Highlights for the Fourth Quarter 20231
- Total revenue was
$41.5 million in the fourth quarter 2023 compared to$45.2 million in the fourth quarter 2022- Consolidated systemwide sales decreased to
$65.0 million compared to$71.6 million in the prior period - Corporate-owned restaurant same-store sales decreased 3% at Anthony’s compared to the prior period
- Systemwide sales for
BurgerFi decreased 9% to$33.9 million compared to$38.7 million in the prior period - Systemwide same-store sales decreased 10% at
BurgerFi compared to the prior period
- Consolidated systemwide sales decreased to
- Opened three new franchised
BurgerFi locations inStrongsville, Ohio , Arecibo,Puerto Rico andRochester, New York and the first franchised co-branded restaurant inKissimmee, Florida . - Hourly turnover continued to decline significantly from the sequential quarter, with Anthony’s performing better than industry benchmarks, while
BurgerFi continued to make considerable progress. Management turnover atBurgerFi continued approaching industry benchmarks. - Consolidated food, beverage and paper expense margin improved 42 basis points compared to the prior period
- Consolidated restaurant-level operating expenses increased 147 basis points compared to the prior period
- Net loss improved to
$10.6 million , or$(0.40) per diluted share, compared to a net loss of$26.2 million , or$(1.18) per diluted share, in the prior period - Adjusted EBITDA1 of
$0.7 million compared to$2.6 million in the prior period
Highlights for the Fiscal Year 20231
- Total revenue was
$170.1 million in the fiscal year 2023 compared to$178.7 million in the fiscal year 2022- Consolidated systemwide sales decreased to
$274.4 million compared to$289.6 million in the prior year - Corporate-owned restaurant same-store sales decreased 1% at Anthony’s compared to the prior year
- Systemwide sales for
BurgerFi decreased 7% to$148.8 million compared to the prior year - Systemwide same-store sales decreased 8% at
BurgerFi compared to the prior year
- Consolidated systemwide sales decreased to
- Opened eight new franchised
BurgerFi locations, including the first dual-brand franchise location and acquired four locations from franchisees - Consolidated food, beverage and paper expense margin improved 240 basis points compared to the prior year
- Consolidated restaurant-level operating expenses remained flat compared to the prior year
- Net loss improved to
$30.7 million , or$(1.20) per diluted share, compared to a net loss of$103.4 million , or$(4.66) per diluted share, in the prior year - Adjusted EBITDA1 of
$6.1 million compared to$9.2 million in the prior year
Management Commentary
Bachmann continued, “Notably, we have already begun to see early leading indicators that our efforts are taking hold. While Anthony’s had a 3% decrease in same-store sales growth during the fourth quarter, it did experience a sequential improvement in same-store sales and traffic compared to the third quarter and an encouraging performance during the Christmas holidays. Like most of our peers, January was a challenging month, however, trends have improved sequentially, with March flat to slightly positive, adjusting for the Easter shift.”
Fourth Quarter and Fiscal Year 2023 Key Metrics Summary1,2
Consolidated | |||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||
(in thousands, except for percentage data) | |||||||||||||||
Systemwide Restaurant Sales | $ | 65,032 | $ | 71,626 | $ | 274,437 | $ | 289,640 | |||||||
Systemwide Restaurant Sales Growth | (8)% | (2)% | (5)% | — | % | ||||||||||
Systemwide Restaurant Same-Store Sales Growth | (6)% | (4)% | (4)% | (2)% | |||||||||||
Corporate-Owned Restaurant Sales | $ | 39,386 | $ | 41,878 | $ | 160,827 | $ | 166,198 | |||||||
Corporate-Owned Restaurant Sales Growth | (5)% | 2 | % | (3)% | 6 | % | |||||||||
Corporate-Owned Restaurant Same-Store Sales Growth | (5)% | (1)% | (4)% | 2 | % | ||||||||||
Franchise Restaurant Sales | $ | 25,646 | $ | 29,748 | $ | 113,610 | $ | 123,442 | |||||||
Franchise Restaurant Sales Growth | (11)% | (7)% | (7)% | (7)% | |||||||||||
Franchise Restaurant Same-Store Sales Growth | (8)% | (8)% | (6)% | (6)% | |||||||||||
Digital Channel % of Systemwide Sales | 32 | % | 32 | % | 32 | % | 35 | % |
Quarter Ended | |||||||||||||||
(in thousands, except for percentage data) | Anthony's | Anthony's3 | |||||||||||||
Systemwide Restaurant Sales | $ | 31,142 | $ | 33,890 | $ | 32,962 | $ | 38,663 | |||||||
Systemwide Restaurant Sales Growth | (6)% | (9)% | 2 | % | (5)% | ||||||||||
Systemwide Restaurant Same-Store Sales Growth | (3)% | (10)% | 1 | % | (9)% | ||||||||||
Corporate-Owned Restaurant Sales | $ | 31,085 | $ | 8,301 | $ | 32,962 | $ | 8,915 | |||||||
Corporate-Owned Restaurant Sales Growth | (6)% | (4)% | 2 | % | 2 | % | |||||||||
Corporate-Owned Restaurant Same-Store Sales Growth | (3)% | (14)% | 1 | % | (10)% | ||||||||||
Franchise Restaurant Sales | $ | 57 | $ | 25,589 | N/A | $ | 29,748 | ||||||||
Franchise Restaurant Sales Growth | 100 | % | (11)% | N/A | (7)% | ||||||||||
Franchise Restaurant Same-Store Sales Growth | N/A | (8)% | N/A | (8)% | |||||||||||
Digital Channel % of Systemwide Sales | 34 | % | 31 | % | 35 | % | 29 | % |
Year Ended | |||||||||||||||
(in thousands, except for percentage data) | Anthony's | Anthony's3 | |||||||||||||
Systemwide Restaurant Sales | $ | 125,686 | $ | 148,750 | $ | 128,819 | $ | 160,821 | |||||||
Systemwide Restaurant Sales Growth | (2)% | (7)% | 5 | % | (3)% | ||||||||||
Systemwide Restaurant Same-Store Sales Growth | (1)% | (8)% | 5 | % | (7)% | ||||||||||
Corporate-Owned Restaurant Sales | $ | 125,629 | $ | 35,198 | $ | 128,819 | $ | 37,379 | |||||||
Corporate-Owned Restaurant Sales Growth | (2)% | (5)% | 5 | % | 10 | % | |||||||||
Corporate-Owned Restaurant Same-Store Sales Growth | (1)% | (12)% | 5 | % | (11)% | ||||||||||
Franchise Restaurant Sales | $ | 57 | $ | 113,553 | N/A | $ | 123,442 | ||||||||
Franchise Restaurant Sales Growth | 100 | % | (7)% | N/A | (7)% | ||||||||||
Franchise Restaurant Same-Store Sales Growth | N/A | (6)% | N/A | (6)% | |||||||||||
Digital Channel % of Systemwide Sales | 33 | % | 31 | % | 37 | % | 33 | % |
1 | Refer to “Key Metrics Definitions” and “About Non-GAAP Financial Measures” sections below. |
2 | The fourth quarter and fiscal year 2023 reporting periods for |
3 | 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 |
Fourth Quarter 2023 Financial Results
Total revenue decreased 8.3% to
Restaurant-level operating expenses for the fourth quarter of 2023 were
Net loss in the fourth quarter of 2023 was
Adjusted EBITDA in the fourth quarter of 2023 decreased
Fiscal Year 2023 Financial Results
Total revenue in the fiscal year 2023 decreased 4.8% to
Restaurant-level operating expenses for the fiscal year of 2023 were
Net loss in the fiscal year 2023 was
Adjusted EBITDA in the fiscal year 2023 decreased
As of
For the first quarter of 2024, the Company opened one franchised
2024 Outlook
Management is updating 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 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
Credit Agreement
The Company’s credit agreement (“Credit Agreement”) with a syndicate of banks has approximately
The Company has been actively engaged in discussions with its lenders to explore potential solutions regarding the default event and its resolution. We cannot, however, predict the results of any such negotiations.
Conference Call
The Company will hold a conference call today to discuss its fourth quarter and fiscal year 2023 results.
Date:
Time:
Toll-free dial-in number: (833) 816-1403
International dial-in number: (412) 317-0496
Conference ID: 10186616
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 that is temporarily closed, is included in the Same-Store Sales computation. A restaurant that 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 % 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 goodwill impairment, asset impairment charges, 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, 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 corporate-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
Anthony’s. Anthony’s is a premium pizza and wing brand with 60 restaurants (59 corporate-owned casual restaurant locations and one dual brand franchise location), as of
About Non-GAAP Projected Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the non-GAAP 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
The preliminary selected unaudited financial information as of
Investor Relations:
ICR
IR-BFI@icrinc.com
646-277-1224
Company Contact:
IR@burgerfi.com
Media Relations Contact:
rbb Communications
Ailys Toledo
Ailys.Toledo@rbbcommunications.com
Consolidated Balance Sheets (Unaudited) | |||||||
(in thousands) | 2024 | 2023 | |||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 7,556 | $ | 11,917 | |||
Accounts receivable, net | 1,368 | 1,926 | |||||
Inventory | 1,190 | 1,320 | |||||
Asset held for sale | 732 | 732 | |||||
Prepaid expenses and other current assets | 1,654 | 2,564 | |||||
Total Current Assets | 12,500 | 18,459 | |||||
Property & equipment, net | 16,121 | 19,371 | |||||
Operating right-of-use assets, net | 46,052 | 45,741 | |||||
31,621 | 31,621 | ||||||
Intangible assets, net | 150,856 | 160,208 | |||||
Other assets | 1,326 | 1,380 | |||||
Total Assets | $ | 258,476 | $ | 276,780 | |||
Liabilities and Stockholders’ Equity | |||||||
Current Liabilities | |||||||
Accounts payable - trade and other | $ | 7,093 | $ | 8,464 | |||
Accrued expenses | 8,537 | 10,589 | |||||
Short-term operating lease liability | 10,111 | 9,924 | |||||
Other liabilities | 4,117 | 6,241 | |||||
Short-term borrowings, including finance leases | 52,834 | 4,985 | |||||
Total Current Liabilities | 82,692 | 40,203 | |||||
Non-Current Liabilities | |||||||
Long-term borrowings, including finance leases | 1,718 | 53,794 | |||||
Redeemable preferred stock, | 55,629 | 51,418 | |||||
Long-term operating lease liability | 44,631 | 40,748 | |||||
Related party note payable | 14,488 | 9,235 | |||||
Warrant liability | 182 | 195 | |||||
Other non-current liabilities | 740 | 1,017 | |||||
Deferred income taxes | 1,146 | 1,223 | |||||
Total Liabilities | 201,226 | 197,833 | |||||
Stockholders’ Equity | |||||||
Common stock, | 2 | 2 | |||||
Additional paid-in capital | 315,107 | 306,096 | |||||
Accumulated deficit | (257,859 | ) | (227,151 | ) | |||
Total Stockholders’ Equity | 57,250 | 78,947 | |||||
Total Liabilities and Stockholders’ Equity | $ | 258,476 | $ | 276,780 | |||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||
(in thousands), except for per share data | |||||||||||||||
Revenue | |||||||||||||||
Restaurant sales | $ | 39,386 | $ | 42,246 | $ | 160,833 | $ | 167,201 | |||||||
Royalty and other fees | 1,635 | 2,554 | 7,492 | 9,733 | |||||||||||
Royalty - brand development and co-op | 447 | 435 | 1,775 | 1,786 | |||||||||||
Total Revenue | 41,468 | 45,235 | 170,100 | 178,720 | |||||||||||
Restaurant level operating expenses: | |||||||||||||||
Food, beverage and paper costs | 10,529 | 11,470 | 42,858 | 48,487 | |||||||||||
Labor and related expenses | 12,520 | 12,658 | 50,289 | 49,785 | |||||||||||
Other operating expenses | 7,473 | 8,200 | 29,888 | 30,277 | |||||||||||
Occupancy and related expenses | 3,959 | 4,035 | 15,656 | 15,607 | |||||||||||
General and administrative expenses | 5,451 | 6,916 | 22,477 | 25,907 | |||||||||||
Depreciation and amortization expense | 3,360 | 3,711 | 13,154 | 17,138 | |||||||||||
Share-based compensation expense | 211 | 944 | 5,612 | 10,239 | |||||||||||
Brand development, co-op and advertising expense | 1,205 | 871 | 4,233 | 3,870 | |||||||||||
— | 11,400 | — | 66,569 | ||||||||||||
Asset impairment | 4,566 | 6,946 | 4,524 | 6,946 | |||||||||||
Store closure costs | 253 | 815 | 587 | 1,949 | |||||||||||
Restructuring costs | 261 | 1,459 | 2,657 | 1,459 | |||||||||||
Pre-opening costs | 203 | — | 203 | 474 | |||||||||||
Total Operating Expenses | 49,991 | 69,425 | 192,138 | 278,707 | |||||||||||
Operating Loss | (8,523 | ) | (24,190 | ) | (22,038 | ) | (99,987 | ) | |||||||
Other income, net | (2 | ) | 16 | 80 | 2,608 | ||||||||||
Gain on change in value of warrant liability | 180 | 461 | 13 | 2,511 | |||||||||||
Interest expense, net | (2,320 | ) | (2,096 | ) | (8,828 | ) | (8,659 | ) | |||||||
Loss before income taxes | (10,665 | ) | (25,809 | ) | (30,773 | ) | (103,527 | ) | |||||||
Income tax benefit (expense) | 67 | (352 | ) | 65 | 95 | ||||||||||
Net Loss | $ | (10,598 | ) | $ | (26,161 | ) | $ | (30,708 | ) | $ | (103,432 | ) | |||
Weighted average common shares outstanding: | |||||||||||||||
Basic and Diluted | 26,827,581 | 22,256,643 | 25,521,098 | 22,173,694 | |||||||||||
Net loss per common share: | |||||||||||||||
Basic | $ | (0.40 | ) | $ | (1.18 | ) | $ | (1.20 | ) | $ | (4.66 | ) |
Consolidated Reconciliation of Net Loss to Adjusted EBITDA (Non-GAAP) (Unaudited) | ||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||
Consolidated | Anthony’s | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Revenue by Segment | $ | 41,468 | $ | 45,235 | $ | 31,092 | $ | 32,962 | $ | 10,376 | $ | 12,273 | ||||||||||||
Adjusted EBITDA Reconciliation by Segment: | ||||||||||||||||||||||||
Net Loss | $ | (10,598 | ) | $ | (26,161 | ) | $ | (1,946 | ) | $ | (12,226 | ) | $ | (8,652 | ) | $ | (13,935 | ) | ||||||
— | 11,400 | — | 11,400 | — | — | |||||||||||||||||||
Asset impairment charges | 4,566 | 6,946 | 1,240 | 256 | 3,326 | 6,690 | ||||||||||||||||||
Share-based compensation expense | 211 | 944 | 167 | — | 44 | 944 | ||||||||||||||||||
Depreciation and amortization expense | 3,360 | 3,711 | 1,110 | 1,475 | 2,250 | 2,236 | ||||||||||||||||||
Interest expense | 2,320 | 2,096 | 1,213 | 1,214 | 1,107 | 882 | ||||||||||||||||||
Restructuring costs | 261 | 1,459 | 60 | 763 | 201 | 696 | ||||||||||||||||||
Merger, acquisition and integration costs | 94 | 316 | 28 | 41 | 66 | 275 | ||||||||||||||||||
Legal settlements | 246 | 1,229 | — | 34 | 246 | 1,195 | ||||||||||||||||||
Store closure costs | 253 | 815 | 108 | 8 | 145 | 807 | ||||||||||||||||||
(Gain) on change in value of warrant liability | (180 | ) | (461 | ) | — | — | (180 | ) | (461 | ) | ||||||||||||||
Pre-opening costs | 203 | — | — | — | 203 | — | ||||||||||||||||||
(Gain) loss on sale of assets | 2 | (16 | ) | 2 | 19 | — | (35 | ) | ||||||||||||||||
Income tax (benefit) expense | (67 | ) | 352 | (63 | ) | (339 | ) | (4 | ) | 691 | ||||||||||||||
Adjusted EBITDA | $ | 671 | $ | 2,630 | $ | 1,919 | $ | 2,645 | $ | (1,248 | ) | $ | (15 | ) |
Segment Reconciliation of Net Loss to Adjusted EBITDA (Non-GAAP) (Unaudited) | |||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||
Consolidated | Anthony’s | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Revenue by Segment | $ | 170,100 | $ | 178,720 | $ | 125,637 | $ | 128,819 | $ | 44,463 | $ | 49,901 | |||||||||||
Adjusted EBITDA Reconciliation by Segment: | |||||||||||||||||||||||
Net Loss | $ | (30,708 | ) | $ | (103,432 | ) | $ | (3,132 | ) | $ | (53,057 | ) | $ | (27,576 | ) | $ | (50,375 | ) | |||||
— | 66,569 | — | 49,064 | — | 17,505 | ||||||||||||||||||
Asset impairment charges | 4,524 | 6,946 | 1,240 | 256 | 3,284 | 6,690 | |||||||||||||||||
Employee retention credits | — | (2,626 | ) | — | — | — | (2,626 | ) | |||||||||||||||
Share-based compensation expense | 5,612 | 10,239 | 188 | — | 5,424 | 10,239 | |||||||||||||||||
Depreciation and amortization expense | 13,154 | 17,138 | 4,544 | 7,567 | 8,610 | 9,571 | |||||||||||||||||
Interest expense | 8,828 | 8,659 | 4,766 | 4,816 | 4,062 | 3,843 | |||||||||||||||||
Restructuring costs | 2,657 | 1,459 | 1,068 | 763 | 1,589 | 696 | |||||||||||||||||
Merger, acquisition and integration costs | 818 | 2,787 | 127 | 154 | 691 | 2,633 | |||||||||||||||||
Legal settlements | 564 | 1,623 | 99 | 35 | 465 | 1,588 | |||||||||||||||||
Store closure costs | 587 | 1,949 | 303 | 16 | 284 | 1,933 | |||||||||||||||||
(Gain) on change in value of warrant liability | (13 | ) | (2,511 | ) | — | — | (13 | ) | (2,511 | ) | |||||||||||||
Pre-opening costs | 203 | 474 | — | — | 203 | 474 | |||||||||||||||||
(Gain) loss on sale of assets | (93 | ) | (15 | ) | (94 | ) | 19 | 1 | (34 | ) | |||||||||||||
Income tax (benefit) expense | (65 | ) | (95 | ) | (61 | ) | (335 | ) | (4 | ) | 240 | ||||||||||||
Adjusted EBITDA | $ | 6,068 | $ | 9,164 | $ | 9,048 | $ | 9,298 | $ | (2,980 | ) | $ | (134 | ) |
Consolidated Restaurant Level Operating Expenses (Unaudited) | |||||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||||
(in thousands) | In dollars | % of restaurant sales | In dollars | % of restaurant sales | In dollars | % of restaurant sales | In dollars | % of restaurant sales | |||||||||||||||
Restaurant Sales | $ | 39,386 | 100.0 | % | $ | 42,246 | 100.0 | % | $ | 160,833 | 100.0 | % | $ | 167,201 | 100.0 | % | |||||||
Restaurant level operating expenses: | |||||||||||||||||||||||
Food, beverage and paper costs | 10,529 | 26.7 | % | 11,470 | 27.2 | % | 42,858 | 26.6 | % | 48,487 | 29.0 | % | |||||||||||
Labor and related expenses | 12,520 | 31.8 | % | 12,658 | 30.0 | % | 50,289 | 31.3 | % | 49,785 | 29.8 | % | |||||||||||
Other operating expenses | 7,473 | 19.0 | % | 8,200 | 19.4 | % | 29,888 | 18.6 | % | 30,277 | 18.1 | % | |||||||||||
Occupancy and related expenses | 3,959 | 10.1 | % | 4,035 | 9.6 | % | 15,656 | 9.7 | % | 15,607 | 9.3 | % | |||||||||||
Total | $ | 34,481 | 87.5 | % | $ | 36,363 | 86.1 | % | $ | 138,691 | 86.2 | % | $ | 144,156 | 86.2 | % |
Anthony’s Brand Only Restaurant Level Operating Expenses (Unaudited) | |||||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||||
(in thousands) | In dollars | % of restaurant sales | In dollars | % of restaurant sales | In dollars | % of restaurant sales | In dollars | % of restaurant sales | |||||||||||||||
Restaurant Sales | $ | 31,085 | 100.0 | % | $ | 32,962 | 100.0 | % | $ | 125,629 | 100.0 | % | $ | 128,819 | 100.0 | % | |||||||
Restaurant level operating expenses: | |||||||||||||||||||||||
Food, beverage and paper costs | 8,221 | 26.4 | % | 8,781 | 26.6 | % | 32,592 | 25.9 | % | 36,618 | 28.4 | % | |||||||||||
Labor and related expenses | 9,730 | 31.3 | % | 9,979 | 30.3 | % | 39,114 | 31.1 | % | 38,789 | 30.1 | % | |||||||||||
Other operating expenses | 5,534 | 17.8 | % | 6,193 | 18.8 | % | 22,035 | 17.5 | % | 22,237 | 17.3 | % | |||||||||||
Occupancy and related expenses | 2,926 | 9.4 | % | 2,998 | 9.1 | % | 11,904 | 9.5 | % | 11,798 | 9.2 | % | |||||||||||
Total | $ | 26,411 | 85.0 | % | $ | 27,951 | 84.8 | % | $ | 105,645 | 84.1 | % | $ | 109,442 | 85.0 | % |
BurgerFi Brand Only Restaurant Level Operating Expenses (Unaudited) | |||||||||||||||||||||||
Quarter Ended | Year Ended | ||||||||||||||||||||||
(in thousands) | In dollars | % of restaurant sales | In dollars | % of restaurant sales | In dollars | % of restaurant sales | In dollars | % of restaurant sales | |||||||||||||||
Restaurant Sales | $ | 8,301 | 100.0 | % | $ | 9,284 | 100.0 | % | $ | 35,204 | 100.0 | % | $ | 38,382 | 100.0 | % | |||||||
Restaurant level operating expenses: | |||||||||||||||||||||||
Food, beverage and paper costs | 2,308 | 27.8 | % | 2,689 | 29.0 | % | 10,266 | 29.2 | % | 11,869 | 30.9 | % | |||||||||||
Labor and related expenses | 2,790 | 33.6 | % | 2,679 | 28.9 | % | 11,176 | 31.7 | % | 10,996 | 28.6 | % | |||||||||||
Other operating expenses | 1,939 | 23.4 | % | 2,007 | 21.6 | % | 7,852 | 22.3 | % | 8,040 | 20.9 | % | |||||||||||
Occupancy and related expenses | 1,033 | 12.4 | % | 1,037 | 11.2 | % | 3,752 | 10.7 | % | 3,809 | 9.9 | % | |||||||||||
Total | $ | 8,070 | 97.2 | % | $ | 8,412 | 90.6 | % | $ | 33,046 | 93.9 | % | $ | 34,714 | 90.4 | % |
Segmented Unit Counts | ||||||||||||||||
Quarter Ended | Year Ended | |||||||||||||||
Corporate-owned | Franchised | Total | Corporate-owned | Franchised | Total | |||||||||||
Total | 87 | 81 | 168 | 87 | 81 | 168 | ||||||||||
26 | 84 | 110 | 25 | 89 | 114 | |||||||||||
— | 3 | 3 | — | 8 | 8 | |||||||||||
2 | (2 | ) | — | 4 | (4 | ) | — | |||||||||
— | (5 | ) | (5 | ) | (1 | ) | (13 | ) | (14 | ) | ||||||
28 | 80 | 108 | 28 | 80 | 108 | |||||||||||
Anthony's stores, beginning of period | 59 | — | 59 | 60 | — | 60 | ||||||||||
Anthony's stores opened | — | 1 | 1 | — | 1 | 1 | ||||||||||
Anthony's stores closed | — | — | — | (1 | ) | — | (1 | ) | ||||||||
Anthony's total stores, end of the period | 59 | 1 | 60 | 59 | 1 | 60 |
Source:
2024 GlobeNewswire, Inc., source