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Papa John's Marketing Fund, Inc.
12 Months Ended
Dec. 29, 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 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 Advertising funds revenue and Advertising funds expense. 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 29,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents$12,038$5,494
Accounts receivable, net17,85418,026
Prepaid expenses and other current assets2,6832,223
Total current assets32,57525,743
Deferred income taxes1,019674
Other assets122
Total assets$33,716$26,417
Liabilities
Current liabilities:
Accounts payable$$1,509
Income and other taxes payable298
Accrued expenses and other current liabilities30,32422,245
Current deferred revenue4,9114,327
Total current liabilities 35,53328,081
Deferred revenue2,7832,627
Total liabilities$38,316$30,708