6 unchanged sentences
We do not enter into contracts for trading purposes and do not use leveraged instruments.
−Removed: The market risks associated with our debt obligations as of March 31, 2024 have not changed from those reported in “Part II.
+Added: The market risks associated with our debt obligations as of June 30, 2024 have not changed from those reported in “Part II.
Quantitative and Qualitative Disclosure About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
2 unchanged sentences
We are exposed to foreign currency exchange rate fluctuations from our operations outside of the United States, which can adversely impact our revenues, net income and cash flows.
−Removed: Our International operations principally consist of distribution sales to franchised Papa John’s restaurants located in the UK, operation of Company-owned restaurants in the UK, and our franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from our International franchisees.
−Removed: Approximately 7.9% of our revenues were derived from these operations for the three months ended March 31, 2024, as compared to 6.0% for the prior year comparable period.
+Added: Our International operations principally consist of distribution sales to franchised Papa Johns restaurants located in the UK, operation of Company-owned restaurants in the UK, and our franchise sales and support activities, which derive revenues from sales of franchise and development rights and the collection of royalties from our International franchisees.
+Added: Approximately 7.8% and 7.9% of our revenues were derived from these operations for the three and six months ended June 30, 2024, as compared to 6.7% and 6.3% for the prior year comparable period.
We have not historically hedged our exposure to foreign currency fluctuations.
−Removed: Foreign currency exchange rate fluctuations had a favorable impact of approximately $1.0 million and an unfavorable impact of $2.9 million on International revenues for the three months ended March 31, 2024 and three months ended March 26, 2023, respectively.
−Removed: Foreign currency exchange rate fluctuations had an unfavorable impact of approximately $0.9 million and $0.6 million on operating income for the three months ended March 31, 2024 and three months ended March 26, 2023, respectively.
+Added: Foreign currency exchange rate fluctuations had an unfavorable impact of approximately $0.2 million and a favorable impact of $0.8 million on International revenues for the three and six months ended June 30, 2024, respectively, and an unfavorable impact of $0.1 million and $3.0 million on International revenues for the three and six months ended June 25, 2023, respectively.
+Added: Foreign currency exchange rate fluctuations had an unfavorable impact of approximately $0.5 million and $1.4 million on operating income for the three and six months ended June 30, 2024, respectively, and a favorable impact of approximately $0.2 million and an unfavorable impact of approximately $0.5 million on operating income for the three and six months ended June 25, 2023, respectively.
Commodity Price Risk
1 unchanged sentence
We have pricing agreements with some of our vendors, including forward pricing agreements for a portion of our cheese purchases for our Domestic Company-owned restaurants, which are accounted for as normal purchases;
−Removed: however, we still remain exposed to ongoing commodity volatility, and increases in commodity prices or food costs, including as a result of inflation, could negatively impact our business, financial condition or results of operations.
+Added: however, we still remain
+Added: exposed to ongoing commodity volatility, and increases in commodity prices or food costs, including as a result of inflation, could negatively impact our business, financial condition or results of operations.
We have not historically entered into other financial instruments that would be accounted for as hedging instruments to manage this risk.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.