<SEC-DOCUMENT>0001157523-19-000449.txt : 20190226
<SEC-HEADER>0001157523-19-000449.hdr.sgml : 20190226
<ACCEPTANCE-DATETIME>20190226162052
ACCESSION NUMBER:		0001157523-19-000449
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190226
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190226
DATE AS OF CHANGE:		20190226

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:		19633695

	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>a51946482.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
<html>
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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">February
      26, 2019</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="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="width: 32%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 23%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Delaware</b></font>
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; width: 24%; padding-right: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>61-1203323</b></font>
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td style="width: 32%">

        </td>
        <td style="padding-left: 0.0px; width: 23%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(State or other jurisdiction of</font>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 24%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">(I.R.S. Employer Identification</font>
          </p>
        </td>
        <td style="width: 20%">

        </td>
      </tr>
      <tr>
        <td style="width: 32%">

        </td>
        <td style="padding-left: 0.0px; width: 23%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">incorporation or organization)</font>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="padding-left: 0.0px; width: 24%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt">Number)</font>
          </p>
        </td>
        <td style="width: 20%">

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>2002 Papa Johns Boulevard</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Louisville,
      Kentucky&#160;&#160;40299-2367</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Address
      of principal executive offices)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>(502) 261-7272</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Registrant&#8217;s
      telephone number, including area code)</font>
    </p>
    <p>
      <font style="font-size: 12pt">Check the appropriate box below if the
      Form 8-K filing is intended to simultaneously satisfy the filing
      obligation of the registrant under any of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      <font style="font-size: 12pt">Indicate by check mark whether the
      registrant is an emerging growth company as defined in Rule 405 of the
      Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the
      Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font>
    </p>
    <p style="white-space: nowrap">
      <font style="font-size: 12pt">Emerging growth company [ ]&#160;&#160;</font>
    </p>
    <p>
      <font style="font-size: 12pt">If an emerging growth company, indicate by
      check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial
      accounting standards provided pursuant to Section 13(a) of the Exchange
      Act. [ ]&#160;&#160;</font>
    </p>
    <p>

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

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

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

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

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

    </p>
    <p>
      <b>Section 2 &#8211; Financial Information</b>
    </p>
    <p>
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      On February 26, 2019, Papa John&#8217;s International, Inc. issued a press
      release announcing fourth 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>

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="top">
          Papa John&#8217;s International, Inc. press release dated February 26,
          2019.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>

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

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

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

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

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

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

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

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

        </td>
        <td style="padding-left: 0.0px; width: 40%; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; width: 60%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:&#160;February 26, 2019
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 40%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Joseph H. Smith, IV</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

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

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 10pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 10%; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 2%; padding-bottom: 2.0px; text-align: left" valign="bottom">
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; width: 88%; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; width: 10%; padding-right: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51946482ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <a href="a51946482ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated February 26, 2019.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51946482ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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    <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 Fourth Quarter 2018 Results and Provides 2019 Outlook</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--February 26, 2019--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the three months and full year ended December 30, 2018.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Loss per diluted share of ($0.44) and adjusted earnings per diluted
        share of $0.15 in the fourth quarter of 2018, excluding the impact of
        Special items; adjusted earnings per diluted share down 72.2% from the
        fourth quarter 2017 of $0.54</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Earnings per diluted share of $0.05 and adjusted earnings per
        diluted share of $1.34 for full year 2018, excluding Special items;
        adjusted earnings per diluted share down 46.6% from full year 2017 of
        $2.51</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>System-wide North America comparable sales decreases of 8.1% for
        the fourth quarter and 7.3% for the full year</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>International comparable sales decreases of 2.6% for the fourth
        quarter and 1.6% for the full year; total international sales increase
        of 11.0% for the fourth quarter and 13.3% for the full year, driven by
        unit growth</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>56 net unit openings in the fourth quarter and 104 for the full
        year, driven by International</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Cash flow from operations of $72.8 million; free cash flow of $30.8
        million for 2018</b>
      </li>
    </ul>
    <p>
      Steve Ritchie, President and CEO of Papa John&#8217;s, said, &#8220;I am confident
      in the long-term success of Papa John&#8217;s. With the additional $200
      million of financial resources from Starboard, we will make targeted
      investments in the highest return initiatives that showcase our quality
      and improve the customer experience. We remain focused on people and
      pizza and continue to be enthusiastic about the opportunities ahead.&#8221;
    </p>
    <p>
      Jeff Smith, Chairman of the Papa John&#8217;s Board of Directors, added, &#8220;Over
      the past few weeks, I have met with many of our team members and
      franchisees and am excited by their ideas, passion and dedication to
      Papa John&#8217;s. I look forward to working closely with Steve and the
      management team to develop additional product, menu, and customer
      engagement strategies that fortify our position as the &#8216;BETTER
      INGREDIENTS. BETTER PIZZA.&#8217; company.&#8221;
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Operating Highlights</b></u>
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          (In thousands, except per share amounts)
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="9">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="8">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="3">
          <b>Dec. 30, 2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>Dec. 31, 2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Increase /</b><br><b> (Decrease)</b><br><b> %</b>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>Dec. 30, 2018</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          <b>Dec. 31, 2017</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="bottom" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 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="padding-left: 0.0px; text-align: left" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          373,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          467,606
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (20.0
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,573,316
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,783,359
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (11.8
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          (Loss)/ Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,224
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          32,064
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (150.6
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          140,342
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (95.8
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net (loss)/ income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,849
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,509
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (148.6
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          102,292
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (98.4
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted (loss)/ earnings per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.44
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.81
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (154.3
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2.83
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (98.2
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Adjusted diluted earnings per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.54
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (72.2
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.34
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2.51
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (46.6
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" 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>
      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="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="7">
          <b>Three Months Ended</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="6">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="3">
          <b>Dec. 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="3">
          <b>Dec. 31,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="2">
          <b>Dec. 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="3">
          <b>Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          (In thousands, except per share amounts)
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          GAAP (Loss)/Income before income taxes
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,224
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          32,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,891
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          140,342
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Special charges (1)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          25,899
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          50,732
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Refranchising and impairment (gains)/losses, net (2)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (1,629
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          1,674
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          1,674
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Adjusted income before income taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>8,046</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>33,738</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>56,912</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>142,016</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          53rd week
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (5,900
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>Adjusted income before income taxes - 52 weeks</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>8,046</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>27,838</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>56,912</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>136,116</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,849
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,646
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          102,292
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Special charges (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          19,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          38,957
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Refranchising and impairment (gains)/losses, net (3)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,251
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,323
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Tax impact of China refranchising
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,435
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          U.S. tax legislation effect on deferred taxes (4)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (7,020
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (7,020
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Equity compensation tax benefit (5)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (19
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (1,879
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Adjusted net income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>4,587</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>22,793</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>43,260</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>94,716</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          53rd week
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (3,900
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (3,900
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>Adjusted net income - 52 weeks</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>4,587</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>18,893</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>43,260</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>90,816</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          GAAP Diluted (Loss)/ Earnings per share
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.44
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.81
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2.83
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Special charges
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.63
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1.21
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Refranchising and impairment (gains)/losses, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.04
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.01
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.04
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Tax impact of China refranchising
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          U.S. tax legislation effect on deferred taxes
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.20
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Equity compensation tax benefit
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (0.05
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Adjusted diluted earnings per share</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>0.15</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>0.65</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>1.34</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          <b>2.62</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          53rd week
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (0.11
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (0.11
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          <b>Adjusted net income - 52 weeks</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>0.15</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>0.54</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>1.34</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>$</b>
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          <b>2.51</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (1)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The company incurred significant costs (defined as 'Special
          charges') as a result of the recent events in the second half of
          2018. We incurred Special charges of $25.9 million and $50.7 million
          for the fourth quarter and full year, respectively, as follows: (i)
          re-imaging costs at nearly all domestic restaurants and costs to
          replace or write-off certain branded assets of approximately $2.2
          million and $5.8 million for the fourth quarter and full year,
          respectively, (ii) financial assistance to domestic franchisees,
          such as short-term royalty reductions, in an effort to mitigate
          closings of approximately $5.5 million and $15.4 million for the
          fourth quarter and full year, respectively, (iii) contributions to
          the national marketing fund of $10.0 million in the fourth quarter
          to increase marketing and promotional activities, and (iv) costs
          totaling approximately $8.2 million and $19.5 million for the fourth
          quarter and full year, respectively, associated with the activities
          of the Special Committee of the Board of Directors, including legal
          and advisory costs related to the review of a wide range of
          strategic opportunities that culminated in Starboard&#8217;s strategic
          investment in the company by affiliates of Starboard Value LP, as
          well as a third-party audit of the culture of Papa John&#8217;s.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (2)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The refranchising and impairment (gains)/losses, net of $289,000
          loss before tax and $222,000 net loss after tax in 2018 are
          primarily due to the loss associated with the China refranchise of
          the 34 company-owned restaurants and the quality control center in
          China with an impairment loss related to these stores in 2017,
          substantially offset by refranchising gains related to the
          refranchising of 62 company-owned restaurants in North America in
          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 style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (3)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Tax effect was calculated using the company's full year marginal
          rates of 23.2% and 21.0% for 2018 and 2017, respectively.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (4)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The U.S. income tax legislation effect on deferred taxes is related
          to the remeasurement of the net deferred tax liability due to the
          Tax Cuts and Jobs Act in 2017.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (5)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          2017 also includes the favorable impact of adopting the new guidance
          for accounting for share-based compensation. This guidance requires
          excess tax benefits recognized on stock-based awards to be recorded
          as a reduction of income tax expense rather than stockholders&#8217;
          equity. Beginning in 2018, and on a go-forward basis, the benefit or
          reduction in income from this change will not be shown as an
          adjustment in GAAP results.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The non-GAAP adjusted results shown above and within this document,
      which exclude Special items, 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 certain financial
      information without the 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>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Consolidated revenues for the fourth quarter were $374.0 million,
      decreasing $93.6 million, or 20.0%, compared to the fourth quarter of
      2017. The fourth quarter and full year 2017 results include the benefit
      of the 53<sup>rd</sup> week of operations which contributed
      approximately $30.9 million. Excluding the 53<sup>rd</sup> week in 2017,
      the revenues for the fourth quarter of 2018 decreased $62.7 million, or
      13.4%. For the full year ended December 30, 2018, consolidated revenues
      decreased $210.0 million, or 11.8%. Excluding the 53<sup>rd</sup> week
      in 2017, the revenues for the full year decreased $179.2 million, or
      10.1%. These decreases were primarily due to the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Negative comparable sales for the fourth quarter of 10.2% for domestic
        company-owned restaurants and negative 7.4% for franchise restaurants,
        which resulted in lower company-owned restaurant revenues, lower
        royalties and decreased North American commissary sales;
      </li>
      <li style="margin-bottom: 10.0px">
        the refranchising of 62 company-owned restaurants in North America
        which reduced total company- owned revenues on a quarter and full-year
        basis by approximately $15.0 million and $42.2 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 $5.5 million and $15.4 million on
        a quarter and full-year basis, respectively, which are included in the
        previously mentioned Special charges;
      </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 $4.0 million and $8.1 million on a quarter and full-year
        basis, respectively, and lower new store franchise fees after the
        adoption of Topic 606; and
      </li>
      <li style="margin-bottom: 10.0px">
        additional decreases in revenues of approximately $1.7 million under
        Topic 606 for the fourth quarter 2018. This includes fourth quarter
        decreases in North America and United Kingdom commissary revenue of
        approximately $2.6 million and $700,000, respectively, due to required
        reporting of franchise new store equipment incentives as a reduction
        of revenue. These incentives were previously recorded as General and
        administrative expenses. For the full year 2018, revenue increased
        approximately $4.0 million under Topic 606 primarily related to
        required reporting of franchise marketing fund contributions as
        revenues, offset by the required reporting of franchise new store
        equipment incentives as a reduction of revenue, as previously
        discussed; see the &#8220;Revenue Recognition and Income Statement
        Presentation&#8221; section below for more details.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      The consolidated loss before income taxes was $16.2 million for the
      fourth quarter of 2018, or 4.3% of consolidated revenues, in comparison
      to consolidated income before income taxes of $32.1 million in the
      fourth quarter of 2017, representing a decrease of $48.3 million. The
      decline in income in the quarter was primarily attributable to the
      previously mentioned $25.9 million of Special charges, the impact of
      lower North America and International revenues and the impact of the 53<sup>rd</sup>
      week in 2017 of $5.9 million. Significant changes in the operating
      results in the fourth quarter of 2018 by business unit are detailed as
      follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic company-owned restaurants operating margin decreased $9.3
        million, or as a percentage of related revenues decreased 0.6%,
        primarily due to negative comparable sales of 10.2%. Additionally, the
        adoption of Topic 606 reduced the restaurant operating margin due to
        the revised method of accounting for the customer loyalty program. The
        53<sup>rd</sup> week of operations in 2017 contributed approximately
        $2.4 million of the decrease.
      </li>
      <li style="margin-bottom: 10.0px">
        North America franchise royalties and fees decreased $9.2 million, or
        a decrease of 34.1%, as compared to the fourth 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 negative comparable sales of 7.4%. The 53<sup>rd</sup>
        week of operations in 2017 contributed approximately $2.0 million of
        the decrease.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary operating margin decreased $5.5 million, or a
        decrease of 2.4% as a percentage of related revenues, primarily due to
        the decline in North America restaurant sales and lower commissary
        revenues due to the required reporting of $2.6 million in new store
        franchise equipment incentives under Topic 606, as previously
        discussed. The reduction attributable to the equipment incentives is
        offset by a reduction in General and administrative costs, as
        discussed below. The 53<sup>rd</sup> week of operations in 2017
        contributed approximately $1.7 million of the decrease.
      </li>
      <li style="margin-bottom: 10.0px">
        International operating margin decreased $2.5 million primarily due to
        lower new store opening fees and lower United Kingdom QCC revenues of
        $700,000 due to the required reporting of franchise new store
        equipment incentives under Topic 606, as previously discussed. The 53<sup>rd</sup>
        week of operations in 2017 contributed approximately $700,000 of the
        decrease. As a percentage of international revenues, the operating
        margin increased 0.7% 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 $1.4 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 $20.2 million, or
        52.5%, primarily due to costs associated with the Special charges of
        approximately $20.4 million, as previously detailed. Additional
        significant changes in G&amp;A include the following:

        <ul>
          <li style="margin-bottom: 10.0px">
            higher technology initiative costs;
          </li>
          <li style="margin-bottom: 10.0px">
            the $1.5 million fourth quarter contribution to our newly formed
            Papa John&#8217;s Foundation. This foundation is a separate legal entity
            that is not consolidated in the company&#8217;s results;
          </li>
          <li style="margin-bottom: 10.0px">
            G&amp;A costs were also reduced by $3.3 million for the quarter
            compared to fourth quarter 2017 due to the required reporting of
            equipment incentives given to franchisees under Topic 606 as a
            reduction of North America and United Kingdom commissary revenue;
            and
          </li>
          <li style="margin-bottom: 10.0px">
            These increases were offset by the 53<sup>rd</sup> week of
            operations in 2017 which included approximately $900,000
            additional expense.
          </li>
        </ul>
      </li>
    </ul>
    <ul>
      <li style="margin-bottom: 10.0px">
        Net interest expense increased $3.2 million for the fourth quarter due
        to an increase in average outstanding debt, including the impact of
        share repurchases made through August 2018, as well as higher interest
        rates.
      </li>
      <li style="margin-bottom: 10.0px">
        Refranchising and impairment gains/losses, net was favorable by
        approximately $3.3 million as the fourth quarter of 2018 had
        refranchising gains related to the 62 company-owned stores in North
        America whereas the fourth quarter of 2017 had an impairment charge
        related to the China divestiture, as previously discussed.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      For the year ended December 30, 2018 consolidated income before income
      taxes was $5.9 million, a decrease of $134.5 million compared to the
      year ended December 31, 2017. Excluding Special items, income before
      income taxes was $56.9 million, or a decrease of $79.2 million compared
      to the year ended December 31, 2017, on a 52-week basis. The decrease in
      the full year results, excluding the Special charges, was primarily
      attributable to the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        the Domestic company-owned restaurants operating margin decreased
        $36.5 million, or $34.1 million excluding the 53<sup>rd</sup> week of
        operations, compared to the corresponding period in 2017 primarily due
        to the negative comparable sales of 9.0% and the items noted above for
        the fourth quarter as well as increased labor costs including higher
        minimum wages and increased non-owned automobile costs of $5.4 million.
      </li>
      <li style="margin-bottom: 10.0px">
        North America franchise royalties and fees decreased $11.9 million, or
        $10.0 million excluding the 53<sup>rd</sup> week of operations in
        2017, on negative comparable sales of 6.7%.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary operating margin decreased $7.4 million, or
        $5.7 million excluding the 53<sup>rd</sup> week of operations in 2017,
        primarily due to lower restaurant volumes and the company&#8217;s commitment
        to reduce its overall profit margin as additional support to
        franchisees. Additionally, the lower margin is due to the required
        reporting of $2.6 million in new store franchise equipment incentives
        as a revenue reduction under Topic 606.
      </li>
      <li style="margin-bottom: 10.0px">
        Other operating margin decreased $5.4 million primarily due to higher
        costs related to various technology initiatives and increased
        advertising spend in the United Kingdom.
      </li>
      <li style="margin-bottom: 10.0px">
        G&amp;A costs increased $6.5 million, or $5.6 million excluding the 53<sup>rd</sup>
        week of operations in 2017, primarily due to higher technology
        initiative costs, the $1.5 million foundation donation in the fourth
        quarter, higher legal and professional fees not associated with the
        Special charge and increases in bad debt expense. These increases were
        somewhat offset by the $3.3 million reduction in G&amp;A related to the
        required reporting of equipment incentives given to franchisees under
        Topic 606 as a reduction of North America and United Kingdom
        commissary revenue.
      </li>
      <li style="margin-bottom: 10.0px">
        Interest expense increased $14.0 million on higher debt as well as a
        higher interest rate. The 53<sup>rd</sup> week of operations in 2017
        increased interest expense for the year by approximately $300,000.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      Operating margin (loss) is not a measure 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 (loss) 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 (loss) discussion may be helpful for comparison within
      the industry. The operating margin (loss) results detailed herein can be
      calculated by business unit based on the specific revenue and operating
      expense line items on the face of the Consolidated Statements of
      Operations. Consolidated (loss) income before income taxes reported
      includes G&amp;A expenses, depreciation and amortization, refranchising and
      impairment gains/(losses), net, 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
      twelve-month comparable periods are as follows:
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Dec. 30, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Dec. 31, 2017</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Dec. 30, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <b>Dec. 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,224)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          32,064
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,891
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          140,342
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income tax (benefit)/expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (2,017)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,089
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          33,817
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Effective tax (benefit)/expense rate
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (12.4%)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          9.6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          44.9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          24.1%
        </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">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      For the three months ended December 30, 2018, the company had an
      effective tax benefit of 12.4% due to the pre-tax losses for the
      quarter. In comparison, the quarter ended December 31, 2017, had an
      effective income tax rate of 9.6%, which included a rate reduction for
      the $7.0 million remeasurement of the deferred tax liability, as
      previously detailed in the Special items. For the year ended December
      30, 2018, the effective tax rate of 44.9% is higher than the 24.1%
      effective rate for the year ended December 31, 2017 primarily due to the
      China divestiture, as previously detailed in the Special items.
    </p>
    <p>
      Diluted loss per share was $0.44 for the three months ended December 30,
      2018 as compared to diluted earnings per share of $0.81 for the fourth
      quarter of 2017. For the year ended December 30, 2018, diluted earnings
      per share was $0.05 in comparison to $2.83 for the year ended December
      31, 2017. Adjusted diluted earnings per share of $0.15 and $1.34 for the
      three months and year ended December 30, 2018 decreased 72.2% and 46.6%,
      respectively, in comparison to the adjusted diluted earnings per share
      of $0.54 and $2.51 for the prior year comparable periods, respectively.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 31,</b><br><b> 2017</b>
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 30,</b><br><b> 2018</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Dec. 31,</b><br><b> 2017</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (13.0
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          9.9
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          5.8
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Global restaurant sales (decline) / growth, excluding the impact of
          foreign currency (a)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (11.7
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          9.6
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (5.4
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          6.3
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" 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 style="padding-left: 20.0px; text-align: left" valign="top">
          Domestic company-owned restaurants
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (10.2
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (4.7
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (9.0
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.4
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          North America franchised restaurants
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (7.4
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (3.5
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (6.7
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (0.1
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          %)
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          System-wide North America restaurants
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (8.1
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (7.3
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.1
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" 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">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 20.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          System-wide international restaurants
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (2.6
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2.6
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (1.6
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          4.4
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" 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">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (a)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Includes both company-owned and franchised restaurant sales.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (b)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Represents the change in year-over-year sales for the same base of
          restaurants for the same fiscal periods. Comparable sales results
          for restaurants operating outside of the United States are reported
          on a constant dollar basis, which excludes the impact of foreign
          currency translation.
        </td>
      </tr>
    </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-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="3">
          <b>Dec. 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="3">
          <b>Dec. 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          72,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          134,975
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (42,028
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (52,593
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Free cash flow
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          30,767
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          82,382
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (a)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The decrease of $62.2 million was primarily due to lower net income,
          somewhat offset by favorable changes in working capital items.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (b)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The decrease of $10.6 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.
        </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 purchases of
      property and equipment. We view free cash flow as an important measure
      because it is one factor that management uses in determining the amount
      of cash available for discretionary investment. Free cash flow is not a
      term defined by GAAP, and as a result, our measure of free cash flow
      might not be comparable to similarly titled measures used by other
      companies. Free cash flow should not be construed as a substitute for or
      a better indicator of the company&#8217;s performance than the company&#8217;s GAAP
      measures.
    </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 reduced the maximum amount
      available under our revolving credit facility by $200 million, adjusted
      the interest rate and fees payable under the Credit Agreement and
      modified 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 December 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-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant Unit Data</b></u>
    </p>
    <p>
      At December 30, 2018, there were 5,303 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="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,709
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,356
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,891
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (2
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (40
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (42
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (36
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (78
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Ending - December 30, 2018
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          645
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,692
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          3,337
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,966
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          5,303
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td 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-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Year-to-date</b></u>
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Beginning - January 1, 2018
          </p>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          89
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          304
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          393
        </td>
        <td>

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          645
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2,692
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          3,337
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,966
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          5,303
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td 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-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Unit growth (decline)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (63
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (41
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (104
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          208
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          104
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td 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-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          % increase (decrease)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (8.9
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (1.5
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (3.0
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %)
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          11.8
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          %
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2.0
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" 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 104 net worldwide units over the trailing four
      quarters ended December 30, 2018. Our development pipeline as of
      December 30, 2018 included approximately 1,030 restaurants (130 units in
      North America and 900 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 ten for the fourth quarter of 2018 and
      64 for the full year. 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 company did not repurchase any shares after August 9, 2018. For the
      year ended December 30, 2018, the company repurchased approximately 2.7
      million shares for an aggregate cost of approximately $158.0 million. As
      previously disclosed, in connection with the execution of our amended
      Credit Agreement, the company cannot repurchase any additional shares
      when our Leverage Ratio (as defined in the Credit Agreement) is higher
      than 3.75 to 1.0.
    </p>
    <p>
      There were 31.5 million and 32.3 million diluted weighted average shares
      outstanding for the fourth quarter and year ended December 30, 2018,
      representing decreases of 10.0% and 11.6% over the prior year comparable
      periods respectively. Approximately 31.7 million actual shares of the
      company&#8217;s common stock were outstanding as of December 30, 2018.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      We paid a cash dividend of approximately $7.1 million ($0.225 per common
      share) during the fourth quarter of 2018. Subsequent to the fourth
      quarter, on January 31, 2019, our Board of Directors declared a first
      quarter dividend of $0.225 per common share, or $8.0 million, including
      the Series B Preferred Stock dividend on an as-converted basis to common
      stock. The dividend was paid on February 22, 2019 to shareholders of
      record as of the close of business on February 11, 2019. 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="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top" colspan="5">
          (in thousands, except for per share amounts)
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,726
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,010
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (263
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (3,362
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted (loss) / earnings per share impact
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.01
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (0.08
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top">
          (a)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The decrease in total revenues of $1.7 million for the three months
          ended is primarily attributable to the required reporting of $3.3
          million in new store franchise equipment incentives as a reduction
          of North America and United Kingdom commissary revenue. Previously,
          these incentives were reported as General and administrative
          expenses. There was no consolidated pre-tax income impact from this
          reporting change. For the twelve months, the revenue increase of
          $4.0 million 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 and required reporting of franchise new
          store equipment incentives as a reduction of revenue. The marketing
          fund gross up is reported in the new financial statement line items,
          Other revenues and Other expenses, as discussed further below.
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="top">
          (b)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          The $263,000 and $3.4 million decreases in pre-tax income for the
          three and twelve months ended December 30, 2018, respectively, are
          primarily due to the revised method of accounting for the loyalty
          program and franchise fees.
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      While not required as part of the adoption of Topic 606, our Statement
      of Operations 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. 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. Refer to the &#8216;Investor Relations&#8217; section on our company
      website for details of Statement of Operations presentation
      reclassifications for each quarter of 2017.
    </p>
    <p>
      <u><b>Other Business Matters</b></u>
    </p>
    <p>
      In September&#160;2018, the company began a process to evaluate a wide range
      of strategic options with the goal of improving sales, maximizing value
      for all shareholders and serving the best interest of the company&#8217;s
      stakeholders. As part of this strategic review, the Special Committee
      also engaged legal and financial advisors. After extensive discussions
      with a wide group of strategic and financial investors, the Special
      Committee concluded that an investment agreement with funds affiliated
      with Starboard Value LP (together with its affiliates, &#8220;Starboard&#8221;) was
      in the best interest of shareholders. On February&#160;3, 2019, the company
      entered into a Securities Purchase Agreement (the &#8220;Securities Purchase
      Agreement&#8221;) with Starboard pursuant to which Starboard made a $200
      million strategic investment in the company&#8217;s newly designated Series B
      convertible preferred stock, par value $0.01 per share (the &#8220;Series B
      Preferred Stock&#8221;), with the option to make an additional $50 million
      investment in the Series B Preferred Stock through March&#160;29, 2019. In
      addition, the company has the right to offer up to 10,000 shares of
      Series B Preferred Stock to Papa John&#8217;s franchisees who satisfy
      accredited investor requirements under the federal securities laws
      (subject to verification) on the same terms as Starboard.
    </p>
    <p>
      The company will use approximately half of the proceeds from the sale of
      the Series B Preferred Stock to reduce the outstanding principal amount
      under the company&#8217;s unsecured revolving credit facility. The remaining
      proceeds are expected to be used to make investments in the business and
      for general corporate purposes.
    </p>
    <p>
      In connection with Starboard&#8217;s investment, the company expanded its
      Board of Directors to include two new independent directors, Jeffrey C.
      Smith, Chief Executive Officer of Starboard, who was appointed Chairman
      of the Board, and Anthony M. Sanfilippo, former Chairman and Chief
      Executive Officer of Pinnacle Entertainment,&#160;Inc. The Board of Directors
      believes Mr. Smith&#8217;s business expertise and new perspectives will help
      support the company&#8217;s strategy to capitalize on its differentiated
      &#8220;BETTER INGREDIENTS. BETTER PIZZA.&#8221; market position and build a better
      pizza company for the benefit of its shareholders, team members,
      franchisees and customers. In addition, the company&#8217;s President and
      Chief Executive Officer Steve Ritchie has been appointed to the Board.
      With the addition of the new directors, the Board currently comprises
      nine directors, seven of whom are independent. Additional information
      concerning the Securities Purchase Agreement is included in our Current
      Reports on Form 8-K filed on February 4, 2019 and February 19, 2019.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>2019 Key Operating Assumptions and Financial Outlook</b></u>
    </p>
    <p>
      In 2019, the company is targeting the following performance:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        GAAP EPS of $0.00 to $0.50 for the full-year, including anticipated
        Special charges of $30 million to $50 million (a)
      </li>
      <li style="margin-bottom: 10.0px">
        Adjusted EPS of $1.00 to $1.20, excluding Special charges that are
        anticipated for 2019
      </li>
      <li style="margin-bottom: 10.0px">
        North America comparable sales of negative 1.0% to negative 5.0%
      </li>
      <li style="margin-bottom: 10.0px">
        International comparable sales of flat to positive 3.0%
      </li>
      <li style="margin-bottom: 10.0px">
        Net global new unit growth of 75 to 150 net units
      </li>
      <li style="margin-bottom: 10.0px">
        Income tax rate of 21.0% to 24.0%
      </li>
      <li style="margin-bottom: 10.0px">
        Block cheese prices are projected to be in the low to mid $1.60&#8217;s
      </li>
      <li style="margin-bottom: 10.0px">
        Capital expenditures of $45 million - $50 million
      </li>
    </ul>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="top">
          (a)
        </td>
        <td style="padding-left: 5.0px; text-align: left" valign="top">
          Special charges include assistance provided to the entire North
          America franchise system, including potential contributions to the
          National Marketing Fund, and costs associated with the Special
          Committee of the Board of Directors.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      <u><b>Conference Call and Website Information</b></u>
    </p>
    <p>
      A conference call is scheduled for February 26, 2019 at 5:00 p.m.
      Eastern Time to review the company&#8217;s fourth quarter and full year 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 1399707.
    </p>
    <p>
      Investors and others should note that we announce material financial
      information to our investors using our investor relations website, press
      releases, SEC filings and public conference calls and webcasts. We
      intend to use our investor relations website as a means of disclosing
      information about our business, our financial condition and results of
      operations and other matters and for complying with our disclosure
      obligations under Regulation FD. The information we post on our investor
      relations website, including information contained in investor
      presentations, may be deemed material. Accordingly, investors should
      monitor our investor relations website, in addition to following our
      press releases, SEC filings and public conference calls and webcasts. We
      encourage investors and others to sign up for email alerts at our
      investor relations page under Shareholder Tools at the bottom right side
      of the page. These email alerts are intended to help investors and
      others to monitor our investor relations website by notifying them when
      new information is posted on the site.
    </p>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>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, earnings
      per share, contingent liabilities, resolution of litigation, commodity
      costs, currency fluctuations, profit margins, unit growth, unit level
      performance, capital expenditures, restaurant and franchise development,
      the strategic investment by Starboard and use of the proceeds, the
      ability of the company to mitigate negative consumer sentiment through
      advertising, marketing and promotional activity, corporate governance,
      new Board leadership, 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 cultural audit and investigation,
      share repurchases, dividends, effective tax rates, regulatory changes
      and impacts, the impact of the Tax Cuts and Jobs 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>
    <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">
        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 external cultural 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 and/or mitigate or
        reverse negative sales trends;
      </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 the sale of Series B Preferred Stock to Starboard, which
        dilutes the economic and relative voting power of holders of our
        common stock and may adversely affect the market price of our common
        stock, affect our liquidity and financial condition, or delay or
        prevent an attempt to take over the company;
      </li>
      <li style="margin-bottom: 10.0px">
        Starboard&#8217;s ability to exercise influence over us, including through
        its ability to designate up to two members of our Board of Directors;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to raise the funds necessary to finance a required repurchase
        of our Series B Preferred Stock;
      </li>
      <li style="margin-bottom: 10.0px">
        failure to realize the anticipated benefits from our investment of the
        proceeds of the Series B Preferred Stock in our strategic priorities;
      </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 the new
        standard for leasing.
      </li>
    </ul>
    <div style="margin-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      These and other risk factors are discussed in detail in &#8220;Part I. Item
      1A. &#8211; Risk Factors&#8221; in our Annual Report on Form 10-K for the fiscal
      year ended December 31, 2017, as updated by &#8220;Part II. Item 1A. &#8211; Risk
      Factors&#8221; in our Quarterly Report on Form 10-Q for the quarterly period
      ended July 1, 2018. We undertake no obligation to update publicly any
      forward-looking statements, whether as a result of future events, new
      information or otherwise, except as required by law.
    </p>
    <p>
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
<div style="text-align:left">
    <table style="width: 100%; font-size: 8pt; margin-bottom: 10.0px; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="19">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="19">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: center" valign="top" colspan="19">
          <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 colspan="3">

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="3">
          <b>December 30, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="3">
          <b>December 31, 2017</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="3">
          <b>December 30, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="3">
          <b>December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          (In thousands, except per share amounts)
        </td>
        <td>

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          162,474
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          210,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          692,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          816,718
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          17,769
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          26,967
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          79,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          106,729
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          148,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          178,285
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          609,866
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          673,712
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          25,513
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          32,383
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          110,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          114,021
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          19,767
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          19,172
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          81,428
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          72,179
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          373,981
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          467,606
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,573,316
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,783,359
        </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="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <b>Costs and expenses:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          135,862
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          174,921
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          576,799
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          664,640
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          142,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          166,536
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          575,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          631,537
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          15,313
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          19,649
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          67,775
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          70,622
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          20,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          18,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          84,016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          69,335
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          58,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          38,446
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          192,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          150,866
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          11,548
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          11,376
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          46,403
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          43,668
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          383,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          429,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,542,647
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,630,668
        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top" colspan="2">
          Refranchising and impairment gains/(losses), net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          1,629
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (1,674
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (1,674
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <b>Operating (loss) income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,314
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          36,604
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          30,380
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          151,017
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Interest expense
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (7,985
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (4,741
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (25,306
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (11,283
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <b>(Loss) Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (16,224
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          32,064
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,891
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          140,342
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (2,018
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          3,089
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          2,646
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          33,817
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="3">
          <b>Net (loss) income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (14,206
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          106,525
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          357
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (466
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (1,599
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (4,233
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top" colspan="3">
          <b>Net (loss) income attributable to the company</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (13,849
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          28,509
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,646
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          102,292
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (13,849
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          28,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,646
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          102,292
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (118
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (423
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top" colspan="3">
          Net (loss) income attributable to common shareholders
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (13,849
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          28,391
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          1,646
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          103,288
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (0.44
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.82
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.05
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2.86
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top" colspan="3">
          Diluted (loss) earnings per common share
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          (0.44
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.81
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          0.05
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          2.83
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          31,534
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          34,745
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          32,083
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          36,083
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top" colspan="3">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          31,534
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          35,052
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          32,299
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          36,522
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          0.850
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          19,468
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          67,854
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          16,073
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          27,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          35,612
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          171,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          226,894
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          23,259
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          84,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          63,814
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          570,947
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          29,891
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          105,712
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,443
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          164,636
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          14,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          601,126
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          7,852
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          79,324
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          867,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,464
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (302,134
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          570,947
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Note: The Condensed Consolidated Balance Sheet has been derived
            from the audited consolidated financial statements, but does 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-right: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="3">
          <b>December 30, 2018</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: center" valign="top" colspan="3">
          <b>December 31, 2017</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          106,525
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,761
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          46,403
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          43,668
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          498
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          9,936
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          10,413
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,674
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,677
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,375
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (7,358
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Income tax receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (12,170
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,531
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          3,093
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,485
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Prepaid expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,165
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,414
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,834
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,158
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Other assets and liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,464
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (742
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,694
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,743
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; text-align: left" valign="top">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (3,971
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          1,897
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          10,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (3,012
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 40.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (271
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (661
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          72,795
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          134,975
        </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-left: 0.0px; text-align: left" valign="top">
          <b>Investing activities</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (42,028
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (52,593
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (10,463
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (8,103
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Repayments of loans issued
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          5,805
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          4,185
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          180
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          34
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net cash used in investing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (38,799
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (56,498
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" 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-left: 0.0px; text-align: left" valign="top">
          <b>Financing activities</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (20,000
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,000
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Net proceeds (repayments) of revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          175,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (225,575
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Debt issuance costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,913
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (28,985
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (30,720
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (1,521
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,428
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,699
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,260
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (209,586
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Contributions from noncontrolling interest holders
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          2,956
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Distributions to noncontrolling interest holders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (4,269
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (5,449
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          356
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          663
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <b>Net cash used in financing activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (36,682
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (72,060
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" 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-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Effect of exchange rate changes on cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          (191
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td style="border-bottom-style: solid; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; text-align: right" valign="bottom">
          365
        </td>
        <td style="border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          (2,877
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; text-align: right" valign="bottom">
          6,782
        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          19,468
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="border-bottom-style: double; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; text-align: right" valign="bottom">
          22,345
        </td>
        <td style="border-bottom-style: double; border-bottom-color: black; border-bottom-width: 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Joe Smith<br>Senior Vice President, Chief Financial Officer<br>502-261-7272
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
