<SEC-DOCUMENT>0001157523-17-002908.txt : 20171031
<SEC-HEADER>0001157523-17-002908.hdr.sgml : 20171031
<ACCEPTANCE-DATETIME>20171031170544
ACCESSION NUMBER:		0001157523-17-002908
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171031
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20171031
DATE AS OF CHANGE:		20171031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAPA JOHNS INTERNATIONAL INC
		CENTRAL INDEX KEY:			0000901491
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				611203323
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21660
		FILM NUMBER:		171166458

	BUSINESS ADDRESS:	
		STREET 1:		2002 PAPA JOHNS BOULEVARD
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40299-2334
		BUSINESS PHONE:		5022617272

	MAIL ADDRESS:	
		STREET 1:		P O BOX 99900
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40269-9990
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51707657.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
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      <br>
      <br>
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt">Washington,
      D.C. 20549</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Current Report</font><br><font style="font-size: 12pt">Pursuant
      to Section 13 or 15(d) of</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">The
      Securities Exchange Act of 1934</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Date of Report (Date of earliest event
      reported):</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">October
      31, 2017</font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Commission
      File Number: &#160;0-21660</font>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-size: 16pt"><b>PAPA JOHN&#8217;S INTERNATIONAL, INC.</b></font><br>&#160;(Exact
      name of registrant as specified in its charter)
    </p>
    <p style="text-align: center; white-space: nowrap">

    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt; width: 50%" cellspacing="0">
      <tr>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>61-1203323</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(State or other jurisdiction of</font>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(I.R.S. Employer Identification</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 20%">

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">incorporation or organization)</font>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">Number)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>2002 Papa Johns Boulevard</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Louisville,
      Kentucky&#160;&#160;40299-2367</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Address
      of principal executive offices)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>(502) 261-7272</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Registrant&#8217;s
      telephone number, including area code)</font>
    </p>
    <p>
      <font style="font-size: 10pt">Check the appropriate box below if the
      Form 8-K filing is intended to simultaneously satisfy the filing
      obligation of the registrant under any of the following provisions:</font>
    </p>
    <p>
      <font style="font-size: 10pt">[ ] &#160;</font><font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt">[&#160;] &#160;</font><font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt">[&#160;] &#160;</font><font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt">[&#160;] &#160;</font><font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      <font style="font-size: 10pt">Indicate by check mark whether the
      registrant is an emerging growth company as defined in Rule 405 of the
      Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
      Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font>
    </p>
    <p style="white-space: nowrap">
      <font style="font-size: 10pt">Emerging growth company [ ]&#160;&#160;</font>
    </p>
    <p>
      <font style="font-size: 10pt">If an emerging growth company, indicate by
      check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial
      accounting standards provided pursuant to Section 13(a) of the Exchange
      Act. [ ]&#160;</font><font style="font-size: 12pt">&#160;</font>
    </p>
    <p>

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Section 2 &#8211; Financial Information</b>
    </p>
    <p>
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On October 31, 2017, Papa John&#8217;s International, Inc. issued a press
      release announcing third quarter 2017 financial results.
    </p>
    <p>
      <b>Section 9 &#8211; Financial Statements and Exhibits</b>
    </p>
    <p>
      <b>Item 9.01 Financial Statements and Exhibits</b>
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;&#160;Exhibits
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 90%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 90%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Papa John&#8217;s International, Inc. press release dated October 31,
            2017.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="margin-left: 120.0px; white-space: nowrap">

    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: left">
      <b>SIGNATURES</b>
    </p>
    <p style="text-align: left">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned thereunto duly authorized.
    </p>
    <p style="text-align: left">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="font-size: 10pt">
            <u><b>PAPA JOHN&#8217;S INTERNATIONAL, INC.</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 40%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="2">
          <p style="font-size: 10pt">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 40%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:&#160;October 31, 2017
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Lance F. Tucker</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 40%">
          Lance F. Tucker
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President, Chief Financial<br>Officer and Chief
            Administrative Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX<br><br>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left; width: 2%">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt; width: 88%">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px; width: 10%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51707657ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51707657ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated October 31, 2017.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51707657ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Papa
      John&#8217;s Announces Third Quarter 2017 Results</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--October 31, 2017--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the three and nine months ended September 24, 2017.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Third quarter earnings per diluted share of $0.60 in 2017 compared
        to $0.57 in the third quarter of 2016, an increase of 5.3%</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>System-wide third quarter comparable sales increases of 1.0% for
        North America and 5.3% for International</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>2017 North America comp sales outlook revised to positive up to
        1.5% from the prior range of 2.0% to 4.0%; revised diluted earnings
        per share growth to 3% to 7% from a previous range of 8% to 12%,
        including the 53<sup>rd</sup> week but excluding the impact of new
        equity based compensation accounting standard</b>
      </li>
    </ul>
    <p>
      &#8220;Our global operators delivered another quarter of positive comp sales,
      with International leading the way, posting the 30<sup>th</sup>
      consecutive quarter of International positive comps,&#8221; said Papa John&#8217;s
      founder, chairman and CEO, John Schnatter. &#8220;We will continue to drive
      the long-term growth of the Papa John&#8217;s brand by investing in our better
      quality product and technology platforms.&#8221;
    </p>
    <p>
      <u><b>Operating Highlights</b></u>
    </p>
    <p>
      (In thousands except per share amounts)
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="10">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="10">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="10">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="10">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 24,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 25,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Increase</b><br><b>%</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 24,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 25,</b><br><b>2016</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Increase</b><br><b>%</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          431,709
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          422,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2.2
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,315,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,274,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3.3
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          33,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          33,383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.4
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          114,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          113,112
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1.2
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1.6
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          73,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          70,190
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5.1
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Diluted EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.60
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.57
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5.3
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2.02
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1.86
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          8.6
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      All operating highlights are compared to the same period of the prior
      year, unless otherwise noted.
    </p>
    <p>
      Consolidated revenues increased $9.3 million, or 2.2%, for the third
      quarter of 2017 and increased $41.8 million, or 3.3%, for the nine
      months ended September 24, 2017. These increases were primarily due to
      increased North America commissary sales due to higher volumes. The nine
      months ended September 24, 2017 also include higher North America
      commissary sales from commodity price increases. North America franchise
      revenues also increased primarily due to the impact of refranchising 42
      Domestic company-owned restaurants in the fourth quarter of 2016; this
      increase was more than offset by a related decrease in Domestic
      company-owned restaurant sales. The increased revenues from
      International were somewhat offset by the impact of unfavorable foreign
      currency exchange rates. The unfavorable impact of foreign currency
      exchange rates was approximately $300,000 and $5.9 million for the three
      and nine month periods, respectively, which was primarily attributable
      to our operations in the United Kingdom.
    </p>
    <p>
      Consolidated operating income increased $132,000, or 0.4%, for the third
      quarter of 2017. Operating income as a percentage of consolidated
      revenues decreased 0.1% to 7.8% for the third quarter. Significant
      changes in the operating income percentage are as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic company-owned restaurant margin, as a percentage of
        restaurant sales, decreased 1.2% primarily due to higher delivery
        costs, including higher non-owned auto insurance costs.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary and other margin, as a percentage of related
        revenues, decreased 1.5% due primarily to higher operating and
        start-up costs related to our new commissary in Georgia that opened in
        the third quarter of 2017.
      </li>
      <li style="margin-bottom: 10.0px">
        Offsetting these decreases, the International margin, as a percentage
        of international revenues, increased 2.0% due to higher revenues on
        higher comps and increased units. For the three month period, the
        United Kingdom (&#8220;UK&#8221;) margin also increased due to the 2016 results
        including a non-recurring expense of approximately $800,000 to record
        UK head lease arrangements on a straight line basis.
      </li>
      <li style="margin-bottom: 10.0px">
        General and administrative costs, as a percentage of consolidated
        revenues, decreased 1.0% primarily due to lower management incentive
        costs and the benefit of higher revenues.
      </li>
    </ul>
    <p>
      On higher revenues, consolidated operating income increased $1.3
      million, or 1.2%, for the nine months ended September 24, 2017.
      Operating income as a percentage of consolidated revenues decreased 0.2%
      to 8.7% for the nine month period. This decrease was primarily
      attributable to the same reasons noted for the three month period.
    </p>
    <p>
      The effective income tax rates were 26.8% and 28.4% for the three and
      nine months ended September 24, 2017, respectively, representing
      decreases of 1.6% and 2.5% from the prior year comparable periods. For
      the quarter, this decrease was primarily attributable to a reduction in
      required state and local income tax reserves. 2017 also includes the
      favorable impact of adopting new guidance for accounting for share-based
      compensation. This guidance requires excess tax benefits recognized on
      stock based awards to be recorded as a reduction of income tax expense
      rather than stockholders&#8217; equity. The impact of this adoption decreased
      our effective tax rates by 0.5% and 1.8% for the three and nine month
      periods, respectively.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Diluted earnings per share increased 5.3% to $0.60 for the third quarter
      of 2017 and increased 8.6% to $2.02 for the nine months ended September
      24, 2017. These increases were primarily due to an increase in net
      income attributable to common shareholders and a decrease in shares
      outstanding from share repurchases. Diluted earnings per share for the
      nine month period was also favorably impacted by approximately $0.05 due
      to the adoption of the new guidance for accounting for share-based
      compensation; the impact for the three month period was not significant.
      Excluding the impact of this adoption, diluted earnings per share would
      have increased 5.9% for the nine month period.
    </p>
    <p>
      <u><b>Global Restaurant and Comparable Sales Information</b></u>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="4">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="4">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 24,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 25,</b><br><b>2016</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 24,</b><br><b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Sept 25,</b><br><b>2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Global restaurant sales growth (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          4.4%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          7.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          4.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5.2%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Global restaurant sales growth, excluding the impact of foreign
            currency (a)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5.0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          8.9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          6.8%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Comparable sales growth (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Domestic company-owned restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1.7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          6.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          4.2%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          North America franchised restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          0.7%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          5.1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          1.2%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          3.0%
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 20.0px; text-align: left">
          System-wide North America restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          1.0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          1.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          3.4%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 20.0px; text-align: left">
          System-wide international restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5.3%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          7.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5.0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          6.2%
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (a)
        </td>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Includes both company-owned and franchised restaurant sales.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (b)
        </td>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          Represents the change in year-over-year sales for the same base of
          restaurants for the same fiscal periods. Comparable sales results
          for restaurants operating outside of the United States are reported
          on a constant dollar basis, which excludes the impact of foreign
          currency translation.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We believe global restaurant and comparable sales growth information, as
      defined in the table above, is useful in analyzing our results since our
      franchisees pay royalties that are based on a percentage of franchise
      sales. Franchise sales generate commissary revenue in the United States
      and in certain international markets. Global restaurant and comparable
      sales growth information is also useful in analyzing industry trends and
      the strength of our brand. Management believes the presentation of
      global restaurant sales growth excluding the impact of foreign currency
      provides investors with useful information regarding underlying sales
      trends by presenting sales growth excluding the external factor of
      foreign currency exchange. Franchise restaurant sales are not included
      in company revenues.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Free Cash Flow</b></u>
    </p>
    <p>
      The company&#8217;s free cash flow, a non-GAAP financial measure, was as
      follows for the first nine months of 2017 and 2016 (in thousands):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="10">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" colspan="3">
          <b>Sept 24,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" colspan="3">
          <b>Sept 25,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net cash provided by operating activities (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          114,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          121,456
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Purchases of property and equipment (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (43,195
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (38,954
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Free cash flow
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          71,722
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          82,502
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (a)
        </td>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          The decrease of $6.5 million was primarily due to changes in working
          capital amounts, partially offset by higher net income.
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          (b)
        </td>
        <td valign="top" style="padding-left: 5.0px; text-align: left">
          The increase of $4.2 million was primarily due to construction costs
          for our new domestic commissary in Georgia, which opened in July
          2017.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We define free cash flow as net cash provided by operating activities
      (from the consolidated statements of cash flows) less the amounts spent
      on the purchase of property and equipment. We view free cash flow as an
      important liquidity measure because it is one factor that management
      uses in determining the amount of cash available for investment;
      however, it does not represent residual cash flows available for
      discretionary expenditures. Free cash flow is not a term defined by
      GAAP, and as a result, our measure of free cash flow might not be
      comparable to similarly titled measures used by other companies. Free
      cash flow should not be construed as a substitute for or a better
      indicator of the company&#8217;s liquidity than the company&#8217;s GAAP measures.
    </p>
    <p>
      See the Management&#8217;s Discussion and Analysis of Financial Condition and
      Results of Operations section of our Quarterly Report on Form 10-Q filed
      with the Securities and Exchange Commission (SEC) for additional
      information concerning our operating results and cash flow for the nine
      months ended September 24, 2017.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant Unit Data</b></u>
    </p>
    <p>
      At September 24, 2017, there were 5,101 Papa John&#8217;s restaurants
      operating in all 50 states and in 43 international countries and
      territories, as follows:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Domestic</b><br><b>Company-</b><br><b>owned</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Franchised</b><br><b>North</b><br><b>America</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Total North</b><br><b>America</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="2">
          <b>International</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>System-wide</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Third Quarter</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Beginning - June 25, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,428
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,660
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,088
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Opened
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          30
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          52
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          84
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Closed
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (2
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (17
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (19
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (52
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (71
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Ending - September 24, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          705
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          2,736
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          3,441
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          1,660
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5,101
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Year-to-date</b></u>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Beginning - December 25, 2016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          702
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,739
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,441
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,097
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Opened
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          4
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          77
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          139
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          216
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Closed
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (2
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (75
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (77
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (135
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (212
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Ending - September 24, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          705
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          2,736
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          3,441
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          1,660
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          5,101
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Unit growth (decline)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          3
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          (3
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          -
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          4
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          4
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          % increase (decrease)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.4
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          (0.1
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          -
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.2
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.1
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 2.25pt">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The 2017 International franchise closures include 33 India closures in
      the third quarter and 66 India closures for the nine months ended. As of
      the end of the third quarter, the India market was closed. There was no
      significant impact on our 2017 operating results.
    </p>
    <p>
      The company has added 130 net worldwide units over the trailing four
      quarters. Our development pipeline as of September 24, 2017 includes
      over 1,000 restaurants (over 200 units in North America and 800 units
      internationally), the majority of which are scheduled to open over the
      next six years.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Share Repurchase Activity</b></u>
    </p>
    <p>
      The following table reflects our share repurchases for the three and
      nine months ended September 24, 2017 and subsequent repurchases through
      October 24, 2017 (in thousands):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt">
          <b>Period</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b><br><b>of Shares</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: center; border-bottom-width: 1.0pt" colspan="2">
          <b>Cost</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Three months ended September 24, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,152
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          87,737
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Nine months ended September 24, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,573
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          121,705
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          September 25, 2017 through October 24, 2017
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          418
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          29,722
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      There were 36.6 million and 37.0 million diluted weighted average shares
      outstanding for the three and nine months ended September 24, 2017,
      respectively, representing decreases of 2.1% and 1.8% over the prior
      year comparable periods. Approximately 35.5 million actual shares of the
      company&#8217;s common stock were outstanding as of September 24, 2017.
      Approximately $485.9 million of the Company&#8217;s share repurchase
      authorization was remaining as of October 24, 2017.
    </p>
    <p>
      The Company expects to repurchase the remaining authorization by early
      to mid-2019. The timing and volume of share repurchases may be executed
      at the discretion of management on an opportunistic basis, or pursuant
      to trading plans or other arrangements. Any share repurchase under this
      program may be made in the open market, in privately negotiated
      transactions, or otherwise, and may depend upon prevailing market
      conditions and other factors. The Company expects to implement an
      accelerated share repurchase program in the fourth quarter of 2017 for a
      portion of the share repurchase authorization. Repurchases under the
      Company&#8217;s share repurchase program may be commenced or suspended from
      time to time at the Company&#8217;s discretion without prior notice.
    </p>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      We paid a cash dividend of approximately $8.2 million ($0.225 per common
      share) during the third quarter of 2017. Subsequent to the third
      quarter, on October 27, 2017, our Board of Directors declared a fourth
      quarter dividend of $0.225 per common share (approximately $7.9 million
      based on the current number of shares outstanding). The dividend will be
      paid on November 17, 2017 to shareholders of record as of the close of
      business on November 7, 2017. The declaration and payment of any future
      dividends will be at the discretion of our Board of Directors, subject
      to the company&#8217;s financial results, cash requirements, and other factors
      deemed relevant by our Board of Directors.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>2017 Revised Outlook</b></u>
    </p>
    <p>
      The company provided the following 2017 outlook update and reaffirmed
      all of our remaining 2017 outlook items:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <b>Updated Outlook</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt">
          <b>Previous Outlook</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          North America Comparable Sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          positive up to 1.5%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          2.0% to 4.0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Diluted EPS Growth (*)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          3.0% to 7.0%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          8.0% to 12.0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Debt/ EBITDA ratio
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          2.5x to 3.5x
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          1.5x to 2.0x
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Block Cheese Prices per lb.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          Low $1.60s
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-right: 0.0px">
          Mid $1.70s
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="12">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(*)Excludes impact of new equity-based compensation accounting
            standard; includes 53rd week</i>
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="12">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Conference Call and Website Information</b></u>
    </p>
    <p>
      A conference call is scheduled for November 1, 2017 at 10:00 a.m.
      Eastern Time to review our third quarter 2017 earnings results. The call
      can be accessed from the company&#8217;s web page at <u>www.papajohns.com</u>
      in a listen-only mode, or dial 877-312-8816 (U.S. and Canada) or
      253-237-1189 (international). The conference call will be available for
      replay, including by downloadable podcast, from the company&#8217;s web site
      at <u>www.papajohns.com</u>. The Conference ID is 23356013.
    </p>
    <p>
      Investors and others should note that we announce material financial
      information to our investors using our investor relations website, press
      releases, SEC filings and public conference calls and webcasts. We
      intend to use our investor relations website as a means of disclosing
      information about our business, our financial condition and results of
      operations and other matters and for complying with our disclosure
      obligations under Regulation FD. The information we post on our investor
      relations website, including information contained in investor
      presentations, may be deemed material. Accordingly, investors should
      monitor our investor relations website, in addition to following our
      press releases, SEC filings and public conference calls and webcasts. We
      encourage investors and others to sign up for email alerts at our
      investor relations page under Shareholder Tools at the bottom right side
      of the page. These email alerts are intended to help investors and
      others to monitor our investor relations website by notifying them when
      new information is posted on the site.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <u><b>Forward-Looking Statements</b></u>
    </p>
    <p>
      Certain matters discussed in this press release and other company
      communications constitute forward-looking statements within the meaning
      of the federal securities laws. Generally, the use of words such as
      &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221;
      &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; or similar words identify forward-looking
      statements that we intend to be included within the safe harbor
      protections provided by the federal securities laws. Such
      forward-looking statements may relate to projections or guidance
      concerning business performance, revenue, earnings, cash flow,
      contingent liabilities, resolution of litigation, commodity costs,
      profit margins, unit growth, unit level performance, capital
      expenditures, other financial and operational measures. Such statements
      are not guarantees of future performance and involve certain risks,
      uncertainties and assumptions, which are difficult to predict and many
      of which are beyond our control. Therefore, actual outcomes and results
      may differ materially from those matters expressed or implied in such
      forward-looking statements. The risks, uncertainties and assumptions
      that are involved in our forward-looking statements include, but are not
      limited to:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        aggressive changes in pricing or other marketing or promotional
        strategies by competitors, which may adversely affect sales and
        profitability; and new product and concept developments by food
        industry competitors;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in consumer preferences or consumer buying habits, including
        changes in general economic conditions or other factors that may
        affect consumer confidence and discretionary spending;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in our liquidity or changes in the debt markets in general,
        including adverse changes in interest rates, and our ability to meet
        debt service requirements;
      </li>
      <li style="margin-bottom: 10.0px">
        the adverse impact on the company or our results caused by product
        recalls, food quality or safety issues, incidences of foodborne
        illness, food contamination and other general public health concerns
        about our company-owned or franchised restaurants or others in the
        restaurant industry;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to maintain our brand strength, quality reputation and
        consumer enthusiasm for our better ingredients marketing and
        advertising strategy;
      </li>
      <li style="margin-bottom: 10.0px">
        the ability of the company and its franchisees to meet planned growth
        targets and operate new and existing restaurants profitably, including
        difficulties finding qualified franchisees, store level employees or
        suitable sites;
      </li>
      <li style="margin-bottom: 10.0px">
        increases in food costs or sustained higher other operating costs.
        This could include increased employee compensation, benefits,
        insurance, tax rates, new regulatory requirements or increasing
        compliance costs;
      </li>
      <li style="margin-bottom: 10.0px">
        increases in insurance claims and related costs for programs funded by
        the company up to certain retention limits, including medical, owned
        and non-owned automobiles, workers&#8217; compensation, general liability
        and property;
      </li>
      <li style="margin-bottom: 10.0px">
        disruption of our supply chain or commissary operations which could be
        caused by our sole source of supply of cheese or limited source of
        suppliers for other key ingredients or more generally due to weather,
        natural disasters including drought, disease, or geopolitical or other
        disruptions beyond our control;
      </li>
      <li style="margin-bottom: 10.0px">
        increased risks associated with our international operations,
        including economic and political conditions, instability or
        uncertainty in our international markets, especially emerging markets,
        fluctuations in currency exchange rates, difficulty in meeting planned
        sales targets and new store growth;
      </li>
      <li style="margin-bottom: 10.0px">
        the impact of current or future claims and litigation, including labor
        and employment-related claims;
      </li>
      <li style="margin-bottom: 10.0px">
        current, proposed or future legislation that could impact our business;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to effectively execute succession planning, and our reliance
        on the multiple roles of our founder, chairman and chief executive
        officer, who also serves as our brand spokesperson;
      </li>
      <li style="margin-bottom: 10.0px">
        disruption of critical business or information technology systems, or
        those of our suppliers, and risks associated with systems failures and
        data privacy and security breaches, including theft of confidential
        company, employee and customer information, including payment cards;
        and
      </li>
      <li style="margin-bottom: 10.0px">
        changes in GAAP, including new standards for accounting for
        share-based compensation that may result in changes to our net income.
      </li>
    </ul>
    <p>
      These and other risk factors are discussed in detail in &#8220;Part I. Item
      1A. &#8211; Risk Factors&#8221; in our Annual Report on Form 10-K for the fiscal
      year ended December 25, 2016. We undertake no obligation to update
      publicly any forward-looking statements, whether as a result of future
      events, new information or otherwise, except as required by law.
    </p>
    <p style="text-align: center">
      * * * *
    </p>
    <p>
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="23">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="23">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="8">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 24, 2017</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 25, 2016</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 24, 2017</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>September 25, 2016</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          (In thousands, except per share amounts)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Revenues:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          Domestic company-owned restaurant sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          196,267
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          199,041
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          605,919
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          608,968
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          North America franchise royalties and fees
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          25,567
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          24,776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          79,762
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          76,554
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          North America commissary and other sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          178,083
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          169,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          539,532
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          503,623
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="2">
          International
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          31,792
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          28,941
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          90,540
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          84,856
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          431,709
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          422,442
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,315,753
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,274,001
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Costs and expenses:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Operating costs (excluding depreciation and amortization shown
            separately below):
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Domestic company-owned restaurant expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          161,867
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          161,750
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          489,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          486,529
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          North America commissary and other expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          168,031
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          157,552
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          504,732
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          466,616
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          International expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          19,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          18,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          57,257
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          53,936
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="2">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          37,330
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          40,549
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          117,340
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          123,419
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="2">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          11,181
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          10,614
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          32,292
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          30,389
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          398,194
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          389,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,201,340
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,160,889
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          33,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          33,383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          114,413
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          113,112
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="2">
          Net interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (2,566
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (1,756
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (6,135
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (4,876
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          30,949
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          31,627
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          108,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          108,236
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="2">
          Income tax expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          8,280
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          8,977
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          30,728
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          33,423
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Net income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          22,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          22,650
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          77,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          74,813
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="2">
          Income attributable to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (852
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (1,183
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (3,767
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (4,623
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="3">
          <b>Net income attributable to the company</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          21,817
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          21,467
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          73,783
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          70,190
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          <b>Calculation of income for earnings per share:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          Net income attributable to the company
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          73,783
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          70,190
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          Change in noncontrolling interest redemption value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          237
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (157
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          342
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" colspan="3">
          Net income attributable to participating securities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (89
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (87
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (305
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (288
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="3">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          21,965
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          21,223
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          74,897
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          70,244
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="3">
          Basic earnings per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.61
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.57
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          2.05
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          1.88
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="3">
          Diluted earnings per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.60
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          0.57
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          2.02
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          1.86
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="3">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          36,146
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          36,989
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          36,563
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          37,374
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" colspan="3">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          36,581
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          37,359
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          37,047
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          37,712
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left" colspan="3">
          Dividends declared per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.225
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.550
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="10">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="10">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" colspan="3">
          <b>September 24,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" colspan="2">
          <b>December 25,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>2017</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="2">
          <b>2016</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          (In thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="2">
          <b>(Note)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Current assets:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          39,543
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          15,563
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          63,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          59,691
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Notes receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,829
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,417
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          577
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,372
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          28,369
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          25,132
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          23,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          33,143
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Assets held for sale
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          8,274
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          6,257
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Total current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          167,589
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          145,575
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          236,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          230,473
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Notes receivable, less current portion, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          10,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          10,141
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          86,825
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          85,529
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          769
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          48,492
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          40,078
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          550,928
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          512,565
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and stockholders' equity (deficit)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Current liabilities:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          38,235
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          42,701
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          10,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          8,540
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          69,376
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          76,789
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Current portion of long-term debt
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          20,000
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          -
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Total current liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          138,054
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          128,030
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,987
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,313
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Long-term debt, less current portion net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          378,548
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          299,820
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          11,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          10,047
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          58,898
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          53,093
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          590,310
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          494,303
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Redeemable noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          6,434
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          8,461
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Total stockholders' equity (deficit)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (45,816
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          9,801
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total liabilities, redeemable noncontrolling interests and
          stockholders' equity (deficit)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          550,928
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          512,565
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left" colspan="10">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Note: The Condensed Consolidated Balance Sheets have been derived
            from the audited consolidated financial statements, but do not
            include all information and footnotes required by accounting
            principles generally accepted in the United States for a complete
            set of financial statements.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="10">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; width: 100%">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt; width: 100%" cellspacing="0">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="9">
          <b>Nine Months Ended</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          (In thousands)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>September 24, 2017</b>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; text-align: left; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: center; padding-right: 0.0px; border-bottom-width: 1.0pt" colspan="3">
          <b>September 25, 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center" colspan="3">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net income before attribution to noncontrolling interests
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          77,550
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          74,813
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Adjustments to reconcile net income to net cash provided by
            operating activities:
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Provision (credit) for uncollectible accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (353
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          153
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          32,292
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          30,389
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          4,966
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Stock-based compensation expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          8,094
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          7,525
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,004
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,811
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Changes in operating assets and liabilities, net of acquisitions:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (5,131
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,867
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,045
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (3,234
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (2,673
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          7,965
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,627
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Other assets and liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (4,092
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (3,085
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (2,480
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (6,290
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,381
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (3,229
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (6,484
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (326
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          1,411
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          114,917
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          121,456
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (43,195
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (38,954
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (2,376
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (2,216
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Repayments of loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          3,151
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          6,449
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Acquisitions, net of cash acquired
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (21
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (11,202
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          25
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          193
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (42,416
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (45,730
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from issuance of term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          400,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Net (repayments) proceeds of revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (300,575
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          56,375
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Debt issuance costs
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (3,181
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (22,886
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (20,523
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (2,411
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (5,999
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,974
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,377
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Acquisition of Company common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (121,705
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (109,407
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Distributions to noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (4,606
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (3,830
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          580
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          481
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          <b>Net cash used in financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (48,810
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (77,526
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Effect of exchange rate changes on cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          289
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          (99
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: left; padding-right: 0.0px; border-bottom-width: 1.0pt">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          23,980
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (1,899
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          15,563
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 1.0pt">
          21,006
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Cash and cash equivalents at end of period</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          39,543
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; padding-left: 0.0px; white-space: nowrap; border-bottom-color: black; text-align: right; padding-right: 0.0px; border-bottom-width: 2.25pt">
          19,107
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Papa John&#8217;s International, Inc.<br>Lance Tucker,
      502-261-7272<br>Chief Financial Officer
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
