Papa John’s International, Inc. (NASDAQ:PZZA) Q4 2023 Earnings Call Transcript

So when you ask about where the upside is to maybe close some of that gap, I’m hopeful that, that upside is domestic. And I want to make — I want to make sure that we have been as transparent as possible and letting everyone know that on domestic restaurant opening is equivalent to 4 international openings, okay? So we — our royalty rates internationally are typically lower because of our master franchisee agreements than they are domestically. And our AUVs are about half the size on average. So this — everything that we’re doing right now around Back to Better 2.0, driving this development incentive.