$PZZA

PAPA JOHNS INTERNATIONAL INC

CIK:0000901491|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Revenues:
Total revenues	$ 482,397	$ 529,166	$ 961,006	$ 1,047,475
Costs and expenses:
Cost of sales	339,025	371,716	679,917	738,212
General and administrative expenses	58,954	70,118	114,950	135,285
Depreciation and amortization	19,248	18,819	36,977	37,162
Advertising funds expense	41,983	44,023	85,217	88,361
Total costs and expenses	459,210	504,676	917,061	999,020
Operating income	23,187	24,490	43,945	48,455
Net interest expense	(9,516)	(10,584)	(19,199)	(20,663)
Income before income taxes	13,671	13,906	24,746	27,792
Income tax expense	(4,971)	(4,235)	(9,108)	(8,778)
Net income	8,700	9,671	15,638	19,014
Net (income) loss attributable to noncontrolling interests	(167)	(140)	150	(261)
Net income attributable to the Company	8,533	9,531	15,788	18,753
Net income attributable to common shareholders	$ 8,104	$ 9,267	$ 15,063	$ 18,295
Basic earnings per common share (in dollars per share)	$ 0.25	$ 0.28	$ 0.46	$ 0.56
Diluted earnings per common share (in dollars per share)	$ 0.24	$ 0.28	$ 0.46	$ 0.56
Basic weighted average common shares outstanding (in shares)	33,024	32,849	32,980	32,808
Diluted weighted average common shares outstanding (in shares)	33,129	32,969	33,069	32,932
Company-owned restaurant sales
Revenues:
Total revenues	$ 142,182	$ 178,989	$ 285,316	$ 352,870
Franchise royalties and fees
Revenues:
Total revenues	46,585	48,302	94,163	96,358
Commissary revenues
Revenues:
Total revenues	230,818	234,576	453,459	463,517
Other revenues
Revenues:
Total revenues	21,459	23,136	43,247	46,893
Advertising funds revenue
Revenues:
Total revenues	$ 41,353	$ 44,163	$ 84,821	$ 87,837

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Operating activities
Net income	$ 15,638	$ 19,014
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for allowance for credit losses on accounts and notes receivable	3,652	3,284
Depreciation and amortization	36,977	37,162
Deferred income taxes	664	1,600
Stock-based compensation expense	7,466	7,493
Refranchising and impairment (gain) loss	(1,035)	1,693
Loss on disposal of property and equipment	729	2,576
Other	1,490	237
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	3,717	1,082
Income tax receivable	4,624	(308)
Inventories	1,567	(1,980)
Prepaid expenses and other current assets	(4,651)	(3,693)
Other assets and liabilities	(5,796)	(3,160)
Accounts payable	6,657	12,609
Income and other taxes payable	(116)	(6,132)
Accrued expenses and other current liabilities	(20,686)	(9,315)
Deferred revenue	(5,961)	(3,812)
Advertising fund assets and liabilities	(9,108)	8,493
Net cash provided by operating activities	35,828	66,843
Investing activities
Purchases of property and equipment	(26,356)	(30,305)
Purchases of property and equipment related to damages from natural disasters	(1,221)	(1,366)
Insurance proceeds related to damages from natural disasters	850	2,900
Repayments of notes issued	1,256	4,534
Proceeds from dispositions and refranchising, net of cash transferred	4,295	0
Proceeds from investments	3,232	4,739
Other	0	109
Net cash used in investing activities	(17,944)	(19,389)
Financing activities
Net proceeds (repayments) of revolving credit facilities	11,259	(212,927)
Proceeds from term loan	0	200,000
Debt issuance costs	0	(3,223)
Proceeds from exercise of stock options	0	397
Dividends paid to common stockholders	(30,864)	(30,493)
Tax payments for equity award issuances	(1,584)	(1,208)
Distributions to noncontrolling interests	(73)	(339)
Principal payments on finance leases	(5,117)	(4,903)
Other	231	(55)
Net cash used in financing activities	(26,148)	(52,751)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(196)	641
Change in cash, cash equivalents, and restricted cash	(8,460)	(4,656)
Cash, cash equivalents, and restricted cash at beginning of period	36,950	37,955
Cash, cash equivalents, and restricted cash at end of period	$ 28,490	$ 33,299

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
Current assets:
Cash, cash equivalents, and restricted cash	$ 28,490	$ 36,950
Accounts receivable, net	94,512	103,068
Notes receivable, current portion	1,630	3,387
Income tax receivable	1,566	6,189
Inventories	32,546	34,336
Prepaid expenses and other current assets	65,116	48,895
Assets held for sale	10,503	4,607
Total current assets	234,363	237,432
Property and equipment, net	241,707	251,312
Finance lease right-of-use assets, net	35,842	39,039
Operating lease right-of-use assets, net	152,826	161,606
Notes receivable, less current portion, net	4,068	3,262
Goodwill	64,799	67,576
Other assets	71,426	77,281
Total assets	805,031	837,508
Current liabilities:
Accounts payable	67,947	61,218
Income and other taxes payable	8,807	8,941
Accrued expenses and other current liabilities	149,365	169,015
Current deferred revenue	8,927	13,096
Current finance lease liabilities	10,101	9,999
Current operating lease liabilities	22,813	23,725
Current portion of long-term debt	12,270	4,997
Liabilities held for sale	2,614	0
Total current liabilities	282,844	290,991
Deferred revenue	17,493	19,294
Long-term finance lease liabilities	27,711	30,804
Long-term operating lease liabilities	147,407	156,405
Long-term debt, less current portion, net	715,218	710,436
Other long-term liabilities	55,571	62,264
Total liabilities	1,246,244	1,270,194
Redeemable noncontrolling interests	1,061	980
Stockholders’ deficit:
Common stock ($0.01 par value per share; issued 49,303 at June 28, 2026 and 49,303 at December 28, 2025)	493	493
Additional paid-in capital	455,708	457,112
Accumulated other comprehensive loss	(5,717)	(6,452)
Retained earnings	195,297	210,763
Treasury stock (16,385 shares at June 28, 2026 and 16,502 shares at December 28, 2025, at cost)	(1,098,835)	(1,106,666)
Total stockholders’ deficit	(453,054)	(444,750)
Noncontrolling interests in subsidiaries	10,780	11,084
Total Stockholders’ deficit	(442,274)	(433,666)
Total Liabilities, Redeemable noncontrolling interests and Stockholders’ deficit	$ 805,031	$ 837,508