EX-99.1 2 d430023dex991.htm EX-99.1 EX-99.1

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:    March 27, 2017   
Quarterly Collection Period Ending:    June 18, 2017   
Quarterly Payment Date:    July 25, 2017   

Debt Service Coverage Ratios and Senior ABS Leverage

     Holdco Leverage      Senior ABS Leverage      Quarterly DSCR  

Current Period

      4.06 x        4.35 x        3.92 x  

One Period Prior

      4.15 x        4.48 x        4.00 x  

Two Periods Prior

      4.32 x        4.61 x        3.78 x  

Three Periods Prior

      4.53 x        4.87 x        3.48 x  

System Performance

Domestic

     Franchise     Company-Owned     Total
Domestic		  

Open Stores at end of prior Quarterly Collection Period

      5,004       395       5,399  

Store Openings during Quarterly Collection Period

      42       1       43  

Store Transfers during Quarterly Collection Period

      —         —         —    

Permanent Store Closures during Quarterly Collection Period

      (4 )      —         (4 ) 
  

 

 

    

 

 

    

 

 

  

Net Change in Open Stores during Quarterly Collection Period

      38       1       39  

Open Stores at end of Quarterly Collection Period

      5,042       396       5,438  

International

       
     Franchise     Company-Owned     Total
International		  

Open Stores at end of prior Quarterly Collection Period

      8,601       —         8,601  

Store Openings during Quarterly Collection Period

      201       —         201  

Permanent Store Closures during Quarterly Collection Period

      (23 )      —         (23 ) 
  

 

 

    

 

 

    

 

 

  

Net Change in Open Stores during Quarterly Collection Period

      178       —         178  

Open Stores at end of Quarterly Collection Period

      8,779       —         8,779  
     Franchise     Company-Owned     International  

Same-Store Sales Growth for Quarterly Collection Period

      9.3 %      11.2 %      2.6 % 

Potential Events

            Material
Concern		  

i. Potential Rapid Amortization Event

         No  

ii. Potential Manager Termination Event

         No  

Cash Trapping

      
     Commenced      Date of
Commencement		  

i. a. Partial Cash Trapping Period

      No        N/A  

    b. Full Cash Trapping Period

      No        N/A  

ii. Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period

         N/A  

iii Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date

         N/A  

iv. Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period

         N/A  

v. Series 2012-1 Partial Cash Trapping Release Event

         N/A  

vi. Series 2012-1 Full Cash Trapping Release Event

         N/A  

Occurrence Dates

      
     Commenced      Date of
Commencement		  

i. Rapid Amortization Event

      No        N/A  

ii. Default

      No        N/A  

iii. Event of Default

      No        N/A  

iv. Manager Termination Event

      No        N/A  

Extension Periods

      
     Commenced      Date of
Commencement		  

i. Series 2015-1 Class A-1 first renewal period

      No        N/A  

ii. Series 2015-1 Class A-1 second renewal period

      No        N/A  

Non-Amortization Test

      
            Applicable  

i. Non-Amortization Period (Series 2012-1 & 2015-1)

         Yes  

i. Non-Amortization Period Election as of Current Quarterly Payment Date (Series 2015-1)

         Yes  

Allocation of Funds

   

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

    $ —    

b. Series 2012-1 Class A-2 Notes

    $ 910,251,562.50  

b. Series 2015-1 Class A-2-I Notes

    $ 493,750,000.00  

b. Series 2015-1 Class A-2-II Notes

    $ 790,000,000.00  

c. Senior Subordinated Notes

    $ —    

d. Subordinated Notes

    $ —    

ii. Reserve Account Balances

   

a. Available Senior Notes Interest Reserve Account Amount (1)

    $ 26,002,608.50  

b. Available Senior Subordinated Notes Interest Reserve Account Amount

    $ —    

c. Available Cash Trap Reserve Account Amount (1)

    $ —    

2. Retained Collections for Current Quarterly Payment Date:

   

i. Franchisee Payments

   

a. Domestic Continuing Franchise Fees

    $ 139,239,023.38  

b. International Continuing Franchise Fees

    $ 37,061,203.44  

c. Initial Franchise Fees

    $ —    

d. Other Franchise Fees

    $ —    

e. PULSE Maintenance Fees

    $ (13,422.42 ) 

f. PULSE License Fees

    $ 774,680.00  

g. Technology Fees

    $ 9,614,836.54  

h. Franchisee Insurance Proceeds

    $ —    

i. Other Franchisee Payments

    $ —    

ii. Company-Owned Stores License Fees

    $ 5,569,042.25  

iii. Third-Party License Fees

    $ —    

iv. Product Purchase Payments

    $ 435,223,682.80  

v. Co-Issuers Insurance Proceeds

    $ —    

vi. Asset Disposition Proceeds

    $ —    

vii. Excluded Amounts

    $ 267,554.62  

viii. Other Collections

    $ 174,005.00  

ix. Investment Income

    $ 60,344.79  

x. HoldCo L/C Agreement Fee Income

    $ 27,734.31  

Less:

   

xiii. Excluded Amounts

    $ 74,156,694.02  

a. Advertising Fees

    $ 73,889,139.40  

b. Company-Owned Store Advertising Fees

    $ —    

c. Third-Party Matching Expenses

    $ 267,554.62  

xiv. Product Purchase Payments

    $ 435,223,682.80  

xiv. Bank Account Expenses

    $ 26,997.92  

Plus:

   

xvi. Aggregate Weekly Distributor Profit Amount

    $ 32,563,805.10  

xvii. Retained Collections Contributions

    $ —    
  

 

 

  

xviii. Total Retained Collections

    $ 151,155,115.07  
  

 

 

  

3. Adjusted Net Cash Flow for Current Quarterly Payment Date:

   

i. Retained Collections for Quarterly Collection Period

    $ 151,155,115.07  

Less:

   

ii. Servicing Fees, Liquidation Fees and Workout Fees

    $ 111,916.78  

iii. Securitization Entities Operating Expenses paid during Quarterly Collection Period

    $ 60,000.00  

iv. Weekly Manager Fee Amounts paid during Quarterly Collection Period

    $ 14,854,133.27  

v. Manager Advances Reimbursement Amounts

    $ —    

vi. PULSE Maintenance Fees

    $ (13,422.42 ) 

vii. Technology Fees

    $ 9,614,836.54  

viii. Administrative Expenses

    $ 12,500.00  

vix. Investment Income

    $ 60,344.79  

vx. Retained Collections Contributions, if applicable, received during Quarterly Collection Period

    $ —    

viii. Net Cash Flow for Quarterly Collection Period

    $ 126,454,806.12  

ix. Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period

    $ 1,505,414.36  

x. Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year

      91  
  

 

 

  

xi. Adjusted Net Cash Flow for Quarterly Collection Period

    $ 136,992,706.63  
  

 

 

  

 

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

    $ 900.90  

Series 2012-1 Class A-2 Quarterly Interest

    $ 11,869,680.40  

Series 2015-1 Class A-2-I Quarterly Interest

    $ 4,300,562.50  

Series 2015-1 Class A-2-II Quarterly Interest

    $ 8,836,150.00  

ii. Required Principal on Senior and Senior Subordinated Notes

   

Series 2012-1 Class A-2 Quarterly Scheduled Principal

    $ 6,398,437.50  

Series 2015-1 Class A-2-I Quarterly Scheduled Principal

    $ 1,250,000.00  

Series 2015-1 Class A-2-II Quarterly Scheduled Principal

    $ 2,000,000.00  

iii. Other

   

Series 2015-1 Class A-1 Quarterly Commitment Fees

    $ 315,560.85  
  

 

 

  

iv. Total Debt Service

    $ 34,971,292.15  
  

 

 

  

v. Other Payments to Noteholders Relating to Notes

   

Series 2015-1 Class A-1 Quarterly Contingent Additional Interest

    $ —    

Series 2012-1 Class A-2 Quarterly Contingent Additional Interest

    $ —    

Series 2015-1 Class A-2-I Quarterly Contingent Additional Interest

    $ —    

Series 2015-1 Class A-2-II Quarterly Contingent Additional Interest

    $ —    

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

    $ 328,961.75  

ii. All available deposits in Series 2012-1 Class A-2 Distribution Account

    $ 11,869,680.40  

iii. All available deposits in Series 2015-1 Class A-2-I Distribution Account

    $ 4,300,562.50  

iv. All available deposits in Series 2015-1 Class A-2-II Distribution Account

    $ 8,836,150.00  
  

 

 

  

v. Total on Deposit in Distribution Accounts

    $ 25,335,354.64  
  

 

 

  

6. Distributions for Current Quarterly Payment Date:

   

Series 2015-1 Class A-1 Distribution Account

   

i. Payment of interest and fees related to Series 2015-1 Class A-1 Notes

    $ 328,961.75  

ii. Indemnification & Real Estate Disposition Proceeds Payments to reduce commitments under Series 2015-1 Class A-1 Notes

    $ —    

iii. Principal payments to Series 2015-1 Class A-1 Notes

    $ —    

iv. Payment of Series 2015-1 Class A-1 Notes Breakage Amounts

    $ —    

Series 2012-1 Class A-2 Distribution Account

   

i. Payment of interest related to Series 2012-1 Class A-2 Notes

    $ 11,869,680.40  

ii. Indemnification & Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes

    $ —    

iii. Principal payment to Series 2012-1 Class A-2 Notes

    $ —    

iv. Make-Whole Premium related to Series 2012-1 Class A-2 Notes

    $ —    

Series 2015-1 Class A-2-I Distribution Account

   

i. Payment of interest related to Series 2015-1 Class A-2-I Notes

    $ 4,300,562.50  

ii. Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-I Notes

    $ —    

iii. Principal payment to Series 2015-1 Class A-2-I Notes

    $ —    

iv. Make-Whole Premium related to Series 2015-1 Class A-2-I Notes

    $ —    

Series 2015-1 Class A-2-II Distribution Account

   

i. Payment of interest related to Series 2015-1 Class A-2-II Notes

    $ 8,836,150.00  

ii. Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-II Notes

    $ —    

iii. Principal payment to Series 2015-1 Class A-2-II Notes

    $ —    

iv. Make-Whole Premium related to Series 2015-1 Class A-2-II Notes

    $ —    
  

 

 

  

     Total Allocations from Distribution Accounts

    $ 25,335,354.64  
  

 

 

  

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

    $ 47,934.38  

ii. Less draws on / releases from Available Senior Notes Interest Reserve Account Amount

    $ —    
  

 

 

  

iii. Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount

    $ 47,934.38  
  

 

 

  

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

    $ —    

ii. Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount

    $ —    
  

 

 

  

iii. Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount

    $ —    
  

 

 

  

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

    $ —    

ii. Less draws on Available Cash Trap Reserve Account Amount

    $ —    

iii. Less Cash Trapping Release Amount

    $ —    

iv. Total Increase (Reduction) of Available Cash Trap Reserve Account Amount

    $ —    

10. Real Estate Disposition Proceeds

   

i. Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date

    $ —    

ii. Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date

    $ —    

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

    $ —    

ii. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date

    $ —    

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

    $ 43,733,949.00  

ii. Series 2012-1 Class A-2 Notes

    $ 910,251,562.50  

ii. Series 2015-1 Class A-2-I Notes

    $ 493,750,000.00  

ii. Series 2012-1 Class A-2-II Notes

    $ 790,000,000.00  

iii. Senior Subordinated Notes

    $ —    

iv. Subordinated Notes

    $ —    

v. Reserve account balances:

   

a. Available Senior Notes Interest Reserve Account Amount

    $ 26,050,542.88  

b. Available Senior Subordinate Notes Interest Reserve Account Amount

    $ —    

c. Available Cash Trap Reserve Account Amount

    $ —    

IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders' Statement this July 20, 2017

Domino's Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto,

 

 

 

by: 

  

/s/ Michelle Hook

   

Michelle Hook - Treasurer