Papa John's International (PZZA) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 25, 2023	Jul. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 25, 2023
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		32,736,862
Entity Central Index Key	0000901491
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Current assets:
Cash and cash equivalents	$ 43,772	$ 47,373
Accounts receivable, net	94,255	102,533
Notes receivable, current portion	4,850	6,848
Income tax receivable	2,097	8,780
Inventories	37,515	41,382
Prepaid expenses and other current assets	56,086	44,123
Assets held for sale (a)	3,427	0
Total current assets	242,002	251,039
Property and equipment, net	264,393	249,793
Finance lease right-of-use assets, net	34,418	24,941
Operating lease right-of-use assets	171,550	172,425
Notes receivable, less current portion, net	15,809	21,248
Goodwill	76,623	70,616
Other assets	68,848	74,165
Total assets	873,643	864,227
Current liabilities:
Accounts payable	55,351	62,316
Income and other taxes payable	8,148	8,766
Accrued expenses and other current liabilities	163,273	142,535
Current deferred revenue	19,587	21,272
Current finance lease liabilities	9,190	6,850
Current operating lease liabilities	25,715	23,418
Current portion of long-term debt	15,529	0
Total current liabilities	296,793	265,157
Deferred revenue	21,726	23,204
Long-term finance lease liabilities	26,486	19,022
Long-term operating lease liabilities	159,170	160,905
Long-term debt, less current portion, net	768,820	597,069
Other long-term liabilities	65,106	68,317
Total liabilities	1,338,101	1,133,674
Redeemable noncontrolling interests	1,021	1,217
Stockholders’ deficit:
Common stock ($0.01 par value per share; issued 49,209 at June 25, 2023 and 49,138 at December 25, 2022)	492	491
Additional paid-in capital	445,964	449,829
Accumulated other comprehensive loss	(7,289)	(10,135)
Retained earnings	207,461	195,856
Treasury stock (16,815 shares at June 25, 2023 and 14,402 shares at December 25, 2022, at cost)	(1,127,669)	(922,434)
Total stockholders’ deficit	(481,041)	(286,393)
Noncontrolling interests in subsidiaries	15,562	15,729
Total Stockholders’ deficit	(465,479)	(270,664)
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit	$ 873,643	$ 864,227

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 25, 2023	Dec. 25, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	49,209	49,138
Treasury stock (in shares)	16,815	14,402

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Revenues:
Total revenues	$ 514,530	$ 522,665	$ 1,041,579	$ 1,065,357
Costs and expenses:
General and administrative expenses	50,324	44,646	102,268	110,584
Depreciation and amortization	15,690	12,735	30,411	24,674
Total costs and expenses	479,618	483,761	968,871	1,000,858
Refranchising and impairment loss	0	0	0	(11,160)
Operating income	34,912	38,904	72,708	53,339
Net interest expense	(11,275)	(6,081)	(20,296)	(10,344)
Income before income taxes	23,637	32,823	52,412	42,995
Income tax expense	5,778	7,093	12,007	5,838
Net income before attribution to noncontrolling interests	17,859	25,730	40,405	37,157
Net income attributable to noncontrolling interests	(91)	(297)	(261)	(1,230)
Net income attributable to the Company	17,768	25,433	40,144	35,927
Calculation of net income for earnings per share:
Net income attributable to the Company	17,768	25,433	40,144	35,927
Dividends paid to participating securities	0	(82)	0	(141)
Net income attributable to participating securities	0	(111)	0	(93)
Net income attributable to common shareholders	$ 17,768	$ 25,240	$ 40,144	$ 35,693
Basic earnings per common share (in dollars per share)	$ 0.55	$ 0.71	$ 1.20	$ 1
Diluted earnings per common share (in dollars per share)	$ 0.54	$ 0.70	$ 1.20	$ 0.99
Basic weighted average common shares outstanding (in shares)	32,563	35,624	33,359	35,775
Diluted weighted average common shares outstanding (in shares)	32,650	35,824	33,487	36,032
Dividends declared per common share (in dollars per share)	$ 0.42	$ 0.35	$ 0.84	$ 0.70
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 175,780	$ 171,411	$ 355,646	$ 370,176
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	143,705	142,026	291,489	303,687
North America franchising
Revenues:
Total revenues	34,711	34,917	70,783	69,185
North America commissaries
Revenues:
Total revenues	206,980	219,383	419,546	429,062
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	190,468	204,470	386,883	401,560
International
Revenues:
Total revenues	34,608	31,958	66,071	66,575
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	20,435	19,236	37,746	39,150
Other
Revenues:
Total revenues	62,451	64,996	129,533	130,359
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 58,996	$ 60,648	$ 120,074	$ 121,203

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Statement of Comprehensive Income [Abstract]
Net income before attribution to noncontrolling interests		$ 17,859	$ 25,730	$ 40,405	$ 37,157
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		405	(4,109)	1,847	(4,970)
Interest rate swaps	[1]	1,514	1,877	1,850	3,589
Other comprehensive income (loss), before tax		1,919	(2,232)	3,697	(1,381)
Income tax effect:
Foreign currency translation adjustments		(93)	946	(425)	1,144
Interest rate swaps	[2]	(349)	(432)	(426)	(826)
Income tax effect		(442)	514	(851)	318
Other comprehensive income (loss), net of tax		1,477	(1,718)	2,846	(1,063)
Comprehensive income before attribution to noncontrolling interests		19,336	24,012	43,251	36,094
Less: comprehensive income, redeemable noncontrolling interests		(59)	(18)	(105)	(528)
Less: comprehensive income, nonredeemable noncontrolling interests		(32)	(279)	(156)	(702)
Comprehensive income attributable to the Company		$ 19,245	$ 23,715	$ 42,990	$ 34,864
[1]Amounts reclassified out of accumulated other comprehensive income into net interest (expense) income include $(36) and $(243) for the three and six months ended June 25, 2023, respectively and $(735) and $(200) for the three and six months ended June 26, 2022, respectively.[2]The income tax effects of amounts reclassified out of accumulated other comprehensive loss were $8 and $55 for the three and six months ended June 25, 2023, respectively and $165 and $45 for the three and six months ended June 26, 2022, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax (expense) benefit	$ (5,778)	$ (7,093)	$ (12,007)	$ (5,838)
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income (Loss) | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Consolidated Statements of Comprehensive Income (Unaudited)
Income tax (expense) benefit	8	165	55	45
Interest Rate Swap | Interest Expense | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Consolidated Statements of Comprehensive Income (Unaudited)
Amounts reclassified out of accumulated other comprehensive income into net interest (expense) income	$ (36)	$ (735)	$ (243)	$ (200)

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. 26, 2021			35,797
Beginning balance at Dec. 26, 2021		$ (172,458)	$ 490	$ 445,126	$ (9,971)	[1]	$ 183,157	$ (806,472)		$ 15,212
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[2]	36,629					35,927			702
Other comprehensive income (loss), net of tax		(1,063)			(1,063)	[1]
Dividends on common stock		(25,055)		95			(25,150)
Exercise of stock options (in shares)			39
Exercise of stock options		$ 1,909	$ 1	1,908
Acquisition of Company common stock (in shares)		(753)	(753)
Acquisition of Company common stock		$ (75,471)						(75,471)
Stock-based compensation expense		9,100		9,100
Issuance of restricted stock (in shares)			229
Issuance of restricted stock		0		(6,450)				6,450
Tax effect of restricted stock awards (in shares)			(70)
Tax effect of restricted stock awards		(7,527)		(7,527)
Distributions to noncontrolling interests		(150)								(150)
Other (in shares)			6
Other		288		3				288		(3)
Ending balance (in shares) at Jun. 26, 2022			35,248
Ending balance at Jun. 26, 2022		(233,798)	$ 491	442,255	(11,034)	[1]	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)	[1]	181,124	(832,603)		15,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[2]	25,712					25,433			279
Other comprehensive income (loss), net of tax		(1,718)			(1,718)	[1]
Dividends on common stock		(12,575)		48			(12,623)
Exercise of stock options (in shares)			22
Exercise of stock options		$ 1,167		1,167
Acquisition of Company common stock (in shares)		(452)	(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 effect of restricted stock awards (in shares)			(1)
Tax effect of restricted stock awards		(65)		(65)
Distributions to noncontrolling interests		(150)								(150)
Other (in shares)			2
Other		112		36				79		(3)
Ending balance (in shares) at Jun. 26, 2022			35,248
Ending balance at Jun. 26, 2022		$ (233,798)	$ 491	442,255	(11,034)	[1]	193,934	(875,205)		15,761
Beginning balance (in shares) at Dec. 25, 2022		34,700	34,736
Beginning balance at Dec. 25, 2022		$ (270,664)	$ 491	449,829	(10,135)	[3]	195,856	(922,434)	[4]	15,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[5]	40,300					40,144			156
Other comprehensive income (loss), net of tax		2,846			2,846	[3]
Dividends on common stock		(28,485)		54			(28,539)
Exercise of stock options (in shares)			17
Exercise of stock options		$ 683	$ 1	682
Acquisition of Company common stock (in shares)		(2,523)	(2,523)
Acquisition of Company common stock		$ (212,444)						(212,444)	[4]
Stock-based compensation expense		8,498		8,498
Issuance of restricted stock (in shares)			227
Issuance of restricted stock		0		(6,542)				6,542	[4]
Tax effect of restricted stock awards (in shares)			(73)
Tax effect of restricted stock awards		(6,108)		(6,108)
Distributions to noncontrolling interests		(323)								(323)
Other (in shares)			10
Other		$ 218		(449)				667	[4]
Ending balance (in shares) at Jun. 25, 2023		32,400	32,394
Ending balance at Jun. 25, 2023		$ (465,479)	$ 492	445,964	(7,289)	[3]	207,461	(1,127,669)	[4]	15,562
Beginning balance (in shares) at Mar. 26, 2023			32,356
Beginning balance at Mar. 26, 2023		(475,325)	$ 492	443,686	(8,766)	[3]	203,569	(1,130,136)	[4]	15,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[5]	17,800					17,768			32
Other comprehensive income (loss), net of tax		1,477			1,477	[3]
Dividends on common stock		(13,822)		54			(13,876)
Exercise of stock options (in shares)			2
Exercise of stock options		$ 68		68
Acquisition of Company common stock (in shares)		0
Stock-based compensation expense		$ 4,601		4,601
Issuance of restricted stock (in shares)			30
Issuance of restricted stock		0		(1,933)				1,933	[4]
Tax effect of restricted stock awards (in shares)			(1)
Tax effect of restricted stock awards		(109)		(109)
Distributions to noncontrolling interests		(300)								(300)
Other (in shares)			7
Other		$ 131		(403)				534	[4]
Ending balance (in shares) at Jun. 25, 2023		32,400	32,394
Ending balance at Jun. 25, 2023		$ (465,479)	$ 492	$ 445,964	$ (7,289)	[3]	$ 207,461	$ (1,127,669)	[4]	$ 15,562
[1]At June 26, 2022, the accumulated other comprehensive loss of $11,034 was comprised of net unrealized foreign currency translation loss of $8,696 and net unrealized loss on the interest rate swap agreements of $2,338.[2]Net income to the Company for the three and six months ended June 26, 2022 excludes $18 and $528, respectively, allocable to the redeemable noncontrolling interests for our joint venture arrangements.[3] At June 25, 2023, the accumulated other comprehensive loss of $7,289 was comprised of net unrealized foreign currency translation loss of $7,274 and net unrealized loss on the interest rate swap agreements of $15 . Acquisition of Company common stock for the six months ended June 25, 2023 includes $2,804 of transaction costs directly attributable to share repurchases, including a 1% excise tax incurred under the Inflation Reduction Act of 2022.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 25, 2023		Jun. 26, 2022		Jun. 25, 2023		Jun. 26, 2022
Stockholders' deficit	$ 465,479		$ 233,798		$ 465,479		$ 233,798
Transaction costs on share repurchases					2,804
Accumulated other comprehensive loss
Stockholders' deficit	7,289	[1]	11,034	[2]	7,289	[1]	11,034	[2]
Net unrealized foreign currency translation loss
Stockholders' deficit	7,274		8,696		7,274		8,696
Net unrealized loss on interest rate swap agreements
Stockholders' deficit	15		2,338		15		2,338
Corporate Joint Venture
Net income allocable to the redeemable noncontrolling interest for joint venture arrangements	$ 59		$ 18		$ 105		$ 528
[1] At June 25, 2023, the accumulated other comprehensive loss of $7,289 was comprised of net unrealized foreign currency translation loss of $7,274 and net unrealized loss on the interest rate swap agreements of $15 .

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022
Operating activities
Net income before attribution to noncontrolling interests	$ 40,405	$ 37,157
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for allowance for credit losses on accounts and notes receivable	595	15,558
Depreciation and amortization	30,411	24,674
Refranchising and impairment loss	0	11,160
Deferred income taxes	3,664	(2,993)
Stock-based compensation expense	8,498	9,100
Other	(452)	(2,071)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	4,299	(9,177)
Income tax receivable	6,683	5,369
Inventories	4,109	(3,815)
Prepaid expenses and other current assets	46	(3,901)
Other assets and liabilities	140	(5,379)
Accounts payable	(8,174)	12,742
Income and other taxes payable	(514)	(3,175)
Accrued expenses and other current liabilities	7,203	(37,456)
Deferred revenue	(3,178)	(2,208)
Net cash provided by operating activities	93,735	45,585
Investing activities
Purchases of property and equipment	(34,759)	(30,744)
Notes issued	(4,374)	(1,098)
Repayments of notes issued	3,224	6,743
Acquisitions, net of cash acquired	0	(1,250)
Proceeds from refranchising, net of cash transferred	0	13,588
Other	182	238
Net cash used in investing activities	(35,727)	(12,523)
Financing activities
Net proceeds of revolving credit facilities	186,529	55,000
Proceeds from exercise of stock options	682	1,908
Acquisition of Company common stock	(210,348)	(75,471)
Dividends paid to common stockholders	(28,485)	(25,101)
Tax payments for equity award issuances	(6,108)	(7,526)
Distributions to noncontrolling interests	(323)	(835)
Other	(3,567)	1,348
Net cash used in financing activities	(61,620)	(50,677)
Effect of exchange rate changes on cash and cash equivalents	11	(871)
Change in cash and cash equivalents	(3,601)	(18,486)
Cash and cash equivalents at beginning of period	47,373	70,610
Cash and cash equivalents at end of period	$ 43,772	$ 52,124

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP” or “U.S. 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 25, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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,” “Papa Johns” or in the first-person notations of “we,” “us” and “our”) for the year ended December 25, 2022. In discussions of our business, “Domestic” is defined as within the contiguous United States, “North America” includes Canada, and “International” includes the rest of the world other than North America.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 25, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Principles of Consolidation The accompanying Condensed Consolidated Financial Statements include the accounts of Papa John’s International, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated. 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 and Canada 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 North America restaurants, of which approximately 85 percent are franchised, 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, “ Consolidation .” 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 the allowance for credit losses on accounts and notes receivable, intangible assets, contract assets and contract liabilities including the customer loyalty program obligation, right-of-use assets and lease liabilities, unredeemed gift card 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. Noncontrolling Interests Papa John’s has joint venture arrangements in which there are noncontrolling interests held by third parties that includ ed 98 restaurants at June 25, 2023 and June 26, 2022, respectively. As further described in “Note 10. Divestitures” we divested our 51 percent interest in one joint venture in Texas that owned 90 restaurants in the second quarter of 2022. Consolidated net income is required to be reported separately at amounts attributable to both the Company and the noncontrolling interests. Net income attributable to these joint ventures for the three and six months ended June 25, 2023 and June 26, 2022 was as follows (in thousands): Three Months Ended Six Months Ended June 25, June 26, June 25, June 26, Papa John’s International, Inc. $ 228 $ 706 $ 625 $ 2,327 Noncontrolling interests 91 297 261 1,230 Total net income $ 319 $ 1,003 $ 886 $ 3,557 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 Condensed Consolidated 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 the 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 and liabilities are netted by tax jurisdiction. 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 due to 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. Deferred tax assets and liabilities are recorded within Other assets and Other long-term liabilities on the Condensed Consolidated Balance Sheets. 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 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 25, 2023 and December 25, 2022 are as follows: Fair Value Measurements (In thousands) Carrying Level 1 Level 2 Level 3 June 25, 2023 Financial assets: Cash surrender value of life insurance policies (a) $ 27,228 $ 27,228 $ — $ — Financial liabilities: Interest rate swaps (b) $ 15 $ — $ 15 $ — December 25, 2022 Financial assets: Cash surrender value of life insurance policies (a) $ 30,120 $ 30,120 $ — $ — Interest rate swaps (b) $ 986 $ — $ 986 $ — ___________________________________ (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 Secured Overnight Financing Rates (“SOFR”). Interest rate swaps entered into prior to the three months ended June 25, 2023 were based on 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 the Company’s credit agreement approximate carrying value due to their 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 have the following estimated fair values and carrying values (excluding the impact of unamortized debt issuance costs) as of June 25, 2023 and December 25, 2022: June 25, 2023 December 25, 2022 (In thousands) Carrying Fair Carrying Fair 3.875% Senior Notes $ 400,000 $ 335,000 $ 400,000 $ 339,500 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 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 25, 2022 $ 6,718 $ 14,499 Current period provision for expected credit losses, net 568 27 Write-offs charged against the allowance (753) (147) Balance at June 25, 2023 $ 6,533 $ 14,379

Leases

Leases	6 Months Ended
	Jun. 25, 2023
Leases [Abstract]
Leases	3. Leases Lessor Operating Leases The Company subleases certain retail space to our franchisees in the United Kingdom (“UK”), which are primarily operating leases. At June 25, 2023, we leased and subleased 368 Papa Johns restaurants to franchisees in the UK. The initial lease terms on the franchised sites in the UK 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. The initial lease terms of the franchisee subleases are generally five 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 50 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of June 25, 2023, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $8.2 million. This contingent liability is not included in the Condensed Consolidated Balance Sheets 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 25, 2023 June 26, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 702 $ 510 Financing cash flows from finance leases $ 3,669 $ 2,508 Operating cash flows from operating leases (a) $ 18,738 $ 18,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 14,129 $ 569 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,128 $ 31,369 Cash received from sublease income $ 5,278 $ 5,623 ___________________________________ (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.
Leases	3. Leases Lessor Operating Leases The Company subleases certain retail space to our franchisees in the United Kingdom (“UK”), which are primarily operating leases. At June 25, 2023, we leased and subleased 368 Papa Johns restaurants to franchisees in the UK. The initial lease terms on the franchised sites in the UK 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. The initial lease terms of the franchisee subleases are generally five 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 50 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of June 25, 2023, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $8.2 million. This contingent liability is not included in the Condensed Consolidated Balance Sheets 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 25, 2023 June 26, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 702 $ 510 Financing cash flows from finance leases $ 3,669 $ 2,508 Operating cash flows from operating leases (a) $ 18,738 $ 18,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 14,129 $ 569 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,128 $ 31,369 Cash received from sublease income $ 5,278 $ 5,623 ___________________________________ (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.
Leases	3. Leases Lessor Operating Leases The Company subleases certain retail space to our franchisees in the United Kingdom (“UK”), which are primarily operating leases. At June 25, 2023, we leased and subleased 368 Papa Johns restaurants to franchisees in the UK. The initial lease terms on the franchised sites in the UK 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. The initial lease terms of the franchisee subleases are generally five 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 50 domestic leases. These leases have varying terms, the latest of which expires in 2036. As of June 25, 2023, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $8.2 million. This contingent liability is not included in the Condensed Consolidated Balance Sheets 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 25, 2023 June 26, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 702 $ 510 Financing cash flows from finance leases $ 3,669 $ 2,508 Operating cash flows from operating leases (a) $ 18,738 $ 18,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 14,129 $ 569 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,128 $ 31,369 Cash received from sublease income $ 5,278 $ 5,623 ___________________________________ (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.

Papa John's Marketing Fund, Inc

Papa John's Marketing Fund, Inc.	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Papa John's Marketing Fund, Inc.	4. Papa John’s Marketing Fund, Inc. PJMF, which is a consolidated VIE where the Company has been identified as the primary beneficiary, 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. PJMF also has a wholly-owned subsidiary, Papa Card, Inc., which administers the Company’s gift card programs. Assets and liabilities of PJMF, which are utilized solely for the Company’s advertising and promotional programs, were as follows in the Condensed Consolidated Balance Sheets (in thousands): June 25, December 25, 2022 Assets Current assets: Cash and cash equivalents $ 4,337 $ 17,174 Accounts receivable, net 13,722 14,780 Income tax receivable 56 — Prepaid expenses and other current assets 15,230 1,815 Total current assets 33,345 33,769 Deferred income taxes 655 655 Total assets $ 34,000 $ 34,424 Liabilities Current liabilities: Accounts payable $ 741 $ 12,428 Income and other taxes payable 2 8 Accrued expenses and other current liabilities 29,000 17,928 Current portion of long-term debt 15,529 — Current deferred revenue 3,648 4,395 Total current liabilities 48,920 34,759 Deferred revenue 2,282 2,503 Total liabilities $ 51,202 $ 37,262

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 25, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	5. Revenue Recognition Contract Balances Our contract liabilities primarily relate to franchise fees, unredeemed gift card liabilities, and loyalty program obligations, which we classify as Deferred revenue on the Condensed Consolidated Balance Sheets. During the three and six months ended June 25, 2023, the Company recognized $7.9 million and $16.3 million in revenue, respectively, related to deferred revenue compared to $8.3 million and $17.6 million for the three and six months ended June 26, 2022. The following table includes a breakout of contract liability balances (in thousands): Contract Liabilities June 25, 2023 December 25, 2022 Change Franchise fees and unredeemed gift card liabilities $ 28,409 $ 30,710 $ (2,301) Customer loyalty program obligations 12,904 13,766 (862) Total contract liabilities $ 41,313 $ 44,476 $ (3,163) 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 25, 2023 and December 25, 2022, the contract assets were approximately $7.0 million and $6.2 million, respectively. For the three and six months ended June 25, 2023, revenue was reduced approximately $0.9 million and $1.8 million, respectively, for the amortization of contract assets over the applicable contract terms. For the three and six months ended June 26, 2022, revenue was reduced approximately $1.1 million and $1.9 million, respectively, 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 $ 3,172 $ 2,823 $ 2,635 $ 2,380 $ 2,087 $ 6,054 $ 19,151 At June 25, 2023, approximately $3.5 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 $5.9 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. 25, 2023
Equity [Abstract]
Common Stock	6. Common Stock Shares Authorized and Outstanding The Company has authorized 100.0 million shares of common stock as of June 25, 2023 and December 25, 2022. The Company’s outstanding shares of common stock outstanding, net of repurchased shares of common stock held as treasury stock, were 32.4 million shares at June 25, 2023, compared to 34.7 million shares at December 25, 2022. Share Repurchase Program On October 28, 2021, our Board of Directors (the “Board”) approved a share repurchase program with an indefinite duration for up to $425.0 million of the Company’s common stock. The following table summarizes our repurchase activity under our share repurchase programs for the three and six months ended June 25, 2023 and June 26, 2022: (In thousands, except average price per share) Total Number of Shares Purchased Average Price Paid per Share Aggregate Cost of Shares Purchased Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Three Months Ended June 25, 2023 — $ — $ — $ 90,160 June 26, 2022 452 $ 94.56 $ 42,762 $ 349,329 (In thousands, except average price per share) Total Number of Shares Purchased Average Price Paid per Share Aggregate Cost of Shares Purchased (a) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Six Months Ended June 25, 2023 2,523 $ 83.10 $ 209,640 $ 90,160 June 26, 2022 753 $ 100.23 $ 75,471 $ 349,329 (a) Aggregate cost of shares purchased for the six months ended June 25, 2023 excludes $2.8 million of transaction costs directly attributable to share repurchases, including a 1% excise tax incurred under the Inflation Reduction Act of 2022. Of these costs, $2.1 million were classified as non-cash financing activities during the six months ended June 25, 2023. The shares repurchased during the six months ended June 25, 2023 included 2,176,928 shares repurchased on March 1, 2023 from certain funds affiliated with, or managed by, Starboard Value LP (collectively, “Starboard”), at a price of $82.52 per share, for aggregate consideration of $179.6 million. The transaction was negotiated by an independent committee of the Board of Directors formed for the purpose of evaluating a possible transaction involving Starboard, and was approved by the full Board of Directors upon such independent committee’s recommendation. Starboard’s Chief Executive Officer is Jeffrey Smith, who previously served as the Company’s Chairman of the Board until his resignation on March 1, 2023. 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 paid dividends of approx imately $28.5 million ($0.84 per share) f or the six months ended June 25, 2023. On July 31, 2023, our Board of Directors approved a 9.5% increase in the Company’s dividend rate per common share from $1.68 on an annual basis to $1.84 on an annual basis and subsequently declared a third quarter dividend of $0.46 per common share (approximately $15.1 million in the aggregate), which will be paid on August 25, 2023 to stockholders of record as of the close of business on August 14, 2023. The declarat ion and payment of any future dividends will be at the discretion of our Board.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 25, 2023
Earnings Per Share [Abstract]
Earnings per Share	7. Earnings per Share We compute earnings per share using the two-class method. The two-class method requires an earnings allocation formula that determines earnings per share for common shareholders and participating security holders according to dividends declared and participating rights in undistributed earnings. 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. Basic earnings per common share are computed by dividing net income attributable to common shareholders by the weighted-average common shares outstanding. Diluted earnings per common share are computed by dividing the net income attributable to common shareholders by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding consist of basic weighted average common shares outstanding plus weighted average awards outstanding under our equity compensation plans, which are dilutive securities. The calculations of basic and diluted earnings per common share are as follows (in thousands, except per share data): Three Months Ended Six Months Ended June 25, June 26, June 25, June 26, Basic earnings per common share Net income attributable to the Company $ 17,768 $ 25,433 $ 40,144 $ 35,927 Dividends paid to participating securities — (82) — (141) Net income attributable to participating securities — (111) — (93) Net income attributable to common shareholders $ 17,768 $ 25,240 $ 40,144 $ 35,693 Basic weighted average common shares outstanding 32,563 35,624 33,359 35,775 Basic earnings per common share $ 0.55 $ 0.71 $ 1.20 $ 1.00 Diluted earnings per common share Net income attributable to common shareholders $ 17,768 $ 25,240 $ 40,144 $ 35,693 Weighted average common shares outstanding 32,563 35,624 33,359 35,775 Dilutive effect of outstanding equity awards (a) 87 200 128 257 Diluted weighted average common shares outstanding 32,650 35,824 33,487 36,032 Diluted earnings per common share $ 0.54 $ 0.70 $ 1.20 $ 0.99 ___________________________________ (a) Excludes 103,000 and 49,000 shares underlying equity awards for the three and six months ended June 25, 2023, respectively, and 63,000 and 42,000 shares underlying 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.

Debt

Debt	6 Months Ended
	Jun. 25, 2023
Debt Disclosure [Abstract]
Debt	8. Debt Long-term debt, net, consists of the following (in thousands): June 25, December 25, Senior notes $ 400,000 $ 400,000 Revolving facilities (a) 391,529 205,000 Outstanding debt $ 791,529 $ 605,000 Unamortized debt issuance costs (7,180) (7,931) Current portion of long-term debt (15,529) — Total long-term debt, net $ 768,820 $ 597,069 ___________________________________ (a) Revolving facilities as of June 25, 2023 includes $15.5 million outstanding under the PJMF Revolving Facility as defined and discussed below. 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. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 25, 2022. for further description of the provisions and covenant requirements under the Senior Notes. Credit Agreement The Company’s amended and restated credit agreement, dated September 14, 2021 (the “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 $224.0 million as of June 25, 2023. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 25, 2022 for further description of the provisions and covenant requirements under the Credit Agreement. 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, 2023, but is subject to annual amendments. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of a one month LIBOR plus 1.60%. The applicable interest rate on the PJMF Revolving facility was 6.8% for the three months ended June 25, 2023. As of June 25, 2023, t he principal amount of debt outstanding under the PJMF Revolving Facility was approximately $15.5 million and is classified as Current portion of long-term debt in the Condensed Consolidated Balance Sheets . The PJMF operating results and the related debt outstanding do not impact the financial covenants under the Credit Agreement. Derivative Financial Instruments During the three months ended June 25, 2023, the Company executed a new interest rate swap with an initial notional value of $100.0 million to replace the Company’s prior interest swaps, which had a notional value of $125.0 million and matured on April 30, 2023. The objective of the interest rate swap is to mitigate the Company’s exposure to the impact of interest rate changes associated with our variable rate debt under the PJI Revolving Facility. We have designated the interest rate swap as a cash flow hedge and will assess hedge effectiveness at regular intervals through the maturity date of June 30, 2025. The interest rate swaps are marked to market at each reporting date, and any unrealized gains or losses are included in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets and reclassified to Net interest expense in the Condensed Consolidated Statements of Operations in the same period or periods during which the hedged transaction affect earnings. As of June 25, 2023, we have the following interest rate swap agreements: Effective Dates Floating Rate Debt Fixed Rates June 23, 2023 through June 30, 2025 $ 50 million 4.55% June 23, 2023 through June 30, 2025 $ 50 million 4.55% The following table provides information on the location and amounts of our current and expired swaps in the accompanying condensed consolidated financial statements (in thousands): Interest Rate Swap Derivatives Balance Sheet Location Fair Value Fair Value Other current assets $ — $ 986 Other long-term liabilities $ 15 $ — 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) or Gain Total Net Interest Expense Interest rate swaps for the three months ended: June 25, 2023 $ 1,165 Interest expense $ (36) $ (11,275) June 26, 2022 $ 1,445 Interest expense $ (735) $ (6,081) Interest rate swaps for the six months ended: June 25, 2023 $ 1,424 Interest Expense $ (243) $ (20,296) June 26, 2022 $ 2,763 Interest Expense $ (200) $ (10,344) Interest paid, including payments made or received under the swaps, was $5.7 million and $2.4 million for the three months ended June 25, 2023 and June 26, 2022, respectively, and $16.6 million and $12.6 million for the six months ended June 25, 2023 and June 26, 2022, respectively.

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	6 Months Ended
	Jun. 25, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	9. Litigation, 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 these provisions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. 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. On September 30, 2022, the parties reached a settlement in principle to resolve the case. On December 19, 2022, the District Court granted preliminary approval of the settlement, and following a hearing on July 27, 2023, the District Court granted final approval of the settlement. Pursuant to the terms of the settlement, which contemplated a total aggregate settlement amount of no more than $20.0 million subject to a claims-made process, all claims in the action will be dismissed, the litigation will be terminated, and the Company will receive a release. The settlement also includes resolution of a companion case, Hubbard, et al. v. Papa John’s International, Inc. , pending in the United States District Court for the Western District of Kentucky. The settlement is subject to a claims-made process whereby unclaimed funds revert to the Company, and the Company is only responsible for payments to class and collective action members who timely submitted a claim form. The Company is still awaiting a final accounting from the settlement administrator. On January 18, 2023, the Company remitted $5.0 million to the settlement administrator as partial funding of the settlement in accordance with the terms of the applicable settlement agreement. The remainder of the settlement amount will be paid to the settlement administrator on or prior to August 10, 2023 in accordance with the settlement terms. As of June 25, 2023, $5.0 million remains in Accrued expenses and other accrued liabilities in the Condensed Consolidated Balance Sheets. The Company continues to deny any liability or wrongdoing in this matter.

Divestitures

Divestitures	6 Months Ended
	Jun. 25, 2023
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	10. 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 in Refranchising and impairment loss in the Condensed Consolidated Statements 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 of 2022. Impairment of Reacquired Master Franchise Rights In the first quarter of 2022 , the Company recorded an impairment of $2.8 million in Refranchising and impairment loss in the Condensed Consolidated Statements of Operations 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. 25, 2023
Segment Reporting [Abstract]
Segment Information	11. Segment Information We have four reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International operations. The Domestic Company-owned restaurant segment consists of the operations of all Domestic 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 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 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 International segment consists of the operations of all Company-owned restaurants located in the UK, as well as distribution sales to franchised Papa John’s restaurants located in the UK 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. 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. 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. The following tables present our segment information. Three Months Ended Six Months Ended (In thousands) June 25, June 26, June 25, June 26, Revenues: Domestic Company-owned restaurants $ 175,780 $ 171,411 $ 355,646 $ 370,176 North America franchising 34,711 34,917 70,783 69,185 North America commissaries 206,980 219,383 419,546 429,062 International 41,354 39,282 80,058 81,989 All others 55,705 57,672 115,546 114,945 Total revenues $ 514,530 $ 522,665 $ 1,041,579 $ 1,065,357 Intersegment revenues: North America franchising $ 1,025 $ 1,048 $ 2,077 $ 2,101 North America commissaries 51,586 52,754 103,403 111,261 International 869 — 869 — All others 16,348 15,889 33,183 35,268 Total intersegment revenues $ 69,828 $ 69,691 $ 139,532 $ 148,630 Operating income: Domestic Company-owned restaurants (a) $ 6,641 $ 5,924 $ 13,291 $ 7,912 North America franchising 32,111 32,624 65,511 64,761 North America commissaries 10,397 10,957 21,127 20,292 International (b) 3,763 7,306 10,995 11,761 All others 1,343 2,187 4,500 5,906 Unallocated corporate expenses (c) (19,701) (19,344) (43,067) (56,454) Elimination of intersegment (profits) losses 358 (750) 351 (839) Total operating income $ 34,912 $ 38,904 $ 72,708 $ 53,339 Property and equipment, net: Domestic Company-owned restaurants $ 242,089 North America commissaries 155,681 International 27,748 All others 139,114 Unallocated corporate assets 248,387 Accumulated depreciation and amortization (548,626) Total property and equipment, net $ 264,393 ___________________________________ (a) The six months ended June 26, 2022 includes a one-time, non-cash charge of $8.4 million associated with the refranchising of the Company’s ownership interest in a 90-restaurant joint venture, recorded as Refranchising and impairment loss. See “Note 10. Divestitures” for additional information. (b) The three and six months ended June 25, 2023 includes $1.3 million of costs associated with repositioning the UK portfolio as well as transaction costs related to the acquisition of stores from franchisees. The six months ended June 26, 2022 includes $3.5 million of one-time, non-cash reserves for certain accounts receivable and impairments of reacquired franchise rights. See “Notes 2. Significant Accounting Policies” and “10. Divestitures” for additional information. (c) The three and six months ended June 25, 2023 includes $0.7 million and $2.0 million, respectively, of severance and related costs associated with the transition of certain executives. The three months ended June 26, 2022 includes $1.5 million of advisory fees and severance costs associated with the transition of certain executives. The six months ended June 26, 2022 includes $13.9 million of one-time, non-cash reserves of certain notes receivable, $5.0 million for certain legal settlements, and $1.5 million of advisory fees and severance costs associated with the transition of certain executives. See “Notes 2. Significant Accounting Policies” and “9. Litigation, Commitments and Contingencies” 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 25, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 175,780 $ — $ — $ 3,018 $ — $ 178,798 Franchise royalties and fees — 35,736 — 12,196 — 47,932 Commissary sales — — 258,566 20,263 — 278,829 Other revenues — — — 6,746 72,053 78,799 Eliminations — (1,025) (51,586) (869) (16,348) (69,828) Total segment revenues 175,780 34,711 206,980 41,354 55,705 514,530 International other revenues (a) — — — (6,746) 6,746 — Total revenues $ 175,780 $ 34,711 $ 206,980 $ 34,608 $ 62,451 $ 514,530 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 (a) — — — (7,324) 7,324 — Total revenues $ 171,411 $ 34,917 $ 219,383 $ 31,958 $ 64,996 $ 522,665 Reportable Segments Six Months Ended June 25, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 355,646 $ — $ — $ 3,018 $ — $ 358,664 Franchise royalties and fees — 72,860 — 24,687 — 97,547 Commissary sales — — 522,949 39,235 — 562,184 Other revenues — — — 13,987 148,729 162,716 Eliminations — (2,077) (103,403) (869) (33,183) (139,532) Total segment revenues 355,646 70,783 419,546 80,058 115,546 1,041,579 International other revenues (a) — — — (13,987) 13,987 — Total revenues $ 355,646 $ 70,783 $ 419,546 $ 66,071 $ 129,533 $ 1,041,579 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 (a) — — — (15,414) 15,414 — Total revenues $ 370,176 $ 69,185 $ 429,062 $ 66,575 $ 130,359 $ 1,065,357 ___________________________________ (a) Other revenues as reported in the Condensed Consolidated Statements of Operations include $6.7 million and $14.0 million of revenues for the three and six months ended June 25, 2023, respectively, and $7.3 million and $15.4 million for the three and six months ended June 26, 2022, 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.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 25, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	12. Acquisitions UK Franchisee Acquisition On June 2, 2023 (the “Acquisition Date”), the Company acquired 91 Papa Johns restaurants previously operated by the M25 division of Drake Food Service International in the United Kingdom (referred to as “DFSI”), the Company's largest franchisee, for total consideration of approximately $13.7 million. The acquisition establishes a portfolio of Company-owned restaurants in the UK market and enables the Company to implement operating model enhancements in the restaurants including revenue management capabilities, product and technological innovation and operational efficiencies to improve sales and restaurant-level profitability. The acquisition represents a part of the Company’s investments to reposition our UK portfolio and drive initiatives for future growth and profitability in the Company’s largest market outside of North America. During the three months ended June 25, 2023, the Company incurred $1.3 million of acquisition-related costs, which were recorded within General and administrative expenses and within the International segment in the Condensed Consolidated Statements of Operations. The results of DFSI’s operations after the Acquisition Date are included in the Company’s Condensed Consolidated Statements of Operations. The revenues and income before income taxes were recorded within the International segment and were not material to the Company’s Condensed Consolidated Statements of Operations during the three months ended June 25, 2023. Preliminary Acquisition Accounting The DFSI acquisition has been accounted for as a business combination. As such, the Company concluded that the consideration was measured at fair value and has recorded the preliminary estimated fair value of the assets acquired and liabilities assumed as of the Acquisition Date. Total consideration was approximately $13.7 million, substantially all of which was pre-existing accounts receivable and notes receivable and was classified as a noncash investing transaction within the Condensed Consolidated Statements of Cash Flows during the six months ended June 25, 2023. Assets acquired include approximately $9.1 million of property and equipment, net, $0.3 million of inventories and other assets and $4.3 million of goodwill. The total goodwill recognized in conjunction with the DFSI acquisition, all of which is expected to be deductible for tax purposes, has been assigned to the International operating segment. The purchase price exceeded the fair value of the net assets acquired, which resulted in the recognition of goodwill, primarily due to synergies created from expected future benefits stemming from implementation of the Company’s operational capabilities and further control of the Company’s brand name in our most prominent international market. Goodwill also includes certain other benefits that do not qualify for recognition as intangible assets, such as an assembled workforce. The amounts recorded as a result of our preliminary acquisition accounting are subject to change and further refinement. The Company is still finalizing certain working capital adjustments with the sellers, assessing the condition and finalizing the fair value of acquired property and equipment, and gathering information regarding leases and other assets. The Company expects these items to be finalized prior to the one-year anniversary date of the acquisition. The following summarizes changes in the Company’s goodwill by reportable segment (in thousands): Domestic Company-owned restaurants International All others Total Balance at December 25, 2022 $ 55,507 $ 14,673 $ 436 $ 70,616 Acquisitions (a) 1,102 4,274 — 5,376 Foreign currency adjustments — 631 — 631 Balance at June 25, 2023 $ 56,609 $ 19,578 $ 436 $ 76,623 (s) Goodwill from acquisitions during the six months ended June 25, 2023 include $4.3 million from the DFSI acquisition described above as well as $1.1 million related to a Domestic store acquisition. The Domestic acquisition was classified as a noncash investing transaction within the Condensed Consolidated Statements of Cash Flows during the six months ended June 25, 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 25, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of ConsolidationThe accompanying Condensed Consolidated Financial Statements include the accounts of Papa John’s International, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated.
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 and Canada 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 North America restaurants, of which approximately 85 percent are franchised, 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, “ Consolidation .”
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 the allowance for credit losses on accounts and notes receivable, intangible assets, contract assets and contract liabilities including the customer loyalty program obligation, right-of-use assets and lease liabilities, unredeemed gift card 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.
Noncontrolling Interests	Noncontrolling Interests Papa John’s has joint venture arrangements in which there are noncontrolling interests held by third parties that includ ed 98
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 the 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 and liabilities are netted by tax jurisdiction. 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 due to 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. Deferred tax assets and liabilities are recorded within Other assets and Other long-term liabilities on the Condensed Consolidated Balance Sheets. 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 rulings or audit settlements, which may impact our ultimate payment for such exposures.
Fair Value Measurements and Disclosures	Fair Value Measurements and Disclosures The Company determines the fair value of financial assets and liabilities based on the price that would be received to sell the asset or paid to transfer the liability to a market participant. Certain assets and liabilities are measured at fair value on a recurring basis and are required to be classified and disclosed in one of the following three categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that are not corroborated by market data. Fair value is a market-based measurement, not an entity-specific measurement. Considerable judgment is required to interpret market data to estimate fair value; accordingly, the fair values presented do not necessarily indicate what the Company or its debtholders could realize in a current market exchange.
Allowance for Credit Losses	Allowance for Credit Losses Estimates of expected credit losses, even if remote, are based upon historical account write-off trends, facts about the current financial condition of the debtor, forecasts of future operating results based upon current trends of select operating metrics, and macroeconomic factors. Credit quality is monitored through the timing of payments compared to the prescribed payment terms and known facts regarding the financial condition of the franchisee or customer. Account and note balances are charged against the allowance after recovery efforts have ceased.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 25, 2023
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 25, 2023 and June 26, 2022 was as follows (in thousands): Three Months Ended Six Months Ended June 25, June 26, June 25, June 26, Papa John’s International, Inc. $ 228 $ 706 $ 625 $ 2,327 Noncontrolling interests 91 297 261 1,230 Total net income $ 319 $ 1,003 $ 886 $ 3,557
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 Condensed Consolidated 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 25, 2023 and December 25, 2022 are as follows: Fair Value Measurements (In thousands) Carrying Level 1 Level 2 Level 3 June 25, 2023 Financial assets: Cash surrender value of life insurance policies (a) $ 27,228 $ 27,228 $ — $ — Financial liabilities: Interest rate swaps (b) $ 15 $ — $ 15 $ — December 25, 2022 Financial assets: Cash surrender value of life insurance policies (a) $ 30,120 $ 30,120 $ — $ — Interest rate swaps (b) $ 986 $ — $ 986 $ — ___________________________________ (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 Secured Overnight Financing Rates (“SOFR”). Interest rate swaps entered into prior to the three months ended June 25, 2023 were based on London Interbank Offered Rates (“LIBOR”). June 25, 2023 December 25, 2022 (In thousands) Carrying Fair Carrying Fair 3.875% Senior Notes $ 400,000 $ 335,000 $ 400,000 $ 339,500
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 25, 2022 $ 6,718 $ 14,499 Current period provision for expected credit losses, net 568 27 Write-offs charged against the allowance (753) (147) Balance at June 25, 2023 $ 6,533 $ 14,379

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 25, 2023
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 25, 2023 June 26, 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 702 $ 510 Financing cash flows from finance leases $ 3,669 $ 2,508 Operating cash flows from operating leases (a) $ 18,738 $ 18,363 Right-of-use assets obtained in exchange for new finance lease liabilities $ 14,129 $ 569 Right-of-use assets obtained in exchange for new operating lease liabilities $ 12,128 $ 31,369 Cash received from sublease income $ 5,278 $ 5,623 ___________________________________ (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.

Papa John's Marketing Fund, I_2

Papa John's Marketing Fund, Inc. (Tables)	6 Months Ended
	Jun. 25, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of assets and liabilities of PJMF	Assets and liabilities of PJMF, which are utilized solely for the Company’s advertising and promotional programs, were as follows in the Condensed Consolidated Balance Sheets (in thousands): June 25, December 25, 2022 Assets Current assets: Cash and cash equivalents $ 4,337 $ 17,174 Accounts receivable, net 13,722 14,780 Income tax receivable 56 — Prepaid expenses and other current assets 15,230 1,815 Total current assets 33,345 33,769 Deferred income taxes 655 655 Total assets $ 34,000 $ 34,424 Liabilities Current liabilities: Accounts payable $ 741 $ 12,428 Income and other taxes payable 2 8 Accrued expenses and other current liabilities 29,000 17,928 Current portion of long-term debt 15,529 — Current deferred revenue 3,648 4,395 Total current liabilities 48,920 34,759 Deferred revenue 2,282 2,503 Total liabilities $ 51,202 $ 37,262

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 25, 2023
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 25, 2023 December 25, 2022 Change Franchise fees and unredeemed gift card liabilities $ 28,409 $ 30,710 $ (2,301) Customer loyalty program obligations 12,904 13,766 (862) Total contract liabilities $ 41,313 $ 44,476 $ (3,163)
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 $ 3,172 $ 2,823 $ 2,635 $ 2,380 $ 2,087 $ 6,054 $ 19,151

Common Stock (Tables)

Common Stock (Tables)	6 Months Ended
	Jun. 25, 2023
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 25, 2023 and June 26, 2022: (In thousands, except average price per share) Total Number of Shares Purchased Average Price Paid per Share Aggregate Cost of Shares Purchased Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Three Months Ended June 25, 2023 — $ — $ — $ 90,160 June 26, 2022 452 $ 94.56 $ 42,762 $ 349,329 (In thousands, except average price per share) Total Number of Shares Purchased Average Price Paid per Share Aggregate Cost of Shares Purchased (a) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Six Months Ended June 25, 2023 2,523 $ 83.10 $ 209,640 $ 90,160 June 26, 2022 753 $ 100.23 $ 75,471 $ 349,329

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 25, 2023
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 (in thousands, except per share data): Three Months Ended Six Months Ended June 25, June 26, June 25, June 26, Basic earnings per common share Net income attributable to the Company $ 17,768 $ 25,433 $ 40,144 $ 35,927 Dividends paid to participating securities — (82) — (141) Net income attributable to participating securities — (111) — (93) Net income attributable to common shareholders $ 17,768 $ 25,240 $ 40,144 $ 35,693 Basic weighted average common shares outstanding 32,563 35,624 33,359 35,775 Basic earnings per common share $ 0.55 $ 0.71 $ 1.20 $ 1.00 Diluted earnings per common share Net income attributable to common shareholders $ 17,768 $ 25,240 $ 40,144 $ 35,693 Weighted average common shares outstanding 32,563 35,624 33,359 35,775 Dilutive effect of outstanding equity awards (a) 87 200 128 257 Diluted weighted average common shares outstanding 32,650 35,824 33,487 36,032 Diluted earnings per common share $ 0.54 $ 0.70 $ 1.20 $ 0.99 ___________________________________ (a) Excludes 103,000 and 49,000 shares underlying equity awards for the three and six months ended June 25, 2023, respectively, and 63,000 and 42,000 shares underlying 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.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 25, 2023
Debt Disclosure [Abstract]
Schedule of long-term debt, net	Long-term debt, net, consists of the following (in thousands): June 25, December 25, Senior notes $ 400,000 $ 400,000 Revolving facilities (a) 391,529 205,000 Outstanding debt $ 791,529 $ 605,000 Unamortized debt issuance costs (7,180) (7,931) Current portion of long-term debt (15,529) — Total long-term debt, net $ 768,820 $ 597,069 ___________________________________ (a) Revolving facilities as of June 25, 2023 includes $15.5 million outstanding under the PJMF Revolving Facility as defined and discussed below.
Schedule of notional value of derivatives	As of June 25, 2023, we have the following interest rate swap agreements: Effective Dates Floating Rate Debt Fixed Rates June 23, 2023 through June 30, 2025 $ 50 million 4.55% June 23, 2023 through June 30, 2025 $ 50 million 4.55%
Schedule of location and amounts of derivatives in the financial statements	The following table provides information on the location and amounts of our current and expired swaps in the accompanying condensed consolidated financial statements (in thousands): Interest Rate Swap Derivatives Balance Sheet Location Fair Value Fair Value Other current assets $ — $ 986 Other long-term liabilities $ 15 $ —
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) or Gain Total Net Interest Expense Interest rate swaps for the three months ended: June 25, 2023 $ 1,165 Interest expense $ (36) $ (11,275) June 26, 2022 $ 1,445 Interest expense $ (735) $ (6,081) Interest rate swaps for the six months ended: June 25, 2023 $ 1,424 Interest Expense $ (243) $ (20,296) June 26, 2022 $ 2,763 Interest Expense $ (200) $ (10,344)

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 25, 2023
Segment Reporting [Abstract]
Schedule of segment information	The following tables present our segment information. Three Months Ended Six Months Ended (In thousands) June 25, June 26, June 25, June 26, Revenues: Domestic Company-owned restaurants $ 175,780 $ 171,411 $ 355,646 $ 370,176 North America franchising 34,711 34,917 70,783 69,185 North America commissaries 206,980 219,383 419,546 429,062 International 41,354 39,282 80,058 81,989 All others 55,705 57,672 115,546 114,945 Total revenues $ 514,530 $ 522,665 $ 1,041,579 $ 1,065,357 Intersegment revenues: North America franchising $ 1,025 $ 1,048 $ 2,077 $ 2,101 North America commissaries 51,586 52,754 103,403 111,261 International 869 — 869 — All others 16,348 15,889 33,183 35,268 Total intersegment revenues $ 69,828 $ 69,691 $ 139,532 $ 148,630 Operating income: Domestic Company-owned restaurants (a) $ 6,641 $ 5,924 $ 13,291 $ 7,912 North America franchising 32,111 32,624 65,511 64,761 North America commissaries 10,397 10,957 21,127 20,292 International (b) 3,763 7,306 10,995 11,761 All others 1,343 2,187 4,500 5,906 Unallocated corporate expenses (c) (19,701) (19,344) (43,067) (56,454) Elimination of intersegment (profits) losses 358 (750) 351 (839) Total operating income $ 34,912 $ 38,904 $ 72,708 $ 53,339 Property and equipment, net: Domestic Company-owned restaurants $ 242,089 North America commissaries 155,681 International 27,748 All others 139,114 Unallocated corporate assets 248,387 Accumulated depreciation and amortization (548,626) Total property and equipment, net $ 264,393 ___________________________________ (a) The six months ended June 26, 2022 includes a one-time, non-cash charge of $8.4 million associated with the refranchising of the Company’s ownership interest in a 90-restaurant joint venture, recorded as Refranchising and impairment loss. See “Note 10. Divestitures” for additional information. (b) The three and six months ended June 25, 2023 includes $1.3 million of costs associated with repositioning the UK portfolio as well as transaction costs related to the acquisition of stores from franchisees. The six months ended June 26, 2022 includes $3.5 million of one-time, non-cash reserves for certain accounts receivable and impairments of reacquired franchise rights. See “Notes 2. Significant Accounting Policies” and “10. Divestitures” for additional information. (c) The three and six months ended June 25, 2023 includes $0.7 million and $2.0 million, respectively, of severance and related costs associated with the transition of certain executives. The three months ended June 26, 2022 includes $1.5 million of advisory fees and severance costs associated with the transition of certain executives. The six months ended June 26, 2022 includes $13.9 million of one-time, non-cash reserves of certain notes receivable, $5.0 million for certain legal settlements, and $1.5 million of advisory fees and severance costs associated with the transition of certain executives. See “Notes 2. Significant Accounting Policies” and “9. Litigation, Commitments and Contingencies” 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 25, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 175,780 $ — $ — $ 3,018 $ — $ 178,798 Franchise royalties and fees — 35,736 — 12,196 — 47,932 Commissary sales — — 258,566 20,263 — 278,829 Other revenues — — — 6,746 72,053 78,799 Eliminations — (1,025) (51,586) (869) (16,348) (69,828) Total segment revenues 175,780 34,711 206,980 41,354 55,705 514,530 International other revenues (a) — — — (6,746) 6,746 — Total revenues $ 175,780 $ 34,711 $ 206,980 $ 34,608 $ 62,451 $ 514,530 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 (a) — — — (7,324) 7,324 — Total revenues $ 171,411 $ 34,917 $ 219,383 $ 31,958 $ 64,996 $ 522,665 Reportable Segments Six Months Ended June 25, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 355,646 $ — $ — $ 3,018 $ — $ 358,664 Franchise royalties and fees — 72,860 — 24,687 — 97,547 Commissary sales — — 522,949 39,235 — 562,184 Other revenues — — — 13,987 148,729 162,716 Eliminations — (2,077) (103,403) (869) (33,183) (139,532) Total segment revenues 355,646 70,783 419,546 80,058 115,546 1,041,579 International other revenues (a) — — — (13,987) 13,987 — Total revenues $ 355,646 $ 70,783 $ 419,546 $ 66,071 $ 129,533 $ 1,041,579 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 (a) — — — (15,414) 15,414 — Total revenues $ 370,176 $ 69,185 $ 429,062 $ 66,575 $ 130,359 $ 1,065,357 ___________________________________ (a) Other revenues as reported in the Condensed Consolidated Statements of Operations include $6.7 million and $14.0 million of revenues for the three and six months ended June 25, 2023, respectively, and $7.3 million and $15.4 million for the three and six months ended June 26, 2022, 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.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 25, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of changes in goodwill by reportable segment	The following summarizes changes in the Company’s goodwill by reportable segment (in thousands): Domestic Company-owned restaurants International All others Total Balance at December 25, 2022 $ 55,507 $ 14,673 $ 436 $ 70,616 Acquisitions (a) 1,102 4,274 — 5,376 Foreign currency adjustments — 631 — 631 Balance at June 25, 2023 $ 56,609 $ 19,578 $ 436 $ 76,623 (s) Goodwill from acquisitions during the six months ended June 25, 2023 include $4.3 million from the DFSI acquisition described above as well as $1.1 million related to a Domestic store acquisition. The Domestic acquisition was classified as a noncash investing transaction within the Condensed Consolidated Statements of Cash Flows during the six months ended June 25, 2023.

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)		6 Months Ended
	Mar. 28, 2022 restaurant entity	Jun. 26, 2022 restaurant	Jun. 25, 2023 restaurant
Related Party Transaction [Line Items]
Percentage of domestic restaurants franchised			85%
Number of joint ventures divested | entity	1
Corporate Joint Venture
Related Party Transaction [Line Items]
Number of restaurants		98	98
Corporate Joint Venture | Disposal group, disposed of by sale, not discontinued operations
Related Party Transaction [Line Items]
Ownership percentage in divested joint venture	51%
Number of restaurants divested	90	90

Significant Accounting Polici_5

Significant Accounting Policies - Net Income Attributable to Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interests	$ 91	$ 297	$ 261	$ 1,230
Net income attributable to the Company	17,768	25,433	40,144	35,927
Corporate Joint Venture
Noncontrolling Interest [Line Items]
Papa John’s International, Inc.	228	706	625	2,327
Noncontrolling interests	91	297	261	1,230
Net income attributable to the Company	$ 319	$ 1,003	$ 886	$ 3,557

Significant Accounting Polici_6

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Fair Value, Recurring | Level 1
Financial assets:
Cash surrender value of life insurance policies	$ 27,228	$ 30,120
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		986
Financial liabilities:
Interest rate swaps	15
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	27,228	30,120
Interest rate swaps		$ 986
Financial liabilities:
Interest rate swaps	$ 15

Significant Accounting Polici_7

Significant Accounting Policies - Fair Value Disclosure (Details) - Senior notes - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022	Sep. 14, 2021
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Interest rate	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	$ 335,000	$ 339,500
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	6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022
Accounts Receivable
Current period provision for expected credit losses, net	$ 595	$ 15,558
Accounts Receivable
Accounts Receivable
Balance at beginning of period	6,718
Current period provision for expected credit losses, net	568
Write-offs charged against the allowance	(753)
Balance at end of period	6,533
Notes Receivable
Notes Receivable
Balance at beginning of period	14,499
Current period provision for expected credit losses, net	27
Write-offs charged against the allowance	(147)
Balance at end of period	$ 14,379

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 25, 2023 USD ($) lease restaurant	Jun. 26, 2022 USD ($)	Jun. 25, 2023 USD ($) lease restaurant	Jun. 26, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Sublease income	$ 2.7	$ 3	$ 5.6	$ 6
Number of domestic leases for which the Company is contingently liable | lease	50		50
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees	$ 8.2		$ 8.2
Minimum
Lessee, Lease, Description [Line Items]
Initial term of franchise subleases	5 years		5 years
Maximum
Lessee, Lease, Description [Line Items]
Initial term of franchise subleases	10 years		10 years
United Kingdom franchise-owned restaurants
Lessee, Lease, Description [Line Items]
Number of units leased and subleased | restaurant	368		368
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. 25, 2023	Jun. 26, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 702	$ 510
Financing cash flows from finance leases	3,669	2,508
Operating cash flows from operating leases	18,738	18,363
Right-of-use assets obtained in exchange for new finance lease liabilities	14,129	569
Right-of-use assets obtained in exchange for new operating lease liabilities	12,128	31,369
Cash received from sublease income	$ 5,278	$ 5,623

Papa John's Marketing Fund, I_3

Papa John's Marketing Fund, Inc. (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Current assets:
Cash and cash equivalents	$ 43,772	$ 47,373
Accounts receivable, net	94,255	102,533
Income tax receivable	2,097	8,780
Prepaid expenses and other current assets	56,086	44,123
Total current assets	242,002	251,039
Total assets	873,643	864,227
Current liabilities:
Accounts payable	55,351	62,316
Income and other taxes payable	8,148	8,766
Accrued expenses and other current liabilities	163,273	142,535
Current portion of long-term debt	15,529	0
Current deferred revenue	19,587	21,272
Total current liabilities	296,793	265,157
Deferred revenue	21,726	23,204
Total liabilities	1,338,101	1,133,674
Papa John's Marketing Fund Inc.
Current assets:
Cash and cash equivalents	4,337	17,174
Accounts receivable, net	13,722	14,780
Income tax receivable	56	0
Prepaid expenses and other current assets	15,230	1,815
Total current assets	33,345	33,769
Deferred income taxes	655	655
Total assets	34,000	34,424
Current liabilities:
Accounts payable	741	12,428
Income and other taxes payable	2	8
Accrued expenses and other current liabilities	29,000	17,928
Current portion of long-term debt	15,529	0
Current deferred revenue	3,648	4,395
Total current liabilities	48,920	34,759
Deferred revenue	2,282	2,503
Total liabilities	$ 51,202	$ 37,262

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022	Dec. 25, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized related to deferred revenue and customer loyalty program	$ 7,900	$ 8,300	$ 16,300	$ 17,600
Contract Liabilities
Beginning balance			44,476
Ending balance	41,313		41,313
Change			(3,163)
Contract assets	7,000		7,000		$ 6,200
Amortization expense related to contract assets	900	$ 1,100	1,800	$ 1,900
Franchise fees and unredeemed gift card liabilities
Contract Liabilities
Beginning balance			30,710
Ending balance	28,409		28,409
Change			(2,301)
Customer loyalty program obligations
Contract Liabilities
Beginning balance			13,766
Ending balance	$ 12,904		12,904
Change			$ (862)

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 41,313	$ 44,476
Franchise fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	19,151
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	$ 3,172
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	$ 2,823
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	$ 2,635
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	$ 2,380
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	$ 2,087
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-06-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 6,054
Remaining performance obligation period
Area development fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 3,500
Gift Card
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 5,900

Common Stock - Share Authorized

Common Stock - Share Authorized and Outstanding (Details) - shares shares in Millions	Jun. 25, 2023	Dec. 25, 2022
Equity [Abstract]
Common stock authorized (in shares)	100	100
Common stock outstanding (in shares)	32.4	34.7

Common Stock - Share Repurchase

Common Stock - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 01, 2023	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022	Oct. 28, 2021
Class of Stock [Line Items]
Total number of shares purchased (in shares)		0	452,000	2,523,000	753,000
Average price paid per share (in dollars per share)		$ 0	$ 94.56	$ 83.10	$ 100.23
Aggregate cost of shares purchased, excluding transaction costs		$ 0	$ 42,762	$ 209,640	$ 75,471
Maximum dollar value of shares that may yet be purchased under the plans or programs		$ 90,160	349,329	90,160	349,329
Transaction costs on share repurchases				2,804
Transaction costs on share repurchases classified as non-cash financing activities				2,100
Aggregate cost of shares purchased			$ 42,762	$ 212,444	$ 75,471
Starboard
Class of Stock [Line Items]
Total number of shares purchased (in shares)	2,176,928
Average price paid per share (in dollars per share)	$ 82.52
Aggregate cost of shares purchased	$ 179,600
Common stock repurchase program
Class of Stock [Line Items]
Stock repurchase program, authorized amount						$ 425,000

Common Stock - Dividends (Detai

Common Stock - Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 30, 2023	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Subsequent Event [Line Items]
Dividends paid					$ 28,485	$ 25,101
Dividends declared per common share (in dollars per share)			$ 0.42	$ 0.35	$ 0.84	$ 0.70
Dividends declared on common stock			$ 13,822	$ 12,575	$ 28,485	$ 25,055
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.46
Increase in dividend rate	0.095
Dividend rate (in dollars per share)	$ 1.84	$ 1.68
Dividends declared on common stock	$ 15,100

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Basic earnings per common share
Net income attributable to the Company	$ 17,768	$ 25,433	$ 40,144	$ 35,927
Dividends paid to participating securities	0	(82)	0	(141)
Net income attributable to participating securities	0	(111)	0	(93)
Net income attributable to common shareholders	$ 17,768	$ 25,240	$ 40,144	$ 35,693
Basic weighted average common shares outstanding (in shares)	32,563	35,624	33,359	35,775
Basic earnings per common share (in dollars per share)	$ 0.55	$ 0.71	$ 1.20	$ 1
Diluted earnings per common share
Net income attributable to common shareholders	$ 17,768	$ 25,240	$ 40,144	$ 35,693
Weighted average common shares outstanding (in shares)	32,563	35,624	33,359	35,775
Dilutive effect of outstanding equity awards (in shares)	87	200	128	257
Diluted weighted average common shares outstanding (in shares)	32,650	35,824	33,487	36,032
Diluted earnings per common share (in dollars per share)	$ 0.54	$ 0.70	$ 1.20	$ 0.99
Antidilutive securities excluded from computation of earnings per share (in shares)	103	63	49	42

Debt - Summary of Long Term Deb

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Debt Instrument [Line Items]
Outstanding debt	$ 791,529	$ 605,000
Unamortized debt issuance costs	(7,180)	(7,931)
Current portion of long-term debt	(15,529)	0
Total long-term debt, net	768,820	597,069
Revolving facilities
Debt Instrument [Line Items]
Outstanding debt	391,529	205,000
Senior notes
Debt Instrument [Line Items]
Outstanding debt	400,000	$ 400,000
PJMF Revolving Facility
Debt Instrument [Line Items]
Outstanding debt	15,500
Current portion of long-term debt	$ (15,500)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Sep. 30, 2015	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022	Dec. 25, 2022	Sep. 14, 2021
Debt Instrument [Line Items]
Current portion of long-term debt		$ 15,529		$ 15,529		$ 0
Interest paid, including payments made or received under the swaps		$ 5,700	$ 2,400	$ 16,600	$ 12,600
Senior notes
Debt Instrument [Line Items]
Face amount							$ 400,000
Interest rate		3.875%		3.875%			3.875%
PJI Revolving Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 600,000
Line of credit facility, remaining borrowing capacity		$ 224,000		$ 224,000
PJI Revolving Facility | Swingline Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							40,000
PJI Revolving Facility | Letter of credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity							$ 80,000
PJMF Revolving Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000
Applicable interest rate		6.80%
Current portion of long-term debt		$ 15,500		$ 15,500
PJMF Revolving Facility | One-month LIBOR
Debt Instrument [Line Items]
Interest margin rate on debt	1.60%

Debt - Notional Amounts of Deri

Debt - Notional Amounts of Derivatives (Details) - Designated as hedging instrument - USD ($) $ in Millions	Jun. 25, 2023	Apr. 30, 2023
Interest Rate Swap
Derivative [Line Items]
Floating Rate Debt	$ 100	$ 125
Interest rate swap one
Derivative [Line Items]
Floating Rate Debt	$ 50
Fixed Rates	4.55%
Interest rate swap two
Derivative [Line Items]
Floating Rate Debt	$ 50
Fixed Rates	4.55%

Debt - Location and Amount of D

Debt - Location and Amount of Derivatives in the Financial Statements (Details) - Interest Rate Swap - USD ($) $ in Thousands	Jun. 25, 2023	Dec. 25, 2022
Derivatives, Fair Value [Line Items]
Derivative assets	$ 0	$ 986
Derivatives liabilities	$ 15	$ 0

Debt - Effect of Derivatives on

Debt - Effect of Derivatives on the Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total Net Interest Expense on Condensed Consolidated Statements of Operations	$ (11,275)	$ (6,081)	$ (20,296)	$ (10,344)
Interest Expense | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in AOCL on Derivative	1,165	1,445	1,424	2,763
Interest Expense | Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income (Loss)
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (Loss) or Gain Reclassified from AOCL into Income	$ (36)	$ (735)	$ (243)	$ (200)

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) $ in Millions	Jan. 18, 2023 USD ($)	Sep. 30, 2022 USD ($)	Apr. 14, 2022 USD ($)	Jun. 25, 2023 USD ($)	Oct. 29, 2018 employee
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
Payments for legal settlement	$ 5
Legal settlement accrued				$ 5
Pending litigation | Durling et al v. Papa John's International, Inc. | Maximum
Loss Contingencies [Line Items]
Settlement amount		$ 20
Settled litigation | Papa Johns Employee and Franchise Employee Antitrust Litigation
Loss Contingencies [Line Items]
Settlement amount			$ 5

Divestitures (Details)

Divestitures (Details) $ in Millions		3 Months Ended	6 Months Ended
	Mar. 28, 2022 USD ($) restaurant	Mar. 27, 2022 USD ($)	Jun. 26, 2022 restaurant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of franchise rights		$ 2.8
Disposal group, disposed of by sale, not discontinued operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
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
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage in divested joint venture	51%
Number of restaurants divested | restaurant	90		90

Segment Information - Narrative

Segment Information - Narrative (Details)	6 Months Ended
	Jun. 25, 2023 segment entity
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. 25, 2023 USD ($)	Jun. 26, 2022 USD ($)	Jun. 25, 2023 USD ($)	Jun. 26, 2022 USD ($) restaurant	Dec. 25, 2022 USD ($)
Segment Reporting Information [Line Items]
Total revenues		$ 514,530	$ 522,665	$ 1,041,579	$ 1,065,357
Total operating income		34,912	38,904	72,708	53,339
Accumulated depreciation and amortization		(548,626)		(548,626)
Total property and equipment, net		264,393		264,393		$ 249,793
Refranchising loss					8,400
UK re-positioning and transaction costs related to acquisitions		1,300		1,300
Non-cash reserves		0	0	0	11,160
Severance and related costs		700		2,000
Advisory fees and severance costs			1,500		$ 1,500
Corporate Joint Venture | Disposal group, disposed of by sale, not discontinued operations
Segment Reporting Information [Line Items]
Number of restaurants divested | restaurant	90				90
Domestic Company-owned restaurants
Segment Reporting Information [Line Items]
Total revenues		175,780	171,411	355,646	$ 370,176
North America franchising
Segment Reporting Information [Line Items]
Total revenues		34,711	34,917	70,783	69,185
North America commissaries
Segment Reporting Information [Line Items]
Total revenues		206,980	219,383	419,546	429,062
International
Segment Reporting Information [Line Items]
Total revenues		34,608	31,958	66,071	66,575
All others
Segment Reporting Information [Line Items]
Total revenues		62,451	64,996	129,533	130,359
Operating segments
Segment Reporting Information [Line Items]
Total revenues		514,530	522,665	1,041,579	1,065,357
Operating segments | Domestic Company-owned restaurants
Segment Reporting Information [Line Items]
Total revenues		175,780	171,411	355,646	370,176
Total operating income		6,641	5,924	13,291	7,912
Property and equipment, gross		242,089		242,089
Operating segments | North America franchising
Segment Reporting Information [Line Items]
Total revenues		34,711	34,917	70,783	69,185
Total operating income		32,111	32,624	65,511	64,761
Operating segments | North America commissaries
Segment Reporting Information [Line Items]
Total revenues		206,980	219,383	419,546	429,062
Total operating income		10,397	10,957	21,127	20,292
Property and equipment, gross		155,681		155,681
Operating segments | International
Segment Reporting Information [Line Items]
Total revenues		41,354	39,282	80,058	81,989
Total operating income		3,763	7,306	10,995	11,761
Property and equipment, gross		27,748		27,748
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		55,705	57,672	115,546	114,945
Total operating income		1,343	2,187	4,500	5,906
Property and equipment, gross		139,114		139,114
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Total operating income		(19,701)	(19,344)	(43,067)	(56,454)
Property and equipment, gross		248,387		248,387
Legal settlements					5,000
Unallocated corporate expenses | Notes Receivable
Segment Reporting Information [Line Items]
Non-cash reserves					13,900
Eliminations
Segment Reporting Information [Line Items]
Total revenues		(69,828)	(69,691)	(139,532)	(148,630)
Total operating income		358	(750)	351	(839)
Eliminations | North America franchising
Segment Reporting Information [Line Items]
Total revenues		(1,025)	(1,048)	(2,077)	(2,101)
Eliminations | North America commissaries
Segment Reporting Information [Line Items]
Total revenues		(51,586)	(52,754)	(103,403)	(111,261)
Eliminations | International
Segment Reporting Information [Line Items]
Total revenues		(869)	0	(869)	0
Eliminations | All others
Segment Reporting Information [Line Items]
Total revenues		$ (16,348)	$ (15,889)	$ (33,183)	$ (35,268)

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 25, 2023	Jun. 26, 2022	Jun. 25, 2023	Jun. 26, 2022
Revenue, Major Customer [Line Items]
Total revenues	$ 514,530	$ 522,665	$ 1,041,579	$ 1,065,357
Domestic Company-owned restaurants
Revenue, Major Customer [Line Items]
Total revenues	175,780	171,411	355,646	370,176
North America franchising
Revenue, Major Customer [Line Items]
Total revenues	34,711	34,917	70,783	69,185
North America commissaries
Revenue, Major Customer [Line Items]
Total revenues	206,980	219,383	419,546	429,062
International
Revenue, Major Customer [Line Items]
Total revenues	34,608	31,958	66,071	66,575
International | International other revenue
Revenue, Major Customer [Line Items]
Total revenues	(6,746)	(7,324)	(13,987)	(15,414)
All others
Revenue, Major Customer [Line Items]
Total revenues	62,451	64,996	129,533	130,359
All others | International other revenue
Revenue, Major Customer [Line Items]
Total revenues	6,746	7,324	13,987	15,414
Operating segments
Revenue, Major Customer [Line Items]
Total revenues	514,530	522,665	1,041,579	1,065,357
Operating segments | Company-owned restaurant sales
Revenue, Major Customer [Line Items]
Total revenues	178,798	171,411	358,664	370,176
Operating segments | Franchise royalties and fees
Revenue, Major Customer [Line Items]
Total revenues	47,932	48,008	97,547	96,764
Operating segments | Commissary sales
Revenue, Major Customer [Line Items]
Total revenues	278,829	292,052	562,184	581,420
Operating segments | Other revenues
Revenue, Major Customer [Line Items]
Total revenues	78,799	80,885	162,716	165,627
Operating segments | Domestic Company-owned restaurants
Revenue, Major Customer [Line Items]
Total revenues	175,780	171,411	355,646	370,176
Operating segments | Domestic Company-owned restaurants | Company-owned restaurant sales
Revenue, Major Customer [Line Items]
Total revenues	175,780	171,411	355,646	370,176
Operating segments | North America franchising
Revenue, Major Customer [Line Items]
Total revenues	34,711	34,917	70,783	69,185
Operating segments | North America franchising | Franchise royalties and fees
Revenue, Major Customer [Line Items]
Total revenues	35,736	35,965	72,860	71,286
Operating segments | North America commissaries
Revenue, Major Customer [Line Items]
Total revenues	206,980	219,383	419,546	429,062
Operating segments | North America commissaries | Commissary sales
Revenue, Major Customer [Line Items]
Total revenues	258,566	272,137	522,949	540,323
Operating segments | International
Revenue, Major Customer [Line Items]
Total revenues	41,354	39,282	80,058	81,989
Operating segments | International | Company-owned restaurant sales
Revenue, Major Customer [Line Items]
Total revenues	3,018	0	3,018	0
Operating segments | International | Franchise royalties and fees
Revenue, Major Customer [Line Items]
Total revenues	12,196	12,043	24,687	25,478
Operating segments | International | Commissary sales
Revenue, Major Customer [Line Items]
Total revenues	20,263	19,915	39,235	41,097
Operating segments | International | Other revenues
Revenue, Major Customer [Line Items]
Total revenues	6,746	7,324	13,987	15,414
Operating segments | All others
Revenue, Major Customer [Line Items]
Total revenues	55,705	57,672	115,546	114,945
Operating segments | All others | Other revenues
Revenue, Major Customer [Line Items]
Total revenues	72,053	73,561	148,729	150,213
Eliminations
Revenue, Major Customer [Line Items]
Total revenues	(69,828)	(69,691)	(139,532)	(148,630)
Eliminations | North America franchising
Revenue, Major Customer [Line Items]
Total revenues	(1,025)	(1,048)	(2,077)	(2,101)
Eliminations | North America commissaries
Revenue, Major Customer [Line Items]
Total revenues	(51,586)	(52,754)	(103,403)	(111,261)
Eliminations | International
Revenue, Major Customer [Line Items]
Total revenues	(869)	0	(869)	0
Eliminations | All others
Revenue, Major Customer [Line Items]
Total revenues	$ (16,348)	$ (15,889)	$ (33,183)	$ (35,268)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ in Thousands		3 Months Ended
	Jun. 02, 2023 USD ($) restaurant	Jun. 25, 2023 USD ($)	Dec. 25, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill		$ 76,623	$ 70,616
Drake food service international, M25 division
Business Acquisition [Line Items]
Number of stores acquired | restaurant	91
Total consideration	$ 13,700
Acquisition-related costs		$ 1,300
Property and equipment acquired	9,100
Inventories and other assets acquired	$ 300

Acquisitions - Changes in Goodw

Acquisitions - Changes in Goodwill by Reportable Segment (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 70,616
Acquisitions	5,376
Foreign currency adjustments	631
Ending balance	76,623
Drake food service international, M25 division
Goodwill [Roll Forward]
Acquisitions	4,300
Domestic restaurant
Goodwill [Roll Forward]
Acquisitions	1,100
Domestic Company-owned restaurants
Goodwill [Roll Forward]
Beginning balance	55,507
Acquisitions	1,102
Foreign currency adjustments	0
Ending balance	56,609
International
Goodwill [Roll Forward]
Beginning balance	14,673
Acquisitions	4,274
Foreign currency adjustments	631
Ending balance	19,578
All others
Goodwill [Roll Forward]
Beginning balance	436
Acquisitions	0
Foreign currency adjustments	0
Ending balance	$ 436