MTY Group franchises and operates quick-service, fast casual and casual dining restaurants under more than 80 different banners in Canada, the US and Internationally. Based in Montreal, MTY is a family whose heart beats to the rhythm of its brands, the very soul of its multi-branded strategy. For over 40 years, it has been increasing its presence by delivering new concepts of restaurants, making acquisitions, and forging strategic alliances, which have allowed it to reach new heights year after year. By combining new trends with operational know-how, the brands forming the MTY Group now touch the lives of millions of people every year. With 6,788 locations, the many flavours of the MTY Group hold the key to responding to the different tastes and needs of today’s consumers as well as those of tomorrow. During 2022, our cash flows from operations reached $142.8 million or $5.84 per diluted share. Our operating cash flows have shown extraordinary strength, growing every year since 2014 and compounding at a rate of 20.6%. This was achieved despite market conditions fluctuating greatly, demonstrating how strong and resilient our business model has become. Our margins will also be affected in the future by the addition of multiple, highly profitable, corporate locations acquired in the BBQ Holdings, Wetzel’s Pretzels and Sauce Pizza and Wine transactions. This impact was partially reflected in our fourth quarter results for BBQ Holdings’ corporate locations, while the effects of the latter two will be shown in our 2023 results.