Papa John's International (PZZA) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 29, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
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		32,641,623
Entity Central Index Key	0000901491
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 17,550	$ 40,587
Accounts receivable, net	101,804	104,244
Notes receivable, current portion	5,728	5,199
Income tax receivable	2,414	2,577
Inventories	36,488	36,126
Prepaid expenses and other current assets	51,873	42,285
Total current assets	215,857	231,018
Property and equipment, net	266,508	282,812
Finance lease right-of-use assets, net	25,535	31,740
Operating lease right-of-use assets	191,194	164,158
Notes receivable, less current portion, net	7,346	12,346
Goodwill	76,460	76,206
Other assets	77,975	76,725
Total assets	860,875	875,005
Current liabilities:
Accounts payable	62,800	74,949
Income and other taxes payable	10,166	17,948
Accrued expenses and other current liabilities	139,301	158,167
Current deferred revenue	19,645	20,427
Current finance lease liabilities	6,962	9,029
Current operating lease liabilities	26,001	24,076
Current portion of long-term debt	5,650	0
Total current liabilities	270,525	304,596
Deferred revenue	18,737	20,366
Long-term finance lease liabilities	19,921	24,144
Long-term operating lease liabilities	180,137	151,050
Long-term debt, less current portion, net	721,355	757,422
Other long-term liabilities	64,882	60,192
Total liabilities	1,275,557	1,317,770
Redeemable noncontrolling interests	937	851
Stockholders’ deficit:
Common stock ($0.01 par value per share; issued 49,282 at September 29, 2024 and 49,235 at December 31, 2023)	493	492
Additional paid-in capital	449,141	452,290
Accumulated other comprehensive loss	(6,580)	(7,803)
Retained earnings	242,269	219,027
Treasury stock (16,645 shares at September 29, 2024 and 16,747 shares at December 31, 2023, at cost)	(1,116,256)	(1,123,098)
Total stockholders’ deficit	(430,933)	(459,092)
Noncontrolling interests in subsidiaries	15,314	15,476
Total Stockholders’ deficit	(415,619)	(443,616)
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit	$ 860,875	$ 875,005

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	49,282	49,235
Treasury stock (in shares)	16,645	16,747

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Revenues:
Total revenues	$ 506,807	$ 522,812	$ 1,528,617	$ 1,564,391
Costs and expenses:
General and administrative expenses	13,553	52,173	129,726	154,441
Depreciation and amortization	17,260	16,404	52,528	46,815
Total costs and expenses	441,578	490,944	1,401,444	1,459,815
Operating income	65,229	31,868	127,173	104,576
Net interest expense	(10,629)	(11,378)	(32,588)	(31,674)
Income before income taxes	54,600	20,490	94,585	72,902
Income tax expense	12,812	4,539	25,347	16,546
Net income before attribution to noncontrolling interests	41,788	15,951	69,238	56,356
Net loss (income) attributable to noncontrolling interests	20	(90)	(551)	(351)
Net income attributable to the Company	$ 41,808	$ 15,861	$ 68,687	$ 56,005
Basic earnings per common share (in dollars per share)	$ 1.28	$ 0.49	$ 2.10	$ 1.69
Diluted earnings per common share (in dollars per share)	$ 1.27	$ 0.48	$ 2.09	$ 1.68
Basic weighted average common shares outstanding (in shares)	32,745	32,564	32,701	33,053
Diluted weighted average common shares outstanding (in shares)	32,930	32,800	32,850	33,287
Dividends declared per common share (in dollars per share)	$ 0.46	$ 0.46	$ 1.38	$ 1.30
Domestic Company-owned restaurants
Revenues:
Total revenues	$ 168,672	$ 177,195	$ 518,103	$ 532,841
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	142,403	145,433	419,189	436,922
North America franchising
Revenues:
Total revenues	33,831	35,041	103,937	105,824
North America commissaries
Revenues:
Total revenues	210,389	204,887	611,873	624,433
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	193,818	189,551	561,316	576,434
International
Revenues:
Total revenues	33,024	42,927	113,433	108,998
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	19,001	29,796	74,424	67,542
Other
Revenues:
Total revenues	60,891	62,762	181,271	192,295
Costs and expenses:
Operating costs (excluding depreciation and amortization shown separately below):	$ 55,543	$ 57,587	$ 164,261	$ 177,661

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Statement of Comprehensive Income [Abstract]
Net income before attribution to noncontrolling interests		$ 41,788	$ 15,951	$ 69,238	$ 56,356
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		2,051	(1,854)	1,670	(7)
Interest rate swaps	[1]	(1,059)	1,039	(103)	2,889
Other comprehensive income (loss), before tax		992	(815)	1,567	2,882
Income tax effect:
Foreign currency translation adjustments		(453)	426	(367)	1
Interest rate swaps	[2]	239	(238)	23	(664)
Income tax effect		(214)	188	(344)	(663)
Other comprehensive income (loss), net of tax		778	(627)	1,223	2,219
Comprehensive income before attribution to noncontrolling interests		42,566	15,324	70,461	58,575
Less: comprehensive income, redeemable noncontrolling interests		(43)	(30)	(233)	(135)
Less: comprehensive loss (income), nonredeemable noncontrolling interests		63	(60)	(318)	(216)
Comprehensive income attributable to the Company		$ 42,586	$ 15,234	$ 69,910	$ 58,224
[1]Amounts reclassified out of accumulated other comprehensive loss into net interest income (expense) include $194 and $591 for the three and nine months ended September 29, 2024, respectively, and $203 and $(40) for the three and nine months ended September 24, 2023, respectively.[2]The income tax effects of amounts reclassified out of accumulated other comprehensive loss were $(43) and $(133) for the three and nine months ended September 29, 2024, respectively, and $(46) and $9 for the three and nine months ended September 24, 2023, respectively.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Statement of Comprehensive Income [Abstract]
Interest rate swaps, amounts reclassified out of accumulated other comprehensive loss	$ 194	$ 203	$ 591	$ (40)
Interest rate swaps, income tax effect of amounts reclassified out of accumulated other comprehensive loss	$ (43)	$ (46)	$ (133)	$ 9

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. 25, 2022			34,736
Beginning balance at Dec. 25, 2022		$ (270,664)	$ 491	$ 449,829	$ (10,135)	[1]	$ 195,856	$ (922,434)	[2]	$ 15,729
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[3]	56,221					56,005			216
Other comprehensive income (loss), net of tax		2,219			2,219	[1]
Dividends on common stock		(43,641)		88			(43,729)
Exercise of stock options (in shares)			35
Exercise of stock options		$ 1,817	$ 1	1,816
Acquisition of Company common stock (in shares)		(2,523)	(2,523)
Acquisition of Company common stock		$ (212,444)						(212,444)	[2]
Stock-based compensation expense		13,224		13,224
Issuance of restricted stock (in shares)			234
Issuance of restricted stock		0		(6,857)				6,857	[2]
Tax effect of restricted stock awards (in shares)			(75)
Tax effect of restricted stock awards		(6,279)		(6,279)
Distributions to noncontrolling interests		(651)								(651)
Other (in shares)			66
Other		300		(4,122)				4,422	[2]
Ending balance (in shares) at Sep. 24, 2023			32,473
Ending balance at Sep. 24, 2023		(459,898)	$ 492	447,699	(7,916)	[1]	208,132	(1,123,599)	[2]	15,294
Beginning balance (in shares) at Jun. 25, 2023			32,394
Beginning balance at Jun. 25, 2023		(465,479)	$ 492	445,964	(7,289)	[1]	207,461	(1,127,669)	[2]	15,562
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[3]	15,921					15,861			60
Other comprehensive income (loss), net of tax		(627)			(627)	[1]
Dividends on common stock		(15,156)		34			(15,190)
Exercise of stock options (in shares)			18
Exercise of stock options		$ 1,134		1,134
Acquisition of Company common stock (in shares)		0
Stock-based compensation expense		$ 4,726		4,726
Issuance of restricted stock (in shares)			7
Issuance of restricted stock		0		(315)				315	[2]
Tax effect of restricted stock awards (in shares)			(2)
Tax effect of restricted stock awards		(171)		(171)
Distributions to noncontrolling interests		(328)								(328)
Other (in shares)			56
Other		82		(3,673)				3,755	[2]
Ending balance (in shares) at Sep. 24, 2023			32,473
Ending balance at Sep. 24, 2023		$ (459,898)	$ 492	447,699	(7,916)	[1]	208,132	(1,123,599)	[2]	15,294
Beginning balance (in shares) at Dec. 31, 2023		32,500	32,488
Beginning balance at Dec. 31, 2023		$ (443,616)	$ 492	452,290	(7,803)	[4]	219,027	(1,123,098)		15,476
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[5]	69,005					68,687			318
Other comprehensive income (loss), net of tax		1,223			1,223	[4]
Dividends on common stock		(45,350)		95			(45,445)
Exercise of stock options (in shares)			22
Exercise of stock options		$ 1,021	$ 1	1,020
Acquisition of Company common stock (in shares)		0
Stock-based compensation expense		$ 5,903		5,903
Issuance of restricted stock (in shares)			171
Issuance of restricted stock		0		(6,242)				6,242
Tax effect of restricted stock awards (in shares)			(52)
Tax effect of restricted stock awards		(3,508)		(3,508)
Distributions to noncontrolling interests		(480)								(480)
Other (in shares)			8
Other		$ 183		(417)				600
Ending balance (in shares) at Sep. 29, 2024		32,600	32,637
Ending balance at Sep. 29, 2024		$ (415,619)	$ 493	449,141	(6,580)	[4]	242,269	(1,116,256)		15,314
Beginning balance (in shares) at Jun. 30, 2024			32,622
Beginning balance at Jun. 30, 2024		(446,140)	$ 493	446,547	(7,358)	[4]	215,800	(1,117,140)		15,518
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	[5]	41,745					41,808			(63)
Other comprehensive income (loss), net of tax		778			778	[4]
Dividends on common stock		(15,308)		31			(15,339)
Exercise of stock options (in shares)			2
Exercise of stock options		$ 88		88
Acquisition of Company common stock (in shares)		0
Stock-based compensation expense		$ 3,358		3,358
Issuance of restricted stock (in shares)			14
Issuance of restricted stock		0		(632)				632
Tax effect of restricted stock awards (in shares)			(4)
Tax effect of restricted stock awards		(178)		(178)
Distributions to noncontrolling interests		(141)								(141)
Other (in shares)			3
Other		$ 179		(73)				252
Ending balance (in shares) at Sep. 29, 2024		32,600	32,637
Ending balance at Sep. 29, 2024		$ (415,619)	$ 493	$ 449,141	$ (6,580)	[4]	$ 242,269	$ (1,116,256)		$ 15,314
[1] At September 24, 2023, the accumulated other comprehensive loss of $7,916 was comprised of net unrealized foreign currency translation loss of $8,702 and net unrealized gain on the interest rate swap agreements of $786. Acquisition of Company common stock for the nine months ended September 24, 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. Net income to the Company for the three and nine months ended September 24, 2023 excludes $30 and $135, respectively, allocable to the redeemable noncontrolling interests for our joint venture arrangements. At September 29, 2024, the accumulated other comprehensive loss of $6,580 was comprised of net unrealized foreign currency translation loss of $6,186 and net unrealized loss on the interest rate swap agreements of $394. Net income to the Company for the three and nine months ended September 29, 2024 excludes $43 and $233, respectively, allocable to the redeemable noncontrolling interests for our joint venture arrangements.

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 29, 2024		Sep. 24, 2023		Sep. 29, 2024		Sep. 24, 2023		Jun. 30, 2024		Dec. 31, 2023		Jun. 25, 2023		Dec. 25, 2022
Stockholders' equity	$ (415,619)		$ (459,898)		$ (415,619)		$ (459,898)		$ (446,140)		$ (443,616)		$ (465,479)		$ (270,664)
Transaction costs on share repurchases							2,804
Accumulated other comprehensive loss
Stockholders' equity	(6,580)	[1]	(7,916)	[2]	(6,580)	[1]	(7,916)	[2]	$ (7,358)	[1]	$ (7,803)	[1]	$ (7,289)	[2]	$ (10,135)	[2]
Net unrealized foreign currency translation loss
Stockholders' equity	(6,186)		(8,702)		(6,186)		(8,702)
Net unrealized gain (loss) on interest rate swap agreements
Stockholders' equity	(394)		(786)		(394)		(786)
Corporate Joint Venture
Net income allocable to the redeemable noncontrolling interest for joint venture arrangements	$ 43		$ 30		$ 233		$ 135
[1] At September 29, 2024, the accumulated other comprehensive loss of $6,580 was comprised of net unrealized foreign currency translation loss of $6,186 and net unrealized loss on the interest rate swap agreements of $394. At September 24, 2023, the accumulated other comprehensive loss of $7,916 was comprised of net unrealized foreign currency translation loss of $8,702 and net unrealized gain on the interest rate swap agreements of $786.

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Operating activities
Net income before attribution to noncontrolling interests	$ 69,238	$ 56,356
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for allowance for credit losses on accounts and notes receivable	2,936	1,348
Depreciation and amortization	52,528	46,815
Refranchising and impairment losses	17,433	0
Deferred income taxes	3,877	3,481
Stock-based compensation expense	5,903	13,224
Gain on disposal of property and equipment	(42,034)	0
Other	614	331
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	879	(11,643)
Income tax receivable	232	7,617
Inventories	(207)	3,875
Prepaid expenses and other current assets	(1,684)	(2,104)
Other assets and liabilities	(5,923)	2,057
Accounts payable	(12,389)	15,237
Income and other taxes payable	(7,609)	1,087
Accrued expenses and other current liabilities	(25,837)	(6,579)
Deferred revenue	(2,073)	(4,166)
Net cash provided by operating activities	55,884	126,936
Investing activities
Purchases of property and equipment	(46,931)	(50,905)
Notes issued	(154)	(7,310)
Repayments of notes issued	3,148	5,759
Acquisitions, net of cash acquired	0	(5,599)
Proceeds from dispositions	49,012	0
Other	2,373	401
Net cash provided by (used in) investing activities	7,448	(57,654)
Financing activities
Net (repayments) proceeds of revolving credit facilities	(31,589)	185,789
Proceeds from exercise of stock options	1,021	1,816
Acquisition of Company common stock	0	(210,348)
Dividends paid to common stockholders	(45,381)	(43,641)
Tax payments for equity award issuances	(3,508)	(6,279)
Distributions to noncontrolling interests	(627)	(651)
Principal payments on finance leases	(6,778)	(5,975)
Other	278	150
Net cash used in financing activities	(86,584)	(79,139)
Effect of exchange rate changes on cash and cash equivalents	215	(24)
Change in cash and cash equivalents	(23,037)	(9,881)
Cash and cash equivalents at beginning of period	40,587	47,373
Cash and cash equivalents at end of period	$ 17,550	$ 37,492

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 29, 2024
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 nine months ended September 29, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 29, 2024. 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 31, 2023. 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	9 Months Ended
	Sep. 29, 2024
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 Johns North American 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 American 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, property and equipment, right-of-use assets and lease liabilities, gift card breakage, 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 Johns has joint venture arrangements in which there are noncontrolling interests held by third parties that includ ed 98 restaurants at September 29, 2024 and September 24, 2023, respectively. Consolidated net income is required to be reported separately at amounts attributable to both the Company and the noncontrolling interests held by third parties. Net income attributable to these joint ventures for the three and nine months ended September 29, 2024 and September 24, 2023 was as follows: Three Months Ended Nine Months Ended (In thousands) September 29, September 24, September 29, September 24, Papa John’s International, Inc. $ (46) $ 196 $ 1,285 $ 821 Redeemable noncontrolling interests 43 30 233 135 Nonredeemable noncontrolling interests (63) 60 318 216 Total net income $ (66) $ 286 $ 1,836 $ 1,172 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 September 29, 2024 and December 31, 2023 are as follows: Fair Value Measurements (In thousands) Carrying Level 1 Level 2 Level 3 September 29, 2024 Financial assets: Cash surrender value of life insurance policies (a) $ 30,822 $ 30,822 $ — $ — Financial liabilities: Interest rate swaps (b) $ 479 $ — $ 479 $ — December 31, 2023 Financial assets: Cash surrender value of life insurance policies (a) $ 29,449 $ 29,449 $ — $ — Interest rate swaps (b) $ 107 $ — $ 107 $ — Financial liabilities: Interest rate swaps (b) $ 483 $ — $ 483 $ — ___________________________________ (a) Represents life insurance policies held in our non-qualified deferred compensation plan, which are classified as Other assets on the Condensed Consolidated Balance Sheets (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 2023 were based on London Interbank Offered Rates (“LIBOR”). There were no transfers among levels within the fair value hierarchy during the three and nine months ended September 29, 2024 or fiscal year 2023. 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 September 29, 2024 and December 31, 2023: September 29, 2024 December 31, 2023 (In thousands) Carrying Fair Carrying Fair 3.875% Senior Notes $ 400,000 $ 368,608 $ 400,000 $ 352,500 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 31, 2023 $ 8,353 $ 16,092 Current period provision for expected credit losses, net 1,612 1,324 Write-offs charged against the allowance (1,235) — Balance at September 29, 2024 $ 8,730 $ 17,416 Impairment of Long-lived Assets The Company evaluates its property and equipment and other long-lived assets for potential indicators of impairment at least annually, or as facts and circumstances arise that indicate the carrying value of the asset group may not be recoverable. For Domestic Company-owned restaurants, the evaluation is performed at the operating market level while International Company-owned restaurants are evaluated at the restaurant level as these represent the lowest level for which identifiable cash flows and are largely independent of the cash flows of other assets and liabilities. If the carrying amount of the long-lived asset group exceeds the amount of estimated future undiscounted cash flows, the fair value of the asset group is estimated and an impairment loss is recorded if the carrying value exceeds the estimated fair value. The assumptions used in the undiscounted cash flow calculation related to future growth are subjective and may be negatively impacted by future changes in operating performance or economic conditions. Recent Accounting Pronouncements Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, “ Improvements to Reportable Segment Disclosure s.” The ASU expands the scope and frequency of segment disclosures and introduces the concept of a “significant expense principle,” which requires entities to disclose significant expense categories and amounts that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of a segment’s profit or loss. The ASU also changes current disclosure requirements by allowing entities to report multiple measures of a segment’s profit or loss, provided the reported measures are used by the CODM to assess performance and allocate resources and that the measure closest to GAAP is also provided. Finally, the ASU requires all segment profit or loss and assets disclosures to be provided on both an annual and interim basis and requires entities to disclose the title and position of the individual identified as the CODM. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and shall be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the standard and determining the extent of additional interim and annual segment disclosures that will be required. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU provides for additional levels of details within the required rate reconciliation table to include additional categories of information about federal, state, and foreign income taxes and requires entities to further disaggregate information about income taxes paid, net of refunds. The ASU is effective for fiscal years beginning after December 15, 2024 and shall be applied prospectively. The Company is currently evaluating the standard and determining the extent of additional disclosures that will be required.

Leases

Leases	9 Months Ended
	Sep. 29, 2024
Leases [Abstract]
Leases	3. Leases Lessor Operating Leases The Company subleases certain retail space to our franchisees in the UK, which are primarily operating leases. At September 29, 2024, we leased and subleased approximately 350 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 and $2.3 million and $8.0 million for the three and nine months ended September 24, 2023, respectively, within Other revenues in the Condensed Consolidated Statements of Operations. Lease Guarantees As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are contingently liable for payment of 75 Domestic leases. These leases have varying terms, the latest of which expires in 2029. As of September 29, 2024, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $6.9 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: Nine Months Ended (In thousands) September 29, 2024 September 24, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,096 $ 1,128 Financing cash flows from finance leases 6,778 5,975 Operating cash flows from operating leases (a) 30,045 28,394 Right-of-use assets obtained in exchange for new finance lease liabilities 3,809 16,518 Right-of-use assets obtained in exchange for new operating lease liabilities 60,120 17,652 Cash received from sublease income 5,287 7,160 ___________________________________ (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 UK, which are primarily operating leases. At September 29, 2024, we leased and subleased approximately 350 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 and $2.3 million and $8.0 million for the three and nine months ended September 24, 2023, respectively, within Other revenues in the Condensed Consolidated Statements of Operations. Lease Guarantees As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are contingently liable for payment of 75 Domestic leases. These leases have varying terms, the latest of which expires in 2029. As of September 29, 2024, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $6.9 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: Nine Months Ended (In thousands) September 29, 2024 September 24, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,096 $ 1,128 Financing cash flows from finance leases 6,778 5,975 Operating cash flows from operating leases (a) 30,045 28,394 Right-of-use assets obtained in exchange for new finance lease liabilities 3,809 16,518 Right-of-use assets obtained in exchange for new operating lease liabilities 60,120 17,652 Cash received from sublease income 5,287 7,160 ___________________________________ (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 UK, which are primarily operating leases. At September 29, 2024, we leased and subleased approximately 350 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 and $2.3 million and $8.0 million for the three and nine months ended September 24, 2023, respectively, within Other revenues in the Condensed Consolidated Statements of Operations. Lease Guarantees As a result of assigning our interest in obligations under property leases as a condition of the refranchising of certain restaurants, we are contingently liable for payment of 75 Domestic leases. These leases have varying terms, the latest of which expires in 2029. As of September 29, 2024, the estimated maximum amount of undiscounted payments the Company could be required to make in the event of nonpayment by the primary lessees was $6.9 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: Nine Months Ended (In thousands) September 29, 2024 September 24, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,096 $ 1,128 Financing cash flows from finance leases 6,778 5,975 Operating cash flows from operating leases (a) 30,045 28,394 Right-of-use assets obtained in exchange for new finance lease liabilities 3,809 16,518 Right-of-use assets obtained in exchange for new operating lease liabilities 60,120 17,652 Cash received from sublease income 5,287 7,160 ___________________________________ (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.	9 Months Ended
	Sep. 29, 2024
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): September 29, December 31, 2023 Assets Current assets: Cash and cash equivalents $ 3,753 $ 5,494 Accounts receivable, net 16,250 18,026 Prepaid expenses and other current assets 7,872 2,223 Total current assets 27,875 25,743 Deferred income taxes 674 674 Total assets $ 28,549 $ 26,417 Liabilities Current liabilities: Accounts payable $ 10 $ 1,509 Accrued expenses and other current liabilities 21,515 22,245 Current portion of long-term debt 5,650 — Current deferred revenue 3,832 4,327 Total current liabilities 31,007 28,081 Deferred revenue 2,165 2,627 Total liabilities $ 33,172 $ 30,708

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 29, 2024
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 nine months ended September 29, 2024, the Company recognized $7.8 million and $24.1 million in revenue, respectively, related to deferred revenue compared to $8.1 million and $24.4 million, respectively, for the three and nine months ended September 24, 2023. The following table includes a breakout of contract liability balances (in thousands): Contract Liabilities September 29, 2024 December 31, 2023 Change Franchise fee liabilities $ 19,670 $ 20,564 $ (894) Unredeemed gift card liabilities 5,997 6,955 (958) Customer loyalty program obligations 12,715 13,274 (559) Total contract liabilities $ 38,382 $ 40,793 $ (2,411) 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. Contract assets were approximately $13.4 million and $7.9 million, respectively, at September 29, 2024 and December 31, 2023. For the three and nine months ended September 29, 2024 and September 24, 2023, revenue was reduced approximately $1.3 million and $4.0 million and $0.9 million and $2.7 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 $ 2,991 $ 2,615 $ 2,421 $ 2,175 $ 1,939 $ 4,193 $ 16,334 At September 29, 2024, approximately $3.4 million of area development fees related to unopened restaurants and International unearned franchise fees are included in Deferred revenue. Timing of revenue recognition is dependent upon the timing of restaurant openings and franchisees’ revenues. Gift card liabilities, which are 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	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Common Stock	6. Common Stock Shares Authorized and Outstanding The Company has authorized 100.0 million shares of common stock as of September 29, 2024 and December 31, 2023. The Company’s outstanding shares of common stock, net of repurchased shares of common stock held as treasury stock, were 32.6 million shares at September 29, 2024, compared to 32.5 million shares at December 31, 2023. 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 nine months ended September 29, 2024 and September 24, 2023: (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 September 29, 2024 — $ — $ — $ 90,160 September 24, 2023 — $ — $ — $ 90,160 (In thousands, except average price per share) Total Number of Shares Purchased (a) Average Price Paid per Share Aggregate Cost of Shares Purchased (b) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Nine Months Ended September 29, 2024 — $ — $ — $ 90,160 September 24, 2023 2,523 $ 83.10 $ 209,640 $ 90,160 (a) Shares repurchased during the nine months ended September 24, 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. (b) Aggregate cost of shares purchased for the nine months ended September 24, 2023 excluded $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 nine months ended September 24, 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 ag gregate cash dividends of approximately $45.4 million ($1.38 per share) for the nine months ended September 29, 2024. On October 29, 2024, our Board of Directors declared a fourth quarter dividend of $0.46 per common share (approximately $15.2 million in the aggregate), which will be paid on November 29, 2024 to stockholders of record as of the close of business on November 18, 2024. The declaration and payment of any future dividends will be at the discretion of our Board of Directors.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 29, 2024
Earnings Per Share [Abstract]
Earnings per Share	7. Earnings per Share 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 Nine Months Ended September 29, September 24, September 29, September 24, Net income available to common stockholders $ 41,808 $ 15,861 $ 68,687 $ 56,005 Basic weighted average number of shares 32,745 32,564 32,701 33,053 Dilutive effect of outstanding equity awards (a) 185 236 149 234 Diluted weighted average number of shares 32,930 32,800 32,850 33,287 Basic earnings per common share $ 1.28 $ 0.49 $ 2.10 $ 1.69 Diluted earnings per common share $ 1.27 $ 0.48 $ 2.09 $ 1.68 ___________________________________ (a) Excludes 345,000 and 384,000 shares underlying equity awards for the three and nine months ended September 29, 2024, respectively, and 48,000 and 147,000 shares underlying awards for the three and nine months ended September 24, 2023, respectively, as the effect of including such awards would have been anti-dilutive.

Debt

Debt	9 Months Ended
	Sep. 29, 2024
Debt Disclosure [Abstract]
Debt	8. Debt Long-term debt, net, consists of the following (in thousands): September 29, December 31, Senior notes $ 400,000 $ 400,000 Revolving facilities (a) 332,412 364,000 Outstanding debt $ 732,412 $ 764,000 Unamortized debt issuance costs (5,407) (6,578) Current portion of long-term debt (5,650) — Total long-term debt, net $ 721,355 $ 757,422 ___________________________________ (a) Revolving facilities as of September 29, 2024 includes $5.7 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 31, 2023 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 and amended May 30, 2023 (as amended, 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 $273.2 million as of September 29, 2024. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 for further description of the provisions and covenant requirements under the Credit Agreement. PJMF Revolving Facility PJMF has a $30.0 million revolving line of credit (the “PJMF Revolving Facility”) pursuant to a Revolving Loan Agreement, dated September 30, 2015, and most recently amended on September 30, 2024. The PJMF Revolving Facility is secured by substantially all assets of PJMF. The PJMF Revolving F acility matures on September 30, 2025, but is subject to annual renewals. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of a one month SOFR plus 1.975%. The applicable interest rate on the PJMF Revolving facility was 7.2% for the three months ended September 29, 2024. As of September 29, 2024, t he principal amount of debt outstanding under the PJMF Revolving Facility was approximately $5.7 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 Company’s Credit Agreement. Derivative Financial Instruments On June 23, 2023, the Company entered into a new interest rate swap with an initial notional value of $100.0 million to replace the Company’s prior interest rate 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 designated the interest rate swap as a cash flow hedge and assess hedge effectiveness at regular intervals through the maturity date of June 30, 2025. The interest rate swaps are recorded at fair value 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 September 29, 2024, 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 swaps in the accompanying condensed consolidated financial statements (in thousands): Interest Rate Swap Derivatives Balance Sheet Location Fair Value Fair Value Prepaid and other current assets $ — $ 107 Accrued expenses and other current liabilities $ 479 $ — Other long-term liabilities $ — $ 483 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: September 29, 2024 $ (820) Interest expense $ 194 $ (10,629) September 24, 2023 $ 801 Interest expense $ 203 $ (11,378) Interest rate swaps for the nine months ended: September 29, 2024 $ (80) Interest expense $ 591 $ (32,588) September 24, 2023 $ 2,225 Interest expense $ (40) $ (31,674) Net interest paid, including payments made or received under the swaps, was $13.9 million and $34.3 million for the three and nine months ended September 29, 2024, respectively, and $11.2 million and $28.0 million for the three and nine months ended September 24, 2023, respectively.

Restructuring

Restructuring	9 Months Ended
	Sep. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring	9. Restructuring International Restructuring In December 2023, the Company announced international transformation initiatives (“International Transformation Plan”) designed to evolve our business structure to deliver an enhanced value proposition to our International customers and franchisees, ensure targeted investments and efficient resource management, and better position our largest markets, including the UK, for long-term profitable growth and brand strength. During the fourth quarter of the year ended December 31, 2023, the Company commenced approved initiatives under the International Transformation Plan related to establishing new regional hubs across APAC (Asia Pacific), EMEA (Europe, Middle East and Africa), and Latin America that will be led by experienced general managers and their teams. During the first quarter of 2024, the Company commenced the next phase of the International Transformation Plan as approved by the Board, which involves strategic restaurant closures and divestitures in the UK. The purpose of this plan is to optimize the Company’s restaurant portfolio in the UK and improve overall profitability by closing unprofitable locations and enhancing profitability across the remaining portfolio of Company-owned restaurants. The execution of this phase of the International Transformation Plan resulted in the closure of 43 underperforming UK Company-owned restaurants and 30 franchised locations closed during the first nine months of 2024. Due to indicators of potential impairment associated with the UK Company-owned and franchised restaurant closures, the Company performed an impairment analysis and determined that the carrying amount of the assets related to the closing UK restaurants were not recoverable. For the three and nine months ended September 29, 2024, we recognized impairment charges of $1.1 million and $10.1 million for the amount by which the carrying value exceeded the estimated fair value of the asset groups. Fair values were determined based on an income approach, specifically a discounted cash flow ("DCF") model, primarily using estimated sublease income considering market rental rates. Management judgment is involved in determining the estimated fair value and includes uncertainties that under different assumptions and circumstances could drive material changes in the fair value determination. During the second and third quarters of 2024, the Company also completed the refranchising of 60 formerly Company-owned restaurants to primarily existing franchisees, which resulted in a loss on sale of $1.7 million during the nine months ended September 29, 2024. We have completed nearly all of the strategic restaurant closures in the UK market and the Company’s efforts are turning towards growth opportunities and mitigating closure-related costs as we complete optimization of the portfolio. The following table summarizes restructuring related costs recorded for the three and nine months ended September 29, 2024 (in thousands): Three Months Ended Nine Months Ended September 29, September 24, Long-lived asset impairment charges $ 1,145 $ 10,121 Loss on franchisee notes receivable 171 1,735 Loss on refranchising Company-owned restaurants 7 1,744 Professional services and other related costs 2,029 4,730 Employee termination costs, net (a) 84 452 Operating lease terminations 426 732 Total international transformation costs, net $ 3,862 $ 19,514 (a) Includes noncash reversal of $0.1 million related to the forfeiture of unvested stock-based compensation awards during the nine months ended September 29, 2024 The Company has incurred total restructuring related costs of $21.7 million since commencement of the International Transformation Plan, all of which were included in General and administrative expenses in the Condensed Consolidated Statements of Operations. Total estimated pre-tax costs associated with the International Transformation Plan are approximately $25 million to $35 million (inclusive of the $21.7 million incurred through the third quarter of 2024), all of which will be recorded within our International segment, and we expect to incur the remainder of these costs through 2024 and 2025. The following table presents changes in the balance of accrued expenses relating to approved initiatives, which are recorded in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets (in thousands): Employee severance Professional services and other related costs Other Total Balance as of December 31, 2023 $ 1,227 $ 527 $ 29 $ 1,783 Charges 542 4,730 — 5,272 Payments (1,519) (4,181) (29) (5,729) Balance as of September 29, 2024 $ 250 $ 1,076 $ — $ 1,326

Litigation, Commitments and Con

Litigation, Commitments and Contingencies	9 Months Ended
	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Litigation, Commitments and Contingencies	10. 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. In re Papa John’s Employee & Franchise Employee Antitrust Litigation

Divestitures

Divestitures	9 Months Ended
	Sep. 29, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestitures	11. Divestitures Sale-Leaseback of Texas and Florida Quality Control Centers On August 2, 2024, the Company finalized the sale and subsequent leaseback of two Domestic Quality Control Center properties (“QC Centers”) in Texas and Florida for an aggregate purchase price of $46.7 million. Under the terms of the leases, each of which commenced on August 2, 2024, we will lease the QC Centers for 17 years with two five-year renewal options. The Company will pay annual rents under the operating leases of the Texas and Florida QC Centers of $2.0 million and $1.0 million, respectively, for the first year with annual rents increasing by 2.75% thereafter. During the three months ended September 29, 2024, we recorded a pre-tax gain on sale of approximately $41.3 million, net of transaction costs, which was recorded within General and administrative expenses in the Condensed Consolidated Statements of Operations, and sales proceeds of $46.7 million were recorded as investing cash inflows within the Condensed Consolidated Statements of Cash Flows. Refranchising Loss On September 30, 2024, the Company refranchised 15 Domestic Company-owned restaurants to an existing franchisee for a purchase price of approximately $2.6 million. In connection with the divestiture, we recorded non-cash charges of $1.5 million and $5.5 million

Segment Information

Segment Information	9 Months Ended
	Sep. 29, 2024
Segment Reporting [Abstract]
Segment Information	12. 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, and side items, including breadsticks, Papa Bites, cheesesticks, boneless chicken wings and bone-in chicken 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 Johns 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 information systems and related services used in restaurant operations, including our point-of-sale system, online and other technology-based ordering platforms, as well as franchise contributions to marketing funds. 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 Nine Months Ended (In thousands) September 29, September 24, September 29, September 24, Revenues: Domestic Company-owned restaurants $ 168,672 $ 177,195 $ 518,103 $ 532,841 North America franchising 33,831 35,041 103,937 105,824 North America commissaries 210,389 204,887 611,873 624,433 International 39,098 48,481 132,318 128,539 All others 54,817 57,208 162,386 172,754 Total revenues $ 506,807 $ 522,812 $ 1,528,617 $ 1,564,391 Intersegment revenues: North America franchising $ 1,011 $ 1,040 $ 3,101 $ 3,117 North America commissaries 52,063 51,237 151,633 154,640 All others 13,472 16,180 40,422 49,363 Total intersegment revenues $ 66,546 $ 68,457 $ 195,156 $ 207,120 Operating income: Domestic Company-owned restaurants (a) $ (1,748) $ 6,147 $ 13,388 $ 19,438 North America franchising 31,865 32,234 97,985 97,745 North America commissaries (b) 53,599 10,691 77,337 31,818 International (c) 42 2,270 (8,612) 13,265 All others 2,834 2,379 8,202 6,879 Unallocated corporate expenses (d) (21,106) (20,792) (60,346) (63,859) Elimination of intersegment (profits) losses (257) (1,061) (781) (710) Total operating income $ 65,229 $ 31,868 $ 127,173 $ 104,576 Property and equipment, net: Domestic Company-owned restaurants $ 265,002 North America commissaries 150,527 International 26,902 All others 140,900 Unallocated corporate assets 248,855 Accumulated depreciation and amortization (565,678) Total property and equipment, net $ 266,508 ___________________________________ (a) The three and nine months ended September 29, 2024 includes $1.5 million and $5.5 million, respectively, of non-cash impairment and remeasurement charges related primarily to fixed and intangible assets from the refranchising of 15 Domestic restaurants. See “Note 11. Divestitures”. (b) The three and nine months ended September 29, 2024 includes $41.3 million pre-tax gain on sale of Texas and Florida QC Center properties, net of transaction costs. See “Note 11. Divestitures”. (c) The three and nine months ended September 29, 2024 includes $3.9 million and $19.5 million, respectively, of costs related to the International Transformation Plan. See “Note 9. Restructuring” for additional information. The three and nine months ended September 24, 2023 includes $1.2 million and $2.5 million of costs associated with repositioning the UK portfolio as well as transaction costs related to the acquisition of restaurants from franchisees. (d) The nine months ended September 24, 2023 includes $2.0 million of severance and related costs associated with the transition of certain executives. The three and nine months ended September 24, 2023 includes $0.6 million for certain legal settlements. 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 September 29, 2024 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 168,672 $ — $ — $ 2,425 $ — $ 171,097 Franchise royalties and fees — 34,842 — 11,999 — 46,841 Commissary sales — — 262,452 18,600 — 281,052 Other revenues — — — 6,074 68,289 74,363 Eliminations — (1,011) (52,063) — (13,472) (66,546) Total segment revenues 168,672 33,831 210,389 39,098 54,817 506,807 International other revenues (a) — — — (6,074) 6,074 — Total revenues $ 168,672 $ 33,831 $ 210,389 $ 33,024 $ 60,891 $ 506,807 Reportable Segments Three Months Ended September 24, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 177,195 $ — $ — $ 14,013 $ — $ 191,208 Franchise royalties and fees — 36,081 — 12,219 — 48,300 Commissary sales — — 256,124 16,695 — 272,819 Other revenues — — — 5,554 73,388 78,942 Eliminations — (1,040) (51,237) — (16,180) (68,457) Total segment revenues 177,195 35,041 204,887 48,481 57,208 522,812 International other revenues (a) — — — (5,554) 5,554 — Total revenues $ 177,195 $ 35,041 $ 204,887 $ 42,927 $ 62,762 $ 522,812 Reportable Segments Nine Months Ended September 29, 2024 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 518,103 $ — $ — $ 28,885 $ — $ 546,988 Franchise royalties and fees — 107,038 — 35,598 — 142,636 Commissary sales — — 763,506 48,950 — 812,456 Other revenues — — — 18,885 202,808 221,693 Eliminations — (3,101) (151,633) — (40,422) (195,156) Total segment revenues 518,103 103,937 611,873 132,318 162,386 1,528,617 International other revenues (a) — — — (18,885) 18,885 — Total revenues $ 518,103 $ 103,937 $ 611,873 $ 113,433 $ 181,271 $ 1,528,617 Reportable Segments Nine Months Ended September 24, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 532,841 $ — $ — $ 17,031 $ — $ 549,872 Franchise royalties and fees — 108,941 — 36,906 — 145,847 Commissary sales — — 779,073 55,061 — 834,134 Other revenues — — — 19,541 222,117 241,658 Eliminations — (3,117) (154,640) — (49,363) (207,120) Total segment revenues 532,841 105,824 624,433 128,539 172,754 1,564,391 International other revenues (a) — — — (19,541) 19,541 — Total revenues $ 532,841 $ 105,824 $ 624,433 $ 108,998 $ 192,295 $ 1,564,391 ___________________________________ (a) Other revenues as reported in the Condensed Consolidated Statements of Operations include $6.1 million and $18.9 million of revenues for the three and nine months ended September 29, 2024, respectively, and $5.6 million and $19.5 million of revenues for the three and nine months ended September 24, 2023, 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 income before income taxes 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 41,808	$ 15,861	$ 68,687	$ 56,005

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
Variable Interest Entity	Variable Interest Entity Papa Johns North American 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 American 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 Estimates
Noncontrolling Interests	Noncontrolling Interests Papa Johns 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
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company evaluates its property and equipment and other long-lived assets for potential indicators of impairment at least annually, or as facts and circumstances arise that indicate the carrying value of the asset group may not be recoverable. For Domestic Company-owned restaurants, the evaluation is performed at the operating market level while International Company-owned restaurants are evaluated at the restaurant level as these represent the lowest level for which identifiable cash flows and are largely independent of the cash flows of other assets and liabilities. If the carrying amount of the long-lived asset group exceeds the amount of estimated future undiscounted cash flows, the fair value of the asset group is estimated and an impairment loss is recorded if the carrying value exceeds the estimated fair value. The assumptions used in the undiscounted cash flow calculation related to future growth are subjective and may be negatively impacted by future changes in operating performance or economic conditions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, “ Improvements to Reportable Segment Disclosure s.” The ASU expands the scope and frequency of segment disclosures and introduces the concept of a “significant expense principle,” which requires entities to disclose significant expense categories and amounts that are regularly provided to the chief operating decision maker (“CODM”) and included within the reported measure of a segment’s profit or loss. The ASU also changes current disclosure requirements by allowing entities to report multiple measures of a segment’s profit or loss, provided the reported measures are used by the CODM to assess performance and allocate resources and that the measure closest to GAAP is also provided. Finally, the ASU requires all segment profit or loss and assets disclosures to be provided on both an annual and interim basis and requires entities to disclose the title and position of the individual identified as the CODM. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 and shall be applied retrospectively to all periods presented in the financial statements. The Company is currently evaluating the standard and determining the extent of additional interim and annual segment disclosures that will be required. Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, “ Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU provides for additional levels of details within the required rate reconciliation table to include additional categories of information about federal, state, and foreign income taxes and requires entities to further disaggregate information about income taxes paid, net of refunds. The ASU is effective for fiscal years beginning after December 15, 2024 and shall be applied prospectively. The Company is currently evaluating the standard and determining the extent of additional disclosures that will be required.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 29, 2024
Accounting Policies [Abstract]
Schedule of net income attributable to joint ventures	Net income attributable to these joint ventures for the three and nine months ended September 29, 2024 and September 24, 2023 was as follows: Three Months Ended Nine Months Ended (In thousands) September 29, September 24, September 29, September 24, Papa John’s International, Inc. $ (46) $ 196 $ 1,285 $ 821 Redeemable noncontrolling interests 43 30 233 135 Nonredeemable noncontrolling interests (63) 60 318 216 Total net income $ (66) $ 286 $ 1,836 $ 1,172
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 fair value measurements on a recurring basis	Our financial assets and liabilities that were measured at fair value on a recurring basis as of September 29, 2024 and December 31, 2023 are as follows: Fair Value Measurements (In thousands) Carrying Level 1 Level 2 Level 3 September 29, 2024 Financial assets: Cash surrender value of life insurance policies (a) $ 30,822 $ 30,822 $ — $ — Financial liabilities: Interest rate swaps (b) $ 479 $ — $ 479 $ — December 31, 2023 Financial assets: Cash surrender value of life insurance policies (a) $ 29,449 $ 29,449 $ — $ — Interest rate swaps (b) $ 107 $ — $ 107 $ — Financial liabilities: Interest rate swaps (b) $ 483 $ — $ 483 $ — ___________________________________ (a) Represents life insurance policies held in our non-qualified deferred compensation plan, which are classified as Other assets on the Condensed Consolidated Balance Sheets (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 2023 were based on London Interbank Offered Rates (“LIBOR”). September 29, 2024 December 31, 2023 (In thousands) Carrying Fair Carrying Fair 3.875% Senior Notes $ 400,000 $ 368,608 $ 400,000 $ 352,500
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 31, 2023 $ 8,353 $ 16,092 Current period provision for expected credit losses, net 1,612 1,324 Write-offs charged against the allowance (1,235) — Balance at September 29, 2024 $ 8,730 $ 17,416

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 29, 2024
Leases [Abstract]
Schedule of supplemental cash flow information	Supplemental cash flow information related to leases for the periods reported is as follows: Nine Months Ended (In thousands) September 29, 2024 September 24, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 1,096 $ 1,128 Financing cash flows from finance leases 6,778 5,975 Operating cash flows from operating leases (a) 30,045 28,394 Right-of-use assets obtained in exchange for new finance lease liabilities 3,809 16,518 Right-of-use assets obtained in exchange for new operating lease liabilities 60,120 17,652 Cash received from sublease income 5,287 7,160 ___________________________________ (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)	9 Months Ended
	Sep. 29, 2024
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): September 29, December 31, 2023 Assets Current assets: Cash and cash equivalents $ 3,753 $ 5,494 Accounts receivable, net 16,250 18,026 Prepaid expenses and other current assets 7,872 2,223 Total current assets 27,875 25,743 Deferred income taxes 674 674 Total assets $ 28,549 $ 26,417 Liabilities Current liabilities: Accounts payable $ 10 $ 1,509 Accrued expenses and other current liabilities 21,515 22,245 Current portion of long-term debt 5,650 — Current deferred revenue 3,832 4,327 Total current liabilities 31,007 28,081 Deferred revenue 2,165 2,627 Total liabilities $ 33,172 $ 30,708

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 29, 2024
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 September 29, 2024 December 31, 2023 Change Franchise fee liabilities $ 19,670 $ 20,564 $ (894) Unredeemed gift card liabilities 5,997 6,955 (958) Customer loyalty program obligations 12,715 13,274 (559) Total contract liabilities $ 38,382 $ 40,793 $ (2,411)
Schedule of estimated revenue expected to be recognized in the future	The following table (in thousands) includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied at the end of the reporting period. Performance Obligations by Period Less than 1 Year 1-2 Years 2-3 Years 3-4 Years 4-5 Years Thereafter Total Franchise fees $ 2,991 $ 2,615 $ 2,421 $ 2,175 $ 1,939 $ 4,193 $ 16,334

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 29, 2024
Equity [Abstract]
Schedule of repurchase activity	The following table summarizes our repurchase activity under our share repurchase programs for the three and nine months ended September 29, 2024 and September 24, 2023: (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 September 29, 2024 — $ — $ — $ 90,160 September 24, 2023 — $ — $ — $ 90,160 (In thousands, except average price per share) Total Number of Shares Purchased (a) Average Price Paid per Share Aggregate Cost of Shares Purchased (b) Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs Nine Months Ended September 29, 2024 — $ — $ — $ 90,160 September 24, 2023 2,523 $ 83.10 $ 209,640 $ 90,160 (a) Shares repurchased during the nine months ended September 24, 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. (b) Aggregate cost of shares purchased for the nine months ended September 24, 2023 excluded $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 nine months ended September 24, 2023.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 29, 2024
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 Nine Months Ended September 29, September 24, September 29, September 24, Net income available to common stockholders $ 41,808 $ 15,861 $ 68,687 $ 56,005 Basic weighted average number of shares 32,745 32,564 32,701 33,053 Dilutive effect of outstanding equity awards (a) 185 236 149 234 Diluted weighted average number of shares 32,930 32,800 32,850 33,287 Basic earnings per common share $ 1.28 $ 0.49 $ 2.10 $ 1.69 Diluted earnings per common share $ 1.27 $ 0.48 $ 2.09 $ 1.68 ___________________________________ (a) Excludes 345,000 and 384,000 shares underlying equity awards for the three and nine months ended September 29, 2024, respectively, and 48,000 and 147,000 shares underlying awards for the three and nine months ended September 24, 2023, respectively, as the effect of including such awards would have been anti-dilutive.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 29, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt, net	Long-term debt, net, consists of the following (in thousands): September 29, December 31, Senior notes $ 400,000 $ 400,000 Revolving facilities (a) 332,412 364,000 Outstanding debt $ 732,412 $ 764,000 Unamortized debt issuance costs (5,407) (6,578) Current portion of long-term debt (5,650) — Total long-term debt, net $ 721,355 $ 757,422 ___________________________________ (a) Revolving facilities as of September 29, 2024 includes $5.7 million outstanding under the PJMF Revolving Facility as defined and discussed below.
Schedule of notional value of derivatives	As of September 29, 2024, 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 swaps in the accompanying condensed consolidated financial statements (in thousands): Interest Rate Swap Derivatives Balance Sheet Location Fair Value Fair Value Prepaid and other current assets $ — $ 107 Accrued expenses and other current liabilities $ 479 $ — Other long-term liabilities $ — $ 483
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: September 29, 2024 $ (820) Interest expense $ 194 $ (10,629) September 24, 2023 $ 801 Interest expense $ 203 $ (11,378) Interest rate swaps for the nine months ended: September 29, 2024 $ (80) Interest expense $ 591 $ (32,588) September 24, 2023 $ 2,225 Interest expense $ (40) $ (31,674)

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of restructuring related costs	The following table summarizes restructuring related costs recorded for the three and nine months ended September 29, 2024 (in thousands): Three Months Ended Nine Months Ended September 29, September 24, Long-lived asset impairment charges $ 1,145 $ 10,121 Loss on franchisee notes receivable 171 1,735 Loss on refranchising Company-owned restaurants 7 1,744 Professional services and other related costs 2,029 4,730 Employee termination costs, net (a) 84 452 Operating lease terminations 426 732 Total international transformation costs, net $ 3,862 $ 19,514 (a) Includes noncash reversal of $0.1 million related to the forfeiture of unvested stock-based compensation awards during the nine months ended September 29, 2024
Schedule of changes in accrued expenses related to approved initiatives	The following table presents changes in the balance of accrued expenses relating to approved initiatives, which are recorded in accrued expenses and other current liabilities in the Condensed Consolidated Balance Sheets (in thousands): Employee severance Professional services and other related costs Other Total Balance as of December 31, 2023 $ 1,227 $ 527 $ 29 $ 1,783 Charges 542 4,730 — 5,272 Payments (1,519) (4,181) (29) (5,729) Balance as of September 29, 2024 $ 250 $ 1,076 $ — $ 1,326

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 29, 2024
Segment Reporting [Abstract]
Schedule of segment information	The following tables present our segment information. Three Months Ended Nine Months Ended (In thousands) September 29, September 24, September 29, September 24, Revenues: Domestic Company-owned restaurants $ 168,672 $ 177,195 $ 518,103 $ 532,841 North America franchising 33,831 35,041 103,937 105,824 North America commissaries 210,389 204,887 611,873 624,433 International 39,098 48,481 132,318 128,539 All others 54,817 57,208 162,386 172,754 Total revenues $ 506,807 $ 522,812 $ 1,528,617 $ 1,564,391 Intersegment revenues: North America franchising $ 1,011 $ 1,040 $ 3,101 $ 3,117 North America commissaries 52,063 51,237 151,633 154,640 All others 13,472 16,180 40,422 49,363 Total intersegment revenues $ 66,546 $ 68,457 $ 195,156 $ 207,120 Operating income: Domestic Company-owned restaurants (a) $ (1,748) $ 6,147 $ 13,388 $ 19,438 North America franchising 31,865 32,234 97,985 97,745 North America commissaries (b) 53,599 10,691 77,337 31,818 International (c) 42 2,270 (8,612) 13,265 All others 2,834 2,379 8,202 6,879 Unallocated corporate expenses (d) (21,106) (20,792) (60,346) (63,859) Elimination of intersegment (profits) losses (257) (1,061) (781) (710) Total operating income $ 65,229 $ 31,868 $ 127,173 $ 104,576 Property and equipment, net: Domestic Company-owned restaurants $ 265,002 North America commissaries 150,527 International 26,902 All others 140,900 Unallocated corporate assets 248,855 Accumulated depreciation and amortization (565,678) Total property and equipment, net $ 266,508 ___________________________________ (a) The three and nine months ended September 29, 2024 includes $1.5 million and $5.5 million, respectively, of non-cash impairment and remeasurement charges related primarily to fixed and intangible assets from the refranchising of 15 Domestic restaurants. See “Note 11. Divestitures”. (b) The three and nine months ended September 29, 2024 includes $41.3 million pre-tax gain on sale of Texas and Florida QC Center properties, net of transaction costs. See “Note 11. Divestitures”. (c) The three and nine months ended September 29, 2024 includes $3.9 million and $19.5 million, respectively, of costs related to the International Transformation Plan. See “Note 9. Restructuring” for additional information. The three and nine months ended September 24, 2023 includes $1.2 million and $2.5 million of costs associated with repositioning the UK portfolio as well as transaction costs related to the acquisition of restaurants from franchisees. (d) The nine months ended September 24, 2023 includes $2.0 million of severance and related costs associated with the transition of certain executives. The three and nine months ended September 24, 2023 includes $0.6 million for certain legal settlements.
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 September 29, 2024 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 168,672 $ — $ — $ 2,425 $ — $ 171,097 Franchise royalties and fees — 34,842 — 11,999 — 46,841 Commissary sales — — 262,452 18,600 — 281,052 Other revenues — — — 6,074 68,289 74,363 Eliminations — (1,011) (52,063) — (13,472) (66,546) Total segment revenues 168,672 33,831 210,389 39,098 54,817 506,807 International other revenues (a) — — — (6,074) 6,074 — Total revenues $ 168,672 $ 33,831 $ 210,389 $ 33,024 $ 60,891 $ 506,807 Reportable Segments Three Months Ended September 24, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 177,195 $ — $ — $ 14,013 $ — $ 191,208 Franchise royalties and fees — 36,081 — 12,219 — 48,300 Commissary sales — — 256,124 16,695 — 272,819 Other revenues — — — 5,554 73,388 78,942 Eliminations — (1,040) (51,237) — (16,180) (68,457) Total segment revenues 177,195 35,041 204,887 48,481 57,208 522,812 International other revenues (a) — — — (5,554) 5,554 — Total revenues $ 177,195 $ 35,041 $ 204,887 $ 42,927 $ 62,762 $ 522,812 Reportable Segments Nine Months Ended September 29, 2024 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 518,103 $ — $ — $ 28,885 $ — $ 546,988 Franchise royalties and fees — 107,038 — 35,598 — 142,636 Commissary sales — — 763,506 48,950 — 812,456 Other revenues — — — 18,885 202,808 221,693 Eliminations — (3,101) (151,633) — (40,422) (195,156) Total segment revenues 518,103 103,937 611,873 132,318 162,386 1,528,617 International other revenues (a) — — — (18,885) 18,885 — Total revenues $ 518,103 $ 103,937 $ 611,873 $ 113,433 $ 181,271 $ 1,528,617 Reportable Segments Nine Months Ended September 24, 2023 Major Products/Services Lines Domestic Company-owned restaurants North America franchising North America commissaries International All others Total Company-owned restaurant sales $ 532,841 $ — $ — $ 17,031 $ — $ 549,872 Franchise royalties and fees — 108,941 — 36,906 — 145,847 Commissary sales — — 779,073 55,061 — 834,134 Other revenues — — — 19,541 222,117 241,658 Eliminations — (3,117) (154,640) — (49,363) (207,120) Total segment revenues 532,841 105,824 624,433 128,539 172,754 1,564,391 International other revenues (a) — — — (19,541) 19,541 — Total revenues $ 532,841 $ 105,824 $ 624,433 $ 108,998 $ 192,295 $ 1,564,391 ___________________________________ (a) Other revenues as reported in the Condensed Consolidated Statements of Operations include $6.1 million and $18.9 million of revenues for the three and nine months ended September 29, 2024, respectively, and $5.6 million and $19.5 million of revenues for the three and nine months ended September 24, 2023, 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 income before income taxes but must be reported on a gross basis under accounting requirements. The related expenses for these Other revenues are reported in Other expenses in the Condensed Consolidated Statements of Operations.

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details) - restaurant	Sep. 29, 2024	Sep. 24, 2023	Sep. 14, 2021
Significant Account Policies [Line Items]
Percentage of domestic restaurants franchised	85%
Senior notes
Significant Account Policies [Line Items]
Interest rate	3.875%		3.875%
Corporate Joint Venture
Significant Account Policies [Line Items]
Number of restaurants	98	98

Significant Accounting Polici_5

Significant Accounting Policies - Net Income Attributable to Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Noncontrolling Interest [Line Items]
Nonredeemable noncontrolling interests	$ (63)	$ 60	$ 318	$ 216
Total net income	41,808	15,861	68,687	56,005
Corporate Joint Venture
Noncontrolling Interest [Line Items]
Papa John’s International, Inc.	(46)	196	1,285	821
Redeemable noncontrolling interests	43	30	233	135
Nonredeemable noncontrolling interests	(63)	60	318	216
Total net income	$ (66)	$ 286	$ 1,836	$ 1,172

Significant Accounting Polici_6

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Fair Value, Recurring | Level 1
Financial assets:
Cash surrender value of life insurance policies	$ 30,822	$ 29,449
Interest rate swaps		0
Financial liabilities:
Interest rate swaps	0	0
Fair Value, Recurring | Level 2
Financial assets:
Cash surrender value of life insurance policies	0	0
Interest rate swaps		107
Financial liabilities:
Interest rate swaps	479	483
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	0
Carrying Value
Financial assets:
Cash surrender value of life insurance policies	30,822	29,449
Interest rate swaps		107
Financial liabilities:
Interest rate swaps	$ 479	$ 483

Significant Accounting Polici_7

Significant Accounting Policies - Fair Value Disclosure (Details) - Senior notes - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023	Sep. 14, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate	3.875%		3.875%
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
3.875% Senior Notes	$ 400,000	$ 400,000
Level 2 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
3.875% Senior Notes	$ 368,608	$ 352,500

Significant Accounting Polici_8

Significant Accounting Policies - Rollforward of the Allowance for Credit Losses for Accounts Receivable and Notes Receivable (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Accounts Receivable
Current period provision for expected credit losses, net	$ 2,936	$ 1,348
Accounts Receivable
Accounts Receivable
Balance at beginning of period	8,353
Current period provision for expected credit losses, net	1,612
Write-offs charged against the allowance	(1,235)
Balance at end of period	8,730
Notes Receivable
Notes Receivable
Balance at beginning of period	16,092
Current period provision for expected credit losses, net	1,324
Write-offs charged against the allowance	0
Balance at end of period	$ 17,416

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024 USD ($) restaurant lease	Sep. 24, 2023 USD ($)	Sep. 29, 2024 USD ($) restaurant lease	Sep. 24, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Sublease income	$ 2.7	$ 2.3	$ 7.1	$ 8
Number of domestic leases for which the Company is contingently liable | lease	75		75
Estimated maximum amount of undiscounted payments in the event of nonpayment by primary lessees	$ 6.9		$ 6.9
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	350		350
Initial lease terms on franchised sites	15 years		15 years

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 1,096	$ 1,128
Financing cash flows from finance leases	6,778	5,975
Operating cash flows from operating leases	30,045	28,394
Right-of-use assets obtained in exchange for new finance lease liabilities	3,809	16,518
Right-of-use assets obtained in exchange for new operating lease liabilities	60,120	17,652
Cash received from sublease income	$ 5,287	$ 7,160

Papa John's Marketing Fund, I_3

Papa John's Marketing Fund, Inc. (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 17,550	$ 40,587
Accounts receivable, net	101,804	104,244
Prepaid expenses and other current assets	51,873	42,285
Total current assets	215,857	231,018
Total assets	860,875	875,005
Current liabilities:
Accounts payable	62,800	74,949
Accrued expenses and other current liabilities	139,301	158,167
Current portion of long-term debt	5,650	0
Current deferred revenue	19,645	20,427
Total current liabilities	270,525	304,596
Deferred revenue	18,737	20,366
Total liabilities	1,275,557	1,317,770
Papa John's Marketing Fund Inc.
Current assets:
Cash and cash equivalents	3,753	5,494
Accounts receivable, net	16,250	18,026
Prepaid expenses and other current assets	7,872	2,223
Total current assets	27,875	25,743
Deferred income taxes	674	674
Total assets	28,549	26,417
Current liabilities:
Accounts payable	10	1,509
Accrued expenses and other current liabilities	21,515	22,245
Current portion of long-term debt	5,650	0
Current deferred revenue	3,832	4,327
Total current liabilities	31,007	28,081
Deferred revenue	2,165	2,627
Total liabilities	$ 33,172	$ 30,708

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized related to deferred revenue and customer loyalty program	$ 7,800	$ 8,100	$ 24,100	$ 24,400
Contract Liabilities
Beginning balance			40,793
Ending balance	38,382		38,382
Change			(2,411)
Contract assets	13,400		13,400		$ 7,900
Amortization expense related to contract assets	1,300	$ 900	4,000	$ 2,700
Franchise fee liabilities
Contract Liabilities
Beginning balance			20,564
Ending balance	19,670		19,670
Change			(894)
Unredeemed gift card liabilities
Contract Liabilities
Beginning balance			6,955
Ending balance	5,997		5,997
Change			(958)
Customer loyalty program obligations
Contract Liabilities
Beginning balance			13,274
Ending balance	$ 12,715		12,715
Change			$ (559)

Revenue Recognition - Transacti

Revenue Recognition - Transaction Price Allocated to Remaining Performance Obligations (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 38,382	$ 40,793
Franchise fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	16,334
Contract liabilities	19,670	$ 20,564
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,991
Remaining performance obligation period	3 months
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,615
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-28
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,421
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-09-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 2,175
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-09-25
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 1,939
Remaining performance obligation period	1 year
Franchise fees | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 4,193
Remaining performance obligation period
Area development fees
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract liabilities	$ 3,400

Common Stock - Share Authorized

Common Stock - Share Authorized and Outstanding (Details) - shares shares in Millions	Sep. 29, 2024	Dec. 31, 2023
Equity [Abstract]
Common stock authorized (in shares)	100	100
Common stock outstanding (in shares)	32.6	32.5

Common Stock - Share Repurchase

Common Stock - Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Mar. 01, 2023	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Oct. 28, 2021
Class of Stock [Line Items]
Total Number of Shares Purchased (in shares)		0	0	0	2,523,000
Average Price Paid per Share (in dollars per share)		$ 0	$ 0	$ 0	$ 83.10
Aggregate Cost of Shares Purchased		$ 0	$ 0	$ 0	$ 209,640
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs		$ 90,160	$ 90,160	$ 90,160	90,160
Aggregate consideration					212,444
Transaction costs on share repurchases					2,804
Transaction costs on share repurchases classified as non-cash financing activities					$ 2,100
Starboard | Related Party
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 consideration	$ 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		9 Months Ended
	Oct. 29, 2024	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Class of Stock [Line Items]
Dividends paid				$ 45,381	$ 43,641
Dividends paid per share (in dollars per share)				$ 1.38
Dividends declared per common share (in dollars per share)		$ 0.46	$ 0.46	$ 1.38	$ 1.30
Dividends declared on common stock		$ 15,308	$ 15,156	$ 45,350	$ 43,641
Subsequent Event
Class of Stock [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.46
Dividends declared on common stock	$ 15,200

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Earnings Per Share [Abstract]
Basic net income available to common stockholders	$ 41,808	$ 15,861	$ 68,687	$ 56,005
Diluted net income available to common stockholders	$ 41,808	$ 15,861	$ 68,687	$ 56,005
Basic weighted average number of shares (in shares)	32,745	32,564	32,701	33,053
Dilutive effect of outstanding equity awards (in shares)	185	236	149	234
Diluted weighted average number of shares (in shares)	32,930	32,800	32,850	33,287
Basic earnings per common share (in dollars per share)	$ 1.28	$ 0.49	$ 2.10	$ 1.69
Diluted earnings per common share (in dollars per share)	$ 1.27	$ 0.48	$ 2.09	$ 1.68
Antidilutive securities excluded from computation of earnings per share (in shares)	345	48	384	147

Debt - Summary of Long Term Deb

Debt - Summary of Long Term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding debt	$ 732,412	$ 764,000
Unamortized debt issuance costs	(5,407)	(6,578)
Current portion of long-term debt	(5,650)	0
Total long-term debt, net	721,355	757,422
Revolving facilities
Debt Instrument [Line Items]
Outstanding debt	332,412	364,000
Senior notes
Debt Instrument [Line Items]
Outstanding debt	400,000	$ 400,000
PJMF Revolving Facility
Debt Instrument [Line Items]
Outstanding debt	5,700
Current portion of long-term debt	$ (5,700)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023	Sep. 14, 2021
Debt Instrument [Line Items]
Current portion of long-term debt		$ 5,650		$ 5,650		$ 0
Interest paid, including payments made or received under the swaps		$ 13,900	$ 11,200	$ 34,300	$ 28,000
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		$ 273,200		$ 273,200
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]
Applicable interest rate		7.20%
Current portion of long-term debt		$ 5,700		$ 5,700
PJMF Revolving Facility | Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 30,000
Interest margin rate on debt	1.975%

Debt - Notional Amounts of Deri

Debt - Notional Amounts of Derivatives (Details) - Designated as hedging instrument - USD ($) $ in Millions	Sep. 29, 2024	Jun. 23, 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	Sep. 29, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Prepaid and other current assets	$ 0	$ 107
Accrued expenses and other current liabilities	479	0
Other long-term liabilities	$ 0	$ 483

Debt - Effect of Derivatives on

Debt - Effect of Derivatives on the Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total Net Interest Expense on Condensed Consolidated Statements of Operations	$ (10,629)	$ (11,378)	$ (32,588)	$ (31,674)
Interest expense | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in AOCL on Derivative	(820)	801	(80)	2,225
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	$ 194	$ 203	$ 591	$ (40)

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - International Transformation Plan $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Sep. 29, 2024 USD ($)	Sep. 29, 2024 USD ($) franchise	Sep. 29, 2024 USD ($) restaurant franchise
Restructuring Cost and Reserve [Line Items]
Number of restaurant closures | restaurant			43
Number of franchises closed | franchise			30
Long-lived asset impairment charges	$ 1,145		$ 10,121
Number of franchises sold | franchise		60
Loss on refranchising	7		1,744
Restructuring related costs incurred since commencement of the plan	21,700	$ 21,700	21,700
Minimum
Restructuring Cost and Reserve [Line Items]
Estimated pre-tax restructuring related costs	25,000	25,000	25,000
Maximum
Restructuring Cost and Reserve [Line Items]
Estimated pre-tax restructuring related costs	$ 35,000	$ 35,000	$ 35,000

Restructuring - Summary of Rest

Restructuring - Summary of Restructuring Related Costs (Details) - International Transformation Plan - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 29, 2024
Restructuring Cost and Reserve [Line Items]
Long-lived asset impairment charges	$ 1,145	$ 10,121
Loss on franchisee notes receivable	171	1,735
Loss on refranchising Company-owned restaurants	7	1,744
Operating lease terminations	426	732
Total international transformation costs, net	3,862	19,514
Professional services and other related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,029	4,730
Employee termination costs, net
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 84	452
Restructuring related forfeitures on unvested stock-based compensation awards		$ 100

Restructuring - Changes in the

Restructuring - Changes in the Balance of Accrued Expenses Related to Approved Initiatives (Details) - International Transformation Plan $ in Thousands	9 Months Ended
	Sep. 29, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1,783
Charges	5,272
Payments	(5,729)
Ending balance	1,326
Employee severance, net
Restructuring Reserve [Roll Forward]
Beginning balance	1,227
Charges	542
Payments	(1,519)
Ending balance	250
Professional services and other related costs
Restructuring Reserve [Roll Forward]
Beginning balance	527
Charges	4,730
Payments	(4,181)
Ending balance	1,076
Other
Restructuring Reserve [Roll Forward]
Beginning balance	29
Charges	0
Payments	(29)
Ending balance	$ 0

Litigation, Commitments and C_2

Litigation, Commitments and Contingencies (Details) $ in Millions	Apr. 14, 2022 USD ($)
Settled litigation | Papa Johns Employee and Franchise Employee Antitrust Litigation
Loss Contingencies [Line Items]
Settlement amount	$ 5

Divestitures (Details)

Divestitures (Details) $ in Thousands			3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) franchise	Aug. 02, 2024 USD ($) renewal_option asset	Sep. 29, 2024 USD ($)	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale-leaseback			$ 41,300	$ 41,300
Proceeds from dispositions				49,012	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Remeasurement loss on transfer to held for sale			1,500	$ 5,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price for sale of assets	$ 2,600
Number of franchises sold | franchise	15
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Domestic QC Centers
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of QC centers sold in sale-leaseback | asset		2
Purchase price for sale of assets		$ 46,700
Sale-leaseback lease term		17 years
Number of renewal options for sale-leaseback | renewal_option		2
Sale-leaseback lease renewal term		5 years
Percentage annual increase in rent for sale-leaseback		2.75%
Gain on sale-leaseback			41,300
Proceeds from dispositions			$ 46,700
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Domestic QC Centers | Texas QC Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual rent payments for the first year of sale-leaseback		$ 2,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Domestic QC Centers | Florida QC Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Annual rent payments for the first year of sale-leaseback		$ 1,000

Segment Information - Narrative

Segment Information - Narrative (Details)	9 Months Ended
	Sep. 29, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Schedule

Segment Information - Schedule of Segment Information (Details) $ in Thousands		3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2024 franchise	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Sep. 29, 2024 USD ($) franchise	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Total revenues		$ 506,807	$ 522,812		$ 1,528,617	$ 1,564,391
Total operating income		65,229	31,868		127,173	104,576
Accumulated depreciation and amortization		(565,678)		$ (565,678)	(565,678)
Total property and equipment, net		266,508		$ 266,508	266,508		$ 282,812
Non-cash impairment charges related to fixed and intangible assets					17,433	0
Gain on sale-leaseback		41,300			41,300
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Segment Reporting Information [Line Items]
Number of franchises sold | franchise	15
International Transformation Plan
Segment Reporting Information [Line Items]
Number of franchises sold | franchise				60
Restructuring related costs		3,862			19,514
Domestic Company-owned restaurants
Segment Reporting Information [Line Items]
Total revenues		168,672	177,195		518,103	532,841
North America franchising
Segment Reporting Information [Line Items]
Total revenues		33,831	35,041		103,937	105,824
North America commissaries
Segment Reporting Information [Line Items]
Total revenues		210,389	204,887		611,873	624,433
International
Segment Reporting Information [Line Items]
Total revenues		33,024	42,927		113,433	108,998
All others
Segment Reporting Information [Line Items]
Total revenues		60,891	62,762		181,271	192,295
Operating segments
Segment Reporting Information [Line Items]
Total revenues		506,807	522,812		1,528,617	1,564,391
Operating segments | Domestic Company-owned restaurants
Segment Reporting Information [Line Items]
Total revenues		168,672	177,195		518,103	532,841
Total operating income		(1,748)	6,147		13,388	19,438
Property and equipment, gross		265,002		$ 265,002	265,002
Non-cash impairment charges related to fixed and intangible assets		1,500			5,500
Operating segments | North America franchising
Segment Reporting Information [Line Items]
Total revenues		33,831	35,041		103,937	105,824
Total operating income		31,865	32,234		97,985	97,745
Operating segments | North America commissaries
Segment Reporting Information [Line Items]
Total revenues		210,389	204,887		611,873	624,433
Total operating income		53,599	10,691		77,337	31,818
Property and equipment, gross		150,527		150,527	150,527
Operating segments | International
Segment Reporting Information [Line Items]
Total revenues		39,098	48,481		132,318	128,539
Total operating income		42	2,270		(8,612)	13,265
Property and equipment, gross		26,902		26,902	26,902
Re-positioning and transaction costs			1,200			2,500
Operating segments | International | International Transformation Plan
Segment Reporting Information [Line Items]
Restructuring related costs		3,900			19,500
Operating segments | All others
Segment Reporting Information [Line Items]
Total revenues		54,817	57,208		162,386	172,754
Total operating income		2,834	2,379		8,202	6,879
Property and equipment, gross		140,900		140,900	140,900
Eliminations
Segment Reporting Information [Line Items]
Total revenues		(66,546)	(68,457)		(195,156)	(207,120)
Total operating income		(257)	(1,061)		(781)	(710)
Eliminations | North America franchising
Segment Reporting Information [Line Items]
Total revenues		(1,011)	(1,040)		(3,101)	(3,117)
Eliminations | North America commissaries
Segment Reporting Information [Line Items]
Total revenues		(52,063)	(51,237)		(151,633)	(154,640)
Eliminations | International
Segment Reporting Information [Line Items]
Total revenues		0	0		0	0
Eliminations | All others
Segment Reporting Information [Line Items]
Total revenues		(13,472)	(16,180)		(40,422)	(49,363)
Unallocated corporate expenses
Segment Reporting Information [Line Items]
Total operating income		(21,106)	(20,792)		(60,346)	(63,859)
Property and equipment, gross		$ 248,855		$ 248,855	$ 248,855
Severance and related costs						2,000
Legal settlements			$ 600			$ 600

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 506,807	$ 522,812	$ 1,528,617	$ 1,564,391
Domestic Company-owned restaurants
Disaggregation of Revenue [Line Items]
Total revenues	168,672	177,195	518,103	532,841
North America franchising
Disaggregation of Revenue [Line Items]
Total revenues	33,831	35,041	103,937	105,824
North America commissaries
Disaggregation of Revenue [Line Items]
Total revenues	210,389	204,887	611,873	624,433
International
Disaggregation of Revenue [Line Items]
Total revenues	33,024	42,927	113,433	108,998
International | International other revenue
Disaggregation of Revenue [Line Items]
Total revenues	(6,074)	(5,554)	(18,885)	(19,541)
All others
Disaggregation of Revenue [Line Items]
Total revenues	60,891	62,762	181,271	192,295
All others | International other revenue
Disaggregation of Revenue [Line Items]
Total revenues	6,074	5,554	18,885	19,541
Operating segments
Disaggregation of Revenue [Line Items]
Total revenues	506,807	522,812	1,528,617	1,564,391
Operating segments | Company-owned restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	171,097	191,208	546,988	549,872
Operating segments | Franchise royalties and fees
Disaggregation of Revenue [Line Items]
Total revenues	46,841	48,300	142,636	145,847
Operating segments | Commissary sales
Disaggregation of Revenue [Line Items]
Total revenues	281,052	272,819	812,456	834,134
Operating segments | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	74,363	78,942	221,693	241,658
Operating segments | Domestic Company-owned restaurants
Disaggregation of Revenue [Line Items]
Total revenues	168,672	177,195	518,103	532,841
Operating segments | Domestic Company-owned restaurants | Company-owned restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	168,672	177,195	518,103	532,841
Operating segments | North America franchising
Disaggregation of Revenue [Line Items]
Total revenues	33,831	35,041	103,937	105,824
Operating segments | North America franchising | Franchise royalties and fees
Disaggregation of Revenue [Line Items]
Total revenues	34,842	36,081	107,038	108,941
Operating segments | North America commissaries
Disaggregation of Revenue [Line Items]
Total revenues	210,389	204,887	611,873	624,433
Operating segments | North America commissaries | Commissary sales
Disaggregation of Revenue [Line Items]
Total revenues	262,452	256,124	763,506	779,073
Operating segments | International
Disaggregation of Revenue [Line Items]
Total revenues	39,098	48,481	132,318	128,539
Operating segments | International | Company-owned restaurant sales
Disaggregation of Revenue [Line Items]
Total revenues	2,425	14,013	28,885	17,031
Operating segments | International | Franchise royalties and fees
Disaggregation of Revenue [Line Items]
Total revenues	11,999	12,219	35,598	36,906
Operating segments | International | Commissary sales
Disaggregation of Revenue [Line Items]
Total revenues	18,600	16,695	48,950	55,061
Operating segments | International | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	6,074	5,554	18,885	19,541
Operating segments | All others
Disaggregation of Revenue [Line Items]
Total revenues	54,817	57,208	162,386	172,754
Operating segments | All others | Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	68,289	73,388	202,808	222,117
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(66,546)	(68,457)	(195,156)	(207,120)
Eliminations | North America franchising
Disaggregation of Revenue [Line Items]
Total revenues	(1,011)	(1,040)	(3,101)	(3,117)
Eliminations | North America commissaries
Disaggregation of Revenue [Line Items]
Total revenues	(52,063)	(51,237)	(151,633)	(154,640)
Eliminations | International
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Eliminations | All others
Disaggregation of Revenue [Line Items]
Total revenues	$ (13,472)	$ (16,180)	$ (40,422)	$ (49,363)