Papa John's Marketing Fund, Inc.

6 Months Ended

Jun. 29, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 Advertising funds revenue and Advertising funds expense, respectively. 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 29, 2025		December 29, 2024
Assets
Current assets:
Cash and cash equivalents	$	15,037	$	12,038
Accounts receivable, net	16,357		17,854

Prepaid expenses and other current assets	5,691		2,683
Total current assets	37,085		32,575
Deferred income taxes	1,019		1,019
Other assets	85		122
Total assets	$	38,189	$	33,716

Liabilities
Current liabilities:

Income and other taxes payable	59		298
Accrued expenses and other current liabilities	41,496		30,324

Current deferred revenue	4,327		4,911
Total current liabilities	45,882		35,533
Deferred revenue	2,353		2,783
Total liabilities	$	48,235	$	38,316