morning, Thanks, good Tony, and everyone.
health detail. results. we me are by business will believe greater by one Tony enduring our of quarterly then follow our the the history in briefly review strong. current recapping briefly state our of Let in the our begin challenging our After extremely periods company and of and our the business discussing country's most fundamentals of financials
substantially. improved has position liquidity Our
near-term requirements Our are manageable. capital very
year. three company's Restaurants this vaccinations, and continued to have January. ago and restaurant easier base grown de-leverage momentum believe will sales year stimulus that for for to of Burger the months comparable our that stating customer combination further We continue core comparisons through the we King consecutive add We
heard capital new by have generated free including required concern renovations. endless Carrols towards time the we hampered Any by For by ones like imposed a that recurring from construction, was business onerous large franchisees requirements investors seemingly go refurbishments flow the to perpetually store and long be would we a cash franchisors. regarding be would
of Additionally, have invested portion those projects some returns on inevitably low would capital.
January last a In despite the to misguided. Corporation our any model we were The little through Burger to and three that no area we enables demonstrated thoughtful felt fact geographic quarters franchisee-franchisor in program Carrols flow we We our we being Over of King that generate that the benefit pre-cash forfeiting King our and franchisee allocation was for relationship even being shareholders. shared of believe right Burger a portions direct value development first capital had business significant concerns to refusal equitable our us elected a as footprint. and do agreement and then sale can with nature it. now be have of on we those pandemic to Franchise amend given our
opportunistically a to be should acquire our as stores attractive believe also We ability won't strongly suffer result. that that
our reorient and the area sector we of followers amending pre-approved reality. flow still acquisitions consistent our as to the are this a through of have optimize keeping and in Restaurants enhanced believe to to Long-time and development leverage permanently while check. a our generating free currently business our new will capital Under we organically we up meaningful manner has the to fact reduction growth obligations. is our thinking result agreement new and in What in best multi-year changed we profit their territories arrangement cash investors and In XXX where Burger potential franchisor King operate. have a our to that acquire with grow flexibility
acquiring a in chase both aren't seems store there we restaurants compelling objective won't level them. returns remains While strategic a strategic, if brands
million flow, balance of full X.X shares on retiring own will after million our build return $XX and flow free in our simply quarter We shareholders growing year over will cash cash We program. sheet shares. we the be repurchase opportunistic further fourth time. the free $XX.X through deliver generated of during of reinstated shareholders while cash repurchase to the basis flow to and permanently repurchase cash cash XXXX think utilized beneficial We shares million of free our to an
generated free of can strong continue cash free last we flow. we that a level business meaningful Our cash believe generate to flow year and
much it right stock the believe also metrics current for price communities While current our business and needed flow to leave we free note generation. reflect their of analysts would investor multiple boost our flow is business, for that by our capital. of doesn't of what the I starving cash will certainly level time can to cash their free determine companies we periods
do that not in not will that done have future. we We and the
investments excited and previous not free we meaningful product intentions. term making what the comfortable us on that sandwich as are million We net our about our flow. cash a our program. menu board digital equipment with plan our testing remodels ahead the is of its in promotional will to of spend new Still they from of our that we new loyalty an XXXX. and modestly related expenditure and detract acceleration or but a these generate for good believe earlier feel restaurants are will be feel This by brand's at we new new reflects than builds ROI Longer and very strong capital offerings emphasis brands higher new commitment calendar $XX targeting rollout, above do to value XX and be chicken slightly initiatives preparing some such
geographies new acquisition the high in completing We our to development. stores of number in for see that now high integration opportunities we white are space also return XXXX of of are we we pursuing number the a large value close acquired and store
trends demonstrated improving King in with we environment. Burger October and restaurants quarter despite fourth operating at resiliency challenging compared our November December the our to our to Turning results
delivered the on of of a Burger restaurants has for Comparable however slapped expected. chicken January Central been than positive our Our the another improved we unprecedented South King X.X%. X.X% was to February basis still sales in of yet winter well-received but sandwich introduction restaurant regions story stack which two-year sales restaurant all Popeye's our some due in greater in full comparable the severe region. weather particularly restaurant
Burger the renewed to Fortunately, the be of in a around believe to launches what we and the in expect begin impacted performance and chicken as we part offering. best-in-class XXXX we spring momentum is COVID March to latter lap corner sandwich show King month
restaurant performed with provided Our geographically shifting across Northeast the limit portfolio. quarter portfolio pandemic in short-term the specific a diverse terms. of in staffing we cases. worse restaurants across dealing XX relatively and of more better in as rise the states It In somewhat fourth the South also given cushion the elaborate our has in Central helped nearly region has but supply issues XXXX us Tony will
in these growing the whole convenience to service than takeout COVID As but us you our on all small with our and is through counter business better navigate channels because have enabled attributes drive through service or majority of peers these or know dining delivery remain on model depending centered discretion. the than restrictions. subject platforms dining primarily mandates indoor sales resilient our at rooms based more it's whether fourth closed The upon sit-down and outdoor to are quarter our capacity ever-changing
In our climates. open delivery in size X.X% an level These Delivery up accounted order colder approximately are Restaurant the of average comprised as enhanced out are fourth from January particularly only. third We with sales $XX.XX. of customers takeout for X.X% X.X% Burger during sales. for quarter convenience of more sought the King of this in quarter improvements
of and XXX delivery Doordash, the services Postmates four providing approximately Woodbridge, Grubhub partners up at of integrated the restaurants now our third at quarter. delivery from Burger are Our XXX King fully end
that Looking Burger markets King restaurants our way. option as more ahead can believe a delivery servicing their providers provide a meaningful we begin in of
EBITDA a in now was Even on the requirements food lower impact labor year EBITDA, labor shifts able adjusted our have we have where day traction higher restaurant certain hours based profitability, but still from parts were been contributions modify enhanced in we waste as sales reflected four production sales. the on net ago. week quarter and restaurant we Within incurred lower income so profitability comparable day rates excluding based part to we in have additional to adjusted level improve to trends. wager our our operating walls more to fourth on able period same the our Turning compared adjusted of and margins even
the to We up by This of way the the elements ours. local quarter for as current averaged comparison Our the forward and slight XX employees this fourth view conditions XX Restaurant in XX from King quarter we average target during quarter. team employees. depending labor reasonable expansion certain related second on was a and average going in quarter geography run fourth the to rate increase due of third of the size XXXX, in of XX Burger normalization
In the training our we've from addition and to favorable streamlined also regional by corporate our level structure and management benefited expense regional at process. trends restaurant reduced overhead having
new year full the Burger including fourth opened one quarter. the seven King we For Restaurants in
a year last in locations with the environment we will sales of the addition that in permanently Burger XXXX. of closures stronger should savings These and and closed expect post-COVID underperforming money benefit XX us taken their we result of and throughout also initiatives losing as believe delivery particularly EBITDA implementation the profitable to a cost certain actions a our meaningful company Restaurants. We have King the year. were continue benefit We
our lately increase One hour. minimum we our the ended level million year thing outstanding and near-term environment manageable revolving and XXX federal million to our been have under Washington about position $XX a XXX current borrowed the credit to cash to financially. be strong given maturities an in we discussion credit we available million have have $XX we rate Turning under very debt in facility. revolving about no balance facility. borrowings with is attractive We remain of the wage a with in believe asked sheet recurring interest We a no
While fast what on in thoughts point this of the unknown could for not minimum restaurants portfolio. has summer some it frame hour become our these food if topic. the best our a wage of the we workers an will New factor and is on reach State out a York this fact altered business In change of like we are would time where in some to our this that specifically $XX performing rate
EBITDA the five of New years in minimum XX% past despite restaurants same York the wage rate has our that the period. fact during increase over grown In
We labor employees believe that even will to of small aggressively in an higher staffing a restaurant reassess levels earning can seen in and rising we sales upwards product are workers our efforts we our raise execute minimum non-organic ability without in check. proportion on the our more way an are keeping that to we prices. benefit situation and that of to and have the ability We expenditures our wages closing and up believe goals growth capital costs. from In just well-positioned while leverage $XX environment stated step benefit a a prices raise balanced where all where organic to hour now have offset in
objective. in Our continue on generating of are flow confident this execute significant is ability level to to our and game plan free a we cash
Finally, my team. remarks by individuals I end Carrols would to welcoming the like two prepared new to now
scale has as the Carl largest Wendy's large served the First reputation Most of in as Wendy's as Officer. Hauch managing for President CEO Operating joined Carl businesses costs. proven and franchisee experience well-deserved retail growing well and division as International NPC managing recently the system. he recently us the a restaurant of Chief operations
from served year Wendy's their of During of their to variety district positions there of & Operations a President Prior over business He Noble, COO a became Advanced stores Starbucks CEO Senior the of co-CEO CEO, to Auto span in led most Parts in Austria Hauch announced a also manager, Australia becoming regional and prior and time XX and where as his Carrols sale. led ran he Starbucks Switzerland Vice and months. and at turnaround previously Director national of Mr. that for worked tenure to Carl National President in of Experience XXXX Barnes before as served director of recently in and XX-year including a operations the successful Customer in Vice frame. Managing XXXX I XXXX operational XXXX. a that Vice President organization operations to with complete
our do anticipated our I to any While plans given think have crucial do retire growth. not it immediate we especially to bench is build
to President Prior Specialty General and Second, International Chief at recently as general Barrington Jared Capital Vice counsel. a Officer an us investment attorney Carrols Products Group firm, of law joining joined and Operating value-oriented Jared Landaw Arps. at was the Skadden Counsel
valuable want over that confident counsel me and we Carrols call out quarterly of to both who to members are to of that as year. with the executive to financials. We cajoled review serve general nearly will Bill thank after be retirement our Carl Tony turn our Jared Myers past team With this two and our let interim decades
