[Fiscal Fourth Quarter and Full Fiscal Year 2024 Financial Results](index=1&type=section&id=TWIN%20HOSPITALITY%20GROUP%20INC.%20REPORTS%20FISCAL%20FOURTH%20QUARTER%20AND%20FULL%20FISCAL%20YEAR%202024%20FINANCIAL%20RESULTS) Twin Hospitality Group's Q4 and FY2024 financial results detail strategic progress and financial performance [Management Commentary and Strategic Progress](index=1&type=section&id=Management%20Commentary) Management commentary highlights strategic progress in 2024, including new lodge openings, pipeline expansion, and securing a 30-year securitization facility - Opened **nine new Twin Peaks lodges** in 2024, expanding the development pipeline to **over 100 lodges**, with 9-11 new locations targeted for 2025[4](index=4&type=chunk) - Successful conversion of legacy restaurants, including Smokey Bones, into Twin Peaks lodges is underway, with two more planned for 2025[4](index=4&type=chunk) - A new **30-year securitization facility** was secured in Q4 to stabilize financial structure and support growth initiatives[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Fiscal 2024 saw significant revenue growth but increased net losses, declining same-store sales, and lower Adjusted EBITDA [Fourth Quarter 2024 Financial Highlights (vs. Q4 2023)](index=1&type=section&id=Highlights%20for%20Fiscal%20Fourth%20Quarter%202024) Q4 2024 revenue decreased by **8.2%** to **$86.5 million**, with increased net loss and declining same-store sales and Adjusted EBITDA | Metric | Q4 2024 (13 weeks) | Q4 2023 (14 weeks) | Change | | :--- | :--- | :--- | :--- | | Total Revenue ($ millions) | $86.5 | $94.2 | -8.2% | | System-wide Sales | - | - | -4.0% | | Twin Peaks Same-Store Sales | - | - | -0.6% | | Loss from Operations ($ millions) | ($7.1) | ($0.9) | Increased Loss | | Net Loss ($ millions) | ($12.0) | ($8.8) | Increased Loss | | Restaurant Contribution Margin | 8.1% | 9.8% | -1.7 p.p. | | Adjusted EBITDA ($ millions) | $4.1 | $6.6 | -38.1% | [Full Fiscal Year 2024 Financial Highlights (vs. FY 2023)](index=1&type=section&id=Highlights%20for%20Full%20Fiscal%20Year%202024) Full fiscal year 2024 revenue grew **53.2%** to **$353.8 million**, but net loss increased significantly, with declining same-store sales and Adjusted EBITDA | Metric | FY 2024 (52 weeks) | FY 2023 (53 weeks) | Change | | :--- | :--- | :--- | :--- | | Total Revenue ($ millions) | $353.8 | $230.9 | +53.2% | | System-wide Sales Growth | - | - | +25.3% | | Twin Peaks Same-Store Sales | - | - | -3.1% | | (Loss)/Income from Operations ($ millions) | ($8.3) | $12.9 | N/A | | Net Loss ($ millions) | ($48.2) | ($13.8) | Increased Loss | | Restaurant Contribution Margin | 9.2% | 13.1% | -3.9 p.p. | | Adjusted EBITDA ($ millions) | $20.7 | $28.3 | -27.1% | [Detailed Fourth Quarter 2024 Financial Analysis](index=3&type=section&id=Summary%20of%20Fourth%20Quarter%202024%20Financial%20Results) Q4 2024 revenue decreased by **$7.8 million** due to fewer operating weeks, lower sales, and conversion closures, impacting expenses and debt extinguishment - Q4 revenue decreased by **$7.8 million**, primarily due to a **$6.5 million** impact from fewer operating weeks and Smokey Bones conversions[8](index=8&type=chunk) - General and administrative expenses increased to **$12.1 million**, including **$5.0 million** in Smokey Bones store closure costs[10](index=10&type=chunk) - Other expense, net, rose to **$13.3 million**, including a **$2.4 million** loss on debt extinguishment from refinancing[11](index=11&type=chunk) [Appendix](index=3&type=section&id=Appendix) The appendix provides definitions for key financial metrics, explanations of non-GAAP measures, and detailed financial statements [Key Financial Definitions](index=3&type=section&id=Key%20Financial%20Definitions) This section defines key performance indicators including new store openings, same-store sales growth, and system-wide sales growth - **Same-store sales growth:** Change in year-over-year sales for stores open at least eighteen months[13](index=13&type=chunk) - **System-wide sales growth:** Percentage change in sales for all stores compared to the prior fiscal period[14](index=14&type=chunk) [Non-GAAP Measures](index=4&type=section&id=Non-GAAP%20Measures) Non-GAAP measures like Adjusted EBITDA and Restaurant-Level Contribution are used to evaluate core operating performance and productivity - **Adjusted EBITDA:** EBITDA excluding acquisitions, refranchising losses, impairment charges, and non-recurring items for core operations insight[22](index=22&type=chunk) - **Restaurant-Level Contribution:** Company-owned restaurant sales less direct operating costs, used to evaluate restaurant-level productivity[23](index=23&type=chunk) [Financial Statements and Reconciliations](index=6&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides detailed financial statements, including Consolidated Statements of Operations and reconciliations for non-GAAP measures | (In thousands) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$86,481** | **$94,235** | **$353,801** | **$230,867** | | Income (Loss) from Operations | ($7,065) | ($897) | ($8,330) | $12,940 | | **Net Loss** | **($11,993)** | **($8,768)** | **($48,170)** | **($13,840)** | | (In thousands) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Loss | ($11,993) | ($8,768) | ($48,170) | ($13,840) | | **Adjusted EBITDA** | **$4,094** | **$6,562** | **$20,654** | **$28,333** | | (In thousands) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Income (Loss) from Operations | ($7,065) | ($897) | ($8,330) | $12,940 | | **Restaurant-Level Contribution** | **$6,283** | **$8,356** | **$29,305** | **$26,166** | | **Restaurant-Level Contribution Margin** | **8.1%** | **9.8%** | **9.2%** | **13.1%** |