0001723580FALSE200 West Cypress Creek Rd., Suite 220Fort LauderdaleFL00017235802023-11-152023-11-150001723580bfi:CommonStockParValue00001PerShareMember2023-11-152023-11-150001723580bfi:RedeemableWarrantsEachExercisableForOneShareOfCommonStockAtAnExercisePriceOf1150PerShareMember2023-11-152023-11-15

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________
FORM 8-K
_______________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 15, 2023
_______________________________________
BurgerFi International, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________
001-38417Delaware82-2418815
(Commission
File Number)
(State or Other Jurisdiction
of Incorporation)
(I.R.S. Employer
Identification No.)
200 West Cypress Creek Rd., Suite 220
Fort Lauderdale, FL
33309
(Address of Principal Executive Offices)(Zip Code)
(954) 618-2000
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
_______________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.0001 per shareBFIThe Nasdaq Stock Market LLC
Redeemable warrants, each exercisable for one share of common stock at an exercise price of $11.50 per shareBFIIWThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company  ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02    Results of Operations and Financial Condition.

On November 15, 2023, BurgerFi International, Inc. (the “Company”) issued a press release reporting its results for the third quarter ended October 2, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01.    Regulation FD Disclosure.

Attached hereto as Exhibit 99.1 and incorporated into this Item 7.01 by reference is the press release to be used by the Company during the Company’s earnings conference call held on November 15, 2023.

The information in this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.     Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit
No.		Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).
*     Furnished but not filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 15, 2023
BURGERFI INTERNATIONAL, INC.
By:/s/ Christopher Jones
Christopher Jones, Chief Financial Officer

Exhibit 99.1
image_0.jpg

BurgerFi Reports Third Quarter 2023 Results

Conference Call Today, November 15, 2023, at 8:30 a.m. ET

FORT LAUDERDALE, FL – November 15, 2023 – 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 and wings concept under the name Anthony’s Coal Fired Pizza & Wings (“Anthony’s”) brand, today reported financial results for the third quarter ended October 2, 2023.

Highlights for the Third Quarter 2023
•Total revenue was $39.5 million in the third quarter 2023 compared to $43.3 million in the prior period
◦Consolidated systemwide sales decreased to $65.3 million compared to $70.6 million in the prior period
◦Same-store sales decreased 5% at Anthony’s in the third quarter of 2023 compared to the prior period
◦Systemwide sales for BurgerFi decreased 9% to $35.7 million in the third quarter compared to the prior period
◦Systemwide same-store sales decrease of 11% at BurgerFi in the third quarter of 2023 compared to the prior period
•Opened five BurgerFi franchised locations and acquired four from franchisees year to date, and expects to open an additional nine BurgerFi locations, including the first dual-brand franchise location and a flagship restaurant in New York City with the unveiling of its Better Burger Lab experience.
•Hourly turnover declined significantly from the prior period at both brands, with Anthony’s performing better than industry benchmarks, while BurgerFi made considerable progress and is on track to achieve similar improvements. Management turnover improved at BurgerFi, approaching industry benchmarks.
•Consolidated food, beverage and paper expense margin improved 220 basis points compared to the prior period
•Consolidated restaurant-level operating expenses increased 100 basis points compared to the prior period
•Net loss increased to $5.0 million, or $(0.19) per diluted share, in the third quarter 2023 compared to net loss of $3.3 million or $(0.15) per diluted share in the prior period
•Adjusted EBITDA1 of $0.8 million in the third quarter 2023 compared to $1.6 million in the prior period

Management Commentary

Carl Bachmann, Chief Executive Officer of BurgerFi stated, “Our third quarter performance is not reflective of what we believe these brands and the people at this organization can and will accomplish. Having arrived here ten days into the quarter, these results are in no way indicative of our work to date or where we intend to take the business. Using my prior experience at enhancing pizza and burger concepts, BurgerFi is now implementing strategic priorities that should position the Company for long term, profitable growth.”

Bachmann continued, “Many of the initial initiatives we put in place are already taking hold, including the expanded menus at BurgerFi and Anthony’s. Most recently, we successfully executed the biggest enhancement of the BurgerFi menu in company history, adding wings and salad bowls, and the response has been resounding. At the end of the month, we will also launch chicken sandwiches. At Anthony’s, we added a Chicken Alfredo and Artichoke Pizza, and two pasta dishes -- Spaghetti and Meatballs and Italian Fettuccine Alfredo. We have already decreased turnover at both brands and significantly reduced training labor which has resulted in higher consumer satisfaction scores as well as faster throughput and ticket times. These are leading indicators that we are on the right path towards higher sales and margins.”


Exhibit 99.1
Christopher Jones, Chief Financial Officer of BurgerFi, added, “Looking forward, with the combination of new unit growth and improving same store sales trends driven by our expanded offering and overall more effective marketing messages, we anticipate BurgerFi returning to positive comps in early 2024 and positive EBITDA by the second half of 2024. Additionally, we are equally confident in the return to positive comps and increased EBITDA at Anthony’s, driven by similar initiatives, including menu modification, an aggressive focus on food cost and the benefits from an updated POS platform. Perhaps most importantly, we are also setting the stage with the franchising of company-owned stores starting as early as the first quarter of 2024.”


Third Quarter 2023 Key Metrics1 Summary
Consolidated
Quarter EndedNine Months Ended
(in thousands, except for percentage data)October 2, 2023October 3 , 2022October 2, 2023October 3 , 2022
Systemwide Restaurant Sales$65,278 $70,627 $209,406 $218,014 
Systemwide Restaurant Sales Growth(8)%(2)%(4)%1 %
Systemwide Restaurant Same-Store Sales Growth(8)%(2)%(4)%— %
Corporate-Owned Restaurant Sales$37,324 $40,284 $121,442 $124,319 
Corporate-Owned Restaurant Sales Growth(7)%4 %(2)%7 %
Corporate-Owned Restaurant Same-Store Sales Growth(7)%1 %(3)%3 %
Franchise Restaurant Sales$27,954 $30,343 $87,964 $93,695 
Franchise Restaurant Sales Growth(8)%(8)%(6)%(6)%
Franchise Restaurant Same-Store Sales Growth(9)%(5)%(6)%(4)%
Digital Channel % of Systemwide Sales32 %34 %32 %35 %




Quarter Ended
October 2, 2023October 3, 2022
(in thousands, except for percentage data)BurgerFiAnthony'sBurgerFi
Anthony's2
Systemwide Restaurant Sales$35,738 $29,540 $39,147 $31,480 
Systemwide Restaurant Sales Growth(9)%(6)%(5)%4 %
Systemwide Restaurant Same-Store Sales Growth(11)%(5)%(6)%4 %
Corporate-Owned Restaurant Sales$7,784 $29,540 $8,804 $31,480 
Corporate-Owned Restaurant Sales Growth(12)%(6)%4 %4 %
Corporate-Owned Restaurant Same-Store Sales Growth(15)%(5)%(11)%4 %
Franchise Restaurant Sales$27,954 N/A$30,343 N/A
Franchise Restaurant Sales Growth(8)%N/A(8)%N/A
Franchise Restaurant Same-Store Sales Growth(9)%N/A(5)%N/A
Digital Channel % of Systemwide Sales31 %33 %33 %36 %



Exhibit 99.1
Nine Months Ended
October 2, 2023October 3, 2022
(in thousands, except for percentage data)BurgerFiAnthony'sBurgerFi
Anthony's2
Systemwide Restaurant Sales$114,861 $94,545 $122,159 $95,855 
Systemwide Restaurant Sales Growth(6)%(1)%(3)%6 %
Systemwide Restaurant Same-Store Sales Growth(8)%— %(5)%6 %
Corporate-Owned Restaurant Sales$26,897 $94,545 $28,464 $95,855 
Corporate-Owned Restaurant Sales Growth(6)%(1)%12 %6 %
Corporate-Owned Restaurant Same-Store Sales Growth(12)%— %(10)%6 %
Franchise Restaurant Sales$87,964 N/A$93,695 N/A
Franchise Restaurant Sales Growth(6)%N/A(6)%N/A
Franchise Restaurant Same-Store Sales Growth(6)%N/A(4)%N/A
Digital Channel % of Systemwide Sales31 %33 %34 %37 %

1.Refer to “Key Metrics Definitions” and “About Non-GAAP Financial Measures” sections below.


2.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.



Third Quarter 2023 Financial Results

Total revenue in the third quarter of 2023 decreased 9% to $39.5 million compared to $43.3 million in the year-ago quarter, primarily driven by a decrease in same-store sales at BurgerFi and Anthony’s partially offset by the additional revenue from new restaurants opened during the period. For the BurgerFi brand, same-store sales decreased 15% and 9% in corporate-owned and franchised locations, respectively. For the Anthony’s brand, same-store sales for the third quarter decreased 5% over the prior year period.

Restaurant-level operating expenses for the third quarter of 2023 were $32.9 million compared to $35.2 million in the third quarter of 2022. For the Anthony's brand, restaurant-level operating expenses, as a percentage of sales, increased 20 basis points for the third quarter of 2023, compared to the third quarter of 2022, due to lower leverage on sales partially offset by lower food, beverage and paper costs. For the BurgerFi brand, restaurant-level operating expenses, as a percentage of sales, increased 440 basis points for the third quarter of 2023, compared to the third quarter of 2022, primarily due to lower leverage on sales.

Net loss in the third quarter was $5.0 million compared to a net loss of $3.3 million in the year-ago quarter, primarily due to decrease in same store sales and the absence of gains on employee retention credits compared to the prior period, partially offset by lower depreciation and amortization expenses, lower share-based compensation expense and gain on change in value of warrant liability.

Adjusted EBITDA in the third quarter of 2023 decreased $0.8 million to $0.8 million compared to $1.6 million in the third quarter of 2022, driven by lost leverage on sales partially offset by 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 October 2, 2023, the Company operated and franchised 169 total restaurants of which 110 were BurgerFi (26 corporate-owned and 84 franchised) and 59 were corporate-owned Anthony’s. During the third quarter 2023, there was one corporate-owned Anthony’s and three franchise BurgerFi closures.

Exhibit 99.1

Year to date, BurgerFi opened five franchised locations. For the fourth quarter to date, the Company acquired two locations from franchisees and expects to open an additional nine BurgerFi locations, including the first dual-brand franchise location and a flagship restaurant in New York City with the unveiling of its Better Burger Lab experience.

2023 Outlook

Management is updating its outlook for the fiscal year 2023:

•Annual revenues of $160 -170 million
•Consolidated low single-digit same-store sales decline for corporate-owned locations
•12-15 new franchised restaurants, including one new Anthony's
•Adjusted EBITDA of $6 -8 million
•Capital expenditures of approximately $2 million

Conference Call

The Company will hold a conference call today, November 15, 2023, at 8:30 a.m. Eastern time to discuss its third quarter 2023 results.

Date: Wednesday, November 15, 2023
Time: 8:30 a.m. Eastern time
Toll-free dial-in number: 1-833-816-1403
International dial-in number: (412) 317-0496
Conference ID: 10182500

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.


Exhibit 99.1
“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 goodwill impairment, lease termination recovery, employee retention credits, share-based compensation expense, depreciation and amortization expense, interest expense (which includes accretion on the value of preferred stock and interest accretion on the related party note), restructuring costs, merger, acquisition and integration costs, legal settlements, net of gains, store closure costs, loss (gain) on change in value of warrant liability, pre-opening costs, (gain) loss on sale of assets and income tax expense (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)

BurgerFi International, Inc. 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 International is the owner and franchisor of the two following brands with a combined 169 locations.

BurgerFi. BurgerFi is among the nation’s fast-casual better burger concepts with 110 BurgerFi restaurants (84 franchised and 26 corporate-owned) as of October 2, 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, Hand-Cut Sides, and Frozen Custard Shakes. BurgerFi was named "The Very Best Burger" at the 2023 edition of the nationally acclaimed SOBE Wine and Food Festival and “Best Fast Food Burger” in USA Today’s 10Best 2023 Readers’ Choice Awards for its BBQ Rodeo Burger, "Best Fast Casual Restaurant" in USA Today's 10Best 2023 Readers' Choice Awards for the third 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 59 corporate-owned casual restaurant locations, as of October 2, 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.


Exhibit 99.1
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 and improvement strategies, new franchise opportunities, increased revenue, liquidity, improved operating margins in both brands, improved labor trends, seasonality trends, product improvements, including new products and services, expected customer acceptance, improved operating efficiencies, store opening plans, and expectations regarding adjusted EBITDA in 2023 and EBITDA in 2024, 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:
ICR
Michelle Michalski

Exhibit 99.1
IR-BFI@icrinc.com
646-277-1224

Company Contact:
BurgerFi International Inc.
IR@burgerfi.com

Media Relations Contact:
Ink Link Marketing
Kim Miller
Kmiller@inklinkmarketing.com












Exhibit 99.1

BurgerFi International Inc., and Subsidiaries
Consolidated Balance Sheets

Unaudited
(in thousands, except for per share data)October 2, 2023January 2, 2023
Assets   
Current Assets
Cash$9,746 $11,917
Accounts receivable, net1,2291,926
Inventory1,376 1,320
Assets held for sale732732
Prepaid expenses and other current assets9722,564
Total Current Assets$14,055$18,459
Property & equipment, net17,987 19,371
Operating right-of-use assets, net46,07045,741
Goodwill31,62131,621
Intangible assets, net153,091 160,208
Other assets1,1141,380
Total Assets$263,938 $276,780
Liabilities and Stockholders' Equity
Current Liabilities  
Accounts payable - trade and other$8,216$8,464
Accrued expenses8,179 10,589
Short-term operating lease liability12,2529,924
Short-term borrowings, including finance leases3,539 4,985
Other current liabilities2,7006,241
Total Current Liabilities$34,886$40,203
Non-Current Liabilities 
Long-term borrowings, including finance leases49,39653,794
Redeemable preferred stock, $0.0001 par value, 10,000,000 shares authorized, 2,120,000 shares issued and outstanding as of October 2, 2023 and January 2, 2023, $53 million principal redemption value, respectively
54,545 51,418
Long-term operating lease liability40,67240,748
Related party note payable14,4509,235
Deferred income taxes1,2231,223
Other non-current liabilities1,120 1,212 
Total Liabilities$196,292 $197,833
Stockholders' Equity
Common stock, $0.0001 par value, 100,000,000 shares authorized, 26,805,474, and 22,257,772 shares issued and outstanding as of October 2, 2023 and January 2, 2023, respectively
22
Additional paid-in capital314,905306,096
Accumulated deficit(247,261)(227,151)
Total Stockholders' Equity$67,646$78,947
Total Liabilities and Stockholders' Equity$263,938 $276,780







Exhibit 99.1
BurgerFi International Inc., and Subsidiaries
Consolidated Statements of Operations
(Unaudited)

Quarter EndedNine Months Ended
(in thousands, except for per share data)October 2, 2023October 3, 2022October 2, 2023October 3, 2022
Revenue
Restaurant sales$37,324 $40,361 $121,448 $124,954
Royalty and other fees1,698 2,465 5,858 7,179 
Royalty - brand development and co-op458 429 1,328 1,351 
Total Revenue$39,480 $43,255 $128,634 $133,484 
Restaurant level operating expenses:
Food, beverage and paper costs9,947 11,665 32,329 37,017 
Labor and related expenses11,853 12,217 37,769 37,126 
Other operating expenses7,199 7,464 22,415 22,077 
Occupancy and related expenses3,933 3,848 11,697 11,575 
General and administrative expenses4,638 5,511 17,027 18,943 
Depreciation and amortization expense3,272 4,253 9,794 13,427 
Share-based compensation expense172 1,010 5,401 9,295 
Brand development, co-op and advertising expenses999 1,159 3,028 2,998 
Goodwill and intangible asset impairment— — — 55,168 
Restructuring costs and other charges, net515 568 2,688 1,608 
Total Operating Expenses$42,528 $47,695 $142,148 $209,234 
Operating Loss(3,048)(4,440)(13,514)(75,750)
Interest expense, net(2,219)(2,245)(6,508)(6,562)
Gain (Loss) on change in value of warrant liability224 726 (167)2,050 
Other income, net
85 2,627 81 2,546 
Loss before income taxes$(4,958)$(3,332)$(20,108)$(77,716)
Income tax (expense) benefit— — (2)447
Net loss$(4,958)$(3,332)$(20,110)$(77,269)
Weighted average common shares outstanding:
Basic and Diluted
26,793,35822,253,232 25,078,41022,146,258 
Net loss per common share:
Basic and Diluted
$(0.19)$(0.15)$(0.80)$(3.49)










BurgerFi International Inc., and Subsidiaries
Consolidated Reconciliation of Net Loss to Adjusted EBITDA
(Non-GAAP) (Unaudited)


Exhibit 99.1
Quarter Ended
ConsolidatedBurgerFiAnthony's
(in thousands)October 2, 2023October 3, 2022October 2, 2023October 3, 2022October 2, 2023October 3, 2022
Revenue by Segment$39,480 $43,255 $9,940 $11,775 $29,540 $31,480 
Adjusted EBITDA Reconciliation by Segment:
Net loss$(4,958)$(3,332)$(4,167)$(1,752)$(791)$(1,580)
Employee retention credits— (2,626)— (2,626)— — 
Share-based compensation expense172 1,010 177 1,010 (5)— 
Depreciation and amortization expense3,272 4,253 2,123 2,212 1,149 2,041 
Interest expense2,219 2,245 1,033 1,003 1,186 1,242 
Restructuring costs353 — 311 — 42 — 
Merger, acquisition and integration costs96 168 62 168 34 — 
Legal settlements, net of gains(193)81 (289)81 96 — 
Store closure costs162 568 64 548 98 20 
Gain on change in value of warrant liability
(224)(726)(224)(726)— — 
(Gain) loss on sale of assets(85)1 7 (5)(92)6
Adjusted EBITDA$814 $1,642 $(903)$(87)$1,717 $1,729 






















Exhibit 99.1
BurgerFi International Inc., and Subsidiaries
Consolidated Reconciliation of Net Loss to Adjusted EBITDA
(Non-GAAP) (Unaudited)

Nine Months Ended
ConsolidatedBurgerFiAnthony's
(in thousands)October 2, 2023October 3, 2022October 2, 2023October 3, 2022October 2, 2023October 3, 2022
Revenue by Segment$128,634 $133,484 $34,089 $37,628 94,545 $95,856 
Adjusted EBITDA Reconciliation by Segment:
Net loss$(20,110)$(77,269)$(18,924)$(36,439)$(1,186)$(40,830)
Goodwill impairment— 55,168 — 17,505 — 37,663 
Lease termination recovery(42)— (42)— — — 
Employee retention credits— (2,626)— (2,626)— — 
Share-based compensation expense5,401 9,295 5,380 9,295 21 — 
Depreciation and amortization expense9,794 13,427 6,360 7,335 3,434 6,092 
Interest expense6,508 6,562 2,955 2,960 3,553 3,602 
Restructuring costs2,397 — 1,389 — 1,008 — 
Merger, acquisition and integration costs723 2,472 624 2,359 99 113 
Legal settlements, net of gains317 393 218 393 99 — 
Store closure costs333 1,134 138 1,134 195 — 
Loss (gain) on change in value of warrant liability167 (2,050)167 (2,050)— — 
Pre-opening costs— 474 — 474 — — 
(Gain) loss on sale of assets(96)1 1 (5)(97)6 
Income tax expense (benefit)2 (447)—(451)24 
Adjusted EBITDA$5,394 $6,534 $(1,734)$(116)$7,128 $6,650 










Exhibit 99.1

BurgerFi International Inc., and Subsidiaries
Consolidated Restaurant Level Operating Expenses
(Unaudited)



Quarter EndedNine Months Ended
October 2, 2023October 3, 2022October 2, 2023October 3, 2022
(in thousands)In dollars% of restaurant salesIn dollars% of restaurant salesIn dollars% of restaurant salesIn dollars% of restaurant sales
Restaurant Sales$37,324100.0%$40,361100.0%$121,448100.0%$124,954100.0%
Restaurant level operating expenses:
Food, beverage and paper costs9,94726.7%11,66528.9%32,32926.6%37,01729.6%
Labor and related expenses11,85331.8%12,21730.3%37,76931.1%37,12629.7%
Other operating expenses7,19919.3%7,46418.5%22,41518.5%22,07717.7%
Occupancy and related expenses3,93310.5%3,8489.5%11,6979.6%11,5759.3%
Total$32,93288.2%$35,19487.2%$104,21085.8%$107,79586.3%






Exhibit 99.1
Anthony’s Brand Only
Restaurant Level Operating Expenses
(Unaudited)


Quarter EndedNine Months Ended
October 2, 2023October 3, 2022October 2, 2023October 3, 2022
(in thousands)In dollars% of restaurant salesIn dollars% of restaurant salesIn dollars% of restaurant salesIn dollars% of restaurant sales
Restaurant Sales$29,540 100.0%$31,480 100.0%$94,545 100.0%$95,856 100.0%
Restaurant level operating expenses:
Food, beverage and paper costs7,63325.8%8,927 28.4%24,371 25.8%27,837 29.0%
Labor and related expenses9,29531.5%9,551 30.3%29,384 31.1%28,809 30.1%
Other operating expenses5,37418.2%5,482 17.4%16,501 17.5%16,044 16.7%
Occupancy and related expenses3,02110.2%2,942 9.3%8,978 9.5%8,803 9.2%
Total$25,32385.7%$26,90285.5%$79,23483.8%$81,49385.0%




BurgerFi Brand Only
Restaurant Level Operating Expenses
(Unaudited)

Quarter EndedNine Months Ended
October 2, 2023October 3, 2022October 2, 2023October 3, 2022
(in thousands)In dollars% of restaurant salesIn dollars% of restaurant salesIn dollars% of restaurant salesIn dollars% of restaurant sales
Restaurant Sales$7,784100.0%$8,881100.0%$26,903100.0%$29,098100.0%
Restaurant level operating expenses:
Food, beverage and paper costs2,31429.7%2,73830.8%7,95829.6%9,18031.5%
Labor and related expenses2,55832.9%2,66630.0%8,38531.2%8,31728.6%
Other operating expenses1,82523.4%1,98222.3%5,91422.0%6,03320.7%
Occupancy and related expenses91211.7%90610.2%2,71910.1%2,7729.5%
Total$7,60997.8%$8,29293.4%$24,97692.8%$26,30290.4%







Exhibit 99.1



BurgerFi International Inc., and Subsidiaries
Segment Unit Counts

Quarter EndedNine Months Ended
October 2, 2023October 2, 2023
Corporate-ownedFranchisedTotalCorporate-ownedFranchisedTotal
Total BurgerFi and Anthony's brands85841698584169
BurgerFi stores, beginning of the period27871142589114
BurgerFi stores opened————55
BurgerFi stores acquired / (transferred)———2(2)—
BurgerFi stores closed(1)(3)(4)(1)(8)(9)
BurgerFi total stores, end of the period26841102684110
Anthony's stores, beginning of period60—6060—60
Anthony's stores closed(1)—(1)(1)—(1)
Anthony's total stores, end of the period59—5959—59


v3.23.3
Cover
Nov. 15, 2023
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Nov. 15, 2023
Entity Registrant Name BurgerFi International, Inc.
Entity File Number 001-38417
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 82-2418815
Entity Address, Address Line One 200 West Cypress Creek Rd., Suite 220
Entity Address, City or Town Fort Lauderdale
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33309
City Area Code 954
Local Phone Number 618-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Amendment Flag false
Entity Central Index Key 0001723580
Common stock, par value $0.0001 per share  
Document Information [Line Items]  
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol BFI
Security Exchange Name NASDAQ
Redeemable warrants, each exercisable for one share of common stock at an exercise price of $11.50 per share  
Document Information [Line Items]  
Title of 12(b) Security Redeemable warrants, each exercisable for one share of common stock at an exercise price of $11.50 per share
Trading Symbol BFIIW
Security Exchange Name NASDAQ
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