Papa John's International (PZZA) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 27, 2022	Apr. 29, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 27, 2022
Document Fiscal Year Focus	2022
Document Transition Report	false
Entity File Number	0-21660
Entity Registrant Name	PAPA JOHNS INTERNATIONAL INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	61-1203323
Entity Address, Address Line One	2002 Papa John’s Boulevard
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40299-2367
City Area Code	502
Local Phone Number	261-7272
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	PZZA
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,794,906
Entity Central Index Key	0000901491
Current Fiscal Year End Date	--12-25
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 80,669	$ 70,610
Accounts receivable, net	81,229	81,370
Notes receivable, current portion	9,108	12,352
Income tax receivable	10,537	9,386
Inventories	38,992	34,981
Prepaid expenses and other current assets	46,461	46,310
Current assets	19,273
Total current assets	286,269	255,009
Property and equipment, net	216,253	223,856
Finance lease right-of-use assets, net	20,159	20,907
Operating lease right-of-use assets	177,767	176,256
Notes receivable, less current portion, net	22,634	35,504
Goodwill	71,593	80,632
Deferred income taxes	6,535	5,156
Other assets	84,416	88,384
Total assets	885,626	885,704
Current liabilities:
Accounts payable	35,434	28,092
Income and other taxes payable	27,973	19,996
Accrued expenses and other current liabilities	156,203	190,116
Current deferred revenue	19,649	21,700
Current finance lease liabilities	5,190	4,977
Current operating lease liabilities	20,938	22,543
Liabilities held for sale	13,247
Total current liabilities	278,634	287,424
Deferred revenue	12,381	13,846
Long-term finance lease liabilities	15,696	16,580
Long-term operating lease liabilities	164,738	160,672
Long-term debt, less current portion, net	528,088	480,730
Deferred income taxes		258
Other long-term liabilities	89,210	93,154
Total liabilities	1,088,747	1,052,664
Redeemable noncontrolling interests	5,323	5,498
Stockholders' deficit:
Common stock ($0.01 par value per share; issued 49,074 at March 27, 2022 and 49,002 at December 26, 2021)	491	490
Additional paid-in capital	436,225	445,126
Accumulated other comprehensive loss	(9,316)	(9,971)
Retained earnings	181,124	183,157
Treasury stock (13,399 shares at March 27, 2022 and 13,205 shares at December 26, 2021, at cost)	(832,603)	(806,472)
Total stockholders' deficit	(224,079)	(187,670)
Noncontrolling interests in subsidiaries	15,635	15,212
Total Stockholders' deficit	(208,444)	(172,458)
Total liabilities, Redeemable noncontrolling interests and Stockholders' deficit	$ 885,626	$ 885,704

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 27, 2022	Dec. 26, 2021
Condensed Consolidated Balance Sheets
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	49,074	49,002
Treasury stock, shares	13,399	13,205

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Revenues:
Total revenues	$ 542,692	$ 511,746
Costs and expenses:
General and administrative expenses	65,937	50,011
Depreciation and amortization	11,940	12,876
Total costs and expenses	517,097	464,884
Refranchising and impairment loss	(11,160)
Operating income	14,435	46,862
Net interest expense	(4,264)	(3,647)
Income before income taxes	10,171	43,215
Income tax expense	(1,256)	7,932
Net income before attribution to noncontrolling interests	11,427	35,283
Net income attributable to noncontrolling interests	(933)	(1,400)
Net income attributable to the Company	10,494	33,883
Calculation of net income for earnings per share:
Net income attributable to the Company	10,494	33,883
Dividends paid to participating securities	(60)	(3,527)
Net income attributable to participating securities		(3,243)
Net income attributable to common shareholders	$ 10,434	$ 27,113
Basic earnings per common share (in dollar per share)	$ 0.29	$ 0.83
Diluted earnings per common share (in dollar per share)	$ 0.29	$ 0.82
Basic weighted average common shares outstanding (in shares)	35,927	32,756
Diluted weighted average common shares outstanding (in shares)	36,236	33,090
Dividends declared per common share (in dollar per share)	$ 0.350	$ 0.225
Domestic company owned restaurants segment
Revenues:
Total revenues	$ 198,765	$ 197,234
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	161,661	155,888
North America franchising
Revenues:
Total revenues	34,268	32,715
North America commissary
Revenues:
Total revenues	209,679	184,878
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	197,090	170,684
International
Revenues:
Total revenues	34,617	34,607
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	19,914	19,618
Other segment
Revenues:
Total revenues	65,363	62,312
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 60,555	$ 55,807

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Condensed Consolidated Statements of Comprehensive Income
Net income before attribution to noncontrolling interests	$ 11,427	$ 35,283
Other comprehensive income, before tax:
Foreign currency translation adjustments	(861)	1,059
Interest rate swaps	1,712
Interest rate swaps		1,795
Other comprehensive income, before tax	851	2,854
Income tax effect:
Foreign currency translation adjustments	198	(244)
Interest rate swaps	(394)
Interest rate swaps		(413)
Income tax effect	(196)	(657)
Other comprehensive income, net of tax	655	2,197
Comprehensive income before attribution to noncontrolling interests	12,082	37,480
Less: comprehensive (income), redeemable noncontrolling interests	(510)	(787)
Less: comprehensive (income), nonredeemable noncontrolling interests	(423)	(613)
Comprehensive income attributable to the Company	$ 11,149	$ 36,080

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax expense (benefit)	$ (1,256)	$ 7,932
Net interest expense	(4,264)	(3,647)
Interest rate swap | Amount reclassified from AOCI
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax expense (benefit)	(120)
Interest expense | Interest rate swap
Consolidated Statements of Comprehensive Income (Unaudited)
Amount of Gain or (Loss) Reclassified from AOCL into Income	535	(1,709)
Net interest expense	4,264	3,647
Interest expense | Interest rate swap | Amount reclassified from AOCI
Consolidated Statements of Comprehensive Income (Unaudited)
Amount of Gain or (Loss) Reclassified from AOCL into Income	$ 535
Qualifying as hedge | Interest rate swap | Amount reclassified from AOCI
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax expense (benefit)		$ 385

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock	Noncontrolling Interests in Subsidiaries	Total
Balance at Dec. 27, 2020	$ 453	$ 254,103	$ (14,168)	$ 219,158	$ (741,724)	$ 15,239	$ (266,939)
Balance (in shares) at Dec. 27, 2020	32,545
Net income				33,883		613	34,496
Other comprehensive income, net of tax			2,197				2,197
Cash dividends on common stock		31		(7,435)			(7,404)
Cash dividends on preferred stock				(3,412)			(3,412)
Exercise of stock options		2,298					2,298
Exercise of stock options (in shares)	41
Acquisition of Company common stock					(1,267)		(1,267)
Acquisition of Company common stock (in shares)	(15)
Stock-based compensation expense		4,113					4,113
Issuance of restricted stock		(5,371)			5,371
Issuance of restricted stock (in shares)	104
Tax effect of restricted stock awards		(3,834)					(3,834)
Distributions to noncontrolling interests						(570)	(570)
Other		(55)		(75)	352		222
Other (in shares)	6
Balance at Mar. 28, 2021	$ 453	251,285	(11,971)	242,119	(737,268)	15,282	(240,100)
Balance (in shares) at Mar. 28, 2021	32,681
Balance at Dec. 26, 2021	$ 490	445,126	(9,971)	183,157	(806,472)	15,212	(172,458)
Balance (in shares) at Dec. 26, 2021	35,797
Net income				10,494		423	10,917
Other comprehensive income, net of tax			655				655
Cash dividends on common stock		47		(12,655)			(12,608)
Exercise of stock options		741					741
Exercise of stock options (in shares)	17
Tax payments for equity award issuances		(7,461)					(7,461)
Tax payments for equity award issuances (in shares)	(69)
Acquisition of Company common stock					(32,709)		(32,709)
Acquisition of Company common stock (in shares)	(301)
Stock-based compensation expense	$ 1	4,175					4,176
Issuance of restricted stock		(6,369)			6,369
Issuance of restricted stock (in shares)	228
Other		(34)		128	209		303
Other (in shares)	3
Balance at Mar. 27, 2022	$ 491	$ 436,225	$ (9,316)	$ 181,124	$ (832,603)	$ 15,635	$ (208,444)
Balance (in shares) at Mar. 27, 2022	35,675

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Accumulated other comprehensive income (loss)	$ (9,316)	$ (11,971)
Unrealized foreign currency translation gains (losses)	(5,533)	(2,977)
Net unrealized gain (loss) on the interest rate swap agreements	(3,783)	(8,994)
Joint ventures
Net income (loss) allocated to the redeemable noncontrolling interest from joint venture arrangements	$ 510	$ 787

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Operating activities
Net income before attribution to noncontrolling interests	$ 11,427	$ 35,283
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for allowance for credit losses on accounts and notes receivable	15,167	(1,098)
Depreciation and amortization	11,940	12,876
Refranchising and impairment loss	11,160
Deferred income taxes	(1,817)	2,586
Stock-based compensation expense	4,176	4,113
Other	(2,135)	325
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(2,503)	13,349
Income tax receivable	(1,151)	566
Inventories	(4,731)	2,721
Prepaid expenses and other current assets	77	711
Other assets and liabilities	(654)	(7,901)
Accounts payable	7,359	(5,350)
Income and other taxes payable	8,013	15,045
Accrued expenses and other current liabilities	(29,469)	(9,736)
Deferred revenue	(1,465)	(273)
Net cash provided by operating activities	25,394	63,217
Investing activities
Purchases of property and equipment	(10,233)	(7,076)
Notes issued	(272)	(3,417)
Repayments of notes issued	3,432	4,864
Acquisitions, net of cash acquired	(1,250)	(699)
Other	8	29
Net cash used in investing activities	(8,315)	(6,299)
Financing activities
Net proceeds of revolving credit facilities	47,000	5,000
Proceeds from exercise of stock options	741	2,298
Acquisition of Company common stock	(32,709)	(1,267)
Dividends paid to common stockholders	(12,608)	(7,404)
Dividends paid to preferred stockholders		(3,412)
Tax payments for equity award issuances	(7,461)	(3,834)
Distributions to noncontrolling interests	(685)	(1,705)
Repayments of term loan		(5,000)
Other	(1,065)	(756)
Net cash used in financing activities	(6,787)	(16,080)
Effect of exchange rate changes on cash and cash equivalents	(233)	230
Change in cash and cash equivalents	10,059	41,068
Cash and cash equivalents at beginning of period	70,610	130,204
Cash and cash equivalents at end of period	$ 80,669	$ 171,272

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 27, 2022
Basis of Presentation
Basis of Presentation	1. Basis of Presentation ​ The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the three months ended March 27, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 25, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for Papa John’s International, Inc. (referred to as the “Company”, “Papa John’s” or in the first-person notations of “we”, “us” and “our”) for the year ended December 26, 2021. ​

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 27, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies ​ Use of Estimates ​ The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items that are subject to such estimates and assumptions include allowance for credit losses on accounts and notes receivable, intangible assets, contract assets and contract liabilities, including the online customer loyalty program obligation and gift card breakage, right-of-use assets and lease liabilities, insurance reserves and tax reserves. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates. ​ Variable Interest Entity ​ Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation designed to operate at break-even as it spends all annual contributions received from the system. PJMF collects a percentage of revenues from Company-owned and franchised restaurants in the United States for the purpose of designing and administering advertising and promotional programs. PJMF is a variable interest entity (“VIE”) that funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80% are franchised (85% following the divestiture of the Company’s interest in one joint venture subsequent to the end of the first quarter that included 90 restaurants as discussed in Note 10) and does not have sufficient equity to fund its operations without these ongoing financial contributions. Based on an assessment of the governance structure and operating procedures of PJMF, the Company determined it has the power to control certain significant activities of PJMF, and therefore, is the primary beneficiary. The Company has consolidated PJMF in its financial results in accordance with Accounting Standards Codification (“ASC”) 810, “ Consolidations ​ Noncontrolling Interests ​ Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 188 restaurants at March 27, 2022 and March 28, 2021. Subsequent to the end of the first quarter, the Company divested its interest in one joint venture that included 90 restaurants. See Note 10 for additional information. ​ Consolidated net income is required to be reported separately at amounts attributable to both the Company and the noncontrolling interests. Additionally, disclosures are required to clearly identify and distinguish between the interests of the Company and the interests of the noncontrolling owners, including a disclosure on the face of the Condensed Consolidated Statements of Operations of net income attributable to noncontrolling interests. ​ Net income attributable to these joint ventures for the three months ended March 27, 2022 and March 28, 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 27, ​ March 28, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 1,621 ​ $ 2,349 Noncontrolling interests ​ 933 ​ 1,400 Total net income ​ $ 2,554 ​ $ 3,749 ​ The following summarizes the redemption feature, location and related accounting within the Condensed Consolidated Balance Sheets for these joint venture arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Joint Venture Arrangement Location within the Balance Sheets Recorded Value ​ ​ ​ ​ ​ Joint ventures with no redemption feature Permanent equity Carrying value Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable Temporary equity Carrying value ​ Deferred Income Tax Accounts and Tax Reserves ​ We are subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining Papa John’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. We use an estimated annual effective rate based on expected annual income to determine our quarterly provision for income taxes. The effective income tax rate includes the estimated domestic state effective income tax rate and applicable foreign income tax rates. The effective income tax rate is also impacted by various permanent items and credits, net of any related valuation allowances, and can vary based on changes in estimated annual income. Discrete items are recorded in the quarter in which they occur. ​ Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax attribute carryforwards (e.g., net operating losses, capital losses, and foreign tax credits). The effect on deferred taxes of changes in tax rates is recognized in the period in which the new tax rate is enacted. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts we expect to realize. ​ Tax authorities periodically audit the Company. We record reserves and related interest and penalties for identified exposures as income tax expense. We evaluate these issues on a quarterly basis to adjust for events, such as statute of limitations expirations, court or state rulings or audit settlements, which may impact our ultimate payment for such exposures. ​ Fair Value Measurements and Disclosures ​ The Company determines the fair value of financial assets and liabilities based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. Certain assets and liabilities are measured at fair value on a recurring basis and are required to be classified and disclosed in one of the following three categories: ​ ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. ​ Fair value is a market-based measurement, not an entity-specific measurement. Considerable judgment is required to interpret market data to estimate fair value; accordingly, the fair values presented do not necessarily indicate what the Company or its debtholders could realize in a current market exchange. ​ Our financial assets and liabilities that were measured at fair value on a recurring basis as of March 27, 2022 and December 26, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements (in thousands) Value Level 1 Level 2 Level 3 March 27, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 34,205 ​ $ 34,205 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 26, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 41,904 ​ $ 41,904 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ $ 5,536 ​ $ — ​ $ 5,536 ​ $ — ​ (a) Represents life insurance policies held in our non-qualified deferred compensation plan. (b) The fair value of our interest rate swaps is based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected London Interbank Offered Rates (“LIBOR”). ​ The fair value of certain assets and liabilities approximates carrying value because of the short-term nature of the accounts, including cash and cash equivalents, accounts receivable, net of allowances, and accounts payable. The carrying value of notes receivable, net of allowances, also approximates fair value. The Company’s revolving credit facilities under its credit agreement approximate carrying value due to its variable market-based interest rate. The Company’s 3.875%senior notes are classified as a Level 2 fair value measurement since the Company estimates the fair value by using recent trading transactions, and has the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of March 27, 2022 and December 26, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, 2022 ​ December 26, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair (in thousands) ​ Value ​ Value ​ Value ​ Value 3.875% Senior Notes ​ $ 400,000 ​ $ 362,000 ​ $ 400,000 ​ $ 396,000 ​ Allowance for Credit Losses ​ Estimates of expected credit losses, even if remote, are based upon historical account write-off trends, facts about the current financial condition of the debtor, forecasts of future operating results based upon current trends of select operating metrics, and macroeconomic factors. Credit quality is monitored through the timing of payments compared to the prescribed payment terms and known facts regarding the financial condition of the franchisee or customer. Account and note balances are charged off against the allowance after recovery efforts have ceased. ​ The following table summarizes changes in our allowances for credit losses for accounts receivable and notes receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Accounts Receivable ​ Notes Receivable Balance at December 26, 2021 ​ $ 2,364 ​ $ 1,500 Current period provision for expected credit losses (1) ​ ​ 2,613 ​ ​ 12,560 Write-offs charged against the allowance ​ ​ (126) ​ ​ — Recoveries collected ​ ​ — ​ ​ (6) Balance at March 27, 2022 ​ $ 4,851 ​ $ 14,054 ​ (1) The Company recorded $14.6 million of one -time, non-cash reserves for certain accounts receivable and notes receivable primarily associated with a master franchisee with operations principally in Russia.

Leases

Leases	3 Months Ended
	Mar. 27, 2022
Leases
Leases	3. Leases ​ Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At March 27, 2022, we leased and subleased approximately 430 Papa John’s restaurant properties to franchisees in the United Kingdom. The initial lease terms on the franchised sites in the United Kingdom are generally 15 years. The Company has the option to negotiate an extension toward the end of the lease term at the landlord’s discretion. Rental income, primarily derived from properties leased and subleased to franchisees in the United Kingdom, is recognized on a straight-line basis over the respective operating lease terms. We recognized total sublease income of $3.0 million and $2.8 million within Other revenues in the Condensed Consolidated Statements of Operations for the three months ended March 27, 2022 and March 28, 2021, respectively. Lease Guarantees As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are contingently liable for payment of approximately 65 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of March 27, 2022, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $10.8 million. This contingent liability is not included in the Condensed Consolidated Balance Sheet as it is not probable to occur. The fair value of the guarantee is not material. ​ Subsequent to quarter-end, we refranchised 90 Company-owned restaurants held in a consolidated joint venture in Texas through the sale of our 51% ownership in the joint venture, as discussed in Note 10. As part of this transaction, we are contingently liable for payment of 12 of the 90 domestic leases, and the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees for these stores is approximately $1.6 million. ​ ​ ​ ​ ​ ​ Supplemental Cash Flow & Other Information ​ Supplemental cash flow information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 27, 2022 ​ March 28, 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ $ 262 ​ $ 278 Financing cash flows from finance leases ​ ​ 1,241 ​ ​ 1,059 Operating cash flows from operating leases (a) ​ ​ 9,612 ​ ​ 9,483 Right-of-use assets obtained in exchange for new finance lease liabilities ​ ​ 569 ​ ​ 7,014 Right-of-use assets obtained in exchange for new operating lease liabilities (b) ​ ​ 20,801 ​ ​ 28,428 Cash received from sublease income ​ ​ 3,092 ​ ​ 2,987 ​ ​ ​ ​ ​ ​ ​ (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statements of Cash Flows offset by non-cash operating lease right-of-use asset amortization and lease liability accretion. (b) Includes right-of-use assets of approximately ​

Papa John's Marketing Fund, Inc

Papa John's Marketing Fund, Inc.	3 Months Ended
	Mar. 27, 2022
Papa John's Marketing Fund, Inc.
Papa John's Marketing Fund, Inc.	4. Papa John’s Marketing Fund, Inc. ​ PJMF collects a percentage of revenues from Company-owned and franchised restaurants in the United States, for the purpose of designing and administering advertising and promotional programs for all participating domestic restaurants. Contributions and expenditures are reported on a gross basis in the Condensed Consolidated Statements of Operations within Other revenues and Other expenses. ​ Assets and liabilities of PJMF, which are restricted in their use, included in the Condensed Consolidated Balance Sheets were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, ​ December 26, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 24,136 ​ $ 24,481 Accounts receivable, net ​ ​ 13,078 ​ ​ 14,150 Income tax receivable ​ ​ 44 ​ ​ 300 Prepaid expenses and other current assets ​ ​ 2,148 ​ ​ 1,718 Total current assets ​ ​ 39,406 ​ ​ 40,649 Deferred income taxes ​ ​ 604 ​ ​ 614 Total assets ​ $ 40,010 ​ $ 41,263 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 2,868 ​ $ 140 Income and other taxes payable ​ ​ 2 ​ ​ 2 Accrued expenses and other current liabilities ​ ​ 35,131 ​ ​ 40,154 Current deferred revenue ​ ​ 4,320 ​ ​ 4,317 Total current liabilities ​ ​ 42,321 ​ ​ 44,613 Deferred revenue ​ ​ 1,399 ​ ​ 2,478 Total liabilities ​ $ 43,720 ​ $ 47,091 ​

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 27, 2022
Revenue Recognition
Revenue Recognition	5. Revenue Recognition ​ Contract Balances ​ Our contract liabilities primarily relate to franchise fees, unredeemed gift card liabilities, and loyalty program obligations, which we classify as Deferred revenue on the Condensed Consolidated Balance Sheets. During the three months ended March 27, 2022 and March 28, 2021, the Company recognized $9.3 million and $9.1 million in revenue, respectively, related to deferred revenue. ​ The following table includes a breakout of contract liability balances (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities ​ ​ ​ March 27, 2022 ​ ​ December 26, 2021 ​ ​ Change Franchise fees and unredeemed gift card liabilities ​ $ 18,731 ​ $ 20,410 ​ $ (1,679) Customer loyalty program obligations ​ ​ 13,299 ​ ​ 15,136 ​ ​ (1,837) Total contract liabilities ​ $ 32,030 ​ $ 35,546 ​ $ (3,516) ​ Our contract assets consist primarily of equipment incentives provided to franchisees. Equipment incentives are related to the future value of commissary revenue the Company will receive over the term of the incentive agreement. As of March 27, 2022 and December 26, 2021, the contract assets were approximately $5.6 million and $5.8 million, respectively. For both of the three months ended March 27, 2022 and March 28, 2021, revenue was reduced approximately $0.8 million for the amortization of contract assets over the applicable contract terms. Contract assets are included in Prepaid expenses and other current assets and Other assets on the Condensed Consolidated Balance Sheets. ​ Transaction Price Allocated to the Remaining Performance Obligations ​ The following table (in thousands) includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Obligations by Period ​ ​ Less than 1 Year ​ 1-2 Years ​ 2-3 Years ​ 3-4 Years ​ 4-5 Years ​ Thereafter ​ Total Franchise fees ​ $ 2,011 ​ $ 1,783 ​ $ 1,601 ​ $ 1,390 ​ $ 1,127 ​ $ 2,134 ​ $ 10,046 ​ Approximately $3.0 million of area development fees related to unopened stores and international unearned royalties are included in Deferred revenue. Timing of revenue recognition is dependent upon the timing of store openings and franchisees’ revenues. Gift card liabilities of approximately $5.7 million, included in Deferred revenue, will be recognized in Company-owned restaurant revenues when gift cards are redeemed. The Company will recognize redemption fee revenue in Other revenues when cards are redeemed at franchised restaurant locations. ​ The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Common Stock

Common Stock	3 Months Ended
	Mar. 27, 2022
Common Stock.
Common Stock and Series B Convertible Preferred Stock	6. Common Stock ​ Shares Authorized and Outstanding ​ The Company has authorized 5.0 million shares of preferred stock (of which none were issued or outstanding at March 27, 2022 and December 26, 2021) and 100.0 million shares of common stock as of March 27, 2022 and December 26, 2021. There were 35.7 million shares of common stock outstanding, net of repurchased shares of common stock at March 27, 2022, compared to 35.8 million shares at December 26, 2021. ​ Share Repurchase Program ​ On October 28, 2021, our Board of Directors approved a share repurchase program with an indefinite duration for up to $425.0 million of the Company’s common stock. This share repurchase program operated alongside our previous $75.0 million share repurchase authorization, which began on November 4, 2020 and expired on December 26, 2021. The following table summarizes our repurchase activity for the three months ended March 27, 2022 and March 28, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Dollar ​ ​ Total ​ ​ Average ​ ​ Aggregate ​ ​ Value of Shares ​ ​ Number ​ ​ Price ​ ​ Cost of ​ ​ that May Yet Be (in thousands, except average price per share) ​ of Shares ​ ​ Paid per ​ ​ Shares ​ ​ Purchased Under the Three Months Ended ​ Purchased ​ Share ​ ​ Purchased ​ ​ Plans or Programs March 27, 2022 ​ 301 ​ $ 108.76 ​ $ 32,709 ​ $ 392,091 March 28, 2021 ​ 15 ​ $ 84.63 ​ $ 1,267 ​ $ 71,031 ​ Subsequent to March 27, 2022, we acquired an additional 223,000 shares at an aggregate cost of $23.0 million and an average price of $102.97 per share. Approximately $369.1 million remained available under the Company’s share repurchase program as of April 29, 2022. ​ The timing and volume of share repurchases under the Company’s share repurchase programs may be executed at the discretion of management on an opportunistic basis, subject to market and business conditions, regulatory requirements and other factors, or pursuant to trading plans or other arrangements. Repurchases under the programs may be made through open market, block, and privately negotiated transactions, including Rule 10b5-1 plans, at times and in such amounts as management deems appropriate. Repurchases under the Company’s share repurchase programs may be commenced or suspended from time to time at the Company’s discretion without prior notice. Funding for the share repurchase programs will be provided through our credit facility, operating cash flow, stock option exercises and cash and cash equivalents. ​ Dividends ​ The Company recorded dividends of approximately $12.6 million ($0.35 per share) in the first quarter of 2022. On April 26, 2022, our Board of Directors declared a second quarter dividend of $0.35 per common share (approximately $12.6 million in the aggregate), which will be paid on May 27, 2022 to stockholders of record as of the close of business on May 16, 2022. The declaration and payment of any future dividends will be at the discretion of our Board of Directors.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 27, 2022
Earnings Per Share
Earnings Per Share	7. Earnings Per Share ​ We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common shareholders and participating security holders according to dividends declared and participating rights in undistributed earnings. The shares of the Company’s former Series B Convertible Preferred Stock (“Series B Preferred Stock”), all of which were repurchased by the Company or converted into shares of common stock during 2021, and time-based restricted stock awards are participating securities because holders of such shares have non-forfeitable dividend rights and participate in undistributed earnings with common stock. Under the two-class method, total dividends provided to the holders of participating securities and undistributed earnings allocated to participating securities, are subtracted from net income attributable to the Company in determining net income attributable to common shareholders. Additionally, any accretion to the redemption value for the Series B Preferred Stock was treated as a deemed dividend in the two-class earnings per share calculation. ​ The calculations of basic and diluted earnings per common share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 27, ​ March 28, ​ ​ 2022 2021 Basic earnings per common share (in thousands, except per share data) ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 10,494 ​ $ 33,883 Dividends paid to participating securities ​ ​ (60) ​ ​ (3,527) Net income attributable to participating securities ​ — ​ (3,243) Net income attributable to common shareholders ​ $ 10,434 ​ $ 27,113 ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 35,927 ​ 32,756 Basic earnings per common share ​ $ 0.29 ​ $ 0.83 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share (in thousands, except per share data) ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 10,434 ​ $ 27,113 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 35,927 ​ 32,756 Dilutive effect of outstanding equity awards (a) ​ 309 ​ 334 Diluted weighted average common shares outstanding (b) ​ 36,236 ​ 33,090 Diluted earnings per common share ​ $ 0.29 ​ $ 0.82 (a) Excludes 21,000 and 18,000 equity awards for the three months ended March 27, 2022 and March 28, 2021, respectively, as the effect of including such awards would have been anti-dilutive. (b) The Company had 252,500 shares of Series B Preferred Stock outstanding at March 28, 2021 (none at March 27, 2022). For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common shareholders. The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares for March 28, 2021. This calculation was anti-dilutive and as such was excluded.

Debt

Debt	3 Months Ended
	Mar. 27, 2022
Debt
Debt	8. Debt ​ Long-term debt, net, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, ​ ​ December 26, ​ ​ ​ ​ 2022 ​ ​ 2021 Senior notes ​ ​ $ 400,000 ​ $ 400,000 Revolving facilities ​ ​ ​ 137,000 ​ ​ 90,000 Outstanding debt ​ ​ $ 537,000 ​ $ 490,000 Unamortized debt issuance costs ​ ​ ​ (8,912) ​ ​ (9,270) Total long-term debt, net ​ ​ $ 528,088 ​ $ 480,730 ​ Senior Notes ​ On September 14, 2021, the Company issued $400.0 million of 3.875% senior notes (the “Notes”) which will mature on September 15, 2029. Interest on the Notes is payable semi-annually in cash in arrears on March 15 and September 15 of each year at a fixed interest rate of 3.875% per annum. ​ The Company may redeem the Notes, in whole or in part, at any time on or after September 15, 2024 at established redemption prices ranging from 97 to 194 basis points depending on when the Notes are redeemed. At any time prior to September 15, 2024, the Company may also redeem up to 40% of the Notes with net cash proceeds of certain equity offerings at a redemption price equal to 103.875% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, excluding the redemption date. In addition, at any time prior to September 15, 2024, the Company may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest and an applicable “make-whole” premium. The Notes also contain customary redemption provisions related to asset sales and certain change of control transactions. ​ The Indenture governing the Notes contains customary events of default, including, among other things, payment default, failure to comply with covenants or agreements contained in the Indenture or the Notes and certain provisions related to bankruptcy events. The Indenture also contains customary negative covenants. ​ Amended Credit Agreement ​ The Company’s amended and restated credit agreement, dated September 14, 2021 (the “Amended Credit Agreement”) provides for a senior secured revolving credit facility in an aggregate available principal amount of $600.0 million (the “PJI Revolving Facility”), of which up to $40.0 million is available as swingline loans and up to $80.0 million is available as letters of credit. The PJI Revolving Facility will mature on September 14, 2026. ​ Up to $50.0 million of the PJI Revolving Facility may be advanced in certain agreed foreign currencies, including Euros, Pounds Sterling, Canadian Dollars, Japanese Yen, and Mexican Pesos. Additionally, the Amended Credit Agreement includes an accordion feature allowing for a future increase of the PJI Revolving Facility and/or incremental term loans in an aggregate amount of up to $500.0 million, subject to certain conditions, including obtaining commitments from one or more new or existing lenders to provide such increased amounts and ongoing compliance with financial covenants. ​ Loans under the PJI Revolving Facility accrue interest at a per annum rate equal to, at the Company’s election, either a LIBOR rate plus a margin ranging from 1.25% to 2.00% or a base rate (generally determined according to the greater of a prime rate, federal funds rate plus 0.50%, or a LIBOR rate plus 1.00%) plus a margin ranging from 0.25% to 1.00%. In each case, the actual margin is determined according to a ratio of the Company’s total indebtedness to earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the then most recently ended four quarter period (the “Leverage Ratio”). An unused commitment fee ranging from 18 to 30 basis points per annum, determined according to the Leverage Ratio, applies to the unutilized commitments under the PJI Revolving Facility. Loans outstanding under the PJI Revolving Facility may be prepaid at any time without premium or penalty, subject to customary breakage costs in the case of borrowings for which a LIBOR rate election is in effect. The Amended Credit Agreement also contain provisions specifying alternative interest rate calculations to be used at such time as LIBOR ceases to be available as a benchmark for establishing the interest rate on floating interest rate borrowings. ​ The Amended Credit Agreement contains customary affirmative and negative covenants that, among other things, require customary reporting obligations, and restrict, subject to certain exceptions, the incurrence of additional indebtedness and liens, the consummation of certain mergers, consolidations, sales of assets and similar transactions, the making of investments, equity distributions and other restricted payments, and transactions with affiliates. In addition, the Company will be subject to the following financial covenants: (1) a maximum Leverage Ratio of 5.25 to 1.00, subject to the Company’s election to increase the maximum Leverage Ratio by 0.50 to 1.00 in connection with material acquisitions if the Company satisfies certain requirements, and (2) a minimum interest coverage ratio defined as EBITDA plus consolidated rental expense to consolidated interest expense plus consolidated rental expense of 2.00 to 1.00. We were in compliance with these financial covenants at March 27, 2022. ​ Obligations under the Amended Credit Agreement are guaranteed by certain direct and indirect material domestic subsidiaries of the Company (the “Guarantors”) and are secured by a security interest in substantially all of the capital stock and equity interests of the Company’s and the Guarantors’ domestic and first tier material foreign subsidiaries. The Amended Credit Agreement contains customary events of default including, among other things, payment defaults, breach of covenants, cross acceleration to material indebtedness, bankruptcy-related defaults, judgment defaults, and the occurrence of certain change of control events. The occurrence of an event of default may result in the termination of the PJI Revolving Facility, acceleration of repayment obligations and the exercise of remedies by the Lenders with respect to the Guarantors. ​ PJMF Revolving Facility ​ PJMF has a $20.0 million revolving line of credit (the “PJMF Revolving Facility”) pursuant to a Revolving Loan Agreement, dated September 30, 2015 with U.S. Bank National Association, as lender. The PJMF Revolving Facility is secured by substantially all assets of PJMF. The PJMF Revolving Facility matures on September 30, 2022. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of the one-month LIBOR plus 1.75% . There was no debt outstanding under the PJMF Revolving Facility as of March 27, 2022 or December 26, 2021. The PJMF operating results and the related debt outstanding do not impact the financial covenants under the Amended Credit Agreement. ​ Derivative Financial Instruments ​ As of March 26, 2022, we have the following interest rate swap agreements with a total notional value of $350.0 million: ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Dates Floating Rate Debt Fixed Rates April 30, 2018 through April 30, 2023 ​ $ 55 million ​ 2.33 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.36 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.34 % January 30, 2018 through August 30, 2022 ​ $ 100 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 75 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 50 million ​ 2.00 % ​ Our interest rate swaps were de-designated as cash flow hedges following the issuance of the Notes. For these de-designated hedges, the portion of gains or losses on the derivative instruments previously recognized in accumulated other comprehensive loss (“AOCL”) will be reclassified into earnings as adjustments to interest expense on a straight-line basis over the remaining life of the originally hedged transactions. ​ ​ The following table provides information on the location and amounts of our swaps in the accompanying condensed consolidated financial statements (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Swap Derivatives ​ ​ Fair Value ​ Fair Value ​ ​ March 27, ​ December 26, Balance Sheet Location ​ 2022 ​ 2021 Other current and long-term liabilities ​ $ 1,528 ​ $ 5,536 ​ The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of (Loss) ​ Amount of (Loss) ​ ​ Derivatives - ​ Amount of Gain or ​ or Gain ​ or Gain ​ Total Net Interest Expense Cash Flow ​ (Loss) Recognized ​ Reclassified from ​ Reclassified from ​ on Condensed Hedging ​ in AOCL ​ AOCL into ​ AOCL into ​ Consolidated Statements Relationships ​ on Derivative ​ Income ​ Income ​ of Operations Interest rate swaps for the three months ended: March 27, 2022 ​ $ 1,318 ​ Interest expense ​ $ 535 ​ $ (4,264) March 28, 2021 ​ $ 1,382 ​ Interest expense ​ $ (1,709) ​ $ (3,647) ​ Interest paid, including payments made or received under the swaps, was $10.1 million and $3.4 million for the three months ended March 27, 2022 and March 28, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 27, 2022
Commitments and Contingencies
Commitments and Contingencies	9. Commitments and Contingencies ​ Litigation ​ The Company is involved in a number of lawsuits, claims, investigations and proceedings, including those specifically identified below, consisting of intellectual property, employment, consumer, commercial and other matters arising in the ordinary course of business. In accordance with ASC 450, “ Contingencies ​ In re Papa John’s Employee & Franchise Employee Antitrust Litigation ​ Durling et al v. Papa John’s International, Inc. , ​

Divestitures and Impairment

Divestitures and Impairment	3 Months Ended
	Mar. 27, 2022
Divestitures and Impairment
Divestitures and Impairment	10. Divestitures and Impairment ​ Assets and Liabilities Held for Sale ​ On March 28, 2022, we refranchised our 51% ownership interest in a 90-restaurant consolidated joint venture in Texas for $14.0 million, net of transaction costs. The assets and liabilities associated with the joint venture are classified as held for sale in the Condensed Consolidated Balance Sheet as of March 27, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, 2022 Current assets ​ $ 1,632 Property and equipment, net ​ ​ 7,030 Operating lease right-of-use assets ​ 8,924 Goodwill ​ ​ 9,908 Other assets ​ ​ 191 Loss on impairment ​ ​ (8,412) Total assets held for sale ​ $ 19,273 ​ ​ ​ ​ Accounts payable, taxes payable, accrued expenses and other ​ $ 1,632 Current deferred revenue ​ ​ 1,930 Current operating lease liabilities ​ ​ 2,338 Long-term operating lease liabilities ​ ​ 7,097 Other long-term liabilities ​ ​ 250 Total liabilities held for sale ​ $ 13,247 ​ Upon reclassification of assets and liabilities held for sale, we recorded a one-time, non-cash charge of $8.4 million which reflects net sale proceeds of $14.0 million, the noncontrolling interest of $4.2 million, and the recognition of an unearned royalty stream of $12.2 million to be recognized as revenue over the 10-year term of the franchise agreement executed concurrent with the disposition in accordance with ASC 810, “ Consolidation.” Impairment of Reacquired Master Franchise Rights In the first quarter of 2022, the Company recorded an impairment of $2.8 million for reacquired franchise rights due to the financial and operational impact of the conflict in Ukraine and government actions taken in response to that conflict, including, but not limited to, international sanctions. The reacquired franchise rights were previously acquired from a former master franchisee and capitalized by the Company. ​

Segment Information

Segment Information	3 Months Ended
	Mar. 27, 2022
Segment Information
Segment Information	​ 11. Segment Information ​ We have four reportable segments: domestic Company-owned restaurants, North America franchising, North America commissaries, and international operations. The domestic Company-owned restaurant segment consists of the operations of all domestic (“domestic” is defined as contiguous United States) Company-owned restaurants and derives its revenues principally from retail sales of pizza, Papadias, which are flatbread-style sandwiches, and side items, including breadsticks, cheesesticks, chicken poppers and wings, dessert items and canned or bottled beverages. The North America commissary segment consists of the operations of our regional dough production and product distribution centers and derives its revenues principally from the sale and distribution of food and paper products to domestic Company-owned and franchised restaurants in the United States and Canada. The North America franchising segment consists of our franchise sales and support activities and derives its revenues from sales of franchise and development rights and collection of royalties from our franchisees located in the United States and Canada. The international segment principally consists of distribution sales to franchised Papa John’s restaurants located in the United Kingdom and our franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from our international franchisees. International franchisees are defined as all franchise operations outside of the United States and Canada. All other business units that do not meet the quantitative thresholds for determining reportable segments, which are not operating segments, we refer to as “all other,” which consists of operations that derive revenues from the sale, principally to Company-owned and franchised restaurants, of printing and promotional items, franchise contributions to marketing funds and information systems and related services used in restaurant operations, including our point-of-sale system, online and other technology-based ordering platforms. ​ Generally, we evaluate performance and allocate resources based on operating income and intercompany eliminations. Certain administrative and capital costs are allocated to segments based upon predetermined rates or estimated resource usage. We account for intercompany sales and transfers as if the sales or transfers were to third parties and eliminate the activity in consolidation. ​ Our reportable segments are business units that provide different products or services. Separate management of each segment is required because each business unit is subject to different operational issues and strategies. No single external customer accounted for 10% or more of our consolidated revenues. Our segment information is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 27, ​ March 28, (In thousands) ​ 2022 2021 Revenues: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 198,765 ​ $ 197,234 North America franchising ​ ​ 34,268 ​ 32,715 North America commissaries ​ ​ 209,679 ​ 184,878 International ​ ​ 42,707 ​ 42,604 All others ​ ​ 57,273 ​ 54,315 Total revenues ​ ​ $ 542,692 ​ $ 511,746 ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues: ​ ​ ​ ​ ​ ​ ​ North America franchising ​ ​ $ 1,053 ​ $ 1,060 North America commissaries ​ ​ ​ 58,507 ​ ​ 52,070 All others ​ ​ 19,379 ​ 19,148 Total intersegment revenues ​ ​ $ 78,939 ​ $ 72,278 ​ ​ ​ ​ ​ ​ ​ ​ Operating income: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants (1) ​ ​ $ 1,989 ​ $ 15,324 North America franchising ​ ​ 32,137 ​ 30,443 North America commissaries ​ ​ 9,334 ​ 9,713 International (2) ​ ​ 4,455 ​ 8,364 All others ​ ​ 3,719 ​ 6,118 Unallocated corporate expenses (3) ​ ​ (37,111) ​ (23,162) Elimination of intersegment (profits) losses ​ ​ (88) ​ 62 Total operating income ​ ​ $ 14,435 ​ $ 46,862 ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 220,357 ​ ​ ​ North America commissaries ​ ​ ​ 149,503 ​ ​ ​ International ​ ​ ​ 14,857 ​ ​ ​ All others ​ ​ ​ 112,037 ​ ​ ​ Unallocated corporate assets ​ ​ ​ 234,115 ​ ​ ​ Accumulated depreciation and amortization ​ ​ ​ (514,616) ​ ​ ​ Total property and equipment, net ​ ​ $ 216,253 ​ ​ ​ ​ ​ (1) Includes a one-time, non-cash charge of $8.4 million associated with the refranchising of the Company’s ownership interest in a 90-restaurant joint venture, recorded as Refranchising and impairment loss. See Note 10 for additional information. (2) Includes $3.5 million of one-time, non-cash reserves for certain accounts receivable and impairments of reacquired franchise rights in the first quarter of 2022. See Notes 2 and 10 for additional information. (3) For the first quarter of 2022, Unallocated corporate expenses include $13.9 million of one-time, non-cash reserves of certain notes receivable and $5.0 million for the Legal Settlement. For the first quarter of 2021, Unallocated corporate expense includes $3.9 million of reorganization costs. See Notes 2 and 9 for additional information. ​ ​ ​ ​ ​ Disaggregation of Revenue ​ In the following tables, revenues are disaggregated by major product/service line. The tables also include a reconciliation of the disaggregated revenues by the reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 27, 2022 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 198,765 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 198,765 Franchise royalties and fees ​ ​ - ​ ​ 35,321 ​ ​ - ​ ​ 13,435 ​ ​ - ​ ​ 48,756 Commissary sales ​ ​ - ​ ​ - ​ ​ 268,186 ​ ​ 21,182 ​ ​ - ​ ​ 289,368 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 8,090 ​ ​ 76,652 ​ ​ 84,742 Eliminations ​ ​ - ​ ​ (1,053) ​ ​ (58,507) ​ ​ - ​ ​ (19,379) ​ ​ (78,939) Total segment revenues ​ $ 198,765 ​ $ 34,268 ​ $ 209,679 ​ $ 42,707 ​ $ 57,273 ​ $ 542,692 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (8,090) ​ ​ 8,090 ​ ​ - Total revenues ​ $ 198,765 ​ $ 34,268 ​ $ 209,679 ​ $ 34,617 ​ $ 65,363 ​ $ 542,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 28, 2021 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 197,234 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 197,234 Franchise royalties and fees ​ ​ - ​ ​ 33,775 ​ ​ - ​ ​ 12,208 ​ ​ - ​ ​ 45,983 Commissary sales ​ ​ - ​ ​ - ​ ​ 236,948 ​ ​ 22,399 ​ ​ - ​ ​ 259,347 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 7,997 ​ ​ 73,463 ​ ​ 81,460 Eliminations ​ ​ - ​ ​ (1,060) ​ ​ (52,070) ​ ​ - ​ ​ (19,148) ​ ​ (72,278) Total segment revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 42,604 ​ $ 54,315 ​ $ 511,746 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,997) ​ ​ 7,997 ​ ​ - Total revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 34,607 ​ $ 62,312 ​ $ 511,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $8.1 million and $8.0 million of revenue for the three months ended March 27, 2022 and March 28, 2021, respectively, that are part of the international reporting segment. These amounts include marketing fund contributions and sublease rental income from international franchisees in the United Kingdom that provide no significant contribution to operating income but must be reported on a gross basis under accounting requirements. The related expenses for these Other revenues are reported in Other expenses in the Condensed Consolidated Statements of Operations.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 27, 2022
Related Party Transactions
Related Party Transactions	Note 12. Related Party Transactions Endorsement Agreement On April 10, 2022, the Company and PJMF entered into an Endorsement Agreement (the “Endorsement Agreement”), effective March 15, 2022, with ABG-Shaq, LLC (“ABG-Shaq”), an entity affiliated with Shaquille O’Neal, for the personal services of Mr. O’Neal. Mr. O’Neal is a non-independent director of the Company. The Endorsement Agreement replaces the previous Endorsement Agreement, effective March 15, 2019, by and between the Company, PJMF and ABG-Shaq, as amended (the “Prior Endorsement Agreement”) which expired by its terms on March 15, 2022. The terms of the Endorsement Agreement, which are detailed below, are substantially similar to the Prior Endorsement Agreement. Pursuant to the Endorsement Agreement, the Company and PJMF received the right and license to use Mr. O’Neal’s name, nickname, initials, autograph, voice, video or film portrayals, photograph, likeness and certain other intellectual property rights (individually and collectively, the “Personality Rights”), in each case, solely as approved by ABG-Shaq, in connection with the advertising, promotion and sale of Papa John’s-branded products. Mr. O’Neal will also provide brand ambassador services related to appearances, social media and public relations matters. The Endorsement Agreement also renewed the offering of the co-branded extra-large pizza product developed among the Company, PJMF and ABG-Shaq under the Prior Endorsement Agreement, and provides that one U.S. dollar for each unit of the co-branded pizza sold in the United States will be donated to The Papa John’s Foundation for Building Community and one Canadian dollar for each unit sold in Canada will be donated to a charity mutually agreed-upon between the parties. As consideration for the rights and services granted under the Endorsement Agreement, the Company and PJMF agreed to pay to ABG-Shaq aggregate cash payments of $5.625 million over the three years of the Endorsement Agreement. The Company and PJMF will also pay ABG-Shaq a royalty fee for the co-branded pizza product if the total amount of royalties in a given contract year (calculated as $0.20 per co-branded pizza sold) exceeds the contractual cash payment for that year, in which case the amount of the royalty payment will be the excess of the royalties over the cash payment amount. The Company and PJMF will also pay expenses related to the marketing and personal services provided by Mr. O’Neal. In addition, the Company agreed to grant 55,898 restricted stock units (the “RSUs”) to Mr. O’Neal (as agent of ABG) under the Company’s 2018 Omnibus Incentive Plan. The RSUs will vest into an equivalent number of shares of the Company’s common stock according to the following vesting schedule: ● 33% (18,632) of the RSUs will vest on April 12, 2023; ● 33% (18,632) of the RSUs will vest on March 15, 2024; and ● 33% (18,634) of the RSUs will vest on March 15, 2025. The initial term of the Endorsement Agreement ends on March 15, 2025, with an option for a one-year extension upon the parties’ mutual agreement. The Endorsement Agreement also includes customary exclusivity, termination and indemnification clauses. ​ ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 27, 2022
Significant Accounting Policies
Use of Estimates	Use of Estimates ​ The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items that are subject to such estimates and assumptions include allowance for credit losses on accounts and notes receivable, intangible assets, contract assets and contract liabilities, including the online customer loyalty program obligation and gift card breakage, right-of-use assets and lease liabilities, insurance reserves and tax reserves. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates.
Variable Interest Entity	Variable Interest Entity ​ Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation designed to operate at break-even as it spends all annual contributions received from the system. PJMF collects a percentage of revenues from Company-owned and franchised restaurants in the United States for the purpose of designing and administering advertising and promotional programs. PJMF is a variable interest entity (“VIE”) that funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80% are franchised (85% following the divestiture of the Company’s interest in one joint venture subsequent to the end of the first quarter that included 90 restaurants as discussed in Note 10) and does not have sufficient equity to fund its operations without these ongoing financial contributions. Based on an assessment of the governance structure and operating procedures of PJMF, the Company determined it has the power to control certain significant activities of PJMF, and therefore, is the primary beneficiary. The Company has consolidated PJMF in its financial results in accordance with Accounting Standards Codification (“ASC”) 810, “ Consolidations
Noncontrolling Interests	Noncontrolling Interests ​ Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 188 restaurants at March 27, 2022 and March 28, 2021. Subsequent to the end of the first quarter, the Company divested its interest in one joint venture that included 90 restaurants. See Note 10 for additional information. ​ Consolidated net income is required to be reported separately at amounts attributable to both the Company and the noncontrolling interests. Additionally, disclosures are required to clearly identify and distinguish between the interests of the Company and the interests of the noncontrolling owners, including a disclosure on the face of the Condensed Consolidated Statements of Operations of net income attributable to noncontrolling interests. ​ Net income attributable to these joint ventures for the three months ended March 27, 2022 and March 28, 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 27, ​ March 28, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 1,621 ​ $ 2,349 Noncontrolling interests ​ 933 ​ 1,400 Total net income ​ $ 2,554 ​ $ 3,749 ​ The following summarizes the redemption feature, location and related accounting within the Condensed Consolidated Balance Sheets for these joint venture arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Joint Venture Arrangement Location within the Balance Sheets Recorded Value ​ ​ ​ ​ ​ Joint ventures with no redemption feature Permanent equity Carrying value Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable Temporary equity Carrying value ​
Deferred Income Tax Accounts and Tax Reserves	Deferred Income Tax Accounts and Tax Reserves ​ We are subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining Papa John’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. We use an estimated annual effective rate based on expected annual income to determine our quarterly provision for income taxes. The effective income tax rate includes the estimated domestic state effective income tax rate and applicable foreign income tax rates. The effective income tax rate is also impacted by various permanent items and credits, net of any related valuation allowances, and can vary based on changes in estimated annual income. Discrete items are recorded in the quarter in which they occur. ​ Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax attribute carryforwards (e.g., net operating losses, capital losses, and foreign tax credits). The effect on deferred taxes of changes in tax rates is recognized in the period in which the new tax rate is enacted. Valuation allowances are established when necessary on a jurisdictional basis to reduce deferred tax assets to the amounts we expect to realize. ​ Tax authorities periodically audit the Company. We record reserves and related interest and penalties for identified exposures as income tax expense. We evaluate these issues on a quarterly basis to adjust for events, such as statute of limitations expirations, court or state rulings or audit settlements, which may impact our ultimate payment for such exposures.
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures ​ The Company determines the fair value of financial assets and liabilities based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. Certain assets and liabilities are measured at fair value on a recurring basis and are required to be classified and disclosed in one of the following three categories: ​ ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. ​ Fair value is a market-based measurement, not an entity-specific measurement. Considerable judgment is required to interpret market data to estimate fair value; accordingly, the fair values presented do not necessarily indicate what the Company or its debtholders could realize in a current market exchange. ​ Our financial assets and liabilities that were measured at fair value on a recurring basis as of March 27, 2022 and December 26, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements (in thousands) Value Level 1 Level 2 Level 3 March 27, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 34,205 ​ $ 34,205 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 26, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 41,904 ​ $ 41,904 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ $ 5,536 ​ $ — ​ $ 5,536 ​ $ — ​ (a) Represents life insurance policies held in our non-qualified deferred compensation plan. (b) The fair value of our interest rate swaps is based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected London Interbank Offered Rates (“LIBOR”). ​ The fair value of certain assets and liabilities approximates carrying value because of the short-term nature of the accounts, including cash and cash equivalents, accounts receivable, net of allowances, and accounts payable. The carrying value of notes receivable, net of allowances, also approximates fair value. The Company’s revolving credit facilities under its credit agreement approximate carrying value due to its variable market-based interest rate. The Company’s 3.875%senior notes are classified as a Level 2 fair value measurement since the Company estimates the fair value by using recent trading transactions, and has the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of March 27, 2022 and December 26, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, 2022 ​ December 26, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair (in thousands) ​ Value ​ Value ​ Value ​ Value 3.875% Senior Notes ​ $ 400,000 ​ $ 362,000 ​ $ 400,000 ​ $ 396,000
Allowance for Credit Losses	Allowance for Credit Losses ​ Estimates of expected credit losses, even if remote, are based upon historical account write-off trends, facts about the current financial condition of the debtor, forecasts of future operating results based upon current trends of select operating metrics, and macroeconomic factors. Credit quality is monitored through the timing of payments compared to the prescribed payment terms and known facts regarding the financial condition of the franchisee or customer. Account and note balances are charged off against the allowance after recovery efforts have ceased. ​ The following table summarizes changes in our allowances for credit losses for accounts receivable and notes receivable: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Accounts Receivable ​ Notes Receivable Balance at December 26, 2021 ​ $ 2,364 ​ $ 1,500 Current period provision for expected credit losses (1) ​ ​ 2,613 ​ ​ 12,560 Write-offs charged against the allowance ​ ​ (126) ​ ​ — Recoveries collected ​ ​ — ​ ​ (6) Balance at March 27, 2022 ​ $ 4,851 ​ $ 14,054 ​ (1) The Company recorded $14.6 million of one -time, non-cash reserves for certain accounts receivable and notes receivable primarily associated with a master franchisee with operations principally in Russia.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 27, 2022
Significant Accounting Policies
Schedule of net income attributable to Joint Ventures	Net income attributable to these joint ventures for the three months ended March 27, 2022 and March 28, 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 27, ​ March 28, ​ 2022 2021 ​ ​ ​ ​ ​ ​ ​ Papa John’s International, Inc. ​ $ 1,621 ​ $ 2,349 Noncontrolling interests ​ 933 ​ 1,400 Total net income ​ $ 2,554 ​ $ 3,749
Schedule of Joint Ventures in Which There are Noncontrolling Interests	The following summarizes the redemption feature, location and related accounting within the Condensed Consolidated Balance Sheets for these joint venture arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Joint Venture Arrangement Location within the Balance Sheets Recorded Value ​ ​ ​ ​ ​ Joint ventures with no redemption feature Permanent equity Carrying value Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable Temporary equity Carrying value
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	Our financial assets and liabilities that were measured at fair value on a recurring basis as of March 27, 2022 and December 26, 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair Value Measurements (in thousands) Value Level 1 Level 2 Level 3 March 27, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 34,205 ​ $ 34,205 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ $ 1,528 ​ $ — ​ $ 1,528 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 26, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value of life insurance policies (a) ​ $ 41,904 ​ $ 41,904 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps (b) ​ $ 5,536 ​ $ — ​ $ 5,536 ​ $ — ​ (a) Represents life insurance policies held in our non-qualified deferred compensation plan. (b) The fair value of our interest rate swaps is based on the sum of all future net present value cash flows. The future cash flows are derived based on the terms of our interest rate swaps, as well as considering published discount factors, and projected London Interbank Offered Rates (“LIBOR”). ​ The fair value of certain assets and liabilities approximates carrying value because of the short-term nature of the accounts, including cash and cash equivalents, accounts receivable, net of allowances, and accounts payable. The carrying value of notes receivable, net of allowances, also approximates fair value. The Company’s revolving credit facilities under its credit agreement approximate carrying value due to its variable market-based interest rate. The Company’s 3.875%senior notes are classified as a Level 2 fair value measurement since the Company estimates the fair value by using recent trading transactions, and has the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of March 27, 2022 and December 26, 2021, respectively: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, 2022 ​ December 26, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair (in thousands) ​ Value ​ Value ​ Value ​ Value 3.875% Senior Notes ​ $ 400,000 ​ $ 362,000 ​ $ 400,000 ​ $ 396,000
Schedule rollforward of the allowance for credit losses for accounts receivable, notes receivable and other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Accounts Receivable ​ Notes Receivable Balance at December 26, 2021 ​ $ 2,364 ​ $ 1,500 Current period provision for expected credit losses (1) ​ ​ 2,613 ​ ​ 12,560 Write-offs charged against the allowance ​ ​ (126) ​ ​ — Recoveries collected ​ ​ — ​ ​ (6) Balance at March 27, 2022 ​ $ 4,851 ​ $ 14,054 ​ (1) The Company recorded $14.6 million of one -time, non-cash reserves for certain accounts receivable and notes receivable primarily associated with a master franchisee with operations principally in Russia.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 27, 2022
Leases
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases for the periods reported is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended (in thousands) ​ March 27, 2022 ​ March 28, 2021 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from finance leases ​ $ 262 ​ $ 278 Financing cash flows from finance leases ​ ​ 1,241 ​ ​ 1,059 Operating cash flows from operating leases (a) ​ ​ 9,612 ​ ​ 9,483 Right-of-use assets obtained in exchange for new finance lease liabilities ​ ​ 569 ​ ​ 7,014 Right-of-use assets obtained in exchange for new operating lease liabilities (b) ​ ​ 20,801 ​ ​ 28,428 Cash received from sublease income ​ ​ 3,092 ​ ​ 2,987 ​ ​ ​ ​ ​ ​ ​ (a) Included within the change in Other assets and liabilities within the Condensed Consolidated Statements of Cash Flows offset by non-cash operating lease right-of-use asset amortization and lease liability accretion. (b) Includes right-of-use assets of approximately

Papa John's Marketing Fund, I_2

Papa John's Marketing Fund, Inc. (Tables)	3 Months Ended
	Mar. 27, 2022
Papa John's Marketing Fund, Inc.
Schedule of Assets and Liabilities of PJMF	​ Assets and liabilities of PJMF, which are restricted in their use, included in the Condensed Consolidated Balance Sheets were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, ​ December 26, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 24,136 ​ $ 24,481 Accounts receivable, net ​ ​ 13,078 ​ ​ 14,150 Income tax receivable ​ ​ 44 ​ ​ 300 Prepaid expenses and other current assets ​ ​ 2,148 ​ ​ 1,718 Total current assets ​ ​ 39,406 ​ ​ 40,649 Deferred income taxes ​ ​ 604 ​ ​ 614 Total assets ​ $ 40,010 ​ $ 41,263 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 2,868 ​ $ 140 Income and other taxes payable ​ ​ 2 ​ ​ 2 Accrued expenses and other current liabilities ​ ​ 35,131 ​ ​ 40,154 Current deferred revenue ​ ​ 4,320 ​ ​ 4,317 Total current liabilities ​ ​ 42,321 ​ ​ 44,613 Deferred revenue ​ ​ 1,399 ​ ​ 2,478 Total liabilities ​ $ 43,720 ​ $ 47,091

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 27, 2022
Revenue Recognition
Schedule of information about contract liabilities	The following table includes a breakout of contract liability balances (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract Liabilities ​ ​ ​ March 27, 2022 ​ ​ December 26, 2021 ​ ​ Change Franchise fees and unredeemed gift card liabilities ​ $ 18,731 ​ $ 20,410 ​ $ (1,679) Customer loyalty program obligations ​ ​ 13,299 ​ ​ 15,136 ​ ​ (1,837) Total contract liabilities ​ $ 32,030 ​ $ 35,546 ​ $ (3,516)
Schedule of estimated revenue expected to be recognized in the future	The following table (in thousands) includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance Obligations by Period ​ ​ Less than 1 Year ​ 1-2 Years ​ 2-3 Years ​ 3-4 Years ​ 4-5 Years ​ Thereafter ​ Total Franchise fees ​ $ 2,011 ​ $ 1,783 ​ $ 1,601 ​ $ 1,390 ​ $ 1,127 ​ $ 2,134 ​ $ 10,046

Common Stock (Tables)

Common Stock (Tables)	3 Months Ended
	Mar. 27, 2022
Common Stock.
Summary of repurchase activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Dollar ​ ​ Total ​ ​ Average ​ ​ Aggregate ​ ​ Value of Shares ​ ​ Number ​ ​ Price ​ ​ Cost of ​ ​ that May Yet Be (in thousands, except average price per share) ​ of Shares ​ ​ Paid per ​ ​ Shares ​ ​ Purchased Under the Three Months Ended ​ Purchased ​ Share ​ ​ Purchased ​ ​ Plans or Programs March 27, 2022 ​ 301 ​ $ 108.76 ​ $ 32,709 ​ $ 392,091 March 28, 2021 ​ 15 ​ $ 84.63 ​ $ 1,267 ​ $ 71,031

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 27, 2022
Earnings Per Share
Schedule of Earnings (Loss) Per Share, Basic and Diluted	​ The calculations of basic and diluted earnings per common share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 27, ​ March 28, ​ ​ 2022 2021 Basic earnings per common share (in thousands, except per share data) ​ ​ ​ ​ ​ ​ Net income attributable to the Company ​ $ 10,494 ​ $ 33,883 Dividends paid to participating securities ​ ​ (60) ​ ​ (3,527) Net income attributable to participating securities ​ — ​ (3,243) Net income attributable to common shareholders ​ $ 10,434 ​ $ 27,113 ​ ​ ​ ​ ​ ​ ​ Basic weighted average common shares outstanding ​ 35,927 ​ 32,756 Basic earnings per common share ​ $ 0.29 ​ $ 0.83 ​ ​ ​ ​ ​ ​ ​ Diluted earnings per common share (in thousands, except per share data) ​ ​ ​ ​ ​ ​ Net income attributable to common shareholders ​ $ 10,434 ​ $ 27,113 ​ ​ ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 35,927 ​ 32,756 Dilutive effect of outstanding equity awards (a) ​ 309 ​ 334 Diluted weighted average common shares outstanding (b) ​ 36,236 ​ 33,090 Diluted earnings per common share ​ $ 0.29 ​ $ 0.82 (a) Excludes 21,000 and 18,000 equity awards for the three months ended March 27, 2022 and March 28, 2021, respectively, as the effect of including such awards would have been anti-dilutive. (b) The Company had 252,500 shares of Series B Preferred Stock outstanding at March 28, 2021 (none at March 27, 2022). For the fully diluted calculation, the Series B Preferred stock dividends were added back to net income attributable to common shareholders. The Company then applied the if-converted method to calculate dilution on the Series B Preferred Stock, which resulted in 5.0 million additional common shares for March 28, 2021. This calculation was anti-dilutive and as such was excluded.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 27, 2022
Debt
Schedule of long-term debt, net	Long-term debt, net, consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, ​ ​ December 26, ​ ​ ​ ​ 2022 ​ ​ 2021 Senior notes ​ ​ $ 400,000 ​ $ 400,000 Revolving facilities ​ ​ ​ 137,000 ​ ​ 90,000 Outstanding debt ​ ​ $ 537,000 ​ $ 490,000 Unamortized debt issuance costs ​ ​ ​ (8,912) ​ ​ (9,270) Total long-term debt, net ​ ​ $ 528,088 ​ $ 480,730
Schedule of Interest Rate Swap Agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Dates Floating Rate Debt Fixed Rates April 30, 2018 through April 30, 2023 ​ $ 55 million ​ 2.33 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.36 % April 30, 2018 through April 30, 2023 ​ $ 35 million ​ 2.34 % January 30, 2018 through August 30, 2022 ​ $ 100 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 75 million ​ 1.99 % January 30, 2018 through August 30, 2022 ​ $ 50 million ​ 2.00 %
Schedule of Location and Amounts of Swaps in the Accompanying Consolidated Financial Statements	​ The following table provides information on the location and amounts of our swaps in the accompanying condensed consolidated financial statements (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate Swap Derivatives ​ ​ Fair Value ​ Fair Value ​ ​ March 27, ​ December 26, Balance Sheet Location ​ 2022 ​ 2021 Other current and long-term liabilities ​ $ 1,528 ​ $ 5,536
Schedule of Effect of Derivative Instruments on the Accompanying Consolidated Financial Statements	The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Location of (Loss) ​ Amount of (Loss) ​ ​ Derivatives - ​ Amount of Gain or ​ or Gain ​ or Gain ​ Total Net Interest Expense Cash Flow ​ (Loss) Recognized ​ Reclassified from ​ Reclassified from ​ on Condensed Hedging ​ in AOCL ​ AOCL into ​ AOCL into ​ Consolidated Statements Relationships ​ on Derivative ​ Income ​ Income ​ of Operations Interest rate swaps for the three months ended: March 27, 2022 ​ $ 1,318 ​ Interest expense ​ $ 535 ​ $ (4,264) March 28, 2021 ​ $ 1,382 ​ Interest expense ​ $ (1,709) ​ $ (3,647)

Divestitures and Impairment (Ta

Divestitures and Impairment (Tables)	3 Months Ended
	Mar. 27, 2022
Divestitures and Impairment
Summary of assets and liabilities classified as held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 27, 2022 Current assets ​ $ 1,632 Property and equipment, net ​ ​ 7,030 Operating lease right-of-use assets ​ 8,924 Goodwill ​ ​ 9,908 Other assets ​ ​ 191 Loss on impairment ​ ​ (8,412) Total assets held for sale ​ $ 19,273 ​ ​ ​ ​ Accounts payable, taxes payable, accrued expenses and other ​ $ 1,632 Current deferred revenue ​ ​ 1,930 Current operating lease liabilities ​ ​ 2,338 Long-term operating lease liabilities ​ ​ 7,097 Other long-term liabilities ​ ​ 250 Total liabilities held for sale ​ $ 13,247

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 27, 2022
Segment Information
Schedule of Segment Reporting Information, by Segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ March 27, ​ March 28, (In thousands) ​ 2022 2021 Revenues: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 198,765 ​ $ 197,234 North America franchising ​ ​ 34,268 ​ 32,715 North America commissaries ​ ​ 209,679 ​ 184,878 International ​ ​ 42,707 ​ 42,604 All others ​ ​ 57,273 ​ 54,315 Total revenues ​ ​ $ 542,692 ​ $ 511,746 ​ ​ ​ ​ ​ ​ ​ ​ Intersegment revenues: ​ ​ ​ ​ ​ ​ ​ North America franchising ​ ​ $ 1,053 ​ $ 1,060 North America commissaries ​ ​ ​ 58,507 ​ ​ 52,070 All others ​ ​ 19,379 ​ 19,148 Total intersegment revenues ​ ​ $ 78,939 ​ $ 72,278 ​ ​ ​ ​ ​ ​ ​ ​ Operating income: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants (1) ​ ​ $ 1,989 ​ $ 15,324 North America franchising ​ ​ 32,137 ​ 30,443 North America commissaries ​ ​ 9,334 ​ 9,713 International (2) ​ ​ 4,455 ​ 8,364 All others ​ ​ 3,719 ​ 6,118 Unallocated corporate expenses (3) ​ ​ (37,111) ​ (23,162) Elimination of intersegment (profits) losses ​ ​ (88) ​ 62 Total operating income ​ ​ $ 14,435 ​ $ 46,862 ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net: ​ ​ ​ ​ ​ ​ ​ Domestic Company-owned restaurants ​ ​ $ 220,357 ​ ​ ​ North America commissaries ​ ​ ​ 149,503 ​ ​ ​ International ​ ​ ​ 14,857 ​ ​ ​ All others ​ ​ ​ 112,037 ​ ​ ​ Unallocated corporate assets ​ ​ ​ 234,115 ​ ​ ​ Accumulated depreciation and amortization ​ ​ ​ (514,616) ​ ​ ​ Total property and equipment, net ​ ​ $ 216,253 ​ ​ ​ ​ ​ (1) Includes a one-time, non-cash charge of $8.4 million associated with the refranchising of the Company’s ownership interest in a 90-restaurant joint venture, recorded as Refranchising and impairment loss. See Note 10 for additional information. (2) Includes $3.5 million of one-time, non-cash reserves for certain accounts receivable and impairments of reacquired franchise rights in the first quarter of 2022. See Notes 2 and 10 for additional information. (3) For the first quarter of 2022, Unallocated corporate expenses include $13.9 million of one-time, non-cash reserves of certain notes receivable and $5.0 million for the Legal Settlement. For the first quarter of 2021, Unallocated corporate expense includes $3.9 million of reorganization costs. See Notes 2 and 9 for additional information. ​
Schedule of revenue disaggregated by major product line	In the following tables, revenues are disaggregated by major product/service line. The tables also include a reconciliation of the disaggregated revenues by the reportable segment (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 27, 2022 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 198,765 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 198,765 Franchise royalties and fees ​ ​ - ​ ​ 35,321 ​ ​ - ​ ​ 13,435 ​ ​ - ​ ​ 48,756 Commissary sales ​ ​ - ​ ​ - ​ ​ 268,186 ​ ​ 21,182 ​ ​ - ​ ​ 289,368 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 8,090 ​ ​ 76,652 ​ ​ 84,742 Eliminations ​ ​ - ​ ​ (1,053) ​ ​ (58,507) ​ ​ - ​ ​ (19,379) ​ ​ (78,939) Total segment revenues ​ $ 198,765 ​ $ 34,268 ​ $ 209,679 ​ $ 42,707 ​ $ 57,273 ​ $ 542,692 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (8,090) ​ ​ 8,090 ​ ​ - Total revenues ​ $ 198,765 ​ $ 34,268 ​ $ 209,679 ​ $ 34,617 ​ $ 65,363 ​ $ 542,692 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable Segments ​ ​ Three Months Ended March 28, 2021 Major Products/Services Lines ​ ​ Domestic Company-owned restaurants ​ ​ North America franchising ​ ​ North America commissaries ​ ​ International ​ ​ All others ​ ​ Total Company-owned restaurant sales ​ $ 197,234 ​ $ - ​ $ - ​ $ - ​ $ - ​ $ 197,234 Franchise royalties and fees ​ ​ - ​ ​ 33,775 ​ ​ - ​ ​ 12,208 ​ ​ - ​ ​ 45,983 Commissary sales ​ ​ - ​ ​ - ​ ​ 236,948 ​ ​ 22,399 ​ ​ - ​ ​ 259,347 Other revenues ​ ​ - ​ ​ - ​ ​ - ​ ​ 7,997 ​ ​ 73,463 ​ ​ 81,460 Eliminations ​ ​ - ​ ​ (1,060) ​ ​ (52,070) ​ ​ - ​ ​ (19,148) ​ ​ (72,278) Total segment revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 42,604 ​ $ 54,315 ​ $ 511,746 International other revenues (1) ​ ​ - ​ ​ - ​ ​ - ​ ​ (7,997) ​ ​ 7,997 ​ ​ - Total revenues ​ $ 197,234 ​ $ 32,715 ​ $ 184,878 ​ $ 34,607 ​ $ 62,312 ​ $ 511,746 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $8.1 million and $8.0 million of revenue for the three months ended March 27, 2022 and March 28, 2021, respectively, that are part of the international reporting segment. These amounts include marketing fund contributions and sublease rental income from international franchisees in the United Kingdom that provide no significant contribution to operating income but must be reported on a gross basis under accounting requirements. The related expenses for these Other revenues are reported in Other expenses in the Condensed Consolidated Statements of Operations.

Significant Accounting Polici_4

Significant Accounting Policies - Noncontrolling Interest and Joint Ventures (Details) $ in Thousands	Mar. 28, 2022entityrestaurant	Mar. 27, 2022USD ($)entityrestaurant	Mar. 28, 2021USD ($)entityrestaurant
Noncontrolling Interests
Percentage of domestic restaurants franchised		80.00%
Number of Joint Ventures Having Noncontrolling Interests | entity		4	4
Income Amounts Attributable to Noncontrolling Interest, Disclosures
Net income attributable to the Company		$ 10,494	$ 33,883
Subsequent events
Noncontrolling Interests
Number of joint ventures divested | entity	1
Joint ventures
Noncontrolling Interests
Number of Restaurants | restaurant		188	188
Income Amounts Attributable to Noncontrolling Interest, Disclosures
Papa John's International, Inc.		$ 1,621	$ 2,349
Noncontrolling interests		933	1,400
Net income attributable to the Company		$ 2,554	$ 3,749
Joint ventures | Subsequent events
Noncontrolling Interests
Percentage of franchised business units divested	85.00%
Number of Restaurants | restaurant	90

Significant Accounting Polici_5

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021	Sep. 14, 2021
Carrying Value
Measurement of financial assets and liabilities at fair value on a recurring basis
Cash surrender value of life insurance policies	$ 34,205	$ 41,904
Interest rate swap liabilities	$ 1,528	$ 5,536
Notes
Measurement of financial assets and liabilities at fair value on a recurring basis
Fixed interest rate (as a percent)	3.875%	3.875%	3.875%
Notes | Carrying Value
Measurement of financial assets and liabilities at fair value on a recurring basis
3.875% Fixed Rate Senior Notes	$ 400,000	$ 400,000
Measured on Recurring Basis | Level 1
Measurement of financial assets and liabilities at fair value on a recurring basis
Cash surrender value of life insurance policies	34,205	41,904
Measured on Recurring Basis | Level 2
Measurement of financial assets and liabilities at fair value on a recurring basis
Interest rate swap liabilities	1,528	5,536
Measured on Recurring Basis | Notes | Level 2
Measurement of financial assets and liabilities at fair value on a recurring basis
3.875% Fixed Rate Senior Notes	$ 362,000	$ 396,000

Significant Accounting Polici_6

Significant Accounting Policies - Schedule rollforward of the allowance for credit losses for accounts receivable, notes receivable and other assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Allowance for Credit Loss
Current period provision for expected credit losses	$ 15,167	$ (1,098)
Allowance for Credit Losses
Non-cash impairment	11,160
Accounts Receivable
Allowance for Credit Loss
Balance at beginning of period	2,364
Current period provision for expected credit losses	2,613
Write-offs charged against the allowance	(126)
Balance at end of period	4,851
Allowance for Credit Losses
Non-cash impairment	14,600
Notes Receivable
Allowance for Credit Losses
Balance at beginning of period	1,500
Current period provision for expected credit losses	12,560
Recoveries collected	(6)
Balance at end of period	$ 14,054

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments, Lessor Operating Leases, and Lease Guarantees (Details) $ in Millions	Mar. 28, 2022USD ($)restaurantlease	Mar. 27, 2022USD ($)itemrestaurantlease	Mar. 28, 2021USD ($)
Leases
sublease income		$ 3	$ 2.8
Number of stores available to be refranchised | item		90
Number of domestic leases for which the Company is contingently liable | lease		65
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees		$ 10.8
Held for sale | Joint ventures | Subsequent events
Leases
Number of stores available to be refranchised | restaurant	90
Ownership percentage	51.00%
Number of domestic leases for which the Company is contingently liable | lease	12
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees	$ 1.6
United Kingdom franchise-owned restaurants
Leases
Number of units leased and subleased | restaurant		430
Initial lease terms on franchised sites		15 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Leases
Operating cash flows from finance leases	$ 262	$ 278
Financing cash flows from finance leases	1,241	1,059
Operating cash flows from operating leases	9,612	9,483
Right-of-use assets obtained in exchange for new finance lease liabilities	569	7,014
Right-of-use assets obtained in exchange for new operating lease liabilities	20,801	28,428
Cash received from sublease income	$ 3,092	2,987
Corporate Headquarters Atlanta, Georgia
Leases
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 14,500

Papa John's Marketing Fund, I_3

Papa John's Marketing Fund, Inc. (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 80,669	$ 70,610
Accounts receivable, net	81,229	81,370
Income tax receivable	10,537	9,386
Prepaid expenses and other current assets	46,461	46,310
Total current assets	286,269	255,009
Deferred income taxes	6,535	5,156
Total assets	885,626	885,704
Current liabilities:
Accounts payable	35,434	28,092
Income and other taxes payable	27,973	19,996
Accrued expenses and other current liabilities	156,203	190,116
Current deferred revenue	19,649	21,700
Total current liabilities	278,634	287,424
Deferred revenue	12,381	13,846
Total liabilities	1,088,747	1,052,664
Papa John's Marketing Fund Inc.
Current assets:
Cash and cash equivalents	24,136	24,481
Accounts receivable, net	13,078	14,150
Income tax receivable	44	300
Prepaid expenses and other current assets	2,148	1,718
Total current assets	39,406	40,649
Deferred income taxes	604	614
Total assets	40,010	41,263
Current liabilities:
Accounts payable	2,868	140
Income and other taxes payable	2	2
Accrued expenses and other current liabilities	35,131	40,154
Current deferred revenue	4,320	4,317
Total current liabilities	42,321	44,613
Deferred revenue	1,399	2,478
Total liabilities	$ 43,720	$ 47,091

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021	Dec. 26, 2021	Dec. 27, 2020
Revenue disaggregation
Cumulative effect of adoption of Topic 606	$ (208,444)	$ (240,100)	$ (172,458)	$ (266,939)
Revenue recognized related to deferred revenue and customer loyalty program	9,300	9,100
Contract liabilities	32,030		35,546
Change	(3,516)
Contract assets	5,600		5,800
Amortization expense related to contract assets	800	$ 800
Franchise fees and unredeemed gift card liabilities
Revenue disaggregation
Contract liabilities	18,731		20,410
Change	(1,679)
Customer loyalty program obligations
Revenue disaggregation
Contract liabilities	13,299		$ 15,136
Change	$ (1,837)

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Performance Obligations by Period
Total deferred revenue	$ 32,030	$ 35,546
Franchise royalties and fees
Performance Obligations by Period
Less than 1 Year	2,011
1-2 Years	1,783
2-3 Years	1,601
3-4 Years	1,390
4-5 Years	1,127
Thereafter	2,134
Total deferred revenue	10,046
Area development fees
Performance Obligations by Period
Total deferred revenue	3,000
Gift Card
Performance Obligations by Period
Total deferred revenue	$ 5,700

Common Stock - Shares Authorize

Common Stock - Shares Authorized and Outstanding (Details) - shares	Mar. 27, 2022	Dec. 26, 2021	Mar. 28, 2021
Authorized shares of preferred stock	5,000,000	5,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Authorized shares of common stock	100,000,000	100,000,000
Common stock shares outstanding	35,700,000	35,800,000
Series B Preferred Stock
Series B Convertible Preferred Stock, shares outstanding	0		252,500

Common Stock - Share Repurchase

Common Stock - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 29, 2022	Mar. 27, 2022	Mar. 28, 2021	Dec. 26, 2021	Oct. 28, 2021	Nov. 04, 2020
Share repurchase program
Net (loss) income attributable to common shareholders		$ 10,434	$ 27,113
Stock repurchased during period, shares		301,000	15,000
Share repurchased during period, average cost per share		$ 108.76	$ 84.63
Stock repurchased during period, value		$ 32,709	$ 1,267
Stock repurchase program, remaining authorized amount		$ 392,091	$ 71,031
Preferred stock shares outstanding		0		0
Outstanding shares of common stock , net of repurchased stock		35,700,000		35,800,000
Common stock repurchase program
Share repurchase program
Stock repurchase program, authorized amount					$ 425,000	$ 75,000
Common stock repurchase program | Subsequent events
Share repurchase program
Stock repurchased during period, shares	223,000
Share repurchased during period, average cost per share	$ 102.97
Stock repurchased during period, value	$ 23,000
Stock repurchase program, remaining authorized amount	$ 369,100

Common Stock - Dividends (Detai

Common Stock - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 26, 2022	Mar. 27, 2022	Mar. 28, 2021
Cash Dividend
Total dividends		$ 12,600
Dividends paid to common shareholders		$ 12,608	$ 7,404
Quarterly dividend declared, per share (in dollars per share)		$ 0.35
Subsequent events | Forecast
Cash Dividend
Dividends paid to common shareholders	$ 12,600
Quarterly dividend declared, per share (in dollars per share)	$ 0.35

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Basic earnings (loss) per common share (in thousands, except per share data):
Net income attributable to the Company	$ 10,494	$ 33,883
Dividends paid to participating securities	(60)	(3,527)
Net income attributable to participating securities		(3,243)
Net income attributable to common shareholders	$ 10,434	$ 27,113
Basic weighted average common shares outstanding (in shares)	35,927,000	32,756,000
Basic earnings per common share (in dollar per share)	$ 0.29	$ 0.83
Diluted earnings (loss) per common share (in thousands, except per share data)
Net income attributable to common shareholders	$ 10,434	$ 27,113
Weighted average common shares outstanding	35,927,000	32,756,000
Dilutive effect of outstanding equity awards	309,000	334,000
Diluted weighted average common shares outstanding	36,236,000	33,090,000
Diluted earnings (loss) per common share	$ 0.29	$ 0.82
Weighted average antidilutive awards excluded from computation of earnings per share	21,000	18,000
Series B Preferred Stock
Diluted earnings (loss) per common share (in thousands, except per share data)
Weighted average antidilutive awards excluded from computation of earnings per share		5,000,000
Series B Convertible Preferred Stock, shares outstanding	0	252,500

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Debt
Outstanding debt	$ 537,000	$ 490,000
Unamortized debt issuance costs	(8,912)	(9,270)
Total long-term debt, net	528,088	480,730
Revolving line of credit
Debt
Outstanding debt	137,000	90,000
Notes
Debt
Outstanding debt	$ 400,000	$ 400,000

Debt - Credit Agreements (Detai

Debt - Credit Agreements (Details)	Sep. 14, 2021USD ($)	Mar. 27, 2022USD ($)item	Mar. 28, 2021USD ($)	Dec. 26, 2021USD ($)	Sep. 26, 2021USD ($)	Dec. 27, 2020USD ($)
Debt
Outstanding debt		$ 537,000,000		$ 490,000,000
Debt issuance costs		8,912,000		9,270,000
Dividends paid to common shareholders		12,608,000	$ 7,404,000
PJI Facilities
Debt
Line of credit facility, maximum borrowing capacity		$ 600,000,000
Number of quarters in interest margin period | item		4
Line of credit facility, maximum borrowing capacity of foreign currencies		$ 50,000,000
Additional amount that company has option to increase borrowing capacity		$ 500,000,000
PJI Facilities | Minimum
Debt
Percentage of commitment fee on unused credit facility		0.18%
PJI Facilities | Maximum
Debt
Percentage of commitment fee on unused credit facility		0.30%
PJI Facilities | LIBOR | Minimum
Debt
Interest margin rate on debt		1.25%
PJI Facilities | LIBOR | Maximum
Debt
Interest margin rate on debt		2.00%
PJI Facilities | Base rate | Minimum
Debt
Interest margin rate on debt		0.25%
PJI Facilities | Base rate | Maximum
Debt
Interest margin rate on debt		1.00%
PJI Facilities | Federal funds rate
Debt
Interest margin rate on debt		0.50%
PJI Facilities | London Interbank Offered Rate
Debt
Interest margin rate on debt		1.00%
Amendment to Credit Agreement | Minimum
Debt
Interest coverage ratio		2
Amendment to Credit Agreement | Maximum
Debt
Leverage Ratio		5.25
Increase to maximum leverage ratio		0.50
PJMF Revolving Facility
Debt
Line of credit facility, maximum borrowing capacity		$ 20,000,000
Outstanding debt		$ 0		0	$ 0	$ 0
PJMF Revolving Facility | One-month LIBOR
Debt
Interest margin rate on debt		1.75%
Notes
Debt
Principal amount	$ 400,000,000
Outstanding debt		$ 400,000,000		$ 400,000,000
Fixed interest rate	3.875%	3.875%		3.875%
Notes | Redemption at any time prior to September 15, 2024
Debt
Redemption price percentage	100.00%
Notes | Redemption upto 40% at any time prior to September 15,2024
Debt
Redemption price percentage	103.875%
Notes | Minimum | Redemptionat at any time on or after September 15, 2024
Debt
Redemption price percentage	0.97%
Notes | Maximum | Redemptionat at any time on or after September 15, 2024
Debt
Redemption price percentage	1.94%
Notes | Maximum | Redemption upto 40% at any time prior to September 15,2024
Debt
Redemption percentage	0.40
Swingline loans
Debt
Line of credit facility, maximum borrowing capacity		$ 40,000,000
Revolving line of credit
Debt
Outstanding debt		137,000,000		$ 90,000,000
Letter of credit
Debt
Line of credit facility, maximum borrowing capacity		$ 80,000,000

Debt - Derivatives (Details)

Debt - Derivatives (Details) - USD ($) $ in Millions	Mar. 27, 2022	Dec. 26, 2021	Sep. 14, 2021
Interest rate swap, April 2018, 2.33% fixed
Interest rate swaps
Interest rate swap agreement, notional amount	$ 55
Interest rate swap agreement, fixed interest rate	2.33%
Interest rate swap, April 2018, 2.36% fixed
Interest rate swaps
Interest rate swap agreement, notional amount	$ 35
Interest rate swap agreement, fixed interest rate	2.36%
Interest rate swap, April 2018, 2.34% fixed
Interest rate swaps
Interest rate swap agreement, notional amount	$ 35
Interest rate swap agreement, fixed interest rate	2.34%
Interest rate swap, January 2018, 1.99% fixed, $100 million notional amount
Interest rate swaps
Interest rate swap agreement, notional amount	$ 100
Interest rate swap agreement, fixed interest rate	1.99%
Interest rate swap, January 2018, 1.99% fixed, $75 million notional amount
Interest rate swaps
Interest rate swap agreement, notional amount	$ 75
Interest rate swap agreement, fixed interest rate	1.99%
Interest rate swap, January 2018, 2.00% fixed, $50 Million notional amount
Interest rate swaps
Interest rate swap agreement, notional amount	$ 50
Interest rate swap agreement, fixed interest rate	2.00%
Interest rate swap
Interest rate swaps
Interest rate swap agreement, notional amount	$ 350
Notes
Interest rate swaps
Fixed interest rate	3.875%	3.875%	3.875%

Debt - Interest Rate Swaps (Det

Debt - Interest Rate Swaps (Details) - Interest rate swap - Other current and long-term Liabilities - USD ($) $ in Thousands	Mar. 27, 2022	Dec. 26, 2021
Designated as a hedge
Debt and Credit Arrangements
Derivatives, fair value		$ 5,536
Not designated as a hedge
Debt and Credit Arrangements
Derivatives, fair value	$ 1,528

Debt - Effect of Derivatives on

Debt - Effect of Derivatives on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Debt and Credit Arrangements
Total net interest expense on Condensed Consolidated Statements of Operations	$ (4,264)	$ (3,647)
Interest paid, including payments made or received under the swaps	10,100	3,400
Interest expense | Interest rate swap
Debt and Credit Arrangements
Amount of Gain or (Loss) Recognized in AOCL on Derivative	1,318	1,382
Amount of Gain or (Loss) Reclassified from AOCL into Income	535	(1,709)
Total net interest expense on Condensed Consolidated Statements of Operations	4,264	$ 3,647
Interest expense | Interest rate swap | Amount reclassified from AOCI
Debt and Credit Arrangements
Amount of Gain or (Loss) Reclassified from AOCL into Income	$ 535

Commitments and Contingencies (

Commitments and Contingencies (Details)	Apr. 14, 2022USD ($)	Mar. 27, 2022USD ($)	Oct. 29, 2018employee
Pending Litigation | Durling et al v. Papa John's International, Inc.
Loss Contingencies [Line Items]
Approximate number of employees who opted into the class action | employee			9,571
Expected future costs		$ 0
Settled Litigation | Papa Johns Employee And Franchise Employee Antitrust Litigation
Loss Contingencies [Line Items]
Settlement amount	$ 5,000,000

Divestitures and Impairment (De

Divestitures and Impairment (Details) $ in Thousands	Mar. 28, 2022USD ($)restaurant	Mar. 27, 2022USD ($)item
Assets Held for Sale
Number of stores available to be refranchised | item		90
Assets classified as held for sale
Total assets held for sale		$ 19,273
Liabilities classified as held for sale
Impairment of certain franchise rights		2,800
Held for sale
Assets Held for Sale
Non-cash charge		8,400
Net sale proceeds		14,000
Noncontrolling interest		4,200
Unearned royalty stream		$ 12,200
unearned royalty stream recognition period		10 years
Assets classified as held for sale
Current assets		$ 1,632
Property and equipment, net		7,030
Operating lease right-of-use assets		8,924
Goodwill		9,908
Other assets		191
Loss on impairment		(8,412)
Total assets held for sale		19,273
Liabilities classified as held for sale
Accounts payable		1,632
Current deferred revenue		1,930
Current operating lease liabilities		2,338
Long-term operating lease liabilities		7,097
Other long-term liabilities		250
Total liabilities held for sale		$ 13,247
Held for sale | Joint ventures | Subsequent events
Assets Held for Sale
Ownership percentage	51.00%
Number of stores available to be refranchised | restaurant	90
Loss recognized upon transfer to held for sale	$ 14,000

Segment Information - Concentra

Segment Information - Concentration (Details)	3 Months Ended
	Mar. 27, 2022entitysegment
Major customers disclosures
Number of reportable segments | segment	4
Consolidated revenues
Major customers disclosures
Concentration risk, number | entity	0

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) $ in Thousands	3 Months Ended
	Mar. 27, 2022USD ($)item	Mar. 28, 2021USD ($)	Dec. 26, 2021USD ($)
Segment Information
Total revenues	$ 542,692	$ 511,746
Operating income	14,435	46,862
Income before income taxes	10,171	43,215
Accumulated depreciation and amortization	(514,616)
Property and equipment, net	216,253		$ 223,856
Refranchising loss	$ 8,400
Number of stores available to be refranchised | item	90
Non-cash impairment	$ 11,160
Legal settlement expense	5,000
Reorganization costs		3,900
Accounts Receivable
Segment Information
Non-cash impairment	14,600
Domestic company owned restaurants segment
Segment Information
Total revenues	198,765	197,234
North America commissary
Segment Information
Total revenues	209,679	184,878
North America commissaries
Segment Information
Total revenues	209,679	184,878
North America franchising
Segment Information
Total revenues	34,268	32,715
International
Segment Information
Total revenues	34,617	34,607
Other segment
Segment Information
Total revenues	65,363	62,312
Operating segments
Segment Information
Total revenues	542,692	511,746
Operating segments | Domestic company owned restaurants segment
Segment Information
Total revenues	198,765	197,234
Operating income	1,989	15,324
Property and equipment, gross	220,357
Operating segments | North America commissary
Segment Information
Total revenues	209,679	184,878
Operating income	9,334	9,713
Property and equipment, gross	149,503
Operating segments | North America commissaries
Segment Information
Total revenues	209,679	184,878
Operating segments | North America franchising
Segment Information
Total revenues	34,268	32,715
Operating income	32,137	30,443
Operating segments | International
Segment Information
Total revenues	42,707	42,604
Operating income	4,455	8,364
Property and equipment, gross	14,857
Operating segments | International | Accounts Receivable
Segment Information
Non-cash impairment	3,500
Operating segments | Other segment
Segment Information
Total revenues	57,273	54,315
Operating income	3,719	6,118
Property and equipment, gross	112,037
Elimination
Segment Information
Total revenues	(78,939)	(72,278)
Operating income	(88)	62
Elimination | North America commissary
Segment Information
Total revenues	(58,507)	(52,070)
Elimination | North America commissaries
Segment Information
Total revenues	(58,507)	(52,070)
Elimination | North America franchising
Segment Information
Total revenues	(1,053)	(1,060)
Elimination | Other segment
Segment Information
Total revenues	(19,379)	(19,148)
Unallocated corporate
Segment Information
Operating income	(37,111)	$ (23,162)
Property and equipment, gross	234,115
Unallocated corporate | Notes Receivable
Segment Information
Non-cash impairment	$ 13,900

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2022	Mar. 28, 2021
Revenue disaggregation
Total revenues	$ 542,692	$ 511,746
Domestic company owned restaurants segment
Revenue disaggregation
Total revenues	198,765	197,234
North America franchising
Revenue disaggregation
Total revenues	34,268	32,715
North America commissaries
Revenue disaggregation
Total revenues	209,679	184,878
International.
Revenue disaggregation
Total revenues	34,617	34,607
International. | International other revenue
Revenue disaggregation
Total revenues	(8,090)	(7,997)
All others
Revenue disaggregation
Total revenues	65,363	62,312
All others | International other revenue
Revenue disaggregation
Total revenues	8,090	7,997
Operating segments
Revenue disaggregation
Total revenues	542,692	511,746
Operating segments | Company-owned Restaurants
Revenue disaggregation
Total revenues	198,765	197,234
Operating segments | Franchise royalties and fees
Revenue disaggregation
Total revenues	48,756	45,983
Operating segments | Commissary Sales
Revenue disaggregation
Total revenues	289,368	259,347
Operating segments | Other Sales
Revenue disaggregation
Total revenues	84,742	81,460
Operating segments | Domestic company owned restaurants segment
Revenue disaggregation
Total revenues	198,765	197,234
Operating segments | Domestic company owned restaurants segment | Company-owned Restaurants
Revenue disaggregation
Total revenues	198,765	197,234
Operating segments | North America franchising
Revenue disaggregation
Total revenues	34,268	32,715
Operating segments | North America franchising | Franchise royalties and fees
Revenue disaggregation
Total revenues	35,321	33,775
Operating segments | North America commissaries
Revenue disaggregation
Total revenues	209,679	184,878
Operating segments | North America commissaries | Commissary Sales
Revenue disaggregation
Total revenues	268,186	236,948
Operating segments | International.
Revenue disaggregation
Total revenues	42,707	42,604
Other revenue from marketing fund contributions and sublease rental income	8,100	8,000
Operating segments | International. | Franchise royalties and fees
Revenue disaggregation
Total revenues	13,435	12,208
Operating segments | International. | Commissary Sales
Revenue disaggregation
Total revenues	21,182	22,399
Operating segments | International. | Other Sales
Revenue disaggregation
Total revenues	8,090	7,997
Operating segments | All others
Revenue disaggregation
Total revenues	57,273	54,315
Operating segments | All others | Other Sales
Revenue disaggregation
Total revenues	76,652	73,463
Elimination
Revenue disaggregation
Total revenues	(78,939)	(72,278)
Elimination | North America franchising
Revenue disaggregation
Total revenues	(1,053)	(1,060)
Elimination | North America commissaries
Revenue disaggregation
Total revenues	(58,507)	(52,070)
Elimination | All others
Revenue disaggregation
Total revenues	$ (19,379)	$ (19,148)

Related Party Transactions (Det

Related Party Transactions (Details)	Mar. 15, 2022USD ($)shares	Mar. 27, 2022USD ($)	Mar. 27, 2022CAD ($)
Mr. Shaquille O'Neal
Related party transactions
Cash payments | $	$ 5,625,000
Period of related party agreement	3 years
Royalty fee payable per each co-branded pizza sold | $	$ 0.20
Related Party Restricted Stock Units Shares Issued | shares	55,898
Period of extension of agreement	1 year
Mr. Shaquille O'Neal | Expected to be vested on April 12, 2023
Related party transactions
Percentage of related party restricted stock units that are expected to be vested	33.00%
Related party restricted stock units that are expected to be vested | shares	18,632
Mr. Shaquille O'Neal | Expected to be vested on March 15, 2024
Related party transactions
Percentage of related party restricted stock units that are expected to be vested	33.00%
Related party restricted stock units that are expected to be vested | shares	18,632
Mr. Shaquille O'Neal | Expected to be vested on March 15, 2025
Related party transactions
Percentage of related party restricted stock units that are expected to be vested	33.00%
Related party restricted stock units that are expected to be vested | shares	18,634
Papa John's Foundation for Building Community
Related party transactions
The amount of donation for every pizza sold in the United States of America | $		$ 1
The amount of donation for every pizza sold in Canada. | $			$ 1