<SEC-DOCUMENT>0001157523-18-001044.txt : 20180508
<SEC-HEADER>0001157523-18-001044.hdr.sgml : 20180508
<ACCEPTANCE-DATETIME>20180508162541
ACCESSION NUMBER:		0001157523-18-001044
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180508
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180508
DATE AS OF CHANGE:		20180508

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:		18814990

	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>a51802818.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
<html>
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    <title></title>
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    <p style="text-align: center">
      <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-size: 12pt; font-family: Times New Roman">May
      8, 2018</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">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 cellspacing="0" style="width: 60%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px; margin-left:auto;margin-right:auto">
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; width: 50%; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>61-1203323</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(State or other jurisdiction of</font>
          </p>
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(I.R.S. Employer Identification</font>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">incorporation or organization)</font>
          </p>
        </td>
        <td valign="top" style="width: 50%; padding-left: 0.0px; text-align: left">
          <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: 12pt">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; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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: 12pt">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: 12pt">Emerging growth company [ ]&#160;&#160;</font>
    </p>
    <p>
      <font style="font-size: 12pt">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;&#160;</font>
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

        </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 May 8, 2018, Papa John&#8217;s International, Inc. issued a press release
      announcing first quarter 2018 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 cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 8%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 90%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 8%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td valign="top" style="width: 2%; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 90%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 8%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; width: 8%; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td valign="top" style="width: 2%; padding-left: 0.0px; text-align: left">

        </td>
        <td valign="top" style="width: 90%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Papa John&#8217;s International, Inc. press release dated May 8, 2018.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; margin-left: 120.0px">

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">

    </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 cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: center">
          <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="width: 40%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: center">
          <p style="font-size: 10pt">
            (Registrant)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 60%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:&#160;May 8, 2018
          </p>
        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Joseph H. Smith</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

        </td>
        <td valign="top" style="width: 40%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Joseph H. Smith
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

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

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 10pt; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="border-bottom-color: black; width: 10%; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          <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; width: 2%; padding-left: 0.0px; text-align: left">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; width: 88%; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; width: 10%; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51802818ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 88%; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51802818ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated May 8, 2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51802818ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Papa
      John&#8217;s Announces First Quarter 2018 Results and Reaffirms 2018 Outlook</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--May 8, 2018--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the first quarter ended April 1, 2018.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>First quarter earnings per diluted share of $0.50 in 2018 compared
        to $0.77 in the first quarter of 2017</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>North America comparable sales decrease of 5.3%</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>International comparable sales increases of 0.3%; international
        franchise sales increase of 21.1%, excluding the impact of foreign
        currency</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>13 net unit openings in first quarter of 2018 driven by
        International operations</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Free cash flow of $31.7 million in the first quarter as compared to
        $32.3 million in the first quarter of 2017</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>2018 outlook reaffirmed</b>
      </li>
    </ul>
    <p>
      &#8220;Although first quarter results were lower than the prior year, they
      were consistent with our expectations. We&#160;remain focused on enhancing
      our value perception and driving our strategic initiatives,&#8221; said Steve
      Ritchie, President and CEO of Papa John&#8217;s.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

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

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

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

        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Operating Highlights (dollars in 000&#8217;s, except per share
            amounts):</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Apr. 1, </b><br><b>2018</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Mar. 26,</b><br><b> 2017</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Decrease</b><br><b> %</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </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 valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          427,369
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          449,266
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -4.9
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27,317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,681
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -37.5
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          16,737
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -41.1
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Diluted earnings per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.50
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.77
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          -35.1
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      All operating highlights are compared to the same period of the prior
      year, unless otherwise noted.
    </p>
    <p>
      Consolidated revenues decreased $21.9 million, or 4.9%, for the first
      quarter of 2018 primarily due to lower comparable sales for North
      America restaurants and lower North America commissary sales due to
      lower volumes. These decreases were partially offset by higher
      International revenues due to an increase in equivalent units and the
      favorable impact of foreign exchange rates of approximately $2.8
      million. Additionally, the first quarter of 2018 included an increase in
      Other revenues of approximately $2.7 million primarily due to the
      required reporting of franchise marketing fund contributions as revenues
      (previously netted with expenses) under the newly adopted revenue
      recognition standard, <i>Revenue from Contracts with Customers</i>
      (&#8220;Topic 606&#8221;); see the &#8220;Revenue Recognition and Income Statement
      Presentation&#8221; section below for more details.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      Consolidated income before income taxes of $22.4 million for the first
      quarter of 2018 decreased $19.5 million, or 46.6%, compared to the first
      quarter of 2017. Income before income taxes, as a percentage of
      consolidated revenues, was 5.2% for the first quarter of 2018, as
      compared to 9.3% for the first quarter of 2017. Significant changes in
      the components of income before income taxes are as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic Company-owned restaurants operating margin decreased $8.6
        million, or 2.7% as a percentage of related revenues, primarily due to
        lower comparable sales, increased labor costs including higher minimum
        wages and increased non-owned automobile costs.
      </li>
      <li style="margin-bottom: 10.0px">
        North America franchise royalties and fees decreased $2.8 million, or
        10% as compared to the first quarter of 2017, primarily due to lower
        comparable sales, and an increase in royalty waivers to franchisees.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary operating margin decreased $1.4 million, or
        0.4% as a percentage of related revenues, primarily due to lower sales
        volumes.
      </li>
      <li style="margin-bottom: 10.0px">
        International operating margin increased $1.3 million primarily due to
        higher royalties from increased equivalent units and the favorable
        impact of foreign exchange rates.
      </li>
      <li style="margin-bottom: 10.0px">
        Other operating margin decreased $718,000, or 3.7%, primarily due to
        higher advertising spend in the United Kingdom. The &#8220;Revenue
        Recognition and Income Statement Presentation&#8221; section below provides
        more information on our newly reported &#8220;Other revenues&#8221; and &#8220;Other
        expenses&#8221; income statement line items.
      </li>
      <li style="margin-bottom: 10.0px">
        General and administrative (&#8220;G&amp;A&#8221;) costs increased $3.3 million, or
        9.1%, primarily due to an increase in bad debt expense, higher legal
        fees and an increase in various technology initiative costs.
      </li>
      <li style="margin-bottom: 10.0px">
        Net interest expense increased $3.1 million for the first quarter due
        to an increase in average outstanding debt, which is primarily due to
        share repurchases, as well as higher interest rates.
      </li>
    </ul>
    <p>
      The first quarter 2018 effective income tax rate was 22.3%, representing
      a decrease of 6.3% from the prior year comparable period rate of 28.6%.
      This decrease was primarily due to the reduction of the U.S. corporate
      tax rate effective January 1, 2018 as part of the Tax Cuts and Jobs Act.
      This decrease was offset by an approximate 3.8% increase in the income
      tax rate for share based compensation tax deductions, which were
      unfavorable in 2018 due to the lower stock price of the company as
      restrictions lapsed on equity awards.
    </p>
    <p>
      Diluted earnings per share decreased 35.1% to $0.50 for the first
      quarter of 2018. This decrease was primarily due to a decrease in net
      income as previously discussed.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

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

        </td>
        <td>

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

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

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

        </td>
        <td colspan="7" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Global Restaurant and Comparable Sales Information</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Apr. 1,</b><br><b> 2018</b>
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Mar. 26,</b><br><b> 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          (1.3
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          4.9
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Comparable sales (decline) / growth (b)
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (6.1
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3.0
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          North America franchised restaurants
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (5.0
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          1.7
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 20.0px; text-align: left">
          System-wide North America restaurants
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          2.0
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.3
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          6.0
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (a)
          </p>
        </td>
        <td colspan="7" valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Includes both company-owned and franchised restaurant sales.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (b)
          </p>
        </td>
        <td colspan="7" valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            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.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We believe North America, international and 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 also
      generate commissary revenue in the United States and in certain
      international markets. Franchise restaurant and comparable sales growth
      information is also useful for comparison to industry trends and
      evaluating the strength of our brand. Management believes the
      presentation of franchise restaurant sales growth, excluding the impact
      of foreign currency, provides investors with useful information
      regarding underlying sales trends and the impact of new unit growth
      without being impacted by swings in the external factor of foreign
      currency. Franchise restaurant sales are not included in company
      revenues.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

        </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, for the
      first quarter of 2018 and 2017 was as follows (in thousands):
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>First Quarter</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Apr. 1,</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Mar. 26,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>2018</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          41,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          47,329
        </td>
        <td>

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

        </td>
        <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 style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (9,320
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (15,064
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Free cash flow
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          31,716
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          32,265
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (a)
          </p>
        </td>
        <td colspan="9" valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The decrease of $6.3 million was primarily due to lower net income.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (b)
          </p>
        </td>
        <td colspan="9" valign="top" style="padding-left: 5.0px; text-align: left">
          <p style="margin-top: 0px; margin-bottom: 0px">
            The decrease of $5.7 million was primarily due to higher capital
            expenditures in 2017 related to the construction of the company&#8217;s
            new domestic commissary in Georgia, which opened in the third
            quarter of 2017.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#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 measure because it is a factor that management uses in
      determining the amount of cash available for discretionary investment.
      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 or
      performance 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 three
      months ended April 1, 2018.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant Unit Data</b></u>
    </p>
    <p>
      At April 1, 2018, there were 5,212 Papa John&#8217;s restaurants operating in
      all 50 states and in 45 international countries and territories, as
      follows:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Beginning - December 31, 2017
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,733
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,758
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          5,199
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (62
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Acquired
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          31
        </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 valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (31
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (31
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (31
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Ending - April 1, 2018
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          679
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          2,745
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          3,424
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          1,788
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          5,212
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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 valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          (29
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          12
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          (17
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          30
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          13
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </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 valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          (4.1
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.4
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          (0.5
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          1.7
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.3
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: left">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The company has added 130 net worldwide units over the trailing four
      quarters ended April 1, 2018. Our development pipeline as of April 1,
      2018 included approximately 1,110 restaurants (160 units in North
      America and 950 units internationally), the majority of which are
      scheduled to open over the next six years.
    </p>
    <p>
      <u><b>Share Repurchase Activity</b></u>
    </p>
    <p>
      The following table reflects our repurchases for the first quarter of
      2018 and subsequent repurchases through May 1, 2018 (in thousands):
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          <b>Period</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number of</b><br><b> Shares</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Cost</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          First Quarter 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,001
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          119,736
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          April 2, 2018 through May 1, 2018
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,710
        </td>
      </tr>
      <tr>
        <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 33.6 million diluted weighted average shares outstanding for
      the first quarter of 2018, representing a decrease of 10.2% over the
      prior year comparable period. Approximately 32.0 million actual shares
      of the company&#8217;s common stock were outstanding as of April 1, 2018.
    </p>
    <p>
      As previously disclosed, on March 1, 2018 we announced a $100 million
      accelerated share repurchase agreement (&#8220;ASR Agreement&#8221;) with Bank of
      America, N.A. (&#8220;BofAML&#8221;). Pursuant to the terms of the ASR Agreement, we
      paid BofAML $100 million in cash. Then on March 6, 2018, we received an
      initial delivery of approximately 1.3 million shares of common stock for
      $78.0 million or 78% of the total ASR agreement. Additional shares may
      be received prior to and/or at final settlement for the remaining $22.0
      million, based generally on the average of the daily volume-weighted
      average prices of the company&#8217;s common stock during the term of the ASR
      Agreement, less a discount. Subsequent to the end of the quarter through
      May 1, 2018, the Company acquired an additional 28,739 shares at an
      aggregate cost of $1.7 million through the ASR Agreement.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      We paid a cash dividend of approximately $7.6 million ($0.225 per common
      share) during the first quarter of 2018. Subsequent to the first
      quarter, on May 2, 2018, our Board of Directors declared a second
      quarter dividend of $0.225 per common share (approximately $7.3 million
      based on the number of shares outstanding as of May 1, 2018). The
      dividend will be paid on May 25, 2018 to shareholders of record as of
      the close of business on May 14, 2018. 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>
    <p>
      <u><b>Revenue Recognition and Income Statement Presentation</b></u>
    </p>
    <p>
      On January 1, 2018, we adopted the new revenue recognition standard
      using the modified retrospective method. Under the modified
      retrospective method, prior period results were not restated to reflect
      the impact of Topic 606, resulting in reduced comparability between 2018
      and 2017 operating results. The impact of adoption includes the
      following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        $21.5 million reduction in retained earnings for the opening balance
        sheet cumulative adjustment.
      </li>
      <li style="margin-bottom: 10.0px">
        $2.4 million increase in total revenues primarily due to the
        requirement to present revenues and expenses related to marketing
        funds we control on a &#8220;gross&#8221; basis. This gross up is reported in the
        new financial statement line items, Other revenues and Other expenses,
        as discussed further below; this change in reporting had no
        significant impact on consolidated pre-tax income results.
      </li>
      <li style="margin-bottom: 10.0px">
        $485,000 decrease in pre-tax income for the first quarter primarily
        due to the revised method of accounting for franchise fees.
      </li>
      <li style="margin-bottom: 10.0px">
        EPS decrease of approximately $0.01 in the first quarter.
      </li>
    </ul>
    <p>
      Additional detail on the adoption and 2018 impact of the new revenue
      recognition standard can be found in our Form 10-Q for the three months
      ended April 1, 2018 filed with the SEC.
    </p>
    <p>
      While not required as part of the adoption of Topic 606, our income
      statement includes newly created Other revenues and Other expenses line
      items. Other revenues and Other expenses include the Topic 606 &#8220;gross
      up&#8221; of revenues and expenses derived from certain domestic and
      international marketing fund co-ops we control, as previously discussed.
      Additionally, Other revenues and Other expenses include various
      reclassifications from North America commissary and other, International
      expenses and General and administrative expenses to better reflect and
      aggregate various domestic and international services provided by the
      company for the benefit of franchisees. Related Quarter 1 of 2017
      amounts have also been reclassified to conform to the new 2018
      presentation, as detailed in the &#8220;Summary of Income Statement
      Presentation Reclassifications&#8221; included with this press release. These
      reclassifications had no impact on reported total revenues or total
      costs and expenses. Refer to the &#8216;Investor Relations&#8217; section on our
      company website for details of income statement presentation
      reclassifications for each quarter of 2017.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>2018 Outlook</b></u>
    </p>
    <p>
      The company is reaffirming its previously issued 2018 outlook, as we
      expect our initiatives will result in improved sales and operating
      results in the last half of the year.
    </p>
    <p>
      <u><b>Conference Call and Website Information</b></u>
    </p>
    <p>
      A conference call is scheduled for May 8, 2018 at 5:00 p.m. Eastern Time
      to review the company&#8217;s first quarter 2018 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 3037279.
    </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="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

        </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, share repurchases, dividends, effective tax rates, the
      impact of the Tax Cuts and Job Act and the adoption of new accounting
      standards, and 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>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <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
        the growing popularity of delivery aggregators, as well as changes in
        general economic conditions or other factors that may affect consumer
        confidence and discretionary spending;
      </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">
        the effectiveness of our initiatives to improve our brand proposition
        and operating results, including marketing, advertising and public
        relations initiatives, technology investments and changes in
        unit-level operations;
      </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 vehicles, 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 and our ability
        to comply with current, proposed or future legislation that could
        impact our business including compliance with the European Union
        General Data Protection Regulation;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to effectively execute succession planning;
      </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;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in Federal or state income, general and other tax laws, rules
        and regulations, including changes from the Tax Cuts and Jobs Act and
        any related Treasury regulations, rules or interpretations if and when
        issued;
      </li>
      <li style="margin-bottom: 10.0px">
        changes in generally accepted accounting principles including new
        standards for revenue recognition and leasing; and
      </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 31, 2017. 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>
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>April 1, 2018</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>March 26, 2017</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          (In thousands, except per share amounts)
        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          190,242
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          206,896
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          24,806
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27,607
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          161,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          171,340
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          30,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          25,622
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          20,494
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          17,801
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          427,369
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          449,266
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

        </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 valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          157,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          165,419
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          151,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          159,957
        </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 valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          19,030
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15,791
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          20,958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,547
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          39,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          36,414
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          11,539
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          10,457
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          400,256
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          405,585
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          Refranchising gain, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          204
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27,317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,681
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (4,955
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (1,810
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          22,362
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          41,871
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          4,982
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          11,972
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          29,899
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (643
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (1,471
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Net income attributable to the company</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          16,737
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          16,737
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          520
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (75
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (117
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          16,662
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          28,831
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.50
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.78
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Diluted earnings per common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.50
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.77
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          33,279
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          36,810
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          33,552
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          37,350
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.20
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>April 1,</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          (In thousands)
        </td>
        <td>

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

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>(Note)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          31,935
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          22,345
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          62,949
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          64,644
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Notes receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,662
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,333
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,903
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          28,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          30,620
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          45,519
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          38,016
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Assets held for sale
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          5,900
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          6,133
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total current assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          179,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          169,994
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          229,576
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          234,331
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Notes receivable, less current portion, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          16,084
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15,568
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          86,746
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          86,892
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          614
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          585
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          67,547
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          48,183
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          579,817
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          555,553
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Liabilities and stockholders' equity (deficit)</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          31,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          32,006
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,094
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,561
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          92,890
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          70,293
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Deferred revenue current
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          Current portion of long-term debt
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          156,456
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          132,860
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          13,671
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,652
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Long-term debt, less current portion, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          568,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          446,565
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          12,546
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          76,993
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          60,146
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          822,015
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          654,769
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          7,037
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          6,738
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Total stockholders' equity (deficit)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (249,235
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (105,954
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" 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 valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          579,817
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          555,553
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="padding-left: 0.0px; text-align: left">
          <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="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="7" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          (In thousands)
        </td>
        <td>

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>April 1, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>March 26, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          29,899
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (417
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          11,539
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          10,457
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (2,004
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,015
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,475
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,736
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 25.0px; text-align: left">
          Gain on refranchising
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (204
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,048
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          2,425
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          4,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,440
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (514
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,577
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,209
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (5,239
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          7,817
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (3,103
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (5,164
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          220
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (156
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          41,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          47,329
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (9,320
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (15,064
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (563
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (715
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Repayments of loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,636
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          863
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (21
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds from divestitures of restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,690
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          114
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          7
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (4,443
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (14,930
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Repayments of term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (5,000
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          127,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (5,575
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Cash dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,565
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (7,354
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,342
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (2,259
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          1,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          3,248
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (141,736
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (13,075
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Distributions to noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (432
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (702
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          396
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net cash used in financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (27,122
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (25,321
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" 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 style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          119
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          74
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          9,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          7,152
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Cash and cash equivalents at beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          22,345
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </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">
          <b>Cash and cash equivalents at end of period</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          31,935
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          22,715
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px">
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: center">
          <b>Summary of Income Statement Presentation Reclassifications</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Three Months Ended March 26, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td colspan="3" valign="top" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: center">
          <b>Adjusted</b>
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          (In thousands, except per share amounts)
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          206,896
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          206,896
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27,607
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          27,607
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          North America commissary and other sales (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          186,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (14,905
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          171,340
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          28,518
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (2,896
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          25,622
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          Other revenues (1) (2)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          17,801
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          17,801
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          449,266
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          449,266
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </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 valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          165,419
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          165,419
        </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 (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          173,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (13,755
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          159,957
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          International expenses (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,990
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (2,199
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          15,791
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other expenses (1) (2) (3)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,547
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          17,547
        </td>
        <td>

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

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          General and administrative expenses (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          38,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1,593
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          36,414
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          10,457
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          10,457
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          405,585
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          405,585
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,681
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          43,681
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (1,810
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (1,810
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          41,871
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          41,871
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          11,972
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          11,972
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Net income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          29,899
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          29,899
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (1,471
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (1,471
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          <b>Net income attributable to the company</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          28,428
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          520
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (117
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: right">
          (117
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; text-align: left">
          )
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          28,831
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          28,831
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.78
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.78
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Diluted earnings per common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.77
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          0.77
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          36,810
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          36,810
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="3" valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          37,350
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; border-bottom-color: black; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; padding-left: 0.0px; text-align: right">
          37,350
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.20
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          0.20
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (1)
        </td>
        <td colspan="14" valign="top" style="padding-left: 5.0px; text-align: left">
          Includes reclassification of previous amounts reported in North
          America commissary and other sales and expenses including print and
          promotional items, information systems and related services used in
          restaurant operations, including our point of sale system, online
          and other technology-based ordering platforms.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (2)
        </td>
        <td colspan="14" valign="top" style="padding-left: 5.0px; text-align: left">
          Includes reclassification of previous amounts reported in
          International related to advertising expenses and rental income and
          expenses for United Kingdom head leases which are subleased to
          United Kingdom franchisees.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; text-align: right">
          (3)
        </td>
        <td colspan="14" valign="top" style="padding-left: 5.0px; text-align: left">
          Includes reclassification of various technology related expenditures
          for fee-based services discussed in (1) above and advertising
          expenses to be consistent with 2018 presentation.
        </td>
      </tr>
    </table>
    </div>
    <p>

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