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Restatement of 2018 Consolidated Financial Statements | 12 Months Ended
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Dec. 29, 2019
Restatement of 2018 Consolidated Financial Statements |
Restatement of 2018 Consolidated Financial Statements | ​ ​ 27. Restatement of 2018 Consolidated Financial Statements ​ The following tables present the immaterial impact of consolidating Papa John’s Marketing Fund, Inc. in our 2018 consolidated financial statements. See Notes 2 and 5 for additional information. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated Balance Sheet | ​ | ​ | ​
​ | ​ | December 30, 2018 | ​
(In thousands) | ​ | As Reported | ​ | Change | ​ | As Restated | ​
Cash and cash equivalents | ​ | $ | 19,468 | ​ | $ | 13,790 | ​ | $ | 33,258 | ​
Accounts receivable, net | ​ | ​ | 67,854 | ​ | ​ | 10,264 | ​ | ​ | 78,118 | ​
Income tax receivable | ​ | ​ | 16,073 | ​ | ​ | 73 | ​ | ​ | 16,146 | ​
Prepaid expenses | ​ | ​ | 29,935 | ​ | ​ | 441 | ​ | ​ | 30,376 | ​
Other current assets | ​ | ​ | 5,677 | ​ | ​ | 1 | ​ | ​ | 5,678 | ​
Total current assets | ​ | ​ | 171,708 | ​ | ​ | 24,569 | ​ | ​ | 196,277 | ​
Deferred income taxes, net | ​ | ​ | 756 | ​ | ​ | 381 | ​ | ​ | 1,137 | ​
Total assets | ​ | ​ | 570,947 | ​ | ​ | 24,950 | ​ | ​ | 595,897 | ​
Accounts payable | ​ | ​ | 29,891 | ​ | ​ | (2,785) | ​ | ​ | 27,106 | ​
Accrued expenses and other current liabilities | ​ | ​ | 105,712 | ​ | ​ | 23,455 | ​ | ​ | 129,167 | ​
Current deferred revenue | ​ | ​ | 2,443 | ​ | ​ | 3,579 | ​ | ​ | 6,022 | ​
Current portion of long-term debt | ​ | ​ | 20,000 | ​ | ​ | 9 | ​ | ​ | 20,009 | ​
Total current liabilities | ​ | ​ | 164,636 | ​ | ​ | 24,258 | ​ | ​ | 188,894 | ​
Deferred revenue | ​ | ​ | 14,679 | ​ | ​ | 2,571 | ​ | ​ | 17,250 | ​
Total liabilities | ​ | ​ | 867,617 | ​ | ​ | 26,829 | ​ | ​ | 894,446 | ​
Retained earnings | ​ | ​ | 244,061 | ​ | ​ | (1,879) | ​ | ​ | 242,182 | ​
Total stockholders' deficit | ​ | ​ | (302,134) | ​ | ​ | (1,879) | ​ | ​ | (304,013) | ​
Total liabilities, Series B preferred stock, redeemable noncontrolling interests, and stockholders' deficit | ​ | ​ | 570,947 | ​ | ​ | 24,950 | ​ | ​ | 595,897 | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 30, 2018
(In thousands, except per share amounts) | ​ | As Reported | ​ | Change | ​ | As Restated
Consolidated Statements of Operations | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other revenues | ​ | $ | 81,428 | ​ | $ | 89,555 | ​ | $ | 170,983
Total revenues | ​ | ​ | 1,573,316 | ​ | ​ | 89,555 | ​ | ​ | 1,662,871
Domestic Company-owned restaurant expenses | ​ | ​ | 576,799 | ​ | ​ | 859 | ​ | ​ | 577,658
Other expenses | ​ | ​ | 84,016 | ​ | ​ | 86,540 | ​ | ​ | 170,556
General and administrative expenses | ​ | ​ | 192,551 | ​ | ​ | 983 | ​ | ​ | 193,534
Total costs and expenses | ​ | ​ | 1,542,647 | ​ | ​ | 88,382 | ​ | ​ | 1,631,029
Operating income | ​ | ​ | 30,380 | ​ | ​ | 1,173 | ​ | ​ | 31,553
Interest expense | ​ | ​ | (25,306) | ​ | ​ | (367) | ​ | ​ | (25,673)
Income before income taxes | ​ | ​ | 5,891 | ​ | ​ | 806 | ​ | ​ | 6,697
Income tax expense | ​ | ​ | 2,646 | ​ | ​ | (22) | ​ | ​ | 2,624
Net income before attribution to noncontrolling interests | ​ | ​ | 3,245 | ​ | ​ | 828 | ​ | ​ | 4,073
Net income attributable to the Company | ​ | ​ | 1,646 | ​ | ​ | 828 | ​ | ​ | 2,474
Net income attributable to common shareholders | ​ | ​ | 1,646 | ​ | ​ | 828 | ​ | ​ | 2,474
Basic earnings per common share | ​ | ​ | 0.05 | ​ | ​ | 0.03 | ​ | ​ | 0.08
Diluted earnings per common share | ​ | ​ | 0.05 | ​ | ​ | 0.03 | ​ | ​ | 0.08
Consolidated Statement of Cash Flows | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income before attribution to noncontrolling interests | ​ | $ | 3,245 | ​ | $ | 828 | ​ | $ | 4,073
Provision for uncollectible accounts and notes receivable | ​ | ​ | 4,761 | ​ | ​ | 2,088 | ​ | ​ | 6,849
Deferred income taxes | ​ | ​ | 1,705 | ​ | ​ | (85) | ​ | ​ | 1,620
Accounts receivable | ​ | ​ | 1,386 | ​ | ​ | 771 | ​ | ​ | 2,157
Income tax receivable | ​ | ​ | (12,170) | ​ | ​ | 13 | ​ | ​ | (12,157)
Prepaid expenses | ​ | ​ | (2,165) | ​ | ​ | 1,126 | ​ | ​ | (1,039)
Accounts payable | ​ | ​ | (1,694) | ​ | ​ | 1,294 | ​ | ​ | (400)
Accrued expenses and other current liabilities | ​ | ​ | 10,273 | ​ | ​ | 11,480 | ​ | ​ | 21,753
Deferred revenue | ​ | ​ | (271) | ​ | ​ | 2,144 | ​ | ​ | 1,873
Net cash provided by operating activities | ​ | ​ | 72,795 | ​ | ​ | 19,659 | ​ | ​ | 92,454
Financing activities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net proceeds (repayments) of revolving credit facilities | ​ | ​ | 175,000 | ​ | ​ | (11,415) | ​ | ​ | 163,585
Net cash used in financing activities | ​ | ​ | (36,682) | ​ | ​ | (11,415) | ​ | ​ | (48,097)
Change in cash and cash equivalents | ​ | ​ | (2,877) | ​ | ​ | 8,244 | ​ | ​ | 5,367
Cash and cash equivalents at beginning of period | ​ | ​ | 22,345 | ​ | ​ | 5,546 | ​ | ​ | 27,891
Cash and cash equivalents at end of period | ​ | ​ | 19,468 | ​ | ​ | 13,790 | ​ | ​ | 33,258
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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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