Papa John's International (PZZA) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 26, 2022	Jul. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 26, 2022
Document Transition Report	false
Entity File Number	0-21660
Entity Registrant Name	PAPA JOHN’S 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		35,347,234
Entity Central Index Key	0000901491
Current Fiscal Year End Date	--12-25
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 52,124	$ 70,610
Accounts receivable, net	87,495	81,370
Notes receivable, current portion	8,333	12,352
Income tax receivable	4,017	9,386
Inventories	38,076	34,981
Prepaid expenses and other current assets	49,743	46,310
Total current assets	239,788	255,009
Property and equipment, net	225,382	223,856
Finance lease right-of-use assets, net	18,642	20,907
Operating lease right-of-use assets	176,719	176,256
Notes receivable, less current portion, net	19,703	35,504
Goodwill	70,731	80,632
Deferred income taxes	8,657	5,156
Other assets	76,650	88,384
Total assets	836,272	885,704
Current liabilities:
Accounts payable	40,845	28,092
Income and other taxes payable	16,785	19,996
Accrued expenses and other current liabilities	146,213	190,116
Current deferred revenue	19,925	21,700
Current finance lease liabilities	5,224	4,977
Current operating lease liabilities	21,485	22,543
Total current liabilities	250,477	287,424
Deferred revenue	23,633	13,846
Long-term finance lease liabilities	14,252	16,580
Long-term operating lease liabilities	164,336	160,672
Long-term debt, less current portion, net	536,446	480,730
Deferred income taxes	236	258
Other long-term liabilities	79,516	93,154
Total liabilities	1,068,896	1,052,664
Redeemable noncontrolling interests	1,174	5,498
Stockholders’ deficit:
Common stock ($0.01 par value per share; issued 49,096 at June 26, 2022 and 49,002 at December 26, 2021)	491	490
Additional paid-in capital	442,255	445,126
Accumulated other comprehensive loss	(11,034)	(9,971)
Retained earnings	193,934	183,157
Treasury stock (13,848 shares at June 26, 2022 and 13,205 shares at December 26, 2021, at cost)	(875,205)	(806,472)
Total stockholders’ deficit	(249,559)	(187,670)
Noncontrolling interests in subsidiaries	15,761	15,212
Total Stockholders’ deficit	(233,798)	(172,458)
Total liabilities, Redeemable noncontrolling interests and Stockholders’ deficit	$ 836,272	$ 885,704

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 26, 2022	Dec. 26, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	49,096	49,002
Treasury stock (in shares)	13,848	13,205

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Revenues:
Total revenues	$ 522,665	$ 515,008	$ 1,065,357	$ 1,026,754
Costs and expenses:
General and administrative expenses	44,646	53,698	110,584	103,709
Depreciation and amortization	12,735	12,477	24,674	25,353
Total costs and expenses	483,761	470,371	1,000,858	935,255
Refranchising and impairment loss	0	0	(11,160)	0
Operating income	38,904	44,637	53,339	91,499
Net interest expense	(6,081)	(3,649)	(10,344)	(7,296)
Income before income taxes	32,823	40,988	42,995	84,203
Income tax expense	7,093	7,398	5,838	15,330
Net income before attribution to noncontrolling interests	25,730	33,590	37,157	68,873
Net income attributable to noncontrolling interests	(297)	(1,336)	(1,230)	(2,736)
Net income attributable to the Company	25,433	32,254	35,927	66,137
Calculation of net income for earnings per share:
Net income attributable to the Company	25,433	32,254	35,927	66,137
Dividends on redemption of Series B Convertible Preferred Stock	0	(109,852)	0	(109,852)
Dividends paid to participating securities	(82)	(2,300)	(141)	(5,827)
Net income attributable to participating securities	(111)	0	(93)	0
Net income (loss) attributable to common shareholders	$ 25,240	$ (79,898)	$ 35,693	$ (49,542)
Basic earnings (loss) per common share (in dollars per share)	$ 0.71	$ (2.30)	$ 1	$ (1.47)
Diluted earnings (loss) per common share (in dollars per share)	$ 0.70	$ (2.30)	$ 0.99	$ (1.47)
Basic weighted average common shares outstanding (in shares)	35,624	34,729	35,775	33,739
Diluted weighted average common shares outstanding (in shares)	35,824	34,729	36,032	33,739
Dividends declared per common share (in dollars per share)	$ 0.350	$ 0.225	$ 0.700	$ 0.450
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 171,411	$ 196,124	$ 370,176	$ 393,358
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	142,026	154,293	303,687	310,181
North America franchising
Revenues:
Total revenues	34,917	32,475	69,185	65,190
North America commissaries
Revenues:
Total revenues	219,383	186,641	429,062	371,519
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	204,470	172,227	401,560	342,911
International
Revenues:
Total revenues	31,958	37,614	66,575	72,221
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	19,236	21,430	39,150	41,048
Other
Revenues:
Total revenues	64,996	62,154	130,359	124,466
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 60,648	$ 56,246	$ 121,203	$ 112,053

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Statement of Comprehensive Income [Abstract]
Net income before attribution to noncontrolling interests		$ 25,730	$ 33,590	$ 37,157	$ 68,873
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments		(4,109)	437	(4,970)	1,496
Interest rate swaps	[1]	1,877	1,817	3,589	3,612
Other comprehensive (loss) income, before tax		(2,232)	2,254	(1,381)	5,108
Income tax effect:
Foreign currency translation adjustments		946	(100)	1,144	(344)
Interest rate swaps	[2]	(432)	(418)	(826)	(831)
Income tax effect		514	(518)	318	(1,175)
Other comprehensive (loss) income, net of tax		(1,718)	1,736	(1,063)	3,933
Comprehensive income before attribution to noncontrolling interests		24,012	35,326	36,094	72,806
Less: comprehensive (income), redeemable noncontrolling interests		(18)	(713)	(528)	(1,500)
Less: comprehensive (income), nonredeemable noncontrolling interests		(279)	(623)	(702)	(1,236)
Comprehensive income attributable to the Company		$ 23,715	$ 33,990	$ 34,864	$ 70,070
[1]Amounts reclassified out of accumulated other comprehensive loss into net interest expense include $(735) and $(200) for the three and six months ended June 26, 2022, respectively, and $(1,730) and $(3,439) for the three and six months ended June 27, 2021, respectively.[2]The income tax effects of amounts reclassified out of accumulated other comprehensive loss into net interest expense were $165 and $45 for the three and six months ended June 26, 2022, respectively, and $388 and $771 for the three and six months ended June 27, 2021, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax effects	$ 7,093	$ 7,398	$ 5,838	$ 15,330
Interest rate swap | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax effects	165	388	45	771
Interest rate swap | Interest Expense | Reclassification out of Accumulated Other Comprehensive Income
Consolidated Statements of Comprehensive Income (Unaudited)
Amounts reclassified out of accumulated other comprehensive loss	$ (735)	$ (1,730)	$ (200)	$ (3,439)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands		Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock	Noncontrolling Interests in Subsidiaries
Beginning balance (in shares) at Dec. 27, 2020			32,545
Beginning balance at Dec. 27, 2020		$ (266,939)	$ 453	$ 254,103	$ (14,168)	$ 219,158	$ (741,724)	$ 15,239
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]	67,373				66,137		1,236
Other comprehensive (loss) income, net of tax		3,933			3,933
Repurchase and conversion of Series B Convertible Preferred Stock (in shares)			3,489
Repurchase and conversion of Series B Convertible Preferred Stock		63,883	$ 35	174,631		(110,783)
Cash dividends on common stock		(14,844)		62		(14,906)
Cash dividends on preferred stock		(4,121)				(4,121)
Exercise of stock options (in shares)			148
Exercise of stock options		8,100	$ 1	8,099
Acquisition of Company common stock (in shares)			(83)
Acquisition of Company common stock		(8,188)					(8,188)
Stock-based compensation expense		8,202		8,202
Issuance of restricted stock (in shares)			109
Issuance of restricted stock		0		(5,665)			5,665
Tax payments for equity award issuances		(3,887)		(3,887)
Distributions to noncontrolling interests		(1,185)						(1,185)
Other (in shares)			7
Other		(225)		63		(716)	428
Ending balance (in shares) at Jun. 27, 2021			36,215
Ending balance at Jun. 27, 2021		(147,898)	$ 489	435,608	(10,235)	154,769	(743,819)	15,290
Beginning balance (in shares) at Mar. 28, 2021			32,681
Beginning balance at Mar. 28, 2021		(240,100)	$ 453	251,285	(11,971)	242,119	(737,268)	15,282
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[1]	32,877				32,254		623
Other comprehensive (loss) income, net of tax		1,736			1,736
Repurchase and conversion of Series B Convertible Preferred Stock (in shares)			3,489
Repurchase and conversion of Series B Convertible Preferred Stock		63,883	$ 35	174,631		(110,783)
Cash dividends on common stock		(7,440)		31		(7,471)
Cash dividends on preferred stock		(709)				(709)
Exercise of stock options (in shares)			107
Exercise of stock options		5,802	$ 1	5,801
Acquisition of Company common stock (in shares)			(68)
Acquisition of Company common stock		(6,921)					(6,921)
Stock-based compensation expense		4,089		4,089
Issuance of restricted stock (in shares)			5
Issuance of restricted stock		0		(294)			294
Tax payments for equity award issuances		(52)		(52)
Distributions to noncontrolling interests		(615)						(615)
Other (in shares)			1
Other		(448)		117		(641)	76
Ending balance (in shares) at Jun. 27, 2021			36,215
Ending balance at Jun. 27, 2021		$ (147,898)	$ 489	435,608	(10,235)	154,769	(743,819)	15,290
Beginning balance (in shares) at Dec. 26, 2021		35,800	35,797
Beginning balance at Dec. 26, 2021		$ (172,458)	$ 490	445,126	(9,971)	183,157	(806,472)	15,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[2]	36,629				35,927		702
Other comprehensive (loss) income, net of tax		(1,063)			(1,063)
Cash dividends on common stock		(25,101)		95		(25,196)
Exercise of stock options (in shares)			39
Exercise of stock options		1,908		1,908
Acquisition of Company common stock (in shares)			(753)
Acquisition of Company common stock		(75,471)					(75,471)
Stock-based compensation expense		9,101	$ 1	9,100
Issuance of restricted stock (in shares)			229
Issuance of restricted stock		0		(6,450)			6,450
Tax payments for equity award issuances (in shares)			(70)
Tax payments for equity award issuances		(7,527)		(7,527)
Distributions to noncontrolling interests		(150)						(150)
Other (in shares)			6
Other		$ 334		3	0	46	288
Ending balance (in shares) at Jun. 26, 2022		35,200	35,248
Ending balance at Jun. 26, 2022		$ (233,798)	$ 491	442,255	(11,034)	193,934	(875,205)	15,761
Beginning balance (in shares) at Mar. 27, 2022			35,675
Beginning balance at Mar. 27, 2022		(208,444)	$ 491	436,225	(9,316)	181,124	(832,603)	15,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[2]	25,712				25,433		279
Other comprehensive (loss) income, net of tax		(1,718)			(1,718)
Cash dividends on common stock		(12,493)		48		(12,541)
Exercise of stock options (in shares)			22
Exercise of stock options		1,167		1,167
Acquisition of Company common stock (in shares)			(452)
Acquisition of Company common stock		(42,762)					(42,762)
Stock-based compensation expense		4,925		4,925
Issuance of restricted stock (in shares)			2
Issuance of restricted stock		0		(81)			81
Tax payments for equity award issuances (in shares)			(1)
Tax payments for equity award issuances		(65)		(65)
Distributions to noncontrolling interests		(150)						(150)
Other (in shares)			2
Other		$ 30		36	0	(82)	79	(3)
Ending balance (in shares) at Jun. 26, 2022		35,200	35,248
Ending balance at Jun. 26, 2022		$ (233,798)	$ 491	$ 442,255	$ (11,034)	$ 193,934	$ (875,205)	$ 15,761
[1]Net income to the Company for the three and six months ended June 27, 2021 excludes $713 and $1,500 allocable to the redeemable noncontrolling interests for our joint venture arrangements.[2]Net income to the Company for the three and six months ended June 26, 2022 excludes income of $18 and $528 allocable to the redeemable noncontrolling interests for our joint venture arrangements.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Stockholders' deficit	$ 233,798	$ 147,898	$ 233,798	$ 147,898
Accumulated other comprehensive loss
Stockholders' deficit	11,034	10,235	11,034	10,235
Net unrealized foreign currency translation loss
Stockholders' deficit	8,696	2,641	8,696	2,641
Net unrealized loss on interest rate swap agreements
Stockholders' deficit	2,338	7,594	2,338	7,594
Corporate Joint Venture
Net income allocable to the redeemable noncontrolling interest for joint venture arrangements	$ 18	$ 713	$ 528	$ 1,500

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Operating activities
Net income before attribution to noncontrolling interests	$ 37,157	$ 68,873
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for allowance for credit losses on accounts and notes receivable	15,558	(1,200)
Depreciation and amortization	24,674	25,353
Refranchising and impairment loss	11,160	0
Deferred income taxes	(2,993)	(1,397)
Stock-based compensation expense	9,100	8,202
Other	(2,071)	467
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(9,177)	13,299
Income tax receivable	5,369	189
Inventories	(3,815)	430
Prepaid expenses and other current assets	(3,901)	1,092
Other assets and liabilities	(5,379)	(11,380)
Accounts payable	12,742	(5,874)
Income and other taxes payable	(3,175)	18,500
Accrued expenses and other current liabilities	(37,456)	12,123
Deferred revenue	(2,208)	(647)
Net cash provided by operating activities	45,585	128,030
Investing activities
Purchases of property and equipment	(30,744)	(21,543)
Notes issued	(1,098)	(5,263)
Repayments of notes issued	6,743	7,922
Acquisitions, net of cash acquired	(1,250)	(699)
Proceeds from refranchising, net of cash transferred	13,588	0
Other	238	116
Net cash used in investing activities	(12,523)	(19,467)
Financing activities
Net proceeds of revolving credit facilities	55,000	85,000
Proceeds from exercise of stock options	1,908	8,100
Repurchase of Series B Convertible Preferred Stock	0	(188,647)
Acquisition of Company common stock	(75,471)	(8,188)
Dividends paid to common stockholders	(25,101)	(14,844)
Dividends paid to preferred stockholders	0	(6,394)
Tax payments for equity award issuances	(7,526)	(3,887)
Distributions to noncontrolling interests	(835)	(2,320)
Repayments of term loan	0	(10,000)
Other	1,348	(1,691)
Net cash used in financing activities	(50,677)	(142,871)
Effect of exchange rate changes on cash and cash equivalents	(871)	317
Change in cash and cash equivalents	(18,486)	(33,991)
Cash and cash equivalents at beginning of period	70,610	130,204
Cash and cash equivalents at end of period	$ 52,124	$ 96,213

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe 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 and six months ended June 26, 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	6 Months Ended
	Jun. 26, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	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, 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 percent are franchised (85 percent following the divestiture of the Company’s interest in one joint venture in the second 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 joint venture arrangements in which there are noncontrolling interests held by third parties that include 98 and 188 restaurants at June 26, 2022 and June 27, 2021, respectively. As further described in Note 10, we divested our 51 percent interest in one joint venture that owned 90-restaurants in the second quarter of 2022. The assets and liabilities associated with this joint venture arrangement were classified as held for sale at the end of the first quarter of 2022. 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 and six months ended June 26, 2022 and June 27, 2021 was as follows (in thousands): Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, Papa John’s International, Inc. $ 706 $ 2,296 $ 2,327 $ 4,645 Noncontrolling interests 297 1,336 1,230 2,736 Total net income $ 1,003 $ 3,632 $ 3,557 $ 7,381 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 June 26, 2022 and December 26, 2021 are as follows: Fair Value Measurements (in thousands) Carrying Level 1 Level 2 Level 3 June 26, 2022 Financial assets: Cash surrender value of life insurance policies (a) $ 29,514 $ 29,514 $ — $ — Interest rate swaps (b) $ 672 $ — $ 672 $ — 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 June 26, 2022 and December 26, 2021, respectively: June 26, 2022 December 26, 2021 (in thousands) Carrying Fair Carrying Fair 3.875% Senior Notes $ 400,000 $ 332,000 $ 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) 3,019 12,534 Write-offs charged against the allowance (275) — Recoveries collected — (14) Balance at June 26, 2022 $ 5,108 $ 14,020 (1) The Company recorded $14.6 million of one-time, non-cash reserves in the first quarter of 2022 for certain accounts receivable and notes receivable primarily associated with a master franchisee with operations principally in Russia.

Leases

Leases	6 Months Ended
	Jun. 26, 2022
Leases [Abstract]
Leases	Leases Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At June 26, 2022, we leased and subleased approximately 436 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 $6.0 million for the three and six months ended June 26, 2022, respectively, and $3.3 million and $6.1 million for the three and six months ended June 27, 2021, respectively, within Other revenues in the Condensed Consolidated Statements of Operations. 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 62 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of June 26, 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 $10.2 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. Supplemental Cash Flow & Other Information Supplemental cash flow information related to leases for the periods reported is as follows: Six Months Ended (in thousands) June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 510 $ 574 Financing cash flows from finance leases 2,508 2,188 Operating cash flows from operating leases (a) 18,363 19,139 Right-of-use assets obtained in exchange for new finance lease liabilities 569 8,393 Right-of-use assets obtained in exchange for new operating lease liabilities (b) 31,369 35,115 Cash received from sublease income 5,623 5,890 (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 $14.3 million for the six months ended June 27, 2021 associated with the lease commencement of our Atlanta, Georgia corporate office.
Leases	Leases Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At June 26, 2022, we leased and subleased approximately 436 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 $6.0 million for the three and six months ended June 26, 2022, respectively, and $3.3 million and $6.1 million for the three and six months ended June 27, 2021, respectively, within Other revenues in the Condensed Consolidated Statements of Operations. 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 62 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of June 26, 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 $10.2 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. Supplemental Cash Flow & Other Information Supplemental cash flow information related to leases for the periods reported is as follows: Six Months Ended (in thousands) June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 510 $ 574 Financing cash flows from finance leases 2,508 2,188 Operating cash flows from operating leases (a) 18,363 19,139 Right-of-use assets obtained in exchange for new finance lease liabilities 569 8,393 Right-of-use assets obtained in exchange for new operating lease liabilities (b) 31,369 35,115 Cash received from sublease income 5,623 5,890 (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 $14.3 million for the six months ended June 27, 2021 associated with the lease commencement of our Atlanta, Georgia corporate office.
Leases	Leases Lessor Operating Leases We sublease certain retail space to our franchisees in the United Kingdom which are primarily operating leases. At June 26, 2022, we leased and subleased approximately 436 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 $6.0 million for the three and six months ended June 26, 2022, respectively, and $3.3 million and $6.1 million for the three and six months ended June 27, 2021, respectively, within Other revenues in the Condensed Consolidated Statements of Operations. 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 62 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of June 26, 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 $10.2 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. Supplemental Cash Flow & Other Information Supplemental cash flow information related to leases for the periods reported is as follows: Six Months Ended (in thousands) June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 510 $ 574 Financing cash flows from finance leases 2,508 2,188 Operating cash flows from operating leases (a) 18,363 19,139 Right-of-use assets obtained in exchange for new finance lease liabilities 569 8,393 Right-of-use assets obtained in exchange for new operating lease liabilities (b) 31,369 35,115 Cash received from sublease income 5,623 5,890 (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 $14.3 million for the six months ended June 27, 2021 associated with the lease commencement of our Atlanta, Georgia corporate office.

Papa John's Marketing Fund, Inc

Papa John's Marketing Fund, Inc.	6 Months Ended
	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Papa John's Marketing Fund, Inc.	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): June 26, December 26, 2021 Assets Current assets: Cash and cash equivalents $ 16,886 $ 24,481 Accounts receivable, net 13,523 14,150 Income tax receivable 44 300 Prepaid expenses and other current assets 2,012 1,718 Total current assets 32,465 40,649 Deferred income taxes 592 614 Total assets $ 33,057 $ 41,263 Liabilities Current liabilities: Accounts payable $ 278 $ 140 Income and other taxes payable 2 2 Accrued expenses and other current liabilities 32,805 40,154 Current deferred revenue 3,479 4,317 Total current liabilities 36,564 44,613 Deferred revenue 1,978 2,478 Total liabilities $ 38,542 $ 47,091

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 26, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 and six months ended June 26, 2022, the Company recognized $8.3 million and $17.6 million in revenue, respectively, related to deferred revenue, compared to $9.0 million and $18.2 million for the three and six months ended June 27, 2021. The following table includes a breakout of contract liability balances (in thousands): Contract Liabilities June 26, 2022 December. 26, 2021 Change Franchise fees and unredeemed gift card liabilities $ 30,306 $ 20,410 $ 9,896 Customer loyalty program obligations 13,252 15,136 (1,884) Total contract liabilities $ 43,558 $ 35,546 $ 8,012 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 June 26, 2022 and December 26, 2021, the contract assets were approximately $7.4 million and $5.8 million, respectively. For the three and six months ended June 26, 2022, revenue was reduced approximately $1.1 million and $1.9 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 $ 3,198 $ 2,989 $ 2,811 $ 2,604 $ 2,324 $ 7,888 $ 21,814 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 $5.4 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, " Revenue Recognition " and does not disclose information about remaining performance obligations that have original expected durations of one year or less.

Common Stock

Common Stock	6 Months Ended
	Jun. 26, 2022
Equity [Abstract]
Common Stock	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 June 26, 2022 and December 26, 2021) and 100.0 million shares of common stock as of June 26, 2022 and December 26, 2021. There were 35.2 million shares of common stock outstanding, net of repurchased shares of common stock at June 26, 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 under our share repurchase programs for the three and six months ended June 26, 2022 and June 27, 2021: (in thousands, except average price per share) Total Average Aggregate Maximum Dollar Three Months Ended June 26, 2022 452 $ 94.56 $ 42,762 $ 349,329 June 27, 2021 68 $ 101.21 $ 6,921 $ 64,110 (in thousands, except average price per share) Total Average Aggregate Maximum Dollar Six Months Ended June 26, 2022 753 $ 100.23 $ 75,471 $ 349,329 June 27, 2021 83 $ 98.23 $ 8,188 $ 64,110 Subsequent to June 26, 2022, we acquired an additional 229,000 shares at an aggregate cost of $19.5 million and an average price of $85.15 per share. Approximately $329.8 million remained available under the Company’s share repurchase program as of July 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 $25.1 million ($0.70 per share) for the six months ended June 26, 2022. On August 2, 2022, our Board of Directors declared a second quarter dividend of $0.42 per common share (approximately $14.9 million in the aggregate), which will be paid on August 26, 2022 to stockholders of record as of the close of business on August 15, 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	6 Months Ended
	Jun. 26, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareWe 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 Six Months Ended June 26, June 27, June 26, June 27, Basic earnings (loss) per common share (in thousands, except per share data) Net income attributable to the Company $ 25,433 $ 32,254 $ 35,927 $ 66,137 Dividends on redemption of Series B Convertible Preferred Stock — (109,852) — (109,852) Dividends paid to participating securities (82) (2,300) (141) (5,827) Net income attributable to participating securities (111) — (93) — Net income (loss) attributable to common shareholders $ 25,240 $ (79,898) $ 35,693 $ (49,542) Basic weighted average common shares outstanding 35,624 34,729 35,775 33,739 Basic earnings (loss) per common share $ 0.71 $ (2.30) $ 1.00 $ (1.47) Diluted earnings (loss) per common share (in thousands, except per share data) Net income (loss) attributable to common shareholders $ 25,240 $ (79,898) $ 35,693 $ (49,542) Weighted average common shares outstanding 35,624 34,729 35,775 33,739 Dilutive effect of outstanding equity awards (a) 200 — 257 — Diluted weighted average common shares outstanding 35,824 34,729 36,032 33,739 Diluted earnings (loss) per common share $ 0.70 $ (2.30) $ 0.99 $ (1.47) _______________ (a) Excludes 63 and 42 equity awards for the three and six months ended June 26, 2022, respectively, as the effect of including such awards would have been anti-dilutive (none for the three and six months ended June 27, 2021).

Debt

Debt	6 Months Ended
	Jun. 26, 2022
Debt Disclosure [Abstract]
Debt	Debt Long-term debt, net, consists of the following (in thousands): June 26, December 26, Senior notes $ 400,000 $ 400,000 Revolving facilities 145,000 90,000 Outstanding debt $ 545,000 $ 490,000 Unamortized debt issuance costs (8,554) (9,270) Total long-term debt, net $ 536,446 $ 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. The remaining availability under the PJI Revolving Facility was approximately $455.0 million as of June 26, 2022. 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 underutilized 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 occurrence 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. The Company is also 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 June 26, 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 June 26, 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 June 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 Balance Sheet Location Fair Value Fair Value Other current and long-term assets $ 672 $ — Other current and long-term liabilities $ — $ 5,536 The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): Derivatives - Amount of Gain or Location of (Loss) Amount of (Loss) Total Net Interest Expense Interest rate swaps for the three months ended: June 26, 2022 $ 1,445 Interest expense $ (735) $ (6,081) June 27, 2021 $ 1,399 Interest expense $ (1,730) $ (3,649) Interest rate swaps for the six months ended: June 26, 2022 $ 2,763 Interest Expense $ (200) $ (10,344) June 27, 2021 $ 2,781 Interest Expense $ (3,439) $ (7,296) Interest paid, including payments made or received under the swaps, was $2.4 million and $3.6 million for the three months ended June 26, 2022 and June 27, 2021, respectively, and $12.6 million and $7.1 million for the six months ended June 26, 2022 and June 27, 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 26, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 ” the Company has made accruals with respect to these matters where appropriate, which are reflected in the Company’s condensed consolidated financial statements. We review these provisions at least quarterly and adjust them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. In re Papa John’s Employee & Franchise Employee Antitrust Litigation is a putative class action filed in December 2018 in the United States District Court for the Western District of Kentucky. The suit alleges that the “no-poaching” provision previously contained in the Company’s franchise agreement constituted an unlawful agreement or conspiracy in restraint of trade and commerce in violation of Section 1 of the Sherman Antitrust Act. On April 14, 2022, the parties reached a settlement (the “Legal Settlement”) in principle to resolve the case. Pursuant to the terms of the proposed settlement, in exchange for the Company’s payment of a total aggregate settlement amount of $5.0 million and other non-monetary consideration, all claims in the action will be dismissed, the litigation will be terminated, and the Company will receive a release. The settlement amount was recorded in General and Administrative expenses in the Condensed Consolidated Statements of Operations in the first quarter of 2022. The proposed settlement is subject to approval by the District Court and contains certain customary contingencies. The Company continues to deny any liability or wrongdoing in this matter. Durling et al v. Papa John’s International, Inc ., is a conditionally certified collective action filed in May 2016 in the United States District Court for the Southern District of New York, alleging that corporate restaurant delivery drivers were not properly reimbursed for vehicle mileage and expenses in accordance with the Fair Labor Standards Act. In July 2018, the District Court granted a motion to certify a conditional corporate collective class and the opt-in notice process has been completed. As of the close of the opt-in period on October 29, 2018, 9,571 drivers opted into the collective class. The Company continues to deny any liability or wrongdoing in this matter and intends to vigorously defend this action. The Company has not recorded any liability related to this lawsuit as of June 26, 2022 as it does not believe a loss is probable or reasonably estimable.

Divestitures

Divestitures	6 Months Ended
	Jun. 26, 2022
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	Divestitures Refranchising Loss 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. In connection with the divestiture, we recorded a one-time, non-cash charge of $8.4 million as a Refranchising Loss in the Condensed Consolidated Statement of Operations, 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 .” The $8.4 million of the one-time, non-cash refranchising loss was recorded in the first quarter of 2022 and realized upon consummation of the sale in the second quarter. 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	6 Months Ended
	Jun. 26, 2022
Segment Reporting [Abstract]
Segment Information	Segment InformationWe 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 Six Months Ended (In thousands) June 26, June 27, June 26, June 27, Revenues: Domestic Company-owned restaurants $ 171,411 $ 196,124 $ 370,176 $ 393,358 North America franchising 34,917 32,475 69,185 65,190 North America commissaries 219,383 186,641 429,062 371,519 International 39,282 46,277 81,989 88,881 All others 57,672 53,491 114,945 107,806 Total revenues $ 522,665 $ 515,008 $ 1,065,357 $ 1,026,754 Intersegment revenues: North America franchising $ 1,048 $ 1,041 $ 2,101 $ 2,101 North America commissaries 52,754 53,428 111,261 105,498 All others 15,889 18,943 35,268 38,091 Total intersegment revenues $ 69,691 $ 73,412 $ 148,630 $ 145,690 Operating income: Domestic Company-owned restaurants (1) $ 5,924 $ 15,361 $ 7,912 $ 30,685 North America franchising 32,624 30,518 64,761 60,961 North America commissaries 10,957 9,778 20,292 19,491 International (2) 7,306 8,683 11,761 17,047 All others 2,187 4,894 5,906 11,012 Unallocated corporate expenses (3) (19,344) (24,617) (56,454) (47,779) Elimination of intersegment (profits) losses (750) 20 (839) 82 Total operating income $ 38,904 $ 44,637 $ 53,339 $ 91,499 Property and equipment, net: Domestic Company-owned restaurants $ 225,755 North America commissaries 151,648 International 15,157 All others 118,496 Unallocated corporate assets 240,431 Accumulated depreciation and amortization (526,105) Total property and equipment, net $ 225,382 (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 for the six months ended June 26, 2022. 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 for the six months ended June 26, 2022. See Notes 2 and 10 for additional information. (3) Unallocated corporate expenses include $13.9 million of one-time, non-cash reserves of certain notes receivable, $5.0 million for the Legal Settlement, and $1.5 million of advisory fees and severance costs associated with the transition of certain executives for the six months ended June 26, 2022. Unallocated corporate expense includes $3.3 million and $7.2 million of reorganization costs for the three and six months ended June 27, 2021. 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 June 26, 2022 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 171,411 $ — $ — $ — $ — $ 171,411 Franchise royalties and fees — 35,965 — 12,043 — 48,008 Commissary sales — — 272,137 19,915 — 292,052 Other revenues — — — 7,324 73,561 80,885 Eliminations — (1,048) (52,754) — (15,889) (69,691) Total segment revenues $ 171,411 $ 34,917 $ 219,383 $ 39,282 $ 57,672 $ 522,665 International other revenues (1) — — — (7,324) 7,324 — Total revenues $ 171,411 $ 34,917 $ 219,383 $ 31,958 $ 64,996 $ 522,665 Reportable Segments Three Months Ended June 27, 2021 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 196,124 $ — $ — $ — $ — $ 196,124 Franchise royalties and fees — 33,516 — 13,156 — 46,672 Commissary sales — — 240,069 24,458 — 264,527 Other revenues — — — 8,663 72,434 81,097 Eliminations — (1,041) (53,428) — (18,943) (73,412) Total segment revenues $ 196,124 $ 32,475 $ 186,641 $ 46,277 $ 53,491 $ 515,008 International other revenues (1) — — — (8,663) 8,663 — Total revenues $ 196,124 $ 32,475 $ 186,641 $ 37,614 $ 62,154 $ 515,008 Reportable Segments Six Months Ended June 26, 2022 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 370,176 $ — $ — $ — $ — $ 370,176 Franchise royalties and fees — 71,286 — 25,478 — 96,764 Commissary sales — — 540,323 41,097 — 581,420 Other revenues — — — 15,414 150,213 165,627 Eliminations — (2,101) (111,261) — (35,268) (148,630) Total segment revenues $ 370,176 $ 69,185 $ 429,062 $ 81,989 $ 114,945 $ 1,065,357 International other revenues (1) — — — (15,414) 15,414 — Total revenues $ 370,176 $ 69,185 $ 429,062 $ 66,575 $ 130,359 $ 1,065,357 Reportable Segments Six Months Ended June 27, 2021 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 393,358 $ — $ — $ — $ — $ 393,358 Franchise royalties and fees — 67,291 — 25,364 — 92,655 Commissary sales — — 477,017 46,857 — 523,874 Other revenues — — — 16,660 145,897 162,557 Eliminations — (2,101) (105,498) — (38,091) (145,690) Total segment revenues $ 393,358 $ 65,190 $ 371,519 $ 88,881 $ 107,806 $ 1,026,754 International other revenues (1) — — — (16,660) 16,660 — Total revenues $ 393,358 $ 65,190 $ 371,519 $ 72,221 $ 124,466 $ 1,026,754 (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $7.3 million and $15.4 million of revenue for the three and six months ended June 26, 2022, respectively, and $8.7 million and $16.7 million for the three and six months ended June 27, 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	6 Months Ended
	Jun. 26, 2022
Related Party Transactions [Abstract]
Related Party Transactions	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)	6 Months Ended
	Jun. 26, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of EstimatesThe 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, 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 percent are franchised (85 percent following the divestiture of the Company’s interest in one joint venture in the second 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 joint venture arrangements in which there are noncontrolling interests held by third parties that include 98 and 188 restaurants at June 26, 2022 and June 27, 2021, respectively. As further described in Note 10, we divested our 51 percent interest in one joint venture that owned 90-restaurants in the second quarter of 2022. The assets and liabilities associated with this joint venture arrangement were classified as held for sale at the end of the first quarter of 2022.
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.
Allowance for Credit Losses	Allowance for Credit Losses

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 26, 2022
Accounting Policies [Abstract]
Schedule of net income attributable to joint ventures	Net income attributable to these joint ventures for the three and six months ended June 26, 2022 and June 27, 2021 was as follows (in thousands): Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, Papa John’s International, Inc. $ 706 $ 2,296 $ 2,327 $ 4,645 Noncontrolling interests 297 1,336 1,230 2,736 Total net income $ 1,003 $ 3,632 $ 3,557 $ 7,381
Schedule of details for joint venture arrangements	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 June 26, 2022 and December 26, 2021 are as follows: Fair Value Measurements (in thousands) Carrying Level 1 Level 2 Level 3 June 26, 2022 Financial assets: Cash surrender value of life insurance policies (a) $ 29,514 $ 29,514 $ — $ — Interest rate swaps (b) $ 672 $ — $ 672 $ — 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”). June 26, 2022 December 26, 2021 (in thousands) Carrying Fair Carrying Fair 3.875% Senior Notes $ 400,000 $ 332,000 $ 400,000 $ 396,000
Schedule of changes of the allowance for credit losses for accounts receivable and notes receivable	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) 3,019 12,534 Write-offs charged against the allowance (275) — Recoveries collected — (14) Balance at June 26, 2022 $ 5,108 $ 14,020 (1) The Company recorded $14.6 million of one-time, non-cash reserves in the first quarter of 2022 for certain accounts receivable and notes receivable primarily associated with a master franchisee with operations principally in Russia.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 26, 2022
Leases [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases for the periods reported is as follows: Six Months Ended (in thousands) June 26, 2022 June 27, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 510 $ 574 Financing cash flows from finance leases 2,508 2,188 Operating cash flows from operating leases (a) 18,363 19,139 Right-of-use assets obtained in exchange for new finance lease liabilities 569 8,393 Right-of-use assets obtained in exchange for new operating lease liabilities (b) 31,369 35,115 Cash received from sublease income 5,623 5,890 (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 $14.3 million for the six months ended June 27, 2021 associated with the lease commencement of our Atlanta, Georgia corporate office.

Papa John's Marketing Fund, I_2

Papa John's Marketing Fund, Inc. (Tables)	6 Months Ended
	Jun. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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): June 26, December 26, 2021 Assets Current assets: Cash and cash equivalents $ 16,886 $ 24,481 Accounts receivable, net 13,523 14,150 Income tax receivable 44 300 Prepaid expenses and other current assets 2,012 1,718 Total current assets 32,465 40,649 Deferred income taxes 592 614 Total assets $ 33,057 $ 41,263 Liabilities Current liabilities: Accounts payable $ 278 $ 140 Income and other taxes payable 2 2 Accrued expenses and other current liabilities 32,805 40,154 Current deferred revenue 3,479 4,317 Total current liabilities 36,564 44,613 Deferred revenue 1,978 2,478 Total liabilities $ 38,542 $ 47,091

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 26, 2022
Revenue from Contract with Customer [Abstract]
Schedule of contract liability balances	The following table includes a breakout of contract liability balances (in thousands): Contract Liabilities June 26, 2022 December. 26, 2021 Change Franchise fees and unredeemed gift card liabilities $ 30,306 $ 20,410 $ 9,896 Customer loyalty program obligations 13,252 15,136 (1,884) Total contract liabilities $ 43,558 $ 35,546 $ 8,012
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 $ 3,198 $ 2,989 $ 2,811 $ 2,604 $ 2,324 $ 7,888 $ 21,814

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 26, 2022
Equity [Abstract]
Schedule of repurchase activity	The following table summarizes our repurchase activity under our share repurchase programs for the three and six months ended June 26, 2022 and June 27, 2021: (in thousands, except average price per share) Total Average Aggregate Maximum Dollar Three Months Ended June 26, 2022 452 $ 94.56 $ 42,762 $ 349,329 June 27, 2021 68 $ 101.21 $ 6,921 $ 64,110 (in thousands, except average price per share) Total Average Aggregate Maximum Dollar Six Months Ended June 26, 2022 753 $ 100.23 $ 75,471 $ 349,329 June 27, 2021 83 $ 98.23 $ 8,188 $ 64,110

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 26, 2022
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per common share	The calculations of basic and diluted earnings per common share are as follows: Three Months Ended Six Months Ended June 26, June 27, June 26, June 27, Basic earnings (loss) per common share (in thousands, except per share data) Net income attributable to the Company $ 25,433 $ 32,254 $ 35,927 $ 66,137 Dividends on redemption of Series B Convertible Preferred Stock — (109,852) — (109,852) Dividends paid to participating securities (82) (2,300) (141) (5,827) Net income attributable to participating securities (111) — (93) — Net income (loss) attributable to common shareholders $ 25,240 $ (79,898) $ 35,693 $ (49,542) Basic weighted average common shares outstanding 35,624 34,729 35,775 33,739 Basic earnings (loss) per common share $ 0.71 $ (2.30) $ 1.00 $ (1.47) Diluted earnings (loss) per common share (in thousands, except per share data) Net income (loss) attributable to common shareholders $ 25,240 $ (79,898) $ 35,693 $ (49,542) Weighted average common shares outstanding 35,624 34,729 35,775 33,739 Dilutive effect of outstanding equity awards (a) 200 — 257 — Diluted weighted average common shares outstanding 35,824 34,729 36,032 33,739 Diluted earnings (loss) per common share $ 0.70 $ (2.30) $ 0.99 $ (1.47) _______________ (a) Excludes 63 and 42 equity awards for the three and six months ended June 26, 2022, respectively, as the effect of including such awards would have been anti-dilutive (none for the three and six months ended June 27, 2021).

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 26, 2022
Debt Disclosure [Abstract]
Schedule of long-term debt, net	Long-term debt, net, consists of the following (in thousands): June 26, December 26, Senior notes $ 400,000 $ 400,000 Revolving facilities 145,000 90,000 Outstanding debt $ 545,000 $ 490,000 Unamortized debt issuance costs (8,554) (9,270) Total long-term debt, net $ 536,446 $ 480,730
Schedule of notional value of derivatives	As of June 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%
Schedule of location and amounts of derivatives in the 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 Balance Sheet Location Fair Value Fair Value Other current and long-term assets $ 672 $ — Other current and long-term liabilities $ — $ 5,536
Schedule of effect of derivatives on the financial statements	The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands): Derivatives - Amount of Gain or Location of (Loss) Amount of (Loss) Total Net Interest Expense Interest rate swaps for the three months ended: June 26, 2022 $ 1,445 Interest expense $ (735) $ (6,081) June 27, 2021 $ 1,399 Interest expense $ (1,730) $ (3,649) Interest rate swaps for the six months ended: June 26, 2022 $ 2,763 Interest Expense $ (200) $ (10,344) June 27, 2021 $ 2,781 Interest Expense $ (3,439) $ (7,296)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 26, 2022
Segment Reporting [Abstract]
Schedule of segment information	Our segment information is as follows: Three Months Ended Six Months Ended (In thousands) June 26, June 27, June 26, June 27, Revenues: Domestic Company-owned restaurants $ 171,411 $ 196,124 $ 370,176 $ 393,358 North America franchising 34,917 32,475 69,185 65,190 North America commissaries 219,383 186,641 429,062 371,519 International 39,282 46,277 81,989 88,881 All others 57,672 53,491 114,945 107,806 Total revenues $ 522,665 $ 515,008 $ 1,065,357 $ 1,026,754 Intersegment revenues: North America franchising $ 1,048 $ 1,041 $ 2,101 $ 2,101 North America commissaries 52,754 53,428 111,261 105,498 All others 15,889 18,943 35,268 38,091 Total intersegment revenues $ 69,691 $ 73,412 $ 148,630 $ 145,690 Operating income: Domestic Company-owned restaurants (1) $ 5,924 $ 15,361 $ 7,912 $ 30,685 North America franchising 32,624 30,518 64,761 60,961 North America commissaries 10,957 9,778 20,292 19,491 International (2) 7,306 8,683 11,761 17,047 All others 2,187 4,894 5,906 11,012 Unallocated corporate expenses (3) (19,344) (24,617) (56,454) (47,779) Elimination of intersegment (profits) losses (750) 20 (839) 82 Total operating income $ 38,904 $ 44,637 $ 53,339 $ 91,499 Property and equipment, net: Domestic Company-owned restaurants $ 225,755 North America commissaries 151,648 International 15,157 All others 118,496 Unallocated corporate assets 240,431 Accumulated depreciation and amortization (526,105) Total property and equipment, net $ 225,382 (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 for the six months ended June 26, 2022. 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 for the six months ended June 26, 2022. See Notes 2 and 10 for additional information. (3) Unallocated corporate expenses include $13.9 million of one-time, non-cash reserves of certain notes receivable, $5.0 million for the Legal Settlement, and $1.5 million of advisory fees and severance costs associated with the transition of certain executives for the six months ended June 26, 2022. Unallocated corporate expense includes $3.3 million and $7.2 million of reorganization costs for the three and six months ended June 27, 2021. 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 June 26, 2022 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 171,411 $ — $ — $ — $ — $ 171,411 Franchise royalties and fees — 35,965 — 12,043 — 48,008 Commissary sales — — 272,137 19,915 — 292,052 Other revenues — — — 7,324 73,561 80,885 Eliminations — (1,048) (52,754) — (15,889) (69,691) Total segment revenues $ 171,411 $ 34,917 $ 219,383 $ 39,282 $ 57,672 $ 522,665 International other revenues (1) — — — (7,324) 7,324 — Total revenues $ 171,411 $ 34,917 $ 219,383 $ 31,958 $ 64,996 $ 522,665 Reportable Segments Three Months Ended June 27, 2021 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 196,124 $ — $ — $ — $ — $ 196,124 Franchise royalties and fees — 33,516 — 13,156 — 46,672 Commissary sales — — 240,069 24,458 — 264,527 Other revenues — — — 8,663 72,434 81,097 Eliminations — (1,041) (53,428) — (18,943) (73,412) Total segment revenues $ 196,124 $ 32,475 $ 186,641 $ 46,277 $ 53,491 $ 515,008 International other revenues (1) — — — (8,663) 8,663 — Total revenues $ 196,124 $ 32,475 $ 186,641 $ 37,614 $ 62,154 $ 515,008 Reportable Segments Six Months Ended June 26, 2022 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 370,176 $ — $ — $ — $ — $ 370,176 Franchise royalties and fees — 71,286 — 25,478 — 96,764 Commissary sales — — 540,323 41,097 — 581,420 Other revenues — — — 15,414 150,213 165,627 Eliminations — (2,101) (111,261) — (35,268) (148,630) Total segment revenues $ 370,176 $ 69,185 $ 429,062 $ 81,989 $ 114,945 $ 1,065,357 International other revenues (1) — — — (15,414) 15,414 — Total revenues $ 370,176 $ 69,185 $ 429,062 $ 66,575 $ 130,359 $ 1,065,357 Reportable Segments Six Months Ended June 27, 2021 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 393,358 $ — $ — $ — $ — $ 393,358 Franchise royalties and fees — 67,291 — 25,364 — 92,655 Commissary sales — — 477,017 46,857 — 523,874 Other revenues — — — 16,660 145,897 162,557 Eliminations — (2,101) (105,498) — (38,091) (145,690) Total segment revenues $ 393,358 $ 65,190 $ 371,519 $ 88,881 $ 107,806 $ 1,026,754 International other revenues (1) — — — (16,660) 16,660 — Total revenues $ 393,358 $ 65,190 $ 371,519 $ 72,221 $ 124,466 $ 1,026,754 (1) Other revenues as reported in the Condensed Consolidated Statements of Operations include $7.3 million and $15.4 million of revenue for the three and six months ended June 26, 2022, respectively, and $8.7 million and $16.7 million for the three and six months ended June 27, 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 - Narrative (Details)	Mar. 28, 2022 restaurant entity	Jun. 26, 2022 restaurant	Mar. 27, 2022	Jun. 27, 2021 restaurant
Related Party Transaction [Line Items]
Percentage of domestic restaurants franchised			80%
Number of joint ventures divested | entity	1
Corporate Joint Venture
Related Party Transaction [Line Items]
Percentage of domestic restaurants franchised after divestiture	85%
Number of restaurants		98		188
Corporate Joint Venture | Disposal group, disposed of by sale, not discontinued operations
Related Party Transaction [Line Items]
Number of restaurants divested	90
Ownership percentage in divested joint venture	51%

Significant Accounting Polici_5

Significant Accounting Policies - Net Income Attributable to Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Noncontrolling Interest [Line Items]
Net income attributable to the Company	$ 25,433	$ 32,254	$ 35,927	$ 66,137
Corporate Joint Venture
Noncontrolling Interest [Line Items]
Papa John’s International, Inc.	706	2,296	2,327	4,645
Noncontrolling interests	297	1,336	1,230	2,736
Net income attributable to the Company	$ 1,003	$ 3,632	$ 3,557	$ 7,381

Significant Accounting Polici_6

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Fair Value, Recurring | Level 1
Financial assets:
Cash surrender value of life insurance policies	$ 29,514	$ 41,904
Interest rate swaps	0
Financial liabilities:
Interest rate swaps		0
Fair Value, Recurring | Level 2
Financial assets:
Cash surrender value of life insurance policies	0	0
Interest rate swaps	672
Financial liabilities:
Interest rate swaps		5,536
Fair Value, Recurring | Level 3
Financial assets:
Cash surrender value of life insurance policies	0	0
Interest rate swaps	0
Financial liabilities:
Interest rate swaps		0
Carrying Value
Financial assets:
Cash surrender value of life insurance policies	29,514	41,904
Interest rate swaps	$ 672
Financial liabilities:
Interest rate swaps		$ 5,536

Significant Accounting Polici_7

Significant Accounting Policies - Fair Value Disclosure (Details) - Senior notes - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021	Sep. 14, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate	3.875%	3.875%	3.875%
Level 2 | Fair Value, Recurring
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
3.875% Senior Notes	$ 332,000	$ 396,000
Carrying Value
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
3.875% Senior Notes	$ 400,000	$ 400,000

Significant Accounting Polici_8

Significant Accounting Policies - Rollforward of the Allowance for Credit Losses for Accounts Receivable and Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 26, 2022	Mar. 27, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Accounts Receivable
Current period provision for expected credit losses				$ 15,558	$ (1,200)
Notes Receivable
Non-cash reserves	$ 0		$ 0	11,160	$ 0
Accounts Receivable
Accounts Receivable
Balance at beginning of period		$ 2,364		2,364
Current period provision for expected credit losses				3,019
Write-offs charged against the allowance				(275)
Recoveries collected				0
Balance at end of period	5,108			5,108
Notes Receivable
Non-cash reserves		14,600
Notes Receivable
Notes Receivable
Balance at beginning of period		$ 1,500		1,500
Current period provision for expected credit losses				12,534
Write-offs charged against the allowance				0
Recoveries collected				(14)
Balance at end of period	$ 14,020			$ 14,020

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022 USD ($) lease restaurant	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($) lease restaurant	Jun. 27, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Sublease income	$ 3	$ 3.3	$ 6	$ 6.1
Number of domestic leases for which the Company is contingently liable | lease	62		62
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees	$ 10.2		$ 10.2
United Kingdom franchise-owned restaurants
Lessee, Lease, Description [Line Items]
Number of units leased and subleased | restaurant	436		436
Initial lease terms on franchised sites	15 years		15 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
Lessee, Lease, Description [Line Items]
Operating cash flows from finance leases	$ 510	$ 574
Financing cash flows from finance leases	2,508	2,188
Operating cash flows from operating leases	18,363	19,139
Right-of-use assets obtained in exchange for new finance lease liabilities	569	8,393
Right-of-use assets obtained in exchange for new operating lease liabilities	31,369	35,115
Cash received from sublease income	$ 5,623	5,890
Corporate office in Atlanta, Georgia
Lessee, Lease, Description [Line Items]
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 14,300

Papa John's Marketing Fund, I_3

Papa John's Marketing Fund, Inc. (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Current assets:
Cash and cash equivalents	$ 52,124	$ 70,610
Accounts receivable, net	87,495	81,370
Income tax receivable	4,017	9,386
Prepaid expenses and other current assets	49,743	46,310
Total current assets	239,788	255,009
Deferred income taxes	8,657	5,156
Total assets	836,272	885,704
Current liabilities:
Accounts payable	40,845	28,092
Income and other taxes payable	16,785	19,996
Accrued expenses and other current liabilities	146,213	190,116
Current deferred revenue	19,925	21,700
Total current liabilities	250,477	287,424
Deferred revenue	23,633	13,846
Total liabilities	1,068,896	1,052,664
Papa John's Marketing Fund Inc.
Current assets:
Cash and cash equivalents	16,886	24,481
Accounts receivable, net	13,523	14,150
Income tax receivable	44	300
Prepaid expenses and other current assets	2,012	1,718
Total current assets	32,465	40,649
Deferred income taxes	592	614
Total assets	33,057	41,263
Current liabilities:
Accounts payable	278	140
Income and other taxes payable	2	2
Accrued expenses and other current liabilities	32,805	40,154
Current deferred revenue	3,479	4,317
Total current liabilities	36,564	44,613
Deferred revenue	1,978	2,478
Total liabilities	$ 38,542	$ 47,091

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021
Disaggregation of Revenue [Line Items]
Revenue recognized related to deferred revenue and customer loyalty program	$ 8,300	$ 9,000	$ 17,600	$ 18,200
Contract Liabilities
Beginning balance			35,546
Ending balance	43,558		43,558
Change			8,012
Contract assets	7,400		7,400		$ 5,800
Amortization expense related to contract assets	1,100		1,900
Franchise fees and unredeemed gift card liabilities
Contract Liabilities
Beginning balance			20,410
Ending balance	30,306		30,306
Change			9,896
Customer loyalty program obligations
Contract Liabilities
Beginning balance			15,136
Ending balance	$ 13,252		13,252
Change			$ (1,884)

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 43,558	$ 35,546
Franchise fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	21,814
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 3,198
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-06-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,989
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,811
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,604
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-06-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,324
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-06-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 7,888
Remaining performance obligation period
Area development fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 3,000
Gift Card
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 5,400

Common Stock - Narrative (Detai

Common Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 26, 2022	Aug. 02, 2022	Jul. 29, 2022	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 26, 2021	Oct. 28, 2021	Nov. 04, 2020
Subsequent Event [Line Items]
Preferred stock authorized (in shares)				5,000,000		5,000,000		5,000,000
Preferred stock issued (in shares)				0		0		0
Preferred stock outstanding (in shares)				0		0		0
Common stock authorized (in shares)				100,000,000		100,000,000		100,000,000
Common stock outstanding (in shares)				35,200,000		35,200,000		35,800,000
Shares acquired under stock repurchase program (in shares)				452,000	68,000	753,000	83,000
Value of shares acquired under stock repurchase program				$ 42,762	$ 6,921	$ 75,471	$ 8,188
Average price per share of shares acquired under stock repurchase program (in dollars per share)				$ 94.56	$ 101.21	$ 100.23	$ 98.23
Stock repurchase program, remaining authorized amount				$ 349,329	$ 64,110	$ 349,329	$ 64,110
Dividends recorded						$ 25,100
Dividends recorded (in dollars per share)				$ 0.70		$ 0.70
Dividends paid						$ 25,101	14,844
Dividends declared				$ 12,493	$ 7,440	$ 25,101	$ 14,844
Subsequent event
Subsequent Event [Line Items]
Dividends recorded (in dollars per share)		$ 0.42
Dividends declared		$ 14,900
Subsequent event | Forecast
Subsequent Event [Line Items]
Dividends paid	$ 14,900
Common stock repurchase program
Subsequent Event [Line Items]
Stock repurchase program, authorized amount									$ 425,000	$ 75,000
Common stock repurchase program | Subsequent event
Subsequent Event [Line Items]
Shares acquired under stock repurchase program (in shares)			229,000
Value of shares acquired under stock repurchase program			$ 19,500
Average price per share of shares acquired under stock repurchase program (in dollars per share)			$ 85.15
Stock repurchase program, remaining authorized amount			$ 329,800

Common Stock - Repurchase Activ

Common Stock - Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Equity [Abstract]
Total Number of Shares Purchased (in shares)	452	68	753	83
Average price paid per share (in dollars per share)	$ 94.56	$ 101.21	$ 100.23	$ 98.23
Aggregate Cost of Shares Purchased	$ 42,762	$ 6,921	$ 75,471	$ 8,188
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs	$ 349,329	$ 64,110	$ 349,329	$ 64,110

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Basic earnings (loss) per common share (in thousands, except per share data)
Net income attributable to the Company	$ 25,433	$ 32,254	$ 35,927	$ 66,137
Dividends on redemption of Series B Convertible Preferred Stock	0	(109,852)	0	(109,852)
Dividends paid to participating securities	(82)	(2,300)	(141)	(5,827)
Net income attributable to participating securities	(111)	0	(93)	0
Net income (loss) attributable to common shareholders	$ 25,240	$ (79,898)	$ 35,693	$ (49,542)
Basic weighted average common shares outstanding (in shares)	35,624,000	34,729,000	35,775,000	33,739,000
Basic earnings (loss) per common share (in dollars per share)	$ 0.71	$ (2.30)	$ 1	$ (1.47)
Diluted earnings (loss) per common share (in thousands, except per share data)
Net income (loss) attributable to common shareholders	$ 25,240	$ (79,898)	$ 35,693	$ (49,542)
Weighted average common shares outstanding (in shares)	35,624,000	34,729,000	35,775,000	33,739,000
Dilutive effect of outstanding equity awards (in shares)	200,000	0	257,000	0
Diluted weighted average common shares outstanding (in shares)	35,824,000	34,729,000	36,032,000	33,739,000
Diluted earnings (loss) per common share (in dollars per share)	$ 0.70	$ (2.30)	$ 0.99	$ (1.47)
Antidilutive securities excluded from computation of earnings per share (in shares)	63,000	0	42,000	0

Debt - Schedule of Long Term De

Debt - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Debt Instrument [Line Items]
Outstanding debt	$ 545,000	$ 490,000
Unamortized debt issuance costs	(8,554)	(9,270)
Total long-term debt, net	536,446	480,730
Revolving facilities
Debt Instrument [Line Items]
Outstanding debt	145,000	90,000
Senior notes
Debt Instrument [Line Items]
Outstanding debt	$ 400,000	$ 400,000

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended		6 Months Ended
	Sep. 14, 2021 USD ($) qtr	Sep. 30, 2015 USD ($)	Jun. 26, 2022 USD ($)	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($)	Jun. 27, 2021 USD ($)	Dec. 26, 2021 USD ($)
Debt Instrument [Line Items]
Outstanding debt			$ 545,000,000		$ 545,000,000		$ 490,000,000
Interest paid, including payments made or received under the swaps			$ 2,400,000	$ 3,600,000	$ 12,600,000	$ 7,100,000
Senior notes
Debt Instrument [Line Items]
Face amount	$ 400,000,000
Interest rate	3.875%		3.875%		3.875%		3.875%
Outstanding debt			$ 400,000,000		$ 400,000,000		$ 400,000,000
Senior notes | Redemption up to 40% at any time prior to September 15, 2024 with net cash proceeds from certain equity offerings
Debt Instrument [Line Items]
Redemption price percentage	103.875%
Senior notes | Redemption at any time prior to September 15, 2024
Debt Instrument [Line Items]
Redemption price percentage	100%
Senior notes | Minimum | Redemption at any time on or after September 15, 2024
Debt Instrument [Line Items]
Redemption price percentage	0.97%
Senior notes | Maximum | Redemption at any time on or after September 15, 2024
Debt Instrument [Line Items]
Redemption price percentage	1.94%
Senior notes | Maximum | Redemption up to 40% at any time prior to September 15, 2024 with net cash proceeds from certain equity offerings
Debt Instrument [Line Items]
Redemption percentage	0.40
PJI Revolving Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 600,000,000
Line of credit facility, remaining borrowing capacity			455,000,000		455,000,000
Line of credit facility, maximum borrowing capacity in foreign currencies	50,000,000
Line of credit facility, additional increase to borrowing capacity	$ 500,000,000
Number of quarters in interest margin period | qtr	4
PJI Revolving Facility | Federal funds rate
Debt Instrument [Line Items]
Interest margin rate on debt	0.50%
PJI Revolving Facility | London Interbank Offered Rate
Debt Instrument [Line Items]
Interest margin rate on debt	1%
PJI Revolving Facility | Minimum
Debt Instrument [Line Items]
Percentage of commitment fee on unused credit facility	0.18%
PJI Revolving Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Interest margin rate on debt	1.25%
PJI Revolving Facility | Minimum | Base rate
Debt Instrument [Line Items]
Interest margin rate on debt	0.25%
PJI Revolving Facility | Maximum
Debt Instrument [Line Items]
Percentage of commitment fee on unused credit facility	0.30%
PJI Revolving Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Interest margin rate on debt	2%
PJI Revolving Facility | Maximum | Base rate
Debt Instrument [Line Items]
Interest margin rate on debt	1%
Swingline loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 40,000,000
Amendment to Credit Agreement | Minimum
Debt Instrument [Line Items]
Interest coverage ratio	2
Amendment to Credit Agreement | Maximum
Debt Instrument [Line Items]
Leverage Ratio	5.25
Increase to Leverage Ratio	0.50
PJMF Revolving Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 20,000,000
Outstanding debt			$ 0		$ 0		$ 0
PJMF Revolving Facility | One-month LIBOR
Debt Instrument [Line Items]
Interest margin rate on debt		1.75%
Letter of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 80,000,000

Debt - Notional Amounts of Deri

Debt - Notional Amounts of Derivatives (Details) $ in Millions	Jun. 26, 2022 USD ($)
Interest rate swap
Derivative [Line Items]
Notional value	$ 350
April 30, 2018 through April 30, 2023
Derivative [Line Items]
Notional value	$ 55
Fixed Rates	2.33%
April 30, 2018 through April 30, 2023
Derivative [Line Items]
Notional value	$ 35
Fixed Rates	2.36%
April 30, 2018 through April 30, 2023
Derivative [Line Items]
Notional value	$ 35
Fixed Rates	2.34%
January 30, 2018 through August 30, 2022
Derivative [Line Items]
Notional value	$ 100
Fixed Rates	1.99%
January 30, 2018 through August 30, 2022
Derivative [Line Items]
Notional value	$ 75
Fixed Rates	1.99%
January 30, 2018 through August 30, 2022
Derivative [Line Items]
Notional value	$ 50
Fixed Rates	2%

Debt - Location and Amount of D

Debt - Location and Amount of Derivatives in the Financial Statements (Details) - Interest rate swap - USD ($) $ in Thousands	Jun. 26, 2022	Dec. 26, 2021
Other current and long-term assets
Debt Instrument [Line Items]
Derivative assets	$ 672	$ 0
Other current and long-term liabilities
Debt Instrument [Line Items]
Derivatives liabilities	$ 0	$ 5,536

Debt - Effect of Derivatives on

Debt - Effect of Derivatives on the Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Debt Instrument [Line Items]
Total Net Interest Expense on Condensed Consolidated Statements of Operations	$ (6,081)	$ (3,649)	$ (10,344)	$ (7,296)
Interest Expense | Interest rate swap
Debt Instrument [Line Items]
Amount of Gain or (Loss) Recognized in AOCL on Derivative	1,445	1,399	2,763	2,781
Interest Expense | Interest rate swap | Reclassification out of Accumulated Other Comprehensive Income
Debt Instrument [Line Items]
Amount of (Loss) or Gain Reclassified from AOCL into Income	$ (735)	$ (1,730)	$ (200)	$ (3,439)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Apr. 14, 2022 USD ($)	Jun. 26, 2022 USD ($)	Oct. 29, 2018 employee
Settled litigation | Papa Johns Employee and Franchise Employee Antitrust Litigation
Loss Contingencies [Line Items]
Settlement amount	$ 5,000,000
Pending litigation | Durling et al v. Papa John's International, Inc.
Loss Contingencies [Line Items]
Number of employees who opted into the class action | employee			9,571
Expected future costs		$ 0

Divestitures (Details)

Divestitures (Details) $ in Millions		3 Months Ended
	Mar. 28, 2022 USD ($) restaurant	Mar. 27, 2022 USD ($)
Assets Held for Sale
Impairment of franchise rights		$ 2.8
Disposal group, disposed of by sale, not discontinued operations
Assets Held for Sale
Net sale proceeds	$ 14
Non-cash charge		$ 8.4
Noncontrolling interest	4.2
Unearned royalty stream	$ 12.2
unearned royalty stream recognition period	10 years
Disposal group, disposed of by sale, not discontinued operations | Corporate Joint Venture
Assets Held for Sale
Ownership percentage in divested joint venture	51%
Number of restaurants divested | restaurant	90

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 26, 2022 entity segment
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	4
Sales
Revenue, Major Customer [Line Items]
Concentration risk, number | entity	0

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) $ in Thousands		3 Months Ended			6 Months Ended
	Mar. 28, 2022 restaurant	Jun. 26, 2022 USD ($)	Mar. 27, 2022 USD ($)	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($)	Jun. 27, 2021 USD ($)	Dec. 26, 2021 USD ($)
Segment Reporting Information [Line Items]
Total revenues		$ 522,665		$ 515,008	$ 1,065,357	$ 1,026,754
Total operating income		38,904		44,637	53,339	91,499
Accumulated depreciation and amortization		(526,105)			(526,105)
Total property and equipment, net		225,382			225,382		$ 223,856
Refranchising loss					8,400
Non-cash reserves		0		0	11,160	0
Corporate Joint Venture | Disposal group, disposed of by sale, not discontinued operations
Segment Reporting Information [Line Items]
Number of restaurants divested | restaurant	90
Accounts Receivable
Segment Reporting Information [Line Items]
Non-cash reserves			$ 14,600
Domestic Company-owned restaurants
Segment Reporting Information [Line Items]
Total revenues		171,411		196,124	370,176	393,358
North America franchising
Segment Reporting Information [Line Items]
Total revenues		34,917		32,475	69,185	65,190
North America commissaries
Segment Reporting Information [Line Items]
Total revenues		219,383		186,641	429,062	371,519
International
Segment Reporting Information [Line Items]
Total revenues		31,958		37,614	66,575	72,221
All others
Segment Reporting Information [Line Items]
Total revenues		64,996		62,154	130,359	124,466
Operating segments
Segment Reporting Information [Line Items]
Total revenues		522,665		515,008	1,065,357	1,026,754
Operating segments | Domestic Company-owned restaurants
Segment Reporting Information [Line Items]
Total revenues		171,411		196,124	370,176	393,358
Total operating income		5,924		15,361	7,912	30,685
Property and equipment, gross		225,755			225,755
Operating segments | North America franchising
Segment Reporting Information [Line Items]
Total revenues		34,917		32,475	69,185	65,190
Total operating income		32,624		30,518	64,761	60,961
Operating segments | North America commissaries
Segment Reporting Information [Line Items]
Total revenues		219,383		186,641	429,062	371,519
Total operating income		10,957		9,778	20,292	19,491
Property and equipment, gross		151,648			151,648
Operating segments | International
Segment Reporting Information [Line Items]
Total revenues		39,282		46,277	81,989	88,881
Total operating income		7,306		8,683	11,761	17,047
Property and equipment, gross		15,157			15,157
Operating segments | International | Accounts Receivable
Segment Reporting Information [Line Items]
Non-cash reserves		3,500
Operating segments | All others
Segment Reporting Information [Line Items]
Total revenues		57,672		53,491	114,945	107,806
Total operating income		2,187		4,894	5,906	11,012
Property and equipment, gross		118,496			118,496
Eliminations
Segment Reporting Information [Line Items]
Total revenues		(69,691)		(73,412)	(148,630)	(145,690)
Total operating income		(750)		20	(839)	82
Eliminations | North America franchising
Segment Reporting Information [Line Items]
Total revenues		(1,048)		(1,041)	(2,101)	(2,101)
Eliminations | North America commissaries
Segment Reporting Information [Line Items]
Total revenues		(52,754)		(53,428)	(111,261)	(105,498)
Eliminations | All others
Segment Reporting Information [Line Items]
Total revenues		(15,889)		(18,943)	(35,268)	(38,091)
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Total operating income		(19,344)		(24,617)	(56,454)	(47,779)
Property and equipment, gross		$ 240,431			240,431
Legal settlement expense					5,000
Reorganization costs				$ 3,300		$ 7,200
Advisory Fees and Severance Costs					1,500
Unallocated corporate expenses | Notes Receivable
Segment Reporting Information [Line Items]
Non-cash reserves					$ 13,900

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Revenue, Major Customer [Line Items]
Total revenues	$ 522,665	$ 515,008	$ 1,065,357	$ 1,026,754
Domestic Company-owned restaurants
Revenue, Major Customer [Line Items]
Total revenues	171,411	196,124	370,176	393,358
North America franchising
Revenue, Major Customer [Line Items]
Total revenues	34,917	32,475	69,185	65,190
North America commissaries
Revenue, Major Customer [Line Items]
Total revenues	219,383	186,641	429,062	371,519
International
Revenue, Major Customer [Line Items]
Total revenues	31,958	37,614	66,575	72,221
International | International other revenue
Revenue, Major Customer [Line Items]
Total revenues	(7,324)	(8,663)	(15,414)	(16,660)
All others
Revenue, Major Customer [Line Items]
Total revenues	64,996	62,154	130,359	124,466
All others | International other revenue
Revenue, Major Customer [Line Items]
Total revenues	7,324	8,663	15,414	16,660
Operating segments
Revenue, Major Customer [Line Items]
Total revenues	522,665	515,008	1,065,357	1,026,754
Operating segments | Company-owned restaurant sales
Revenue, Major Customer [Line Items]
Total revenues	171,411	196,124	370,176	393,358
Operating segments | Franchise royalties and fees
Revenue, Major Customer [Line Items]
Total revenues	48,008	46,672	96,764	92,655
Operating segments | Commissary sales
Revenue, Major Customer [Line Items]
Total revenues	292,052	264,527	581,420	523,874
Operating segments | Other revenues
Revenue, Major Customer [Line Items]
Total revenues	80,885	81,097	165,627	162,557
Operating segments | Domestic Company-owned restaurants
Revenue, Major Customer [Line Items]
Total revenues	171,411	196,124	370,176	393,358
Operating segments | Domestic Company-owned restaurants | Company-owned restaurant sales
Revenue, Major Customer [Line Items]
Total revenues	171,411	196,124	370,176	393,358
Operating segments | North America franchising
Revenue, Major Customer [Line Items]
Total revenues	34,917	32,475	69,185	65,190
Operating segments | North America franchising | Franchise royalties and fees
Revenue, Major Customer [Line Items]
Total revenues	35,965	33,516	71,286	67,291
Operating segments | North America commissaries
Revenue, Major Customer [Line Items]
Total revenues	219,383	186,641	429,062	371,519
Operating segments | North America commissaries | Commissary sales
Revenue, Major Customer [Line Items]
Total revenues	272,137	240,069	540,323	477,017
Operating segments | International
Revenue, Major Customer [Line Items]
Total revenues	39,282	46,277	81,989	88,881
Operating segments | International | Franchise royalties and fees
Revenue, Major Customer [Line Items]
Total revenues	12,043	13,156	25,478	25,364
Operating segments | International | Commissary sales
Revenue, Major Customer [Line Items]
Total revenues	19,915	24,458	41,097	46,857
Operating segments | International | Other revenues
Revenue, Major Customer [Line Items]
Total revenues	7,324	8,663	15,414	16,660
Operating segments | All others
Revenue, Major Customer [Line Items]
Total revenues	57,672	53,491	114,945	107,806
Operating segments | All others | Other revenues
Revenue, Major Customer [Line Items]
Total revenues	73,561	72,434	150,213	145,897
Eliminations
Revenue, Major Customer [Line Items]
Total revenues	(69,691)	(73,412)	(148,630)	(145,690)
Eliminations | North America franchising
Revenue, Major Customer [Line Items]
Total revenues	(1,048)	(1,041)	(2,101)	(2,101)
Eliminations | North America commissaries
Revenue, Major Customer [Line Items]
Total revenues	(52,754)	(53,428)	(111,261)	(105,498)
Eliminations | All others
Revenue, Major Customer [Line Items]
Total revenues	$ (15,889)	$ (18,943)	$ (35,268)	$ (38,091)

Related Party Transactions (Det

Related Party Transactions (Details)			36 Months Ended
	Mar. 15, 2022 USD ($) shares	Mar. 15, 2022 CAD ($) shares	Mar. 15, 2025 USD ($)
Papa John's Foundation for Building Community
Related Party Transaction [Line Items]
Donation for every pizza sold in the United States | $	$ 1
Donation for every pizza sold in Canada | $		$ 1
Mr. Shaquille O'Neal
Related Party Transaction [Line Items]
Period of related party agreement	3 years	3 years
Royalty fee payable per each co-branded pizza sold | $	$ 0.20
Related party restricted stock units granted (in shares) | shares	55,898	55,898
Period of extension of related party agreement	1 year	1 year
Mr. Shaquille O'Neal | Vest on April 12, 2023
Related Party Transaction [Line Items]
Related party restricted stock units vesting percentage	33%
Related party restricted stock units vesting number (in shares) | shares	18,632
Mr. Shaquille O'Neal | Vest on March 15, 2024
Related Party Transaction [Line Items]
Related party restricted stock units vesting percentage	33%
Related party restricted stock units vesting number (in shares) | shares	18,632
Mr. Shaquille O'Neal | Vest on March 15, 2025
Related Party Transaction [Line Items]
Related party restricted stock units vesting percentage	33%
Related party restricted stock units vesting number (in shares) | shares	18,634
Mr. Shaquille O'Neal | Forecast
Related Party Transaction [Line Items]
Cash payments | $			$ 5,625,000