Papa John's Marketing Fund, Inc.

6 Months Ended

Jun. 25, 2023

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 VIE 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 Condensed 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 Condensed Consolidated Balance Sheets (in thousands):

	June 25, 2023		December 25, 2022
Assets
Current assets:
Cash and cash equivalents	$	4,337	$	17,174
Accounts receivable, net	13,722		14,780
Income tax receivable	56		—
Prepaid expenses and other current assets	15,230		1,815
Total current assets	33,345		33,769
Deferred income taxes	655		655
Total assets	$	34,000	$	34,424
Liabilities
Current liabilities:
Accounts payable	$	741	$	12,428
Income and other taxes payable	2		8
Accrued expenses and other current liabilities	29,000		17,928
Current portion of long-term debt	15,529		—
Current deferred revenue	3,648		4,395
Total current liabilities	48,920		34,759
Deferred revenue	2,282		2,503
Total liabilities	$	51,202	$	37,262