<SEC-DOCUMENT>0001157523-20-000633.txt : 20200601
<SEC-HEADER>0001157523-20-000633.hdr.sgml : 20200601
<ACCEPTANCE-DATETIME>20200501153020
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001157523-20-000633
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAPA JOHNS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000901491
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				611203323
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1227

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2002 PAPA JOHNS BOULEVARD
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40299-2334
		BUSINESS PHONE:		5022617272

	MAIL ADDRESS:	
		STREET 1:		P O BOX 99900
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40269-9990
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <div style="text-align: center;"><img src="papa_logo.jpg"></div>
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    <div style="background-color: #FFFFFF;">
      <div>May 1, 2020</div>
      <div><br>
      </div>
    </div>
    <div style="font-weight: bold;"><u>VIA EDGAR</u></div>
    <div>&#160;</div>
    <div>Mr.&#160;Blaise Rhodes</div>
    <div>Mr.&#160;Rufus Decker</div>
    <div>Division of Corporate Finance</div>
    <div>Office of Trade &amp; Services</div>
    <div>U.S. Securities and Exchange Commission</div>
    <div>100 F Street, N.E.</div>
    <div>Washington, D.C. 20549</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z175afffb7d55472491f643b0cdd6ef42" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 3.7%; vertical-align: top;">
            <div>Re:&#160;</div>
          </td>
          <td style="width: 96.3%; vertical-align: top;">
            <div>Papa John's International, Inc.</div>
            <div>Form 10-K for the Fiscal Year Ended December 29, 2019</div>
            <div>Filed February 26, 2020</div>
            <div>File No. 000-21660</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Dear Messrs.&#160;Rhodes and Decker:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Papa John&#8217;s International,&#160;Inc. (&#8220;Papa John&#8217;s&#8221; or the &#8220;Company&#8221;) submits this letter to document the outcome of the phone conversations between the staff
      (the &#8220;Staff&#8221;) of the Securities and Exchange Commission and the Company on April 21, 2020 and April 24, 2020 regarding the first two comments contained in your letter dated March 16, 2020 commenting on certain adjusted (non-GAAP) financial measures
      contained in the above-referenced filing, and the Company&#8217;s response letter dated April 13, 2020. Our conversations helped us better understand the Staff&#8217;s position regarding the non-GAAP adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For your convenience, we have repeated both of the Staff&#8217;s comments below together with the subheadings used in your letter. Each comment is followed by
      our response to that comment.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Form 10-K for the Fiscal Year Ended December 29, 2019</u></div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Item 7. Management's Discussion and Analysis of Financial
          Condition and Results of Operations</u><br>
      <u>Items Impacting Comparability; Non-GAAP Measures, page 40</u></div>
    <div><br>
    </div>
    <div style="font-style: italic;">Comment:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z7af1763476a946fd8f12d6e8cd799643" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Please tell us the consideration you gave to Question 100.01 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations in
                adjusting your non-GAAP measures to remove marketing fund investments made by you.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 3.6pt;"><font style="font-style: italic;">Response:</font> As
        discussed during the phone conversation between the Staff and the Company on April 24, 2020, beginning with the Company&#8217;s earnings release for the first quarter of fiscal 2020, the Company will no longer present adjusted (non-GAAP) financial
        results excluding the marketing fund investments made by the Company.<br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="font-style: italic;">Comment:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zd05eba2d2152422197f8e01512e899a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div>Please tell us the consideration you gave to Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations in
                adjusting your non-GAAP measures to add revenues you did not receive due to royalty relief.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="margin-right: 3.6pt;"><font style="font-style: italic;">Response: </font> As
        discussed during the phone conversation between the Staff and the Company on April 24, 2020, beginning with the Company&#8217;s earnings release for the first quarter of fiscal 2020, the Company will no longer present adjusted (non-GAAP) financial
        results adjusted to add revenues we did not receive due to royalty relief.<br>
        <br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">*****</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Thank you for your consideration in reviewing the above responses. Please direct any further comments or requests for additional information to my
      attention at (502) 261-4759.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Sincerely,</div>
    <div style="text-align: justify;">Papa John&#8217;s International,&#160;Inc.</div>
    <div>&#160;</div>
    <div>/s/ Steve Coke</div>
    <div><br>
    </div>
    <div>Steve Coke</div>
    <div>VP, Investor Relations &amp; Strategy</div>
    <div style="text-align: justify;">(Interim Principal Financial and Accounting Officer)</div>
    <div>&#160;</div>
    <div style="text-align: justify;">cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John Beckman, Hogan Lovells US LLP</div>
  </div>
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  <div style="text-align: center;" id="DSPFPageNumberArea"><font style="color: #000000; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
