MTY: MTY Reports Fourth Quarter Results for Fiscal 2024

Normalized adjusted EBITDA(1) remained relatively stable at $59.4 million in the quarter, compared to $60.4 million in Q4-23.System sales(2) for the quarter improved by 2% or $30.3 million to reach $1,371.9 million compared to $1,341.6 million in Q4-23 mostly due to organic growth. Ended the quarter with 7079 locations with net positive openings of 13 locations for the quarter. Franchising segment normalized adjusted EBITDA(1) increased 8% to reach $49.3 million in the quarter, compared to $45.7 million in Q4-23 with normalized adjusted EBITDA as a % of revenue(2) of 51% compared to 47% in Q4-23. Cash flows provided by operating activities were $43.7 million compared to $47.8.Free cash flows net of lease payments(1) of $27.4 million in the quarter, compared to $33.4 million in Q4-23. Free cash flows net of lease payments per diluted share(3) were $1.16 for the quarter compared to $1.37 in Q4-23.Net (loss) income attributable to owners of $(55.3) million, or $(2.34) per diluted share compared to $16.4 million, or $0.67 per diluted share in Q4-23.Repurchased and cancelled 314,700 shares for a consideration of $14.0 million in Q4-24, bringing the year-to-date total to 906,900 shares for a consideration of $41.8 million.Long-term debt repayments of $9.5 million for the quarter with net repayments of $79.5 million since Q4-23.Quarterly dividend payment of $0.33 per share on February 14, 2025.(1) This is a non-GAAP measure. Please refer to the "Non-GAAP Measures" section at the end of this press release.(2) See section "Definition of supplementary financial measures" found at the end of this press release.(3) See section "Definition of non-GAAP ratios" found in the Supplemental Information section for definition.MONTREAL, Feb. 14, 2025 (GLOBE NEWSWIRE) -- MTY Food Group Inc. ("MTY", "MTY Group" or the "Company") (TSX:MTY), one of the largest franchisors and operators of multiple restaurant concepts worldwide, reported today financial results for its fourth quarter of fiscal 2024 ended November 30, 2024."I'm happy to share that we expanded our footprint in the fourth quarter, ending strong with a net store opening of 13 locations. This positive store count is the result of diligent team efforts at MTY, and we're proud to be strengthening our presence and increasing our availability to guests," Eric Lefebvre stated."Year over year, the fourth quarter saw organic growth of system sales, with an improvement of 2% compared to Q4 2023," Lefebvre continued. "These results were mainly attributable to the impressive performance of our snack brands in the US and our casual dining segment in Canada.""With regards to normalized adjusted EBITDA, I would like to highlight the performance from our franchising segment this quarter, with an 8% increase compared to Q4 2023. It is a pleasure to see the dedicated work of our franchise owners and MTY team reflected in these results," Lefebvre noted.Financial Highlights(in thousands of $, except per share information)Q4-2024Q4-202312 Months202412 Months2023Revenue284,468280,0321,159,6041,169,334Adjusted EBITDA(1)58,79660,365263,037270,746Normalized adjusted EBITDA(1)59,41960,365264,532271,904Net (loss) income attributable to owners(55,299)16,444