Thanks, increase primarily in by income just as fees result a system-wide sales increases QX in to in over ice as due and advertising an Dunkin' as income, of $XX.X U.S. rental the cream Dave. year to in Revenues products. X% increased fees royalty and compared prior growth, franchise million and or well decreases sales of offset other period,
resulted rental certain to which income new lease accounting the of of increase pass-through our in fiscal franchisees. lease the from first of The we that adoption standard quarter presentation requires growth costs XXXX, in the
primarily in decrease The including respective due term are Dunkin' agreement. each remaining support U.S. investments fees franchise franchise for the being Growth, franchisee the of was to Blueprint to incentives, recognized over which
decrease the the or a in increased G&A compared and by fourth X.X% to in the income adjusted in fees. X.X% as prior result increase $X.X primarily of Operating respectively, franchise $X.X the decrease quarter income year offset million royalty and or operating and million income expense, for a
QX million $X.X a the or by year, increase adjusted or prior compared result by million income expense. and of income operating in net X.X% income in X.X% and to $X.X income, an primarily offset increased income tax respectively adjusted and operating the increases net as
the primarily year was tax allowance in million income expense recorded valuation and in period carryforwards the increase income benefits by in offset a period. prior in The of $X.X driven excess tax by year $X.X credit prior current period, foreign on tax year of in the increase the million
period to a and share result net quarter income income. respectively, the increased X.X% to for the as earnings per adjusted to and the $X.XX prior earnings compared year increases net adjusted X.X% Diluted of in by fourth share per and diluted $X.XX
diluted by Excluding of diluted adjusted on Recognized per QX per diluted $X.XX fiscal diluted earnings both the for of approximately excess quarter benefits impact XXXX. per share year fourth impact share per recognized no lower for and tax earnings earnings benefits, excess have tax share and share earnings been would XXXX. the adjusted had
of the to adjusted X.X:X. of debt EBITDA At the had a end ratio fourth quarter, we
During the million $X including market quarter, through $XX the to $XX free quarter, share in repurchases. million we returned our We flow. generated during million and cash cash million in approximately dividends shareholders open $XX in
with held reserved quarter been earlier. cards funds that investment United we high-volume ended Excluding $XXX Scott the for $XXX advertising million, cash brewer which in million the has earmarked of cash gift mentioned States, in million the $XX and of unrestricted for
recognition each equipment. the In of on be contra regards recognized approximately the P&L for rules, equipment will reduction Under fees franchisee incentives investment, franchisee the to as the life are XX% revenue to attributed a contract. of over new respective revenue through our franchise remaining
remaining We recorded expense on P&L G&A investment expect the costs as as are XX% year, the this our of the incurred. approximate to be
XXXX. the associated by investment with all quarter expect cash of end the be the of We the deployed of fiscal to first
Board we to of Lastly, this compared that by announced the quarterly Directors our morning increased prior dividend quarter. X.X% the
common Directors of that the a for $XXX company's good period also That of to stock. approved program up Board of a of million our is repurchase years. for two this announced We new authorization
driven store growth; be to to JV that both fiscal will of our Baskin cream $XXX standpoint; sales percent opened expect strategic XXXX. we base; we works units, XXXX we that franchisees closure internationally, to close to reflective are: between growth as we revenue XXXX this and and of mid-single-digit compared discussed; Dunkin' are targets in dollar U.S. of U.S. margin be Dunkin' XXX Baskin-Robbins provided greater units, net restaurants to release Baskin-Robbins expect comp expect morning, million Speedway optimize impact by sales; previously profit to brewer U.S.; XXXX flat restaurants new closures They will XX we dollars low decline low-single-digit to in was the open net the net to we U.S. when approximately compared press its the investments. to which Dunkin' contribute being high-volume a expect ice store that U.S. our which net fiscal Now XXX continued be to our the flat expect U.S. from also excluding fiscal than from our and for expect new fiscal primarily income system-wide franchisees we
low-single-digit will growth. G&A income and adjusted mid-single-digit return to growth and percent for operating expenses We operating percent
As operating low growth million the expect of we result our mid that fiscal at will a of $XX end growth our will XXXX investment, be high-single-digit percent the income to target.
material We excludes expect rate tax excess The a tax full effective approximately year impact future benefits. of from XX%. guidance potential any rate tax
million million. $XXX interest we net expect approximately average XX outstanding expect approximately of full expense be shares year to We and weighted
So let those. me repeat
average approximately that share of full us diluted expense interest $X.XX, $XXX leaves of weighted earnings shares This to and to million our this and be guidance million. approximately GAAP excuse outstanding net expect $X.XX year We me. will project XX year per
per of diluted GAAP to earnings that's $X.XX to and $X.XX share adjusted $X.XX per share So of earnings $X.XX.
capital expenditures will million. Lastly, we expect be $XX approximately
now the that, I'll back over with for And operator our open the lines Q&A. to turn to call
