The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: Just given the pervasive market concerns regarding the consumer backdrop, I was hoping you could provide us with your insight on what you're
seeing with the consumer. Are you seeing trade down, any price sensitivity? And if so, maybe you can characterize that by market.
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: Okay. Obviously, the public market has reflected declines in the stocks of many discretionary type names. And wondering if you're seeing that
lower valuation percolate into the acquisition market? And maybe on that topic as well, given value where valuation stands, is management more
keen to acquire or buyback stock?
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: Okay. And what's your point of view on share repurchases given your balance sheet strength and your cash flow generation?
Question: Vishal Shreedhar - National Bank Financial, Inc., Research Division - Analyst
: Okay. And drilling a little deeper into the banners and concepts that MTY employees, it looks like QSR, including Cold Stone and fast casual performed
well despite some restrictions. Papa Murphy's steady while lapping tough year-over-year comps. Looking forward, is there any color you can provide
on how we should think about the growth of these various buckets?
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: A while before the pandemic, I think there was a bit of an increased focus on maybe rolling out some common POS overlays, just focused on kind
of digging into some of the operational performance of the franchisees. I guess are we at the point of the pandemic where we've gone from focusing
on a recovery to going back to some of those initiatives or are there anything you're more focused on? Just like to get an update on where you
might be on that.
Question: Sabahat Khan - RBC Capital Markets, Research Division - Analyst
: Okay. And then just one last one. I guess, as we are at this point in the recovery, are there any banners that you look across your network that maybe
didn't perform even enough to get by? Are there any opportunities to rationalize the network as you look at M&A opportunities or are you that
comfortable with the mix of banners that you currently have in your portfolio?
Question: George Doumet - Scotiabank Global Banking and Markets, Research Division - Analyst
: How does Papa Murphy's do this quarter? And how is the comping compared to pre-pandemic levels? And I also think last call you mentioned
some initiatives that you guys were working on. Can you maybe talk about a little bit, too?
Question: George Doumet - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Congrats on the 75 openings, it's a big number. I'm just wondering maybe how sustainable the number is going forward? And maybe
switching to closures, do you think we've seen the worst of them or is that going to maybe trend in, I guess, stay a little bit elevated given that
we're seeing a lot of government aid coming off?
Question: George Doumet - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And just one last one for me. On the labor situation, as it relates to our franchisees, would you characterize it maybe as worse, better or the
same since our last quarterly update?
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