Papa John's Marketing Fund, Inc.

6 Months Ended

Jun. 30, 2024

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 30, 2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents	$	4,547	$	5,494
Accounts receivable, net	15,530		18,026
Prepaid expenses and other current assets	12,181		2,223
Total current assets	32,258		25,743
Deferred income taxes	674		674
Total assets	$	32,932	$	26,417
Liabilities
Current liabilities:
Accounts payable	$	—	$	1,509
Accrued expenses and other current liabilities	32,268		22,245
Current portion of long-term debt	2,375		—
Current deferred revenue	3,701		4,327
Total current liabilities	38,344		28,081
Deferred revenue	2,021		2,627
Total liabilities	$	40,365	$	30,708