Company Quick10K Filing
Papa John's
Price64.45 EPS0
Shares32 P/E386
MCap2,056 P/FCF33
Net Debt342 EBIT25
TEV2,398 TEV/EBIT95
TTM 2019-12-29, in MM, except price, ratios
10-Q 2021-03-28 Filed 2021-05-06
10-K 2020-12-27 Filed 2021-02-25
10-Q 2020-09-27 Filed 2020-11-05
10-Q 2020-06-28 Filed 2020-08-06
10-Q 2020-03-29 Filed 2020-05-06
10-K 2019-12-29 Filed 2020-02-26
10-Q 2019-09-29 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-30 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-07-01 Filed 2018-08-07
10-Q 2018-04-01 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-24 Filed 2017-10-31
10-Q 2017-06-25 Filed 2017-08-01
10-Q 2017-03-26 Filed 2017-05-02
10-K 2016-12-25 Filed 2017-02-21
10-Q 2016-09-25 Filed 2016-11-01
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10-Q 2016-03-27 Filed 2016-05-03
10-K 2015-12-27 Filed 2016-02-23
10-Q 2015-09-27 Filed 2015-11-03
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10-K 2014-12-28 Filed 2015-02-24
10-Q 2014-09-28 Filed 2014-11-04
10-Q 2014-06-29 Filed 2014-08-05
10-Q 2014-03-30 Filed 2014-05-06
10-K 2013-12-29 Filed 2014-02-25
10-Q 2013-09-29 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-30 Filed 2013-02-28
10-Q 2012-09-23 Filed 2012-10-31
10-Q 2012-06-24 Filed 2012-07-31
10-Q 2012-03-25 Filed 2012-05-01
10-K 2011-12-25 Filed 2012-02-21
10-Q 2011-09-25 Filed 2011-11-01
10-Q 2011-06-26 Filed 2011-08-02
10-Q 2011-03-27 Filed 2011-05-03
10-K 2010-12-26 Filed 2011-02-22
10-Q 2010-09-26 Filed 2010-11-03
10-Q 2010-06-27 Filed 2010-08-03
10-Q 2010-03-28 Filed 2010-05-04
10-K 2009-12-27 Filed 2010-02-23
8-K 2020-11-05
8-K 2020-10-29
8-K 2020-10-05
8-K 2020-09-29
8-K 2020-08-25
8-K 2020-08-06
8-K 2020-06-30
8-K 2020-05-27
8-K 2020-05-06
8-K 2020-04-23
8-K 2020-03-31
8-K 2020-02-26
8-K 2020-02-19
8-K 2020-02-10
8-K 2019-11-06
8-K 2019-11-01
8-K 2019-10-23
8-K 2019-09-27
8-K 2019-08-30
8-K 2019-08-26
8-K 2019-08-06
8-K 2019-06-19
8-K 2019-06-13
8-K 2019-06-10
8-K 2019-05-07
8-K 2019-04-30
8-K 2019-03-28
8-K 2019-03-21
8-K 2019-03-14
8-K 2019-03-06
8-K 2019-03-04
8-K 2019-02-26
8-K 2019-02-15
8-K 2019-02-14
8-K 2019-02-04
8-K 2019-02-03
8-K 2018-11-06
8-K 2018-11-02
8-K 2018-10-12
8-K 2018-10-09
8-K 2018-09-05
8-K 2018-08-07
8-K 2018-07-22
8-K 2018-07-15
8-K 2018-07-11
8-K 2018-05-21
8-K 2018-05-08
8-K 2018-05-02
8-K 2018-04-26
8-K 2018-03-01
8-K 2018-02-27
8-K 2018-02-09
8-K 2018-01-12

PZZA 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 pzza-20210328xex31d1.htm
EX-31.2 pzza-20210328xex31d2.htm
EX-32.1 pzza-20210328xex32d1.htm
EX-32.2 pzza-20210328xex32d2.htm

Papa John's Earnings 2021-03-28

Balance SheetIncome StatementCash Flow
0.80.60.30.1-0.2-0.42011201420172021
Assets, Equity
0.50.40.30.10.0-0.12011201420172021
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12011201420172021
Ops, Inv, Fin

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Table of Contents

Graphic

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 28, 2021

OR

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 0-21660

PAPA JOHN’S INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

Delaware

    

61-1203323

(State or other jurisdiction of

(I.R.S. Employer Identification

incorporation or organization)

number)

2002 Papa John’s Boulevard

Louisville, Kentucky 40299-2367

(Address of principal executive offices)

(502) 261-7272

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol

Name of each exchange on which registered:

Common stock, $0.01 par value

PZZA

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes  No 

Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

    

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

At April 30, 2021, there were outstanding 33,074,641 shares of the registrant’s common stock, par value $0.01 per share.

Table of Contents

INDEX

Page No.

PART I.

FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets — March 28, 2021 and December 27, 2020

3

Condensed Consolidated Statements of Operations — Three months ended March 28, 2021 and March 29, 2020

4

Condensed Consolidated Statements of Comprehensive Income (Loss) — Three months ended March 28, 2021 and March 29, 2020

5

Condensed Consolidated Statements of Stockholders’ Deficit — Three months ended March 28, 2021 and March 29, 2020

6

Condensed Consolidated Statements of Cash Flows — Three months ended March 28, 2021 and March 29, 2020

8

Notes to Condensed Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

Item 4.

Controls and Procedures

32

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

32

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

33

Item 6.

Exhibits

34

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

    

March 28,

    

December 27,

(In thousands, except per share amounts)

2021

2020

(Unaudited)

Assets

Current assets:

Cash and cash equivalents

$

171,272

$

130,204

Accounts receivable, net

76,008

90,135

Notes receivable, current portion

 

10,687

 

11,318

Income tax receivable

707

1,273

Inventories

 

27,552

 

30,265

Prepaid expenses and other current assets

 

45,355

 

43,212

Total current assets

 

331,581

 

306,407

Property and equipment, net

 

195,083

 

200,895

Finance lease right-of-use assets, net

22,710

16,840

Operating lease right-of-use assets

166,976

148,110

Notes receivable, less current portion, net

 

35,966

 

36,538

Goodwill

 

81,019

 

80,791

Deferred income taxes

6,890

10,800

Other assets

 

78,060

 

72,389

Total assets

$

918,285

$

872,770

Liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and Stockholders’ deficit

Current liabilities:

Accounts payable

$

32,020

$

37,370

Income and other taxes payable

 

25,308

 

10,263

Accrued expenses and other current liabilities

 

165,767

 

174,563

Current deferred revenue

19,807

19,590

Current finance lease liabilities

4,499

3,545

Current operating lease liabilities

24,322

23,538

Current portion of long-term debt

20,000

20,000

Total current liabilities

 

291,723

 

288,869

Deferred revenue

 

13,391

 

13,664

Long-term finance lease liabilities

18,533

13,531

Long-term operating lease liabilities

143,269

124,666

Long-term debt, less current portion, net

 

328,538

 

328,292

Deferred income taxes

 

267

 

948

Other long-term liabilities

 

104,601

 

111,364

Total liabilities

 

900,322

 

881,334

Series B Convertible Preferred Stock; $0.01 par value; 260.0 shares authorized, 252.5 shares issued and outstanding at March 28, 2021 and December 27, 2020

251,938

251,901

Redeemable noncontrolling interests

 

6,125

 

6,474

Stockholders’ deficit:

Common stock ($0.01 par value per share; issued 45,341 at March 28, 2021 and 45,288 at December 27, 2020)

453

453

Additional paid-in capital

 

251,285

 

254,103

Accumulated other comprehensive loss

 

(11,971)

 

(14,168)

Retained earnings

 

242,119

 

219,158

Treasury stock (12,660 shares at March 28, 2021 and 12,743 shares at December 27, 2020, at cost)

 

(737,268)

 

(741,724)

Total stockholders’ deficit

 

(255,382)

 

(282,178)

Noncontrolling interests in subsidiaries

 

15,282

 

15,239

Total Stockholders’ deficit

 

(240,100)

 

(266,939)

Total liabilities, Series B Convertible Preferred Stock, Redeemable noncontrolling interests and
Stockholders’ deficit

$

918,285

$

872,770

See accompanying notes.

3

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

    

Three Months Ended

March 28,

March 29,

(In thousands, except per share amounts)

    

2021

    

2020

Revenues:

Domestic Company-owned restaurant sales

$

197,234

$

161,440

North America franchise royalties and fees

 

32,715

 

19,440

North America commissary revenues

 

184,878

 

155,422

International revenues

 

34,607

26,059

Other revenues

62,312

47,498

Total revenues

 

511,746

 

409,859

Costs and expenses:

Operating costs (excluding depreciation and amortization shown separately below):

Domestic Company-owned restaurant expenses

155,888

129,111

North America commissary expenses

170,684

144,272

International expenses

19,618

15,101

Other expenses

55,807

45,957

General and administrative expenses

 

50,011

 

47,651

Depreciation and amortization

 

12,876

 

12,295

Total costs and expenses

 

464,884

 

394,387

Operating income

 

46,862

 

15,472

Net interest expense

 

(3,647)

(3,967)

Income before income taxes

 

43,215

 

11,505

Income tax expense

 

7,932

 

2,512

Net income before attribution to noncontrolling interests

 

35,283

 

8,993

Net income attributable to noncontrolling interests

 

(1,400)

 

(550)

Net income attributable to the Company

$

33,883

$

8,443

Calculation of net income for earnings per share:

Net income attributable to the Company

$

33,883

$

8,443

Dividends paid to participating securities and accretion

 

(3,527)

 

(3,471)

Net income attributable to participating securities

 

(3,243)

 

Net income attributable to common shareholders

$

27,113

$

4,972

Basic earnings per common share

$

0.83

$

0.15

Diluted earnings per common share

$

0.82

$

0.15

Basic weighted average common shares outstanding

 

32,756

 

32,093

Diluted weighted average common shares outstanding

 

33,090

 

32,320

Dividends declared per common share

$

0.225

$

0.225

See accompanying notes.

4

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

Three Months Ended

March 28,

March 29,

(In thousands)

    

2021

    

2020

Net income before attribution to noncontrolling interests

$

35,283

$

8,993

Other comprehensive income (loss), before tax:

Foreign currency translation adjustments

1,059

(2,825)

Interest rate swaps (1)

 

1,795

 

(10,919)

Other comprehensive income (loss), before tax

 

2,854

 

(13,744)

Income tax effect:

Foreign currency translation adjustments

 

(244)

 

650

Interest rate swaps (2)

 

(413)

 

2,511

Income tax effect

 

(657)

 

3,161

Other comprehensive income (loss), net of tax

 

2,197

 

(10,583)

Comprehensive income (loss) before attribution to noncontrolling interests

 

37,480

 

(1,590)

Less: comprehensive (income), redeemable noncontrolling interests

 

(787)

 

(176)

Less: comprehensive (income), nonredeemable noncontrolling interests

 

(613)

 

(374)

Comprehensive income (loss) attributable to the Company

$

36,080

$

(2,140)

(1)Amounts reclassified out of accumulated other comprehensive loss into net interest expense included ($1,709) and ($330) for the three months ended March 28, 2021 and March 29, 2020, respectively.

(2)The income tax effects of amounts reclassified out of accumulated other comprehensive loss into net interest expense were $385 and $80 for the three months ended March 28, 2021 and March 29, 2020, respectively.

See accompanying notes.

5

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit

(Unaudited)

Papa John’s International, Inc.

    

Common

    

    

    

    

    

Accumulated

    

    

    

    

    

    

    

Stock

Additional

Other

Noncontrolling

Total

(In thousands)

Shares

Common

Paid-In

Comprehensive

Retained

Treasury

Interests in

Stockholders’

For the three months ended March 28, 2021

Outstanding

Stock

Capital

Loss

Earnings

Stock

Subsidiaries

Deficit

Balance at December 27, 2020

32,545

$

453

$

254,103

$

(14,168)

$

219,158

$

(741,724)

$

15,239

$

(266,939)

Net income (1)

33,883

613

34,496

Other comprehensive income, net of tax

2,197

2,197

Cash dividends on common stock

31

(7,435)

(7,404)

Cash dividends on preferred stock

(3,412)

(3,412)

Exercise of stock options

41

2,298

2,298

Acquisition of Company common stock

(15)

(1,267)

(1,267)

Stock-based compensation expense

4,113

4,113

Issuance of restricted stock

104

(5,371)

5,371

Tax effect of restricted stock awards

(3,834)

(3,834)

Distributions to noncontrolling interests

(570)

(570)

Other

6

(55)

(75)

352

222

Balance at March 28, 2021

 

32,681

$

453

$

251,285

$

(11,971)

$

242,119

$

(737,268)

$

15,282

$

(240,100)

(1)Net income to the Company for the three months ended March 28, 2021 excludes $787 allocable to the redeemable noncontrolling interests for our joint venture arrangements.

At March 28, 2021, the accumulated other comprehensive loss of $11,971 was comprised of net unrealized foreign currency translation loss of $2,977 and net unrealized loss on the interest rate swap agreements of $8,994.

See accompanying notes.

6

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Deficit (continued)

(Unaudited)

Papa John’s International, Inc.

    

Common

    

    

    

    

    

Accumulated

    

    

    

    

    

    

    

Stock

Additional

Other

Noncontrolling

Total

(In thousands)

Shares

Common

Paid-In

Comprehensive

Retained

Treasury

Interests in

Stockholders’

For the three months ended March 29, 2020

Outstanding

Stock

Capital

Loss

Earnings

Stock

Subsidiaries

Deficit

Balance at December 29, 2019

 

31,894

$

447

$

219,047

$

(10,185)

$

205,697

$

(747,327)

$

15,665

$

(316,656)

Cumulative effect of adoption of ASU 2016-13 (1)

(1,066)

(1,066)

Adjusted balance at December 30, 2019

31,894

$

447

$

219,047

$

(10,185)

$

204,631

$

(747,327)

$

15,665

$

(317,722)

Net income (2)

 

 

 

 

 

8,443

 

 

374

 

8,817

Other comprehensive loss, net of tax

 

 

 

 

(10,583)

 

 

 

 

(10,583)

Cash dividends on common stock

 

 

 

55

 

 

(7,292)

 

 

 

(7,237)

Cash dividends on preferred stock

(3,412)

(3,412)

Exercise of stock options

 

27

 

1

 

1,240

 

 

 

 

 

1,241

Stock-based compensation expense

 

 

 

3,950

 

 

 

 

 

3,950

Issuance of restricted stock

 

47

 

 

(2,707)

 

 

 

2,707

 

 

Tax effect of restricted stock awards

 

 

 

(1,383)

 

 

 

 

(1,383)

Distributions to noncontrolling interests

(30)

(30)

Other

 

3

 

 

(15)

 

 

(83)

 

157

 

 

59

Balance at March 29, 2020

 

31,971

$

448

$

220,187

$

(20,768)

$

202,287

$

(744,463)

$

16,009

$

(326,300)

(1)As of December 30, 2019, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”.
(2)Net income to the Company at March 29, 2020 excludes $176 allocable to the redeemable noncontrolling interests for our joint venture arrangements.

At March 29, 2020, the accumulated other comprehensive loss of $20,768 was comprised of net unrealized foreign currency translation loss of $7,774 and net unrealized loss on the interest rate swap agreements of $12,994.

See accompanying notes.

7

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended

March 28,

March 29,

(In thousands)

    

2021

    

2020

Operating activities

Net income before attribution to noncontrolling interests

$

35,283

$

8,993

Adjustments to reconcile net income to net cash provided by operating activities:

(Credit) provision for allowance for credit losses on accounts and notes receivable

 

(1,098)

 

768

Depreciation and amortization

 

12,876

 

12,295

Deferred income taxes

 

2,586

 

1,185

Stock-based compensation expense

 

4,113

 

3,950

Other

 

325

 

234

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable

 

13,349

 

(1,839)

Income tax receivable

566

932

Inventories

 

2,721

 

(2,281)

Prepaid expenses and other current assets

 

711

 

5,586

Other assets and liabilities

 

(7,901)

 

2,670

Accounts payable

 

(5,350)

 

4,604

Income and other taxes payable

 

15,045

 

568

Accrued expenses and other current liabilities

 

(9,736)

 

(1,903)

Deferred revenue

 

(273)

 

(2,028)

Net cash provided by operating activities

 

63,217

 

33,734

Investing activities

Purchases of property and equipment

 

(7,076)

 

(5,933)

Notes issued

 

(3,417)

 

(7,413)

Repayments of notes issued

 

4,864

 

3,790

Acquisitions, net of cash acquired

 

(699)

 

Other

 

29

 

1

Net cash used in investing activities

 

(6,299)

 

(9,555)

Financing activities

Repayments of term loan

(5,000)

(5,000)

Net proceeds of revolving credit facilities

 

5,000

 

640

Proceeds from exercise of stock options

 

2,298

 

1,241

Dividends paid to common stockholders

(7,404)

(7,237)

Dividends paid to preferred stockholders

 

(3,412)

 

(3,412)

Tax payments for equity award issuances

 

(3,834)

 

(1,383)

Acquisition of Company common stock

 

(1,267)

 

Distributions to noncontrolling interests

 

(1,705)

 

(30)

Other

 

(756)

 

(350)

Net cash used in financing activities

 

(16,080)

 

(15,531)

Effect of exchange rate changes on cash and cash equivalents

 

230

 

(183)

Change in cash and cash equivalents

 

41,068

 

8,465

Cash and cash equivalents at beginning of period

 

130,204

 

27,911

Cash and cash equivalents at end of period

$

171,272

$

36,376

See accompanying notes.

8

Table of Contents

Papa John’s International, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Unaudited)

March 28, 2021

1.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements.  In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating results for the three months ended March 28, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 26, 2021.  For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report on Form 10-K for Papa John’s International, Inc. (referred to as the “Company”, “Papa John’s” or in the first-person notations of “we”, “us” and “our”) for the year ended December 27, 2020.

2.

Significant Accounting Policies

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant items that are subject to such estimates and assumptions include allowance for doubtful accounts and notes receivable, intangible assets, contract assets and contract liabilities, including the online customer loyalty program obligation and gift card breakage, right-of-use assets and lease liabilities, insurance reserves and tax reserves. Although management bases its estimates on historical experience and assumptions that are believed to be reasonable under the circumstances, actual results could significantly differ from these estimates.

Variable Interest Entity

Papa John’s domestic restaurants, both Company-owned and franchised, participate in Papa John’s Marketing Fund, Inc. (“PJMF”), a nonstock corporation designed to operate at break-even as it spends all annual contributions received from the system. PJMF 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. PJMF is a variable interest entity (“VIE”) that funds its operations with ongoing financial support and contributions from the domestic restaurants, of which approximately 80% are franchised, and does not have sufficient equity to fund its operations without these ongoing financial contributions. Based on an assessment of the governance structure and operating procedures of PJMF, the Company determined it has the power to control certain significant activities of PJMF, and therefore, is the primary beneficiary. The Company has consolidated PJMF in its financial results in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidations.”

Noncontrolling Interests

Papa John’s has four joint venture arrangements in which there are noncontrolling interests held by third parties that include 188 and 192 restaurants at March 28, 2021 and March 29, 2020, respectively.

Consolidated net income is required to be reported separately at amounts attributable to both the Company and the noncontrolling interests. Additionally, disclosures are required to clearly identify and distinguish between the interests of the Company and the interests of the noncontrolling owners, including a disclosure on the face of the Condensed Consolidated Statements of Operations of net income attributable to noncontrolling interests.

9

Table of Contents

Net income attributable to these joint ventures for the three months ended March 28, 2021 and March 29, 2020 was as follows (in thousands):

Three Months Ended

March 28,

March 29,

    

2021

    

2020

Papa John’s International, Inc.

$

2,349

$

1,131

Noncontrolling interests

 

1,400

 

550

Total net income

$

3,749

$

1,681

The following summarizes the redemption feature, location and related accounting within the Condensed Consolidated Balance Sheets for these joint venture arrangements:

    

    

Type of Joint Venture Arrangement

    

Location within the Balance Sheets

    

Recorded Value

Joint ventures with no redemption feature

 

Permanent equity

 

Carrying value

Joint ventures with option to require the Company to purchase the noncontrolling interest - not currently redeemable or redemption not probable