On this page of StockholderLetter.com we present the 3/16/2023 shareholder letter from DOMINOS PIZZA INC — ticker symbol DPZ. Reading current and past DPZ letters to shareholders can bring important insights into the investment thesis.
DOMINO S PIZZA 2022 ANNUAL REPORT 30 Frank Lloyd Wright Drive, P.O. Box 997, Ann Arbor, MI 48106-0997 dominos.com ANNUAL-22 (3/23) 2022 AR Cover_Spread-final_030123.indd 1 3/1/23 11:43 AM
FINANCIAL HIGHLIGHTS $ in millions, except per share data 20221 Net Unit Growth U.S. Franchise U.S. Company-owned International Total Year End Store Counts U.S. Franchise U.S. Company-owned International Total Revenues U.S. Franchise Royalties and Fees U.S. Company-owned Stores U.S. Franchise Advertising Supply Chain International Franchise Royalties and Fees Total Same Store Sales Growth2 U.S. International Global Retail Sales3 U.S. International Total Income from Operations Net Income Diluted Earnings Per Share Diluted Earnings Per Share, as adjusted4 Weighted Average Diluted Shares 20211 20201 124 2 906 1,032 193 12 999 1,204 208 21 395 624 6,400 286 13,194 19,880 6,185 375 12,288 18,848 5,992 363 11,289 17,644 $556.3 445.8 485.3 2,754.7 295.0 $4,537.2 $539.9 479.0 479.5 2,561.0 298.0 $4,357.4 $503.2 485.6 462.2 2,416.7 249.8 $4,117.4 (0.8)% +0.1% +3.5% +8.0% +11.5% +4.4% SHAREHOLDER INFORMATION BOARD OF DIRECTORS LEADERSHIP Investor Information Current and prospective investors can have an annual report sent to them by going to our website, ir.dominos.com. From the home page, click on Investors, then DPZ Inquiries, then Request Information and ll out the form. You can also request a report via email to investorrelations@dominos.com. David A. Brandon Executive Chairman Russell Weiner Chief Executive Of cer Russell Weiner Director and Chief Executive Of cer Joe Jordan President, U.S. & Global Services Stock Trading Information Domino s Pizza, Inc. common stock trades on the New York Stock Exchange under the ticker symbol DPZ. Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP 500 Woodward Ave., Suite 3300 Detroit, MI 48226-3416 (313) 394-6000 Transfer Agent and Registrar Computershare maintains our shareholder records. For assistance on matters such as lost stock certi cates, name changes or transfer of ownership, please contact: Computershare Investor Services P.O. Box 43078 Providence, RI 02940-3078 Toll Free: (877) 272-9616 Outside U.S.: (201) 680-6578 Shareholder website: www.computershare.com/investor ANNUAL MEETING $8,751.7 8,788.2 $17,539.9 $8,641.4 9,137.5 $17,779.0 $8,287.1 7,818.6 $16,105.7 $767.9 $452.3 $12.53 $12.53 36,093,754 $780.4 $510.5 $13.54 $13.60 37,691,351 $725.6 $491.3 $12.39 $12.01 39,640,791 1 The 2022 and 2021 scal years each included 52 weeks and the 2020 scal year included 53 weeks. 2 Performance vs. scal years 2021, 2020 and 2019, respectively. International same store sales growth excludes changes in foreign currency exchange rates. The 53rd week in scal 2020 had no impact on reported same store sales growth amounts. 3 Global Retail Sales represent sales by our Company-owned and franchised stores. Franchised store retail sales are reported to us by our franchisees and are not our revenues. International retail sales are reported in U.S. dollars. 4 Diluted Earnings Per Share, as adjusted, excludes items affecting comparability, as detailed in the respective Company Earnings Release for each of 2021 and 2020. No items affected in 2022. C. Andrew Ballard Presiding Director Chair of the Inclusion & Diversity Committee Member of the Compensation Committee Andrew B. Balson Chair of the Compensation Committee Corie S. Barry Member of the Audit Committee Member of the Inclusion & Diversity Committee Diana F. Cantor Chair of the Audit Committee Richard L. Federico Member of the Compensation Committee Member of the Nominating and Corporate Governance Committee James A. Goldman Chair of the Nominating and Corporate Governance Committee Member of the Audit Committee Patricia E. Lopez Member of the Inclusion & Diversity Committee Member of the Nominating and Corporate Governance Committee 2023 Annual Meeting of Shareholders (VIRTUAL ONLY) Attend our virtual shareholder meeting online and have the option to view materials, vote and submit questions during the meeting. When: Tuesday, April 25, 2023 at 10 a.m. Eastern Time Where: www.virtualshareholdermeeting.com/DPZ2023 How: Use the personal control number provided on your proxy card, voter instruction form or Notice of Internet Availability to enter the meeting. INSIDE FRONT COVER Domino s delivery expert at Connorsville, Indiana store. Domino s awarded the 2022 World s Fastest Pizza Maker title to UK regional manager Zagros Jaff among nearly 8,000 cheering spectators at The Venetian Resort in Las Vegas. Over 8,000 Dominoids from across the globe united in Las Vegas for the 2022 Worldwide Rally. Domino s launched its Carryout Tips promotion, which rewarded carryout customers who order online with a $3 tip to use on their next order. Domino s teamed up with Net ix s Stranger Things to introduce its new mind ordering app an immersive experience which allows customers to place an Easy Order with their mind. BACK COVER Domino s supply chain division is the primary source of pizza store products for the U.S. franchise system. Domino s Mix & Match Deal offers a wide variety of menu items to choose from. Domino s rolls out a nationwide eet of 800 Chevy Bolt electric vehicles, making it the largest electric pizza delivery eet in the country. Domino s team member at Connorsville, Indiana store. New Supply Chain Center opens in Merrillville, Indiana. Domino s loves its team members! 2022 AR Cover_Spread-final_030123.indd 2 Art D Elia Executive Vice President, International Kelly Garcia Executive Vice President, Chief Technology Of cer Frank Garrido Executive Vice President, U.S. Operations & Support Cindy Headen Executive Vice President, Supply Chain Services Kevin Morris Executive Vice President, General Counsel & Corporate Secretary Lisa Price Executive Vice President, Chief Human Resources Of cer Sandeep Reddy Executive Vice President, Chief Financial Of cer Kirk Armstrong Senior Vice President, Supply Chain Services Ross Behrman Senior Vice President, Team USA Mike Davis Senior Vice President, U.S. Technology Enablement & Delivery Stefania Gvillo Senior Vice President, Chief Analytics & Insights Of cer Fred Lund Senior Vice President, Global Development & Sustainability Debbie Sweeney Senior Vice President, Franchise Relations & System Engagement Maui Thai-Tang Senior Vice President, Global Product Engineering Christopher Thomas-Moore Senior Vice President, Customer & Store Experience Kate Trumbull Senior Vice President, Brand & Product Innovation 3/1/23 11:43 AM
TO OUR SHAREHOLDERS: Fellow Shareholders, 2022 was a dynamic year for Domino s. It began with the Omicron surge and ended with historically high inflation, bringing both challenges and opportunities along the way. Through it all we remained true to our proven model - leading with innovation, providing great value to our customers, and leveraging our scale for growth. Due to the outstanding efforts of our team members and Franchisees globally we remain the number one pizza company in the world. Internally, 2022 brought significant transitions to our team. In May, I became the fifth CEO in the over 60-year history of Domino s. This role is an incredible honor for me. I started at Domino s in 2008 as Chief Marketing Officer and helped lead a reinvention of our pizza and brand via our Pizza Turnaround campaign. From there I went on to become the President of our U.S. business and our Chief Operating Officer. When it comes to service, Domino s is a company that measures itself in minutes and I can tell you I have enjoyed every minute of my 14+ years with the Company. Domino s is a truly special brand, with team members and Franchisees that are the best at what they do because they love what they do. Along with my transition, we continued to strengthen our leadership team. We welcomed a talented new CFO, Sandeep Reddy. Sandeep is an experienced public company CFO who positively impacted the brand and our team immediately. Our deep bench allowed us to promote two experienced Domino s leaders into new roles in 2022, with Joe Jordan moving into the role of President of Domino s U.S. and Global Services and Art D Elia becoming Executive Vice President of International. Our executive leadership team is as strong and tightly aligned as I have ever seen it. Together, we have 65 years of Domino s experience and over 110 years of restaurant experience. As we conclude 2022 and look back to the beginning of the pandemic, I am so proud of our team. Amid an ever-changing global operating environment which included commodity, labor and foreign exchange pressures, we continued to evolve the business. Domino s grew by 2,860 new stores around the globe over the last three years, when many restaurant brands struggled to grow. Domino s is in over 90 countries, welcomed Costa Rica, Latvia, and Uruguay to our global portfolio, and should hit 20,000 stores as a system in 2023. While our international business ended its streak of 113 consecutive quarters of same-store-sales growth in 2022, we ended the year positive and grew international retail sales by 6.3%1. The 1,135 gross openings outside of the U.S. were the highest organic openings in our history, meaning they were achieved without any of our Master Franchisees conducting a large-scale conversion of another pizza chain. These openings were driven by the strong cash-on-cash returns our Master Franchisees continue to drive. In 2022 we also continued our transformation into a more complete restaurant company. Today carryout comprises approximately half of our orders and about 40% of retail sales in the U.S. In fact, U.S. carryout retail sales for full year 2022 were more than $1.0 billion higher than pre-COVID levels in 2019. To give you a sense of the current scale of our carryout business, if it were a company of its own, Domino s U.S. carryout would be counted amongst the top 20 QSR brands2 in America based on consumer spending for the year ending December 2022. Not surprisingly, we announced our becoming the #1 carryout pizza company in the U.S. this year. 1 Excluding foreign currency impact 2 The NPD Group The growth in our international business and in U.S. carryout helped balance a disappointing 2022 in our U.S. delivery business. The Omicron surge impacted capacity to serve customer demand due to store-level staffing shortages, particularly with drivers. Throughout 2022 we worked to address this issue, from adding call centers and freeingup store team members to streamlining hiring procedures and implementing operational improvements in stores. As a testament to these efforts and the strength of our system, despite our U.S. delivery business being down, we grew our U.S. pizza delivery market share2 in a category that faced similar challenges. And while short of our high expectations, Domino s maintained strong levels of profitability, particularly when compared against our performance in fiscal 2019 prior to the COVID-19 pandemic. This also holds true for our U.S. franchise stores, which we estimate averaged approximately $137,000 in EBITDA in 2022. Another highlight of the year for me was the rollout of the Domino s EV fleet the largest electric pizza delivery fleet in the country. This is a great example of solving a business problem with a solution that is also good for the planet. With over 800 Domino s branded electric vehicles rolling out across the U.S. at our corporate-owned and franchised stores, Domino s is reducing its carbon footprint while addressing staffing challenges by creating opportunities to attract new drivers who may not have a vehicle of their own. And this solution is global. Our Master Franchisees deliver with electric bikes and scooters in 24 international markets. The EV fleet launch is important to the long-term goals of the Company, as outlined in our 2022 corporate stewardship report. In the report we reiterated our commitment to our stewardship vision: to feed the power of possible every day for the communities we serve, our team members and the planet. As our stewardship efforts expand and evolve, we continue to believe there are synergies between doing the right thing for our team members and the environment, while also doing what is best for our business. The Domino s business model is resilient and has flourished over the last 62 years by showing the ability to transform and grow under a variety of circumstances. While the macroeconomic environment remains fluid, Domino s has never been a more complete restaurant company. We are the number one pizza company in the world because we have the best Franchisees, a team that makes disciplined decisions based on insights and a global brand focused on providing unmatched value. I am proud of what we have accomplished together and even more excited about what is still to come! Thanks for coming along with us, Russell Weiner Chief Executive Officer
Domino s Pizza 10-K
 • shareholder letter icon 3/16/2023 Letter Continued (Full PDF)
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DPZ 3/16/2023 Shareholder/Stockholder Letter Transcript:

DOMINO   S PIZZA 2022 ANNUAL REPORT
30 Frank Lloyd Wright Drive, P.O. Box 997, Ann Arbor, MI 48106-0997
dominos.com
ANNUAL-22 (3/23)
2022 AR Cover_Spread-final_030123.indd 1
3/1/23 11:43 AM

FINANCIAL HIGHLIGHTS
$ in millions, except per share data
20221
Net Unit Growth
U.S. Franchise
U.S. Company-owned
International
Total
Year End Store Counts
U.S. Franchise
U.S. Company-owned
International
Total
Revenues
U.S. Franchise Royalties and Fees
U.S. Company-owned Stores
U.S. Franchise Advertising
Supply Chain
International Franchise Royalties and Fees
Total
Same Store Sales Growth2
U.S.
International
Global Retail Sales3
U.S.
International
Total
Income from Operations
Net Income
Diluted Earnings Per Share
Diluted Earnings Per Share, as adjusted4
Weighted Average Diluted Shares
20211
20201
124
2
906
1,032
193
12
999
1,204
208
21
395
624
6,400
286
13,194
19,880
6,185
375
12,288
18,848
5,992
363
11,289
17,644
$556.3
445.8
485.3
2,754.7
295.0
$4,537.2
$539.9
479.0
479.5
2,561.0
298.0
$4,357.4
$503.2
485.6
462.2
2,416.7
249.8
$4,117.4
(0.8)%
+0.1%
+3.5%
+8.0%
+11.5%
+4.4%
SHAREHOLDER INFORMATION
BOARD OF DIRECTORS
LEADERSHIP
Investor Information
Current and prospective investors can have an
annual report sent to them by going to our website,
ir.dominos.com. From the home page, click on
   Investors,    then    DPZ Inquiries,    then    Request
Information    and    ll out the form. You can also request
a report via email to investorrelations@dominos.com.
David A. Brandon
Executive Chairman
Russell Weiner
Chief Executive Of   cer
Russell Weiner
Director and Chief Executive Of   cer
Joe Jordan
President,
U.S. & Global Services
Stock Trading Information
Domino   s Pizza, Inc. common stock trades on the New
York Stock Exchange under the ticker symbol DPZ.
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
500 Woodward Ave., Suite 3300
Detroit, MI 48226-3416
(313) 394-6000
Transfer Agent and Registrar
Computershare maintains our shareholder records.
For assistance on matters such as lost stock certi   cates,
name changes or transfer of ownership, please contact:
Computershare Investor Services
P.O. Box 43078
Providence, RI 02940-3078
Toll Free: (877) 272-9616
Outside U.S.: (201) 680-6578
Shareholder website:
www.computershare.com/investor
ANNUAL MEETING
$8,751.7
8,788.2
$17,539.9
$8,641.4
9,137.5
$17,779.0
$8,287.1
7,818.6
$16,105.7
$767.9
$452.3
$12.53
$12.53
36,093,754
$780.4
$510.5
$13.54
$13.60
37,691,351
$725.6
$491.3
$12.39
$12.01
39,640,791
1 The 2022 and 2021    scal years each included 52 weeks and the 2020    scal year included 53 weeks.
2 Performance vs.    scal years 2021, 2020 and 2019, respectively. International same store sales growth excludes changes in
foreign currency exchange rates. The 53rd week in    scal 2020 had no impact on reported same store sales growth amounts.
3 Global Retail Sales represent sales by our Company-owned and franchised stores. Franchised store retail sales are reported
to us by our franchisees and are not our revenues. International retail sales are reported in U.S. dollars.
4 Diluted Earnings Per Share, as adjusted, excludes items affecting comparability, as detailed in the respective Company
Earnings Release for each of 2021 and 2020. No items affected in 2022.
C. Andrew Ballard
Presiding Director
Chair of the Inclusion & Diversity
Committee
Member of the Compensation
Committee
Andrew B. Balson
Chair of the Compensation Committee
Corie S. Barry
Member of the Audit Committee
Member of the Inclusion & Diversity
Committee
Diana F. Cantor
Chair of the Audit Committee
Richard L. Federico
Member of the Compensation
Committee
Member of the Nominating and
Corporate Governance Committee
James A. Goldman
Chair of the Nominating and
Corporate Governance Committee
Member of the Audit Committee
Patricia E. Lopez
Member of the Inclusion & Diversity
Committee
Member of the Nominating and
Corporate Governance Committee
2023 Annual Meeting of Shareholders (VIRTUAL ONLY)
Attend our virtual shareholder meeting online and have
the option to view materials, vote and submit questions
during the meeting.
When: Tuesday, April 25, 2023 at 10 a.m. Eastern Time
Where: www.virtualshareholdermeeting.com/DPZ2023
How: Use the personal control number provided on
your proxy card, voter instruction form or Notice
of Internet Availability to enter the meeting.
INSIDE FRONT COVER
    Domino   s delivery expert at Connorsville, Indiana store.
    Domino   s awarded the 2022 World   s Fastest Pizza Maker title to UK regional manager Zagros Jaff
among nearly 8,000 cheering spectators at The Venetian Resort in Las Vegas.
    Over 8,000 Dominoids from across the globe united in Las Vegas for the 2022 Worldwide Rally.
    Domino   s launched its Carryout Tips promotion, which rewarded carryout customers who order online
with a $3 tip to use on their next order.
    Domino   s teamed up with Net   ix   s    Stranger Things    to introduce its new mind ordering app    
an immersive experience which allows customers to place an Easy Order with their mind.
BACK COVER
    Domino   s supply chain division is the primary source of pizza store products for the U.S. franchise system.
    Domino   s Mix & Match Deal offers a wide variety of menu items to choose from.
    Domino   s rolls out a nationwide    eet of 800 Chevy Bolt electric vehicles, making it the largest
electric pizza delivery    eet in the country.
    Domino   s team member at Connorsville, Indiana store.
    New Supply Chain Center opens in Merrillville, Indiana.
    Domino   s loves its team members!
2022 AR Cover_Spread-final_030123.indd 2
Art D   Elia
Executive Vice President,
International
Kelly Garcia
Executive Vice President,
Chief Technology Of   cer
Frank Garrido
Executive Vice President,
U.S. Operations & Support
Cindy Headen
Executive Vice President,
Supply Chain Services
Kevin Morris
Executive Vice President,
General Counsel & Corporate Secretary
Lisa Price
Executive Vice President,
Chief Human Resources Of   cer
Sandeep Reddy
Executive Vice President,
Chief Financial Of   cer
Kirk Armstrong
Senior Vice President,
Supply Chain Services
Ross Behrman
Senior Vice President,
Team USA
Mike Davis
Senior Vice President,
U.S. Technology Enablement
& Delivery
Stefania Gvillo
Senior Vice President,
Chief Analytics & Insights Of   cer
Fred Lund
Senior Vice President,
Global Development & Sustainability
Debbie Sweeney
Senior Vice President,
Franchise Relations &
System Engagement
Maui Thai-Tang
Senior Vice President,
Global Product Engineering
Christopher Thomas-Moore
Senior Vice President,
Customer & Store Experience
Kate Trumbull
Senior Vice President,
Brand & Product Innovation
3/1/23 11:43 AM

TO OUR SHAREHOLDERS:
Fellow Shareholders,
2022 was a dynamic year for Domino   s. It began with the
Omicron surge and ended with historically high inflation,
bringing both challenges and opportunities along the way.
Through it all we remained true to our proven model - leading
with innovation, providing great value to our customers,
and leveraging our scale for growth. Due to the outstanding
efforts of our team members and Franchisees globally we
remain the number one pizza company in the world.
Internally, 2022 brought significant transitions to our team.
In May, I became the fifth CEO in the over 60-year history of
Domino   s. This role is an incredible honor for me. I started at
Domino   s in 2008 as Chief Marketing Officer and helped lead
a reinvention of our pizza and brand via our    Pizza Turnaround   
campaign. From there I went on to become the President of
our U.S. business and our Chief Operating Officer. When it
comes to service, Domino   s is a company that measures itself
in minutes   and I can tell you I have enjoyed every minute of
my 14+ years with the Company. Domino   s is a truly special
brand, with team members and Franchisees that are the best
at what they do because they love what they do.
Along with my transition, we continued to strengthen our
leadership team. We welcomed a talented new CFO, Sandeep
Reddy. Sandeep is an experienced public company CFO who
positively impacted the brand and our team immediately. Our
deep bench allowed us to promote two experienced Domino   s
leaders into new roles in 2022, with Joe Jordan moving into
the role of President of Domino   s U.S. and Global Services and
Art D   Elia becoming Executive Vice President of International.
Our executive leadership team is as strong and tightly aligned
as I have ever seen it. Together, we have 65 years of Domino   s
experience and over 110 years of restaurant experience.
As we conclude 2022 and look back to the beginning of the
pandemic, I am so proud of our team. Amid an ever-changing
global operating environment which included commodity,
labor and foreign exchange pressures, we continued to evolve
the business. Domino   s grew by 2,860 new stores around the
globe over the last three years, when many restaurant brands
struggled to grow. Domino   s is in over 90 countries, welcomed
Costa Rica, Latvia, and Uruguay to our global portfolio, and
should hit 20,000 stores as a system in 2023.
While our international business ended its streak of 113
consecutive quarters of same-store-sales growth in 2022, we
ended the year positive and grew international retail sales by
6.3%1. The 1,135 gross openings outside of the U.S. were the
highest organic openings in our history, meaning they were
achieved without any of our Master Franchisees conducting
a large-scale conversion of another pizza chain. These
openings were driven by the strong cash-on-cash returns our
Master Franchisees continue to drive.
In 2022 we also continued our transformation into a more
complete restaurant company. Today carryout comprises
approximately half of our orders and about 40% of retail sales
in the U.S. In fact, U.S. carryout retail sales for full year 2022
were more than $1.0 billion higher than pre-COVID levels in
2019. To give you a sense of the current scale of our carryout
business, if it were a company of its own, Domino   s U.S.
carryout would be counted amongst the top 20 QSR brands2
in America based on consumer spending for the year ending
December 2022. Not surprisingly, we announced our
becoming the #1 carryout pizza company in the U.S. this year.
1 Excluding foreign currency impact
2 The NPD Group
The growth in our international business and in U.S. carryout
helped balance a disappointing 2022 in our U.S. delivery
business. The Omicron surge impacted capacity to serve
customer demand due to store-level staffing shortages,
particularly with drivers. Throughout 2022 we worked to
address this issue, from adding call centers and freeingup store team members to streamlining hiring procedures
and implementing operational improvements in stores. As a
testament to these efforts and the strength of our system,
despite our U.S. delivery business being down, we grew our U.S.
pizza delivery market share2 in a category that faced similar
challenges. And while short of our high expectations, Domino   s
maintained strong levels of profitability, particularly when
compared against our performance in fiscal 2019 prior to the
COVID-19 pandemic. This also holds true for our U.S. franchise
stores, which we estimate averaged approximately $137,000 in
EBITDA in 2022.
Another highlight of the year for me was the rollout of the
Domino   s EV fleet     the largest electric pizza delivery fleet
in the country. This is a great example of solving a business
problem with a solution that is also good for the planet.
With over 800 Domino   s branded electric vehicles rolling out
across the U.S. at our corporate-owned and franchised stores,
Domino   s is reducing its carbon footprint while addressing
staffing challenges by creating opportunities to attract new
drivers who may not have a vehicle of their own. And this
solution is global. Our Master Franchisees deliver with electric
bikes and scooters in 24 international markets.
The EV fleet launch is important to the long-term goals of
the Company, as outlined in our 2022 corporate stewardship
report. In the report we reiterated our commitment to our
stewardship vision:    to feed the power of possible every day for
the communities we serve, our team members and the planet.   
As our stewardship efforts expand and evolve, we continue to
believe there are synergies between doing the right thing for
our team members and the environment, while also doing what
is best for our business.
The Domino   s business model is resilient and has flourished
over the last 62 years by showing the ability to transform
and grow under a variety of circumstances. While the
macroeconomic environment remains fluid, Domino   s has never
been a more complete restaurant company. We are the number
one pizza company in the world because we have the best
Franchisees, a team that makes disciplined decisions based on
insights and a global brand focused on providing unmatched
value. I am proud of what we have accomplished together and
even more excited about what is still to come!
Thanks for coming along with us,
Russell Weiner
Chief Executive Officer

Domino   s Pizza 10-K



shareholder letter icon 3/16/2023 Letter Continued (Full PDF)
 

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