<SEC-DOCUMENT>0001157523-21-000837.txt : 20210803
<SEC-HEADER>0001157523-21-000837.hdr.sgml : 20210803
<ACCEPTANCE-DATETIME>20210701161151
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001157523-21-000837
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210701

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:			1226

	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> <br>
      </div>
      <div>July 1, 2021</div>
      <div><br>
      </div>
    </div>
    <div style="font-weight: bold;"><u>VIA EDGAR</u></div>
    <div>&#160;</div>
    <div>Mr.&#160;Robert Shapiro</div>
    <div>Mr. Lyn Shenk</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="z84e5f138ca1748648260b1449fa583e9" 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%; vertical-align: top;">
            <div>Re:&#160;</div>
          </td>
          <td style="width: 97%; vertical-align: top;">
            <div>Papa John&#8217;s International, Inc.</div>
            <div>Form 10-K for the Fiscal Year Ended December 27, 2020</div>
            <div>Filed February 25, 2021</div>
            <div>File No. 000-21660</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Dear Messrs. Shapiro and Shenk:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We are writing in response to your letter dated June 21, 2021, commenting on the above-referenced filing of Papa John&#8217;s International,&#160;Inc. (&#8220;Papa John&#8217;s&#8221;
      or the &#8220;Company&#8221;). For your convenience, we have repeated each 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 27, 2020</u></div>
    <div><br>
    </div>
    <div style="font-weight: bold;"><u>Discussion of Operating Results, page 37</u></div>
    <div><br>
    </div>
    <div style="font-style: italic;">Comment:</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z245ff8c8d4954fe28e44cd9ea015e2a0" 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 style="text-align: justify;">Please revise the bolded table caption &#8220;Adjusted operating income&#8221; to &#8220;Total&#8221; or something similar to avoid labeling each column total as
                &#8220;Adjusted operating income.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; font-style: italic;">Response:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company respectfully acknowledges the staff&#8217;s comment and will revise the bolded table caption in the final row of its Adjusted operating income table
      to &#8220;Total&#8221; in future filings.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;"><u>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</u></div>
    <div style="text-align: justify; font-weight: bold;"><u>Results of Operations</u></div>
    <div style="text-align: justify; font-weight: bold;"><u>Discussion of Operating Results</u></div>
    <div style="text-align: justify; font-weight: bold;"><u>North American Franchising Segment, page 37</u></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="za92888583c0741e8b797ec20fd1786dd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div style="margin-left: 18pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Please quantify factors to which changes are attributed. For example, you state the increase in North America Franchising Segment was due to
                higher comparable sales and a higher effective royalty rate. Refer to Item 303(b) of Regulation S-K.</div>
            </td>
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    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 3.6pt; font-style: italic;">Response:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company respectfully acknowledges the staff&#8217;s comment and will endeavor to quantify factors to which material changes are attributed in future filings.
      For example, in its next two Quarterly Reports on Form 10-Q, the Company will quantify the comparable impact to North America franchising operating income of the temporary royalty reductions that are above and beyond the level of franchise assistance the Company would incur in the ordinary course of its business. This was a component of the formal relief program provided to the North America system through
      the third quarter of 2020. The Company will also monitor and disclose the quantitative impact of other temporary factors that provide material changes to operating results.</div>
    <div><br>
    </div>
    <div>Presented below for illustrative purposes is the Company&#8217;s proposed disclosure of results of operations in the North America Franchising Segment (for the 2020
      fiscal year compared to 2019) to disclose additional quantified details for factors to which changes are attributed. The newly added disclosure has been underlined to facilitate the staff&#8217;s review.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><font style="font-weight: bold;">North America Franchising Segment. &#160;</font>North
      America franchising operating income increased $25.4 million for 2020, primarily due to higher comparable sales of 18.6%. The fiscal year 2020 also benefited from a higher effective royalty rate compared to 2019 primarily due to <strike>lower royalty relief</strike>&#160;<u>higher franchise royalties of $4.8 million</u>
      in 2020 <u>as compared to 2019 as a result of ending in the third quarter of 2020 our temporary franchise royalty reduction program </u><u>that was above and beyond the level of franchise assistance the Company would incur in the ordinary course of its business,</u> as discussed in &#8220;Temporary Franchise Support.&#8221;</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 ann_gugino@papajohns.com.</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/ Ann Gugino</div>
    <div>&#160;</div>
    <div>Ann Gugino</div>
    <div>Chief Financial Officer</div>
    <div style="text-align: justify;">(Principal Financial and Accounting Officer)</div>
    <div>&#160;</div>
    <div>cc:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John Beckman, Hogan Lovells US LLP</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>
