<SEC-DOCUMENT>0001157523-18-001755.txt : 20180807
<SEC-HEADER>0001157523-18-001755.hdr.sgml : 20180807
<ACCEPTANCE-DATETIME>20180807161558
ACCESSION NUMBER:		0001157523-18-001755
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180807
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180807
DATE AS OF CHANGE:		20180807

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:		18998268

	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>a51849285.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
<html>
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    <p style="text-align: center">
      <br>
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt">Washington,
      D.C. 20549</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Current Report</font><br><font style="font-size: 12pt">Pursuant
      to Section 13 or 15(d) of</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">The
      Securities Exchange Act of 1934</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Date of Report (Date of earliest event
      reported):</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt">August
      7, 2018</font>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt">Commission
      File Number: &#160;0-21660</font>
    </p>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-size: 16pt"><b>PAPA JOHN&#8217;S INTERNATIONAL, INC.</b></font><br>&#160;(Exact
      name of registrant as specified in its charter)
    </p>
    <p style="text-align: center; white-space: nowrap">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-family: Times New Roman; font-size: 10pt; width: 60%; margin-left:auto;margin-right:auto; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 50%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td valign="top" style="width: 50%; white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          <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%; text-align: left; padding-left: 0.0px">
          <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%; text-align: left; padding-left: 0.0px">
          <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%; text-align: left; padding-left: 0.0px">
          <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%; text-align: left; padding-left: 0.0px">
          <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="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

    </p>
    <p>
      <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 August 7, 2018, Papa John&#8217;s International, Inc. issued a press
      release announcing second 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>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 88%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="width: 88%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

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

        </td>
        <td style="width: 88%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="width: 88%; text-align: left; padding-left: 0.0px">
          Papa John&#8217;s International, Inc. press release dated August 7, 2018.
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

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

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

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 60%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:&#160;August 7, 2018
          </p>
        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Joseph H. Smith, IV</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

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

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President, Chief Financial
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="border-bottom-color: black; width: 10%; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          <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%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; width: 88%; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51849285ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 88%; text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51849285ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated August 7, 2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51849285ex99_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 Second Quarter 2018 Results and Updates 2018 Outlook</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--August 7, 2018--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the three and six months ended July 1, 2018.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Earnings per diluted share of $0.36 and adjusted earnings per
        diluted share of $0.49 in the second quarter of 2018, excluding the
        impact of China refranchising; adjusted earnings per diluted share
        down 24.6% from the second quarter 2017 of $0.65</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>System-wide North America comparable sales decrease of 6.1%</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>International comparable sales decrease of 0.8%; total
        international sales increase of 12.2%, driven by unit growth</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>35 net unit openings in second quarter of 2018 driven by
        international operations</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Company completed the refranchising of 34 company-owned restaurants
        in China during Q2</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Cash flow from operations of $74.2 million; free cash flow of $52.6
        million for the first six months of 2018</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>2018 outlook revised downward including lowered adjusted EPS range
        of $1.30 to $1.80 as a result of negative sales trends</b>
      </li>
    </ul>
    <p>
      &#8220;Earlier this year, we began implementing key changes in how we operate
      and market our products to refocus on quality and better connect with
      customers,&#8221; said Steve Ritchie, President and CEO of Papa John&#8217;s. &#8220;While
      results have been challenged by recent events, we are committed to these
      strategic priorities and continue to believe that they will lead to
      enhanced performance. We have also begun an external audit of Papa
      John&#8217;s culture and will address any improvements that are recommended at
      its conclusion. Our entire leadership team understands the importance of
      getting our culture and business improvements right. We have important
      work ahead of us, and I feel certain that with the collective efforts of
      our 120,000 corporate and franchise team members that the best days for
      Papa John&#8217;s are ahead.&#8221;
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="19">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, except per share amounts)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="8">

        </td>
        <td>

        </td>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>July 1,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 25,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Increase /</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Decrease)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>%</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>July 1,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 25,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Increase /</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Decrease)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <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">

        </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="text-align: left; padding-left: 0.0px">
          Total revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          407,959
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          434,778
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (6.2
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          835,328
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          884,044
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (5.5
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          19,705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          35,458
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (44.4
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          42,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          77,329
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (45.6
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          23,538
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (49.9
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          28,528
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          51,966
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (45.1
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Diluted EPS
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.36
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.65
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (44.6
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.86
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.42
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (39.4
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Diluted EPS, adjusted
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.49
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.65
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (24.6
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.98
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.42
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (31.0
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      All operating highlights are compared to the same period of the prior
      year, unless otherwise noted.
    </p>
    <p>
      Adjusted financial results excluding Special items, which impact
      comparability, are summarized in the following reconciliation. The table
      reconciles our GAAP financial results to our adjusted financial results,
      which are non-GAAP measures. All highlights are compared to the same
      period of the prior year, unless otherwise noted.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="5">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="5">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>Jul. 1,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>Jun. 25,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>Jul. 1,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>Jun. 25,</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          (In thousands, except per share amounts)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2018</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="2">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          GAAP Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          19,705
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          35,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          42,067
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          77,329
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Special items:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Refranchising losses, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          2,122
        </td>
        <td valign="bottom" style="padding-bottom: 2.0px; text-align: right; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          1,918
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>21,827</b>
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>35,458</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>43,985</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>77,329</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,791
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          23,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          28,528
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          51,966
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Special items:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Refranchising losses, net (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,647
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,488
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Tax impact of China refranchising
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          2,435
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          2,435
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>15,873</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>23,538</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>32,451</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>51,966</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          GAAP Diluted earnings per share
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.36
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.65
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.86
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1.42
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Special items:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.05
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.05
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Tax impact of China refranchising
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          0.08
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          0.07
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Adjusted diluted earnings per share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.49</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.65</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>0.98</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          <b>1.42</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="14">
          (1) Tax effect was calculated using the company's marginal rate of
          22.4%.
        </td>
      </tr>
      <tr>
        <td colspan="14">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      On June 15, 2018, we refranchised our China operations including our 34
      company-owned restaurants and the quality control center. The
      refranchising losses, net of tax, of $1.6 million for the second quarter
      of 2018 and $1.5 million for the six months ended July 1, 2018 are
      primarily driven by this China refranchise. We also had $2.4 million of
      additional tax expense associated with the China refranchise. This
      additional tax expense is primarily attributable to the required
      recapture of operating losses previously taken by Papa John&#8217;s
      International.
    </p>
    <p>
      The non-GAAP adjusted results shown above should not be construed as a
      substitute for or a better indicator of the company&#8217;s performance than
      the company&#8217;s GAAP results. Management believes presenting the financial
      information excluding these Special items is important for purposes of
      comparison to prior year results. In addition, management uses these
      metrics to evaluate the company&#8217;s underlying operating performance, to
      analyze trends, and to determine compensation.
    </p>
    <p>
      Consolidated revenues decreased $26.8 million, or 6.2%, for the second
      quarter of 2018 and decreased $48.7 million, or 5.5%, for the six months
      ended July 1, 2018. These decreases were primarily due to lower
      comparable sales for North America restaurants that resulted in lower
      company-owned restaurant revenues, lower royalties and decreased North
      America commissary sales. These decreases were somewhat offset by higher
      International revenues due to an increase in equivalent units and the
      favorable impact of foreign exchange rates and the impact of higher
      commodity prices on North America commissary revenues. Additionally,
      2018 included an increase in revenues of approximately $1.8 million and
      $4.3 million for the quarter and six months ended July 1, 2018,
      respectively, 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>
    <p>
      Consolidated income before income taxes of $19.7 million for the second
      quarter of 2018 decreased $15.8 million, or 44.4%, compared to the
      second quarter of 2017. Income before income taxes, as a percentage of
      consolidated revenues, was 4.8% for the second quarter of 2018, as
      compared to 8.2% for the second quarter of 2017. The $15.8 million
      decrease was primarily driven by lower North America revenues as
      explained above, higher restaurant operating costs, higher interest
      expense and a loss on the sale of our China operations. Significant
      changes in the components of income before income taxes are as follows:
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic Company-owned restaurants operating margin decreased $6.7
        million, or 1.4% as a percentage of related revenues, primarily due to
        lower comparable sales of 7.2% and increased operating costs including
        higher commodities and minimum wages as well as increased non-owned
        automobile costs. Additionally, the adoption of Topic 606 reduced the
        restaurant operating margin due to the revised method of accounting
        for the customer loyalty program.
      </li>
      <li style="margin-bottom: 10.0px">
        North America franchise royalties and fees decreased $2.7 million, or
        10.1% as compared to the second quarter of 2017, primarily due to
        lower comparable sales of 5.7% and an increase in franchise royalty
        waivers.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary operating margin decreased $400,000, and
        remained flat as a percentage of related revenues, primarily due to
        lower sales volumes.
      </li>
      <li style="margin-bottom: 10.0px">
        International operating margin increased $800,000, or 0.6% as a
        percentage of related revenues, primarily due to higher royalties from
        increased equivalent units and higher income from the United Kingdom
        Quality Control Center.
      </li>
      <li style="margin-bottom: 10.0px">
        Other operating margin decreased $1.2 million, or 6.3%, primarily due
        to higher costs related to various technology initiatives and
        increased advertising spend in the United Kingdom. The &#8220;Revenue
        Recognition and Income Statement Presentation&#8221; section below provides
        more information on our &#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 decreased $1.5 million, or
        3.8%, primarily due to lower management incentive and benefit costs as
        well as a shift in the timing of the annual operators&#8217; conference to
        the third quarter of 2018. These cost decreases were partially offset
        by an increase in various technology initiative costs and higher bad
        debt expenses.
      </li>
      <li style="margin-bottom: 10.0px">
        Refranchising losses of $2.1 million were incurred in the second
        quarter of 2018 primarily related to the refranchising of China, as
        previously discussed.
      </li>
      <li style="margin-bottom: 10.0px">
        Net interest expense increased $3.9 million for the second 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>
      For the six months ended July 1, 2018 consolidated income before income
      taxes was $42.1 million, a decrease of $35.3 million, or 45.6%, compared
      to the six months ended June 25, 2017. Income before income taxes, as a
      percentage of consolidated revenues, was 5.0% for the six months ended
      July 1, 2018 compared to 8.7% for the six months ended June 25, 2017.
      These decreases were primarily due to the same reasons noted above for
      the three-month period. In addition, for the six months ended July 1,
      2018, G&amp;A expenses increased $1.8 million, or 2.3%, primarily due to an
      increase in various technology initiative costs and higher bad debt
      expenses and legal fees.
    </p>
    <p>
      Operating margin is not a measurement defined by GAAP and should not be
      considered in isolation, or as an alternative to evaluation of the
      company&#8217;s financial performance. In addition to an evaluation of GAAP
      consolidated income before income taxes, we believe the presentation of
      operating margin is beneficial as it represents an additional measure
      used by the company to further evaluate operating efficiency and
      performance of the various business units. Additionally, operating
      margin discussion may be helpful for comparison within the industry. The
      operating margin results detailed herein can be calculated by business
      unit based on the specific revenue and operating expense line items on
      the face of the Condensed Consolidated Income Statement. Consolidated
      income before income taxes reported includes G&amp;A expenses, depreciation
      and amortization, refranchising losses and net interest expense that
      have been excluded from this operating margin calculation.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      The effective income tax rates were 35.7% and 28.6% for the three and
      six months ended July 1, 2018, respectively, representing an increase of
      6.2% and a decrease of 0.5%, respectively, from the prior year
      comparable periods. The increase for the three months ended July 1, 2018
      was due the impact of the China refranchising, as previously discussed.
      Excluding the China refranchising impact of 12.4% and 5.8%, the
      effective income tax rates were 23.4% and 22.8% for the three and six
      months ended July 1, 2018, respectively.
    </p>
    <p>
      Diluted earnings per share decreased 44.6% to $0.36 for the second
      quarter of 2018 and decreased 39.4% to $0.86 for the six months ended
      July 1, 2018. Adjusted diluted earnings per share decreased 24.6% to
      $0.49 for the second quarter of 2018 and 31.0% to $0.98 for the six
      months ended.
    </p>
    <p>
      <u><b>Global Restaurant and Comparable Sales Information</b></u>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>July 1,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 25,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>July 1,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>June 25,</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (2.3%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          4.1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (1.8%)
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <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; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2.3%
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.6%
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (7.2%)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (6.7%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2.7%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px">
          North America franchised restaurants
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (5.7%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          1.1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (5.3%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          1.4%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px">
          System-wide North America restaurants
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (6.1%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          1.4%
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (5.7%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          1.7%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (0.8%)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          3.9%
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (a)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Includes both company-owned and franchised restaurant sales.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (b)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          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.
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Free Cash Flow</b></u>
    </p>
    <p>
      The company&#8217;s free cash flow, a non-GAAP financial measure, was as
      follows for the first six months of 2018 and 2017 (in thousands):
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="7">
          <b>Six Months Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>July 1,</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>June 25,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>2017</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="text-align: left; padding-left: 0.0px">
          Net cash provided by operating activities (a)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          74,201
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          77,863
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (21,562
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (30,457
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Free cash flow
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          52,639
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          47,406
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (a)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The decrease of $3.7 million was primarily due to lower net income
          somewhat offset by favorable changes in working capital items.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (b)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The decrease of $8.9 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.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We define free cash flow as net cash provided by operating activities
      (from the Consolidated Statements of Cash Flows) less the amounts spent
      on the purchase of property and equipment. We view free cash flow as an
      important liquidity measure because it is one factor that management
      uses in determining the amount of cash available for investment.
      However, it does not represent residual cash flows available for
      discretionary expenditures. Free cash flow is not a term defined by
      GAAP, and as a result, our measure of free cash flow might not be
      comparable to similarly titled measures used by other companies. Free
      cash flow should not be construed as a substitute for or a better
      indicator of the company&#8217;s liquidity than the company&#8217;s GAAP measures.
    </p>
    <p>
      See the Management&#8217;s Discussion and Analysis of Financial Condition and
      Results of Operations section of our Quarterly Report on Form 10-Q filed
      with the Securities and Exchange Commission (SEC) for additional
      information concerning our operating results for the three and six
      months ended July 1, 2018 and cash flow for the six months ended July 1,
      2018.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant Unit Data</b></u>
    </p>
    <p>
      At July 1, 2018, there were 5,247 Papa John&#8217;s restaurants operating in
      all 50 states and in 46 international countries and territories, as
      follows:
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

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

        </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 valign="top" style="text-align: left; padding-left: 0.0px">
          Beginning - April 1, 2018
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,745
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,424
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,788
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,212
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          26
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          88
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (44
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          34
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (34
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (34
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Ending - July 1, 2018
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          678
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          2,729
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          3,407
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          1,840
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          5,247
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Year-to-date</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="text-align: left; padding-left: 0.0px">
          Beginning - December 31, 2017
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          44
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          49
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          163
        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (83
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (115
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Acquired
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          34
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          65
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (31
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (31
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (34
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (65
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Ending - July 1, 2018
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          678
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          2,729
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          3,407
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          1,840
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          5,247
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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; text-align: left; padding-left: 0.0px">
          Unit growth (decline)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (30
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (4
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (34
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          82
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          48
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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; text-align: left; padding-left: 0.0px">
          % increase (decrease)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (4.2
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (0.1
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          (1.0
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          4.7
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.9
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: left; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          %
        </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 159 net worldwide units over the trailing four
      quarters ended July 1, 2018. Our development pipeline as of July 1, 2018
      included approximately 1,210 restaurants (140 units in North America and
      1,070 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 share repurchases for the three and six
      months ended July 1, 2018 and subsequent repurchases through July 31,
      2018 (in thousands):
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px">
          <b>Period</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>of Shares</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px" colspan="2">
          <b>Cost</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </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="top" style="text-align: left; padding-left: 0.0px">
          Three months ended July 1, 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          490
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          28,440
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Six months ended July 1, 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,491
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          148,390
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          July 2, 2018 through July 31, 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          134
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          6,518
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      There were 32.2 million and 32.9 million diluted weighted average shares
      outstanding for the three and six months ended July 1, 2018,
      respectively, representing decreases of 13.6% and 11.9% over the prior
      year comparable periods. Approximately 31.5 million actual shares of the
      company&#8217;s common stock were outstanding as of July 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. 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. The remaining $22.0
      million of the ASR Agreement was completed May 14, 2018, delivering
      approximately 400,000 additional shares. Under the completed ASR
      Agreement, approximately 1.7 million shares were repurchased for $100.0
      million.
    </p>
    <p>
      The company does not expect to repurchase any more shares in 2018 after
      the current trading plan expires in early August.
    </p>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      We paid a cash dividend of approximately $7.2 million ($0.225 per common
      share) during the second quarter of 2018. Subsequent to the second
      quarter, on August 1, 2018, our Board of Directors declared a third
      quarter dividend of $0.225 per common share (approximately $7.2 million
      based on current shareholders of record). The dividend will be paid on
      August 24, 2018 to shareholders of record as of the close of business on
      August 13, 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>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td colspan="5">

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          (in thousands, except for per share amounts)
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td colspan="5">

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>July 1, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>July 1, 2018</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="text-align: left; padding-left: 0.0px">
          Total revenue impact (a)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,814
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          4,250
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Pre-tax income impact (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,375
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,860
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Diluted EPS
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (0.03
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (0.04
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (a)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The increase in total revenues of $1.8 million and $4.3 million for
          the three and six months ended July 1, 2018, respectively, is
          primarily due to the requirement to present revenues and expenses
          related to marketing funds we control on a &#8220;gross&#8221; basis. This
          increase was partially offset by lower company-owned restaurant
          revenues attributable to the revised method of accounting for the
          loyalty program. The marketing fund gross up is reported in the new
          financial statement line items, Other revenues and Other expenses,
          as discussed further below.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (b)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The $1.4 million and $1.9 million decreases in pre-tax income for
          the three and six months ended July 1, 2018 are primarily due to the
          revised method of accounting for the loyalty program, marketing fund
          co-ops we control and franchise fees.
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
    <p>
      Additional detail on the adoption and 2018 impact of the new revenue
      recognition standard can be found in our Form 10-Q for the quarterly
      period ended July 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 G&amp;A expenses to better reflect and aggregate various
      domestic and international services provided by the company for the
      benefit of franchisees. Related 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>
    <p>
      <u><b>Update of Previously Issued Financial Guidance</b></u>
    </p>
    <p>
      The recent negative publicity surrounding the company&#8217;s brand negatively
      impacted July sales in North America. Our North America comparable sales
      for the July period decreased approximately 10.5%. At this time, the
      company cannot predict how long and the extent to which the negative
      customer sentiment will continue to impact future sales. In addition,
      the company expects to incur significant costs as a result of the recent
      negative publicity including, but not limited to, the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        re-imaging costs at nearly all domestic and international restaurants,
      </li>
      <li style="margin-bottom: 10.0px">
        costs to accelerate our replacement of certain branded assets and
        related marketing efforts,
      </li>
      <li style="margin-bottom: 10.0px">
        financial assistance to domestic franchisees, such as short-term
        royalty reductions, in an effort to mitigate closings,
      </li>
      <li style="margin-bottom: 10.0px">
        additional costs for branding initiatives, including but not limited
        to, launching a new advertising and marketing campaign and promotional
        activities to mitigate negative consumer sentiment and negative sales
        trends,
      </li>
      <li style="margin-bottom: 10.0px">
        costs associated with a third-party audit of the culture at Papa
        John&#8217;s commissioned by the Special Committee as well as costs
        associated with implementing new policies and procedures to address
        any findings as a result of the audit, and
      </li>
      <li style="margin-bottom: 10.0px">
        additional legal and advisory costs, including costs associated with
        the activities of the Special Committee.
      </li>
    </ul>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Based on the negative consumer sentiment and the expected impact on
      future sales, the company is lowering its financial and associated
      outlook items. The below outlook incorporates a range of the potential
      negative sales impact from these recent events but excludes the related
      costs the company will incur, as detailed above. The company is still
      gathering information regarding these costs but has developed a
      preliminary range of $30 million to $50 million for the remainder of
      2018. The below outlook also excludes the $0.13 impact of the China
      refranchising.
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          (7.0%) to (10.0%)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          (3%) to flat
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          International Comparable Sales
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          (2%) to 1%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          3.0% - 5.0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Adjusted Diluted EPS (1)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          $1.30 - $1.80
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          $2.40 - $2.60
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Net global unit growth
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          3.0% - 5.0%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Debt / Adjusted EBITDA ratio (2)
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          Above 4.0x
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          3.0x - 3.5x
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income tax rate (3)
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          20% - 24%
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          20% - 24%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Capital Expenditures
        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          $45 - $50 million
        </td>
        <td>

        </td>
        <td valign="top" style="white-space: nowrap; text-align: center; padding-left: 0.0px; padding-right: 0.0px">
          $45 - $55 million
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Block Cheese Prices per lb.
        </td>
        <td>

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

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          Low $1.60s
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <i>(1) This adjusted diluted EPS guidance excludes the impact of the
          China refranchising and the estimated future costs of the above
          noted items related to the recent negative publicity. We believe
          excluding these items from adjusted EPS is meaningful to our
          financial statement users as it presents our core results excluding
          unusual, non-recurring items.</i>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <i>(2) We were in compliance with all financial covenants as of July
          1, 2018. Based on this revised lower outlook, we plan to work with
          the banks within our credit facility to evaluate options with the
          covenants to mitigate the possibility of violating a financial
          covenant in the future.</i>
        </td>
      </tr>
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          <i>(3) The tax rate excludes any tax impact from the divestiture of
          our China company-owned operations.</i>
        </td>
      </tr>
      <tr>
        <td colspan="5">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Conference Call and Website Information</b></u>
    </p>
    <p>
      A conference call is scheduled for August 7, 2018 at 5:00 p.m. Eastern
      Time to review the company&#8217;s second 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 5177337.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      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>
    <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, ability of the company to mitigate negative consumer
      sentiment through advertising, marketing and promotional activity,
      corporate governance, shareholder and other stakeholder engagement,
      strategic decisions and actions, the ongoing cultural audit and
      investigation, 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="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        negative publicity and consumer sentiment as a result of statements
        and actions by the company&#8217;s founder and former spokesperson, which
        may continue to cause sales to decline and/or change consumers&#8217;
        acceptance of and enthusiasm for our brand;
      </li>
      <li style="margin-bottom: 10.0px">
        the results of the previously announced external audit and
        investigation the Special Committee is overseeing regarding the
        company&#8217;s existing processes, policies and systems related to
        diversity and inclusion, supplier and vendor engagement and the
        company&#8217;s culture;
      </li>
      <li style="margin-bottom: 10.0px">
        costs the company expects to incur as a result of the recent negative
        publicity and negative consumer sentiment, including costs related to
        the audit and investigation, costs associated with the operations of
        the Special Committee, any costs associated with related litigation,
        legal fees, and increased costs for branding initiatives and launching
        a new advertising and marketing campaign and promotions to mitigate
        negative consumer sentiment and negative sales trends;
      </li>
      <li style="margin-bottom: 10.0px">
        costs the company expects to incur relating to franchisee financial
        assistance to mitigate store closings;
      </li>
      <li style="margin-bottom: 10.0px">
        the ability of the company to mitigate the negative consumer sentiment
        through advertising, marketing and promotional activities;
      </li>
      <li style="margin-bottom: 10.0px">
        the company&#8217;s ability to regain lost customers;
      </li>
      <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 risk that any new advertising or marketing campaign may not be
        effective in increasing sales;
      </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">
        maintaining compliance with debt covenants under our credit agreement
        if restaurant sales and operating results continue to decline, and our
        ability to obtain a waiver or modification to the credit agreement
        from our lenders if we are unable to maintain compliance;
      </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; and
      </li>
      <li style="margin-bottom: 10.0px">
        changes in generally accepted accounting principles including new
        standards for revenue recognition and leasing.
      </li>
    </ul>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      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, as updated by &#8220;Part II. Item 1A. &#8211; Risk
      Factors&#8221; in our Quarterly Report on Form 10-Q for the quarterly period
      ended July 1, 2018. We undertake no obligation to update publicly any
      forward-looking statements, whether as a result of future events, new
      information or otherwise, except as required by law.
    </p>
    <p style="text-align: center">
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </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 valign="top" style="text-align: center; padding-left: 0.0px" colspan="19">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="19">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </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>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>July 1, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>June 25, 2017</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          (In thousands, except per share amounts)
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          181,379
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          202,756
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          371,621
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          409,652
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          23,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          26,588
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          48,718
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          54,195
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          153,455
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          160,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          315,168
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          331,399
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          29,069
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          27,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          59,183
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          52,867
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          20,144
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          18,130
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          40,638
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          35,931
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          407,959
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          434,778
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          835,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          884,044
        </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">

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          147,781
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          162,433
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          305,100
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          327,852
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          143,300
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          149,472
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          294,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          309,429
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          18,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          17,272
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          37,278
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          33,063
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          20,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          17,482
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          41,656
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          35,029
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          38,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          40,248
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          78,441
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          76,662
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          11,731
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          10,654
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          23,270
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          21,111
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          380,470
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          397,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          780,726
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          803,146
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (2,122
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (1,918
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          25,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          37,217
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          52,684
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          80,898
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (5,662
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (1,759
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (10,617
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (3,569
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          19,705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          35,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          42,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          77,329
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          7,040
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          10,476
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          12,022
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          22,448
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Net income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          12,665
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          24,982
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          30,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          54,881
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (874
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (1,444
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (1,517
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (2,915
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" colspan="3">
          <b>Net income attributable to the company</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          11,791
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          23,538
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          28,528
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          51,966
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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">

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          11,791
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          23,538
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          28,528
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          51,966
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,182
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (72
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (147
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (216
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" colspan="3">
          Net income attributable to common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          11,719
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          24,101
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          28,381
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          52,932
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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">

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.37
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.66
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.87
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          1.44
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" colspan="3">
          Diluted earnings per common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.36
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.65
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          0.86
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          1.42
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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">

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          31,941
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          36,732
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          32,610
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          36,771
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" colspan="3">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          32,175
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          37,217
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          32,860
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          37,283
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#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">

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.450
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          0.40
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Papa John's International, Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          25,719
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          62,973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,180
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          27,109
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          33,952
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          2,786
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          157,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          227,722
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          15,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          85,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          71,309
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          558,171
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          33,307
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          8,904
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          81,197
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,426
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          145,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          15,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          556,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,140
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          78,515
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          801,205
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          7,356
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (250,390
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (105,954
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          <b>Total liabilities, redeemable noncontrolling interests and
          stockholders' (deficit)</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          558,171
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#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="text-align: left; padding-left: 0.0px" colspan="9">
          <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>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Condensed Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>July 1, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="top" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px" colspan="3">
          <b>June 25, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          30,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          54,881
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <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="text-align: left; padding-left: 25.0px">
          Provision for uncollectible accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,591
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,091
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          23,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          21,111
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (2,511
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          158
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          4,929
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,571
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,918
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,032
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,978
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 25.0px">
          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="text-align: left; padding-left: 40.0px">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (148
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (355
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (45
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          6,683
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,594
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (2,202
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,559
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,511
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (3,950
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 40.0px">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          1,275
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (2,506
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (3,002
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 40.0px">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          379
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (253
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          74,201
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          77,863
        </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="text-align: left; padding-left: 0.0px">
          <b>Investing activities</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (21,562
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (30,457
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,904
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,476
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Repayments of loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,720
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,125
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          25
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (16,910
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (29,804
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (10,000
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          119,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,156
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (14,762
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (14,703
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,353
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (2,282
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          2,179
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          5,218
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (148,440
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (33,968
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Distributions to noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,110
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (1,389
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          231
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          494
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Net cash used in financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (53,855
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          (41,474
        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: left; padding-left: 0.0px; padding-right: 0.0px">
          )
        </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; text-align: left; padding-left: 0.0px">
          Effect of exchange rate changes on cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          (62
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          3,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; text-align: right; padding-left: 0.0px; padding-right: 0.0px">
          6,684
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid; padding-left: 0.0px; padding-right: 0.0px">
          15,563
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#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; text-align: left; padding-left: 0.0px">
          <b>Cash and cash equivalents at end of period</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          25,719
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double; padding-left: 0.0px; padding-right: 0.0px">
          22,247
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
