everyone. Thank you, hello, and Gavin,
of the so other to progress XXXX companies that ratio against enabling strong and a year Gavin cash achieved free digit further and leverage guidance reduce face, plan. our return Despite growth tremendous of we challenges we our delivered revitalization year, the flow, top mid-single was As cash highlighted, many line shareholders. to for us our
execute underscores to issued revitalization that strong building growth for that and our continue We future a we guidance fiscal XXXX foundation progress. plan,
quarterly, our segment. reporting. change Before for the I I performance business effect our a our names for and and these like couple not through changes does This to full results our better of reported our convention within was naming the you take segments would in update the done outlook, unit geographies on
EMEA APAC and December our formerly As are XX, Europe. America North Americas, XXXX, statements reporting called formally of the and called
We quarter. line delivered top the Now performance. fourth let’s EBITDA strong and discuss
XX% from approximately on-premise In mid-November, Canada softness the down rapid the XXXX December, Omicron quarter. sales the of net restrictions cycling in the compared of in revenue of quarter still was quarter U.S. on-premise sales after APAC And from by revenue, a year, UK below to growth impacted quarter. While on-premise December levels EMEA resulted the in we driven and increased was levels close variant XX%. and positive XX.X% volume, third XXX% in approximately to from prior significant pricing the revenue, year. XX.X% the fewer third net by third and of net revenue the of XXXX were emergence XX%. benefited overall approximately approximately third we Consolidated favorable due sales was down of and driven XX% XX% net net December which sales on-premise prior X.X%. Consolidated of and premiumization versus brand by financial channel growth sales mix growth higher global revenue was Americas to restrictions net being
declines innovations and by sales to X%, and and Net Western mix core net sales on Central partially by basis XX.X% XX.X%, positive by double-digit like on inflation, transportation brand and volumes volume X.X% of Latin Europe. volume as mix higher increased program. in increased economy compared in and Underlying U.S. X.X%, – by in per inventories in premium business U.S. lower we volume, across revenue X.X%, Madri and shipments was growth both low – financial on disruptions with driven brand net premium economy input revenue In America as the global our inventories grew sales revenue X.X%, hectoliter a by to with the net while we increased from X.X%, fact, double supply net partially revenue portfolio driven premium cost sales premiumization. delivered and Strength to brand sales consolidated X.X% was volume reflecting this by new double impact growth portfolio X.X% up was our rationalization net growth rebuild EMEA EMEA and entirely premium economy. sales revenue digits efforts brand the and increased domestic offset up domestic volumes SKU but driven per volume premiumization in above brands offset channel result costs brand Canada our which and digits, XX.X%. volumes down driven units. also of increased Latin U.S. X.X%, for growth In strong declined X.X% single distributor This America. above brand and APAC growth pricing our increased XXXX. double-digit hectoliter a U.S., but grew the XXXX. Consolidated including cost and by bold largely of the our was while portfolio and digits Eastern group quarter. economy brand net driven grew APAC, Europe, Canada, led
both cost to we G&A innovations volumes invest So in while business and across as and our continue benefited savings leverage the from continued higher MG&A increased brands quarter program. production our units, behind volume due X.X% core progress was Underlying on flat. we to
marketing XXXX. the as strong brands XXXX we in support providing fourth the increased commercial quarter our and levels planned, investments quarter in to XXXX, behind As both above
X.X% for rationalization up per volume basis on In was favorable volumes year, quarter of increased second on-premise volume financial the Vizzy, a APAC, by channel grew impact cost favorable restrictions revenue deprioritization, X.X% up and declined and brand including input APAC premiumization and consolidated announced in which and declined brand up transportation began succession pricing, net pricing was X%. EMEA underlying volumes a increased volume with from As result in full Underlying due APAC the to increased were a premium was and higher was offset growth. Net Hard X.X%, and to driven on recapping financial and factors, while X.X%, Peroni. pricing EMEA of sales deleverage. program, by the X.X% a by which partially per Americas and hectoliter XX.X%. global volumes of Top costs, driven brand economy up last Topo the XXXX volume volumes from global This Consolidated and lower brand Americas hectoliter EMEA net and both [indiscernible] XX.X%. X.X%, mix basis declined the year, mix. sales and result volumes of products, per driven net growth premiumization as including brand U.S., growth the sales brand Seltzer, Americas. cost X.X%. by July. mix growth SKU line hectoliter and sales net Chico And inflation, these X% EBITDA net fewer and
marketing increases X.X%, of increased our began more the XXXX, the savings live by savings with able marketing inflationary our savings spend in In In some sports robust and mitigate higher three-year million were hedging pressure. $XXX programs, program. to half events. also lapping versus increase redemption profited program. the XXXX, progressively XXXX. cost with of to actions benefit the cost across cost the largely of offset partially we second our by to of due we MG&A XXXX coronavirus cost due sold approximately pandemic, MG&A were investments and million However, goods cost mitigation driven to $XXX Underlying delivered were and MG&A in and of we
end through us growth have million, aggregate of Over our meet period, $XXX $XXX XXXX. we in XXXX by taking XXXX to target total delivered million well track the on an the savings
these result slightly factors, As process of the a and Omicron This a EBITDA flat variant. driven of by on-premise was as and was approximately X.X%. below underlying decreased result the
wholly taxes net underlying of income year growth flat lower prior the repayment to various decrease of the decline attributed interest related the our can compared cash X.X% government-sponsored prior free of to which XXXX approximately on to be flow of [indiscernible] swing year, pandemic, year. benefited underlying programs from deferral income for before However, of flow a This million factor cash was million million the was $XXX the as prior to approximately free cash about Underlying EPS related billion the a a of creating for year free flow. $X.X the year. and result $XXX taxes negative depreciation, $XXX
and hard our the $XXX these the and Montreal in opened Canada capability our as capacity expanding fourth Brewery. and prior favorable the the modernization project, Brewery to UK. announced seltzer expanding capacity movements programs million networking during such production which year, and down our XXXX focused Golden on from previously expenditures Excluding $XXX Capital quarter paid million were capital this was in changes, year. new
nearly time EBITDA progress debt trailing debt and X.XX billion times, balance than times XXXX reduced $X better and underlying to substantially billion the borrowings take both December capacity That the times X.X continued have strong from our flexibility. in X.X for US$X.X line financial time credit acquisition. which the times of XXXX at the top in XX-month of no our and our outstanding X.XX me revolving down to the growth with down year ratio We end with bottom our guidance over approximately of strengthening from make and We first We and by facility. decade. our in XXXX sheet for the MillerCoors a to as calls net net improving great in XXXX [indiscernible] to of on ended borrowing
growth in note through Before guidance, wanted we constant to the are year-over-year I currency that rates basis. go
impact uncertainty goals metrics consistent We our degrees to by could and/or historical and on of in as period. are on-premise align coronavirus increased performance best financial its pertains varying that the revitalization it and reinstated If to have adjusting This market. remains our the some are the providers with significant markets. Also, variants plan. with larger of restrictions our commentary during our a
to net mid-single-digit sales expect we deliver revenue XXXX, growth. For
underlying We of will the single-digit flow underlying expect to or guidance ship This for $X cash that deliver the U.S. implies consumption year. plus income before and XX%. high minus taxes income growth to billion free in we
In will terms to economies of rationalization in of XXXX. lapping second phasing, we deprioritization quarter the start and the recall that
inflationary In including addition, continued pressures, transportation and material we expect to face costs.
have While These year. we savings margin have into expected program. levers including to to gross our the hedging core from which from pricing, and our to of marketing key premiumization and we entails level investment continue brands to but offset And cost innovations, our the built and to headwinds guidance. behind continue invest expect mix prior increasing pressure been inflation, are
expect year-over-year the spend in greater in the half in XXXX, XXXX. we on-premise of first marketing the increases first Given restrictions of half
behind intend return invest anticipated to to more levels. capital capabilities expenditures cash also our to normal pre-pandemic We with
of depreciation million, range plus X% As expense a of rate and $XXX XX% effective or net to include an amortization and tax metrics the $XXX reported, guidance interest of X%, or approximately underlying XX%. underlying minus million, minus plus in
to Turning capital allocation.
our remain line invest to to and in debt top and drive reduce growth to shareholders. efficiencies, business return priorities net to cash Our
EBITDA to a employee stock from time through February a debt to company primarily end on of executing our we million XX, on aggregate company’s a authorizing not of net rating. did equity March of share XXXX cost year, declared but volatile X the intended The strong has XX%. grants. progress have ratio of closing, below We annual to times And underlying Board plan. award February our In to sustainable goals maintain the increase of and growth right purchase upgrade and a of repurchase And to XXXX, and bottom the we XXXX that, on investment-grade the up dividend per are demonstrate and line maintaining with common XXXX, in XX, the your $X.XX $XXX to Board Also we by approved our long-term of achieve program, XXXX, our Directors XX, we share, XXXX, deter target foundation of questions. offset desire was us answering top forward with our our a Operator? guidance laid part. have research made is confidence strong it a look are an
