | All available deposits in Series 2012-1 Class A-2 Distribution Account | $ | 21,365,769.93 | |||||||||||
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iii. | All available deposits in Series 2015-1 Class A-2-I Distribution Account | $ | 5,594,112.50 | |||||||||||
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iv. | All available deposits in Series 2015-1 Class A-2-II Distribution Account | $ | 10,925,630.00 | |||||||||||
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v. | Total on Deposit in Distribution Accounts | $ | 38,256,559.62 | |||||||||||
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6. |
Distributions for Current Quarterly Payment Date: | |||||||||||||
Series 2015-1 Class A-1 Distribution Account |
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i. | Payment of interest and fees related to Series 2015-1 Class A-1 Notes | $ | 371,047.19 | |||||||||||
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ii. | Indemnification & Real Estate Disposition Proceeds Payments to reduce commitments under Series 2015-1 Class A-1 Notes | $ | | |||||||||||
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iii. | Principal payments to Series 2015-1 Class A-1 Notes | $ | | |||||||||||
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iv. | Payment of Series 2015-1 Class A-1 Notes Breakage Amounts | $ | | |||||||||||
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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 | $ | 12,239,000.33 | |||||||||||
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ii. | Indemnification & Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes | $ | | |||||||||||
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iii. | Principal payment to Series 2012-1 Class A-2 Notes | $ | 9,126,769.60 | |||||||||||
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iv. | Make-Whole Premium related to Series 2012-1 Class A-2 Notes | $ | | |||||||||||
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Series 2015-1 Class A-2-I Distribution Account |
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i. | Payment of interest related to Series 2015-1 Class A-2-I Notes | $ | 4,344,112.50 | |||||||||||
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ii. | Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-I Notes | $ | | |||||||||||
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iii. | Principal payment to Series 2015-1 Class A-2-I Notes | $ | 1,250,000.00 | |||||||||||
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iv. | Make-Whole Premium related to Series 2015-1 Class A-2-I Notes | $ | | |||||||||||
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Series 2015-1 Class A-2-II Distribution Account |
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i. | Payment of interest related to Series 2015-1 Class A-2-II Notes | $ | 8,925,630.00 | |||||||||||
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ii. | Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-II Notes | $ | | |||||||||||
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iii. | Principal payment to Series 2015-1 Class A-2-II Notes | $ | 2,000,000.00 | |||||||||||
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iv. | Make-Whole Premium related to Series 2015-1 Class A-2-II Notes | $ | | |||||||||||
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Total Allocations from Distribution Accounts | $ | 38,256,559.62 | ||||||||||||
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7. |
Senior Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | |||||||||||||
i. | Deposits into Senior Notes Interest Reserve Account during Quarterly Collection Period | $ | | |||||||||||
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ii. | Less draws on / releases from Available Senior Notes Interest Reserve Account Amount | $ | 265,761.17 | |||||||||||
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iii. | Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount | $ | (265,761.17 | ) | ||||||||||
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8. |
Senior Subordinated Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | |||||||||||||
i. | Deposits into Senior Subordinated Notes Interest Reserve Account during Quarterly Collection Period | $ | | |||||||||||
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ii. | Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount | $ | | |||||||||||
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iii. | Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount | $ | | |||||||||||
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9. |
Cash Trap Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | |||||||||||||
i. | Deposits into Cash Trap Reserve Account during Quarterly Collection Period | $ | | |||||||||||
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ii. | Less draws on Available Cash Trap Reserve Account Amount | $ | | |||||||||||
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iii. | Less Cash Trapping Release Amount | $ | | |||||||||||
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iv. | Total Increase (Reduction) of Available Cash Trap Reserve Account Amount | $ | | |||||||||||
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10. |
Real Estate Disposition Proceeds | |||||||||||||
i. | Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date | $ | | |||||||||||
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ii. | Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date | $ | | |||||||||||
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11. |
Scheduled Principal Catch-Up Amounts | |||||||||||||
i. | Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Prior Quarterly Payment Date | $ | 2,728,332.10 | |||||||||||
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ii. | Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date | $ | | |||||||||||
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12. |
Outstanding Balances as of Current Quarterly Payment Date (after giving effect to payments to be made on such date): | |||||||||||||
i. | Series 2015-1 Class A-1 Notes | $ | 46,233,622.00 | |||||||||||
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ii. | Series 2012-1 Class A-2 Notes | $ | 929,446,875.00 | |||||||||||
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ii. | Series 2015-1 Class A-2-I Notes | $ | 497,500,000.00 | |||||||||||
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ii. | Series 2012-1 Class A-2-II Notes | $ | 796,000,000.00 | |||||||||||
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iii. | Senior Subordinated Notes | $ | | |||||||||||
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iv. | Subordinated Notes | $ | | |||||||||||
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v. | Reserve account balances: | |||||||||||||
a. | Available Senior Notes Interest Reserve Account Amount |
$ | 26,384,586.58 | |||||||||||
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b. | Available Senior Subordinate Notes Interest Reserve Account Amount |
$ | | |||||||||||
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c. | Available Cash Trap Reserve Account Amount |
$ | | |||||||||||
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IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders Statement | ||||
this | April 28, 2016 | |||
Dominos Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto, | ||||
by: | ||||
Michelle Hook - Treasurer |