BurgerFi International Inc (BFI) 2024 Q1 法說會逐字稿

Good morning, and thank you for participating in today's conference call to discuss BurgerFi International's financial results for the first quarter ended April 1, 2024. Joining us today are Carl Bachmann, CEO; Chris Jones, CFO. Following the remarks, we'll open the lines for your questions.

早安，感謝您參加今天的電話會議，討論 BurgerFi International 截至 2024 年 4 月 1 日的第一季財務業績。今天加入我們的是執行長 Carl Bachmann；克里斯瓊斯，財務長。發言結束後，我們將開始回答您的問題。

Before we begin, I want to remind everyone this conference call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements related to BurgerFi's estimates of its future business outlook, liquidity revenue, store openings, costs, restaurant level profit margins, adjusted EBITDA and capital expenditures among others items.

在開始之前，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。這些前瞻性陳述涉及 BurgerFi 對未來業務前景、流動性收入、開店、成本、餐廳利潤率、調整後 EBITDA 和資本支出等項目的估計。

Forward-looking statements committed if it can be identified by words such as anticipates, believes, estimates, expets, intends, plans, predicts, projects will be will continue, will likely result in similar expression. 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 statement.

如果可以透過預期、相信、估計、預期、打算、計劃、預測、項目將繼續等字眼來識別所承諾的前瞻性陳述，則很可能會導致類似的表達。這些前瞻性陳述是基於目前的預期和假設，這些預期和假設受到風險和不確定性的影響，可能導致公司的實際結果與前瞻性陳述中反映的結果有重大差異。

Factors that could cause or contribute to such differences include, but are not limited to those discussed in annual report on Form 10-K for the year ended January 1, 2024, and those disclosed other documents that the company files with Securities and Exchange Commission.

可能導致或促成此類差異的因素包括但不限於截至 2024 年 1 月 1 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委員會提交的其他文件中披露的因素。

All subsequent written and oral forward-looking statements attributable to BurgerFi or persons acting on BurgerFi's behalf 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 revisions 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.

BurgerFi 或代表 BurgerFi 行事的人員所做的所有後續書面和口頭前瞻性陳述均明確符合本次電話會議中包含的警示性聲明。除法律要求外，本公司不承擔修改或公開發布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，聽眾應注意不要過度依賴此類前瞻性陳述。

Also following the the discussion will contain non-GAAP financial measures. For discussion and reconciliation of these non-GAAP financial measures, please see the earnings release for the first quarter of 2024.

討論之後也將包含非公認會計準則財務指標。有關這些非 GAAP 財務指標的討論和調節，請參閱 2024 年第一季的收益發布。

But I also like to remind everyone that this call will be available via telephone replay for two weeks starting today. Webcast replay will also be available via the link provided in today's press release as well as the company's website at www.burgerfi.com.

但我也想提醒大家，從今天開始，這次電話會議將透過電話重播進行兩週。網路廣播重播也可透過今天新聞稿中提供的連結以及公司網站 www.burgerfi.com 進行觀看。

Now I'd like to turn the conference to BurgerFi CEO Carl Bachmann. Carl go ahead.

現在我想請 BurgerFi 執行長 Carl Bachmann 主持會議。卡爾繼續吧。

Thank you all for joining us today. I'd like to start by expressing my gratitude to our entire team, including our franchisees and employees for their unwavering dedication and hard work as we pursue our business recovery.

感謝大家今天加入我們。首先，我要向我們的整個團隊表示感謝，包括我們的加盟商和員工，感謝他們在我們追求業務復甦的過程中堅定不移的奉獻精神和辛勤工作。

As we briefly shared on our last earnings call, we had a difficult start to the year. We do not view our quarterly performance as indicative of the brand's long-term potential. Like so many of our industry peers, we experienced the softening in revenue and profitability as a result of a challenging consumer environment, but also contended with unfavorable weather in key markets.

正如我們在上次財報電話會議上簡要分享的那樣，我們今年的開局很艱難。我們並不認為季度業績代表了該品牌的長期潛力。與許多行業同行一樣，我們經歷了充滿挑戰的消費環境導致收入和盈利能力的疲軟，但也面臨關鍵市場的不利天氣。

Notably, however, we saw sequential improvement throughout the quarter beginning with a slight improvement in February, followed by a more substantial recovery in March at both brands outside of Florida, March same-store sales were flat at Anthony's, adjusting for the Easter calendar shift and sales have shown stability during the second quarter to date as we expect to see our initiatives begin to take hold.

然而，值得注意的是，我們看到整個季度的環比改善，從2 月份開始略有改善，隨後佛羅裡達州以外的兩個品牌在3 月份出現了更大幅度的複蘇，安東尼的3 月份同店銷售額持平，根據復活節日曆變化進行了調整迄今為止，第二季度的銷售表現出穩定，因為我們預計我們的舉措將開始生效。

Both brands fared better in the Northeast due to a combination of normalized trends versus the pandemic, seasonably cooler, Florida weather that affected travel to the sunshine state. Unlike many of our peers, overall, softer demand in Florida.

由於正常化趨勢與大流行、佛羅裡達州季節性涼爽的天氣影響了前往陽光之州的旅行，這兩個品牌在東北部的表現都較好。與我們的許多同行不同，總體而言，佛羅裡達州的需求疲軟。

Looking ahead we remain laser focused on driving revenue growth while further enhancing operational efficiencies to increase profitability using the five key strategic priorities that we implemented since last July.

展望未來，我們將繼續專注於推動營收成長，同時利用我們自去年 7 月以來實施的五個關鍵策略重點進一步提高營運效率，以提高獲利能力。

I will now update you on the progress we are making on these key strategic priorities. Beginning with infrastructure, a key priority for us over the last year has been strengthening our infrastructure with a focus on our most important asset our people.

我現在將向您介紹我們在這些關鍵策略優先事項上的最新進展。從基礎設施開始，我們去年的首要任務是加強基礎設施，並專注於我們最重要的資產——員工。

Building the right team and fostering a strong culture of camaraderie across both brands has been paramount. We have made progress on stabilizing restaurant teams as overall, the company has 95% staffed RevPAR while benefiting from considerably reduced turnover.

建立合適的團隊並在兩個品牌之間培養濃厚的友誼文化至關重要。總體而言，我們在穩定餐廳團隊方面取得了進展，公司的每間可用收入 (RevPAR) 達到 95%，同時營業額大幅下降。

With improved retention and turnover numbers at BurgerFi in line with the industry and Anthony significantly better than the industry, we will see improvements in overtime and training costs. In addition, this results in better execution and throughput, all lead indicators that our recovery has begun. Technology is another area where we are enhancing our infrastructure.

隨著 BurgerFi 的保留率和營業額數字與行業一致，而 Anthony 明顯優於行業，我們將看到加班和培訓成本的改善。此外，這會帶來更好的執行和吞吐量，所有這些主要指標都表明我們的復甦已經開始。科技是我們加強基礎設施的另一個領域。

Earlier this year, we implemented an inventory management platform at BurgerFi with a rollout currently underway at Anthony's. This system enables centralized inventory and labor management across all corporate-owned locations, driving greater efficiency and operational excellence. Here, we believe that we'll see at least 200 bps improvement in cost at both founder brands which have never operated with these sort of systems.

今年早些時候，我們在 BurgerFi 實施了一個庫存管理平台，目前正在 Anthony's 進行推廣。該系統可實現公司所有地點的集中庫存和勞動力管理，從而提高效率和卓越營運。在這裡，我們相信我們將看到兩個從未使用過此類系統的創始人品牌的成本提高了至少 200 個基點。

And Anthony's we are also in the process of rolling out the Toast POS and management system across all 59 corporate-owned locations. Initial installations have had their typical challenges of any new platform, but with most of these behind us, we are accelerating the rollout.

和 Anthony 一樣，我們也在所有 59 家公司擁有的地點推出 Toast POS 和管理系統。初始安裝遇到了任何新平台所面臨的典型挑戰，但隨著其中大部分問題的解決，我們正在加速推出。

We expect this initiative to be completed by the end of the third quarter with half of our assays portfolio online by June, and an initial insight into the impact to the business. To steer our system includes handheld tablets for servers to be motors directly to the kitchen, increasing accuracy and table turn times.

我們預計該計劃將在第三季末完成，到 6 月我們一半的檢測組合將上線，並初步了解其對業務的影響。為了引導我們的系統，服務器中的手持平板電腦將成為直接通往廚房的電機，從而提高準確性並縮短餐桌週轉時間。

The Toast platform represents a substantial upgrade of Anthony's previous paper ticket system and will provide us with robust analytics to optimize speed of service. These infrastructure initiatives are laying the groundwork for sustainable sales growth and margin expansion as we continue executing our strategic plan.

Toast 平台代表了 Anthony 先前的紙本票務系統的重大升級，將為我們提供強大的分析功能以優化服務速度。隨著我們繼續執行我們的策略計劃，這些基礎設施舉措為永續銷售成長和利潤擴張奠定了基礎。

Next is taste and quality. We are continuously focused on improving the taste and quality of our products at both brands. During the quarter, we were the first brand to debut the innovative Heinz remix machine at our Lauderdale by the sea Florida BurgerFi. This machine allows our guests to create their own custom condiment concussions, who enjoy with fresh cut fries and beer battered onion rings and more.

其次是口味和品質。我們不斷致力於提升兩個品牌產品的口味和品質。本季度，我們是第一個在佛羅裡達州濱海勞德代爾堡 BurgerFi 推出創新亨氏混音機的品牌。這台機器允許我們的客人創建自己的客製化調味品震盪，他們可以享用新鮮切好的薯條和啤酒洋蔥圈等。

Yesterday are seeking unique and personalized dining experiences by being the first restaurant to showcase the Heinz remix machine, we're delivering something truly distinctive to our guests. This test in order to buy the sea is also providing our culinary team invaluable insights into evolving consumer tastes. Based on success, we plan to roll out additional Heinz remix machines at our Delray Beach, Pembroke Pines, West Boca Raton and West Palm Beach locations over the coming months.

昨天，作為第一家展示亨氏混音機的餐廳，我們正在尋求獨特和個性化的用餐體驗，我們正在為我們的客人提供真正獨特的東西。這次購買大海的測試也為我們的烹飪團隊提供了對不斷變化的消費者口味的寶貴見解。基於成功，我們計劃在未來幾個月內在德爾雷海灘、彭布羅克派恩斯、西博卡拉頓和西棕櫚灘地點推出更多亨氏混音機。

At the end of March, we unveiled our new better burger lab concept in New York City. By transforming our New York City location into a public test kitchen, we now have a dedicated innovation hub right in the heart of New York City, the culinary capital of the world, the better burger and will serve as the launch pad for new menu innovations that we plan to test and potential introduced system-wide across our BurgerFi locations.

三月底，我們在紐約推出了新的、更好的漢堡實驗室概念。透過將我們紐約市的地點改造成公共測試廚房，我們現在在世界美食之都、更好的漢堡紐約市中心擁有一個專門的創新中心，並將作為新菜單創新的發射台我們計劃在我們的BurgerFi地點進行測試並可能在整個系統範圍內引入。

Currently guests visiting a lab and get a preview of new items like our fried chicken sandwich before it rolls out to the broader franchise system. We also have unique offerings like the breakfast everything bagel burger and a New York City hot dogs that are only available at this New York City test location.

目前，客人正在參觀實驗室，並在將其推廣到更廣泛的特許經營系統之前預覽新產品，例如我們的炸雞三明治。我們還提供獨特的產品，例如僅在紐約市測試地點提供的早餐、百吉餅漢堡和紐約市熱狗。

Our BurgerFi loyalty members will also be invited exclusive tasting events at the lab to sample new products and provide real-time feedback. This allows our most loyal guests to get involved in the R&D process by suggesting new flavor and ingredient combinations.

我們的 BurgerFi 忠誠會員還將受邀在實驗室舉辦獨家品嚐活動，品嚐新產品並提供即時回饋。這使得我們最忠實的客人能夠透過建議新的口味和成分組合來參與研發過程。

We recognized a burger fries Walsum this cachet and market share over the years, not due to any one major misstep, but rather a collection of smaller issues that have impacted us over time. The better burger lab represents our commitment to thoughtful innovation as we continue exploring creative ways to elevate the better burger experience for our guests.

多年來，我們認識到漢堡薯條沃爾蘇姆的這種聲望和市場份額，並不是因為任何重大失誤，而是由於隨著時間的推移影響我們的一系列較小問題。更好的漢堡實驗室代表了我們對深思熟慮創新的承諾，我們不斷探索創意的方法來為客人提供更好的漢堡體驗。

On Anthony's side, at the end of April, we launched the inaugural accounting insurance festival. We added six new shrimp dishes to the menu to serve as our new LTO, seafood holds a revered place in a town culinary traditions, and this has been missing from our menu for some time.

在安東尼方面，四月底，我們發起了第一屆會計保險節。我們在菜單中添加了六種新的蝦菜，作為我們新的 LTO，海鮮在小鎮的烹飪傳統中佔據著受人尊敬的地位，而我們的菜單中已經缺少這道菜有一段時間了。

Our next initiative revolves around developing gold standards, drawing from my prior leisure experiences and feedback from employees and guests at both brands I've identified when our gold standard should be and we began holding ourselves accountable to them, positioning us to drive long-term sales growth.

我們的下一個舉措圍繞著制定黃金標準，借鑒我之前的休閒經歷以及兩個品牌的員工和客人的反饋，我已經確定了我們的黃金標準何時應該達到，並且我們開始對它們負責，使我們能夠推動長期發展銷售成長。

As a result of the work we are undertaking to uphold these gold standards our third party audit scores are already improving. We have seen an improvement in feedback from both brands. Anthony's now is growing 4.49 on a 5 point scale and BurgerFi a 4.38. New guests look at ratings and you are not even in the consideration set, it's under a for.

由於我們為維護這些黃金標準所做的工作，我們的第三方審核分數已經提高。我們看到兩個品牌的回饋有所改善。Anthony’s 目前的評分為 5 分制，評分為 4.49，BurgerFi 評分為 4.38。新客人查看評分時，您甚至不在考慮範圍之內，而是在「for」之下。

Our next priority is telling the world about our brands through an enhanced marketing strategy is already resonating with customers. We continue to fund around different holidays to drive brand trial on tax day, we offered guests at both brands 15% off their check. Our national beer day we hosted an all day happy hour where we offered a $10 Cheeseburger and a draft beer BurgerFi and $15 cheese pizza and draft beer to Anthony's. And just last week, we offered 20% off to our teachers and nurses in connection with teachers and nurses Appreciation Week.

我們的下一個優先事項是透過增強的行銷策略向世界展示我們的品牌，這已經引起了客戶的共鳴。我們繼續在不同的假期期間提供資金，以推動納稅日的品牌試用，我們為兩個品牌的客人提供 15% 的支票折扣。在我們的全國啤酒日，我們舉辦了全天歡樂時光活動，向 Anthony's 提供 10 美元的起司漢堡和生啤酒 BurgerFi，以及 15 美元的起司披薩和生啤酒。就在上週，我們在教師和護士感謝週期間為教師和護士提供了 20% 的折扣。

Finally, Step five defining the portfolio, which is about both store development and optimization. As of April 1, our portfolio consisted of 102 burger by restaurants, 27 corporate owned and 75 franchised and 60 Anthony's 59 corporate owned and one franchise.

最後，第五步定義產品組合，涉及商店開發和最佳化。截至 4 月 1 日，我們的投資組合包括 102 個餐廳漢堡、27 個公司自有漢堡和 75 個特許經營漢堡，以及 60 個安東尼漢堡（59 個公司自有漢堡和 1 個特許經營漢堡）。

As we continue to rightsize our portfolio, we closed six underperforming franchised and two corporate owned BurgerFi restaurants during the first quarter. We continue to evaluate our portfolio with a close look on cash flow and profitability.

隨著我們繼續調整我們的投資組合規模，我們在第一季關閉了六家表現不佳的特許經營餐廳和兩家公司擁有的 BurgerFi 餐廳。我們繼續密切關注現金流和盈利能力來評估我們的投資組合。

Starting with Anthony's during the quarter, we signed our second franchise agreement this time for three Anthony's in the Jacksonville, Florida area. We expect these restaurants to open in 2025. After the successful launch of our inaugural co-branded Anthony's location in late 2023. Our partners, MDM hospitality services will open their second co-branded location in Miami World Center development here to Miami, bright-line station by the end of this year or third locations is slated for 2025.

從本季的安東尼開始，我們這次在佛羅裡達州傑克遜維爾地區為三個安東尼簽署了第二份特許經營協議。我們預計這些餐廳將於 2025 年開幕。在我們於 2023 年底成功推出首家 Anthony's 聯合品牌店後。我們的合作夥伴 MDM 酒店服務公司將於今年年底在邁阿密世界中心開發區開設第二家聯合品牌店，第三家店預計於 2025 年開設。

Turning to BurgerFi last quarter, we opened our first franchise BurgerFi inside national cinema in Rochester, New York. We view nontraditional space is becoming an important part of our development story as they represent a great opportunity to grow the brand and get people excited about burger by again with a smaller footprint and lower start-up costs.

上個季度，我們在紐約羅徹斯特的國家電影院內開設了第一家 BurgerFi 特許經營店。我們認為非傳統空間正在成為我們發展故事的重要組成部分，因為它們代表了發展品牌的絕佳機會，並以更小的佔地面積和更低的啟動成本再次讓人們對漢堡感到興奮。

To date, we opened a second franchise burger by inside an Apple cinema this time within their Warwick, Rhode Island location as I mentioned earlier in late March, we reopened our flagship corporate-owned burger by restaurant and first ever better burger lab on the Upper East Side of Manhattan.

到目前為止，我們在蘋果電影院內開設了第二家特許經營漢堡，這次是在羅德島州沃里克的店內，正如我在三月下旬早些時候提到的那樣，我們重新開設了我們的旗艦企業漢堡餐廳，並在上城區開設了第一個更好的漢堡實驗室。

Looking ahead, our development efforts are focused on recruiting, well-capitalized franchisees who possess substantial experience in the restaurant, retail and hospitality industries. Over the long term, we plan to grow the brands within metropolitan cities along the I-95 corridor, as these are the market areas where both brands have discrepancies rated strong performance.

展望未來，我們的發展重點是招募在餐廳、零售和酒店業擁有豐富經驗、資金雄厚的特許經營商。從長遠來看，我們計劃在 I-95 走廊沿線的大都市內發展品牌，因為這些是兩個品牌表現強勁的市場區域。

In conclusion, I am more confident than ever that joined the company was the right decision, achieving sales and margin improvements will not happen overnight, but we are laying a solid foundation to build upon. We are making highly strategic decisions following a straightforward formula. We must deliver wins for our guests, our team members and our shareholders and franchisees.

總而言之，我比以往任何時候都更有信心加入公司是正確的決定，實現銷售額和利潤率的提高不會一蹴而就，但我們正在打下堅實的基礎。我們正在按照簡單的公式做出高度策略性的決策。我們必須為我們的客人、我們的團隊成員、我們的股東和特許經營商帶來勝利。

With that, I will now turn the call over to our CFO, Chris Jones, who will provide commentary on our first quarter 2024 performance and discuss our guidance. Go ahead, Chris.

現在，我將把電話轉給我們的財務長 Chris Jones，他將對我們 2024 年第一季的業績發表評論並討論我們的指導。繼續吧，克里斯。

Thank you, Carl, and good morning, everyone. And while not yet evident in our financials, we are working very hard every day, implementing a strong long-term strategy that we believe will drive top line growth and expand margins over time.

謝謝你，卡爾，大家早安。雖然我們的財務狀況尚未體現出來，但我們每天都在非常努力地工作，實施強有力的長期策略，我們相信隨著時間的推移，這將推動收入成長並擴大利潤率。

During the first quarter, we continue to see top line softness and pressured margins. We still have a lot of work to do to drive efficiencies, but are cautiously optimistic that we will start to see some of these positive leverage in the back half of 2024.

在第一季度，我們繼續看到營收疲軟和利潤率受壓。為了提高效率，我們還有很多工作要做，但我們謹慎樂觀地認為，我們將在 2024 年下半年開始看到一些正面的槓桿作用。

Now briefly looking at first quarter, total revenues were $42.9 million, decreasing 6% from $45.7 million for the same quarter last year. Anthony's corporate-owned restaurants contributed $32.4 million to total revenues in the quarter.

現在簡單看一下第一季度，總營收為 4,290 萬美元，比去年同期的 4,570 萬美元下降了 6%。安東尼的公司擁有的餐廳為本季的總收入貢獻了 3,240 萬美元。

The decrease in revenue is primarily attributable to decreases in same-store sales at both brands, coupled with the closure of underperforming versify corporate-owned locations. This is partially offset by additional revenues from two acquired burger five restaurants from franchisees during 2023, restaurant-level profit margin was 12.2% for the first quarter of 2024 compared to 16.6% in the same quarter last year.

收入下降的主要原因是兩個品牌的同店銷售額下降，以及關閉了業績不佳的企業自有門市。這被 2023 年從特許經營商手中收購的兩家漢堡五家餐廳的額外收入所部分抵消，2024 年第一季餐廳層面的利潤率為 12.2%，而去年同期為 16.6%。

The decrease was primarily related to lost sales leverage and higher wages. However, we expect to see an improvement in restaurant-level profit margins over the next three quarters as we accelerate the rollout of inventory control systems and labor management systems at both brands.

下降主要與銷售槓桿損失和工資上漲有關。然而，隨著我們加速推出兩個品牌的庫存控制系統和勞動力管理系統，我們預計未來三個季度餐廳層級的利潤率將有所改善。

Shifting to our individual brand results, Anthony's corporate-owned restaurant sales were $32.4 million in the first quarter compared to $33.1 million in the prior year. The decrease was driven by a 2% decrease in same-store sales. As noted earlier, performance improved throughout the period with March comps roughly flat once adjusting for the Easter shift.

轉向我們的個人品牌業績，安東尼的公司自營餐廳第一季銷售額為 3,240 萬美元，而上一年為 3,310 萬美元。下降的原因是同店銷售額下降 2%。如前所述，整個期間的業績有所改善，在針對復活節班次進行調整後，三月份的業績大致持平。

Like many of our peers, we have seen softer performance in the Southern region, primarily Florida versus operations of mid-Atlantic and the north. These trends have continued in the second quarter. Anthony's restaurant-level operating margin was 14.3% for the first quarter of 2024 compared to 17.9% in the period prior year quarter.

與許多同行一樣，我們看到南部地區（主要是佛羅裡達州）的表現較大西洋中部和北部地區的業務疲軟。這些趨勢在第二季度仍在持續。2024 年第一季度，安東尼餐廳層面的營業利潤率為 14.3%，而去年同期為 17.9%。

This was due to higher wing prices year over year, lost leverage on fixed costs due to lower sales and most notably later reliever, specifically hourly labor. One of the benefits associated with shifting to the total POS will be the transition to a more automated controls with respect to store labor schedules.

這是由於翅膀價格逐年上漲，由於銷售下降而失去了固定成本的槓桿作用，最值得注意的是後來的緩解措施，特別是小時工。轉向整體 POS 的好處之一是轉向對商店人工安排更自動化的控制。

Today, all the schedules have shifted online scheduling given restaurant staff and management access to the scheduled by the smartphone with more dynamic scheduling over the coming weeks and months, we expect to see meaningful improvement from these programs as regionals and store managers have the tools to improve the efficiency within their store schedules.

如今，所有的日程安排都已轉向線上安排，餐廳工作人員和管理層可以透過智慧型手機存取日程安排，並在未來幾周和幾個月內進行更加動態的日程安排，我們預計這些計劃將取得有意義的改進，因為區域和商店經理擁有工具來提高商店時間表的效率。

Turning to BurgerFi, corporate-owned restaurant sales were $8.5 million in the first quarter compared to $10.2 million in the prior year. System-wide sales for BurgerFi the first quarter decreased 17% to $33.4 million compared to $40.3 million in the year ago quarter, primarily due to closure of underperforming corporate stores, coupled with declines in same-store sales.

至於 BurgerFi，第一季企業自有餐廳的銷售額為 850 萬美元，去年同期為 1,020 萬美元。BurgerFi 第一季的全系統銷售額下降了 17%，至 3,340 萬美元，而去年同期為 4,030 萬美元，這主要是由於業績不佳的企業商店關閉，加上同店銷售額下降。

BurgerFi system-wide same-store sales decreased 13% for the first quarter of 2024 compared to the same period of the prior year. For corporate on BurgerFi same store sales decreased 16% and franchise restaurant same-store sales decreased 12%.

2024 年第一季度，BurgerFi 全系統同店銷售額較上年同期下降 13%。BurgerFi 上的企業同店銷售額下降了 16%，特許經營餐廳同店銷售額下降了 12%。

BurgerFi restaurant-level operating margin was 4.1% for the first quarter 2024 compared to 12.6% in the first quarter 2023. This was largely the result of lost leverage on fixed costs due to the same-store sales decline. However, despite the overall challenging top line, the team remains focus on improving profitability for the overall gross margins of BurgerFi improving 115 basis points, as the restaurants continue to benefit from ongoing implementation of inventory management system. We expect these trends to continue going forward, as previously noted, expect to see similar improvements for Anthony's later in the year.

2024 年第一季度，BurgerFi 餐廳層級的營業利潤率為 4.1%，而 2023 年第一季為 12.6%。這主要是由於同店銷售額下降而導致固定成本槓桿損失的結果。然而，儘管整體營收面臨挑戰，但團隊仍專注於提高獲利能力，因為餐廳繼續受益於庫存管理系統的持續實施，BurgerFi 的整體毛利率提高了 115 個基點。我們預計這些趨勢將繼續向前發展，正如先前所指出的，預計安東尼在今年稍後也會有類似的進步。

Returning to consolidated results, we reported a net loss of $6.5 million in the first quarter compared to a net loss of $9.2 million in the year ago quarter. The quarter's reduction in net loss was primarily due to lower share-based compensation expense, lower general administration expense and lower restructuring costs.

回到合併業績，我們報告第一季淨虧損 650 萬美元，而去年同期淨虧損 920 萬美元。本季淨虧損的減少主要是由於股權激勵費用、一般管理費用和重組成本的降低。

Adjusted EBITDA was $258,000 in the quarter compared to $2.6 million in the prior year first quarter, reflecting the impact of lower sales at both brands and loss leverage on fixed costs and labor, both brands and lost royalty and franchise fees at BurgerFi.

本季調整後 EBITDA 為 258,000 美元，而去年同期為 260 萬美元，反映了兩個品牌銷售額下降以及固定成本和勞動力槓桿損失的影響，以及 BurgerFi 損失的特許權使用費和特許經營費。

Moving onto the balance sheet, our cash balances at April 1, 2024 was $4.1 million compared to $7.6 million at January 1, 2024. The decrease in cash of $3.4 million was primarily due to decreased cash from operating activities of $2.9 million in investing activities $0.8 million, partially offset by cash provided by financing of 300,000.

從資產負債表來看，我們截至 2024 年 4 月 1 日的現金餘額為 410 萬美元，而 2024 年 1 月 1 日為 760 萬美元。現金減少 340 萬美元，主要是由於投資活動中經營活動現金減少 290 萬美元，投資活動現金減少 80 萬美元，部分被 30 萬美元融資提供的現金所抵銷。

Cash used in operating activities was primarily related to the decline in adjusted EBITDA and timing of payments included. Cash flow outflows for the investment activities were $800,000, primarily due to capital expenditures. Cash provided by financing activities of $300,000 was due primarily to contributions from noncontrolling interest of $500,000. Looking forward, as we stabilize top line volumes, we can continue to refocus on use of cash for EBITDA growth.

經營活動中使用的現金主要與調整後 EBITDA 和付款時間的下降有關。投資活動的現金流出為 800,000 美元，主要是由於資本支出。融資活動提供的現金 300,000 美元主要來自非控制權益 500,000 美元的捐款。展望未來，隨著我們穩定營業額，我們可以繼續重新專注於使用現金來實現 EBITDA 成長。

Now turning to our fiscal 2024 outlook. Today, we are trending to the low end of previously stated revenue and EBITDA guidance, but are maintaining guidance. As a reminder, I will review our 2024 guidance right at the beginning of the year, total revenue of $170 million, $180 million, which assumes a low-single digit increase in same-store sales for corporate-owned locations.

現在轉向我們的 2024 財年展望。今天，我們的收入和 EBITDA 指引趨向於下限，但仍維持指引不變。提醒一下，我將在年初回顧我們的 2024 年指導，總收入為 1.7 億美元、1.8 億美元，其中假設企業自有門市的同店銷售額出現低個位數成長。

The addition of 10 to 15 new franchise restaurants, including the new Anthony's in our flagship New York City store, continued improvement in cost of goods, driven by the adoption of inventory management systems and adjusted EBITDA ranging from $79 million. We are expecting capital expenditures to be $2 million to $3 million for the full year.

新增 10 至 15 家新特許經營餐廳（包括紐約市旗艦店新開的 Anthony's），在採用庫存管理系統和調整後 EBITDA 7,900 萬美元的推動下，商品成本持續改善。我們預計全年資本支出為 200 萬至 300 萬美元。

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

那麼，接線員，請撥打電話詢問問題。

(Operator Instructions)

（操作員說明）

Peter Saleh, BTIG.

彼得·薩利赫，BTIG。

Great. Thanks. Several questions on my end. I guess first, could you guys talk about the initiatives you have in place to just reignite traffic, primarily maybe on the chicken sandwich side, didn't really hear much on on that front. Where do we stand on that rollout of that product?

偉大的。謝謝。我最後有幾個問題。我想首先，你們能否談談你們為重新點燃流量而採取的舉措，主要可能是在雞肉三明治方面，在這方面並沒有真正聽到太多。我們對該產品的推出有何看法？

As I think chicken is a pretty fast-growing category, and I think that chicken sandwich should should help some of the sales shortfall right now?

因為我認為雞肉是一個成長相當快的類別，而且我認為雞肉三明治應該可以緩解目前的一些銷售缺口？

I can take that one. Hey Peter, we're excited about chicken. I mean, chicken is a huge part of the industry right now still are one of the hot trends. I believe that chicken in a burger concept, your chicken mix should be between 10% and 12% and that's our goal.

我可以接受那個。嘿彼得，我們對雞肉感到很興奮。我的意思是，雞肉是該行業的重要組成部分，目前仍然是熱門趨勢之一。我相信漢堡中雞肉的概念，雞肉的比例應該在 10% 到 12% 之間，這就是我們的目標。

We have launched, we tested for a long time and we launched a new suite grilled chicken as well as fried chicken, which was a huge upgrade to what we previously served. We've launched that in our corporate stores, and we're launching that across the country in our franchise stores as we speak. And we intend to roll that out this summer with a big promotion.

我們已經推出了，我們測試了很長時間，我們推出了一套新的烤雞和炸雞套餐，這對我們之前提供的服務來說是一個巨大的升級。我們已經在我們的公司商店中推出了它，並且我們正在全國範圍內的特許經營店中推出它。我們打算在今年夏天推出大型促銷活動。

So we are seeing a great adoption and great feedback from the new chicken this summer will be our big rollout, our big marketing push to promote that across the country.

因此，我們看到今年夏天新雞的廣泛採用和良好反饋，這將是我們的大規模推廣，我們將在全國範圍內大力推廣這一產品。

Hey, Carl, in the arm and I guess the initial tests was this incremental or did you see any cannibalization? How much of this was truly incremental?

嘿，卡爾，在手臂上，我想最初的測試是增量的還是你看到任何蠶食？其中有多少是真正增量的？

So I believe the majority of chicken, especially on the grilled chicken. We did not have a grilled chicken offering that was pulled off the menu years ago, and it's really off-brand not have grilled chicken that we focus on having higher quality, fresh, healthier ingredients for a burger brand.

所以我相信大多數的雞肉，尤其是烤雞。我們並沒有幾年前從菜單上撤下的烤雞產品，而且我們專注於為漢堡品牌提供更高品質、新鮮、更健康的原料，因此沒有烤雞確實是品牌外的。

So it has been incremental, especially the grilled chicken, so two or three points of incremental growth just from that alone. I believe what was what we will see and we have seen that just in our test stores. We originally rolled out just in our corporate stores in Florida, and we saw some incremental push for sure.

所以它是增量的，尤其是烤雞，所以僅憑這一點就可以實現兩三個點的增量增長。我相信我們將會看到什麼，而且我們已經在我們的測試店中看到了這一點。我們最初只在佛羅裡達州的公司商店推出，我們肯定看到了一些增量推動。

Great. And then just on the enhanced marketing. You mentioned several initiatives in your prepared remarks. Can you talk about the success of some of these initiatives at some of these targeted promotions that you guys have had?

偉大的。然後就是加強行銷。您在準備好的發言中提到了幾項措施。您能談談你們在一些有針對性的促銷活動中採取的一些舉措取得的成功嗎？

I think you're yeah, you're referring to like our social holidays that are kind of what we call social currency holidays. The big thing about those is the treat trial and excitement. For instance, we did pay day on March 14 on Anthony's brand. And it was I think we're at 87% of the year before so it's a huge day for us. But more importantly, what it does is it creates trial.

我想你是的，你指的是我們的社交假期，也就是我們所謂的社交貨幣假期。其中最重要的是治療試驗和興奮。例如，我們在 3 月 14 日對安東尼的品牌進行了發薪日。我認為我們已經完成了前一年的 87%，所以這對我們來說是重要的一天。但更重要的是，它的作用是創造審判。

And really the most important part of that is we also see a spike whenever we do the social holidays or the social currency days, we see huge spike in loyalty sign-ups. And that's really our goal because we know that as we grow the loyalty programs of both brands, that gives us a lever to really market to those people and that's a strategy. So we've seen great success on the individual days. But the true measures do we create trial and new guests, and we reignite our loyalty guests through those social holidays.

實際上，最重要的部分是，每當我們進行社交假期或社交貨幣日時，我們都會看到忠誠度註冊量的大幅增加。這確實是我們的目標，因為我們知道，隨著我們發展兩個品牌的忠誠度計劃，這為我們提供了真正向這些人行銷的槓桿，這就是一種策略。所以我們在每一天都看到了巨大的成功。但真正的措施是我們創造試用和新客人，並透過這些社交假期重新點燃我們的忠誠客人。

Great. And then just last one for me following up on that and then I'll pass along. When you do these kind of social call holidays and these promotions, is the benefit really just confined to that one event or are you seeing follow through I think you indicated you're seeing increased sign-ups of loyalty. So I assume there's some fall through in the days and weeks after those promotions end.

偉大的。然後是我跟進的最後一篇，然後我會繼續。當您進行此類社交電話假期和促​​銷活動時，好處是否真的僅限於該活動，或者您是否看到後續活動，我認為您表明您看到了忠誠度註冊的增加。因此，我認為在這些促銷活動結束後的幾天或幾週內，會有一些失敗。

Absolutely. And like I said, the most important thing is we do see those guests come back. And most importantly, we see them join our loyalty programs. Like I said, we have the hugest our huge spike of loyalty sign-ups is always on the social currency day, and then we can market to those people. And then there then we have a frequent customer, and that's really our goal.

絕對地。就像我說的，最重要的是我們確實看到那些客人回來了。最重要的是，我們看到他們加入了我們的忠誠度計劃。就像我說的，我們的忠誠度註冊量最大的高峰總是在社群貨幣日，然後我們可以向這些人行銷。然後我們就有了常客，這確實是我們的目標。

So to really drive them and create some trial through the social holidays, have some fun with it, get them excited about the brand and then you're going to see them coming back and paying full price for our products and more importantly, becoming part of the family. So to speak in our loyalty program.

因此，要真正激勵他們並在社交假期中進行一些嘗試，享受其中的樂趣，讓他們對這個品牌感到興奮，然後你會看到他們回來並支付全價購買我們的產品，更重要的是，成為我們的一部分家庭的。可以這麼說，在我們的忠誠度計畫中。

Great. Thank you very much, and I'll pass it along.

偉大的。非常感謝你，我會把它轉達給你。

Thank you. And this concludes our question and answer session. I would like to turn the floor back to Mr. Carl for any closing remarks.

謝謝。我們的問答環節到此結束。我想請卡爾先生發表結束語。

Thank you, Pet. I'd just like to thank everyone for listening today's call, and we look forward to speaking with you when we report our second quarter results in August of 2024. Thanks again for joining.

謝謝你，佩特。我謹感謝大家收聽今天的電話會議，我們期待在 2024 年 8 月報告第二季業績時與您交談。再次感謝您的加入。

Ladies and gentlemen this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。