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
- Consolidated systemwide sales decreased to
- Opened five
BurgerFi franchised locations and acquired four from franchisees year to date, and expects to open an additional nineBurgerFi locations, including the first dual-brand franchise location and a flagship restaurant inNew York City with the unveiling of itsBetter 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 atBurgerFi , 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
Bachmann continued, “Many of the initial initiatives we put in place are already taking hold, including the expanded menus at
Third Quarter 2023 Key Metrics1 Summary
Consolidated | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
(in thousands, except for percentage data) | ||||||||||||||||
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 Sales | 32 | % | 34 | % | 32 | % | 35 | % | ||||||||
Quarter Ended | ||||||||||||||||
(in thousands, except for percentage data) | Anthony's | 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 Sales | 31 | % | 33 | % | 33 | % | 36 | % | ||||||||
Nine Months Ended | ||||||||||||||||
(in thousands, except for percentage data) | Anthony's | 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 Sales | 31 | % | 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, 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
Restaurant-level operating expenses for the third quarter of 2023 were
Net loss in the third quarter was
Adjusted EBITDA in the third quarter of 2023 decreased
As of
Year to date,
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,
Date:
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.
“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
Anthony’s. Anthony’s was acquired by
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
Investor Relations:
ICR
IR-BFI@icrinc.com
646-277-1224
Company Contact:
IR@burgerfi.com
Media Relations Contact:
Ink Link Marketing
Kmiller@inklinkmarketing.com
Consolidated Balance Sheets | ||||||||
Unaudited | ||||||||
(in thousands, except for per share data) | ||||||||
Assets | ||||||||
Current Assets | ||||||||
Cash | $ | 9,746 | $ | 11,917 | ||||
Accounts receivable, net | 1,229 | 1,926 | ||||||
Inventory | 1,376 | 1,320 | ||||||
Assets held for sale | 732 | 732 | ||||||
Prepaid expenses and other current assets | 972 | 2,564 | ||||||
Total Current Assets | $ | 14,055 | $ | 18,459 | ||||
Property & equipment, net | 17,987 | 19,371 | ||||||
Operating right-of-use assets, net | 46,070 | 45,741 | ||||||
31,621 | 31,621 | |||||||
Intangible assets, net | 153,091 | 160,208 | ||||||
Other assets | 1,114 | 1,380 | ||||||
Total Assets | $ | 263,938 | $ | 276,780 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current Liabilities | ||||||||
Accounts payable - trade and other | $ | 8,216 | $ | 8,464 | ||||
Accrued expenses | 8,179 | 10,589 | ||||||
Short-term operating lease liability | 12,252 | 9,924 | ||||||
Short-term borrowings, including finance leases | 3,539 | 4,985 | ||||||
Other current liabilities | 2,700 | 6,241 | ||||||
Total Current Liabilities | $ | 34,886 | $ | 40,203 | ||||
Non-Current Liabilities | ||||||||
Long-term borrowings, including finance leases | 49,396 | 53,794 | ||||||
Redeemable preferred stock, par value, 10,000,000 shares authorized, 2,120,000 shares issued and outstanding as of 2023, value, respectively | 54,545 | 51,418 | ||||||
Long-term operating lease liability | 40,672 | 40,748 | ||||||
Related party note payable | 14,450 | 9,235 | ||||||
Deferred income taxes | 1,223 | 1,223 | ||||||
Other non-current liabilities | 1,120 | 1,212 | ||||||
Total Liabilities | $ | 196,292 | $ | 197,833 | ||||
Stockholders' Equity | ||||||||
Common stock, 100,000,000 shares authorized, 26,805,474, and 22,257,772 shares issued and outstanding as of | 2 | 2 | ||||||
Additional paid-in capital | 314,905 | 306,096 | ||||||
Accumulated deficit | (247,261 | ) | (227,151 | ) | ||||
Total Stockholders' Equity | $ | 67,646 | $ | 78,947 | ||||
Total Liabilities and Stockholders Equity | $ | 263,938 | $ | 276,780 | ||||
Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||||||
(in thousands, except for per share data) | ||||||||||||||||
Revenue | ||||||||||||||||
Restaurant sales | $ | 37,324 | $ | 40,361 | $ | 121,448 | $ | 124,954 | ||||||||
Royalty and other fees | 1,698 | 2,465 | 5,858 | 7,179 | ||||||||||||
Royalty - brand development and co-op | 458 | 429 | 1,328 | 1,351 | ||||||||||||
Total Revenue | $ | 39,480 | $ | 43,255 | $ | 128,634 | $ | 133,484 | ||||||||
Restaurant level operating expenses: | ||||||||||||||||
Food, beverage and paper costs | 9,947 | 11,665 | 32,329 | 37,017 | ||||||||||||
Labor and related expenses | 11,853 | 12,217 | 37,769 | 37,126 | ||||||||||||
Other operating expenses | 7,199 | 7,464 | 22,415 | 22,077 | ||||||||||||
Occupancy and related expenses | 3,933 | 3,848 | 11,697 | 11,575 | ||||||||||||
General and administrative expenses | 4,638 | 5,511 | 17,027 | 18,943 | ||||||||||||
Depreciation and amortization expense | 3,272 | 4,253 | 9,794 | 13,427 | ||||||||||||
Share-based compensation expense | 172 | 1,010 | 5,401 | 9,295 | ||||||||||||
Brand development, co-op and advertising expenses | 999 | 1,159 | 3,028 | 2,998 | ||||||||||||
impairment | — | — | — | 55,168 | ||||||||||||
Restructuring costs and other charges, net | 515 | 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 liability | 224 | 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 | 26,793,358 | 22,253,232 | 25,078,410 | 22,146,258 | ||||||||||||
Net loss per common share: | ||||||||||||||||
Basic and Diluted | $ | (0.19 | ) | $ | (0.15 | ) | $ | (0.80 | ) | $ | (3.49 | ) | ||||
Consolidated Reconciliation of Net Loss to Adjusted EBITDA | ||||||||||||||||||||||||
(Non-GAAP) (Unaudited) | ||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||
Consolidated | Anthony's | |||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 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 expense | 172 | 1,010 | 177 | 1,010 | (5 | ) | — | |||||||||||||||||
Depreciation and amortization expense | 3,272 | 4,253 | 2,123 | 2,212 | 1,149 | 2,041 | ||||||||||||||||||
Interest expense | 2,219 | 2,245 | 1,033 | 1,003 | 1,186 | 1,242 | ||||||||||||||||||
Restructuring costs | 353 | — | 311 | — | 42 | — | ||||||||||||||||||
Merger, acquisition and integration costs | 96 | 168 | 62 | 168 | 34 | — | ||||||||||||||||||
Legal settlements, net of gains | (193 | ) | 81 | (289 | ) | 81 | 96 | — | ||||||||||||||||
Store closure costs | 162 | 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 | ||||||||||
Consolidated Reconciliation of Net Loss to Adjusted EBITDA | ||||||||||||||||||||||||
(Non-GAAP) (Unaudited) | ||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||
Consolidated | Anthony's | |||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 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 | ) | ||||||
— | 55,168 | — | 17,505 | — | 37,663 | |||||||||||||||||||
Lease termination recovery | (42 | ) | — | (42 | ) | — | — | — | ||||||||||||||||
Employee retention credits | — | (2,626 | ) | — | (2,626 | ) | — | — | ||||||||||||||||
Share-based compensation expense | 5,401 | 9,295 | 5,380 | 9,295 | 21 | — | ||||||||||||||||||
Depreciation and amortization expense | 9,794 | 13,427 | 6,360 | 7,335 | 3,434 | 6,092 | ||||||||||||||||||
Interest expense | 6,508 | 6,562 | 2,955 | 2,960 | 3,553 | 3,602 | ||||||||||||||||||
Restructuring costs | 2,397 | — | 1,389 | — | 1,008 | — | ||||||||||||||||||
Merger, acquisition and integration costs | 723 | 2,472 | 624 | 2,359 | 99 | 113 | ||||||||||||||||||
Legal settlements, net of gains | 317 | 393 | 218 | 393 | 99 | — | ||||||||||||||||||
Store closure costs | 333 | 1,134 | 138 | 1,134 | 195 | — | ||||||||||||||||||
Loss (gain) on change in value of warrant liability | 167 | (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 | ) | 2 | 4 | ||||||||||||||||
Adjusted EBITDA | $ | 5,394 | $ | 6,534 | $ | (1,734 | ) | $ | (116 | ) | $ | 7,128 | $ | 6,650 | ||||||||||
Consolidated Restaurant Level Operating Expenses | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months 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 | $ | 37,324 | 100.0 | % | $ | 40,361 | 100.0 | % | $ | 121,448 | 100.0 | % | $ | 124,954 | 100.0 | % | ||||||||||||||||
Restaurant level operating expenses: | ||||||||||||||||||||||||||||||||
Food, beverage and paper costs | 9,947 | 26.7 | % | 11,665 | 28.9 | % | 32,329 | 26.6 | % | 37,017 | 29.6 | % | ||||||||||||||||||||
Labor and related expenses | 11,853 | 31.8 | % | 12,217 | 30.3 | % | 37,769 | 31.1 | % | 37,126 | 29.7 | % | ||||||||||||||||||||
Other operating expenses | 7,199 | 19.3 | % | 7,464 | 18.5 | % | 22,415 | 18.5 | % | 22,077 | 17.7 | % | ||||||||||||||||||||
Occupancy and related expenses | 3,933 | 10.5 | % | 3,848 | 9.5 | % | 11,697 | 9.6 | % | 11,575 | 9.3 | % | ||||||||||||||||||||
Total | $ | 32,932 | 88.2 | % | $ | 35,194 | 87.2 | % | $ | 104,210 | 85.8 | % | $ | 107,795 | 86.3 | % | ||||||||||||||||
Anthony’s Brand Only | ||||||||||||||||||||||||||||||||
Restaurant Level Operating Expenses | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months 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 | $ | 29,540 | 100.0 | % | $ | 31,480 | 100.0 | % | $ | 94,545 | 100.0 | % | $ | 95,856 | 100.0 | % | ||||||||||||||||
Restaurant level operating expenses: | ||||||||||||||||||||||||||||||||
Food, beverage and paper costs | 7,633 | 25.8 | % | 8,927 | 28.4 | % | 24,371 | 25.8 | % | 27,837 | 29.0 | % | ||||||||||||||||||||
Labor and related expenses | 9,295 | 31.5 | % | 9,551 | 30.3 | % | 29,384 | 31.1 | % | 28,809 | 30.1 | % | ||||||||||||||||||||
Other operating expenses | 5,374 | 18.2 | % | 5,482 | 17.4 | % | 16,501 | 17.5 | % | 16,044 | 16.7 | % | ||||||||||||||||||||
Occupancy and related expenses | 3,021 | 10.2 | % | 2,942 | 9.3 | % | 8,978 | 9.5 | % | 8,803 | 9.2 | % | ||||||||||||||||||||
Total | $ | 25,323 | 85.7 | % | $ | 26,902 | 85.5 | % | $ | 79,234 | 83.8 | % | $ | 81,493 | 85.0 | % | ||||||||||||||||
BurgerFi Brand Only | ||||||||||||||||||||||||||||||||
Restaurant Level Operating Expenses | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months 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 | $ | 7,784 | 100.0 | % | $ | 8,881 | 100.0 | % | $ | 26,903 | 100.0 | % | $ | 29,098 | 100.0 | % | ||||||||||||||||
Restaurant level operating expenses: | ||||||||||||||||||||||||||||||||
Food, beverage and paper costs | 2,314 | 29.7 | % | 2,738 | 30.8 | % | 7,958 | 29.6 | % | 9,180 | 31.5 | % | ||||||||||||||||||||
Labor and related expenses | 2,558 | 32.9 | % | 2,666 | 30.0 | % | 8,385 | 31.2 | % | 8,317 | 28.6 | % | ||||||||||||||||||||
Other operating expenses | 1,825 | 23.4 | % | 1,982 | 22.3 | % | 5,914 | 22.0 | % | 6,033 | 20.7 | % | ||||||||||||||||||||
Occupancy and related expenses | 912 | 11.7 | % | 906 | 10.2 | % | 2,719 | 10.1 | % | 2,772 | 9.5 | % | ||||||||||||||||||||
Total | $ | 7,609 | 97.8 | % | $ | 8,292 | 93.4 | % | $ | 24,976 | 92.8 | % | $ | 26,302 | 90.4 | % | ||||||||||||||||
Segment Unit Counts | ||||||||||||
Quarter Ended | Nine Months Ended | |||||||||||
Corporate- owned | Franchised | Total | Corporate- owned | Franchised | Total | |||||||
Total | 85 | 84 | 169 | 85 | 84 | 169 | ||||||
27 | 87 | 114 | 25 | 89 | 114 | |||||||
— | — | — | — | 5 | 5 | |||||||
— | — | — | 2 | (2) | — | |||||||
(1) | (3) | (4) | (1) | (8) | (9) | |||||||
26 | 84 | 110 | 26 | 84 | 110 | |||||||
Anthony's stores, beginning of period | 60 | — | 60 | 60 | — | 60 | ||||||
Anthony's stores closed | (1) | — | (1) | (1) | — | (1) | ||||||
Anthony's total stores, end of the period | 59 | — | 59 | 59 | — | 59 | ||||||
Source:
2023 GlobeNewswire, Inc., source