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Restatement of 2018 Consolidated Financial Statements
12 Months Ended
Dec. 29, 2019
Restatement of 2018 Consolidated Financial Statements  
Restatement of 2018 Consolidated Financial Statements

27. Restatement of 2018 Consolidated Financial Statements

The following tables present the immaterial impact of consolidating Papa John’s Marketing Fund, Inc. in our 2018 consolidated financial statements. See Notes 2 and 5 for additional information.

Consolidated Balance Sheet

December 30, 2018

(In thousands)

As Reported

Change

As Restated

Cash and cash equivalents

$

19,468

$

13,790

$

33,258

Accounts receivable, net

67,854

10,264

78,118

Income tax receivable

16,073

73

16,146

Prepaid expenses

29,935

441

30,376

Other current assets

5,677

1

5,678

Total current assets

171,708

24,569

196,277

Deferred income taxes, net

756

381

1,137

Total assets

570,947

24,950

595,897

Accounts payable

29,891

(2,785)

27,106

Accrued expenses and other current liabilities

105,712

23,455

129,167

Current deferred revenue

2,443

3,579

6,022

Current portion of long-term debt

20,000

9

20,009

Total current liabilities

164,636

24,258

188,894

Deferred revenue

14,679

2,571

17,250

Total liabilities

867,617

26,829

894,446

Retained earnings

244,061

(1,879)

242,182

Total stockholders' deficit

(302,134)

(1,879)

(304,013)

Total liabilities, Series B preferred stock, redeemable noncontrolling interests, and stockholders' deficit

570,947

24,950

595,897

Year Ended

December 30, 2018

(In thousands, except per share amounts)

As Reported

Change

As Restated

Consolidated Statements of Operations

Other revenues

$

81,428

$

89,555

$

170,983

Total revenues

1,573,316

89,555

1,662,871

Domestic Company-owned restaurant expenses

576,799

859

577,658

Other expenses

84,016

86,540

170,556

General and administrative expenses

192,551

983

193,534

Total costs and expenses

1,542,647

88,382

1,631,029

Operating income

30,380

1,173

31,553

Interest expense

(25,306)

(367)

(25,673)

Income before income taxes

5,891

806

6,697

Income tax expense

2,646

(22)

2,624

Net income before attribution to noncontrolling interests

3,245

828

4,073

Net income attributable to the Company

1,646

828

2,474

Net income attributable to common shareholders

1,646

828

2,474

Basic earnings per common share

0.05

0.03

0.08

Diluted earnings per common share

0.05

0.03

0.08

Consolidated Statement of Cash Flows

Operating activities

Net income before attribution to noncontrolling interests

$

3,245

$

828

$

4,073

Provision for uncollectible accounts and notes receivable

4,761

2,088

6,849

Deferred income taxes

1,705

(85)

1,620

Accounts receivable

1,386

771

2,157

Income tax receivable

(12,170)

13

(12,157)

Prepaid expenses

(2,165)

1,126

(1,039)

Accounts payable

(1,694)

1,294

(400)

Accrued expenses and other current liabilities

10,273

11,480

21,753

Deferred revenue

(271)

2,144

1,873

Net cash provided by operating activities

72,795

19,659

92,454

Financing activities

Net proceeds (repayments) of revolving credit facilities

175,000

(11,415)

163,585

Net cash used in financing activities

(36,682)

(11,415)

(48,097)

Change in cash and cash equivalents

(2,877)

8,244

5,367

Cash and cash equivalents at beginning of period

22,345

5,546

27,891

Cash and cash equivalents at end of period

19,468

13,790

33,258