BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or
the “Company”), owner of one of the nation’s leading fast-casual
“better burger” dining concepts through the BurgerFi brand, and the
high-quality, casual dining pizza brand under the name Anthony’s
Coal Fired Pizza & Wings (“Anthony’s”), today reported
financial results for the first quarter ended April 3, 2023.
Highlights for the First
Quarter 2023
- Total revenue increased to $45.7 million in the first quarter
2023 compared to $44.9 million in the prior year quarter driven by
Anthony’s same-store sales growth
- Consolidated systemwide sales increased to $73.4 million
compared to $73.1 million in the prior period
- Systemwide sales for BurgerFi
decreased 1% to $40.3 million in the first quarter compared to the
prior period
- Same-store sales growth of 3% at Anthony’s in the first quarter
of 2023 compared to the prior period
- Systemwide same-store sales decrease of 4% at BurgerFi in the
first quarter of 2023 compared to the prior period
- Opened two new BurgerFi brand franchised restaurants in the
first quarter, one new BurgerFi franchised location in the
second quarter to date, and expects to open an additional
new BurgerFi franchised location by month end
- Consolidated restaurant-level operating expenses as a % of
restaurant sales improved 260 basis points when compared to the
prior year quarter, driven through both brands
- Net loss of $9.2 million or $(0.39) per diluted share in the
first quarter 2023 compared to net loss of $13.6 million or $(0.62)
per diluted share compared to prior year quarter
- Adjusted EBITDA1 of $2.6 million in the first quarter 2023
compared to $2.3 million in the prior year quarter
Management Commentary
Ophir Sternberg, Executive Chairman of BurgerFi,
stated, “We kicked off 2023 with an increase in revenue, improved
operating margins in both brands and higher adjusted EBITDA and
remain on track to achieve our annual guidance. Year to date, we
have opened three new franchised BurgerFi locations with plans to
open a total of 15-20 new franchised restaurants this year,
including our first franchised Anthony’s. I believe we are in the
early innings of our growth strategy and am pleased with the
progress made during the Company’s first quarter.”
Sternberg continued, “I remain confident in the
opportunities ahead at both BurgerFi and Anthony’s. As a
result, as previously announced in February, myself, through
Lionheart, and certain senior members of the management team
purchased additional shares of BurgerFi, so we are collectively the
largest shareholders in the company with approximately 21% of the
shares outstanding.”
First Quarter 2023 Key
Metrics1 Summary
| |
Consolidated |
| (in thousands except
for percentage data) |
Quarter Ended April 3,
2023 |
|
Quarter Ended March 31,
20222 |
|
Systemwide Restaurant Sales |
$ |
73,445 |
|
|
$ |
73,096 |
|
| Systemwide Restaurant Sales
Growth |
|
— |
% |
|
|
7 |
% |
| Systemwide Restaurant Same
Store Sales Growth |
|
(1 |
)% |
|
|
3 |
% |
| Corporate-Owned Restaurant
Sales |
$ |
43,310 |
|
|
$ |
41,978 |
|
| Corporate-Owned Restaurant
Sales Growth |
|
3 |
% |
|
|
14 |
% |
| Corporate-Owned Restaurant
Same Store Sales Growth |
|
1 |
% |
|
|
9 |
% |
| Franchise Restaurant
Sales |
$ |
30,135 |
|
|
$ |
31,119 |
|
| Franchise Restaurant Sales
Growth |
|
(3 |
)% |
|
|
(2 |
)% |
| Franchise Restaurant Same
Store Sales Growth |
|
(3 |
)% |
|
|
(4 |
)% |
| Digital Channel % of
Systemwide Sales |
|
32 |
% |
|
|
37 |
% |
| |
Quarter EndedApril 3, 2023 |
|
Quarter EndedMarch 31, 2022 |
| (in thousands, except
for percentage data) |
BurgerFi |
|
Anthony's |
|
BurgerFi |
|
Anthony's2 |
|
Systemwide Restaurant Sales |
$ |
40,300 |
|
|
$ |
33,145 |
|
|
$ |
40,559 |
|
|
$ |
32,537 |
|
| Systemwide Restaurant Sales
Growth |
|
(1 |
)% |
|
|
2 |
% |
|
|
2 |
% |
|
|
13 |
% |
| Systemwide Restaurant
Same-Store Sales Growth |
|
(4 |
)% |
|
|
3 |
% |
|
|
(5 |
)% |
|
|
13 |
% |
| Corporate-Owned Restaurant
Sales |
$ |
10,165 |
|
|
$ |
33,145 |
|
|
$ |
9,441 |
|
|
$ |
32,537 |
|
| Corporate-Owned Restaurant
Sales Growth |
|
8 |
% |
|
|
2 |
% |
|
|
16 |
% |
|
|
13 |
% |
| Corporate-Owned Restaurant
Same-Store Sales Growth |
|
(6 |
)% |
|
|
3 |
% |
|
|
(8 |
)% |
|
|
13 |
% |
| Franchise Restaurant
Sales |
$ |
30,135 |
|
|
|
N/A |
|
|
$ |
31,119 |
|
|
|
N/A |
|
| Franchise Restaurant Sales
Growth |
|
(3 |
)% |
|
|
N/A |
|
|
|
(2 |
)% |
|
|
N/A |
|
| Franchise Restaurant
Same-Store Sales Growth |
|
(3 |
)% |
|
|
N/A |
|
|
|
(4 |
)% |
|
|
N/A |
|
| Digital Channel % of
Systemwide Sales |
|
30 |
% |
|
|
34 |
% |
|
|
36 |
% |
|
|
39 |
% |
- Refer to “Key Metrics Definitions” and “About Non-GAAP
Financial Measures” sections below.
- Included within Systemwide Restaurant Sales Growth, Systemwide
Restaurant Same-Store Sales Growth, Corporate-Owned Restaurant
Sales Growth and Corporate-Owned Restaurant Same-Store Sales Growth
data presented above is information for Anthony's for the
respective periods in 2021 which is presented only for
informational purposes as Anthony's was not under common ownership
until November 2021, the date of acquisition.
First Quarter
2023 Financial Results
Total revenue in the first quarter of 2023
increased 2% to $45.7 million compared to $44.9 million in the
year-ago quarter, primarily driven by the additional revenue from
new restaurants opened during the period and an increase in
same-store sales at Anthony’s, partially offset by a decrease in
same-store sales at BurgerFi. For the BurgerFi brand, same-store
sales decreased 6% and 3% in corporate-owned and franchised
locations, respectively, an improvement in trend when compared to
the fourth quarter of 2022. For the Anthony’s brand, same-store
sales for the first quarter increased 3% over the prior year
period, continuing the positive trend from the fourth quarter
2022.
Restaurant-level operating expenses for the
first quarter of 2023 were $36.1 million compared to $36.4 million
in the first quarter of 2022. For the BurgerFi brand,
restaurant-level operating expenses, as a percentage of sales,
improved 100 basis points for the first quarter of 2023, compared
to the first quarter of 2022, primarily due to lower food costs
partially offset by lower leverage on sales. For the Anthony's
brand, restaurant-level operating expenses, as a percentage of
sales, improved 310 basis points for the first quarter of 2023,
compared to the first quarter of 2022, driven primarily by lower
food costs.
Net loss in the first quarter was $9.2 million
compared to a net loss of $13.6 million in the year-ago quarter,
primarily due to lower share-based compensation, depreciation and
amortization expenses.
Adjusted EBITDA in the first quarter of 2023
increased 12% to $2.6 million compared to $2.3 million in the first
quarter of 2022, driven by improved profitability from Anthony’s
resulting from higher same-store sales and lower food costs. See
the definition of Adjusted EBITDA, a financial measure that is a
non-generally accepted accounting principle in the United States
(“GAAP”), and the reconciliation to the most comparable GAAP
measure below.
Restaurant Development
As of April 3, 2023, the Company operated
and franchised 172 total restaurants of which 112 were BurgerFi (27
corporate-owned and 85 franchised) and 60 were corporate-owned
Anthony’s. During the first quarter 2023, there were two franchised
BurgerFi restaurants opened, two locations transferred from
franchisees to corporate-owned, and four franchise closures.
Second quarter to date, BurgerFi opened one
franchised location with a second franchised location expected by
month end.
2023 Outlook
Management is reiterating its outlook for the
fiscal year 2023:
- Annual revenues of $175-180 million
- Consolidated low single-digit same-store sales growth for
corporate-owned locations
- 15-20 new franchised restaurants, including one new
Anthony's
- Adjusted EBITDA of $10-12 million
- Capital expenditures of approximately $2 million
Conference Call
The Company will hold a conference call today, May 16, 2023, at
4:30 p.m. Eastern time to discuss its first quarter 2023
results.
Date: Tuesday, May 16, 2023Time: 4:30 p.m. Eastern timeToll-free
dial-in number: (877) 300-8521International dial-in number: (412)
317-6026Conference ID: 10170971
Please call the conference telephone number 5-10
minutes prior to the start time. An operator will register your
name and organization.
The conference call will be broadcast live and
available for two weeks for replay on the Company’s Investor
Relations website at ir.burgerfi.com.
Key Metrics Definitions
The following definitions apply to the terms listed below:
“Systemwide Restaurant Sales” is presented as
informational data in order to understand the aggregation of
franchised stores sales, ghost kitchen and corporate-owned store
sales performance. Systemwide Restaurant Sales growth refers to the
percentage change in sales at all franchised restaurants, ghost
kitchens and corporate-owned restaurants in one period from the
same period in the prior year. Systemwide Restaurant Same-Store
Sales growth refers to the percentage change in sales at all
franchised restaurants, ghost kitchens, and corporate-owned
restaurants after 14 months of operations. See definition below for
“Same-Store Sales”.
“Corporate-Owned Restaurant Sales” represent the
sales generated only by corporate-owned restaurants.
Corporate-Owned Restaurant Sales growth refers to the percentage
change in sales at all corporate-owned restaurants in one period
from the same period in the prior year. Corporate-Owned Restaurant
Same-Store Sales growth refers to the percentage change in sales at
all corporate-owned restaurants after 14 months of operations.
These measures highlight the performance of existing
corporate-owned restaurants.
“Franchise Restaurant Sales” represent the sales generated only
by franchisee-owned restaurants and are not recorded as revenue,
however, the royalties based on a percentage of these franchise
restaurant sales are recorded as revenue. Franchise Restaurant
Sales growth refers to the percentage change in sales at all
franchised restaurants in one period from the same period in the
prior year. Franchise Restaurant Same-Store Sales growth refers to
the percentage change in sales at all franchised restaurants after
14 months of operations. These measures highlight the performance
of existing franchised restaurants.
“Same-Store Sales” is used to evaluate the
performance of our store base, which excludes the impact of new
stores and closed stores, in both periods under comparison. We
include a restaurant in the calculation of Same-Store Sales after
14 months of operations. A restaurant which is temporarily closed,
is included in the Same-Store Sales computation. A restaurant which
is closed permanently, such as upon termination of the lease, or
other permanent closure, is immediately removed from the Same-Store
Sales computation. Our calculation of Same-Store Sales may not be
comparable to others in the industry.
“Digital Channel” % of systemwide sales is used
to measure performance of our investments made in our digital
platform and partnerships with third party delivery partners. We
believe our digital platform capabilities are a vital element to
continuing to serve our customers and will continue to be a
differentiator for the Company as compared to some of our
competitors. Digital Channel as percentages of Systemwide
Restaurant Sales are indicative of the sales placed through our
digital platforms and the percentage of those digital sales when
compared to total sales at all our franchised and corporate-owned
restaurants.
“Adjusted EBITDA,” a non-GAAP measure, is
defined as net loss before share-based compensation expense,
depreciation and amortization expense, interest expense (which
includes accretion on the value of preferred stock and interest
accretion on related party note), restructuring costs, merger,
acquisition and integration costs, legal settlements, store closure
costs, pre-opening costs, loss on change in value of warrant
liability and income tax benefit.
Unless otherwise stated, Systemwide Restaurant
Sales, Systemwide Sales growth, and Same-Store Sales are presented
on a systemwide basis, which means they include franchise
restaurants and company-owned restaurants. Franchise restaurant
sales represent sales at all franchise restaurants and are revenues
to our franchisees. We do not record franchise sales as revenues;
however, our royalty revenues and brand royalty revenues are
calculated based on a percentage of franchise sales.
About BurgerFi International (Nasdaq: BFI,
BFIIW)
Established in 2011, BurgerFi is a leading multi-brand
restaurant company that develops, markets, and acquires fast-casual
and premium-casual dining restaurant concepts around the world,
including corporate-owned stores and franchises. BurgerFi is the
owner and franchisor of the two following brands with a combined
172 locations.
BurgerFi. BurgerFi is among the nation’s fast casual better
burger concepts with 112 BurgerFi restaurants (85 franchised and 27
corporate-owned) as of April 3, 2023. BurgerFi is chef-founded
and committed to serving fresh, all-natural and quality food at all
locations, online and via first-party and third-party deliveries.
BurgerFi uses 100% American Angus Beef with no steroids,
antibiotics, growth hormones, chemicals or additives. BurgerFi's
menu also includes high quality Wagyu Beef Blend Burgers,
Antibiotic and Cage-Free Chicken offerings, Fresh, Hand-Cut Sides,
and Frozen Custard Shakes and Concretes. BurgerFi was named "The
Very Best Burger" at the 2023 edition of the nationally acclaimed
SOBE Wine and Food Festival, "Best Fast Casual Restaurant" in USA
Today's 10Best 2022 Readers' Choice Awards for the second
consecutive year, QSR Magazine's Breakout Brand of 2020 and Fast
Casual's 2021 #1 Brand of the Year. In 2021, Consumer Reports
awarded BurgerFi an “A Grade Angus Beef” rating for the third
consecutive year. To learn more about BurgerFi or to find a full
list of locations, please visit www.burgerfi.com. Download the
BurgerFi App on iOS or Android devices for rewards and 'Like' or
follow @BurgerFi on Instagram, Facebook and Twitter. BurgerFi® is a
Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary
of BurgerFi.
Anthony’s. Anthony’s was acquired by BurgerFi on
November 3, 2021 and is a premium pizza and wing brand that
operates 60 corporate-owned casual restaurant locations, as of
April 3, 2023. Known for serving fresh, never frozen and
quality ingredients, Anthony’s is centered around a 900-degree coal
fired oven with menu offerings including “well-done” pizza, coal
fired chicken wings, homemade meatballs, and a variety of
handcrafted sandwiches and salads. Anthony’s was named “The Best
Pizza Chain in America” by USA Today's Great American Bites and
“Top 3 Best Major Pizza Chain” by Mashed in 2021. To learn more
about Anthony’s, please visit www.acfp.com.
About Non-GAAP Projected Financial Measures
To supplement our consolidated financial
statements, which are prepared and presented in accordance with
GAAP, we use the measure Adjusted EBITDA. The presentation of this
financial information is not intended to be considered in isolation
or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP.
We use this non-GAAP financial measure for
financial and operational decision-making and as a means to
evaluate period-to-period comparisons. We believe that this
non-GAAP financial measure provides meaningful supplemental
information regarding our performance and liquidity by excluding
certain items that may not be indicative of our recurring core
business operating results. We believe that both management and
investors benefit from referring to this non-GAAP financial measure
in assessing our performance and when planning, forecasting, and
analyzing future periods. This non-GAAP financial measure also
facilitates management’s internal comparisons to our historical
performance and liquidity as well as comparisons to our
competitors’ operating results. We believe this non-GAAP financial
measure is useful to investors both because (1) it allows for
greater transparency with respect to key metrics used by management
in its financial and operational decision-making and (2) it is used
by our institutional investors and the analyst community to help
them analyze the health of our business.
There are a number of limitations related to the
use of this non-GAAP financial measure. We compensate for these
limitations by providing specific information regarding the GAAP
amounts excluded from this non-GAAP financial measure and
evaluating this non-GAAP financial measure together with its
relevant financial measures in accordance with GAAP.
A reconciliation of Adjusted EBITDA guidance is
not being provided due to the nature of this forward-looking
non-GAAP measure containing certain elements that are impractical
to predict given their market-based nature, such as share-based
compensation expense and gain and losses on change in value of
warrant liabilities, without unreasonable efforts. For the same
reasons, we are unable to address the probable significance of the
unavailable information, nor can we accurately predict all of the
components of the applicable non-GAAP financial measure and
reconciling adjustments thereto; accordingly, guidance for the
corresponding GAAP measure may be materially different than
guidance for the non-GAAP measure. Such forward looking information
is also subject to uncertainty and various risks, and there can be
no assurance that any forecasted results or conditions will
actually be achieved.
Forward-Looking Statements
This press release may contain “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995, including statements relating to BurgerFi's estimates
of its future business outlook, liquidity, prospects or financial
results, long-term opportunities, executing on growth strategies,
launch of the Anthony’s franchise system, increased revenue,
improved operating margins in both brands and higher adjusted
EBITDA, store opening plans, and expectations regarding adjusted
EBITDA in 2023, as well as statements set forth under the section
titled “2023 Outlook” above. 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,” and similar
expressions. These forward-looking statements are based on current
expectations and assumptions that are subject to risks and
uncertainties, which could cause our 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 our Annual Report on
Form 10-K for the year ended January 2, 2023, and those discussed
in other documents we file with the Securities and Exchange
Commission, including our ability to continue to access liquidity
from our credit agreement and remain compliant with financial
covenants therein, as well as to successfully realize the expected
benefits of the acquisition of Anthony’s or any other factors. 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 press release. We undertake no obligation to revise or
publicly release the results of any revision to these
forward-looking statements, except as required by law. Given these
risks and uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements.
Investor Relations:ICRMichelle
Michalski IR-BFI@icrinc.com646-277-1224
Company Contact:BurgerFi International
Inc.IR@burgerfi.com
Media Relations Contact:Ink Link MarketingKim
Miller Kmiller@inklinkmarketing.com
|
BurgerFi International Inc., and Subsidiaries |
|
Consolidated Balance Sheets |
| |
Unaudited |
|
|
| (in thousands, except
for per share data) |
April 3, 2023 |
|
January 2, 2023 |
| Assets |
|
|
|
| Current
Assets |
|
|
|
|
Cash |
$ |
9,026 |
|
|
$ |
11,917 |
|
|
Accounts receivable, net |
|
1,971 |
|
|
|
1,926 |
|
|
Inventory |
|
1,450 |
|
|
|
1,320 |
|
|
Assets held for sale |
|
1,482 |
|
|
|
732 |
|
|
Prepaid expenses and other current assets |
|
3,095 |
|
|
|
2,564 |
|
|
Total Current Assets |
|
17,024 |
|
|
|
18,459 |
|
| Property & equipment,
net |
|
19,120 |
|
|
|
19,371 |
|
| Operating right-of-use assets,
net |
|
45,131 |
|
|
|
45,741 |
|
| Goodwill |
|
31,621 |
|
|
|
31,621 |
|
| Intangible assets, net |
|
157,335 |
|
|
|
160,208 |
|
| Other assets |
|
990 |
|
|
|
1,380 |
|
|
Total Assets |
$ |
271,221 |
|
|
$ |
276,780 |
|
| Liabilities and
Stockholders' Equity |
|
|
|
| Current
Liabilities |
|
|
|
|
Accounts payable - trade and other |
$ |
8,797 |
|
|
$ |
8,464 |
|
|
Accrued expenses |
|
8,698 |
|
|
|
10,589 |
|
|
Short-term operating lease liability |
|
12,735 |
|
|
|
9,924 |
|
|
Short-term borrowings, including finance leases |
|
3,490 |
|
|
|
4,985 |
|
|
Other current liabilities |
|
2,983 |
|
|
|
6,241 |
|
|
Total Current Liabilities |
|
36,703 |
|
|
|
40,203 |
|
| Non-Current
Liabilities |
|
|
|
|
Long-term borrowings, including finance leases |
|
50,523 |
|
|
|
53,794 |
|
|
Redeemable preferred stock, $0.0001 par value, 10,000,000 shares
authorized, 2,120,000 shares issued and outstanding as of
April 3, 2023 and January 2, 2023, $53 million principal
redemption value |
|
52,439 |
|
|
|
51,418 |
|
|
Long-term operating lease liability |
|
40,166 |
|
|
|
40,748 |
|
|
Related party note payable |
|
14,374 |
|
|
|
9,235 |
|
|
Deferred income taxes |
|
1,223 |
|
|
|
1,223 |
|
|
Other non-current liabilities |
|
1,325 |
|
|
|
1,212 |
|
|
Total Liabilities |
|
196,753 |
|
|
|
197,833 |
|
| Stockholders'
Equity |
|
|
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized,
23,823,105 and 22,257,772 shares issued and outstanding as of April
3, 2023 and January 2, 2023, respectively |
|
2 |
|
|
|
2 |
|
| Additional paid-in
capital |
|
310,768 |
|
|
|
306,096 |
|
| Accumulated
deficit |
|
(236,302 |
) |
|
|
(227,151 |
) |
| Total Stockholders'
Equity |
|
74,468 |
|
|
|
78,947 |
|
|
Total Liabilities and Stockholders' Equity |
$ |
271,221 |
|
|
$ |
276,780 |
|
|
BurgerFi International Inc., and Subsidiaries |
|
Consolidated Statements of Operations |
|
(Unaudited) |
| |
|
| |
Quarter Ended |
| (in thousands, except
for per share data) |
April 3, 2023 |
|
March 31, 2022 |
| Revenue |
|
|
|
|
Restaurant sales |
$ |
43,316 |
|
|
$ |
42,359 |
|
|
Royalty and other fees |
|
1,969 |
|
|
|
2,103 |
|
|
Royalty - brand development and co-op |
|
441 |
|
|
|
471 |
|
|
Total Revenue |
|
45,726 |
|
|
|
44,933 |
|
| Restaurant level operating
expenses: |
|
|
|
|
Food, beverage and paper costs |
|
11,611 |
|
|
|
12,807 |
|
|
Labor and related expenses |
|
13,216 |
|
|
|
12,583 |
|
|
Other operating expenses |
|
7,456 |
|
|
|
7,192 |
|
|
Occupancy and related expenses |
|
3,834 |
|
|
|
3,833 |
|
| General and administrative
expenses |
|
6,573 |
|
|
|
6,030 |
|
| Depreciation and amortization
expense |
|
3,227 |
|
|
|
4,444 |
|
| Share-based compensation
expense |
|
4,674 |
|
|
|
7,376 |
|
| Brand development, co-op and
advertising expenses |
|
1,096 |
|
|
|
714 |
|
| Store closure costs |
|
121 |
|
|
|
514 |
|
| Restructuring costs |
|
918 |
|
|
|
— |
|
| Pre-opening costs |
|
— |
|
|
|
474 |
|
| Total Operating
Expenses |
|
52,726 |
|
|
|
55,967 |
|
| Operating
Loss |
|
(7,000 |
) |
|
|
(11,034 |
) |
| Interest expense, net |
|
(2,078 |
) |
|
|
(2,071 |
) |
| Loss on change in value of
warrant liability |
|
(73 |
) |
|
|
(534 |
) |
| Other loss |
|
— |
|
|
|
(33 |
) |
| Loss before income
taxes |
|
(9,151 |
) |
|
|
(13,672 |
) |
| Income tax benefit |
|
— |
|
|
|
112 |
|
| Net loss |
|
(9,151 |
) |
|
|
(13,560 |
) |
| |
|
|
|
| Weighted average
common shares outstanding: |
|
|
|
|
Basic |
|
23,568,032 |
|
|
|
21,962,165 |
|
|
Diluted |
|
23,568,032 |
|
|
|
21,962,165 |
|
| |
|
|
|
| Net loss per common
share: |
|
|
|
|
Basic |
$ |
(0.39 |
) |
|
$ |
(0.62 |
) |
|
Diluted |
$ |
(0.39 |
) |
|
$ |
(0.62 |
) |
|
BurgerFi International Inc., and Subsidiaries |
|
Consolidated Reconciliation of Net Loss to Adjusted
EBITDA |
|
(Non-GAAP) (Unaudited) |
| |
|
| |
Quarter Ended |
| (in
thousands) |
April 3, 2023 |
|
March 31, 2022 |
|
Net loss |
$ |
(9,151 |
) |
|
$ |
(13,560 |
) |
|
Share-based compensation expense |
|
4,674 |
|
|
|
7,376 |
|
|
Depreciation and amortization expense |
|
3,227 |
|
|
|
4,444 |
|
|
Interest expense |
|
2,078 |
|
|
|
2,071 |
|
|
Restructuring costs |
|
918 |
|
|
|
— |
|
|
Merger, acquisition and integration |
|
328 |
|
|
|
412 |
|
|
Legal settlements |
|
282 |
|
|
|
125 |
|
|
Store closure costs |
|
121 |
|
|
|
514 |
|
|
Loss on change in value of warrant liability |
|
73 |
|
|
|
534 |
|
|
Pre-opening costs |
|
— |
|
|
|
474 |
|
|
Income tax benefit |
|
— |
|
|
|
(112 |
) |
|
Adjusted EBITDA |
$ |
2,550 |
|
|
$ |
2,278 |
|
|
Segment Adjusted EBITDA |
|
Reconciliation of Net Income (Loss) to Adjusted
EBITDA |
|
(Non-GAAP) (Unaudited) |
| |
|
|
|
| |
BurgerFi |
|
Anthony's |
| (in
thousands) |
Quarter Ended April 3,
2023 |
|
Quarter Ended March 31,
2022 |
|
Quarter Ended April 3,
2023 |
|
Quarter Ended March 31,
2022 |
|
Net (loss) income |
$ |
(9,597 |
) |
|
$ |
(12,960 |
) |
|
$ |
446 |
|
$ |
(600 |
) |
|
Share-based compensation expense |
|
4,674 |
|
|
|
7,376 |
|
|
|
— |
|
|
— |
|
|
Depreciation and amortization expense |
|
2,090 |
|
|
|
2,507 |
|
|
|
1,137 |
|
|
1,937 |
|
|
Interest expense |
|
918 |
|
|
|
965 |
|
|
|
1,160 |
|
|
1,106 |
|
|
Restructuring costs |
|
665 |
|
|
|
— |
|
|
|
253 |
|
|
— |
|
|
Merger, acquisition and integration costs |
|
328 |
|
|
|
346 |
|
|
|
— |
|
|
66 |
|
|
Legal settlements |
|
282 |
|
|
|
125 |
|
|
|
— |
|
|
— |
|
|
Store closure costs |
|
65 |
|
|
|
534 |
|
|
|
56 |
|
|
(20 |
) |
|
Loss on change in value of warrant liability |
|
73 |
|
|
|
534 |
|
|
|
— |
|
|
— |
|
|
Pre-opening costs |
|
— |
|
|
|
474 |
|
|
|
— |
|
|
— |
|
|
Income tax benefit |
|
— |
|
|
|
(110 |
) |
|
|
— |
|
|
(2 |
) |
|
Adjusted EBITDA |
$ |
(502 |
) |
|
$ |
(209 |
) |
|
$ |
3,052 |
|
$ |
2,487 |
|
|
BurgerFi International Inc., and Subsidiaries |
|
Consolidated Restaurant Level Operating
Expenses |
|
(Unaudited) |
| |
|
|
|
| |
Quarter Ended April 3,
2023 |
|
Quarter Ended March 31,
2022 |
| (in
thousands) |
In dollars |
|
% ofrestaurantsales |
|
In dollars |
|
% ofrestaurantsales |
|
Restaurant Sales |
$ |
43,316 |
|
100.0 |
% |
|
$ |
42,359 |
|
100.0 |
% |
| Restaurant level operating
expenses: |
|
|
|
|
|
|
|
|
Food, beverage and paper costs |
|
11,611 |
|
26.8 |
% |
|
|
12,807 |
|
30.2 |
% |
|
Labor and related expenses |
|
13,216 |
|
30.5 |
% |
|
|
12,583 |
|
29.7 |
% |
|
Other operating expenses |
|
7,456 |
|
17.2 |
% |
|
|
7,192 |
|
17.0 |
% |
|
Occupancy and related expenses |
|
3,834 |
|
8.9 |
% |
|
|
3,833 |
|
9.0 |
% |
|
Total |
$ |
36,117 |
|
83.4 |
% |
|
$ |
36,415 |
|
86.0 |
% |
| Anthony’s
Brand Only |
|
Restaurant Level Operating Expenses |
|
(Unaudited) |
| |
|
|
|
| |
Quarter EndedApril 3, 2023 |
|
Quarter EndedMarch 31, 2022 |
| (in
thousands) |
In dollars |
|
% of restaurant sales |
|
In dollars |
|
% of restaurant sales |
|
Restaurant Sales |
$ |
33,145 |
|
100.0 |
% |
|
$ |
32,537 |
|
100.0 |
% |
| Restaurant level operating
expenses: |
|
|
|
|
|
|
|
|
Food, beverage and paper costs |
|
8,663 |
|
26.1 |
% |
|
|
9,777 |
|
30.0 |
% |
|
Labor and related expenses |
|
10,240 |
|
30.9 |
% |
|
|
9,833 |
|
30.2 |
% |
|
Other operating expenses |
|
5,369 |
|
16.2 |
% |
|
|
5,249 |
|
16.1 |
% |
|
Occupancy and related expenses |
|
2,953 |
|
8.9 |
% |
|
|
2,873 |
|
8.8 |
% |
|
Total |
$ |
27,225 |
|
82.1 |
% |
|
$ |
27,732 |
|
85.2 |
% |
|
BurgerFi Brand Only |
|
Restaurant Level Operating Expenses |
|
(Unaudited) |
| |
|
|
|
| |
Quarter EndedApril 3, 2023 |
|
Quarter EndedMarch 31, 2022 |
| (in
thousands) |
In dollars |
|
% ofrestaurantsales |
|
In dollars |
|
% ofrestaurantsales |
|
Restaurant Sales |
$ |
10,171 |
|
100.0 |
% |
|
$ |
9,822 |
|
100.0 |
% |
| Restaurant level operating
expenses: |
|
|
|
|
|
|
|
|
Food, beverage and paper costs |
|
2,948 |
|
29.0 |
% |
|
|
3,030 |
|
30.8 |
% |
|
Labor and related expenses |
|
2,976 |
|
29.3 |
% |
|
|
2,750 |
|
28.0 |
% |
|
Other operating expenses |
|
2,087 |
|
20.5 |
% |
|
|
1,943 |
|
19.8 |
% |
|
Occupancy and related expenses |
|
881 |
|
8.7 |
% |
|
|
960 |
|
9.8 |
% |
|
Total |
$ |
8,892 |
|
87.4 |
% |
|
$ |
8,683 |
|
88.4 |
% |
|
BurgerFi International Inc., and Subsidiaries |
|
Segment Unit Counts |
| |
|
| |
Quarter Ended April 3, 2023 |
| |
| |
Corporate-owned |
|
Franchised |
|
Total |
|
|
Total BurgerFi and Anthony's brands |
87 |
|
85 |
|
172 |
|
| |
|
|
|
|
|
|
| BurgerFi stores, beginning of
the period |
25 |
|
89 |
|
114 |
|
| BurgerFi stores opened |
— |
|
2 |
|
2 |
|
| BurgerFi stores acquired /
(transferred) |
2 |
|
(2) |
|
— |
|
| BurgerFi stores closed |
— |
|
(4) |
|
(4) |
|
| BurgerFi total stores,
end of the period |
27 |
|
85 |
|
112 |
|
| |
|
|
|
|
|
|
| Anthony's stores, beginning of
period |
60 |
|
— |
|
60 |
|
| Anthony's total
stores, end of the period |
60 |
|
— |
|
60 |
|
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