Burgerfi Worldwide, Inc. (NASDAQ:BFI) This fall 2022 Earnings Convention Name March 22, 2023 8:30 AM ET

Firm Contributors

Ian Baines – CEO

Michael Rabinovitch – SVP, CFO & Principal Monetary and Accounting Officer

Convention Name Contributors


Hey, and welcome to the BurgerFi Worldwide, Inc. 4Q ’22 Earnings Convention Name. [Operator Instructions].

I now want to flip the convention over to Ian Baines, BurgerFi’s CEO. Mr. Baines, please go forward.

Ian Baines

Thanks for becoming a member of us at present, and we respect your continued curiosity in BurgerFi. Let me start by thanking our complete crew, franchisees and their workers for his or her dedication and laborious work on this difficult atmosphere. My plan is to first recap our fiscal 12 months and fourth quarter efficiency after which focus on our present initiatives. Following that, Mike will evaluate the quarterly financials in larger element and reiterate our 2023 steerage.

We’re happy to report that complete income grew 160% to $178.7 million for fiscal 12 months 2022 when in comparison with the prior 12 months. The numerous improve in income was associated to the complete 12 months influence from the acquisition of 61 corporate-owned Anthony’s Coal Fired Pizza and Wings in November of 2021.

We additionally grew our adjusted EBITDA to $9.2 million, a 141% improve from prior 12 months. Turning to the fourth quarter. Whole income elevated 29% to $45.2 million, primarily pushed from Anthony’s outcomes being included for the complete quarter in comparison with 9 weeks within the prior 12 months. Consolidated system-wide restaurant gross sales decreased 2% to $71.6 million as we skilled a 5% lower of BurgerFi that was solely partially offset by a 2% improve at Anthony’s.

System-wide comparable same-store gross sales decreased 4% for the quarter, consisting of a 1% improve at Anthony’s and a 9% lower at BurgerFi. 2022 was a pivotal 12 months for BurgerFi as we built-in the Anthony’s acquisition into our


Source link