The following is a summary of the Papa John's International, Inc. (PZZA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Q1 2024 global system-wide restaurant sales were $1.23 billion, a 1% decrease in constant currency year-over-year.

• Total revenue for Q1 2024 was $514 million, down 2% from a year ago, largely due to decreases in North America commissary revenues and domestic company-owned restaurants.

• Adjusted operating income increased to $43 million in Q1 2024, from $39 million in Q1 2023, due to improved North America restaurant and commissary margins.

• Net cash provided by operating activities was lower at $12 million in Q1 2024, compared to $41 million in the same quarter in 2023.

• The company maintains strong liquidity with $260 million in cash and borrowings available under the revolving credit facility.

Business Progress:

• Launch of the 'Back to Better 2.0' strategy is aimed at enhancing marketing investment and effectiveness, accelerating North America development, and driving international transformation initiatives.

• The Crispy Cuppy 'Roni product and the 'Better Get You Some' brand platform are part of the company's enhanced marketing strategy.

• The company is improving margins and supply chain by optimizing labor models and maintaining cost discipline.

• Plans are in place to close 43 underperforming company-owned restaurants in the U.K to drive profitability and strengthen its franchisee base.

• Investments are planned in international consumer-facing technology and digital infrastructure to improve business efficiencies.

• The firm is focusing on strategic growth drivers including product innovation, marketing, and advancements in the technology stack.

• The introduction of third-party delivery services like Uber Eats and a plan to accelerate North American development by 20% year on year reflect the focus on customer convenience and business expansion.

• Ongoing initiatives reflect the company's commitment to improving unit economics, enhancing the consumer experience, and the pursuit of long-term growth and success.

More details: Papa John's IR

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