Papa John's Marketing Fund, Inc.

12 Months Ended

Dec. 25, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 25, 2022		December 26, 2021
Assets
Current assets:
Cash and cash equivalents	$	17,174	$	24,481
Accounts receivable, net	14,780		14,150
Income tax receivable	—		300
Prepaid expenses and other current assets	1,815		1,718
Total current assets	33,769		40,649
Deferred income taxes	655		614
Total assets	$	34,424	$	41,263
Liabilities
Current liabilities:
Accounts payable	$	12,428	$	140
Income and other taxes payable	8		2
Accrued expenses and other current liabilities	17,928		40,154
Current deferred revenue	4,395		4,317
Total current liabilities	34,759		44,613
Deferred revenue	2,503		2,478
Total liabilities	$	37,262	$	47,091