Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 29, 2016

Condensed Consolidating Statements of Operations




	13 Weeks Ended March 29, 2016
	Parent		Subsidiary			Subsidiary			Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB			Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	268,594		$	50,940		$	—	$	—		$	319,534
Total costs and expenses	—		253,357			48,410			—		—			301,767
Operating income	—		15,237			2,530			—		—			17,767
Interest expense	—		11,337			—			—		—			11,337
Equity in net income of subsidiary	7,659		2,965			—			—		(10,624		)	—
Income before income taxes	7,659		6,865			2,530			—		(10,624		)	6,430
Income tax benefit	—		(794		)	(435		)	—		—			(1,229		)
Net income	$	7,659	$	7,659		$	2,965		$	—	$	(10,624	)	$	7,659




	13 Weeks Ended March 31, 2015
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Total sales	$	—	$	260,567	$	48,641	$	—	$	—		$	309,208
Total costs and expenses	—		245,852		47,169		—		—			293,021
Operating income	—		14,715		1,472		—		—			16,187
Interest expense	—		10,465		—		—		—			10,465
Equity in net income of subsidiary	4,975		1,280		—		—		(6,255		)	—
Income before income taxes	4,975		5,530		1,472		—		(6,255		)	5,722
Income tax expense	—		555		192		—		—			747
Net income	$	4,975	$	4,975	$	1,280	$	—	$	(6,255	)	$	4,975

Condensed Consolidating Balance Sheet



	March 29, 2016
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	68,587	$	3,287	$	—	$	—		$	71,874
Facilities and equipment, net	—		152,946		51,549		—		—			204,495
Franchise rights, net	—		573,213		43,851		—		—			617,064
Goodwill	—		290,502		4,124		—		—			294,626
Investment in subsidiary	281,348		80,593		—		—		(361,941		)	—
Other assets, net	—		27,691		1,604		—		—			29,295
Total assets	$	281,348	$	1,193,532	$	104,415	$	—	$	(361,941	)	$	1,217,354
Liabilities and member’s equity:
Current liabilities	$	—	$	93,228	$	15,006	$	—	$	—		$	108,234
Long-term debt	—		576,589		—		—		—			576,589
Other liabilities and deferred items	—		56,306		8,186		—		—			64,492
Deferred income taxes	—		186,061		630		—		—			186,691
Member’s equity	281,348		281,348		80,593		—		(361,941		)	281,348
Total liabilities and member’s equity	$	281,348	$	1,193,532	$	104,415	$	—	$	(361,941	)	$	1,217,354



	December 29, 2015
	Parent		Subsidiary		Subsidiary		Subsidiary
	Guarantor: Holdings		Issuer: NPC		Co-Issuer: NPCQB		Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Assets:
Current assets	$	—	$	58,620	$	4,495	$	—	$	—		$	63,115
Facilities and equipment, net	—		155,501		47,967		—		—			203,468
Franchise rights, net	—		577,097		43,421		—		—			620,518
Goodwill	—		290,502		4,124		—		—			294,626
Investment in subsidiary	273,689		76,784		—		—		(350,473		)	—
Other assets, net	—		27,233		1,736		—		—			28,969
Total assets	$	273,689	$	1,185,737	$	101,743	$	—	$	(350,473	)	$	1,210,696
Liabilities and member’s equity:
Current liabilities	$	—	$	91,472	$	16,724	$	—	$	—		$	108,196
Long-term debt	—		577,011		—		—		—			577,011
Other liabilities and deferred items	—		55,589		6,448		—		—			62,037
Deferred income taxes	—		187,976		1,787		—		—			189,763
Member’s equity	273,689		273,689		76,784		—		(350,473		)	273,689
Total liabilities and member’s equity	$	273,689	$	1,185,737	$	101,743	$	—	$	(350,473	)	$	1,210,696

Condensed Consolidating Statements of Cash Flows



	13 Weeks Ended March 29, 2016
	Parent		Subsidiary			Subsidiary			Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB			Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—	$	22,512		$	6,096		$	—	$	—		$	28,608
Investing activities:
Capital expenditures	—		(8,513		)	(2,460		)	—		—			(10,973		)
Investment in NPCQB	—		(844		)	—			—		844			—
Acquisition of Wendy’s business, net of cash acquired	—		—			(7,963		)	—		—			(7,963		)
Proceeds from sale-leaseback transactions	—		828			3,510			—		—			4,338
Proceeds from sale or disposition of assets	—		162			2			—		—			164
Net cash flows used in investing activities	—		(8,367		)	(6,911		)	—		844			(14,434		)
Financing activities:
Net payments on debt	—		(1,040		)	—			—		—			(1,040		)
Distribution from parent	—		—			844			—		(844		)	—
Net cash flows (used in) provided by financing activities	—		(1,040		)	844			—		(844		)	(1,040		)
Net change in cash and cash equivalents	—		13,105			29			—		—			13,134
Beginning cash and cash equivalents	—		31,918			799			—		—			32,717
Ending cash and cash equivalents	$	—	$	45,023		$	828		$	—	$	—		$	45,851



	13 Weeks Ended March 31, 2015
	Parent		Subsidiary			Subsidiary			Subsidiary
	Guarantor: Holdings		Issuer: NPC			Co-Issuer: NPCQB			Co-Issuer: NPC Op Co B		Eliminations			Consolidated
Operating activities:
Net cash flows provided by operating activities	$	—	$	20,689		$	3,761		$	—	$	—		$	24,450
Investing activities:
Capital expenditures	—		(7,127		)	(3,891		)	—		—			(11,018		)
Investment in NPCQB	—		(110		)	—			—		110			—
Proceeds from sale or disposition of assets	—		258			38			—		—			296
Net cash flows used in investing activities	—		(6,979		)	(3,853		)	—		110			(10,722		)
Financing activities:
Net payments on debt	—		(2,079		)	—			—		—			(2,079		)
Distribution from parent	—		—			110			—		(110		)	—
Net cash flows (used in) provided by financing activities	—		(2,079		)	110			—		(110		)	(2,079		)
Net change in cash and cash equivalents	—		11,631			18			—		—			11,649
Beginning cash and cash equivalents	—		11,278			785			—		—			12,063
Ending cash and cash equivalents	$	—	$	22,909		$	803		$	—	$	—		$	23,712