Papa John’s(PZZA) - 2021 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations, comprehensive income, stockholders' deficit, and cash flows, along with accompanying notes detailing significant accounting policies, lease information, revenue recognition, equity changes, debt, and segment information for Papa John's International, Inc. and its subsidiaries Condensed Consolidated Balance Sheets | (In thousands) | June 27, 2021 | December 27, 2020 | | :--- | :--- | :--- | | Assets | | | | Total current assets | $262,343 | $306,407 | | Total assets | $855,744 | $872,770 | | Liabilities & Equity | | | | Total current liabilities | $316,504 | $288,869 | | Total liabilities | $996,803 | $881,334 | | Total stockholders' deficit | $(147,898) | $(266,939) | - Total assets decreased from $872.8 million at December 27, 2020, to $855.7 million at June 27, 2021. Total liabilities increased from $881.3 million to $996.8 million, while total stockholders' deficit improved from $(266.9) million to $(147.9) million[10] Condensed Consolidated Statements of Operations | (In thousands, except per share amounts) | Three Months Ended June 27, 2021 | Three Months Ended June 28, 2020 | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $515,008 | $460,623 | $1,026,754 | $870,482 | | Operating income | $44,637 | $30,534 | $91,499 | $46,006 | | Net income attributable to the Company | $32,254 | $20,614 | $66,137 | $29,057 | | Basic (loss) earnings per common share | $(2.30) | $0.49 | $(1.47) | $0.65 | | Diluted (loss) earnings per common share | $(2.30) | $0.48 | $(1.47) | $0.65 | | Dividends declared per common share | $0.225 | $0.225 | $0.450 | $0.450 | - Total revenues increased by 11.8% for the three months ended June 27, 2021, and by 18.0% for the six months ended June 27, 2021, compared to the prior year periods. Operating income saw significant increases of 46.2% and 98.9% for the three and six months, respectively. However, basic and diluted EPS turned into a loss due to dividends on redemption of Series B Convertible Preferred Stock[12] Condensed Consolidated Statements of Comprehensive Income | (In thousands) | Three Months Ended June 27, 2021 | Three Months Ended June 28, 2020 | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net income before attribution to noncontrolling interests | $33,590 | $21,951 | $68,873 | $30,944 | | Other comprehensive income (loss), net of tax | $1,736 | $(336) | $3,933 | $(10,919) | | Comprehensive income attributable to the Company | $33,990 | $20,278 | $70,070 | $18,138 | - Comprehensive income attributable to the Company significantly increased by 67.6% to $33.99 million for the three months ended June 27, 2021, and by 286.3% to $70.07 million for the six months ended June 27, 2021, primarily driven by higher net income and positive other comprehensive income from foreign currency translation adjustments and interest rate swaps[14] Condensed Consolidated Statements of Stockholders' Deficit | (In thousands) | Balance at Dec. 27, 2020 | Balance at June 27, 2021 | | :--- | :--- | :--- | | Common Stock | $453 | $489 | | Additional Paid-In Capital | $254,103 | $435,608 | | Accumulated Other Comprehensive Loss | $(14,168) | $(10,235) | | Retained Earnings | $219,158 | $154,769 | | Treasury Stock | $(741,724) | $(743,819) | | Noncontrolling Interests in Subsidiaries | $15,239 | $15,290 | | Total Stockholders' Deficit | $(266,939) | $(147,898) | - The total stockholders' deficit improved significantly from $(266.9) million at December 27, 2020, to $(147.9) million at June 27, 2021. This was primarily due to an increase in additional paid-in capital from the conversion of Series B Convertible Preferred Stock and net income, partially offset by dividends on redemption of Series B Preferred Stock and cash dividends on common stock[20][57] Condensed Consolidated Statements of Cash Flows | (In thousands) | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $128,030 | $87,658 | | Net cash used in investing activities | $(19,467) | $(16,915) | | Net cash used in financing activities | $(142,871) | $(22,753) | | Change in cash and cash equivalents | $(33,991) | $47,788 | | Cash and cash equivalents at end of period | $96,213 | $75,699 | - Net cash provided by operating activities increased by $40.37 million (46.0%) for the six months ended June 27, 2021, primarily due to higher net income. However, net cash used in financing activities significantly increased by $120.12 million, mainly due to the repurchase and conversion of Series B Convertible Preferred Stock, leading to a net decrease in cash and cash equivalents[26][139][141] Notes to Condensed Consolidated Financial Statements 1. Basis of Presentation - The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim financial information and Form 10-Q instructions, not including all footnotes required for complete annual statements. Management deems all necessary adjustments, consisting of normal recurring accruals, to be included for fair presentation[27] 2. Significant Accounting Policies - Significant estimates and assumptions are made for items such as allowance for credit losses, intangible assets, contract assets/liabilities, right-of-use assets, lease liabilities, and insurance/tax reserves. Papa John's Marketing Fund, Inc. (PJMF) is consolidated as a variable interest entity (VIE) due to the Company's control[28][29] | (in thousands) | Accounts Receivable | Notes Receivable | | :--- | :--- | :--- | | Balance at December 27, 2020 | $3,622 | $3,211 | | Current period credit for expected credit losses | $(388) | $(544) | | Write-offs charged against the allowance | $(1,136) | $(844) | | Recoveries collected | — | $(268) | | Balance at June 27, 2021 | $2,098 | $1,555 | - The allowance for credit losses for accounts receivable decreased by $1.52 million, and for notes receivable by $1.66 million, from December 27, 2020, to June 27, 2021[40] 3. Leases - The Company subleases approximately 400 Papa John's restaurants to franchisees in the United Kingdom, generating $6.1 million in sublease income for the six months ended June 27, 2021, up from $5.0 million in the prior year[43] - The Company is contingently liable for $12.8 million in undiscounted payments for 75 domestic leases assigned during refranchising, though this liability is not included on the balance sheet as it is not probable to occur[44] | (in thousands) | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | | Operating cash flows from finance leases | $574 | $295 | | Financing cash flows from finance leases | $2,188 | $939 | | Operating cash flows from operating leases | $19,139 | $18,744 | | Right-of-use assets obtained in exchange for new finance lease liabilities | $8,393 | $19 | | Right-of-use assets obtained in exchange for new operating lease liabilities | $35,115 | $13,370 | | Cash received from sublease income | $5,890 | $5,014 | 4. Papa John's Marketing Fund, Inc. - PJMF collects a percentage of revenues from domestic Company-owned and franchised restaurants for advertising and promotional programs, with contributions and expenditures reported on a gross basis in the Condensed Consolidated Statements of Operations[47] | (in thousands) | June 27, 2021 | December 27, 2020 | | :--- | :--- | :--- | | Assets | | | | Total current assets | $42,031 | $35,211 | | Total assets | $42,537 | $35,799 | | Liabilities | | | | Total current liabilities | $44,427 | $41,947 | | Total liabilities | $46,350 | $44,366 | 5. Revenue Recognition - Contract liabilities, primarily franchise fees, unredeemed gift card liabilities, and loyalty program obligations, totaled $33.55 million at June 27, 2021, a slight increase from $33.25 million at December 27, 2020[50] - The Company recognized $18.2 million in revenue from deferred revenue for the six months ended June 27, 2021, up from $16.3 million in the prior year[49] | (in thousands) | Less than 1 Year | 1-2 Years | 2-3 Years | 3-4 Years | 4-5 Years | Thereafter | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Franchise fees | $2,285 | $2,070 | $1,806 | $1,584 | $1,344 | $2,715 | $11,804 | 6. Common Stock and Series B Convertible Preferred Stock - In Q2 2021, the Company repurchased and converted all outstanding Series B Convertible Preferred Stock for $188.6 million, resulting in a $109.9 million dividend on redemption that reduced net income attributable to common shareholders and diluted EPS by $3.15 and $3.23 for the three and six months ended June 27, 2021, respectively[57] - As of June 27, 2021, there were no Series B Preferred Stock shares outstanding, compared to 252,530 shares at December 27, 2020. Common stock outstanding increased to 36.2 million shares from 32.5 million shares[58] - The Board approved a 55.6% increase in the annual common stock dividend rate from $0.90 to $1.40, with a third-quarter dividend of $0.35 per share[62] 7. (Loss) Earnings Per Share | (In thousands, except per-share data) | Three Months Ended June 27, 2021 | Three Months Ended June 28, 2020 | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | :--- | :--- | | Net (loss) income attributable to common shareholders | $(79,898) | $15,707 | $(49,542) | $20,933 | | Basic (loss) earnings per common share | $(2.30) | $0.49 | $(1.47) | $0.65 | | Diluted (loss) earnings per common share | $(2.30) | $0.48 | $(1.47) | $0.65 | - Diluted loss per common share was $(2.30) for the three months and $(1.47) for the six months ended June 27, 2021, primarily due to a $109.9 million charge from the repurchase and conversion of Series B Preferred Stock[64][130] 8. Debt | (in thousands) | June 27, 2021 | December 27, 2020 | | :--- | :--- | :--- | | Outstanding debt | $425,000 | $350,000 | | Total long-term debt, net | $403,810 | $328,292 | - Total outstanding debt increased to $425.0 million at June 27, 2021, from $350.0 million at December 27, 2020, primarily due to increased borrowings on the revolving credit facility to fund the Series B Preferred Stock repurchase[66][127] - The Company uses interest rate swaps with a total notional value of $350.0 million to hedge against interest rate increases, resulting in a weighted average interest rate of 3.2% for the three and six months ended June 27, 2021, down from 3.8% in the prior year[71][72][75] 9. Commitments and Contingencies - The Company is involved in various lawsuits and claims, including a conditionally certified collective action regarding delivery driver mileage reimbursement. No liability has been recorded for this lawsuit as of June 27, 2021, as a loss is not deemed probable or reasonably estimable[77][78][79] 10. Strategic Corporate Reorganization for Long-term Growth - Papa John's is opening a new office in Atlanta, Georgia, in Fall 2021, as part of a strategic corporate reorganization. This initiative is expected to incur $17.0 to $20.0 million in one-time costs through 2021, with $13.2 million already incurred by June 27, 2021[81][82] | (in thousands) | Balance at Dec. 27, 2020 | Charges | Payments | Balance at June 27, 2021 | | :--- | :--- | :--- | :--- | :--- | | Employee severance and other employee transition costs | $4,615 | $3,291 | $(6,258) | $1,648 | | Recruiting and professional fees | $145 | $1,671 | $(1,612) | $204 | | Relocation costs | $101 | $1,559 | $(766) | $894 | | Other costs | — | $690 | $(690) | — | | Total strategic corporate reorganization liability | $4,861 | $7,211 | $(9,326) | $2,746 | 11. Segment Information - Papa John's operates four reportable segments: domestic Company-owned restaurants, North America franchising, North America commissaries, and international operations. Performance is evaluated based on operating income[85][86] | (In thousands) | Three Months Ended June 27, 2021 | Six Months Ended June 27, 2021 | | :--- | :--- | :--- | | Revenues: | | | | Domestic Company-owned restaurants | $196,124 | $393,358 | | North America franchising | $32,475 | $65,190 | | North America commissaries | $186,641 | $371,519 | | International | $46,277 | $88,881 | | All others | $53,491 | $107,806 | | Total revenues | $515,008 | $1,026,754 | | Operating income: | | | | Domestic Company-owned restaurants | $15,361 | $30,685 | | North America franchising | $30,518 | $60,961 | | North America commissaries | $9,778 | $19,491 | | International | $8,683 | $17,047 | | All others | $4,894 | $11,012 | | Total operating income | $44,637 | $91,499 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides an overview of Papa John's operations, recent developments, and a detailed analysis of financial performance for the three and six months ended June 27, 2021. Key highlights include strong system-wide sales growth, the repurchase and conversion of Series B Preferred Stock, ongoing strategic reorganization, and the sustained positive impact of the COVID-19 pandemic on demand Overview - As of June 27, 2021, Papa John's operated 5,523 restaurants (589 Company-owned and 4,934 franchised) across 49 countries and territories. Revenues are primarily from retail sales, franchise royalties, sales of food/paper products to franchisees, and marketing fund contributions[94] Recent Developments and Trends - The Company repurchased and converted all Series B Convertible Preferred Stock for $188.6 million in Q2 2021, eliminating preferred shares and increasing common stock outstanding[95][96] - Papa John's achieved its eighth consecutive quarter of system-wide sales growth, with two-year comparable sales up 33% in North America and 27% internationally, driven by innovation and accelerated new store openings (55 net restaurants in Q2)[97] - The COVID-19 pandemic has driven strong demand for Papa John's delivery and carryout model, contributing to comparable sales growth. The Company continues to implement health and safety measures and believes menu innovation and loyalty programs will sustain customer growth post-pandemic[99][100] Global Restaurant Sales Information | | Three Months Ended June 27, 2021 | Three Months Ended June 28, 2020 | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | :--- | :--- | | Comparable sales growth: | | | | | | North America restaurants | 5.2% | 28.0% | 14.8% | 16.6% | | International restaurants | 21.2% | 5.3% | 22.2% | 3.8% | | Total comparable sales growth | 9.0% | 22.2% | 16.6% | 13.3% | | System-wide restaurant sales growth (excluding foreign currency): | | | | | | North America restaurants | 6.2% | 25.7% | 15.2% | 15.0% | | International restaurants | 35.7% | 5.5% | 32.2% | 6.8% | | Total global system-wide restaurant sales growth | 12.2% | 20.8% | 19.0% | 13.0% | - Total global comparable sales growth was 9.0% for the three months and 16.6% for the six months ended June 27, 2021. International restaurants showed particularly strong comparable sales growth of 21.2% and 22.2% for the respective periods[103] - Total global system-wide restaurant sales growth (excluding foreign currency) was 12.2% for the three months and 19.0% for the six months ended June 27, 2021, indicating robust overall business expansion[103] Results of Operations | ($ in thousands) | Three Months Ended June 27, 2021 | Three Months Ended June 28, 2020 | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $515,008 | $460,623 | $1,026,754 | $870,482 | | Total costs and expenses | $470,371 | $430,089 | $935,255 | $824,476 | | Operating income | $44,637 | $30,534 | $91,499 | $46,006 | | Income before income taxes | $40,988 | $26,907 | $84,203 | $38,412 | - Consolidated revenues increased by 11.8% to $515.0 million for the three months and 18.0% to $1.03 billion for the six months ended June 27, 2021. Operating income increased by 46.2% and 98.9% for the respective periods[108][125] - Domestic Company-owned restaurant sales increased by 5.2% and 13.1% for the three and six months, respectively, driven by new product innovation like the Epic Stuffed Crust pizza and sustained pandemic-driven demand[109] - North America franchise royalties and fees increased by 34.3% and 49.5% for the three and six months, respectively, due to positive comparable sales and a higher effective royalty rate after ending the temporary franchise assistance program[110] - International revenues increased by 33.9% and 33.4% for the three and six months, respectively, benefiting from higher royalties, increased comparable sales (21.2% and 22.2%), and favorable foreign exchange rates[113] - Total costs and expenses as a percentage of total revenues decreased by 2.1% for the three months and 3.6% for the six months ended June 27, 2021, primarily due to lower international operating costs and higher margins from the online/mobile ordering business[117][119][120] - Net interest expense was relatively flat for the three months and decreased by $0.3 million for the six months ended June 27, 2021, due to lower interest rates partially offset by higher average outstanding debt[127] - Income tax expense increased due to higher income before taxes, but the effective tax rate decreased to 18.0% and 18.2% for the three and six months, respectively, primarily due to higher excess tax benefits from stock option exercises and restricted shares vesting[129] Diluted (Loss) Earnings Per Common Share | | Three Months Ended June 27, 2021 | Six Months Ended June 27, 2021 | | :--- | :--- | :--- | | GAAP diluted (loss)/earnings per share | $(2.30) | $(1.47) | | Strategic corporate reorganization costs | $0.10 | $0.22 | | Repurchase and conversion of Series B Preferred Stock | $3.15 | $3.23 | | Tax effect of strategic corporate reorganization costs | $(0.02) | $(0.04) | | Adjusted diluted earnings per share | $0.93 | $1.94 | - GAAP diluted loss per common share was $(2.30) for the three months and $(1.47) for the six months ended June 27, 2021. Excluding Special items (strategic corporate reorganization costs and Series B Preferred Stock repurchase/conversion), adjusted diluted earnings per share were $0.93 and $1.94 for the respective periods[130][132] Items Impacting Comparability; Non-GAAP Measures - The Company presents non-GAAP adjusted financial results to exclude 'Special items' such as strategic corporate reorganization costs and the repurchase/conversion of Series B Preferred Stock, which impact comparability. Management uses these adjusted metrics to evaluate underlying operating performance and analyze trends[131][133] | (In thousands) | Three Months Ended June 27, 2021 | Six Months Ended June 27, 2021 | | :--- | :--- | :--- | | GAAP operating income | $44,637 | $91,499 | | Strategic corporate reorganization costs | $3,328 | $7,211 | | Adjusted operating income | $47,965 | $98,710 | | GAAP net (loss)/income attributable to common shareholders | $(79,898) | $(49,542) | | Strategic corporate reorganization costs | $3,328 | $7,211 | | Repurchase and conversion of Series B Preferred Stock | $109,852 | $109,852 | | Tax effect of strategic corporate reorganization costs | $(745) | $(1,615) | | Adjusted net income attributable to common shareholders | $32,537 | $65,906 | Liquidity and Capital Resources This section details the Company's debt structure, cash flow activities, and dividend policies. It highlights the increase in debt due to the Series B Preferred Stock repurchase, improved operating cash flow, and a significant increase in common stock dividends Debt - The Company's secured revolving credit facility had $95.0 million outstanding at June 27, 2021 (up from $10.0 million at December 27, 2020), and the secured term loan facility had $330.0 million outstanding. Total availability under the PJI Facilities was approximately $259.2 million[135] - Papa John's was in compliance with all financial covenants as of June 27, 2021, with a Leverage Ratio of 2.2 to 1.0 (permitted up to 4.25 to 1.0) and an Interest Coverage Ratio of 4.8 to 1.0 (not less than 2.50 to 1.0)[137] - The weighted average interest rate on PJI Facilities, including interest rate swaps, was 3.2% for the three and six months ended June 27, 2021, down from 3.8% in the prior year[136] Cash Flows - Cash flow provided by operating activities increased by $40.3 million to $128.0 million for the six months ended June 27, 2021, primarily due to higher net income[139] - Cash flow used in investing activities increased by $2.6 million to $19.5 million, mainly due to higher capital expenditures[140] - Cash flow used in financing activities increased significantly by $120.1 million to $142.9 million, primarily driven by the $188.6 million cash payment for the repurchase and conversion of Series B Preferred Stock, partially offset by increased revolving credit facility proceeds[141] Dividends - The Board of Directors approved a 55.6% increase in the annual common stock dividend rate, from $0.90 to $1.40 per share, and declared a third-quarter dividend of $0.35 per common share[142] | (in thousands) | Six Months Ended June 27, 2021 | Six Months Ended June 28, 2020 | | :--- | :--- | :--- | | Net cash provided by operating activities | $128,030 | $87,658 | | Purchases of property and equipment | $(21,543) | $(13,795) | | Dividends paid to preferred stockholders | $(6,394) | $(6,825) | | Free cash flow | $100,093 | $67,038 | - Free cash flow, a non-GAAP measure, increased by 49.3% to $100.1 million for the six months ended June 27, 2021, compared to $67.0 million in the prior year[143] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section outlines the Company's exposure to market risks, including interest rate risk, foreign currency exchange rate risk, and commodity price risk. It details how these risks are managed and their impact on financial performance Interest Rate Risk - The Company uses interest rate swaps to hedge against potential interest rate increases on its Revolving Facility and Term Loan Facility, minimizing exposure to variable interest rates[151] Foreign Currency Exchange Rate Risk - Foreign currency fluctuations favorably impacted International revenues by approximately $3.8 million and $5.8 million for the three and six months ended June 27, 2021, respectively, and operating income by $0.9 million and $1.4 million for the same periods[153] - International operations, primarily distribution sales and royalties from UK franchisees, accounted for approximately 7% of total revenues for the three and six months ended June 27, 2021[152] Commodity Price Risk - The Company is exposed to commodity price volatility, particularly for cheese, its largest food cost item. While some forward pricing agreements are in place, the Company remains exposed to market fluctuations[154] | | 2021 Projected Block Price | 2020 Actual Block Price | | :--- | :--- | :--- | | Quarter 1 | $1.676 | $1.857 | | Quarter 2 | $1.680 | $1.679 | | Quarter 3 | $1.677 | $2.262 | | Quarter 4 | $1.822 | $2.235 | | Full Year | $1.714 | $2.008 | Item 4. Controls and Procedures The Company's management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of June 27, 2021. No material changes to internal control over financial reporting occurred during the most recent fiscal quarter - The Company's disclosure controls and procedures were deemed effective as of June 27, 2021[157] - No material changes to internal control over financial reporting occurred during the most recently completed fiscal quarter[158] PART II. OTHER INFORMATION Item 1. Legal Proceedings This section refers to the legal proceedings detailed in Note 9 of the financial statements, indicating the Company's involvement in various lawsuits and claims arising in the ordinary course of business, with accruals made where appropriate - The Company is involved in various lawsuits, claims, investigations, and proceedings, including intellectual property, employment, consumer, and commercial matters[159] - Accruals for these matters are made in accordance with ASC 450, 'Contingencies,' and are reviewed and adjusted quarterly[159] Item 1A. Risk Factors This section states that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 27, 2020 - No material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 27, 2020, have occurred[160] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section details the Company's share repurchase activities, including the ongoing common stock repurchase program and the significant repurchase and conversion of Series B Preferred Stock, along with minor repurchases for tax withholdings Share Repurchase Program - The Board authorized a $75.0 million common stock repurchase program through December 31, 2021. As of June 27, 2021, 116,000 shares were repurchased for $10.9 million at an average price of $94.24 per share. Approximately $59.8 million remained available as of July 30, 2021[161] | Fiscal Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | 5/24/2021 - 6/27/2021 | 68,000 | $101.20 | Repurchase & Conversion of Series B Preferred Stock - On May 11, 2021, the Company repurchased 78,387 shares of Series B Preferred Stock from Starboard and converted the remaining 171,613 shares into 3,458,360 common shares. On June 3, 2021, an additional 1,000 shares were repurchased and 1,530 converted into 30,769 common shares from franchisee investors. Total cash payments for these transactions amounted to $188.6 million[163] Repurchases of Stock for Tax Withholdings - During the fiscal quarter ended June 27, 2021, approximately 500 shares of common stock were acquired from employees to satisfy minimum tax withholding obligations related to restricted stock vesting and deferred compensation distributions[164] Item 5. Other Information This section reports the filing of a Certificate of Elimination for the Series B Preferred Stock, formally removing its designation from the Company's charter after all shares were repurchased and converted - On August 3, 2021, the Company filed a Certificate of Elimination to formally remove the Series B Preferred Stock designation from its Amended and Restated Certificate of Incorporation, returning the shares to authorized but unissued preferred stock status[165] Item 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including the Certificate of Elimination for Series B Convertible Preferred Stock, the Share Repurchase Agreement, an amendment to an endorsement agreement, CEO/CFO certifications, and financial statements in iXBRL format - Key exhibits include the Certificate of Elimination of Series B Convertible Preferred Stock, the Share Repurchase Agreement dated May 11, 2021, and certifications from the CEO and CFO[167] - Financial statements for the quarter ended June 27, 2021, are provided in iXBRL format as Exhibit 101[167] SIGNATURE This section contains the signature of the Chief Financial Officer, Ann B. Gugino, certifying the filing of the report on behalf of Papa John's International, Inc. on August 5, 2021 - The report was signed by Ann B. Gugino, Chief Financial Officer, on August 5, 2021[170]