Papa John's International, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Papa John's International, Inc. has filed its 2023 10-K report, outlining financial performance and segment data.</b>

AI Summary

PAPA JOHNS INTERNATIONAL INC (PZZA) filed a Annual Report (10-K) with the SEC on February 29, 2024. Papa John's International, Inc. filed its annual report for the fiscal year ended December 31, 2023. The report details financial performance across its Domestic Company Owned Restaurants, North America Franchising, North America Commissary, International, and Other segments. Key financial data includes information on interest expense related to interest rate swaps and reclassifications from accumulated other comprehensive income. The filing provides balance sheet information as of December 25, 2022, and December 31, 2023, including common stock and additional paid-in capital. The company is incorporated in Delaware and headquartered in Louisville, KY.

Why It Matters

For investors and stakeholders tracking PAPA JOHNS INTERNATIONAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Papa John's financial health and operational performance for the fiscal year 2023, crucial for investors to assess the company's stability and growth prospects. The detailed segment reporting allows stakeholders to understand the performance drivers within different geographical and operational areas, aiding in investment decisions.

Risk Assessment

Risk Level: medium — PAPA JOHNS INTERNATIONAL INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure. While it contains detailed financial information, it does not highlight any immediate, severe risks or significant positive developments that would drastically alter the company's risk profile from a medium assessment.

Analyst Insight

Investors should review the detailed segment performance and financial statements within the 10-K to identify any emerging trends or risks not explicitly highlighted.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-29 — Filing Date (Date filed)
• 136 — Document Count (Total public documents)

Key Players & Entities

• PAPA JOHNS INTERNATIONAL INC (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-29 (date) — Filing date
• Louisville, KY (location) — Company headquarters
• 0000901491 (company) — Central Index Key
• 5812 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — nge on which registered) Common Stock, $0.01 par value PZZA The Nasdaq Stock Market
• $1.4 million — generated average annual unit sales of $1.4 million. Operating Company-owned restaurants a
• $1.2 million — generated average annual unit sales of $1.2 million. These sales, while not included in the
• $17.5 million — 1, 2023 , net loans outstanding totaled $17.5 million . S ee "Note 2. Significant Accounting

Filing Documents

• pzza-20231231.htm (10-K) — 2842KB
• pzza-20231231x10kxexx21.htm (EX-21) — 8KB
• pzza-20231231x10kxexx231.htm (EX-23.1) — 5KB
• pzza-20231231x10kxexx311.htm (EX-31.1) — 9KB
• pzza-20231231x10kxexx312.htm (EX-31.2) — 9KB
• pzza-20231231x10kxexx321.htm (EX-32.1) — 4KB
• pzza-20231231x10kxexx322.htm (EX-32.2) — 4KB
• pzza-20231231x10kxexx971.htm (EX-97.1) — 18KB
• pzza-20231231_g1.jpg (GRAPHIC) — 214KB
• pzza-20231231_g2.jpg (GRAPHIC) — 79KB
• pzza-20231231_g3.jpg (GRAPHIC) — 1KB
• pzza-20231231_g4.jpg (GRAPHIC) — 1KB
• pzza-20231231_g5.jpg (GRAPHIC) — 1KB
• 0001628280-24-007791.txt (&nbsp;) — 15245KB
• pzza-20231231.xsd (EX-101.SCH) — 91KB
• pzza-20231231_cal.xml (EX-101.CAL) — 134KB
• pzza-20231231_def.xml (EX-101.DEF) — 511KB
• pzza-20231231_lab.xml (EX-101.LAB) — 1255KB
• pzza-20231231_pre.xml (EX-101.PRE) — 860KB
• pzza-20231231_htm.xml (XML) — 2268KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 26 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 30 Information About Our Executive Officers 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A.

Controls and Procedures

Controls and Procedures 97 Item 9B. Other Information 99 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 99 PART III Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 99 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 Item 13. Certain Relationships and Related Transactions, and Director Independence 100 Item 14. Principal Accounting Fees and Services 100 PART IV Item 15. Exhibits, Financial Statement Schedules 100 Item 16. Summary 103 2 Table of Contents PART I

Business

Item 1. Business General Papa John's International, Inc., a Delaware corporation (referred to as the "Company," "Papa John's," "Papa Johns" or in the first person notations of "we," "us" and "our"), operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants under the trademark "Papa Johns." Papa John's began operations in 1984. At December 31, 2023, there were 5,906 Papa John's restaurants in operation, consisting of 648 Company-owned and 5,258 franchised restaurants operating in 50 countries and territories. Our Company-owned restaurants include 98 restaurants operated under three joint venture arrangements. 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. Strategy We are committed to delivering on our brand promise "BETTER INGREDIENTS. BETTER PIZZA. " and a business strategy designed to drive sustainable long-term, profitable growth. Papa John's is driven by five strategic priorities: Build a culture of leaders who believe in diversity, inclusivity and winning. A diverse, inclusive environment is essential to attracting the talent that makes Papa Johns the world's best pizza delivery company. See the "Human Capital" section below where we discuss our ongoing initiatives in this area. Re-establish the superiority of our pizza via commercial platforms. We believe that using high quality ingredients leads to superior quality pizzas. Our original crust pizza dough is made from six simple ingredients and is fresh, never frozen. We also top our pizzas with our signature pizza sauce made with vine-ripened tomatoes, real cheese and meat full of flavor, not filler. Our marketing and menu strategies focus on craveable products that provide both value and variety to our customers, drive sales and importantly, do not add significant complexit

View Full Filing

View this 10-K filing on SEC EDGAR