Great article but this is a bit of an understatement. Jared Fogle was THE face of Subway for 15 years and he stopped being the face when he was charged and convicted of possessing child pornography among other crimes (he was sentenced to 15 years and is still in jail). The hit on US revenue in particular was pretty brutal given that they had opened a batch of new stories the same year. For non-US revenue your analysis is great but it’s pretty tough to separate out the US decline and the Fogle scandal.