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A&W REVENUE ROYALTIES INCOME FUND ANNOUNCES FOURTH QUARTER 2023 RESULTS


News provided by

A&W Revenue Royalties Income Fund

Feb 28, 2024, 04:00 ET

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TRADING SYMBOL:TSX: AW.UN

VANCOUVER, BC, Feb. 28, 2024 /CNW/ - 

  • Royalty income increased by 5.3% year-over-year and 5.1% in Q4 2023.
  • Royalty Pool Same Store Sales Growth(i) was +2.7% for the year and +2.1% for Q4 2023.

FOURTH QUARTER 2023 RESULTS
A&W Revenue Royalties Income Fund (the "Fund") and A&W Food Services of Canada Inc. ("A&W Food Services") today reported the Fund's results for the fourth quarter ended December 31, 2023 which are expected to be filed today on SEDAR+ at www.sedarplus.ca. The Fund will hold a conference call to discuss the results today, Wednesday, February 28, 2024 at 1:00 p.m. Pacific Time (4:00 p.m. Eastern Time).

The call will be webcast live and may be accessed at https://events.q4inc.com/attendee/274908459. Participants who wish to ask questions or are unable to join via webcast may dial-in by calling toll-free 1-888-259-6580 or 1-416-764-8624 and by using the conference ID 74686768 or quoting "A&W Revenue Royalties" when prompted by the operator. For those unable to participate in the live call, a replay will be made available for one year at https://events.q4inc.com/attendee/274908459.

"We are pleased with the continued Royalty Pool Same Store Sales Growth(i) in the quarter resulting in 2.7% Royalty Pool Same Store Sales Growth(i) for the year, particularly in comparison to very strong quarterly performance in 2022, said Susan Senecal, President and CEO of A&W Food Services. "Food Services believes that its mission "Together, to excite Canada's most avid burger lovers, wherever they are, with the best tasting burgers they crave, earning even more of their visits and making A&W restaurants even more successful" will help it to continue to grow and better position it to withstand the risks associated with the current economic conditions".

Royalty income for the fourth quarter of 2023 increased by 5.1% in Q4 2023 and 5.3% year to date, as compared to the comparable periods in 2022. The royalty income for Q4 2023 was $17,045,000 and is based on gross sales reported by A&W restaurants in the Royalty Pool(i) of $568,161,000, compared to royalty income of $16,218,000 and gross sales reported by A&W restaurants in the Royalty Pool(i) of $540,598,000 for the fourth quarter of 2022. Annual royalty income was $54,962,000 based on gross sales reported by A&W restaurants in the Royalty Pool(i) of $1,832,069,000, compared to royalty income of $52,181,000 and gross sales reported by A&W restaurants in the Royalty Pool(i) of $1,739,377,000 for 2022.

The increase in royalty income for the quarter and year to date period was driven by Royalty Pool Same Store Sales Growth(i), which was +2.1% for the quarter and +2.7% year to date, and the gross sales from the 22 net new restaurants added to the Royalty Pool on January 5, 2023. The increase in the quarter was also impacted by there being one additional day in the fourth quarter of 2023 as compared to the fourth quarter of 2022. Royalty Pool Same Store Sales Growth is based on an equal number of days in the quarter and year.

The Royalty Pool Same Store Sales Growth in both the quarter and year to date period was primarily driven by growth in average check size due to industry-wide inflation on goods, services and labour, a rebound in sales at shopping center and urban locations and innovative new menu items such as the A&W Brew Bar™.

FINANCIAL RESULTS

(dollars in thousands except per unit amounts)

Period from

Sep 11, 2023 to
Dec 31, 2023

Period from

Sep 12, 2022 to
Dec 31, 2022

Period from

Jan 1, 2023 to
Dec 31, 2023

Period from

Jan 1, 2022 to
Dec 31, 2022

Royalty Pool Same Store Sales Growth(i)

2.1 %

4.3 %

2.7 %

7.4 %

Number of restaurants in the Royalty Pool

1,037

1,015

1,037

1,015

Gross sales reported by A&W restaurants in the
   Royalty Pool(i)

$568,161

$540,598

$1,832,069

$1,739,377

Royalty income

$17,045

$16,218

$54,962

$52,181

General and administrative expenses

$452

$476

$961

$983

Term loan and other interest (net)

$332

$530

$1,204

$2,113

Current income tax provision

$2,914

$2,650

$10,170

$10,471

Distributable cash generated(ii)

$13,347

$12,562

$42,627

$38,614

Number of equivalent units(iii)

20,383,114

19,893,414

20,383,114

19,893,414

Distributable cash per equivalent unit(iv)

$0.655

$0.631

$2.091

$1.941

Distributions and dividends declared per
   equivalent unit(iv)

$0.640

$0.635

$1.920

$1.875

Payout ratio(iv)

89.9 %

90.3 %

91.8 %

96.6 %

Net cash generated from operating activities

$12,555

$13,185

$34,183

$44,264

Net income(v)

$11,161

$11,861

$40,663

$41,389

(i) "Royalty Pool Same Store Sales Growth" and "Gross sales reported by A&W restaurants in the Royalty Pool" are non-IFRS supplementary financial measures. See the "Non-IFRS Measures" section of this news release.

(ii) "Distributable cash generated" is a non-IFRS financial measure. Refer to the table below for a reconciliation of this measure to the most comparable IFRS measure and the "Non-IFRS Measures" section of this news release.

(iii) Equivalent units include units ("Units") and limited voting units of the Fund (together with the Units, the "Trust Units") and common shares of A&W Trade Marks Inc. ("Trade Marks") that are exchangeable for Trust Units. The number of equivalent units in 2023 is calculated on a fully-diluted basis and includes the 109,332 limited partnership units (the "LP units") that are exchangeable for 218,664 common shares of Trade Marks representing the remaining consideration paid in December 2023 for the January 5, 2023 adjustment to the Royalty Pool. The number of equivalent units in 2022 is calculated on a fully-diluted basis and includes 111,082 LP units, exchangeable for 222,164 common shares of Trade Marks representing the remaining consideration paid in December 2022 for the January 5, 2022 adjustment to the Royalty Pool.

(iv) "Distributable cash per equivalent unit", "Distributions and dividends declared per equivalent unit" and "Payout ratio" are non-IFRS ratios. See the "Non-IFRS Measures" section of this news release.

(v) Net income includes unrealized gains and losses on interest rate swaps, amortization of financing fees and deferred income taxes. These non-cash items have no impact on the Fund's ability to pay distributions to unitholders. 

The following table provides a reconciliation of "Distributable cash generated" to "Net cash generated from operating activities", the most comparable IFRS measure, for the periods indicated. 

(dollars in thousands)

Period from

Sep 11, 2023 to
Dec 31, 2023

Period from

Sep 12, 2022 to
Dec 31, 2022

Period from

Jan 1, 2023 to
Dec 31, 2023

Period from

Jan 1, 2022 to
Dec 31, 2022

Net cash generated from operating activities

$12,555

$13,185

$34,183

$44,264

Interest expense

(332)

(530)

(1,204)

(2,113)

Current income tax provision

(2,914)

(2,650)

(10,170)

(10,471)

Net changes in items of non-cash working capital

(632)

(774)

332

508

Interest paid

670

1,332

1,298

2,763

Income tax paid

4,000

1,999

18,188

3,663

Distributable cash generated

$13,347

$12,562

$42,627

$38,614

Four monthly distributions totaling 64.0¢ per Unit were declared in the fourth quarter of 2023 compared to four monthly distributions totaling 63.5¢ per Unit in the fourth quarter of 2022. Twelve monthly distributions totaling $1.920 per Unit were declared in 2023 compared to twelve monthly distributions totaling $1.875 per Unit in 2022.

The quarterly Payout ratio reported by the Fund is impacted by seasonality of sales of the A&W restaurants and the timing of current income taxes, which can vary by quarter, and the distribution rate in effect at the time. The Payout ratio(iv) for the fourth quarter of 2023 was 89.9% compared to 90.3% for the fourth quarter of 2022. The Payout ratio(iv) for 2023 was 91.8% compared to 96.6% for the comparable period in 2022.

NON-IFRS MEASURES
This news release references the following non-IFRS measures: "Gross sales reported by A&W restaurants in the Royalty Pool", "Royalty Pool Same Store Sales Growth", "Distributable cash generated", "Distributable cash per equivalent unit", "Distributions and dividends declared per equivalent unit" and "Payout ratio". The Fund believes that disclosing these non-IFRS measures provides readers of this news release with important information regarding the Fund's financial performance and its ability to pay distributions to unitholders. By considering these measures in combination with IFRS measures, the Fund believes that readers are provided with additional and more useful information about the Fund than readers would have if they simply considered IFRS measures alone. The non-IFRS measures reported by the Fund do not have a standardized meaning prescribed by IFRS and the Fund's method of calculating these measures may differ from those of other issuers or companies and may not be comparable to similar measures used by other issuers or companies. 

Refer to the "Financial Results" section of this news release for a reconciliation of Distributable cash generated to Net cash generated from operating activities, the most comparable IFRS measure and the "Non-IFRS Measures" section of the Fund's management discussion and analysis ("MD&A") for the year ended December 31, 2023, for further details on how these measures are calculated and used to assess the Fund's performance which are expected to be filed on SEDAR+ at www.sedarplus.ca on February 28, 2024.

ABOUT THE FUND
The Fund is a limited purpose trust established to invest in Trade Marks, which through its interest in the A&W Trade Marks Limited Partnership (the "Partnership"), owns the A&W trade-marks used in the A&W quick service restaurant business in Canada. The A&W trade-marks comprise some of the best-known brand names in the Canadian foodservice industry. In return for licensing A&W Food Services to use its trade-marks, Trade Marks (through the Partnership) is entitled to royalties equal to 3% of the gross sales reported by A&W restaurants in the Royalty Pool. 

The Royalty Pool is adjusted annually to reflect gross sales from new A&W restaurants, net of the gross sales of any A&W restaurants that have permanently closed. Additional LP units are issued to A&W Food Services to reflect the annual adjustment. A&W Food Services' additional LP units are exchanged for additional common shares of Trade Marks which are exchangeable for Trust Units. The 22nd annual adjustment to the Royalty Pool took place on January 5, 2024 at which time the number of restaurants in the Royalty Pool increased from 1,037 to 1,047.

Trade Marks' dividends to A&W Food Services and the Fund, and the Fund's distributions to unitholders are based on top-line revenues of the A&W restaurants in the Royalty Pool, less interest, general and administrative expenses and current income taxes of Trade Marks.

ABOUT A&W FOOD SERVICES
A&W is the second largest quick-service hamburger restaurant chain in Canada. Operating coast-to-coast, A&W restaurants feature famous trade-marked menu items such as The Burger Family®, Chubby Chicken® and A&W Root Beer®.

® trademark of A&W Trade Marks Limited Partnership, used under license.

Follow A&W on Facebook (www.facebook.com/AWCanada) and Twitter @AWCanada or visit www.awincomefund.ca.

FORWARD-LOOKING INFORMATION
Certain statements in this press release may contain forward-looking information within the meaning of applicable securities laws in Canada ("forward-looking information"). The words "anticipates", "believes", "budgets", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "schedule", "should", "will", "would" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specific forward-looking statements include statements with respect to: timing for filing the Fund's results for the year ended December 31, 2023 on SEDAR+; the replay of the call being made available; timing for holding the conference call; and A&W restaurants earning return visits and becoming even more successful. The forward-looking information is based on assumptions that management considered reasonable at the time it was prepared, which assumptions include: restaurant performance will continue to improve; the Fund will receive sufficient revenue in the future (in the form of royalty payments from A&W Food Services) to maintain monthly distributions; the projections for the A&W business and the Fund provided by A&W Food Services are accurate; no material changes will occur in the quick service restaurant burger market including as a result of changes in consumer taste, changes in economic conditions or unemployment, or a disease outbreak. The forward-looking information is subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated by the forward-looking information. Those risks and uncertainties include, among other things, risks related to: A&W Food Services may become liable for the lease obligations of certain of its franchisees, if such franchisees default on their leases, and such obligations may be significant and A&W Food Services may be unsuccessful in seeking recovery from such franchisees, all of which may adversely affect A&W Food Services' investments, results of operations and financial condition; A&W Food Services' projections may be inaccurate, and do not represent a financial forecast and actual results may differ materially from those anticipated by the projections; monthly distributions are not guaranteed and may be reduced, suspended or terminated at any time; the current sales improvement trends of the A&W restaurants in the Royalty Pool may not continue and may slow or regress; supply interruptions or staff shortages; and changes in economic conditions, including economic recession or changes in the rate of inflation or deflation, employment rates and household debt, seasonality of sales, political uncertainty, interest rates, currency exchange rates or derivative and commodity prices. Additional factors which could cause results to differ from current expectations are described in the Fund's most recent MD&A under the heading "Risks and Uncertainties" and the Fund's Annual Information Form under the heading "Risk Factors", available on SEDAR+ at www.sedarplus.ca. The forward-looking information contained in this news release represents the Fund's expectations as of the date of this news release, and are subject to change after this date. The Fund assumes no obligation to update or revise any forward-looking information, except as required by applicable law. 

SOURCE A&W Revenue Royalties Income Fund

For the Fund and A&W Food Services: Kelly Blankstein, Chief Financial Officer: (604) 988-2141 or [email protected].

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A&W Revenue Royalties Income Fund

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