汉堡国际(BFI)公布了截至2024年4月1日的第一季度财务业绩，指出收入和盈利能力有所下降。该公司将疲软的开局归因于艰难的消费环境和不利的天气，导致总收入下降6%至4,290万美元，餐厅利润率下降至12.2%。尽管面临这些挑战，BurgerFi仍在实施旨在推动增长和效率的战略重点，包括门店开发和优化。虽然该公司报告本季度净亏损650万美元，但预计利润率将有所改善，2024财年的总收入将达到1.07亿美元至1.8亿美元，调整后的EBITDA在700万美元至900万美元之间。

　　BurgerFi在2024年第一季度的总收入为4290万美元，同比下降6%。

　　餐厅层面的利润率从上年的16.6%降至12.2%。

　　该公司关闭了表现不佳的门店，但开设了新的特许经营门店，包括非传统门店空间部分。

　　据报道，净亏损为650万美元，较去年同期的920万美元有所改善。

　　2024财年的收入预计在1.07亿美元至1.8亿美元之间，调整后的EBITDA为700万美元至900万美元。

　　烤鸡的重新引入和圆周率日的促销活动带来了增量增长和客户试用。

　　BurgerFi预计，在接下来的几个季度里，餐厅层面的利润率将有所改善。

　　该公司专注于扩大其特许经营网络，特别是在I-95走廊沿线的大都市地区。

　　BurgerFi的目标是推动收入增长和运营通过战略重点和技术进步提高效率。

　　由于外部挑战，包括公司经营困难，该公司的收入和盈利能力有所下降nsumer enviro政府和不利的天气。

　　同店销售额有所下降，表现不佳的门店也纷纷关闭导致收入下降。

　　整个季度都出现了环比改善，3月份同店销售企稳。

　　该公司正积极致力于通过门店开发和优化来定义其投资组合，这表明了对长期增长的关注。

　　BurgerFi第一季度的收入和利润率低于去年同期的数据。

　　该公司的净亏损虽然较去年有所改善，但仍高达650万美元。

　　卡尔?巴赫曼强调了重新引入烤鸡和社交货币假期等营销策略的成功。

　　该公司计划利用这些成功向忠实客户推销，并鼓励他们支付全价购买产品。

　　BurgerFi 2024年第一季度的特点是战略发展和运营挑战的结合。该公司正在采取措施优化其业绩，并对未来几个季度的增长潜力和盈利能力的提高持乐观态度。汉堡fi将于2024年8月公布第二季度业绩。

　　汉堡国际公司(BFI) 2024年第一季度业绩反映出该公司面临的挑战时期，据报道，该公司收入下降，净亏损。通过InvestingPro进行的分析为该公司的财务状况和市场地位提供了额外的背景。该公司市值仅为1065万美元，规模相对较小，这可能会导致其在市场上的波动。

　　InvestingPro的数据显示，截至2024年第一季度，该公司过去12个月的市净率为0.21，这表明该公司的估值低于其账面价值。这可能会吸引那些寻找被低估机会的投资者。然而，BurgerFi的市盈率(P/E)为-0.51，反映出该公司目前没有盈利。这与InvestingPro的一个提示一致，即分析师预计该公司今年不会盈利。

　　该公司的股价经历了大幅下跌，截至提供的日期，6个月的总回报率为-67.97%。这一表现与InvestingPro的几个提示一致，这些提示指出，在不同的时间框架内，包括过去十年、一年和三个月，股价表现不佳。

　　对于考虑投资BurgerFi的投资者来说，重要的是要注意，正如InvestingPro Tips所强调的那样，该公司正在努力应对沉重的债务负担，并且正在迅速消耗现金。这可能对该公司的财务稳定性构成风险，尤其是在其短期债务超过其流动资产的情况下。

　　对于那些对进一步分析和额外的BurgerFi InvestingPro提示感兴趣的人，还有13个提示可供选择，为公司的财务和市场表现提供更深入的见解。要了解这些建议并做出更明智的投资决策，请使用优惠券代码PRONEWS24，在InvestingPro上获得每年或两年一次的Pro和Pro+订阅额外10%的折扣。

　　接线员:早上好，感谢您参加今天的电话会议，讨论汉堡国际截至2024年4月1日的第一季度财务业绩。今天加入我们的是首席执行官卡尔·巴赫曼和首席财务官克里斯·琼斯。在他们发言之后，我们将开始提问。在我们开始之前，我想提醒大家，本次电话会议可能包含1995年《私人证券诉讼改革法案》中定义的前瞻性陈述。这些前瞻性陈述可能与BurgerFi对其未来业务前景的估计有关，包括总收入、新店开业、成本、餐厅利润率、调整后的EBITDA和资本支出等项目。前瞻性陈述通常可以通过诸如预期、相信、估计、期望、意图、计划、预测、项目、将会、将继续、将可能产生等词语和类似的表达来识别。这些前瞻性陈述基于当前的预期和假设，这些预期和假设受到风险和不确定性的影响，这可能导致公司的实际结果与前瞻性陈述中反映的结果存在重大差异。可能导致或促成此类差异的因素包括但不限于，截至2024年1月1日的10-K表格年度报告中讨论的因素，以及公司向证券交易委员会提交的其他文件中披露的因素。所有随后由BurgerFi或代表BurgerFi行事的人发表的书面和口头前瞻性陈述均由本电话会议中包含的警示性陈述完整表达和限定。除非法律要求，公司不承担修改或公开发布这些前瞻性陈述的任何修订结果的义务。鉴于这些陈述和不确定性，听众不应依赖此类前瞻性陈述。此外，后续讨论将包含非gaap财务指标。有关这些非公认会计准则财务指标的讨论和调整，请参阅2024年第一季度的收益发布。我还想提醒大家，从今天开始的两周内，今天的通话可以通过电话重播进行。网络直播重播也将通过今天新闻稿中提供的链接以及公司网站www.burgerfi.com获得。现在我想请BurgerFi的首席执行官卡尔·巴赫曼发言。卡尔，说吧。

　　Carl Bachmann: Thank you all for joining us today. I'd like to start by expressing my gratitude to our entire team including our franchisees and employees, for their unwavering dedication and hard work as we pursue our business recovery. As we briefly shared on our last earnings call, we had a difficult start to the year. We do not view our quarterly performance as indicative of these brand's long-term potential. Like so many of our industry peers, we experienced the softening in revenue and profitability as a result of a challenging consumer environment, but also contended with unfavorable weather in key markets. Notably, however, we saw a sequential improvement throughout the quarter beginning with a slight improvement in February, followed by a more substantial recovery in March at both brands outside of Florida. March same-store sales were flat at Anthony's, adjusting for the Easter calendar shift, and sales were shown stability during the second quarter to date as we expect to see our initiatives begin to take hold. Both brands fared better in the Northeast due to a combination of normalized trends versus the pandemic, seasonably cooler Florida weather that affected travel to the Sunshine State, and like many of our peers, overall softer demand in Florida. Looking ahead, we remain laser focused on driving revenue growth while further enhancing operational efficiencies to increase profitability using the five key strategic priorities that we implemented since last July. I will now update you on the progress we are making on these key strategic priorities. Beginning with infrastructure, a key priority for us over the last year has been strengthening our infrastructure with a focus on our most important asset, our people. Building the right team and fostering a strong culture of camaraderie across both brands has been paramount. We have made progress on stabilizing restaurant teams as overall the company is 95% staffed to par, while benefiting from considerably reduced turnover. With improved retention and turnover numbers at BurgerFi in line with the industry and Anthony's significantly better than the industry, we will see improvements in overtime and training costs. In addition, this results in better execution and throughput, all lead indicators that our recovery has begun. Technology is another area where we are enhancing our infrastructure. Earlier this year, we implemented an inventory management platform at BurgerFi with a rollout currently underway at Anthony's. This system enables centralized inventory and labor management across all corporate owned locations, driving greater efficiency and operational excellence. Here we believe that we will see at least 200 bps improvement in costs at both founder brands, which have never operated with these sort of systems. At Anthony's, we are also in the process of rolling out the Toast, POS and management system across all 59 corporate owned locations. Initial installations have had their typical challenges of any new platform, but with most of these behind us, we are accelerating the rollout. We expect this initiative to be completed by the end of the third quarter, with half of our Anthony's portfolio online by June, and an initial insight into the impact to the business. This POS system includes handheld tablets for servers to beam orders directly to the kitchen, increasing accuracy and table turn times. The Toast platform represents a substantial upgrade over Anthony's previous paper ticket system that will provide us with robust analytics to optimize speed of service. These infrastructure initiatives are laying the groundwork for sustainable sales growth and margin expansion as we continue executing our strategic plan. Next is taste and quality. We are continuously focused on improving the taste and quality of our products at both brands. During the quarter, we were the first brand to debut the innovative HEINZ REMIX machine at our Lauderdale by the sea, Florida BurgerFi. This machine allows our guests to create their own custom condiment concoctions to enjoy with fresh cut fries and beer battered onion rings and more. Guests today are seeking unique and personalized dining experiences. By being the first restaurant to showcase the HEINZ Remix machine, we are delivering something truly distinctive to our guests. This test in Lauderdale by the sea is also providing our culinary team invaluable insights into evolving consumer tastes. based on its success, we plan to roll out additional HEINZ Remix machines at our Delray Beach, Pembroke Pines, West Boca Raton and West Palm Beach locations over the coming months. At the end of March, we unveiled our new Better Burger Lab concept in New York City. By transforming our New York City location into a public test kitchen, we now have a dedicated innovation hub right in the heart of New York City, the culinary capital of the world. The Better Burger Lab will serve as the launch pad for new menu innovations that we plan to test and potentially introduce system-wide across our BurgerFi locations. Currently, guests visiting the lab can get a preview of new items like our fried chicken sandwich before it rolls out to the broader franchise system. We also have unique offerings like the breakfast, everything bagel burger and a New York City hotdog that are only available at this New York City test location. Our BurgerFi loyalty members will also be invited to exclusive tasting events at the lab to sample new products and provide real-time feedback. This allows our most loyal guests to get involved in the R&D process by suggesting new flavor and ingredient combinations. We recognize that BurgerFi has lost some of its cachet in market share over the years, not due to any one major misstep, but rather a collection of smaller issues that have impacted us over time. The Better Burger Lab represents our commitment to thoughtful innovation as we continue exploring creative ways to elevate the Better Burger experience for our guests. On Anthony's side, at the end of April, we launched the inaugural Italian Shrimp Festival. We added six new shrimp dishes to the menu to serve as our new LTO. Seafood holds a revered place in Italian culinary traditions, and this has been missing from our menu for some time. Our next initiative revolves around developing gold standards. Drawing from my prior leadership experiences and feedback from employees and guests at both brands, I've identified what our gold standards should be, and we've begun holding ourselves accountable to them, positioning us to drive long-term sales growth. As a result of the work we are undertaking to uphold these gold standards, our third-party audit scores are already improving. We have seen the improvement in feedback from both brands. Anthony's now scoring 4.49 on a five-point scale and BurgerFi at a 4.38. New guests look at ratings, and you are not even in the consideration set if it's under a four. Our next priority is telling the world about our brands through an enhanced marketing strategy that is already resonating with customers. We continue to have fun around different holidays to drive brand trial. On Tax Day, we offered guests at both brands 15% off their check. On National Beer Day, we hosted an all-day happy hour where we offered a $10 cheeseburger and a Draft Beer at BurgerFi, and $15 cheese pizza and Draft Beer at Anthony's. And just last week, we offered 20% off to all teachers and nurses in connection with teachers and nurses' appreciation week. Finally, I went with step five, defining the portfolio, which is about both store development and optimization. As of April 1st, our portfolio consisted of 102 BurgerFi restaurants, 27 corporate-owned and 75 franchised, and 60 Anthony's, 59 corporate-owned and one franchised. As we continued right-sizing our portfolio, we closed 600 performing franchised and two corporate-owned BurgerFi restaurants during the first quarter. We continued to evaluate our portfolio with a close look on cash flow and profitability. Starting with Anthony's during the quarter, we signed our second franchise agreement, this time for three Anthony's in the Jacksonville, Florida area. We expect these restaurants to open in 2025. After the successful launch of our inaugural co-branded Anthony's location in late 2023, our partners, NDM Hospitality Services, will open their second co-branded location in the Miami World Center Development here at the Miami Brightline Station by the end of this year. Their third location is slated for 2025. Turning to BurgerFi last quarter, we opened our first franchise BurgerFi inside an Apple (NASDAQ:AAPL) Cinema in Rochester, New York. We view non-traditional spaces as becoming an important part of our development story as they represent a great opportunity to go to the brand and get people excited about BurgerFi again with a smaller footprint and lower startup costs. Today, we opened a second franchise BurgerFi inside an Apple Cinema, this time within their Warwick, Rhode Island location. As I mentioned earlier, in late March, we reopened our flagship corporate-owned BurgerFi restaurant and first-ever Better Burger Lab on the Upper East Side of Manhattan. Looking ahead, our development efforts are focused on recruiting well-capitalized franchisees who possess substantial experience in the restaurant, retail, and hospitality industries. Over the long term, we plan to grow the brands within metropolitan cities along the I-95 corridor, as these are the market areas where both brands have demonstrated strong performance. Inclusion, I am more confidence than ever that joining the company was the right decision. Achieving sales and margin improvements will not happen overnight, but we are laying a solid foundation to build upon. We are making highly strategic decisions following a straightforward formula. We must deliver wins for our guests, our team members, and our shareholders and franchisees. With that, I will now turn the call over to our CFO, Chris Jones, who will provide commentary on our first quarter, 2024 performance, and discuss our guidance. Go ahead, Chris.

　　Chris Jones: Thank you, Carl, and good morning, everyone. And while not yet evident in our financials, we are working very hard every day implementing a strong long-term strategy that we believe will drive top-line growth and expand margins over time. During the first quarter, we continue to see top-line softness and pressured margins. We still have a lot of work to do to drive efficiencies that are cautiously optimistic that we will start to see some of these positive leverage in the back half of 2024. Now, briefly looking at the first quarter, total revenues were $42.9 million, decreasing 6% from $45.7 million for the same quarter last year. Anthony's corporate-owned restaurants contributed $32.4 million to total revenues in the quarter. The decrease in revenue is primarily attributable to decreases in same-store sales at both brands coupled with the closure of underperforming BurgerFi corporate-owned locations. This was partially offset by additional revenues from two acquired BurgerFi restaurants from franchisees during 2023. Restaurant-level profit margin was 12.2% for the first quarter of 2024, compared to 16.6% in the same quarter last year. The decrease was primarily related to loss sales leverage and higher wages. However, we expect to see an improvement in restaurant-level profit margins over the next three quarters as we accelerate the rollout of inventory control systems and labor management systems at both brands. Shifting to our individual brand results, Anthony's corporate-owned restaurant sales were $32.4 million in the first quarter, compared to $33.1 million in the prior year. The decrease was driven by a 2% decrease in same-store sales. As noted earlier, performance improved throughout the period, with March comms roughly flat once adjusting for the Easter shift. Like many of our peers, we have seen softer performance in the southern region, primarily Florida versus operations in the Mid-Atlantic and the North. These trends have continued in the second quarter. Anthony's restaurant-level operating margin was 14.3% for the first quarter of 2024, compared to 17.9% in the period prior year quarter. This was due to higher wing prices year-of-year, lost leverage on fixed costs due to lower sales, and most notably, laid-up labor, specifically hourly labor. One of the benefits associated with shifting to the Toast POS will be the transition to a more automated and controlled, with respect to store labor schedules. Today, all the schedules have shifted to online scheduling, given restaurant staff and management access to their schedules by the smartphones, along with more dynamic scheduling. Over the coming weeks and months, we expect to see meaningful improvement from these programs as regionals and store managers have the tools to improve efficiency within their store schedules. Turning to BurgerFi, corporate-owned restaurant sales were $8.5 million in the first quarter, compared to $10.2 million in the prior year. System-wide sales for BurgerFi in the first quarter decreased 17% to $33.4 million, compared to $40.3 million in the year ago quarter, primarily due to the closure of unperforming corporate stores coupled with declines in same-store sales. BurgerFi system-wide, same-store sales decreased 13% to the first quarter of 2024, compared to the same period of the prior year. For corporate-owned BurgerFi, same-store sales decreased 16%, and franchise restaurant same-store sales decreased 12%. BurgerFi and restaurant-level operating margin was $4.1 for the first quarter of 2024, compared to $12.6 in the first quarter of 2023. This was largely the result of loss leverage on fixed costs due to the same-store sales decline. However, despite the overall challenge to top-line, the team remained focused on improving profitability with overall gross margins of BurgerFi improving 115 basis points as the restaurants continued to benefit from ongoing implementation of the inventory management system. We expect these trends to continue going forward, and as previously noted, expect to see similar improvements for Anthony's later in the year. Returning to consolidated results, we reported a net loss of $6.5 million in the first quarter, compared to a net loss of $9.2 million in the year ago quarter. The quarter's reduction in net loss is primarily due to lower share-based compensation expense, lower general administration expense, and lower restructuring costs. Adjusted EBITDA was $258,000 in the quarter, compared to $2.6 million in the prior year first quarter, reflecting the impact of lower sales of both brands and loss leverage on fixed costs and labor of both brands, and loss of royalty and franchise fees at BurgerFi. Moving on the balance sheet, our cash balance at April 1, 2024 was $4.1 million, compared to $7.6 million at January 1, 2024. The decrease in cash of $3.4 million was primarily due to decreased cash from operating activities of $2.9 million, and investing activities of $0.8 million partially offset by cash provided by financing of $300,000. Cash use and operating activities is primarily related to the decline in adjusted EBITDA and timing of some payments included. Cash outflows for the investment activities were $800,000 primarily due to capital expenditures. Cash provided by financing activities of $300,000 was due primarily to contributions from non-controlling interests of $500,000. Looking forward, as we stabilize top-line volumes, we can continue to refocus on use of cash for EBITDA growth. Now turning to our fiscal 2024 outlook, today, we are trending to the low end of previously stated revenue and EBITDA, but our maintaining guidance. As a reminder, I will review our 2024 guidance provided at the beginning of the year. Total revenue of $107 million to $180 million, which assumes a low-single-digit increase in same-store sales for corporate-owned locations. The addition of 10 to 15 new franchise restaurants, including the new Anthony's -- including new Anthony's in our flagship New York City store, continued improvement in cost of goods driven by the adoption of inventory management systems and adjusted EBITDA ranging from $7 million to $9 million. We are expecting capital expenditures to be $2 to $3 million for the full year. With that, operator, please open up the call for questions.

　　接线员:好的，谢谢。现在我们开始问答环节。第一个问题来自BTIG的Peter Saleh。

　　Peter Saleh:很好。谢谢。我这边有几个问题。我想首先，你们能谈谈你们已经采取了哪些举措来重新点燃流量吗?首先，也许在鸡肉三明治方面，我没有听到太多关于这方面的消息。我们在产品推出方面进展如何?我认为鸡肉是一个快速增长的产品，我认为鸡肉三明治应该可以帮助弥补目前的销售缺口。

　　克里斯·琼斯:我可以买那个。嗨,彼得。是的，我们很喜欢鸡肉。我的意思是，鸡肉现在是这个行业的重要组成部分，仍然是热门趋势之一。我相信鸡肉，在汉堡的概念中，鸡肉的比例应该在10%到12%之间，这是我们的目标。我们已经发射了。我们测试了很长时间，推出了一种新的真空蒸烤鸡和炸鸡，这是我们以前供应的一个巨大的升级。我们已经在我们的公司门店推出了这款产品，就在我们说话的时候，我们正在全国的特许经营门店推出这款产品，我们打算在今年夏天推出一场大规模的促销活动。因此，我们看到人们对这种新型鸡肉的接受度很高，反馈也很好。今年夏天，我们将大规模推出这种鸡肉，并在全国范围内大力推广这种鸡肉。

　　彼得·萨利赫:嘿，卡尔，我猜在最初的测试中，这是增量的，还是你看到了相互蚕食?其中有多少是真正的增量?

　　卡尔·巴赫曼:所以，我相信大多数鸡肉，尤其是烤鸡，我们没有烤鸡。这道菜几年前就从菜单上撤下了。不烤鸡真的是品牌外的，我们专注于为汉堡品牌提供更高质量、更新鲜、更健康的食材。所以它一直在增加，尤其是烤鸡，所以我相信，仅仅从这一点上就有两到三个点的增量增长，我们将会看到，我们已经在我们的测试店看到了这一点。我们最初只在佛罗里达的公司门店推出了这款产品，后来我们肯定看到了一些渐进的推动。

　　Peter Saleh:很好，关于加强营销，你提到了几项举措和你准备好的发言。你能谈谈这些举措的成功吗，你们所做的一些有针对性的推广?

　　卡尔·巴赫曼:我想你指的是我们的社交假期，我们称之为社交货币假期。是的。最重要的是，它创造了考验和兴奋。例如，我们在3月14日举办了安东尼品牌的圆周率日，我认为我们比前一年增长了87%，所以这对我们来说是一个重要的日子。但更重要的是，它创造了试验，最重要的部分是，无论何时我们在这些社交节日或社交货币日，我们都会看到一个高峰。我们看到了忠诚度注册人数的大幅增长，这正是我们的目标，因为我们知道，随着我们在两个品牌中发展忠诚度计划，这给了我们一个真正向这些人推销的杠杆，这是一种战略。所以，我们在个别日子里看到了巨大的成功，但真正的衡量标准是我们是否创造了新客户，我们是否通过这些社交假期重新点燃了忠实客户的热情?

　　Peter Saleh:很好。这是我最后一个问题，然后我会把它传下去。你什么时候搞这些社交假期和促销活动?这种益处真的只局限于那一件事吗，还是你看到了坚持到底的效果?我想你说过你的忠诚度在增加。所以我想在促销活动结束后的几天或几周内会有一些后续活动?

　　卡尔·巴赫曼:当然，就像我说的，最重要的是，我们确实看到这些客人回来了，最重要的是，我们看到他们加入了我们的忠诚度计划。就像我说的，我们最大的——我们最大的忠诚注册总是在这些社交货币的日子里，然后我们可以向这些人推销，然后我们就有了一个经常光顾的客户，这就是我们的目标。因此，要真正吸引他们，通过这些社交节日创造一些体验，从中获得一些乐趣，让他们对品牌感到兴奋，然后你会看到他们回来并支付我们的产品的全价，更重要的是，成为我们的家庭的一部分，可以说，在我们的忠诚度计划中。

　　Peter Saleh:很好，非常感谢。我会传下去的。

　　接线员:谢谢。我们的问答环节到此结束。我想请巴赫曼先生作结束语。

　　Carl Bachmann:谢谢你，Keith。我想感谢大家收听今天的电话会议，我们期待着在2024年8月报告我们的第二季度业绩时与你们交谈。再次感谢您的参与。

　　接线员:女士们，先生们，今天的电话会议到此结束。您现在可以断开电话线了。谢谢你的参与。

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