BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) (“BurgerFi” or
the “Company”), owner of BurgerFi, one of the nation’s leading
fast-casual “better burger” dining brands, and Anthony’s Coal Fired
Pizza & Wings (“Anthony’s”), the high-quality, casual dining
pizza brand, today reported financial results for the first quarter
ended April 1, 2024.
Highlights for the First
Quarter 2024
- Total revenue was $42.9 million in
the first quarter 2024 compared to $45.7 million in the prior
period
- Consolidated systemwide sales decreased to $66.0 million
compared to $73.4 million in the prior period
- Same-store sales decreased 2% at
Anthony’s compared to the prior period
- Systemwide sales for BurgerFi
decreased 17% to $33.4 million compared to the prior period
- Systemwide same-store sales decreased 13% at BurgerFi compared
to the prior period
- Hourly turnover continued to
decline significantly from the sequential quarter, with Anthony’s
and BurgerFi performing within industry benchmarks. Management
turnover improved from the sequential quarter, with Anthony’s
performing within industry benchmarks and BurgerFi continuing to
approach industry benchmarks
- Opened one BurgerFi franchised
location and one corporate-owned flagship BurgerFi restaurant in
New York City
- Net loss decreased to $6.5 million,
or $(0.24) per diluted share, compared to net loss of $9.2 million
or $(0.39) per diluted share in the prior period
- Adjusted EBITDA1 of $0.3 million
compared to $2.6 million in the prior period
Management Commentary
Carl Bachmann, Chief Executive Officer of
BurgerFi, stated, “We had a difficult start to the year, but do not
view our performance as indicative of these brands’ long-term
potential. Like so many of our industry peers, we experienced a
softening in revenue and profitability as a result of a challenging
consumer environment but also contended with unfavorable weather in
key markets. Notably however, we saw a sequential improvement
through the quarter, beginning with a slight improvement in
February followed by a more substantive 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 see our
initiatives beginning to take hold.
Bachmann continued, “Looking ahead, we remain
laser-focused on driving revenue growth while further enhancing
operational efficiencies to increase profitability based upon the
five key strategic priorities that we have implemented since last
July. Achieving sales and margin improvements cannot happen
overnight but we are laying a solid foundation upon which to build.
We are making highly strategic decisions, following a
straightforward formula - to deliver wins for our guests, our team
members, and our shareholders and franchisees.”
Christopher Jones, Chief Financial Officer of
BurgerFi, added, “We are fully underway with the rollout of new
inventory control systems for both brands and a new point-of-sale
platform for Anthony's. This new infrastructure is laying the
groundwork for expected progress ahead and we believe that our
ongoing efforts to streamline operations will pave the way as we
navigate through the recovery phase.”
First Quarter Key Metrics1
Summary
| |
Consolidated |
| |
Quarter Ended |
| (in thousands, except
for percentage data) |
April 1, 2024 |
|
April 3, 2023 |
|
Systemwide Restaurant Sales |
$ |
66,034 |
|
|
$ |
73,445 |
|
| Systemwide Restaurant Sales
Growth |
(10 |
)% |
|
|
— |
% |
| Systemwide Restaurant
Same-Store Sales Growth |
(7 |
)% |
|
|
1 |
% |
| Corporate-Owned Restaurant
Sales |
$ |
40,885 |
|
|
$ |
43,310 |
|
| Corporate-Owned Restaurant
Sales Growth |
(6 |
)% |
|
|
3 |
% |
| Corporate-Owned Restaurant
Same-Store Sales Growth |
(5 |
)% |
|
|
1 |
% |
| Franchise Restaurant
Sales |
$ |
25,149 |
|
|
$ |
30,135 |
|
| Franchise Restaurant Sales
Growth |
(17 |
)% |
|
(3 |
)% |
| Franchise Restaurant
Same-Store Sales Growth |
(12 |
)% |
|
|
2 |
% |
| Digital Channel % of
Systemwide Sales |
|
32 |
% |
|
|
32 |
% |
| |
Quarter Ended |
| |
April 1, 2024 |
|
April 3, 2023 |
| (in thousands, except
for percentage data) |
Anthony’s |
|
BurgerFi |
|
Anthony’s |
|
BurgerFi |
|
Systemwide Restaurant Sales |
$ |
32,650 |
|
|
$ |
33,385 |
|
|
$ |
33,145 |
|
|
$ |
40,300 |
|
| Systemwide Restaurant Sales
Growth |
(1 |
)% |
|
(17 |
)% |
|
|
2 |
% |
|
(1 |
)% |
| Systemwide Restaurant
Same-Store Sales Growth |
(2 |
)% |
|
(13 |
)% |
|
|
3 |
% |
|
|
— |
% |
| Corporate-Owned Restaurant
Sales |
$ |
32,379 |
|
|
$ |
8,506 |
|
|
$ |
33,145 |
|
|
$ |
10,165 |
|
| Corporate-Owned Restaurant
Sales Growth |
(2 |
)% |
|
(16 |
)% |
|
|
2 |
% |
|
|
8 |
% |
| Corporate-Owned Restaurant
Same-Store Sales Growth |
(2 |
)% |
|
(16 |
)% |
|
|
3 |
% |
|
(6 |
)% |
| Franchise Restaurant
Sales |
$ |
270 |
|
|
$ |
24,879 |
|
|
N/A |
|
$ |
30,135 |
|
| Franchise Restaurant Sales
Growth |
N/A |
|
(17 |
)% |
|
N/A |
|
(3 |
)% |
| Franchise Restaurant
Same-Store Sales Growth |
N/A |
|
(12 |
)% |
|
N/A |
|
|
2 |
% |
| Digital Channel % of
Systemwide Sales |
|
33 |
% |
|
|
31 |
% |
|
|
34 |
% |
|
|
30 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Refer to “Key Metrics Definitions” and
“About Non-GAAP Financial Measures” sections below.
First Quarter
2024 Financial Results
Total revenue in the first quarter of 2024
decreased 6% to $42.9 million compared to $45.7 million in the
year-ago quarter, primarily driven by a decrease in same-store
sales at both BurgerFi and Anthony’s and the closure of
underperforming BurgerFi corporate-owned locations, partially
offset by the additional revenue from two BurgerFi restaurants
transferred from a franchisee during 2023. Same-store sales for the
first quarter of 2024 decreased 2% for the Anthony’s brand and
decreased 16% in corporate-owned and 12% in franchised locations
for the BurgerFi brand, respectively.
Restaurant-level operating expenses for the
first quarter of 2024 were $35.9 million compared to $36.1 million
in the first quarter of 2023. For the Anthony's brand,
restaurant-level operating expenses, as a percentage of sales,
increased 360 basis points for the first quarter of 2024, compared
to the first quarter of 2023, due to higher per hour labor rates
and lower efficiencies due to loss on sales leverage. For the
BurgerFi brand, restaurant-level operating expenses, as a
percentage of sales, increased 850 basis points for the first
quarter of 2024, compared to the first quarter of 2023, primarily
due to lower leverage on sales and higher per hour labor rates.
Net loss in the first quarter was $6.5 million
compared to a net loss of $9.2 million in the year-ago quarter,
primarily due to lower share-based compensation expense, lower
general and administrative expenses, and lower restructuring
costs.
Adjusted EBITDA in the first quarter of 2024
decreased $2.3 million to $0.3 million compared to $2.6 million in
the first quarter of 2023, driven by lost leverage on sales and
higher wages. 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 1, 2024, the Company operated
and franchised 162 total restaurants of which 102 were BurgerFi (27
corporate-owned and 75 franchised) and 60 were Anthony’s (59
corporate-owned and one franchised). During the first quarter 2024,
there were two corporate-owned and six franchise BurgerFi
closures.
During the first quarter 2024, BurgerFi opened
one franchised location and one corporate-owned BurgerFi flagship
restaurant in New York City with the unveiling of its Better Burger
Lab experience.
Thus far in the second quarter of 2024, BurgerFi has opened two
franchised locations.
2024 Outlook
Management is trending to the low end of the
range but maintaining its outlook for the fiscal year 2024:
- Annual revenues of $170-$180
million
- Low-single digit same-store sales
growth for corporate-owned locations
- 10 - 15 new restaurants, (9-14
franchised), including one new franchised Anthony's and our
corporate-owned New York City BurgerFi flagship restaurant opened
in March;
- Continued improvement in cost of
goods driven by increased adoption of inventory management at both
brands
- Adjusted EBITDA of $7 to $9
million; and
- Capital expenditures of
approximately $2-3 million
Conference Call
The Company will hold a conference call today, May 15,
2024, at 8:30 a.m. Eastern time to discuss its first quarter 2024
results.
Date: Wednesday, May 15, 2024Time: 8:30 a.m. Eastern
time
Toll-free dial-in number: 1-833-816-1403
International dial-in number: 1-412-317-0496Conference ID:
10189129
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 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 lease termination recovery, 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, store closure costs, (gain) loss on change
in value of warrant liability, pre-opening costs and (gain) loss on
sale of assets.
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 162 locations.
Anthony’s. Anthony’s was
acquired by BurgerFi on November 3, 2021 and is a premium pizza and
wing brand that operated 60 restaurants including 59
corporate-owned and one franchise location co-branded with BurgerFi
as of April 1, 2024. 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, “The Absolute
Best Wings in the U.S.” by Mashed in 2022, and named in “America's
Favorite Restaurant Chains of 2022” by Newsweek.
BurgerFi. BurgerFi is among the
nation’s fast-casual better burger concepts with 102 BurgerFi
restaurants (75 franchised and 27 corporate-owned) as of
April 1, 2024. 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, All-Natural 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. BurgerFi® is a Registered Trademark of BurgerFi
IP, LLC, a wholly-owned subsidiary of BurgerFi.
About Non-GAAP 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, improved operating margins in both brands, expected
customer acceptance, improved operating efficiencies, store opening
plans, and expectations regarding adjusted EBITDA in 2024, as well
as statements set forth under the section titled “2024 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 1, 2024, 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, our ability to meet the continued
listing requirements of Nasdaq, 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
SubsidiariesConsolidated Balance
Sheets |
| |
| |
Unaudited |
|
|
| (in thousands, except
for per share data) |
April 1, 2024 |
|
January 1, 2024 |
| Assets |
|
|
|
| Current
Assets |
|
|
|
|
Cash and cash equivalents |
$ |
4,147 |
|
|
$ |
7,556 |
|
|
Accounts receivable, net |
|
1,355 |
|
|
|
1,368 |
|
|
Inventory |
|
1,305 |
|
|
|
1,190 |
|
|
Assets held for sale |
|
732 |
|
|
|
732 |
|
|
Prepaid expenses and other current assets |
|
2,420 |
|
|
|
1,654 |
|
|
Total Current Assets |
$ |
9,959 |
|
|
$ |
12,500 |
|
| Property & Equipment,
net |
|
16,586 |
|
|
|
16,121 |
|
| Operating right-of-use assets,
net |
|
44,260 |
|
|
|
46,052 |
|
| Goodwill |
|
31,621 |
|
|
|
31,621 |
|
| Intangible assets, net |
|
148,791 |
|
|
|
150,856 |
|
| Other assets |
|
1,391 |
|
|
|
1,326 |
|
|
Total Assets |
$ |
252,608 |
|
|
$ |
258,476 |
|
| Liabilities and
Stockholders' Equity |
|
|
|
| Current
Liabilities |
|
|
|
|
Accounts payable - trade and other |
$ |
5,128 |
|
|
$ |
7,093 |
|
|
Accrued expenses |
|
11,226 |
|
|
|
8,537 |
|
|
Short-term operating lease liability |
|
10,229 |
|
|
|
10,111 |
|
|
Other current liabilities |
|
2,951 |
|
|
|
4,117 |
|
|
Short-term borrowings, including finance leases |
|
53,064 |
|
|
|
52,834 |
|
|
Total Current Liabilities |
$ |
82,598 |
|
|
$ |
82,692 |
|
| Non-Current
Liabilities |
|
|
|
|
Long term borrowings, including finance leases |
|
2,223 |
|
|
|
1,718 |
|
|
Redeemable preferred stock, $0.0001 par value, 10,000,000 shares
authorized, 2,120,000 shares issued and outstanding, as of
April 1, 2024 and January 1, 2024, $53 million principal
redemption value |
|
56,734 |
|
|
|
55,629 |
|
|
Long-term operating lease liability |
|
42,555 |
|
|
|
44,631 |
|
|
Related party note payable |
|
14,526 |
|
|
|
14,488 |
|
|
Warrant liability |
|
38 |
|
|
|
182 |
|
|
Other non-current liabilities |
|
694 |
|
|
|
740 |
|
|
Deferred income taxes |
|
1,146 |
|
|
|
1,146 |
|
|
Total Liabilities |
$ |
200,514 |
|
|
$ |
201,226 |
|
| Stockholders'
Equity |
|
|
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized,
27,042,213 and 26,832,691 shares issued and outstanding as of
April 1, 2024 and January 1, 2024, respectively |
|
2 |
|
|
|
2 |
|
| Additional paid-in
capital |
|
315,989 |
|
|
|
315,107 |
|
| Accumulated
deficit |
|
(264,397 |
) |
|
|
(257,859 |
) |
| Total BurgerFi
Stockholder's Equity |
$ |
51,594 |
|
|
$ |
57,250 |
|
|
Non-controlling interests in subsidiaries |
|
500 |
|
|
$ |
— |
|
|
Total Stockholders' Equity |
|
52,094 |
|
|
|
57,250 |
|
|
Total Liabilities and Stockholders' Equity |
$ |
252,608 |
|
|
$ |
258,476 |
|
| |
|
BurgerFi International Inc., and
SubsidiariesConsolidated Statements of
Operations(Unaudited) |
| |
| |
|
Quarter Ended |
| (in thousands, except for per
share data) |
|
April 1, 2024 |
|
April 3, 2023 |
| Revenue |
|
|
|
|
|
Restaurant Sales |
|
$ |
40,885 |
|
|
$ |
43,316 |
|
|
Royalty and other fees |
|
|
1,558 |
|
|
|
1,969 |
|
|
Royalty - brand development and co-op |
|
|
436 |
|
|
|
441 |
|
|
Total Revenue |
|
$ |
42,879 |
|
|
$ |
45,726 |
|
| Restaurant level operating
expenses: |
|
|
|
|
|
Food, beverage and paper costs |
|
|
10,977 |
|
|
|
11,611 |
|
|
Labor and related expenses |
|
|
13,912 |
|
|
|
13,216 |
|
|
Other operating expenses |
|
|
7,128 |
|
|
|
7,456 |
|
|
Occupancy and related expenses |
|
|
3,890 |
|
|
|
3,834 |
|
| General and administrative
expenses |
|
|
5,309 |
|
|
|
6,573 |
|
| Depreciation and amortization
expense |
|
|
3,044 |
|
|
|
3,227 |
|
| Share-based compensation
expense |
|
|
954 |
|
|
|
4,674 |
|
| Brand development, co-op and
advertising expense |
|
|
1,252 |
|
|
|
1,096 |
|
| Lease termination
recovery |
|
|
(56 |
) |
|
|
— |
|
| Store closure costs |
|
|
435 |
|
|
|
121 |
|
| Restructuring costs |
|
|
79 |
|
|
|
918 |
|
| Pre-opening costs |
|
|
163 |
|
|
|
— |
|
|
Total Operating Expenses |
|
$ |
47,087 |
|
|
$ |
52,726 |
|
| Operating
Loss |
|
|
(4,208 |
) |
|
|
(7,000 |
) |
| Other income, net |
|
|
3 |
|
|
|
— |
|
| Gain (loss) on change in fair
value of warrant liability |
|
|
144 |
|
|
|
(73 |
) |
| Interest expense, net |
|
|
(2,477 |
) |
|
|
(2,078 |
) |
| Loss before income
taxes |
|
$ |
(6,538 |
) |
|
$ |
(9,151 |
) |
| Income tax benefit |
|
|
— |
|
|
|
— |
|
| Net loss attributable
to BurgerFi |
|
$ |
(6,538 |
) |
|
$ |
(9,151 |
) |
| |
|
|
|
|
| Weighted average
common shares outstanding: |
|
|
|
|
|
Basic and Diluted |
|
|
27,021,716 |
|
|
|
23,568,032 |
|
| |
|
|
|
|
| Net loss per common
share: |
|
|
|
|
|
Basic and Diluted |
|
$ |
(0.24 |
) |
|
$ |
(0.39 |
) |
| |
|
|
|
|
| |
|
BurgerFi International Inc., and
SubsidiariesConsolidated Reconciliation of Net
Loss to Adjusted EBITDA(Non-GAAP)
(Unaudited) |
| |
| |
Quarter Ended |
| |
Consolidated |
Anthony’s |
|
BurgerFi |
| (in
thousands) |
April 1,2024 |
|
April 3,2023 |
|
April 1,2024 |
|
April 3,2023 |
|
April 1,2024 |
|
April 3,2023 |
|
Revenue by Segment |
$ |
42,879 |
|
|
$ |
45,726 |
|
|
$ |
32,393 |
|
|
$ |
33,145 |
|
$ |
10,486 |
|
|
$ |
12,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA
Reconciliation by Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
(6,538 |
) |
|
$ |
(9,151 |
) |
|
|
(691 |
) |
|
$ |
446 |
|
|
(5,847 |
) |
|
$ |
(9,597 |
) |
|
Lease termination recovery |
|
(56 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(56 |
) |
|
|
— |
|
|
Share-based compensation expense |
|
954 |
|
|
|
4,674 |
|
|
|
137 |
|
|
|
— |
|
|
817 |
|
|
|
4,674 |
|
|
Depreciation and amortization expense |
|
3,044 |
|
|
|
3,227 |
|
|
|
1,067 |
|
|
|
1,137 |
|
|
1,977 |
|
|
|
2,090 |
|
|
Interest expense |
|
2,477 |
|
|
|
2,078 |
|
|
|
1,338 |
|
|
|
1,160 |
|
|
1,139 |
|
|
|
918 |
|
|
Restructuring costs |
|
79 |
|
|
|
918 |
|
|
|
6 |
|
|
|
253 |
|
|
73 |
|
|
|
665 |
|
|
Merger, acquisition and integration costs |
|
131 |
|
|
|
328 |
|
|
|
96 |
|
|
|
— |
|
|
35 |
|
|
|
328 |
|
|
Legal settlements, net |
|
(284 |
) |
|
|
282 |
|
|
|
(325 |
) |
|
|
— |
|
|
41 |
|
|
|
282 |
|
|
Store closure costs |
|
435 |
|
|
|
121 |
|
|
|
82 |
|
|
|
56 |
|
|
353 |
|
|
|
65 |
|
|
(Gain) loss on change in value of warrant liability |
|
(144 |
) |
|
|
73 |
|
|
|
— |
|
|
|
— |
|
|
(144 |
) |
|
|
73 |
|
|
Pre-opening costs |
|
163 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
163 |
|
|
|
— |
|
|
(Gain) loss on sale of assets |
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
(3 |
) |
|
|
— |
|
|
Adjusted EBITDA |
$ |
258 |
|
|
$ |
2,550 |
|
|
$ |
1,710 |
|
|
$ |
3,052 |
|
$ |
(1,452 |
) |
|
$ |
(502 |
) |
| |
|
BurgerFi International Inc., and
SubsidiariesConsolidated Restaurant Level
Operating Expenses(Unaudited) |
| |
| |
|
Quarter Ended |
| |
|
April 1, 2024 |
|
April 3, 2023 |
| (in
thousands) |
|
In dollars |
|
% ofrestaurantsales |
|
In dollars |
|
% ofrestaurantsales |
|
Restaurant Sales |
|
$ |
40,885 |
|
|
100.0 |
% |
|
$ |
43,316 |
|
|
100.0 |
% |
| Restaurant level operating
expenses: |
|
|
|
|
|
|
|
|
|
Food, beverage and paper costs |
|
|
10,977 |
|
|
26.8 |
% |
|
|
11,611 |
|
|
26.8 |
% |
|
Labor and related expenses |
|
|
13,912 |
|
|
34.0 |
% |
|
|
13,216 |
|
|
30.5 |
% |
|
Other operating expenses |
|
|
7,128 |
|
|
17.4 |
% |
|
|
7,456 |
|
|
17.2 |
% |
|
Occupancy and related expenses |
|
|
3,890 |
|
|
9.5 |
% |
|
|
3,834 |
|
|
8.9 |
% |
|
Total |
|
$ |
35,907 |
|
|
87.8 |
% |
|
$ |
36,117 |
|
|
83.4 |
% |
| |
|
|
|
Anthony’s BrandRestaurant Level Operating
Expenses(Unaudited) |
| |
|
|
| |
|
Quarter Ended |
| |
|
April 1, 2024 |
|
April 3, 2023 |
| (in
thousands) |
|
In dollars |
|
% ofrestaurantsales |
|
In dollars |
|
% ofrestaurantsales |
|
Restaurant Sales |
|
$ |
32,379 |
|
|
100.0 |
% |
|
$ |
33,145 |
|
|
100.0 |
% |
| Restaurant level operating
expenses: |
|
|
|
|
|
|
|
|
|
Food, beverage and paper costs |
|
|
8,610 |
|
|
26.6 |
% |
|
|
8,663 |
|
|
26.1 |
% |
|
Labor and related expenses |
|
|
10,872 |
|
|
33.6 |
% |
|
|
10,240 |
|
|
30.9 |
% |
|
Other operating expenses |
|
|
5,315 |
|
|
16.4 |
% |
|
|
5,369 |
|
|
16.2 |
% |
|
Occupancy and related expenses |
|
|
2,955 |
|
|
9.1 |
% |
|
|
2,953 |
|
|
8.9 |
% |
|
Total |
|
$ |
27,752 |
|
|
85.7 |
% |
|
$ |
27,225 |
|
|
82.1 |
% |
| |
|
|
|
|
|
|
|
|
| |
|
BurgerFi BrandRestaurant Level Operating
Expenses(Unaudited) |
| |
| |
|
Quarter Ended |
| |
|
April 1, 2024 |
|
April 3, 2023 |
| (in
thousands) |
|
In dollars |
|
% ofrestaurantsales |
|
In dollars |
|
% ofrestaurantsales |
|
Restaurant Sales |
|
$ |
8,506 |
|
|
100.0 |
% |
|
$ |
10,171 |
|
|
100.0 |
% |
| Restaurant level operating
expenses: |
|
|
|
|
|
|
|
|
|
Food, beverage and paper costs |
|
|
2,367 |
|
|
27.8 |
% |
|
|
2,948 |
|
|
29.0 |
% |
|
Labor and related expenses |
|
|
3,040 |
|
|
35.7 |
% |
|
|
2,976 |
|
|
29.3 |
% |
|
Other operating expenses |
|
|
1,813 |
|
|
21.3 |
% |
|
|
2,087 |
|
|
20.5 |
% |
|
Occupancy and related expenses |
|
|
935 |
|
|
11.0 |
% |
|
|
881 |
|
|
8.7 |
% |
|
Total |
|
$ |
8,155 |
|
|
95.9 |
% |
|
$ |
8,892 |
|
|
87.4 |
% |
| |
|
BurgerFi International Inc., and
SubsidiariesSegment Unit Counts |
| |
| |
Quarter Ended |
| |
April 1, 2024 |
|
|
Corporate-owned |
|
Franchised |
|
Total |
| Total BurgerFi and
Anthony's brands |
86 |
|
76 |
|
162 |
| |
|
|
|
|
— |
| BurgerFi stores, beginning of
the period |
28 |
|
80 |
|
108 |
| BurgerFi stores opened |
1 |
|
1 |
|
2 |
| BurgerFi stores acquired /
(transferred) |
— |
|
— |
|
— |
| BurgerFi stores closed |
(2) |
|
(6) |
|
(8) |
| BurgerFi total stores,
end of the period |
27 |
|
75 |
|
102 |
| |
|
|
|
|
|
| Anthony's total
stores, beginning and end of the period |
59 |
|
1 |
|
60 |
BurgerFi (NASDAQ:BFI)
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From Oct 2024 to Nov 2024
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From Nov 2023 to Nov 2024
