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 June 29, 2025 have not changed from those reported in “Part II.
−Removed: Quantitative and Qualitative Disclosure About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024.
+Added: The market risks associated with our debt obligations as of September 28, 2025 have not changed from those reported in “Part II.
+Added: Quantitative and
+Added: Qualitative Disclosure About Market Risk” in our Annual Report on Form 10-K for the fiscal year ended December 29, 2024.
Debt” of “Notes to Condensed Consolidated Financial Statements” for additional information on our debt obligations and derivative instruments.
2 unchanged sentences
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.
−Removed: Approximately 8.3% and 8.0% of our revenues were derived from these operations for the three and six months ended June 29, 2025, respectively, as compared to 7.8% and 7.9% for the prior year comparable period, respectively.
+Added: Approximately 8.8% and 8.2% of our revenues were derived from these operations for the three and nine months ended September 28, 2025, respectively, as compared to 6.5% and 7.4% for the prior year comparable period, respectively.
We have not historically hedged our exposure to foreign currency fluctuations.
−Removed: Foreign currency exchange rate fluctuations had a favorable impact of less than $1.9 million and a favorable impact of approximately $2.0 million on International revenues for the three and six months ended June 29, 2025, respectively;
−Removed: and an unfavorable impact of $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.
−Removed: Foreign currency exchange rate fluctuations had an unfavorable impact of approximately $0.1 million and a favorable impact of approximately $0.1 million on operating income for the three and six months ended June 29, 2025, respectively;
−Removed: and an unfavorable impact of approximately $0.5 million and an unfavorable impact of $1.4 million on operating income for the three and six months ended June 30, 2024, respectively.
+Added: Foreign currency exchange rate fluctuations had a favorable impact of approximately $0.9 million and a favorable impact of approximately $1.5 million on International revenues for the three and nine months ended September 28, 2025, respectively;
+Added: and an unfavorable impact of $0.1 million and a favorable impact of $1.6 million on International revenues for the three and nine months ended September 29, 2024, respectively.
+Added: Foreign currency exchange rate fluctuations had a favorable impact of approximately $0.1 million and a favorable impact of approximately $0.2 million on operating income for the three and nine months ended September 28, 2025, respectively;
+Added: and an unfavorable impact of approximately $0.5 million and an unfavorable impact of $1.7 million on operating income for the three and nine months ended September 29, 2024, respectively.
Commodity Price Risk
4 unchanged sentences
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.