Papa John's International Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Papa John's International Inc. submitted its Q1 2024 10-Q filing, detailing financial performance and segment operations.</b>

AI Summary

PAPA JOHNS INTERNATIONAL INC (PZZA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Papa John's International Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key segments include Domestic Company Owned Restaurants, North America Franchising, North America Commissary, International, and Other. The company utilizes interest rate swaps and reclassifications related to cash flow hedges. Financial data includes common stock, additional paid-in capital, accumulated other comprehensive income, retained earnings, treasury stock, and noncontrolling interest as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking PAPA JOHNS INTERNATIONAL INC, this filing contains several important signals. This filing provides investors with a detailed look at Papa John's financial health and operational performance during the first quarter of 2024. Understanding the segment performance and financial instruments like interest rate swaps is crucial for assessing the company's growth strategies and risk management.

Risk Assessment

Risk Level: medium — PAPA JOHNS INTERNATIONAL INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information. However, the absence of specific financial performance metrics like revenue or net income in the provided data limits a deeper risk assessment.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, including revenue, net income, and cash flow, to assess the company's performance and future outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-01-01 — Period Start Date (Reporting period for Q1 2024)
• 2023-12-31 — Previous Year End Date (Fiscal year end for balance sheet comparison)
• 2022-12-26 — Prior Year Period Start Date (Reporting period for prior year comparison)
• 2023-03-26 — Prior Year Period End Date (Reporting period for prior year comparison)

Key Players & Entities

• PAPA JOHNS INTERNATIONAL INC (company) — Filer name
• PZZA (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• Louisville (location) — Business address city
• DE (location) — State of incorporation

FAQ

Risk Factors

• Financial Reporting [medium — financial]: The filing details various financial statement components and segment reporting for the period.
• SEC Filings Compliance [low — regulatory]: The company is required to file quarterly reports (10-Q) under SEC regulations.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during a specific quarter.)

Interest Rate Swap

A derivative contract where two parties exchange interest rate cash flows. (Used by companies to manage interest rate risk on their debt or investments.)

Key Financial Figures

• $0.01 — changeonwhichregistered: Common stock, $0.01 par value PZZA The NASDAQ Stock Market

Filing Documents

• pzza-20240331.htm (10-Q) — 1265KB
• pzza-20240331xexx311.htm (EX-31.1) — 10KB
• pzza-20240331xexx321.htm (EX-32.1) — 4KB
• pzza-20240331_g1.jpg (GRAPHIC) — 214KB
• 0001628280-24-021948.txt (&nbsp;) — 7660KB
• pzza-20240331.xsd (EX-101.SCH) — 42KB
• pzza-20240331_cal.xml (EX-101.CAL) — 70KB
• pzza-20240331_def.xml (EX-101.DEF) — 271KB
• pzza-20240331_lab.xml (EX-101.LAB) — 606KB
• pzza-20240331_pre.xml (EX-101.PRE) — 452KB
• pzza-20240331_htm.xml (XML) — 1032KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets — March 31 , 202 4 and December 31 , 202 3 1 Condensed Consolidated Statements of Operations — Three months ended March 31, 2024 a nd Marc h 26 , 20 23 2 Condensed Consolidated Statements of Comprehensive Income — Three months ended March 31 , 202 4 and March 2 6 , 20 23 3 Condensed Consolidated Statements of Stockholders' Deficit — Three months ended March 31 , 202 4 and March 2 6 , 202 3 4 Condensed Consolidated Statements of Cash Flows — Three months ended March 31 , 202 4 and March 2 6 , 202 3 6 Notes to Condensed Consolidated Financial Statements 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 5. O ther Information 35 Item 6. Exhibits 35 i

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Papa John's International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except per share amounts) March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 27,768 $ 40,587 Accounts receivable, net 94,506 104,244 Notes receivable, current portion 5,802 5,199 Income tax receivable 1,906 2,577 Inventories 38,073 36,126 Prepaid expenses and other current assets 57,872 42,285 Total current assets 225,927 231,018 Property and equipment, net 273,303 282,812 Finance lease right-of-use assets, net 30,747 31,740 Operating lease right-of-use assets 153,880 164,158 Notes receivable, less current portion, net 11,010 12,346 Goodwill 75,975 76,206 Other assets 76,325 76,725 Total assets $ 847,167 $ 875,005 Liabilities, Redeemable noncontrolling interests and Stockholders' deficit Current liabilities: Accounts payable $ 61,014 $ 74,949 Income and other taxes payable 22,487 17,948 Accrued expenses and other current liabilities 143,401 158,167 Current deferred revenue 20,727 20,427 Current finance lease liabilities 8,495 9,029 Current operating lease liabilities 24,710 24,076 Current portion of long-term debt 1,800 — Total current liabilities 282,634 304,596 Deferred revenue 18,780 20,366 Long-term finance lease liabilities 23,726 24,144 Long-term operating lease liabilities 143,797 151,050 Long-term debt, less current portion, net 761,317 757,422 Other long-term liabilities 62,395 60,192 Total liabilities 1,292,649 1,317,770 Redeemable noncontrolling interests 941 851 Stockholders' deficit: Common stock ($ 0.01 par value per share; issued 49,278 at March 31, 2024 and 49,235 at December 31, 2023) 493 492 Additional paid-in capital 444,793 452,290 Accumulated other comprehensive loss ( 7,554 ) ( 7,803 ) Retained earnings 218,608 219,027 Treasury stock ( 16,674 shares at March 31, 2024 and 16,747 shares at December 31, 2023, at cost) ( 1

View Full Filing

View this 10-Q filing on SEC EDGAR