• BurgerFi Reports Third Quarter 2023 Results

    المصدر: Nasdaq GlobeNewswire / 15 نوفمبر 2023 06:00:53   America/Chicago

    FORT LAUDERDALE, Fla., Nov. 15, 2023 (GLOBE NEWSWIRE) -- 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.”

    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 Ended Nine Months Ended
    		 
    (in thousands, except for percentage
    data)    		October 2, 2023 October 3, 2022 October 2, 2023 October 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
    Sales    		 32 %  34 %  32 %  35 % 
     


     Quarter Ended
    		 
     October 2, 2023 October 3, 2022
    		 
    (in thousands, except for percentage
    data)    		BurgerFi Anthony's BurgerFi 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
    		 
     October 2, 2023 October 3, 2022
    		 
    (in thousands, except for percentage
    data)    		BurgerFi Anthony's BurgerFi 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, 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.

    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.

    “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.

    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
    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

    BurgerFi International Inc., and Subsidiaries
    Consolidated Balance Sheets
     
     Unaudited   
    (in thousands, except for per share
    data)    		October 2, 2023 January 2, 2023
    		 
    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  
    Goodwill 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, $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 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, $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    		 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  
     


    BurgerFi International Inc., and Subsidiaries
    Consolidated Statements of Operations
    (Unaudited)
     
     Quarter Ended Nine Months Ended
    		 
    (in thousands, except for per share
    data)    		October 2, 2023 October 3, 2022 October 2, 2023 October 3, 2022
    		 
    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  
    Goodwill and intangible asset
    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) 
     


    BurgerFi International Inc., and Subsidiaries
    Consolidated Reconciliation of Net Loss to Adjusted EBITDA
    (Non-GAAP) (Unaudited)
     
     Quarter Ended
    		 
     ConsolidatedBurgerFi Anthony's
    		 
    (in thousands)October 2,
    2023    		 October 3,
    2022    		 October 2,
    2023    		 October 3,
    2022    		 October 2,
    2023    		 October 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
    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  
     


     
    BurgerFi International Inc., and Subsidiaries
    Consolidated Reconciliation of Net Loss to Adjusted EBITDA
    (Non-GAAP) (Unaudited)
     
     Nine Months Ended
    		 
     ConsolidatedBurgerFi Anthony's
    		 
    (in thousands)October 2,
    2023    		 October 3,
    2022    		 October 2,
    2023    		 October 3,
    2022    		 October 2,
    2023    		 October 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
    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  
     


    BurgerFi International Inc., and Subsidiaries
    Consolidated Restaurant Level Operating Expenses
    (Unaudited)
     
     Quarter Ended Nine Months Ended
    		 
     October 2, 2023 October 3, 2022 October 2, 2023 October 3, 2022
    		 
    (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
    		 
     October 2, 2023 October 3, 2022 October 2, 2023 October 3, 2022
    		 
    (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
    		 
     October 2, 2023 October 3, 2022 October 2, 2023 October 3, 2022
    		 
    (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% 
     


    BurgerFi International Inc., and Subsidiaries
    Segment Unit Counts
     
     Quarter Ended
    October 2, 2023
    		 Nine Months Ended
    October 2, 2023
    		 
     Corporate-
    owned    		 Franchised Total Corporate-
    owned    		 Franchised Total
    		 
    Total BurgerFi and Anthony's brands85 84 169 85 84 169 
                 
    BurgerFi stores, beginning of the period27 87 114 25 89 114 
    BurgerFi stores opened— — — — 5 5 
    BurgerFi stores acquired / (transferred)— — — 2 (2) — 
    BurgerFi stores closed(1) (3) (4) (1) (8) (9) 
    BurgerFi total stores, end of the period26 84 110 26 84 110 
                 
    Anthony's stores, beginning of period60 — 60 60 — 60 
    Anthony's stores closed(1) — (1) (1) — (1) 
    Anthony's total stores, end of the period59 — 59 59 — 59 
     

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