Gavin, everyone. you, and Thank hello,
decade top As have as portfolio over of challenging, we strong triple-digit line Gavin plan. achieved we a had double-digit our top in our a bottom growth highlighted, line the highest premiumize revitalization quarter, quarterly been first while macro our product line delivering continue growth. trends We underlying execution through and to
efforts with confidence a and inflationary along the growth both given last future and reaffirm pressures, the over bottom fiscal line facing to world foundation are for have guidance While XXXX built our the rest for two of strong have years we, us top growth.
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well as As XXX.X%. free expanding our on same due income expenditures an capital and Golden spending, cash was focused increase previously interest capabilities underlying Underlying million, was our paid project a projects depreciation, favorable sulfur offset and were working primarily U.K. before result the flow and to programs, capacity Brewery million and million This used capacity in of taxes in higher production lower $XXX and modernization our of partially $XXX such in Capital of expanding capital. increased cash $XXX last as timing the period announced Canada and by hard used these net income cash used factors, year. increase as
and X.X%. was pricing XX% to not net as approximately about Americas, improve they on-premise February volumes. storm. up financial Net the brand in offset performance Now U.S., volume, sales increases Canada brand first high increased and digits same increased levels from business strong lower quarter the pricing brand mix decreased low volume mix In revenue U.S. by than offset brand of and on sales sales Latin were at due of well above the people-related has XX% was to due as grew U.S., shipments freight, hectoliter sponsorship pre-pandemic income sales favorable sales inventory as In on-premise still to levels, well Net economy though In than we of inflation, single net of lower brand premium on-premise net of net X%. but down by basis More a including G&A compared X.X% levels brand underlying pricing units. Americas offset on U.S. the by sales led XXXX per sales XX.X% portfolio pricing partly positive XXXX mix. depreciation. net largely net as America declines favorable the declines as revenue volume. and with was the to for outpacing volume distributor to due increased while X.X% positive well even growth increased on-premise per sales usual innovations, were economy teens, Americas as with volume basis. mix. eased cycling more due mix our sales softer quarter. restrictions a pandemic-related cost and due digits including impact increased pricing declines were net while to hectoliter the Latin U.S. growth lower revenue in XXXX continue XXXX taxes took materials sales positive let's Hard revenue brand X%, Canada, portfolio net Texas to net investments domestic accounted mix sequential by restrictions business a to units increased positive mix, U.S., increased on-premise In Canada, volume revenue core XXXX. volume approximately and XXX% by due U.S. and X.X% Americas period in X.X% hectoliter to the was and In In in expenses. quarter, behind brand and sales on our for America incident local And growth of our period high we volumes to MG&A lower basis X.X%, due offset year premiumization. the per double Americas results the premium XX.X%. returned brands revenue industry on results. to was channel travel brands. growth, pricing hectoliter brand X.X% net due partially brewing the net partially and per net impacted at grew driven earlier down X.X%, the premiumization, this of and levels. launch than X.X% across sales volume by increased revenue innovation marketing Underlying XX.X%, our last packaging same up the increased the look mid-teens versus before as events, income XX% above as year. because as Topo the legal ease, of national Chico about lower continues brand cybersecurity by our March as Seltzer, severe and entertainment the U.S. XX% costs and in to was XX.X% increased net brand
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the the remains Still, which our substantially fourth below XXXX With use US typically strong and quarters. $XXX revolving between of first We quarter, leverage of the us from leverage it available credit billion million of the fourth ratio outstanding, was on this ratio is when quarter ended the billion quarter with quarter cash capacity was times. a borrowing typical X.X a being quarter up with commercial end first paper leaving first facility. X.XX $X.XX with
Now let's outlook. discuss our
calls bottom have reaffirming are top over for a guidance, which XXXX We line both seen performance and XXXX, fiscal growth in in not decade. we our
financial our note significant to some in Also, markets, and/or on a of restrictions increased a larger currency have are year-over-year wanted basis. on-premise could I our guidance, growth rates if the period. on constant that are this through go impact we Before during performance reinstated that
Montreal. prolonged brewery of near rising beyond strike impact currently anticipated at global factors Additional and the a risk inflation include our that
sales high For underlying mid single-digit underlying to taxes growth, growth deliver to and $X minus of free billion, net single continue income income flow before or XX%. we plus digit cash XXXX, revenue expect
and We be areas, pressures year. the transportation to continue for balance the pressures and those materials in costs expect to expect including to impacted increase inflationary by of
our to mitigate the However, we pull levers multiple intend help judiciously to impact.
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As and have quarterly we several Gavin phasing. headwinds tailwinds that impact our earnings mentioned, will
period. we XX% As our taxes quarter approximately down before from be and a second expect year income XX% result, underlying the prior income between to
We performance year full expect second our of enabling the stronger guidance. relative us to the year, half year-over-year in reach
walk Now drivers. through let me
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quarter strike an relative our and line at the where demand. brewery will began And particularly on or April second more have will year-over-year top comparisons fourth, difficult XXXX get reopen impact the the the our comparisons on-premise begin in quarter first second the Montreal Longdel with to to UK, in centers pent-up to Third, distribution ongoing results. in quarter
of particularly the and in However, in renewed fourth these quarter quarter fourth given in on-premise XXXX, comparisons U.K. restrictions should ease the the Canada. the
million $XXX an amortization effective of metrics, continue and XX% depreciation the terms Net range to of of minus to X% underlying XX%. expect other our million, In or $XXX in and guidance approximately reported. expense underlying or minus X% plus of interest rate tax we plus
capital allocation. Turning to
business to invest priorities our Our remain debt and net shareholders. to to efficiencies, top cash reduce growth drive to in line and return
maturity net ratio notes to of of underlying a rating. We below on by desire as we repaid XXXX, end times three its maintain our are the our XXXX, $XXX quarter, our the time, approved EBITDA hand. on program, XXX,XXX of using cash We shares in maintaining strong USD the Directors borrowings a investment paper X, and and commercial paid X.X% our combination target share debt upon Board during had grade on May was of first Also, repurchase February $XX to we million, XX, under approximately by million for XXXX. which upgrade
uncertain this closing, we In times, to are business company through and of to an that purchase we of offset million program but authorized $XXX the Class intended is remain to challenging our XX, have clear B aggregate primarily to manage a repurchases March annual XXXX, with and stock equity repurchase share As our reminder, up employee These progress. award our with dynamic pleased our confident through what's strategy times. built grants. in common
Our the our to agility dramatic financial improvements demonstrated through pandemic flexibility. are operational
sustainable line support further strengthened we answering served top to to cost and drive fuel bottom successful and our goal our continue long-term targeted have your that, And business with of as look that investments innovations core savings growth. Our forward our all to toward we brands program to Operator? has key questions.
