Cash flows provided by operating activities increased $20.7 million to $54.2 million in the quarter from $33.5 million in Q1-23. Free cash flows net of lease payments(1) more than doubled to reach $36.9 million in the quarter, compared to $15.4 million in Q1-23. Free cash flows net of lease payments per diluted share(2) reached $1.52 for the quarter compared to $0.63 in Q1-23. Net income attributable to owners decreased by 6% at $17.3 million, or $0.71 per diluted share compared to $18.4 million, or $0.75 per diluted share in Q1-23. Normalized adjusted EBITDA(1) decreased 7% to $59.5 million in the quarter from $64.0 million in Q1-23. System sales(3) for the quarter slightly decreased 2% to $1.33 billion from $1.36 billion in Q1-23. System sales decreased 2% in Canada and 3% in the US, while International sales remained stable. Ended the quarter with 7,112 locations compared to 7,116 locations in Q4-23. Repurchased and cancelled 70,800 shares for a total consideration of $3.6 million in Q1-24. Long-term debt repayments of $34.6 million for the quarter with a total reduction in long-term debt of $103.5 million since Q1-23. Quarterly dividend payment of $0.28 per share on May 15, 2024. (1)  This is a non-GAAP measure. Please refer to the "Non-GAAP Measures" section at the end of this press release. (2)  This is a non-GAAP ratio. Please refer to the "Non-GAAP Ratios" section at the end of this press release. (3)  This is a supplementary financial measure. Please refer to the "Supplementary Financial Measures" section at the end of this press release. MONTREAL, April 12, 2024 /CNW/ - MTY Food Group Inc. ("MTY", "MTY Group" or the "Company") (TSX:MTY), one of the largest franchisors and operators of multiple restaurant concepts worldwide, reported today financial results for the first quarter of fiscal 2024 ended February 29, 2024 and declared a quarterly dividend of 28.0¢ per share, payable on May 15, 2024 to shareholders registered in the Company's records at the end of the business day on May 3, 2024. "Following two years of strong system sales growth amid a challenging economic environment, first-quarter results were adversely affected by reduced consumer spending and extreme weather, primarily in the first 6 weeks of 2024," stated Eric Lefebvre, Chief Executive Officer of MTY. "Despite slightly slower sales, we generated the highest operating cash flows in our history in the first quarter, enhancing our ability to reimburse debt and build a treasure chest for future growth opportunities." Financial Highlights   (in thousands of $, except per share information) Q1-2024   Q1-2023 Revenue 278,644 286,003 Adjusted EBITDA(1) 59,262 62,863 Normalized adjusted EBITDA(1) 59,535 63,959 Net income attributable to owners 17,305 18,387 Cash flows from operations 54,178 33,467 Free cash flows net of lease payments(1) 36,922 15,433 Free cash flows net of lease payments per diluted share(2) 1.52 0.63 Net income per share, basic 0.71 0.75 Net income per share, diluted