August

2016,

2016

15,

(“ASU - which provides clarification regarding how certain cash receipts and cash payments should be presented and classified in the statement of cash flows. The guidance addresses specific cash flow issues with the objective to reduce diversity in practice of how certain transactions are classified within the statement of cash flows. ASU - is effective for annual periods beginning after and interim periods therein (our fiscal year Early application is permitted. We do not believe the adoption of this guidance will have a material impact on our Condensed Consolidated Financial Statements.

February

2016,

2016

02,

(“ASU - which requires lessees to recognize on the balance sheet a right - of - use asset, representing its right to use the underlying asset for the lease term, and a lease liability for all leases with terms greater than months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing, and uncertainty of cash flows arising from leases. The standard requires the use of a modified retrospective transition approach, which includes a number of optional practical expedients that entities elect to apply. ASU - is effective for annual periods beginning after and interim periods therein (our fiscal year Early application is permitted. We are currently evaluating the impact of this guidance on our Condensed Consolidated Financial Statements.

August

2014,

2014

15,

(“ASU - The guidance requires an entity to evaluate whether there are conditions or events, in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within year after the date that the financial statements are issued and to provide related footnote disclosures in certain circumstances. The guidance is effective for annual periods ending after and for interim periods within annual periods beginning thereafter (our fiscal year We do not believe the adoption of this guidance will have a material impact on our Condensed Consolidated Financial Statements.

May

2014,

2014

09,

(“ASU - ASU - will replace almost all existing revenue recognition guidance, including industry specific guidance, upon its effective date. The standard’s core principle is for a company to recognize revenue when it transfers goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled. A company also need to use more judgment and make more estimates when recognizing revenue, which could result in additional disclosures. ASU - also provides guidance for transactions that were not addressed

comprehensively in previous guidance, such as the recognition of breakage income from the sale of gift cards. The standard permits the use of either the retrospective or cumulative effect transition method. The guidance is effective for fiscal years, and interim periods within those years, beginning after (our fiscal year with early application permitted in the quarter of We do not expect the adoption of this guidance to impact our recognition of Company - owned restaurants sales and operating revenue or our recognition of continuing fees from franchisees, which are based on a percentage of franchise sales. We have not yet selected a transition method and are continuing to evaluate the impact of this guidance on our less significant revenue transactions, such as initial franchise license fees.

n and the FASB issued the following amendments to ASU - to clarify the implementation guidance: ASU - and ASU - . Under the new guidance, expected gift card breakage income will be required to be recognized proportionately as redemption occurs. Our current accounting policy of recognizing gift card breakage income applying the remote method will no longer be allowed. The timing of transition of this guidance is consistent with the new revenue recognition standard as discussed above. We expect to implement the provisions of ASU - and the related amendments in the same period.