PAPA JOHNS INTERNATIONAL INC 10-Q

Item 1A. Risk Factors Except as set forth below, there have been no material changes to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 25, 2022. We have recently acquired Company-owned restaurants in the United Kingdom, and are subject to increased risks presented by owning and operating stores internationally We recently acquired formerly-franchised Papa Johns restaurants located in the United Kingdom, and may purchase additional restaurants in the UK. Previously, all of the Papa Johns stores located in our International operations segment were franchised. As a result, the Company is exposed to risks of owning and operating stores located in the United Kingdom, including those related to business licensing and administrative challenges, international economic and political 41 conditions, currency regulations and fluctuations, compliance with international privacy and information security laws and regulations, the ability to adapt to differing cultures or consumer preferences, diverse government regulations and tax systems, the ability to identify, attract and retain experienced management and employee populations, and other legal, financial or regulatory impediments to the development or operation of the restaurants. In addition, the acquisition and operation of stores in the UK by the Company may exacerbate many of the same risks generally applicable to our International business, as detailed in our Annual Report on Form 10-K for the fiscal year ended December 25, 2022.