Papa John's Marketing Fund, Inc.

12 Months Ended

Dec. 26, 2021

Papa John's Marketing Fund, Inc.

Papa John's Marketing Fund, Inc.

4. Papa John’s Marketing Fund, Inc.

PJMF, which is a consolidated variable interest entity 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 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 Consolidated Balance Sheets (in thousands):

	December 26,		December 27,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	24,481	$	9,394
Accounts receivable, net		14,150		23,711
Income tax receivable		300		192
Prepaid expenses and other current assets		1,718		1,914
Total current assets		40,649		35,211
Deferred income taxes		614		588
Total assets	$	41,263	$	35,799
Liabilities
Current liabilities:
Accounts payable	$	140	$	5,429
Income and other taxes payable		2		2
Accrued expenses and other current liabilities		40,154		32,578
Current deferred revenue		4,317		3,938
Total current liabilities		44,613		41,947
Deferred revenue		2,478		2,419
Total liabilities	$	47,091	$	44,366