Same-Store Sales The measure of "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 remove ...

[First Quarter 2024 Results Overview](index=1&type=section&id=BurgerFi%20Reports%20First%20Quarter%202024%20Results) BurgerFi reported a challenging first quarter with declining revenue and systemwide sales, though net loss narrowed, and management noted sequential improvements and strategic focus [First Quarter 2024 Highlights](index=1&type=section&id=Highlights%20for%20the%20First%20Quarter%202024) BurgerFi reported a challenging first quarter with total revenue decreasing to $42.9 million from $45.7 million year-over-year, with net loss narrowing to $6.5 million Q1 2024 Key Financial Results vs. Q1 2023 | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total Revenue | $42.9 million | $45.7 million | | Consolidated Systemwide Sales | $66.0 million | $73.4 million | | Net Loss | $6.5 million | $9.2 million | | Diluted EPS | $(0.24) | $(0.39) | | Adjusted EBITDA | $0.3 million | $2.6 million | Q1 2024 Same-Store and Systemwide Sales Growth | Brand/Metric | Change vs. Q1 2023 | | :--- | :--- | | Anthony's Same-Store Sales | -2% | | BurgerFi Systemwide Sales | -17% | | BurgerFi Systemwide Same-Store Sales | -13% | - The company opened **one franchised BurgerFi** and **one corporate-owned flagship BurgerFi** in New York City during the quarter[17](index=17&type=chunk) - Employee turnover rates continued to decline significantly, with both hourly and management turnover improving, and Anthony's turnover is within industry benchmarks while BurgerFi approaches them[48](index=48&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management acknowledged a difficult start to 2024 due to a challenging consumer environment and unfavorable weather, but noted sequential improvement and strategic focus - CEO Carl Bachmann stated that despite a difficult start, performance is not indicative of the brands' long-term potential, noting sequential improvement during the quarter, with March same-store sales at Anthony's being flat after adjusting for the Easter shift[17](index=17&type=chunk) - The company remains focused on driving revenue growth and enhancing operational efficiencies through **five key strategic priorities** implemented since July 2023[18](index=18&type=chunk) - CFO Christopher Jones highlighted the rollout of new inventory control systems for both brands and a new point-of-sale platform for Anthony's, which are expected to support future progress and operational streamlining[18](index=18&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) The company experienced a decline in Q1 2024 consolidated systemwide sales and total revenue, while net loss improved, and Adjusted EBITDA significantly decreased, reflecting operational challenges [Key Metrics Summary](index=2&type=section&id=First%20Quarter%20Key%20Metrics%20Summary) In Q1 2024, consolidated systemwide restaurant sales fell 10% to $66.0 million, with same-store sales declining 7%, while the digital channel's contribution remained steady at 32% Consolidated Key Metrics (Q1 2024 vs Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | 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 Same-Store Sales Growth | (5)% | 1% | | Franchise Restaurant Sales | $25,149 | $30,135 | | Franchise Restaurant Same-Store Sales Growth | (12)% | 2% | | Digital Channel % of Systemwide Sales | 32% | 32% | Brand-Specific Key Metrics (Q1 2024 vs Q1 2023) | Metric (Growth) | Anthony's | BurgerFi | | :--- | :--- | :--- | | Systemwide Restaurant Sales | (1)% | (17)% | | Systemwide Same-Store Sales | (2)% | (13)% | | Corporate-Owned Sales | (2)% | (16)% | | Corporate-Owned Same-Store Sales | (2)% | (16)% | [First Quarter 2024 Financial Results](index=2&type=section&id=First%20Quarter%202024%20Financial%20Results) Total revenue decreased 6% to $42.9 million in Q1 2024, driven by lower same-store sales and corporate store closures, while net loss narrowed to $6.5 million - Total revenue decreased **6% to $42.9 million** in Q1 2024, down from $45.7 million in Q1 2023, primarily due to decreased same-store sales and the closure of underperforming corporate-owned BurgerFi locations[21](index=21&type=chunk) - Restaurant-level operating expenses as a percentage of sales increased by **360 basis points for Anthony's** and **850 basis points for BurgerFi**, mainly due to higher labor rates and lower sales leverage[22](index=22&type=chunk) - Net loss narrowed to **$6.5 million** from $9.2 million year-over-year, primarily due to lower share-based compensation, general and administrative expenses, and restructuring costs[23](index=23&type=chunk) - Adjusted EBITDA decreased by **$2.3 million to $0.3 million** compared to Q1 2023, driven by lost leverage on sales and higher wages[24](index=24&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) The company's financial statements show a decrease in total assets to $252.6 million and a slight decrease in total liabilities, with a net loss of $6.5 million for the quarter [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of April 1, 2024, BurgerFi had total assets of $252.6 million, down from $258.5 million, with cash and cash equivalents decreasing to $4.1 million Balance Sheet Summary (in thousands) | Account | April 1, 2024 (in thousands) | January 1, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $4,147 | $7,556 | | Total Current Assets | $9,959 | $12,500 | | Total Assets | $252,608 | $258,476 | | Total Current Liabilities | $82,598 | $82,692 | | Total Liabilities | $200,514 | $201,226 | | Total Stockholders' Equity | $52,094 | $57,250 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2024, total revenue was $42.9 million, a decrease from $45.7 million, with the net loss attributable to BurgerFi improving to $6.5 million or $(0.24) per share Statement of Operations Summary (in thousands, except per share data) | Account | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Total Revenue | $42,879 | $45,726 | | Operating Loss | $(4,208) | $(7,000) | | Net loss attributable to BurgerFi | $(6,538) | $(9,151) | | Net loss per common share | $(0.24) | $(0.39) | [Reconciliation of Net Loss to Adjusted EBITDA](index=10&type=section&id=Consolidated%20Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA) Consolidated Adjusted EBITDA for Q1 2024 was $0.3 million, a sharp decline from $2.6 million in Q1 2023, with the BurgerFi segment contributing a negative $1.5 million Adjusted EBITDA by Segment (in thousands) | Segment | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Anthony's | $1,710 | $3,052 | | BurgerFi | $(1,452) | $(502) | | **Consolidated Total** | **$258** | **$2,550** | [Restaurant Level Operating Expenses](index=11&type=section&id=Consolidated%20Restaurant%20Level%20Operating%20Expenses) Consolidated restaurant-level operating expenses rose to 87.8% of sales in Q1 2024, primarily due to increased labor costs, with BurgerFi experiencing a more significant increase to 95.9% of sales Anthony's Restaurant Level Operating Expenses (% of sales) | Expense Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Food, beverage and paper | 26.6% | 26.1% | | Labor and related expenses | 33.6% | 30.9% | | **Total** | **85.7%** | **82.1%** | BurgerFi Restaurant Level Operating Expenses (% of sales) | Expense Category | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Food, beverage and paper | 27.8% | 29.0% | | Labor and related expenses | 35.7% | 29.3% | | **Total** | **95.9%** | **87.4%** | [Operational and Strategic Update](index=4&type=section&id=Operational%20and%20Strategic%20Update) The company saw a net reduction in restaurant count during Q1 2024, primarily in the BurgerFi brand, and maintains its full-year outlook, trending towards the lower end of guidance [Restaurant Development](index=4&type=section&id=Restaurant%20Development) As of April 1, 2024, the company had 162 total restaurants, with BurgerFi experiencing a net reduction of 6 locations during Q1 due to closures Q1 2024 Store Count Changes | Brand | Beginning Count | Opened | Closed | Ending Count | | :--- | :--- | :--- | :--- | :--- | | BurgerFi | 108 | 2 | (8) | 102 | | Anthony's | 60 | 0 | 0 | 60 | | **Total** | **168** | **2** | **(8)** | **162** | - In Q1 2024, BurgerFi opened **one franchised location** and **one corporate-owned flagship restaurant** in New York City[26](index=26&type=chunk) - In Q2 2024 to date, BurgerFi has opened **two additional franchised locations**[27](index=27&type=chunk) [2024 Outlook](index=4&type=section&id=2024%20Outlook) Management is maintaining its full-year 2024 outlook, expecting annual revenues of $170-$180 million and Adjusted EBITDA between $7-$9 million, trending towards the low end of the range - Management is trending to the **low end** of its previously stated 2024 outlook range[28](index=28&type=chunk) Fiscal Year 2024 Guidance | Metric | Outlook | | :--- | :--- | | Annual Revenues | $170 - $180 million | | Corporate Same-Store Sales Growth | Low-single digit | | New Restaurants | 10 - 15 (9-14 franchised) | | Adjusted EBITDA | $7 - $9 million | | Capital Expenditures | $2 - $3 million | [Appendix](index=4&type=section&id=Appendix) The appendix provides an overview of BurgerFi International's multi-brand restaurant concepts, definitions of key financial metrics, details on non-GAAP measures, and information regarding forward-looking statements and the Q1 2024 conference call [About BurgerFi International](index=5&type=section&id=About%20BurgerFi%20International) BurgerFi International is a multi-brand restaurant company owning BurgerFi and Anthony's, with a combined 162 locations as of April 1, 2024 - BurgerFi International is a multi-brand restaurant company owning BurgerFi and Anthony's, with a combined **162 locations** as of April 1, 2024[11](index=11&type=chunk) - Anthony's, acquired in 2021, is a premium pizza and wing brand with **60 locations** (59 corporate-owned) centered around a 900-degree coal-fired oven[12](index=12&type=chunk) - BurgerFi is a fast-casual better burger concept with **102 locations** (27 corporate-owned, 75 franchised) that uses 100% American Angus Beef with no steroids, antibiotics, or growth hormones[14](index=14&type=chunk) [Key Metrics Definitions](index=4&type=section&id=Key%20Metrics%20Definitions) The company defines key performance metrics such as Systemwide Restaurant Sales, Same-Store Sales, Digital Channel %, and Adjusted EBITDA, a non-GAAP measure - **Systemwide Restaurant Sales:** Aggregates sales from all franchised, ghost kitchen, and corporate-owned restaurants[4](index=4&type=chunk) - **Same-Store Sales:** Calculated for restaurants after 14 months of operation to evaluate the performance of the existing store base, excluding new and permanently closed stores[7](index=7&type=chunk) - **Adjusted EBITDA:** A non-GAAP measure defined as net loss adjusted for items such as lease termination, share-based compensation, D&A, interest expense, restructuring costs, and other non-recurring items[9](index=9&type=chunk) [About Non-GAAP Financial Measures](index=6&type=section&id=About%20Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA, a non-GAAP measure, for financial and operational decision-making, believing it provides meaningful supplemental information for evaluating performance - The company uses Adjusted EBITDA, a non-GAAP measure, for financial and operational decision-making and to evaluate period-to-period comparisons[30](index=30&type=chunk)[31](index=31&type=chunk) - A reconciliation for forward-looking Adjusted EBITDA guidance is not provided due to the impracticality of predicting certain market-based components like share-based compensation without unreasonable effort[47](index=47&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements regarding future business outlook, financial results, and strategic execution, which are subject to risks and uncertainties - The report includes forward-looking statements concerning future business outlook, liquidity, and financial results, identified by words like "anticipates," "believes," and "expects"[33](index=33&type=chunk) - These statements are subject to risks and uncertainties, and the company undertakes no obligation to revise them except as required by law[34](index=34&type=chunk) [Conference Call Information](index=4&type=section&id=Conference%20Call) The company held a conference call on May 15, 2024, at 8:30 a.m. Eastern time to discuss its first quarter 2024 results, with a replay available online - A conference call to discuss Q1 2024 results was scheduled for Wednesday, May 15, 2024, at **8:30 a.m. Eastern time**[1](index=1&type=chunk) - The conference call will be broadcast live and available for a **two-week replay** on the company's Investor Relations website[2](index=2&type=chunk)

Core Insights - BurgerFi International, Inc. reported a challenging first quarter for 2024, with a decrease in revenue and profitability attributed to a tough consumer environment and adverse weather conditions in key markets [3][6][8] - The company is focused on long-term growth and operational efficiency, implementing strategic initiatives to improve sales and margins [4][19] - Management anticipates a gradual recovery, with signs of improvement noted in March 2024 [3][4] Financial Performance - Total revenue for Q1 2024 was $42.9 million, down 6% from $45.7 million in Q1 2023 [6][8] - Systemwide restaurant sales decreased to $66.0 million, a 10% decline from $73.4 million in the prior year [5][6] - Same-store sales for Anthony's fell by 2%, while BurgerFi experienced a 12% decline in franchised locations and a 16% decline in corporate-owned locations [6][8] Operational Metrics - The company opened one new franchised location and one corporate-owned flagship restaurant in New York City during the first quarter [12][13] - As of April 1, 2024, BurgerFi operated a total of 162 restaurants, with 102 being BurgerFi and 60 being Anthony's [12][24] - The net loss for the quarter was $6.5 million, an improvement from a net loss of $9.2 million in the same quarter last year [10][36] Cost Management - Restaurant-level operating expenses for Q1 2024 were $35.9 million, slightly down from $36.1 million in Q1 2023 [9][39] - Operating expenses as a percentage of sales increased significantly for both brands, with Anthony's up 360 basis points and BurgerFi up 850 basis points compared to the previous year [9][41][42] Strategic Initiatives - The company is rolling out new inventory control systems and a new point-of-sale platform to enhance operational efficiency [4][19] - Management is committed to achieving low-single digit same-store sales growth for corporate-owned locations and plans to open 10-15 new restaurants in 2024 [19][24]

Core Viewpoint - BurgerFi International, Inc. is set to report its financial results for the first quarter of 2024 on May 15, 2024, with a conference call scheduled to discuss these results [1]. Company Overview - BurgerFi International, Inc. operates as a multi-brand restaurant company, focusing on fast-casual and premium-casual dining concepts globally, with a total of 168 locations across its brands [3]. - The company owns two primary brands: BurgerFi and Anthony's Coal Fired Pizza & Wings [3]. Brand Details Anthony's Coal Fired Pizza & Wings - As of January 1, 2024, Anthony's has 60 restaurants, including 59 corporate-owned and one dual brand franchise location [4]. - The brand is recognized for its high-quality ingredients and unique cooking method using a 900-degree coal-fired oven, offering menu items such as "well-done" pizza and coal-fired chicken wings [4]. - Anthony's has received accolades, including being named "The Best Pizza Chain in America" by USA Today and "The Absolute Best Wings in the U.S." by Mashed [4]. BurgerFi - BurgerFi operates 108 restaurants as of January 1, 2024, with 80 franchised and 28 corporate-owned locations [5]. - The brand emphasizes fresh, all-natural food, using 100% American Angus Beef without steroids or additives, and offers a diverse menu including Wagyu Beef Blend Burgers and Frozen Custard Shakes [5]. - BurgerFi has been recognized with multiple awards, including "Best Fast Casual Restaurant" in USA Today's 10Best Readers' Choice Awards for three consecutive years [5].

Our business is subject to numerous risks. In addition to the summary below, carefully review the "Risk Factors" section of this Annual Report. We may be subject to additional risks and uncertainties not presently known to us or that we currently deem immaterial. These risks should be read in conjunction with the other information in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and in our other public disclosures. Some of the principal risks relating to our business include: • We have sig ...

BurgerFi International, Inc. (NASDAQ:BFI) Q4 2023 Earnings Conference Call April 1, 2024 4:30 PM ET Company Participants Carl Bachmann - Chief Executive Officer Chris Jones - Chief Financial Officer Conference Call Participants Ben Parente - BTIG Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss BurgerFi International's financial results for the fourth quarter and fiscal year ended January 1, 2024. Joining us today are Carl Bachmann, CEO; and Chris Jone ...

First ever brand to have in-restaurant customizable sauce dispenser FORT LAUDERDALE, Fla., March 29, 2024 /PRNewswire/ -- BurgerFi®, owned by BurgerFi International, Inc., is taking part in the sauce revolution by being the first brand to debut the HEINZ REMIX™Machine at its 4343 N Ocean Blvd, Lauderdale-By-The-Sea, FL 33308 location. BurgerFi Fi-natics can be the first to create their very-own condiment concoctions with fresh-cut crispy, crunchier BurgerFi French fries, hand beer-battered onion rings and m ...

FORT LAUDERDALE, Fla., March 29, 2024 (GLOBE NEWSWIRE) -- BurgerFi International, Inc. (NASDAQ:BFI, BFIIW))) ("BurgerFi"), 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 brand under the name Anthony's Coal Fired Pizza & Wings ("Anthony's"), will report financial results for the fourth quarter and fiscal year ended January 1, 2024 on Monday, April 1, 2024 after the market closes. Management will host a con ...

BurgerFi "Prime Day" promotion on February 28 - $6 Prime Rib Burger with a purchase of a Coca-Cola Freestyle FORT LAUDERDALE, Fla., Feb. 20, 2024 /PRNewswire/ -- BurgerFi®, owned by BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) ("BurgerFi"), is ready for prime time at the South Beach Wine and Food Festival. The better burger brand is aiming to defend its crown of The Very Best Burger at SOBEWFF Burger Bash hosted by Rachel Ray on Thursday, February 22, 2024, with a brand-new Prime Rib Burger that will b ...

Turns up the flavor at "Diners, Drive-Ins and Dives LIVE" FORT LAUDERDALE, Fla., Feb. 20, 2024 /PRNewswire/ -- Bada Bing! Anthony's Coal Fired Pizza & Wings, owned by BurgerFi International, Inc. (Nasdaq: BFI, BFIIW) ("BurgerFi"), is beachbound for "Diners, Drive-Ins and Dives LIVE" hosted by celebrity restaurateur Guy Fieri. On Friday, February 23, 2024, the premium Italian pizza brand is getting saucy with exclusive specialty dishes for the star-studded event. The event kicks off at 7:30 pm at American Ai ...