Freshii Inc. Announces First Quarter 2022 Results and Executive Changes

Daniel Haroun promoted to CEO of Freshii Inc.; Founder Matthew Corrin becomes Executive Chairman
Victor Diab to join the Company as CFO
Q1 2021 Company-wide revenue up 162% vs. prior year, driven by growth across all business lines and Natura Market acquisition
North American franchised restaurant development pipeline of committed locations reaches over 100 units with more than 90% from existing franchisees
North American Franchised Restaurant Segment records Q1 2022 System sales growth1 of 11% and Franchise Revenue growth of 10% vs Q1 2021
Natura Market records 6% revenue growth vs. the corresponding period in 20212
CPG business records CPG system sales growth of 85% in Q1 2022 vs. Q1 2021

TORONTO, May 11, 2022 (GLOBE NEWSWIRE) -- Omnichannel health and wellness brand, Freshii Inc. (TSX: FRII) (“Freshii”, the “Company”, “us”, “our” or “we”), today announced financial results for the first quarter ended March 27, 2022 (“Q1 2022”). The Company also announced that, effective May 12, 2022, Daniel Haroun will be promoted to CEO of Freshii Inc., Founder Matthew Corrin will move to the role of Executive Chairman and, as of June 13, 2022, Victor Diab will join the Company as CFO.

On the change in Company leadership, Matthew Corrin said: “Since founding Freshii more than 17 years ago, we've grown from a single, salad-focused food court counter in downtown Toronto into a global health and wellness brand spanning 13 countries, now with three distinct business units bringing healthy food to citizens of the world.

The omni-channel health and wellness brand that I’d envisioned for Freshii has become a reality and I believe that we are well positioned to serve the health-conscious consumers of the future.

As the Company works to realize its full omnichannel potential, I believe that we will be best served by the appointment of Daniel Haroun as our CEO. Daniel and I have worked extremely closely together during his years as Freshii’s CFO and I have come to rely on his expertise and judgment in all areas of the business.

This expertise and judgment, combined with Daniel’s pre-Freshii leadership experience at global franchised-restaurant and retail/grocery operators, give me great confidence that Daniel is the right person to lead Freshii through the next phase of our omnichannel growth.

I want Freshii to have intergenerational relevance for our customers, our team members, our franchise owners and our shareholders, and I believe this vision will be best realized by transitioning responsibility for the day-to-day leadership of the Company to Daniel and the incredible team he has today and that he will continue to build around him.

In my role as Executive Chairman, I intend to maintain my significant shareholdings in Freshii, be our biggest brand champion, and our most loyal guest - for the long term. I am confident in Daniel’s ability to lead our brand and culture on a path that is accretive to the Company’s share value.

Thank you to all our team members, our franchise and retail partners, and our shareholders. I believe the best is yet to come!”

On his appointment to the role of CEO, Daniel Haroun said: “The opportunity to lead Freshii is a great privilege and I am honoured to build on the foundation Matthew has created. Our industry's current operating environment brings both opportunity and challenges and I am excited to work closely with our incredible franchise partners, team members, and supplier and retail partners to position our business to embark on Freshii's next chapter of omnichannel growth. I want to thank Matthew and Freshii's board of directors for the opportunity to lead this incredible organization and I believe the best is yet to come for our Company."

Victor Diab joins Freshii with more than a decade of finance and strategy experience at large Canadian public companies with retail, franchising and ecommerce operations. Victor brings broad finance experience in supply chain, real estate and loyalty strategy as well as in M&A and Corporate Development. On joining Freshii, Victor said: “I have long been a Freshii customer as well as an impressed observer of the brand’s expansion to date. I am so pleased to be joining the executive leadership team here and I believe the Company has a significant opportunity for growth in front of it. I am excited to work with Daniel, Matthew, the Board and all of our partners as we build the next phase of Freshii’s omnichannel growth.”

On the changes in executive leadership, lead independent director, Steve Smith, said: “Over the years working closely with Daniel, I have developed a great deal of confidence in his leadership and strategic abilities, as well as his focus on sustainable growth for our business. With the addition of Victor to the team as CFO and the skills and experience he will bring to that role, along with the continued availability of Matthew as Executive Chairman, I believe that Daniel and his team are well positioned to drive the Freshii mission forward, creating value for our franchisees, partners and shareholders.”

Freshii’s Business Segments

Commencing in the fourth quarter of 2021 (“Q4 2021”), the Company began reporting using two new reportable segments, more fully reflecting the evolving nature of our omnichannel business and helping to provide clearer insight into the results and performance of our various business lines given their varying stages of development and their complementary but distinct key performance metrics.

As a reminder, our reportable segments are:

• North American Franchised (“NAF”) Restaurant segment: This segment is comprised of our network of traditional and non-traditional franchised restaurants located in North America3. North America encompasses our most well-established markets and represents the significant majority of our franchised stores and royalty revenues.
• Retail and Ecommerce segment: This segment is comprised of two distinct businesses: the third party retail sales of Freshii’s consumer packaged goods (“CPG”) business and Natura Market’s ecommerce platform. Each business within the Retail and Ecommerce segment offers a unique method of bringing health and wellness products to consumers.

In addition to the NAF Restaurant and Retail and Ecommerce segments, we consolidate revenue and expenses from other operations, including Company-owned and international restaurant locations, as well as Freshii HQ enterprise costs that do not fit into either of the reportable segments, in our Financial Statements in Enterprise & Other.

For more information on our reportable segments, please see our Q1 2022 Management’s Discussion and Analysis, available at SEDAR.com.

North American Franchised Restaurant Segment

Despite COVID-19’s omicron variant ‘wave’ in key markets in Q1 2022, which was more acute in terms of impact in Canada than in the United States, Freshii’s NAF Restaurant segment continued its pandemic recovery trajectory in the quarter, recording 5.4% same-store sales growth4 vs. the first quarter of 2021 (“Q1 2021”). Sales in the early part of the quarter were supported by strong performance of our soups limited time offer (“LTO”), which exceeded our projections, but as supply chain challenges emerged for key ingredients, the positive impact of the soups LTO over the quarter as a whole was muted. Also impacting sales has been a ‘return to office’ timeline that is progressing at a slower rate than anticipated, with both suburban and downtown based employers in key markets seemingly taking a very measured approach to the reintegration of in-person work.

For context, the top performing 85% NAF Restaurant locations have AUV's5 that are on average more than double the AUV's of the bottom performing 15% of such locations. This bottom performing 15% of our NAF Restaurant locations represented approximately 5% of overall NAF Restaurant system sales and NAF Restaurant royalty revenue in Q1 2022.

NAF Restaurant hours of operation in Q1 2022 were down approximately 10% vs. the corresponding period in 2019. We intend to work with our franchise partners to move closer to pre-COVID hours of operation in the coming quarters.

Freshii opened 6 new NAF restaurant locations during Q1 2022 (including 2 sites that had previously been marked as ‘closures’ during the pandemic but which have since re-opened) and closed 5 locations, resulting in 1 net new NAF system store5 in the quarter. As we first disclosed last quarter, given the capacity we continue to believe exists for restaurant growth in North America, in late Q4 2021 Freshii announced a performance-based incentive program for qualified existing Canadian franchise partners, providing certain fee reductions for partners that committed to opening new locations during the program period. Between this ongoing program, previously signed deals and the recently completed multi-unit deal for planned development in the state of Texas, Freshii now has an NAF unit pipeline representing over 100 new locations. More than 90% of these locations are attributable to current Freshii franchise partners, including the six new multi-unit agreements that were signed during Q1 and to date in 2022 representing 40 new locations. As we prepare for the opening activity we expect this pipeline to generate, particularly in 2023, we intend to make investments in Freshii’s franchise development, real estate, store design and store opening teams in the second half of 2022.

Freshii continues to promote programs across the restaurant network that are aimed at assisting franchise partners in improving operations and efficiency. Our updated food cost management program continues to have a positive impact and is now rolled out across almost 90% of our NAF Restaurant network. Restaurants that have been enrolled in the program for over 90 days are seeing more than a 200 basis point reduction in their monthly food cost, exceeding our expectations and driving savings for our franchise partners. Our updated Customer Experience (‘CX’) program is now live across the NAF system and we are able to measure customer response to our various in-restaurant actions through the impacts on Freshii’s ‘net promoter score’; a helpful tool as we continue to be a customer-data driven brand.

In Q1 2022, Freshii continued to invest in accelerating our digital growth. Our technology and loyalty teams continued their planning and development of tools aimed at further digital growth, including a new loyalty plan with improved features for our guests as well as Freshii app updates, that we intend to roll out in the coming quarters. Following our soups LTO in Q1 2022, we have recently re-launched and new and improved version of our popular tacos LTO. We’ve brought back the favourites from last year’s iteration of the taco’s program and added the new BBQ Ranch taco, which features pulled chicken, fiery BBQ sauce, greek yogurt ranch and salsa fresca. We expect version 2.0 of our tacos to be well-received by our guests as we move into the summer months in North America.

With positive same-store sales in Q1 2022 despite ongoing challenges, a strong new store development pipeline of over 100 planned locations, further technology and loyalty updates on the horizon and the Freshii menu innovation and operations teams continuing to drive improvements, we believe the NAF Restaurant segment is well-positioned for the future.

Retail and Ecommerce Segment

As previously disclosed, Freshii acquired a majority interest in Natura Market Ecommerce Inc. (“Natura Market”) in Q4 2021. Natura Market is a growing, founder-led online retailer with a Freshii-aligned mission of making on-trend, healthy products available for delivery at scale across Canada. We are excited about the growth of Natura Market to date and its viability as a platform for the further expansion of our ecommerce business going forward. In Q1 2022, Natura Market revenue grew 6% as compared to the corresponding period in 20216. As Natura begins to lap periods of high growth in COVID-19 impacted 2021, year over year sales comparisons are expected to reflect this reality through the balance of 2022.

Natura Market continues to pursue expansion of both its product set, as well as its product categories, in the health and wellness space.

Freshii’s CPG business continued to develop and grow in Q1 2022. As a reminder, the CPG business sells healthy, on-the-go wraps, salads, bowls, snacks and beverages across hundreds of retailer points of distribution. CPG system sales7 (based on sales reported by Freshii’s retail partners) were up 85% in Q1 2022 as compared to Q1 2021, with energii bite and elixir shot sales notably up 109% and 106% year-over-year in the period, respectively. In Q1 2022, the CPG business added 7-Eleven to its CPG retailer network, which already includes large-scale partnerships with retailers like Walmart, Shell and ONroute.

Freshii’s CPG business continues to innovate its product set, particularly in the energii-bite category that is proving popular with both retail partners and customers. Freshii recently launched a new banana-nut energii bite in restaurant and retail and early results indicate that consumers are responding well. Going forward, Freshii’s CPG team expects to continue grow the list of retail partners offering its products, driving profitability improvements through scale.

Financial Highlights for the First Quarter

• Revenues in Q1 2022 were $9.6 million, compared to $3.7 million for Q1 2021, representing an increase of $5.9 million.
• Total Freshii system sales (which includes NAF Restaurant system sales and CPG system sales but not non-Freshii CPG Natura Market sales) were $33.5 million in Q1 2022, compared to $29.8 million for Q1 2021 representing an increase of $3.7 million.
• NAF Restaurant segment same-store sales growth was 5.4% in Q1 2022 compared to Q1 2021.
• In Q1 2022, the Company opened 6 NAF system stores, 2 of which had previously been classified as permanently closed but which have since opened again as COVID-19 pandemic impacts have abated. The Company permanently closed 5 NAF system stores in Q1 2022, resulting in net new store growth of 1 NAF system store in the quarter.
• NAF Restaurant Adjusted EBITDA was $1.2 million, and NAF Restaurant Net Income was $1.1 million, for Q1 2022, compared to $1.4 million and $1.2 million, respectively, for Q1 2021.
  
• Retail and Ecommerce segment revenue was $6.2 million in Q1 2022, compared to $0.5 million for Q1 2021. Adjusted to remove the effect of the Natura Market majority acquisition, the comparable segment revenue figure for Q1 2022 would have been $1.0 million.
• Net loss was $2.4 million for Q1 2022, compared to net loss of $1.3 million in Q1 2021. Adjusted net loss8 was $1.4 million for Q1 2022, compared to adjusted net loss of $0.5 million for Q1 2021.
  

Capital Allocation and Liquidity Update

The Company has maintained a strong cash position through the pandemic to date, with $26.6 million on hand as at March 27, 2022. As previously disclosed, Freshii is committed to maintaining adequate liquidity and financial flexibility throughout the COVID-19 pandemic and coming out of it, while also investing in strategic priorities across its NAF Restaurant and Retail and Ecommerce segments. We intend to continue to make efforts to maintain our strong cash position in the coming quarters while still reinvesting for growth across our business lines.

The Company’s capital allocation priorities at present are to invest in the growth of our current divisions, pursue acquisitions within our new operating segments in a disciplined manner, and, where appropriate, the continued execution of our normal course issuer bid program.

Normal Course Issuer Bid Program

The Company sought and received approval from the Toronto Stock Exchange (the “TSX”) to establish a normal course issuer bid (“NCIB”) to purchase up to 2,399,477 of its Class A subordinate voting shares, commencing on March 2, 2022 and terminating on March 1, 2023.

As of May 11, 2022, the Company purchased 300,468 Class A subordinate voting shares at a volume weighted average price of $1.79 per share under the NCIB. The purchases were made on the open market through the facilities of the Toronto Stock Exchange and through alternative Canadian trading systems.

Earnings Conference Call and Audio Webcast

A conference call to discuss Q1 2022 financial results is scheduled for May 12, 2022, at 8:30 a.m. Eastern Time. The conference call can be accessed live over the phone by dialing 1-877-425-9470 (U.S. and Canada), or 1-201-389-0878 (International). An audio replay will be available from 11:30 a.m. Eastern Time on Thursday, May 12, 2022 through Thursday, May 19, 2022. To access the replay, please call 1-844-512-2921 (U.S. & Canada) or 1-412-317-6671 (International) and enter confirmation code 13728260. The call will also be webcast live from Freshii’s investor relations website at www.freshii.inc. Following completion of the call, a recorded replay of the webcast will be available on the website.

About Freshii

Eat. Energize. That’s the Freshii mantra. Freshii is an omnichannel health and wellness brand on a mission to help citizens of the world live better by making healthy eating and overall wellness convenient and affordable.

With a diverse and completely customizable menu of breakfast, soups, salads, wraps, bowls, burritos, frozen yogurt, juices, and smoothies served in an eco-friendly environment, Freshii’s restaurant division caters to every taste and dietary preference.

Freshii’s CPG and nutritional supplements offerings further increase the touchpoints that Freshii has with its customers, as does the Company’s majority interest in fast-growing health and wellness ecommerce retailer, Natura Market.

Since it was founded in 2005, Freshii has grown to 344 franchised restaurant locations across North America, expanded its CPG lineup across hundreds of major retailer points of distribution and added Natura Market to its business lines. With the Company’s expanding distribution and product sets, Freshii guests can energize with Freshii’s products anywhere from cosmopolitan cities and fitness clubs to sports arenas and airplanes, as well as in major retail outlets and directly from home.

Inquire about how to join the Freshii family: https://www.freshii.com/ca/en-ca/franchise
Learn more about investing in Freshii:http://www.freshii.inc
Find your nearest Freshii: http://www.freshii.com/
Follow Freshii on Twitter and Instagram: @freshii

Non-IFRS Measures and Industry Metrics

This news release uses non-IFRS financial measures and non-IFRS ratios. Non-IFRS financial measures and non-IFRS ratios are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. These measures include “EBITDA”, “Adjusted EBITDA”, and “Adjusted net income”. A reconciliation of each non-IFRS measure and non-IFRS ratio to the most directly comparable IFRS financial measure is found in the “Non-IFRS Reconciliation” section below.

This news release also makes reference to “AUV”, “system sales”, “system stores”, and “same-store sales growth” which are commonly used operating metrics in the restaurant industry, but may be calculated differently by other companies in the restaurant industry.

Non-IFRS measures and industry specific metrics are used to provide investors with supplemental measures of our operating performance and liquidity and thus highlight trends in our business that may not otherwise be apparent when relying solely on IFRS measures and enable comparison with other companies in the restaurant industry. Our management also uses non-IFRS measures, non-IFRS ratios and supplementary financial measures, in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of executive compensation. Certain information about non-IFRS financial measures, non-IFRS ratios and supplementary financial measures found in our Management’s Discussion & Analysis for the thirteen weeks ended March 27, 2022, dated May 11, 2022 (the “Q1 MD&A”) is incorporated by reference. This information is found in the on-IFRS Financial Measures and Industry Metrics section of the Q1 MD&A. The Q1 MD&A is available on SEDAR at www.sedar.com.

Forward-Looking Information

Certain information in this news release contains forward-looking information and forward-looking statements under applicable securities laws. Particularly, statements which reflect the current view of management with respect to the Company's objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities, including statements relating to changes in management, restaurant development pipeline, Natura Market opportunities for future growth, Daniel Haroun’s ability to build a suitable team around him, Matthew Corrin’s future shareholdings, the approach of employers to reintegration of in-person work, expectations regarding product launches, Natura Market’s viability as a platform for further expansion of Freshii’s ecommerce business, expectation with respect to Natura Market’s year over year sales comparison, the CPG team’s expectation of growing the list of retail partners offering its products and driving profitability improvements through scale, the Company’s belief for future growth of the NAF Restaurant segment and its intention to make investments in franchise development, real estate, store design and store opening teams in the second half of 2022, the Company’s intention to work with its franchise partners to move closer to pre-COVID hours of operation, planned initiatives targeting digital growth, including a new loyalty plan with improved features for guests and Freshii app updates, product innovation in the CPG business and plans for further evolution of the energii bite product category, Freshii’s efforts to maintain our strong cash position while still reinvesting for growth, Freshii’s capital allocation priorities, details with respect to the NCIB, store count and anticipated new store openings (including the number, timing and locations of planned store openings under the Company’s performance based franchisee incentive program and pursuant to the Company’s multi-unit franchise agreement for planned development in Texas, United States), constitute forward-looking information. In many but not necessarily all cases, the words "may", "will", "anticipate", "intend", "estimate", "expect", "plan", "believe", “lead”, “continue”, “plan”, “design”, “likely” and similar expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the times at which, such events, performance or results will be achieved. All of the information in this news release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. In particular, the Company notes that the dynamic nature of the COVID-19 pandemic and the events and circumstances resulting from or associated with that pandemic mean that management can offer no assurance such forward-looking information or forward-looking statements will occur or be accurate in the circumstances.

Forward-looking information and forward-looking statements are based on information available to management at the time they are made, underlying estimates, opinions and assumptions made by management and management's current belief with respect to future strategies, prospects, events, performance and results. These estimates, opinions and assumptions include that the COVID-19 pandemic and associated government regulation, expected consumer behaviour and other matters will not have a materially different impact on the business, operations or financial performance of the Company and/or Natura Market than what is currently anticipated by management; the cooperation with Natura Market’s existing management team will continue, and will not have a materially different impact on the business, operations or financial performance of the Company and/or Natura Market than what is currently anticipated by management; the ability of management to identify and utilize synergies between the Company and Natura Market, and among the Company’s omnichannel businesses generally; the ability of the Company to acquire the remaining 40% interest of Natura Market; the continued availability of food commodities used by Freshii locations at stable prices, including that ongoing global supply chain disruptions will not materially affect the availability or price of food commodities or other supplies and will not materially disrupt or affect business, operations or financial performance of the Company or its franchise partners other than as currently anticipated by management; the availability and timely receipt of funds expected by management to be received in connection with applicable government relief programs; Freshii will be able to continue to effectively assist its franchise partners, including the Company’s ability to work with its franchise partners to move closer to pre-COVID hours of operation; the recovery and re-opening of the economies (including the dates upon which various regions are relaxing or removing restrictions relating to the COVID-19 pandemic) in Canada and the United States and elsewhere will occur in the manner and on the timelines anticipated by management; the continued access by the Company and its franchise partners to a pool of suitable workers at reasonable wage levels; the foreign exchange rates may continue to fluctuate (in particular, that the value of the Canadian dollar will continue to fluctuate against the US dollar and other currencies); the recovery of Freshii’s franchise system occurs on the timelines and in the manner anticipated by management; new store openings will not occur on a timeline, in a location or in a manner that is materially different than what is currently anticipated by management; healthy eating trends continue in the manner anticipated; the timelines for new menu rollouts and operational innovations, the continued development of the Company’s new app and any future phases of development, the planned implementation of enhancements to the loyalty program, the use of our food cost management program, the implementation and/or use of operational efficiency programs in development and/or pilot, the development of the Company’s CX program and ability to utilize information gathered from it, the Company’s partnerships with major grocery and other retailers and investments in its CPG business line, the continuation of the Company’s Franchisee Incremental Investment Program, the anticipated growth in the dinner daypart, the Company’s ability to develop and grow its omnichannel businesses, and the development of strategies to drive down costs with franchise partners and cost control activities at the corporate level will each have the anticipated effect on the Company’s business, operations and financial performance and will proceed on the timelines and in the manner currently anticipated by management.

Forward-looking information is subject to inherent risks and uncertainties surrounding future expectations generally, including, among other things, that such estimates, opinions and assumptions may not be accurate, particularly given the dynamic nature of the COVID-19 pandemic and the events and circumstances resulting from or associated with that pandemic, changes in market and competition, governmental or regulatory developments and a change in overall economic conditions generally. Such risks and uncertainties also include, but are not limited to, those described in the “Risk Factors” section of the Company’s Annual Information Form dated March 28, 2022, the Company's annual Management’s Discussion and Analysis dated February 23, 2022, the Company's quarterly Management’s Discussion and Analysis dated May 11, 2022, and in the Company’s other filings, which are available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.

Readers are urged to consider these risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. There can be no assurance that such information will prove to be accurate, as actual results and future events can differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.

Selected Quarterly Consolidated Information

The following table summarizes our results of operations for the 13 week periods ended March 27, 2022 and March 28, 2021, respectively:

The following table summarizes our Consolidated Statement of Balance Sheet Information as at March 27, 2022 and December 26, 2021:

The following table shows our cash flows information for the 13 week periods ended March 27, 2022 and March 28, 2021, respectively:

Non-IFRS Reconciliations

The following tables reconciles EBITDA, Adjusted EBITDA, and Adjusted Net Income to the most directly comparable IFRS financial performance measure:

(i) For the 13 weeks ended March 27, 2022, Enterprise & Other non-recurring expenditures are related to expected credit losses on legacy lease receivables where the Company is an intermediate lessor on restaurant premises that have been closed.
(ii) Related tax effects are calculated at statutory rates in Canada or U.S. depending on adjustment.

The Company’s condensed consolidated interim financial statements for the 13 week period ended March 27, 2022 and the relevant Management’s Discussion and Analysis documents, are available under the Company’s profile on SEDAR at www.sedar.com.

For further information contact:
Investor Relations
ir@freshii.com
1.866.337.4265

1 Represents a supplementary financial measure used commonly in the restaurant industry. For further information on supplementary financial measures, see the “Non-IFRS and Industry Metrics” section in this news release.
2 Natura Market Ecommerce Inc’s financial statements related to periods prior to November 1, 2021, are unaudited and are not included in the Retail and Ecommerce segment’s Q1 2021 results.
3 For the purposes of this news release, “North America” is defined to include Canada and the US (where the vast majority of Freshii restaurants are located) and Mexico.
4 Represents a supplementary financial measure used commonly in the restaurant industry. For further information on supplementary financial measures, see the “Non-IFRS and Industry Metrics” section in this news release.
5 Represents a supplementary financial measure used commonly in the restaurant industry. For further information on supplementary financial measures, see the “Non-IFRS and Industry Metrics” section in this news release.
6 Natura Market Ecommerce Inc’s financial statements related to periods prior to November 1, 2021, are unaudited and are not included in the Retail and Ecommerce segment’s Q1 2021 results.
7 Represents a supplementary financial measure used commonly in the restaurant industry. For further information on supplementary financial measures, see the “Non-IFRS and Industry Metrics” section in this news release.
8 Represents a non-IFRS financial measure or non-IFRS ratio. For further information on non-IFRS measures, see the “Non-IFRS and Industry Metrics” section in this news release and the table reconciling such measures to the most directly comparable IFRS financial performance measure contained in the “Non-IFRS Reconciliations” section of this news release.