<SEC-DOCUMENT>0001157523-19-001126.txt : 20190507
<SEC-HEADER>0001157523-19-001126.hdr.sgml : 20190507
<ACCEPTANCE-DATETIME>20190507162105
ACCESSION NUMBER:		0001157523-19-001126
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190507
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190507
DATE AS OF CHANGE:		20190507

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:			1229

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21660
		FILM NUMBER:		19803417

	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>a51980888.htm
<DESCRIPTION>PAPA JOHN'S INTERNATIONAL, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <br>
      <br>
      <font style="font-size: 16pt"><b>UNITED STATES</b></font><font style="font-size: 16pt"><br style="font-size: 16pt"></font><font style="font-size: 16pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-size: 12pt">Washington,
      D.C. 20549</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 16pt"><b>FORM 8-K</b></font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Current Report</font><br><font style="font-size: 12pt">Pursuant
      to Section 13 or 15(d) of</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">The
      Securities Exchange Act of 1934</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Date of Report (Date of earliest event
      reported):</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">May
      7, 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="text-align: center; white-space: nowrap">
      <font style="font-size: 16pt"><b>PAPA JOHN&#8217;S INTERNATIONAL, INC.</b></font><br>&#160;(Exact
      name of registrant as specified in its charter)
    </p>
    <p style="text-align: center; white-space: nowrap">

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

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>2002 Papa Johns Boulevard</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Louisville,
      Kentucky&#160;&#160;40299-2367</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Address
      of principal executive offices)</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt"><b>(502) 261-7272</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">(Registrant&#8217;s
      telephone number, including area code)</font>
    </p>
    <p>
      <font style="font-size: 12pt">Check the appropriate box below if the
      Form 8-K filing is intended to simultaneously satisfy the filing
      obligation of the registrant under any of the following provisions:</font>
    </p>
    <p>
      <font style="font-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>
    <p>
      Securities registered pursuant to Section&#160;12(b)&#160;of the Act:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td style="width: 32%">

        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 32%">

        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 32%">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; width: 32%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px">
          <b>Title of each class:</b>
        </td>
        <td valign="bottom" style="width: 2%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="border-bottom-style: solid; width: 32%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px">
          <b>Trading Symbol</b>
        </td>
        <td valign="bottom" style="width: 2%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">

        </td>
        <td valign="bottom" style="border-bottom-style: solid; width: 32%; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px">
          <b>Name of each exchange on which registered:</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="width: 32%; text-align: center; padding-left: 0.0px">
          Common stock, $0.01 par value
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 32%; text-align: center; padding-left: 0.0px">
          PZZA
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 32%; text-align: center; padding-left: 0.0px">
          The NASDAQ Stock Market LLC
        </td>
      </tr>
    </table>
    </div>
    <p>
      Securities registered pursuant to Section&#160;12(g)&#160;of the Act: <b>None</b>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

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

    </p>
    <p>
      <b>Section 2 &#8211; Financial Information</b>
    </p>
    <p>
      <b>Item 2.02 Results of Operations and Financial Condition</b>
    </p>
    <p style="text-align: justify">
      On May 7, 2019, Papa John&#8217;s International, Inc. issued a press release
      announcing first quarter 2019 financial results.
    </p>
    <p>

    </p>
    <p>
      <b>Section 9 &#8211; Financial Statements and Exhibits</b>
    </p>
    <p>
      <b>Item 9.01 Financial Statements and Exhibits</b>
    </p>
    <p>
      (d)&#160;&#160;&#160;Exhibits
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="width: 10%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 88%">

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

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

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

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

        </td>
        <td valign="top" style="width: 88%; text-align: left; padding-left: 0.0px">
          Papa John&#8217;s International, Inc. press release dated May 7, 2019.
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

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

        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 60%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:&#160;May 7, 2019
          </p>
        </td>
        <td valign="top" style="width: 40%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Joseph H. Smith, IV</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 60%">

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

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

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

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

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

    </p>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 10pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="bottom" style="border-bottom-style: solid; width: 10%; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td valign="bottom" style="width: 2%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; width: 88%; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          <b>Description of Exhibit</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="width: 10%; padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51980888ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="bottom" style="width: 88%; text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51980888ex99_1.htm">Papa John&#8217;s International, Inc.
            press release dated May 7, 2019.</a>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51980888ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2019 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
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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 First Quarter 2019 Results and Reaffirms 2019 Outlook</b></font>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--May 7, 2019--Papa John&#8217;s
      International, Inc. (NASDAQ: PZZA)<b> </b>today announced financial
      results for the first quarter ended March 31, 2019.
    </p>
    <p>
      <b>Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>First quarter 2019 loss per diluted share of ($0.12)</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Excluding Special charges, adjusted earnings per diluted share of
        $0.31 compared to $0.52 for first quarter of 2018</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>System-wide North America comparable sales decrease of 6.9%</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>International comparable sales decrease of 0.1%; international
        franchise sales increase of 10.5%, excluding the impact of foreign
        currency</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>33 net unit openings in the first quarter of 2019 driven by
        International operations</b>
      </li>
      <li style="margin-bottom: 10.0px">
        <b>The company issued $252.5 million of Series B Preferred Stock to
        certain funds affiliated with, or managed by, Starboard Value LP
        (collectively &#8220;Starboard&#8221;) and certain franchisees during the quarter</b>
      </li>
    </ul>
    <p>
      Steve Ritchie, President and CEO of Papa John&#8217;s, said, &#8220;The first
      quarter was a time of promise for Papa John&#8217;s. We made further progress
      in transforming the culture, thinking and momentum within the company.
      We have significantly strengthened and refreshed the company&#8217;s
      leadership, adding talented members to the senior management team and
      highly-qualified directors to the board this year. At the same time, we
      continued reevaluating all aspects of our go-to-market strategy,
      identifying multiple opportunities to improve the customer experience,
      customer value proposition and franchisee unit economics. Last quarter,
      we made several improvements in the key drivers of our business.
      Substantial, positive change takes time and effort, but with the passion
      and dedication of our team members and franchise partners, I am very
      excited about the future of Papa John&#8217;s.&#8221;
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Operating Highlights</b></u>
    </p>
    <p>
      As more fully described within this press release, beginning this
      quarter, the company consolidated the financial results of the Papa
      John&#8217;s Marketing Fund, Inc. (&#8220;PJMF). The financial statements for the
      first quarter of 2018 have been restated to reflect the consolidation of
      PJMF. The consolidation of PJMF is not expected to have a material
      impact on the company&#8217;s annual consolidated financial results, including
      the income (loss) before income taxes, as PJMF operates at or near
      break-even results annually. The consolidation of PJMF also did not have
      a material impact on the company&#8217;s 2018 financial statements.
    </p>
    <p>
      Operating highlights, including restated data for the first quarter of
      2018, are as follow:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          (In thousands, except per share amounts)
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="9">
          <b>First Quarter</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2019 (a)</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="2">
          <b>Apr. 1, </b>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Total revenue
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          398,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          450,122
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (11.5
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (767
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          23,064
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (103.3
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,731
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          17,443
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (109.9
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (0.12
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.52
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (123.1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Adjusted diluted earnings per share (c)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.52
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (40.4
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="10">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The consolidation of PJMF resulted in revenues of $23.5 million,
            income before income taxes and net income of approximately
            $600,000 and diluted earnings per share of $0.02.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (b)
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="10">
          <p style="margin-bottom: 0px; margin-top: 0px">
            The consolidation of PJMF resulted in revenues of $22.8 million,
            income before income taxes and net income of approximately
            $700,000 and diluted earnings per share of $0.02.
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (c)
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="10">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Adjusted to exclude special charges in 2019, which impact
            comparability. The reconciliation of GAAP to non-GAAP financial
            results is included in the table below.
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="8">
          <b>First Quarter</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="3">
          <b>Mar. 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="3">
          <b>Apr. 1,</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          (In thousands, except per share amounts)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>2019</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (767
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          23,064
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Special charges (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          15,854
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>15,087</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>23,064</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,801
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          17,368
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Special charges (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          13,548
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>9,747</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>17,368</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (0.12
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.52
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Special charges (2)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.43
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>0.31</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>$</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          <b>0.52</b>
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The first quarter of 2018 has been restated to include PJMF.
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (2)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The company incurred $15.9 million of costs (defined as &#8220;Special
          charges&#8221;) in the first quarter of 2019, including the following (in
          thousands):
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="2">
          <b>Loss Before</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="2">
          <b>After Tax</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="2">
          <b>Diluted Loss</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="2">
          <b>per Share</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Royalty relief (a)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          4,873
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,742
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.12
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Legal and advisory fees (b)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,067
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,892
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          0.12
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Mark-to-market adjustment on option valuation (c)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          5,914
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          5,914
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.19
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Total Special charges
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          15,854
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          13,548
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.43
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (a)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Represents financial assistance provided to the entire North America
          system in the form of short-term royalty reductions.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (b)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Represents costs associated with the activities of the Special
          Committee of the Board of Directors, including legal costs
          associated with legal proceedings initiated by John H. Schnatter and
          advisory costs associated with the review of a wide range of
          strategic opportunities that culminated in Starboard&#8217;s strategic
          investment in the company by affiliates of Starboard.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (c)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The company recorded a one-time mark-to-market adjustment of $5.9
          million ($5.6 million in general and administrative expenses and
          $300,000 as a reduction in royalties) related to the increase in the
          Starboard and franchisee options to purchase Series B preferred
          stock that culminated in the purchase of $52.5 million of preferred
          stock in late March.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (d)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The tax effect was calculated using the company&#8217;s marginal rate of
          23.2%, excluding the mark-to-market adjustment on the Series B
          Preferred stock option valuation, which was not tax deductible.
        </td>
      </tr>
      <tr>
        <td>

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

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

        </div>
      </div>
    </div>
    <p>
      The non-GAAP adjusted results shown above and within this document,
      which exclude Special charges, 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 excluding the Special charges is important for purposes of
      comparison to prior year results. In addition, management uses these
      metrics to evaluate the company&#8217;s underlying operating performance and
      analyze trends.
    </p>
    <p>
      Consolidated revenues decreased $51.7 million, or 11.5%, for the first
      quarter of 2019. Excluding the impact of refranchising 62 company-owned
      restaurants in North America and the company-owned restaurants and a
      quality control center in China during 2018, consolidated revenues
      decreased $36.4 million, or 8.1%, for the first quarter of 2019,
      primarily due to the following:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Negative 9.0% comparable sales for domestic company-owned restaurants
        and negative 6.1% for North America franchised restaurants, which
        resulted in lower company-owned restaurant revenues, royalties and
        North American commissary sales.
      </li>
      <li style="margin-bottom: 10.0px">
        Short-term royalty reductions of approximately $4.9 million which are
        part of our franchise assistance program and are included in the
        previously mentioned Special charges.
      </li>
      <li style="margin-bottom: 10.0px">
        International revenues, excluding refranchising, were approximately
        $0.5 million lower as unfavorable foreign exchange rates of
        approximately $1.7 million were substantially offset by higher
        royalties from increased equivalent units.
      </li>
    </ul>
    <p>
      The company reported a consolidated loss before income taxes of $0.8
      million for the first quarter of 2019, compared to consolidated income
      before income taxes of $23.1 million for the first quarter of 2018, a
      decrease of $23.9 million. Excluding the impact of the previously
      mentioned Special charges, consolidated income before income taxes was
      $15.1 million, or a decrease of $8.0 million from the first quarter of
      2018. Significant changes in income before income taxes are as follows:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Domestic Company-owned restaurants operating margin decreased $3.9
        million, or a decrease of 0.6% as a percentage of related revenues,
        primarily due to lower comparable sales, partially offset by favorable
        commodities costs and favorable workers&#8217; compensation and non-owned
        automobile insurance costs.
      </li>
      <li style="margin-bottom: 10.0px">
        North America franchise royalties and fees decreased $7.3 million, or
        29.3%, compared to the first quarter of 2018, primarily due to the
        $4.9 million of 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. Excluding the short-term
        royalty relief, royalties were $2.4 million lower than the
        corresponding quarter in 2018 due to negative comparable sales of 6.1%
        and an increase in royalty waivers provided to certain franchisees.
      </li>
      <li style="margin-bottom: 10.0px">
        North America commissary operating margin increased $0.3 million, or
        0.7% as a percentage of related revenues, as the lower North America
        sales volumes were offset by<b> </b>favorable commodities costs and
        reductions in certain operating costs, including labor.
      </li>
      <li style="margin-bottom: 10.0px">
        International operating margin increased $0.3 million primarily due to
        higher royalties from increased equivalent units, partially offset by
        the unfavorable impact of foreign exchange rates.
      </li>
      <li style="margin-bottom: 10.0px">
        General and administrative (&#8220;G&amp;A&#8221;) costs increased $11.1 million, or
        27.9%, primarily due to costs associated with the Special charges of
        approximately $10.7 million, including $5.1 million of legal and
        advisory fees and the one-time mark- to-market adjustment for the
        Series B Preferred stock option valuation of $5.6 million, as
        previously noted.
      </li>
      <li style="margin-bottom: 10.0px">
        Net interest expense increased $1.2 million primarily due to an
        increase in interest rates as compared to the first quarter of 2018 on
        lower outstanding debt. Total debt outstanding was $380.0 million as
        of March 31, 2019, which was a reduction of $245.0 million from
        December 30, 2018. The decrease in outstanding debt was funded
        primarily from the proceeds of the issuance of Series B Preferred
        Stock to Starboard.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

        </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 (loss) calculation.
    </p>
    <p>
      We expect our annual tax rate to be in the range of 21% to 24%. As
      previously noted, there is not a tax deduction for the $5.9 million
      expense associated with the one-time mark-to-market valuation of the
      Series B Preferred stock option.
    </p>
    <p>
      Diluted loss per share was $0.12 for the first quarter of 2019, compared
      to diluted earnings per share of $0.52 for the prior year period.
      Adjusted diluted earnings per share was $0.31 for the first quarter of
      2019, as compared to $0.52 for the first quarter of 2018.
    </p>
    <p>
      <u><b>Global Restaurant and Comparable Sales Information</b></u>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="6">
          <b>First Quarter</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Mar. 31,</b><br><b>2019</b>
          </p>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Apr. 1,</b><br><b>2018</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Global restaurant sales (decline) /growth, excluding the impact of
            foreign currency (a)
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3.7
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1.0
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (6.1
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px">
          North America franchised restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (6.1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (5.0
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px">
          System-wide North America restaurants
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (6.9
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px">
          System-wide international restaurants
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.3
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (a)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Includes both company-owned and franchised restaurant sales.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (b)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          Represents the change in year-over-year sales for the same base of
          restaurants for the same fiscal periods. Comparable sales results
          for restaurants operating outside of the United States are reported
          on a constant dollar basis, which excludes the impact of foreign
          currency translation.
        </td>
      </tr>
      <tr>
        <td>

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

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Free Cash Flow</b></u>
    </p>
    <p>
      The company&#8217;s free cash flow, a non-GAAP financial measure, for the
      first quarter of 2019 and 2018 were as follows (in thousands):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="4">
          <b>Mar. 31,</b>
        </td>
        <td valign="top" style="padding-right: 0.0px; white-space: nowrap; text-align: center; padding-left: 0.0px" colspan="3">
          <b>Apr. 1,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>2019</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          13,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          36,731
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (8,658
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (9,320
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Dividends paid to preferred shareholders
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (2,040
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          3,115
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          27,411
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (a)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The decrease of $22.9 million was primarily due to lower net income
          and unfavorable changes in working capital items, including PJMF.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          (b)
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px">
          The first quarter of 2018 has been restated to include PJMF.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      We define free cash flow as net cash provided by operating activities
      (from the Consolidated Statements of Cash Flows) less the purchases of
      property and equipment and dividends paid to preferred shareholders 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>
      See the Management&#8217;s Discussion and Analysis of Financial Condition and
      Results of Operations section of our Quarterly Report on Form 10-Q filed
      with the Securities and Exchange Commission (SEC) for additional
      information concerning our operating results and cash flow for the three
      months ended March 31, 2019.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Global Restaurant Unit Data</b></u>
    </p>
    <p>
      At March 31, 2019, there were 5,336 Papa John&#8217;s restaurants operating in
      all 50 states and in 47 international countries and territories, as
      follows:
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

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

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

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

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

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

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Beginning - December 30, 2018
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          645
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,692
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,337
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,303
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Ending - March 31, 2019
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          645
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          2,691
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          3,336
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          2,000
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          5,336
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (1
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          34
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          33
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          -
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (0.0
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %)
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (0.0
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %)
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          1.7
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.6
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The company has added 124 net worldwide units over the trailing four
      quarters ended March 31, 2019. Our development pipeline as of March 31,
      2019 included approximately 1,015 restaurants (115 units in North
      America and 900 units internationally), the majority of which are
      scheduled to open over the next six years.
    </p>
    <p>
      <u><b>Cash Dividend</b></u>
    </p>
    <p>
      The company paid cash dividends of $9.1 million in the first quarter of
      2019 and declared second quarter cash dividends of approximately $10.6
      million on April 30, 2019 to be paid to common and preferred
      shareholders. The dividends are as follows (in thousands):
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>First</b><br><b>Quarter</b><br><b>2019</b>
          </p>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="top" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Second</b><br><b>Quarter</b><br><b>2019</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Common stock dividends ($0.225 per share)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          7,060
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          7,190
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Common stock dividends to preferred shareholders ($0.225 per share)
          (a)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,140
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Preferred dividends (3.6% of the investment per annum)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          1,140
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          2,270
        </td>
      </tr>
      <tr>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          9,100
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          10,600
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (a)
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 5.0px" colspan="10">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock dividends payable to holders of Series B Preferred
            Stock are on an as-converted to common stock basis
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="10">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>
      The declaration and payment of any future dividends on our common stock
      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. The Series&#160;B Preferred Stock holders
      are guaranteed quarterly preferred dividends and common stock dividends
      on an as-converted to common stock basis.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Consolidation of the Papa John&#8217;s Marketing Fund, Inc.</b></u>
    </p>
    <p>
      Papa John&#8217;s domestic restaurants, both Company-owned and franchised,
      participate in PJMF, a nonstock corporation that is designed to break
      even as it spends all annual contributions received from the system.
      PJMF collects a percentage of revenues from Company-owned and franchised
      restaurants in the United States for the purpose of designing and
      administering advertising and promotional programs. PJMF is a variable
      interest entity (&#8220;VIE&#8221;) that funds its operations with ongoing financial
      support and contributions from the domestic restaurants, of which
      approximately 80% are franchised.
    </p>
    <p>
      During the first quarter of 2019, we reassessed the governance structure
      and the operating procedures of PJMF and determined that the company has
      the power to control certain significant activities of PJMF, based on
      the applicable accounting guidance. Prior to 2019, the Company did not
      consolidate PJMF. The company has concluded the previous accounting
      policy to not consolidate PJMF was an immaterial error and has
      determined that PJMF should be consolidated. The company has corrected
      this immaterial error by restating the comparative 2018 condensed
      consolidated financial statements. The revenues and expenses of PJMF are
      included in Other revenues and Other expenses, where other consolidated
      marketing funds are reported, in the Condensed Consolidated Statements
      of Operations.
    </p>
    <p>
      The consolidation of PJMF is not expected to have a material impact on
      the company&#8217;s annual consolidated financial statements, including the
      income (loss) before income taxes as PJMF operates at or near break-even
      results annually. The consolidation of PJMF also did not have a material
      impact on the company&#8217;s 2018 financial statements.
    </p>
    <p>
      Additional detail on the consolidation of PJMF can be found in our Form
      10-Q for the three months ended March 31, 2019 filed with the SEC.
    </p>
    <p>
      <u><b>Adoption of ASC 842: Leases</b></u>
    </p>
    <p>
      On December 31, 2018, we adopted Accounting Standards Update (&#8220;ASU&#8221;)
      2016-02, Topic 842, which requires companies to recognize a right-of-use
      asset and a lease liability on the balance sheet for contracts that meet
      the definition of a lease. The guidance also requires additional
      disclosures regarding the amount, timing, and uncertainty of cash flows
      arising from leases. We adopted Topic 842 prospectively using the
      optional transition method with no cumulative effect adjustment recorded
      as of December 31, 2018. The adoption resulted in a $157.0 million
      operating lease liability and a $154.1 million right-of-use asset as of
      March 31, 2019. There was no significant impact on our operating
      results, diluted earnings per share or debt compliance and covenant
      calculations from the adoption of this new accounting standard.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      Additional detail of the adoption and 2019 impact of the new leasing
      standard can be found in our Form 10-Q for the three months ended March
      31, 2019 filed with the SEC.
    </p>
    <p>
      <u><b>Other Business Matters</b></u>
    </p>
    <p>
      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, $1,000
      stated value per share (the &#8220;Series B Preferred Stock&#8221;). In addition, on
      March 29, 2019, Starboard made an additional $50 million investment in
      the Series B Preferred Stock pursuant to an option that was included in
      the Securities Purchase Agreement. The company also issued $2.5 million
      of Series B Preferred stock on the same terms as Starboard to certain
      Papa John&#8217;s franchisees who satisfied accredited investor requirements
      under the federal securities laws. The initial preferred dividend rate
      is 3.6% per annum of the stated value, payable quarterly in arrears. The
      Series&#160;B Preferred Stock also participates on an as-converted basis in
      any regular or special dividends paid to common shareholders. If at any
      time, the company reduces the regular dividend paid to common
      shareholders, the Series&#160;B Preferred Stock dividend will remain the same
      as if the common stock dividend had not been reduced.
    </p>
    <p>
      The company recorded a one-time mark-to-market adjustment of $5.9
      million for the time between the grant dates and the purchase dates for
      both the $50 million option exercised by Starboard and the shares
      purchased by franchisees. As previously noted, the mark-to-market
      adjustment was recorded in G&amp;A expenses for $5.6 million (Starboard) and
      as a reduction to North America franchise royalties and fees of $0.3
      million (franchisees) within the Condensed Consolidated Statements of
      Operations with no associated tax benefit.
    </p>
    <p>
      <u><b>2019 Outlook</b></u>
    </p>
    <p>
      The company is reaffirming its previously issued 2019 outlook, as we
      expect the initiatives we are implementing will result in improved sales
      and operating results in the last half of the year.
    </p>
    <p>
      <u><b>Conference Call and Website Information</b></u>
    </p>
    <p>
      A conference call is scheduled for May 7, 2019 at 5:00 p.m. Eastern Time
      to review the company&#8217;s first quarter 2019 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 5684727.
    </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-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <u><b>Forward-Looking Statements</b></u>
    </p>
    <p>
      Certain matters discussed in this press release and other company
      communications constitute forward-looking statements within the meaning
      of the federal securities laws. Generally, the use of words such as
      &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221;
      &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; or similar words identify forward-looking
      statements that we intend to be included within the safe harbor
      protections provided by the federal securities laws. Such
      forward-looking statements may relate to projections or guidance
      concerning business performance, revenue, earnings, cash flow, 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>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <ul>
      <li style="margin-bottom: 10.0px">
        costs the company expects to continue to incur as a result of negative
        consumer sentiment, including costs associated with litigation, legal
        fees, and increased costs for branding initiatives and launching a new
        advertising and marketing campaign and promotions to improve consumer
        sentiment and 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 improve consumer sentiment and sales
        trends 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 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">
        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.
      </li>
    </ul>
    <p>
      These and other risk factors are discussed in detail in &#8220;Part I. Item
      1A. &#8211; Risk Factors&#8221; in our Annual Report on Form 10-K/A for the fiscal
      year ended December 30, 2018, and in &#8220;Part II. Item 1A. &#8211; Risk Factors&#8221;
      in our Quarterly Report on Form 10-Q for the first quarter ended March
      31, 2019, as well as subsequent filings. We undertake no obligation to
      update publicly any forward-looking statements, whether as a result of
      future events, new information or otherwise, except as required by law.
    </p>
    <p style="text-align: center">
      * * * *
    </p>
    <p>
      For more information about the company, please visit <u>www.papajohns.com</u>.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>March 31, 2019</b>
        </td>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">

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

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

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

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

        </td>
        <td>

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

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          161,803
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          17,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          148,904
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          25,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          44,501
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          43,247
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          398,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          450,122
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          133,053
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          157,574
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          138,557
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          14,305
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          44,097
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          42,367
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          51,135
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          39,996
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          11,749
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          11,539
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Total costs and expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          392,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          422,187
        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          204
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,509
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          28,139
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (6,276
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (5,075
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>(Loss) Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (767
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          23,064
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          831
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          4,978
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="3">
          <b>Net (loss) income before attribution to noncontrolling interests</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,598
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          18,086
        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (133
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (643
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3">
          <b>Net (loss) income attributable to the company</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (1,731
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          17,443
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,731
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          17,443
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="3">
          Preferred stock dividends
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (2,070
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (75
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3">
          Net (loss) income attributable to common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (3,801
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          17,368
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (0.12
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.52
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3">
          Diluted (loss) earnings per common share
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (0.12
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          0.52
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          31,554
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          33,279
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="3">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          31,554
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="11">
          Note: The Condensed Consolidated Statement of Operations is
          unaudited and has been restated to reflect the consolidation of Papa
          John's Marketing Fund, Inc.
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>2019</b>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: center; border-bottom-color: black; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>2018</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          (In thousands)
        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          <b>Current assets:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Cash and cash equivalents
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          29,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          33,258
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          80,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          78,118
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Notes receivable, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,983
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Income tax receivable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,431
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          16,146
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          26,144
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          41,070
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          36,054
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" colspan="2">
          Assets held for sale
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          10,765
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          199,414
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          196,277
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          217,437
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Right-of-use assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          150,216
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Notes receivable, less current portion, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          23,607
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          83,193
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,244
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          1,137
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          63,957
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          63,814
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          739,068
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          595,897
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          <b>Liabilities and stockholders' equity (deficit)</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          <b>Current liabilities:</b>
        </td>
        <td colspan="3">

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Accounts payable
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          35,214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          27,106
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Income and other taxes payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          7,336
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          120,975
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          129,167
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Deferred revenue current
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,598
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 10.0px" colspan="2">
          Current lease liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          22,546
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" colspan="2">
          Current portion of long-term debt
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          29,982
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          20,009
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          <b>Total current liabilities</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          218,569
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          185,470
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Deferred revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          18,562
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          20,674
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Long-term lease liabilities
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          130,391
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Long-term debt, less current portion, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          346,433
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Deferred income taxes, net
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">
          Other long-term liabilities
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          75,887
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          79,324
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          795,677
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          894,446
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="2">
          Series B Convertible Preferred Stock
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          251,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,346
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" colspan="2">
          <b>Total stockholders' (deficit)</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (313,258
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (304,013
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" colspan="2">
          <b>Total liabilities, redeemable noncontrolling interests, Series B
          stock and stockholders' (deficit)</b>
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          739,068
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          595,897
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px" colspan="9">
          Note: The Condensed Consolidated Balance Sheet has been derived from
          the audited consolidated financial statements, restated to reflect
          the consolidation of Papa John's Marketing Fund, Inc., 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.
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Papa John's International, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="middle" style="text-align: center; padding-left: 0.0px" colspan="9">
          <b>Condensed Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </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 valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="7">
          <b>Year Ended</b>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          (In thousands)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>March 31, 2019</b>
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: center; border-bottom-color: black; padding-left: 0.0px" colspan="3">
          <b>April 1, 2018</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,598
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          18,086
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          11,749
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,309
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (2,004
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 25.0px">
          Preferred stock option mark-to-market adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          5,914
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,731
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (204
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 25.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          838
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,443
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,675
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          10,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          3,899
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          7,888
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (13,855
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,264
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 40.0px">
          Other assets and liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,258
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          8,108
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          2,563
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (466
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 40.0px">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (11,003
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,759
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 40.0px">
          Deferred revenue
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (2,170
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          (3,474
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: left; border-bottom-color: black; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Net cash provided by operating activities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          13,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          36,731
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (8,658
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (859
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          925
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          329
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (8,263
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          252,530
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (5,000
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Net proceeds (repayments) of revolving credit facilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (240,026
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          140,308
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Dividends paid to common stockholders
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (7,125
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (2,040
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Issuance costs associated with preferred stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (7,179
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Tax payments for equity award issuances
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (869
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (1,342
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          Proceeds from exercise of stock options
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (432
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          50
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (9,627
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (13,814
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          92
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          (3,985
        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px">
          18,593
        </td>
        <td>

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

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          33,258
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-style: solid; border-bottom-width: 1.0pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          27,891
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          29,273
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-style: double; border-bottom-width: 2.25pt; padding-right: 0.0px; white-space: nowrap; text-align: right; border-bottom-color: black; padding-left: 0.0px">
          46,484
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="9">
          Note: The Condensed Consolidated Statement of Cash Flows is
          unaudited and has been restated to reflect the consolidation of Papa
          John's Marketing Fund, Inc.
        </td>
      </tr>
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Joe Smith<br>Senior Vice President, Chief Financial Officer<br>502-261-7272
    </p>
    <p>

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