BurgerFi International Inc (BFI) 2023 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss BurgerFi International's financial results for the first quarter ended April 3, 2023. Joining us today are John Iannucci, COO; and Mike Rabinovitch, CFO. Following their remarks, we'll open the lines for your questions.

大家下午好，感謝您參加今天的電話會議，討論 BurgerFi International 截至 2023 年 4 月 3 日的第一季度財務業績。今天加入我們的是首席運營官 John Iannucci；和首席財務官 Mike Rabinovitch。在他們發言之後，我們將打開您的問題熱線。

Before we begin today, I want to remind everyone that this conference call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be related to BurgerFi's estimates of its future business outlook, liquidity, store opening plans, same-store sales and restaurant operating margin growth plans, prospects or financial results included in projected sales, restaurant EBITDA or financial results from the company's acquisition of Anthony's Coal Fired Pizza & Wings.

在今天開始之前，我想提醒大家，本次電話會議可能包含《1995 年私人證券訴訟改革法案》中定義的前瞻性陳述。這些前瞻性陳述可能與 BurgerFi 對其未來業務前景、流動性的估計有關、開店計劃、同店銷售和餐廳營業利潤增長計劃、預期銷售額中包含的前景或財務結果、餐廳 EBITDA 或公司收購 Anthony's Coal Fired Pizza & Wings 的財務結果。

Forward-looking statements generally can be identified by words such as anticipates, believes, estimates, expects, intends, plans, predicts, projects, will be, will continue, will likely result in similar expressions. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause the company's actual results to differ materially from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the annual report on Form 10-K for the year ended January 2, 2023, and those disclosed in other documents that the company files with the Securities and Exchange Commission.

前瞻性陳述通常可以用諸如預期、相信、估計、期望、打算、計劃、預測、項目、將是、將繼續、將可能導致類似表達等詞語來識別。這些前瞻性陳述基於當前的預期和假設，存在風險和不確定性，可能導致公司的實際結果與前瞻性陳述中反映的結果存在重大差異。可能導致或促成此類差異的因素包括但不限於截至 2023 年 1 月 2 日止年度的 10-K 表格年度報告中討論的因素，以及公司向證券交易所提交的其他文件中披露的因素和交易佣金。

All subsequent written and oral forward-looking statements attributable to BurgerFi or persons acting on BurgerFi's behalf are expressly qualified in their entirety by the cautionary statements included in this conference call. The company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements, except as required by law. Given these statements and uncertainties, listeners are cautioned not to place undue reliance on such forward-looking statements.

歸因於 BurgerFi 或代表 BurgerFi 行事的人的所有後續書面和口頭前瞻性陳述均由本次電話會議中包含的警告性陳述明確限定。除非法律要求，否則公司不承擔修改或公開發布對這些前瞻性陳述的任何修改結果的義務。鑑於這些陳述和不確定性，我們告誡聽眾不要過分依賴此類前瞻性陳述。

Also, the following discussion may contain non-GAAP financial measures. For a discussion and reconciliation of these non-GAAP financial measures, please see the earnings release for the first quarter 2023.

此外，以下討論可能包含非 GAAP 財務指標。有關這些非 GAAP 財務措施的討論和協調，請參閱 2023 年第一季度的收益發布。

I would also like to remind everyone that this call will be available via telephonic replay for 2 weeks starting today. A webcast replay will also be available via the link provided in today's press release as well as on the company's website at www.burgerfi.com. As a result, today's call is being recorded.

我還想提醒大家，從今天開始，這個電話將通過電話重播提供 2 週。還可以通過今天新聞稿中提供的鏈接以及公司網站 www.burgerfi.com 上的網絡重播。結果，今天的電話被錄音了。

Now I would like to turn the call over to BurgerFi's COO, John Iannucci. John, please go ahead.

現在我想把電話轉給 BurgerFi 的首席運營官 John Iannucci。約翰，請繼續。

Thank you for joining us today, and we appreciate your continued interest in BurgerFi. Let me begin by thanking our entire team, franchisees and employees for their dedication and hard work in this challenging environment.

感謝您今天加入我們，感謝您對 BurgerFi 的持續關注。首先，我要感謝我們的整個團隊、加盟商和員工在這個充滿挑戰的環境中的奉獻精神和辛勤工作。

Before I begin today, last week, Ian Baines, our Chief Executive Officer, announced his retirement effective June 7. As the Board searches for a new CEO, I look forward to leading the organization on an interim basis. Over the last year, I've immersed myself into both Anthony's and BurgerFi and believe we have 2 high-quality brands with great growth potential. In this role, I plan to work with our talented teams in driving initiatives as well as continued margin expansion. On behalf of the entire company, I wish Ian the best in the next chapter of his life.

在今天開始之前，上週，我們的首席執行官 Ian Baines 宣布他將於 6 月 7 日退休。隨著董事會尋找新的 CEO，我期待著臨時領導該組織。在過去的一年裡，我深入研究了 Anthony's 和 BurgerFi，並相信我們擁有 2 個具有巨大增長潛力的優質品牌。在這個職位上，我計劃與我們才華橫溢的團隊合作，推動各項舉措並持續擴大利潤。我代表整個公司祝愿伊恩在人生的下一章一切順利。

My plan this afternoon is to first recap our quarter 1 performance and then discuss current initiatives. Following that, Mike will review the quarterly financials in greater detail and reiterate our 2023 guidance. Key highlights for the first quarter include total revenue growth of 2% to $45.7 million. The growth is in line with the first quarter's contribution towards our annual guidance of $175 million to $180 million for fiscal '23.

我今天下午的計劃是首先回顧我們第一季度的業績，然後討論當前的舉措。之後，邁克將更詳細地審查季度財務狀況並重申我們的 2023 年指導方針。第一季度的主要亮點包括總收入增長 2% 至 4570 萬美元。這一增長符合第一季度對我們 23 財年 1.75 億美元至 1.8 億美元年度指導的貢獻。

Consolidated system-wide sales were $73.4 million compared to $73.1 million in the same period of 2022, which includes $40.3 million of BurgerFi and $33.1 million of Anthony's. Restaurant operating margins improved in both brands, more pronounced in Anthony's, where both continued stabilization of food costs and positive same-store sales flow-through was achieved. Adjusted EBITDA grew by 12% to $2.6 million. Importantly, we remain confident that we are on track to achieve our guidance of $10 million to $12 million in adjusted EBITDA for fiscal year 2023.

全系統綜合銷售額為 7340 萬美元，而 2022 年同期為 7310 萬美元，其中包括 BurgerFi 的 4030 萬美元和 Anthony's 的 3310 萬美元。兩個品牌的餐廳營業利潤率均有所提高，Anthony's 更為明顯，食品成本持續穩定，同店銷售額也實現了正增長。調整後的 EBITDA 增長 12% 至 260 萬美元。重要的是，我們仍然相信，我們有望在 2023 財年實現調整後 EBITDA 1000 萬至 1200 萬美元的指導。

Our focus remains on continuing to improve operational execution with the goal of increased sales and margin improvement in both brands for the year. During the first quarter, Anthony's saw a 3% increase in same-store sales growth. Notably, we are continuing to see sales recovery in our locations in the Northeast, which previously had lagged the improvement we have seen in our home market in Florida in 2022.

我們的重點仍然是繼續改善運營執行力，目標是增加今年兩個品牌的銷售額和利潤率。第一季度，Anthony's 的同店銷售額增長了 3%。值得注意的是，我們繼續看到我們在東北部地區的銷售復甦，而此前，我們在 2022 年在佛羅里達州的本土市場看到了改善。

The top line momentum in Anthony's has translated into margin expansion. At Anthony's, we ended quarter 1 with a store level operating margin of 17.9%, which is 310 basis points above the same period in the prior year. Sequentially, Anthony's margin increased 270 basis points from 15.2 in the fourth quarter. This margin improvement is a testament to our continued sales leverage, coupled with continued stable procurement costs. Both were pillars of our investment thesis underpinning our acquisition rationale.

Anthony's 的頂線勢頭已轉化為利潤率擴張。在 Anthony's，我們在第一季度末的門店營業利潤率為 17.9%，比去年同期高出 310 個基點。隨後，安東尼的利潤率從第四季度的 15.2 增加了 270 個基點。這種利潤率的提高證明了我們持續的銷售槓桿，以及持續穩定的採購成本。兩者都是我們投資理論的支柱，支撐著我們的收購理由。

Looking at BurgerFi. System-wide comparable store sales decreased 4% from prior year. While this is an improvement from the trends we saw exiting 2022, we continue to work on improving the guest experience, marketing and menu innovation to increase frequency. We ended quarter 1 with the store level operating margin of 12.6%, which is 100 basis points above the same period in the prior year. Sequentially, margins increased 320 basis points from 9.4% in the fourth quarter. These improvements are resulting from stable procurement, pricing and controlling store operating expenses.

看看 BurgerFi。全系統可比店面銷售額較上年下降 4%。雖然這比我們從 2022 年看到的趨勢有所改善，但我們將繼續致力於改善賓客體驗、營銷和菜單創新以提高頻率。我們以 12.6% 的商店級營業利潤率結束第一季度，比去年同期高出 100 個基點。隨後，利潤率從第四季度的 9.4% 增加了 320 個基點。這些改進源於穩定的採購、定價和控製商店運營費用。

Across both brands, we continue to expect a reduction in food costs comparatively and the opportunity to continue operating margins compared to the prior year. This is primarily a result of stabilization in input prices, especially chicken wings and beef prices but also as a result of the procurement activities that the team has been very busy implementing over the course of last year. These activities include things like changing our suppliers and negotiating an existing suppliers to get the best possible price.

在這兩個品牌中，我們繼續預計食品成本會相對降低，並且與上一年相比有機會繼續保持營業利潤率。這主要是由於投入價格穩定的結果，尤其是雞翅和牛肉價格，但也是由於團隊在去年一直忙於實施的採購活動。這些活動包括更換我們的供應商和與現有供應商談判以獲得盡可能好的價格。

Now I would like to update you on some of the strategic initiatives we are working on to improve sales and operations, starting with BurgerFi. We are having a lot of fun with BurgerFi's LTO program. In February, we launched the Barbecue Rodeo Burger, which won the Very Best Burger Award at the 2023 South Beach Food and Wine Festival Burger Bash. As a result of its success, we have extended this LTO and launched a new Patty Melt aversion to further drive interest in our brand and our products. The 100% all-natural Angus beef burger patties grilled with charred jalapenos and topped with pepper jack Cheese, home-made crispy haystack onions and tangy Memphis sweet barbecue sauce. It's served between 2 pieces of Texas Toast for savory sweet and spicy flavor profile.

現在，我想向您介紹我們正在努力改善銷售和運營的一些戰略舉措，首先是 BurgerFi。我們從 BurgerFi 的 LTO 計劃中獲得了很多樂趣。 2 月，我們推出了 Barbecue Rodeo Burger，它在 2023 年南海灘美食美酒節漢堡盛宴上獲得了最佳漢堡獎。由於其成功，我們擴展了 LTO 並推出了新的 Patty Melt 厭惡產品，以進一步提高人們對我們品牌和產品的興趣。 100% 全天然安格斯牛肉漢堡肉餅用燒焦的墨西哥胡椒烤製，上面撒上胡椒傑克奶酪、自製香脆乾草堆洋蔥和濃郁的孟菲斯甜燒烤醬。它夾在 2 片德州吐司之間，可提供鹹甜和辛辣的風味。

Additionally, ahead of St. Patrick's Day, we launched a new mint shake with Oreo. The sweetened minty flavor profile is a fun take on 1 of America's top 3 favorite ice cream flavors, mint chocolate chip, and is based on our signature cookies and cream with Oreo custard shake. Around St. Patrick's Day, guests look for fun ways to celebrate their love of green treats. This was the perfect opportunity to revamp our cookies and cream with Oreo custard shake and make it minty green.

此外，在聖帕特里克節之前，我們推出了一款新的奧利奧薄荷奶昔。甜味薄荷口味是對美國最受歡迎的 3 大冰淇淋口味之一薄荷巧克力片的有趣演繹，它基於我們的招牌餅乾和奶油配奧利奧蛋奶昔。在聖帕特里克節前後，客人們尋找有趣的方式來慶祝他們對綠色美食的熱愛。這是用奧利奧蛋奶昔改造我們的餅乾和奶油並使其呈薄荷綠色的絕好機會。

Recently on May 2, we debuted a new Texas Toast Patty Melt LTO. The new Texas Toast Patty Melt features 100% all-natural Angus beef, melted American cheese, caramelized onions and BurgerFi's signature Fi Sauce, all pressed between 2 pieces of Texas Toast.

最近在 5 月 2 日，我們推出了一款新的 Texas Toast Patty Melt LTO。新的 Texas Toast Patty Melt 採用 100% 純天然安格斯牛肉、融化的美國奶酪、焦糖洋蔥和 BurgerFi 的招牌 Fi 醬，全部壓在 2 片 Texas Toast 之間。

And finally, in late April, we held a BurgerFi franchisee summit in Kissimmee, Florida for our franchisees, general managers, restaurant support leaders and our supply partners. This is the first time that we hosted our convention in person since the pandemic began, and the energy level and enthusiasm couldn't have been higher. It was great to see old friends and meet new ones as everyone strategically aligned to bring our love of the brand to our guests in new ways.

最後，在 4 月下旬，我們在佛羅里達州基西米為我們的加盟商、總經理、餐廳支持領導和我們的供應合作夥伴舉辦了一次 BurgerFi 加盟商峰會。這是自大流行開始以來我們第一次親自主持會議，能量水平和熱情再高不過了。很高興見到老朋友並結識新朋友，因為每個人都在戰略上保持一致，以新的方式將我們對品牌的熱愛帶給我們的客人。

Now turning to Anthony's. We continue to lean into digital marketing and our loyalty reward program to drive engagement. This has been paying dividends as seen in our increase in same-store sales, especially outside of our home market of Florida, which have lagged in the recovery during 2022. In April, we launched a new LTO with Mike's Hot Honey. Hot Honey is a very popular flavor profile, especially when paired with pizza. The new LTO features a thick-cut pepperoni pizza made with fresh mozzarella and the brand's signature imported Italian tomato sauce topped with a drizzle of Mike's Hot Honey. Anthony's famous pressed jumbo coal-fired wings are also being topped with Mike's Hot Honey for the best blend of sweet and spicy.

現在轉向安東尼的。我們繼續依靠數字營銷和我們的忠誠度獎勵計劃來推動參與。從我們同店銷售額的增長中可以看出，這一直在帶來紅利，尤其是在佛羅里達州本土市場以外的市場，該市場在 2022 年的複蘇中滯後。4 月，我們與 Mike's Hot Honey 推出了新的 LTO。熱蜂蜜是一種非常受歡迎的風味組合，尤其是與披薩搭配時。新的 LTO 特色是用新鮮馬蘇里拉奶酪製成的厚切意大利辣香腸比薩和品牌標誌性的進口意大利番茄醬，上面淋上一點 Mike's Hot Honey。 Anthony 著名的壓制巨型燃煤雞翅也被 Mike's Hot Honey 覆蓋，以實現甜味和辣味的最佳融合。

Anthony's also introduced a new improved wine menu to all its locations featuring 11 new wines and Proseccos. We are excited about this new menu launch as wine and spirits are a high-margin part of our business.

Anthony's 還在其所有分店推出了全新改進的葡萄酒菜單，包括 11 種新葡萄酒和 Proseccos。我們對新菜單的推出感到興奮，因為葡萄酒和烈酒是我們業務的高利潤部分。

Now turning to development. As of April 3, our portfolio consists of 112 BurgerFi restaurants, 27 corporate owned and 85 franchised and 60 corporate-owned Anthony's. During the first quarter, we opened 2 new franchised BurgerFi restaurants and 2 locations transferred from franchisees to corporate owned. We kicked off our 2023 development in January with the opening of a BurgerFi franchise in Newark Liberty Airport. Airports continued to deliver high volumes and continue to be a growing part of our development strategy. We plan to grow our presence in airports across the country in 2023 with the second location in Fort Lauderdale-Hollywood International Airport opening later this year, with several others under negotiation for later this year and into 2024.

現在轉向發展。截至 4 月 3 日，我們的投資組合包括 112 家 BurgerFi 餐廳、27 家企業所有、85 家特許經營和 60 家企業所有的 Anthony's。在第一季度，我們開設了 2 家新的特許經營 BurgerFi 餐廳和 2 家從特許經營商轉為公司所有的門店。 1 月份，我們在紐瓦克自由機場開設了 BurgerFi 特許經營店，以此拉開了我們 2023 年發展的序幕。機場繼續交付大量貨物，並繼續成為我們發展戰略的重要組成部分。我們計劃在 2023 年擴大我們在全國各地機場的影響力，今年晚些時候在勞德代爾堡-好萊塢國際機場開設第二個地點，並正在就今年晚些時候和 2024 年的其他幾個地點進行談判。

In February, we opened a beautiful new franchised BurgerFi in Orlando's O-Town West, one of Orlando's most desirable destinations featuring restaurant, retail and entertainment spaces. For the full year, we still plan to open 15 to 20 new restaurants, all of which will be franchised. Included in this number is one new franchised Anthony's location.

2 月，我們在奧蘭多 O-Town West 開設了一家美麗的新特許經營 BurgerFi，這是奧蘭多最令人嚮往的目的地之一，設有餐廳、零售和娛樂場所。全年，我們仍計劃開設 15 至 20 家新餐廳，所有餐廳均採用特許經營。這個數字中包括一個新的特許經營安東尼的位置。

In the second quarter of 2023, we opened one franchised BurgerFi location, with a second franchised BurgerFi location expected by month end. As a part of our development plan this year, we're excited to launch our first-ever co-branded Anthony's and BurgerFi location with our franchisee NDM Hospitality Services in Kissimmee, with an existing BurgerFi expected to be opened in the third quarter of this year. Our agreement with them calls for 3 franchised Anthony's locations in Florida over the next 2 years. The second and third Anthony's locations through the NDM agreement will both be the freestanding, smaller Anthony's prototype slated to open in the Miami World Center development near the Miami Brightline Station.

2023 年第二季度，我們開設了一家 BurgerFi 特許經營店，預計月底將開設第二家 BurgerFi 特許經營店。作為我們今年發展計劃的一部分，我們很高興與我們在基西米的特許經營商 NDM Hospitality Services 推出我們的第一個聯合品牌 Anthony's 和 BurgerFi 地點，現有的 BurgerFi 預計將於今年第三季度開業年。我們與他們達成的協議要求在未來 2 年內在佛羅里達州開設 3 家 Anthony's 特許經營店。根據 NDM 協議，安東尼的第二個和第三個位置都將是獨立的、較小的安東尼原型，計劃在邁阿密 Brightline 站附近的邁阿密世界中心開發項目中開放。

In closing, we have 2 very high-quality brands that are on trend with the consumer and are laser-focused on enhancing operations and driving sales to achieve profitable growth. We further believe we're in the early innings of our growth story with significant white space ahead.

最後，我們擁有 2 個非常優質的品牌，它們緊跟消費者的潮流，並且專注於加強運營和推動銷售以實現盈利增長。我們進一步相信，我們正處於增長故事的早期階段，前方有大量空白。

Once again, I'd like to thank all of our team members for their tireless efforts and dedication. I'll now turn the call over to our CFO, Mike Rabinovitch, who will provide additional commentary on our first quarter 2023 performance. Go ahead, Mike.

我要再次感謝我們所有團隊成員的不懈努力和奉獻精神。我現在將電話轉給我們的首席財務官 Mike Rabinovitch，他將對我們 2023 年第一季度的業績提供更多評論。來吧，邁克。

Thank you, John, and good afternoon, everyone. First quarter total revenues were $45.7 million, increasing 2% from $44.9 million for the same quarter last year. Anthony's contributed $33.1 million to revenues in the current period. The increase in revenue is a result of Anthony's positive same-store sales, partially offset by a decrease in same-store sales at BurgerFi.

謝謝約翰，大家下午好。第一季度總收入為 4570 萬美元，比去年同期的 4490 萬美元增長 2%。安東尼在本期為收入貢獻了 3310 萬美元。收入的增加是安東尼同店銷售額增長的結果，部分被 BurgerFi 同店銷售額的下降所抵消。

Shifting to our individual brands' results. The BurgerFi corporate-owned restaurant sales increased 8% to $10.2 million, driven by the addition of new corporate-owned restaurants over the last year, offset by a decrease in same-store sales. BurgerFi system-wide store sales decreased 4% for the first quarter compared to the same period in 2022. For corporate-owned BurgerFis, same-store sales decreased 6%, and franchise restaurant same-store sales decreased 3%. System-wide sales for BurgerFi in the first quarter decreased 1% to $40.3 million compared to $40.6 million in the year-ago quarter, primarily due to the decline in same-store sales coupled with the closure of underperforming franchises.

轉向我們各個品牌的結果。 BurgerFi 公司自營餐廳的銷售額增長 8% 至 1,020 萬美元，這得益於去年新的公司自營餐廳的增加，但被同店銷售額的下降所抵消。與 2022 年同期相比，第一季度 BurgerFi 全系統門店銷售額下降 4%。對於企業所有的 BurgerFis，同店銷售額下降 6%，特許經營餐廳同店銷售額下降 3%。 BurgerFi 第一季度的全系統銷售額下降 1%，至 4030 萬美元，而去年同期為 4060 萬美元，這主要是由於同店銷售額下降以及表現不佳的特許經營權關閉。

BurgerFi's restaurant-level operating expenses decreased 100 basis points to 87.4% of sales for the quarter compared to 88.4% in the prior year's first quarter, primarily due to lower input costs, partially offset by loss leverage on fixed costs due to the same-store sales declines.

BurgerFi 的餐廳級運營費用下降 100 個基點至本季度銷售額的 87.4%，而去年第一季度為 88.4%，這主要是由於投入成本降低，部分被同店固定成本的虧損槓桿所抵消銷售額下降。

Turning to Anthony's. Restaurant sales were $33.1 million in the first quarter compared to $32.5 million in the prior year. The increase was driven by a 3% increase in same-store sales when compared to the first quarter of 2022. Regarding restaurant profitability, Anthony's restaurant-level operating expenses improved 310 basis points to 82.1% for the quarter compared to the prior year's first quarter.

轉向安東尼的。第一季度餐廳銷售額為 3310 萬美元，上年同期為 3250 萬美元。與 2022 年第一季度相比，同店銷售額增長了 3%，推動了這一增長。關於餐廳盈利能力，Anthony 本季度的餐廳級運營費用比去年第一季度提高了 310 個基點，達到 82.1% .

As John noted, we are beginning to see a stabilization of commodity costs, especially chicken wing prices, and we expect operating margins to continue improving throughout 2023. On a consolidated basis, we reported a net loss of $9.2 million in the first quarter compared to a net loss of $13.6 million in the year-ago quarter. This year's net loss included $4.7 million of share-based compensation expenses, $3.2 million of depreciation and amortization, $2.1 million of interest expense, $900,000 of restructuring costs, $300,000 of merger acquisition integration-related costs, and $300,000 of legal settlements included within general and administrative expenses.

正如 John 指出的那樣，我們開始看到大宗商品成本，尤其是雞翅價格趨於穩定，我們預計營業利潤率將在整個 2023 年繼續提高。在綜合基礎上，我們報告第一季度淨虧損 920 萬美元，相比之下去年同期淨虧損 1360 萬美元。今年的淨虧損包括 470 萬美元的股權補償費用、320 萬美元的折舊和攤銷費用、210 萬美元的利息費用、900,000 美元的重組費用、300,000 美元的併購整合相關費用以及 300,000 美元的法律和解費用包括在一般和行政開支。

Adjusted EBITDA grew 12% in the first quarter to $2.6 million compared to $2.3 million in the prior year's first quarter.

第一季度調整後的 EBITDA 增長 12% 至 260 萬美元，而去年第一季度為 230 萬美元。

Moving on to the balance sheet. Our cash balance at April 3 was $9 million compared to $11.9 million at January 2, 2023. When considering our available-but-undrawn $4 million line of credit, we have $13 million of liquidity at the end of the quarter. The decrease in cash was the result of term loan and line of credit repayments in capital expenditures, offset by cash produced by operations. We are also in compliance with all debt covenants at quarter end.

轉到資產負債表。我們在 4 月 3 日的現金餘額為 900 萬美元，而 2023 年 1 月 2 日為 1190 萬美元。考慮到我們可用但未提取的 400 萬美元信貸額度，本季度末我們有 1300 萬美元的流動資金。現金減少是由於資本支出中的定期貸款和信用額度還款被運營產生的現金所抵消。我們還在季度末遵守所有債務契約。

Now turning to our fiscal 2023 outlook. We are reiterating our 2023 guidance, which is the following: total revenue of $175 million to $180 million, which assumes a low single-digit increase in same-store sales; the addition of 15 to 20 new franchised restaurants, including 1 new Anthony's; adjusted EBITDA of $10 million to $12 million; and we are expecting capital expenditures to be approximately $2 million for the full year.

現在轉向我們的 2023 財年展望。我們重申我們的 2023 年指導方針，即：總收入為 1.75 億美元至 1.8 億美元，假設同店銷售額實現低個位數增長；增加 15 至 20 家新的特許經營餐廳，包括 1 家新的 Anthony's；調整後的 EBITDA 為 1000 萬美元至 1200 萬美元；我們預計全年的資本支出約為 200 萬美元。

With that, operator, please open the call for questions.

有了這個，接線員，請打開問題電話。

(Operator Instructions) Our first question is from Peter Saleh with BTIG.

（操作員說明）我們的第一個問題來自 BTIG 的 Peter Saleh。

Just wanted to ask about the trajectory on same-store sales as we go through the year. I think your low single-digit same-store sales guidance suggests some -- I guess, a meaningful improvement here. Can you just talk about what you're expecting and maybe if you care to share what you're seeing so far in the second quarter? Are you seeing that materialize, particularly for the BurgerFi brand as we go through the year?

只是想問一下我們這一年的同店銷售軌跡。我認為你的低個位數同店銷售指導表明了一些——我想，這是一個有意義的改進。您能否談談您的期望，也許您願意分享您在第二季度到目前為止所看到的內容？你是否看到了這一點，尤其是在我們經歷了這一年的 BurgerFi 品牌？

Peter, it's Mike. Thanks for joining. Thanks for calling. Our guide for the year of low single-digit same-store sales is on a consolidated basis. And so when you realize that Anthony's comprises 70% to 80% of that same-store sales calculation, we're really looking at the Anthony's numbers. So the Anthony's numbers being up 3% for the first quarter is certainly in line with our guide. The improvement in the negative trend experienced by BurgerFi last year is also in line with our plan. So both of those would fold together nicely into supporting our guide of low single digits.

彼得，是邁克。感謝您的加入。感謝您致電。我們對年度低個位數同店銷售額的指南是在綜合基礎上得出的。因此，當您意識到 Anthony's 占同店銷售額計算的 70% 至 80% 時，我們真正關注的是 Anthony's 的數字。因此，安東尼第一季度的數據增長了 3%，這當然符合我們的指南。去年 BurgerFi 經歷的負面趨勢的改善也符合我們的計劃。因此，這兩者可以很好地結合在一起，以支持我們的低個位數指南。

Kind of answering the second part of your question, do we see that continuing through the year, based on the strength and the recovery and the initiatives in play, especially in Anthony's where a majority of the math supports our guide, that is how we built our plan for the year. Second quarter to date is operating generally in line with the first quarter and still supporting that guidance.

有點回答你問題的第二部分，我們是否看到這一年繼續，基於力量和恢復以及比賽中的主動性，特別是在安東尼的大部分數學支持我們的指南，這就是我們建立的方式我們今年的計劃。迄今為止，第二季度的運營總體上與第一季度一致，並且仍然支持該指引。

Great. And then can you just give us a little bit more color on the commodity outlook? I know you talked about wings being more stable or maybe even down year-over-year for Anthony's. Could you give us a little bit more color on the decline there and also just thoughts on BurgerFi and beef costs for the balance of this year?

偉大的。然後你能給我們更多關於商品前景的顏色嗎？我知道你談到過安東尼的側翼更穩定，甚至可能比去年同期下降。你能否給我們更多關於那裡下降的顏色以及今年餘下時間對 BurgerFi 和牛肉成本的想法？

Sure, sure. Good question. So on Anthony's, as you noted, chicken wings are a significant part of our food costs. And during COVID, they had risen from a, call it, somewhere in the mid-$2-a-pound range into the high 3s. We started noting in the middle of last year that they were recovering to pre-COVID levels. And in the fourth quarter, they actually improved below the fourth quarter before pre-COVID level. So we started to get a really strong tailwind on our largest category of purchasing an Anthony's in the fourth quarter. We saw that tailwind continue in the first quarter, and we're seeing that tailwind continue in the second quarter.

一定一定。好問題。所以在 Anthony's，正如你所指出的，雞翅是我們食品成本的重要組成部分。在 COVID 期間，他們的價格從每磅 2 美元左右的某個地方上升到 3 美元的高位。我們從去年年中開始注意到他們正在恢復到 COVID 之前的水平。而在第四季度，他們實際上比 COVID 前第四季度的水平有所改善。因此，我們在第四季度購買安東尼的最大類別開始獲得真正強勁的順風。我們看到第一季度順風繼續，我們看到第二季度順風繼續。

There's other lines, right? So Anthony's also has meat that supports our toppings in our meatballs. That has also behaved relatively well here in the first part of the year. But we also have some inflating items, whether they be our imported tomatoes and some of our dried goods. So the mix of it all is still a very significant benefit in the first quarter, and we are seeing that continue into our second quarter and hopeful that we'll be able to continue to have those tailwinds throughout the year.

還有其他線路，對吧？所以 Anthony's 也有肉來支撐我們肉丸中的配料。今年上半年這裡的表現也相對較好。但我們也有一些充氣物品，無論是我們的進口西紅柿還是我們的一些乾貨。因此，這一切的結合在第一季度仍然是一個非常顯著的好處，我們看到這種情況將持續到第二季度，並希望我們能夠在全年繼續擁有這些順風。

On the BurgerFi side, we are seeing some modest inflation in beef as we clip through the month year, January, February to March and April, but those rates are significantly better than we experienced last year. So on a comparative basis and even on a looking back to fourth quarter basis, we're still getting a tailwind on our beef procurement from BurgerFi.

在 BurgerFi 方面，我們看到牛肉價格適度上漲，從 1 月、2 月到 3 月和 4 月，但這些通脹率明顯好於去年。因此，在比較的基礎上，甚至回顧第四季度，我們仍然從 BurgerFi 採購牛肉。

Is there as much confidence that we'll be able to continue that tailwind? Maybe a little bit less because we're starting to see a little bit of uptick, but that's very normal for beef. We've seen beef go up in May and June every year for the barbecue holiday season, and then it moderates down. So our outlook for the year on food cost has not come off our initial guide, which is a substantial improvement from 2022.

我們是否有足夠的信心繼續順風？可能會少一點，因為我們開始看到一點點上漲，但這對牛肉來說是很正常的。我們已經看到牛肉價格在每年 5 月和 6 月的燒烤假期期間上漲，然後就會緩和下來。因此，我們對今年食品成本的展望並沒有脫離我們最初的指導，與 2022 年相比有了實質性的改善。

Understood. Okay. Maybe just a few more. Just can you give us an update on your pricing plans for the year. How much pricing do you guys have or how much price did you have in the comp in the first quarter? And are you anticipating taking more price as we go through the year?

明白了。好的。也許只有幾個。您能否向我們介紹一下您今年的定價計劃。你們有多少定價，或者你們在第一季度有多少定價？在我們度過這一年時，您是否預計會採取更多價格？

Good question. So first, on Anthony's, we took no additional price in the first quarter. We took a very modest price increase mid-second quarter recently, really under 1%. We did take some price increases last year at Anthony's, one in June and one in February, one in February, one in June. So in terms of how much price is being carried in the first quarter, it might be a few percent. It might be 2% to 4%.

好問題。所以首先，在安東尼的，我們在第一季度沒有採取額外的價格。我們最近在第二季度中期進行了非常適度的價格上漲，實際上低於 1%。去年我們確實在 Anthony's 進行了一些提價，6 月一次，2 月一次，2 月一次，6 月一次。因此，就第一季度的價格而言，可能只有百分之幾。可能是 2% 到 4%。

In terms of pricing actions going forward on Anthony's, we monitor it every quarter. We're certainly sensitive to our commodity costs and enjoying those tailwinds, but we also want to drive transactions. So we'll evaluate that 1 quarter at a time.

就 Anthony's 未來的定價行動而言，我們每個季度都會對其進行監控。我們當然對我們的商品成本和享受這些順風很敏感，但我們也想推動交易。因此，我們將一次評估 1 個季度。

On BurgerFi, the price increases we took last year were larger than Anthony's. We looked at our competitor set as to what our share of wallet, competitors and other better burger options we're doing, and we brought prices to the appropriate levels to be competitive with those brands.

在 BurgerFi 上，我們去年的漲價幅度大於 Anthony 的漲幅。我們研究了我們的競爭對手，了解我們在錢包、競爭對手和我們正在做的其他更好的漢堡選擇中所佔的份額，並將價格提高到適當的水平，以與這些品牌競爭。

In terms of how much have we been carrying, I would say in the first quarter, it might be a good 6% to 8%. And we don't have any pricing actions at BurgerFi planned for this quarter, and we'll evaluate third and fourth quarter.

就我們攜帶的數量而言，我會說在第一季度，可能是 6% 到 8%。我們沒有計劃在本季度對 BurgerFi 採取任何定價行動，我們將評估第三和第四季度。

There's a tie-in, Peter, to pricing but then promotions. So we use promotions to drive traffic and transactions into the stores. And so sometimes, those promotions can eat away at some of the systemic price increases that we've put in place. And that's why you don't necessarily see them in our same-store sales completely.

彼得，先是定價，然後是促銷。因此，我們使用促銷來推動商店的客流量和交易。因此，有時，這些促銷活動會抵消我們已經實施的一些系統性價格上漲。這就是為什麼您不一定完全在我們的同店銷售中看到它們。

The next question is from Mike Albanese with EF Hutton.

下一個問題來自 Mike Albanese 和 EF Hutton。

Congratulations here on a nice quarter and definitely happy to see you reiterate your guidance. Just a couple of quick ones from me. I think just to kind of peel back the onion a little bit more on the unit level. You kind of -- unit level economics, I guess at both brands, you kind of get into the commodity and food costs. But any updates really in terms of labor efficiency, labor turnover? I know that's something we had talked about before.

在這裡祝賀一個不錯的季度，很高興看到你重申你的指導。我只是幾個快速的。我想只是為了在單位層面上多剝一點洋蔥。你有點——單位層面的經濟學，我想在這兩個品牌中，你都會涉及到商品和食品成本。但在勞動效率、勞動力流動率方面是否有真正的更新？我知道這是我們之前討論過的事情。

Yes. I think here in the first quarter and heading into the beginning of the second quarter, I think we've seen some improvements in turnover at the store level. What I would say is they're directional improvements. They're not material. They're not -- sorry, there's a train going by behind me. They're not at the point that they're driving the frequency change that the higher level of guest service would count. So we're seeing the needle move from increasing to decreasing, and we're very pleased with that. And we believe that as that trend continues, that those guest experiences keep getting higher and those frequencies go back up to where they were.

是的。我認為在第一季度和第二季度初，我們已經看到商店營業額有所改善。我要說的是它們是定向改進。它們不是物質的。他們不是——抱歉，我身後有一列火車經過。他們還沒有達到推動頻率變化的地步，而更高水平的賓客服務會很重要。所以我們看到指針從增加變為減少，我們對此感到非常滿意。我們相信，隨著這種趨勢的繼續，這些客人的體驗會越來越高，而且這些頻率會回到原來的水平。

Got it. And then my next question, you guys have had some success in the past with the LTO offerings. And obviously, just using BurgerFi as an example, you're extending the Rodeo Burger. But any notable sales lift? I mean, I guess, what's the takeaway out of those LTOs? I'm assuming it's positive since you're continuing to kind of push those forward but...

知道了。然後是我的下一個問題，你們過去在 LTO 產品方面取得了一些成功。顯然，僅以 BurgerFi 為例，您正在擴展 Rodeo Burger。但是有什麼顯著的銷售提升嗎？我的意思是，我想，這些 LTO 的收穫是什麼？我假設這是積極的，因為你在繼續推動那些前進，但......

Yes. I think the feedback that our marketing and operations team is getting is that they're really welcomed. Our loyal BurgerFi and Anthony's, if you think about the Hot Honey promotions, our loyal customers are really enjoying and really, really appreciative of these diversity options. Are they really driving a sales lift in terms of incrementality? Probably not. They're probably not moving the needle, but they really give us a great platform to communicate with the customer and continue that love affair that they have with both of our brands.

是的。我認為我們的營銷和運營團隊得到的反饋是他們真的很受歡迎。我們忠實的 BurgerFi 和 Anthony's，如果您考慮 Hot Honey 促銷活動，我們的忠實客戶真的很享受並且真的非常感謝這些多樣化的選擇。他們真的在增量方面推動了銷售增長嗎？可能不是。他們可能並沒有動搖針頭，但他們確實為我們提供了一個與客戶溝通並繼續他們與我們兩個品牌的愛情的絕佳平台。

Okay. Great. Yes. I got to -- I need to try the Rodeo Burger. That's on my list here. And then I guess lastly, just in regards to the franchise base, BurgerFi, what, closed 4, opened 2. I mean, what is your expectation in terms of further attrition within the BurgerFi franchise base? And then obviously, you transferred 2 of them from franchised to corporate owned. I'm assuming you like the location and thought that maybe those could be run a little bit more efficiently. I don't know. I'll let you add color to that, but I'm wondering if there's more room for that, essentially.

好的。偉大的。是的。我必須 - 我需要嘗試 Rodeo Burger。那在我的清單上。然後我想最後，關於特許經營基地，BurgerFi，什麼，關閉 4，打開 2。我的意思是，你對 BurgerFi 特許經營基地進一步流失的期望是什麼？然後很明顯，您將其中 2 個從特許經營權轉移到公司所有。我假設您喜歡這個位置，並認為也許可以更有效地運行這些位置。我不知道。我會讓你給它添加顏色，但我想知道是否有更多的空間，基本上。

Yes. So I'd say that the 2 additions that were transfers were very unique situations. We had a litigation matter with the former owner of BurgerFi and a significant shareholder. And as part of that legal settlement, we agreed to take that and own and operate 2 of the locations that he still had. He had a larger number, I think, 6, but they had mostly closed during COVID, and he had -- so he was getting out of the business of that, and we agreed to take them on. It's nothing more than that.

是的。所以我想說，這 2 次轉會是非常獨特的情況。我們與 BurgerFi 的前所有者和一位重要股東發生了訴訟。作為法律和解的一部分，我們同意接受並擁有和經營他仍然擁有的 2 個地點。他有更多的人，我想是 6 人，但他們在 COVID 期間大部分都關門了，而且他關門了——所以他退出了這件事，我們同意接受他們。僅此而已。

In terms of the overall health of the franchise base, you do see that there were 4 closed during the first quarter. But what I would tell you is that those 4 were terminations. They had actually closed in terms of business back in 2022. And so what we saw throughout 2022 and into the first quarter of 2023 is kind of the finalization, those terminations, franchise terminations of stores and franchisees that couldn't make it during COVID.

就特許經營基地的整體健康狀況而言，您確實看到第一季度關閉了 4 家。但我要告訴你的是，那 4 個是終止。他們實際上早在 2022 年就關閉了業務。因此，我們在整個 2022 年和 2023 年第一季度看到的是最終確定，那些終止，商店和特許經營商的特許經營權終止，這些商店和特許經營商在 COVID 期間無法做到。

If you think about our development plan for the year and you kind of compare it to our closings, we expect 2023 to be a net unit positive year, with openings 15 to 20, and we're not projecting many more closures. So we're expecting net unit growth and net revenue growth out of our franchise system.

如果您考慮一下我們今年的發展計劃，並將其與我們的關閉進行比較，我們預計 2023 年將是淨單位正增長的一年，開業 15 到 20 家，而且我們預計不會關閉更多。因此，我們預計我們的特許經營系統將實現淨單位增長和淨收入增長。

Got it. And that's a good segue, the 15 to 20 new venues. Obviously, you guys -- and I really like the strategy of opening locations and I don't know, we'll call it unique venues such as airports. I mean, of the 15 to 20, what percentage of that is a continuation of that strategy?

知道了。這是一個很好的 segue，15 到 20 個新場地。很明顯，你們——我真的很喜歡開放地點的策略，我不知道，我們會稱之為獨特的場所，比如機場。我的意思是，在這 15 到 20 個中，有多少百分比是該策略的延續？

From account perspective, John, in the nontraditionals, do we have 2 to -- 1 to 2 in there?

從帳戶的角度來看，約翰，在非傳統方面，我們有 2 到 - 1 到 2 嗎？

Yes.

是的。

Okay. So 1 to 2?

好的。那麼1比2？

Yes.

是的。

In there, but we are in LOI. And as part of our development plan, you're going to see -- I would expect that you're going to see a larger proportion of our development being in these high-volume great brand exposure airport type locations.

在那裡，但我們在 LOI 中。作為我們發展計劃的一部分，你會看到——我希望你會看到我們的發展中有更大一部分是在這些高流量、品牌曝光率高的機場類型地點。

Got it. Got it. Okay. And my last question and then I'll leave it for anybody else that wants to hop in. Just I guess very broadly, the franchise summit, and I'm glad you guys were able to get back and do that in person. I mean any major takeaways from that?

知道了。知道了。好的。我的最後一個問題，然後我會把它留給任何其他想參與的人。我想非常廣泛，特許經營峰會，我很高興你們能夠回來親自參加。我的意思是從中有什麼重要的收穫嗎？

I'll let John comment because he really led that summit. I think that there were some very, very good intangibles that came out of it, but I'll let John...

我會讓 John 發表評論，因為他確實領導了那次峰會。我認為其中產生了一些非常非常好的無形資產，但我會讓約翰...

Yes, and thanks for the question, Mike. Thanks for being here. It's great participation from our franchisees and our corporate locations. It was our first in 4 years. And so I think we -- as we attempted to unify the brand, I would say we were pretty successful. We actually launched a summit survey following and received a lot of great results and feedback from the franchise team in regards to the direction of the brand and the initiatives for the brand and the enthusiasm and excitement about BurgerFi. And it was really good. It was really important, and it turned out to be, I think, a catalyst for what we expect to see for the rest of the year as far as excitement for the brand.

是的，謝謝你的問題，邁克。感謝您來到這裡。我們的特許經營商和我們的公司所在地的積極參與。這是我們 4 年來的第一次。所以我認為我們 - 當我們試圖統一品牌時，我會說我們非常成功。實際上，我們隨後發起了一項峰會調查，並從特許經營團隊收到了很多關於品牌方向和品牌舉措以及對 BurgerFi 的熱情和興奮的反饋。這真的很好。這真的很重要，而且我認為，它是我們期望在今年餘下時間看到的品牌興奮的催化劑。

Okay. Great. Thanks for all that color and insight there. And again, congrats on a fairly strong quarter here.

好的。偉大的。感謝那裡所有的色彩和洞察力。再一次，祝賀這裡有一個相當強勁的季度。

The next question is from Lynn Orenstein with Drexel Hamilton.

下一個問題來自 Lynn Orenstein 和 Drexel Hamilton。

Congrats on the quarter. Can you please talk about the growth of your kiosk and your strategy there a little bit more?

祝賀這個季度。你能再多談談你的自助服務亭的發展和你的戰略嗎？

Yes, sure. So Lynn, thank you for joining, and thank you for asking the question. So we launched kiosks last spring in '22 as a test in 3 locations. Based on its success, we rolled it out to almost all of the corporate locations over the fall season. And some of our franchisees began adopting it in the fourth quarter. And the summit that John was just talking about, we actually got a number of franchisees who got to visibly see it that are in remote locations and had not engaged with it prior and are signing up for it.

是的，當然。 Lynn，感謝你的加入，也感謝你提出這個問題。因此，我們於 22 年春天在 3 個地點推出了自助服務亭作為測試。基於它的成功，我們在秋季將其推廣到幾乎所有公司地點。我們的一些加盟商在第四季度開始採用它。約翰剛剛談到的峰會，我們實際上有許多特許經營商在偏遠地區看到了它，並且之前沒有參與過它並且正在註冊它。

So I think we're probably at, give or take, about a 50% system-wide adoption of kiosk queues, kiosks being used in the restaurants. We consistently see a higher average sale because of the AI suggestive offerings that the kiosk system gives the consumer. And it's very interesting, if you take our kiosk penetration of in-restaurant orders and you add it to our first-party and our third-party ordering platforms, whether it be burgerfi.com or acfp.com or 1 of our delivery providers, we're at 60% to 70% digital revenue generation. So it's just another complement.

因此，我認為我們可能在整個系統範圍內採用了大約 50% 的自助服務亭隊列，自助服務亭正在餐廳中使用。由於自助服務終端系統為消費者提供的人工智能建議產品，我們始終看到更高的平均銷售額。非常有趣的是，如果您將我們的自助服務亭滲透到餐廳內的訂單中，並將其添加到我們的第一方和第三方訂購平台，無論是 burgerfi.com 或 acfp.com 還是我們的一家送貨提供商，我們有 60% 到 70% 的數字創收。所以這只是另一個補充。

Now I think that there's still more room to go. We'd love to see the kiosks becoming a critical element of all of our franchises. We'd like to see the customer experience continue to improve because the software on the kiosk is not fixed. It's something that we reintroduce and augment all the time. So it's a very good tool, and we're excited with it.

現在我認為還有更多的空間去。我們很樂意看到售貨亭成為我們所有特許經營權的關鍵要素。我們希望看到客戶體驗不斷改善，因為自助服務終端上的軟件不是固定的。這是我們一直重新引入和增強的東西。所以這是一個非常好的工具，我們對此感到很興奮。

At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Iannucci for closing remarks.

至此，我們的問答環節到此結束。我現在想把電話轉回給 Iannucci 先生作結束語。

Thank you, Gary. I'd like to thank everyone for listening to today's call, and we look forward to speaking with you when we report our second quarter results in August of 2023. Thanks again for joining.

謝謝你，加里。我要感謝大家聆聽今天的電話會議，我們期待在 2023 年 8 月報告第二季度業績時與您交談。再次感謝您的加入。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。