Core Insights - Oldcastle APG, a subsidiary of CRH plc, has acquired the bagged and bulk mulch and soil assets of H&H General Excavating, enhancing its Lawn & Garden division and reinforcing its leadership in outdoor living solutions [1][2][4]. Market Expansion - The acquisition of H&H's facilities in Pennsylvania allows Oldcastle APG to broaden its product range and improve service capabilities in the Northeast, ensuring better customer access to high-quality mulch and soil products [2][4]. - This strategic move aligns with the company's mission to help customers "Live Well Outside" and supports its strategy of building a comprehensive portfolio of outdoor solutions [2][4]. Company Strategy - CRH focuses on expanding its geographical footprint and product portfolio through strategic acquisitions, which include various fields such as outdoor living solutions and infrastructure [5]. - In 2024, CRH completed 40 acquisitions worth $5 billion, a significant increase from $0.7 billion in 2023, indicating a robust growth strategy [6]. Financial Performance - CRH reported fourth-quarter 2024 revenues of $8.9 billion, which fell short of the consensus estimate of $9.3 billion, raising investor concerns about financial performance [8]. - Despite a 2.2% year-to-date increase in share price, CRH's stock has seen a decline of 7.7% in March 2025 due to various factors, including the disappointing revenue report [8]. Market Presence - On March 24, 2025, CRH was removed from the FTSE All-World Index, reflecting significant adjustments in its market presence amid adverse economic developments affecting European stocks [9].

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 decreased by 8.4% to $145.3 million compared to $158.6 million in Q4 2023, primarily due to one less operating week in the current quarter [15][43] - System-wide sales were $580.2 million for the quarter, representing a 7.4% decrease from the previous year, again impacted by the fewer operating weeks [15][43] - The net loss for Q4 2024 was $67.4 million, or $4.06 per diluted share, compared to a net loss of $26.2 million, or $1.68 per share in the prior year [47] - Adjusted EBITDA for the quarter was $14.4 million, down from $27 million in the year-ago quarter [48] Business Line Data and Key Metrics Changes - The company opened 92 new restaurants in 2024 and plans to open over 100 in 2025, with 17 units already opened year-to-date [18][19] - The company is focusing on organic growth across its existing brand portfolio, with a pipeline of over 1,000 additional locations signed [20] - Co-branding initiatives have been successful, with Great American Cookies and Marble Slab Creamery growing to over 160 co-branded locations since 2014 [21] Market Data and Key Metrics Changes - International locations for Johnny Rockets now represent over 55% of the brand's global footprint, with 11 new international locations opened in 2024 [23] - The company continues to expand in key international markets, with over 40 locations in Brazil and nearly 25 in Mexico [23] Company Strategy and Development Direction - The company is focused on three core strategic initiatives: generating organic growth, evaluating strategic acquisitions, and expanding manufacturing capabilities [17] - The spin-off of Twin Hospitality Group is seen as a major milestone, enhancing transparency and providing additional growth opportunities for shareholders [7][8] - The company aims to reduce debt by $75 million or more in 2025, with a commitment to not pay a FAT common dividend until a minimum of $25 million is paid [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2025, highlighting strong consumer demand and a robust development pipeline [20][38] - The company noted challenges in the QSR sector, particularly with Fazoli's, but also mentioned positive trends in other brands like Round Table Pizza [75] - Management is focused on deleveraging the balance sheet while executing on organic growth opportunities [38][80] Other Important Information - The company recognized a non-cash goodwill and other intangible asset impairment of $30.6 million in Q4 2024 due to declining restaurant performance [46] - The FAT Brands Foundation increased its giving by 36% in 2024, providing approximately $325,000 in grants [34] Q&A Session Summary Question: Regarding the Smokey Bones impairment loss - Management confirmed that the operating loss from closed restaurants affected results, quantified at about $2.6 million for the full year [50][53] Question: Update on litigation costs - Management expressed hope that most litigation would be resolved in the current year, potentially reducing future legal expenses [54][56] Question: Liquidity status - Management reported approximately $150 million in available-for-sale securities and an ATM on file for liquidity needs [58][59] Question: Performance of different brands - Management noted that Fazoli's faced challenges, while Round Table Pizza and cookie brands showed positive performance [75] Question: M&A pipeline post-election - Management indicated ongoing interest in strategic acquisitions but emphasized a focus on deleveraging rather than increasing leverage [78][80]