<SEC-DOCUMENT>0001157523-18-002334.txt : 20181106
<SEC-HEADER>0001157523-18-002334.hdr.sgml : 20181106
<ACCEPTANCE-DATETIME>20181106162051
ACCESSION NUMBER:		0001157523-18-002334
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20181106
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181106
DATE AS OF CHANGE:		20181106

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:			1230

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21660
		FILM NUMBER:		181163266

	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>a51895199.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt">Washington,
      D.C. 20549</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Current Report</font><br><font style="font-size: 12pt">Pursuant
      to Section 13 or 15(d) of</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">The
      Securities Exchange Act of 1934</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Date of Report (Date of earliest event
      reported):</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">November
      6, 2018</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">Commission
      File Number: &#160;0-21660</font>
    </p>
    <p style="white-space: nowrap; text-align: center">
      <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="white-space: nowrap; text-align: center">

    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; width: 60%; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>61-1203323</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">(State or other jurisdiction of</font>
          </p>
        </td>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">(I.R.S. Employer Identification</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">incorporation or organization)</font>
          </p>
        </td>
        <td style="width: 50%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt">Number)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>2002
            Papa Johns Boulevard</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman"><b>Louisville,
            Kentucky 40299-2367</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt; font-family: Times New Roman">(Address
            of principal executive offices)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </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: 10pt">Indicate by check mark whether the
      registrant is an emerging growth company as defined in Rule 405 of the
      Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
      Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font>
    </p>
    <p style="white-space: nowrap">
      <font style="font-size: 10pt">Emerging growth company [ ]</font>
    </p>
    <p>
      <font style="font-size: 10pt">If an emerging growth company, indicate by
      check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial
      accounting standards provided pursuant to Section 13(a) of the Exchange
      Act. [ ]</font><font style="font-size: 12pt">&#160;</font>
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 November 6, 2018, Papa John&#8217;s International, Inc. issued a press
      release announcing third quarter 2018 financial results.
    </p>
    <p>

    </p>
    <p>
      <b>Section 9 &#8211; Financial Statements and Exhibits</b>
    </p>
    <p>
      <b>Item 9.01 Financial Statements and Exhibits</b>
    </p>
    <p>
      (d)&#160;&#160;&#160;Exhibits
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 90%">

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

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 90%; text-align: left; padding-left: 0.0px" valign="top">
          Papa John&#8217;s International, Inc. press release dated November 6, 2018.
        </td>
      </tr>
    </table>
    </div>
    <p>

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

        </td>
        <td style="width: 40%; text-align: left; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 60%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:&#160;November 6, 2018
          </p>
        </td>
        <td style="width: 40%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Joseph H. Smith, IV</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

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

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

    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="border-bottom-color: black; width: 10%; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td style="width: 2%; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          &#160;
        </td>
        <td style="border-bottom-color: black; width: 88%; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; width: 10%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51895199ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 88%; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51895199ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated November 6, 2018.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51895199ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Papa
      John&#8217;s Announces Third Quarter 2018 Results</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--November 6, 2018--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the three and nine months ended September 30, 2018.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Loss per diluted share of ($0.41) and adjusted earnings per diluted
        share of $0.20 in the third quarter of 2018, excluding the impact of
        Special items; adjusted earnings per diluted share down 66.7% from the
        third quarter 2017 of $0.60</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>System-wide North America comparable sales decrease of 9.8%</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>International comparable sales decrease of 3.3%; total
        international sales increase of 10.0%, driven by unit growth</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Company completed the refranchising of 31 company-owned restaurants
        in Minnesota during the third quarter</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Cash flow from operations of $98.8 million; free cash flow of $68.2
        million for the first nine months of 2018</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>2018 EPS outlook narrowed to a range of $1.30 to $1.60</b>
      </li>
    </ul>
    <p>
      Steve Ritchie, President and CEO of Papa John&#8217;s said, &#8220;During the
      quarter, we took important actions resulting in improved consumer
      sentiment and North America comp sales that were slightly ahead of
      expectations. While the operating environment remains challenging, these
      early indicators combined with our strong cash flow give us confidence
      in the consumer initiatives underway across the Company.&#8221;
    </p>
    <p>
      <u><b>Operating Highlights</b></u>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" colspan="20" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (In thousands, except per share amounts)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 24,</b><br><b> 2017</b>
          </p>
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 24,</b><br><b> 2017</b>
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          364,007
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (15.7
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,199,335
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (8.8
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          (Loss)/ Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (19,953
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (164.5
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          22,114
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (79.6
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Net (loss)/ income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,033
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (159.7
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,495
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (79.0
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted (loss)/ earnings per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.41
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (168.3
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.47
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (76.7
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Adjusted diluted earnings per share
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (66.7
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1.18
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (41.6
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </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>
      All operating highlights are compared to the same period of the prior
      year, unless otherwise noted.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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>
      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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="6" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 24,</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 30,</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 24,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          (In thousands, except per share amounts)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </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 style="text-align: left; padding-left: 0.0px" valign="top">
          GAAP (Loss)/Income before income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (19,953
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          22,114
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Special charges (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          24,833
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          24,833
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px" valign="top">
          Refranchising losses, net (2)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>4,880</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>30,949</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>48,865</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>108,278</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </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 style="text-align: left; padding-left: 0.0px" valign="top">
          GAAP (Loss)/Net income
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,033
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,495
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Special charges (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          19,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          19,270
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Refranchising losses, net (3)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>6,237</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>38,688</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </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 style="text-align: left; padding-left: 0.0px" valign="top">
          GAAP Diluted (Loss)/ Earnings per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.41
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.47
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.59
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Refranchising losses, net
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>0.20</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <b>1.18</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </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 style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          (1) 'Special charges' is defined as the costs and expenses in
          response to recent events including: (i) re-imaging costs at nearly
          all domestic restaurants and costs to replace or write-off certain
          branded assets of approximately $3.6 million, (ii) financial
          assistance to domestic franchisees, such as short-term royalty
          reductions, in an effort to mitigate closings of approximately $9.9
          million, and (iii) costs associated with a third-party audit of the
          culture at Papa John's commissioned by the Special Committee of the
          Board of Directors as well as costs associated with implementing new
          policies and procedures to address any findings as a result of the
          audit, and additional legal and advisory costs, including costs
          associated with the activities of the Special Committee totaling
          approximately $11.3 million.
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          (2) The refranchising losses of $1.9 million before tax and $1.5
          million net of tax for the nine months ended September 30, 2018 are
          primarily due to the China refranchise of the 34 company-owned
          restaurants and the quality control center in China that occurred
          during the second quarter of 2018. 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.
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="15" valign="top">
          (3) Tax effect was calculated using the company's marginal rate of
          22.4%.
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 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 and
      analyze trends.
    </p>
    <p>
      Consolidated revenues decreased $67.7 million, or 15.7%, for the third
      quarter of 2018 and decreased $116.4 million, or 8.8%, for the nine
      months ended September 30, 2018. These decreases were primarily due to
      the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        lower comparable sales for North America restaurants that resulted in
        lower company-owned restaurant revenues, lower royalties and decreased
        North America commissary sales,
      </li>
      <li style="margin-bottom: 10.0px">
        the refranchising of 62 company-owned restaurants in North America
        which reduced total revenues on a quarter and year-to-date basis
        approximately $15.0 million and $27.2 million, respectively, compared
        to the prior year comparable periods,
      </li>
      <li style="margin-bottom: 10.0px">
        the short-term royalty reductions that are part of our franchise
        assistance program of approximately $9.9 million, which are included
        in the previously mentioned special charges, and
      </li>
      <li style="margin-bottom: 10.0px">
        decreases in International revenues due to the refranchising of the
        company-owned restaurants and quality control center in China of
        approximately $4.1 million, partially offset by higher International
        royalties due to an increase in equivalent units;
      </li>
      <li style="margin-bottom: 10.0px">
        these decreases were offset by increases in revenues of approximately
        $1.5 million and $5.7 million, 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.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 consolidated loss before income taxes was $20.0 million for the
      third quarter of 2018 in comparison to consolidated income before income
      taxes of $30.9 million in the third quarter of 2017, representing a
      decrease in income of $50.9 million. The consolidated loss before income
      taxes, as a percentage of consolidated revenues, was 5.5% for the third
      quarter of 2018. The decline in income was primarily attributable to the
      previously mentioned $24.8 million of Special charges and the impact of
      lower North America and International revenues. Additionally, the
      decrease is attributable to higher restaurant operating costs and higher
      interest expense. Significant changes in the operating results by
      business unit are detailed as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic Company-owned restaurants operating margin decreased $12.0
        million, or 3.3% as a percentage of related revenues, primarily due to
        lower comparable sales of 13.2% and higher 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 $12.8 million, or
        49.9%, as compared to the third quarter of 2017, primarily due to the
        short-term royalty reductions granted to the entire North America
        system as part of the franchise assistance program, which is included
        in the Special charges. Royalties were further reduced due to the
        negative 8.6% comparable sales and an increase in other franchise
        royalty waivers not associated with the Special charges.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary operating margin remained relatively flat but
        increased 0.5% as a percentage of related revenues primarily due to
        lower operating costs.
      </li>
      <li style="margin-bottom: 10.0px">
        International operating margin decreased $400,000 primarily due to
        lower income from the United Kingdom quality control center on lower
        sales margins, partially offset by higher royalties from increased
        equivalent units. As a percentage of international revenues, the
        operating margin increased 3.1% primarily due to the divestiture of
        our China operations in the second quarter of 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        Other operating margin decreased $2.1 million 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 increased $19.7 million, or
        55.1%, primarily due to costs associated with the special charges of
        approximately $14.9 million as previously detailed. The remainder of
        the increase is due to higher technology initiative costs and
        increases in professional and legal fees for matters not associated
        with the special charges. The increase for the quarter also includes
        the cost for our annual operators&#8217; conference due to the shift in the
        timing from the second quarter in 2017 to the third quarter in 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        Net interest expense increased $3.4 million for the third quarter due
        to an increase in average outstanding debt, including the impact of
        share repurchases, as well as higher interest rates.
      </li>
      <li style="margin-bottom: 10.0px">
        For the nine months ended September 30, 2018 consolidated income
        before income taxes was $22.1 million, a decrease of $86.2 million
        compared to the nine months ended September 24, 2017. Income before
        income taxes, as a percentage of consolidated revenues, was 1.8% for
        the nine months ended September 30, 2018 compared to 8.2% for the nine
        months ended September 24, 2017. These decreases were primarily due to
        the same reasons noted above for the three-month period. Additionally,
        for the nine months ended September 30, 2018, the North America
        commissary operating margin decreased $1.9 million compared to the
        corresponding period in 2017 primarily due to lower sales volumes and
        the company&#8217;s commitment to maintain a lower overall profit margin as
        additional support to franchisees.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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>
      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 (loss) 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 Statements of
      Operations. Consolidated (loss) 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>
    <p>
      The effective income tax (benefit) and expense for the three and
      nine-month comparable periods are as follows:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="6">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="6" valign="top">
          <b>Three Months Ended</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Sept 30, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <b>Sept 24, 2017</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <b>Sept 30, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <b>Sept 24, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income/(loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (19,953
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          22,114
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          108,278
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income tax (benefit)/expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (7,359
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,280
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,663
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          30,728
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Effective tax (benefit)/expense rate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (36.9%
          </p>
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          26.8%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          21.1%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          28.4%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The decrease for the both the three and nine months ended September 30,
      2018 is primarily due to the decrease in income as well as the decrease
      in the federal statutory rate from 35% to 21% in the first quarter of
      2018. The third quarter also includes an additional benefit of $2.4
      million related to the remeasurement of net deferred tax liabilities as
      a part of the Company&#8217;s 2017 filed federal income tax return. The
      decrease for the nine-month period is partially offset by the $2.4
      million of income tax expense from the China refranchising, as
      previously discussed.
    </p>
    <p>
      Diluted loss per share was $0.41 for the three months ended September
      30, 2018 as compared to diluted earnings per share of $0.60 for the
      third quarter of 2017. For the nine months ended September 30, 2018,
      diluted earnings per share was $0.47 in comparison to $2.02 for the nine
      months ended September 24, 2017. Adjusted diluted earnings per share of
      $0.20 and $1.18 for the three and nine months ended September 30, 2018
      decreased 66.7% and 41.6%, respectively, in comparison to the prior year.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 and Comparable Sales Information</b></u>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="5">

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 24,</b><br><b> 2017</b>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sept 24,</b><br><b> 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (6.6
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (3.3
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (5.9
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (3.2
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (13.2
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (8.7
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (8.6
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (6.4
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (9.8
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (7.0
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (3.3
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td>

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

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

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

        </td>
        <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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px" colspan="13" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Includes both company-owned and franchised restaurant sales.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (b)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px" colspan="13" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Represents the change in year-over-year sales for the same base of
            restaurants for the same fiscal periods. Comparable sales results
            for restaurants operating outside of the United States are
            reported on a constant dollar basis, which excludes the impact of
            foreign currency translation.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </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>
      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-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 nine months of 2018 and 2017 (in thousands):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Sept 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Sept 24,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          98,812
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (30,593
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          68,219
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The decrease of $16.1 million was primarily due to lower net
            income, partially offset by favorable changes in working capital
            items.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (b)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The decrease of $12.6 million was primarily due to higher capital
            expenditures in 2017 related to the construction of the company&#8217;s
            new domestic commissary in Georgia, which opened in the third
            quarter of 2017.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We define free cash flow as net cash provided by operating activities
      (from the Consolidated Statements of Cash Flows) less the amounts spent
      on the purchase of property and equipment. We view free cash flow as an
      important 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 nine
      months ended September 30, 2018 and cash flow for the nine months ended
      September 30, 2018.
    </p>
    <p>
      <u><b>Amended Credit Agreement</b></u>
    </p>
    <p>
      As previously disclosed, the Company amended its Credit Agreement on
      October 9, 2018. The updated Credit Agreement reduces the maximum amount
      available under our revolving credit facility by $200 million, adjusts
      the interest rate and fees payable under the Credit Agreement and
      modifies certain financial covenants including redefining the earnings
      before interest, income taxes, and depreciation and amortization
      (&#8220;EBITDA&#8221;) to exclude the Special charges. The Company was in compliance
      with all financial covenants as of September 30, 2018. Additional
      information concerning the amended Credit Agreement is included in our
      previous disclosure filed with the SEC and our Quarterly Report on Form
      10-Q for the quarterly period ended September 30, 2018.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 September 30, 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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,407
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,247
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          96
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (67
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (68
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (96
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Acquired
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (31
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (31
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (31
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Ending - September 30, 2018
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          647
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,709
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          3,356
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,891
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          5,247
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: right; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </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 style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="text-align: left; padding-left: 0.0px" valign="top">
          Beginning - December 31, 2017
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          60
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          66
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          259
        </td>
        <td>

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

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

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (60
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (211
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Acquired
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          96
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (62
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (62
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (34
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (96
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="top">
          Ending - September 30, 2018
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          647
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,709
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          3,356
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,891
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          5,247
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (61
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (24
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (85
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          133
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          48
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (8.6
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.9
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (2.5
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %)
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          7.6
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          0.9
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </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 146 net worldwide units over the trailing four
      quarters ended September 30, 2018. Our development pipeline as of
      September 30, 2018 included approximately 1,160 restaurants (140 units
      in North America and 1,020 units internationally), the majority of which
      are scheduled to open over the next six years.
    </p>
    <p>
      Non-traditional restaurant closings in our North America operations,
      included in the table above, were 37 for the third quarter of 2018 and
      54 on a year-to-date basis. These non-traditional restaurant closings
      include restaurants located within stadium and university venues.
    </p>
    <p>
      <u><b>Share Repurchase Activity</b></u>
    </p>
    <p>
      The following table reflects our share repurchases for the three and
      nine months ended September 30, 2018 (in thousands):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Three months ended September 30, 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          207
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          9,609
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Nine months ended September 30, 2018
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          158,000
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 31.6 million and 32.5 million diluted weighted average shares
      outstanding for the three and nine months ended September 30, 2018,
      respectively, representing decreases of 13.2% and 12.3% over the prior
      year comparable periods. Approximately 31.4 million actual shares of the
      company&#8217;s common stock were outstanding as of September 30, 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. The ASR Agreement was completed May 14, 2018, delivering
      approximately 1.7 million shares.
    </p>
    <p>
      The company has not purchased shares since August 9, 2018 and does not
      expect to repurchase any additional shares in 2018. In connection with
      the execution of our amended Credit Agreement, the company cannot
      repurchase any additional shares when our Leverage Ratio, as defined, is
      higher than 3.75 to 1.0.
    </p>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      We paid a cash dividend of approximately $7.1 million ($0.225 per common
      share) during the third quarter of 2018. Subsequent to the third
      quarter, on November 1, 2018, our Board of Directors declared a fourth
      quarter dividend of $0.225 per common share (approximately $7.1 million
      based on current shareholders of record). The dividend will be paid on
      November 23, 2018 to shareholders of record as of the close of business
      on November 12, 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. In addition, the amended
      Credit Agreement limits any increase in dividends per share when the
      Leverage Ratio (as defined in the Credit Agreement) is higher than 3.75
      to 1.0.
    </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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Sept 30, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>Sept 30, 2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Total revenue impact (a)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,486
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,736
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,239
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,099
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted (loss) / earnings per share impact
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.07
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The increase in total revenues of $1.5 million and $5.7 million
            for the three and nine months ended September 30, 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.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (b)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The $1.2 million and $3.1 million decreases in pre-tax income for
            the three and nine months ended September 30, 2018, respectively,
            are primarily due to the revised method of accounting for the
            loyalty program, marketing fund co-ops we control and franchise
            fees.
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 the 2018 impact of the new revenue
      recognition standard can be found in our Form 10-Q for the quarterly
      period ended September 30, 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 negative publicity surrounding the company&#8217;s brand that began in
      July 2018 has continued to impact the North America system-wide sales
      and the company cannot predict how long and the extent to which negative
      publicity will continue. As previously noted, the company incurred $24.8
      million of Special charges during the third quarter. The company expects
      to continue to incur significant Special charges for the remainder of
      2018, which could continue into 2019, as a result of the above-mentioned
      events. The&#160;Special charges are now expected to approximate $50 million
      to $60 million for the full-year 2018, including a recently announced
      contribution to the national marketing fund in the fourth quarter. The
      Special charges for the fourth quarter are expected to approximate $25
      million to $35 million, including the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        financial assistance to domestic franchisees, such as short-term
        royalty reductions,
      </li>
      <li style="margin-bottom: 10.0px">
        contributions to the national marketing fund in the fourth quarter to
        increase marketing and promotional activities,
      </li>
      <li style="margin-bottom: 10.0px">
        costs associated with the continuation of the 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 of the audit, and
      </li>
      <li style="margin-bottom: 10.0px">
        additional legal and advisory costs, including costs associated with
        the implementation of plans and activities of the Special Committee.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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>
      We are narrowing our previously issued financial outlook for certain
      metrics and reaffirming our other outlook metrics, as follows:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (6.5%) to (8.5%)
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (7.0%) to (10.0%)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          International Comparable Sales
        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" valign="bottom">
          $1.30 - $1.60
        </td>
        <td>

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

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

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

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          Above 4.0x
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income tax rate (2)
        </td>
        <td>

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

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

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

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          $45 - $50 million
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Block Cheese Prices per lb.
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          High $1.50s
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="5" valign="top">
          <i>(1) This adjusted diluted EPS guidance excludes the impact of the
          restaurant divestitures and the Special charges mentioned above,
          which have an estimated EPS impact of $1.32 to $1.56 for 2018. 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 style="text-align: left; padding-left: 0.0px" colspan="5" valign="top">
          <i>(2) The tax rate excludes any tax impact from the divestiture of
          our China company-owned operations and the Special charges mentioned
          above.</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 November 6, 2018 at 5:00 p.m. Eastern
      Time to review the company&#8217;s third 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 9198317.
    </p>
    <p>
      Investors and others should note that we announce material financial
      information to our investors using our investor relations website, press
      releases, SEC filings and public conference calls and webcasts. We
      intend to use our investor relations website as a means of disclosing
      information about our business, our financial condition and results of
      operations and other matters and for complying with our disclosure
      obligations under Regulation FD. The information we post on our investor
      relations website, including information contained in investor
      presentations, may be deemed material. Accordingly, investors should
      monitor our investor relations website, in addition to following our
      press releases, SEC filings and public conference calls and webcasts. We
      encourage investors and others to sign up for email alerts at our
      investor relations page under Shareholder Tools at the bottom right side
      of the page. These email alerts are intended to help investors and
      others to monitor our investor relations website by notifying them when
      new information is posted on the site.
    </p>
    <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, future costs related to the company&#8217;s response to
      the negative consumer sentiment, management reorganizations, compliance
      with debt covenants, 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-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 continue 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 continue 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 amended debt covenants under our credit
        agreement if restaurant sales and operating results continue to
        decline;
      </li>
      <li style="margin-bottom: 10.0px">
        the Company's ability to continue to pay dividends to shareholders
        based upon profitability, cash flows and capital adequacy if
        restaurant sales and operating results continue to decline;
      </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-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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>
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="19">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="19" valign="top">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 30, 2018</b>
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 30, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 24, 2017</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          (In thousands, except per share amounts)
        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>(Unaudited)</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <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 style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          Domestic Company-owned restaurant sales
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          158,285
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          529,906
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          12,806
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          61,524
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          146,240
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          164,028
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          461,408
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          495,427
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          25,653
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          28,771
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          84,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          81,638
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          21,023
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          17,076
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          61,661
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          53,007
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          364,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,199,335
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,315,753
        </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 style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <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 style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="text-align: left; padding-left: 0.0px" valign="top">
          Domestic company-owned restaurant expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          135,836
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          440,936
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          137,928
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          155,572
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          432,909
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          465,001
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,184
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,910
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          52,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          50,973
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          22,002
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          63,658
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          50,935
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          55,462
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          35,758
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          133,903
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          112,420
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          11,585
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          34,855
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          377,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          1,158,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,990
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          38,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (5,963
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (16,580
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (19,953
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          22,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (7,359
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          4,663
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (12,594
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,451
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (439
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,956
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,033
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          15,495
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          <b>Calculation of (loss) income for (loss) 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 style="text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          Net (loss) income attributable to the Company
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,033
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          15,495
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (305
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" colspan="3" valign="top">
          Net (loss) income attributable to common shareholders
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (13,033
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          15,348
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.41
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          0.48
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (0.41
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          0.47
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          31,573
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          31,573
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          32,489
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          0.675
        </td>
        <td>

        </td>
        <td>

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

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

        </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>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 30,</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          24,880
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          53,157
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,466
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          11,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          29,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          27,506
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          152,371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          224,510
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          16,097
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          84,830
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          700
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          72,654
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          551,162
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          32,355
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          8,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          100,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,389
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          163,789
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          14,946
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          555,755
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          77,604
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          819,906
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          5,979
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          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 style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          <b>Total stockholders' (deficit)</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (274,723
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          551,162
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" colspan="9" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Note: The Condensed Consolidated Balance Sheets have been derived
            from the audited consolidated financial statements, but do not
            include all information and footnotes required by accounting
            principles generally accepted in the United States for a complete
            set of financial statements.
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; 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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: center; padding-left: 0.0px" colspan="9" valign="top">
          <b>Condensed Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 30, 2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; padding-left: 0.0px" colspan="3" valign="top">
          <b>September 24, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          17,451
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 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 style="text-align: left; padding-left: 25.0px" valign="top">
          Provision for uncollectible accounts and notes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          4,047
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (353
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 25.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          34,855
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          6,952
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,410
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (5,131
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (7,373
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          986
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,234
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          12,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (4,899
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (4,092
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,480
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 40.0px" valign="top">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,597
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          18,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,229
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 40.0px" valign="top">
          Deferred revenue
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (326
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          98,812
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (30,593
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,511
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          3,872
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          7,707
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (22,365
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (15,000
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          123,600
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (21,861
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (22,886
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,474
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (2,411
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,592
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (158,049
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (121,705
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Distributions to noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (3,928
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (4,606
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          276
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          580
        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Net cash used in financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          (73,844
        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (68
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-right: 0.0px; text-align: right; padding-left: 0.0px" valign="bottom">
          2,535
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; white-space: nowrap; padding-right: 0.0px; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          24,880
        </td>
        <td style="border-bottom-color: black; border-bottom-style: double; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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