Good day, and welcome to the A&W Revenue Royalties Income Fund Q3 2021 results conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Susan Senecal. Please go ahead, ma'am. Thank you, and good afternoon, everyone. Thanks for taking the time to attend our call today. I'm Susan Senecal, President and CEO of A&W Food Services of Canada Inc., and CEO of the A&W Revenue Royalties Income Fund. With me on the call today is Kelly Blankstein, who is the Chief Financial Officer of A&W Food Services and the Fund, and Lisa Marzocco, who's our Director of Finance. Today, we're presenting the results for the Fund for the third quarter, which ended on September 12th, 2021. We had a very strong third quarter with same-store sales growth of 16.8% as compared to the third quarter of 2020. This brings the year-to-date same-store sales growth for 2021 to 14% as compared to the same period in 2020. As a result of the performance by the A&W Restaurants in the royalty pool, I'm pleased to report that the monthly distribution to unitholders will increase from CAD 0.15 per unit to CAD 0.155 per unit, beginning with the October distribution, which is payable at the end of November. Now I'll turn things over to Kelly, who will review the Fund's structure and go through the financial results for the quarter. Thank you, Susan, and good afternoon, everyone. Before we can tell you more about our results, I need to read the following comment on forward-looking information. Certain statements in this presentation may be forward-looking in nature. These include the expectation that the monthly distribution rate will be increased from CAD 0.15 per unit to CAD 0.155 per unit, beginning with the October 2021 distribution that is payable November 30th, 2021. Expectations regarding Canada being on the road to recovery from COVID-19. The expectation that the currently closed A&W Restaurant will reopen when permitted by appropriate authorities. Food Services' expectation that the food service industry, and more particularly the QSR segment, will recover from the impact of COVID-19. Food Services' belief that its mission and strategic initiatives will help it to rebound from the impact of COVID-19. Statements regarding the food service industry resuming growth. Timing for releasing of interim unaudited financial statements and MD&A of the Fund, and the expectation that growth of new locations, industry-leading innovation, a safe and stable supply chain, and continued efforts to consistently deliver great-tasting food and a better guest experience will contribute to building loyalty and enhancing performance over the long term. Actual results may differ from those expressed or implied in these forward-looking statements. The forward-looking statements contained in this presentation are subject to a number of risk factors, including risk factors related to COVID-19, the ability of A&W Food Services to implement its strategies regarding the marketing of the A&W system, the opening of new A&W restaurants, general economic and business conditions, financial and political instability, and other factors disclosed previously and from time to time in the Fund's public filings. Any forward-looking statements in this presentation should be evaluated in light of these important factors. I'll spend a few moments reviewing the Fund's structure, and then we can go through the financial results for the quarter. Susan will provide an update on the impact COVID-19 has had and continues to have on A&W Restaurants. We'll be, of course, happy to answer any questions at the end of our call. For those of you who might not be familiar with the Fund's structure, I'll quickly review the highlights. The Fund is the majority owner of A&W Trade Marks Inc., which, through its interest in A&W Trade Marks Limited Partnership, owns the A&W Trade Marks used in Canada. These Trade Marks include some of the best-known names in the Canadian food service industry, including A&W Root Beer, The Burger Family, and Chubby Chicken. The Fund earns income through its ownership interest in A&W Trade Marks, who, through the partnership, licenses the A&W Trade Marks to A&W Food Services. In return for the use of the Trade Marks, Food Services pays A&W Trade Marks a royalty equal to 3% of the gross sales reported by A&W restaurants in the royalty pool. Royalties lost due to the permanent closure of restaurants are replaced with royalties from new restaurants at the time of the next expansion of the royalty pool. Until then, Food Services continues to pay the royalty as if the restaurant had not closed. This is a top-line Fund, meaning the distributable cash available to make distributions to unitholders is based on the sales of the restaurants in the royalty pool, with only minimal operating expenses associated with operating the Fund. Growth in the Fund is achieved in two ways: first, and most importantly, by increasing the same-store sales of the restaurants in the royalty pool. Secondly, by adding new restaurants to the pool each year. On the second point, the royalty pool is expanded at the beginning of each year by adding new A&W restaurants opened in the past year, less any restaurants which have permanently closed. On January 5th, 2021, earlier in this year, the royalty pool was increased from 971 to 994 restaurants. Another important aspect of the Fund is that Food Services owns the equivalent of 23.3% of the units of the Fund on a fully diluted basis through its ownership of limited voting units of the Fund and common shares of Trade Marks, both of which are exchangeable at the option of Food Services for units of the Fund. As a result, the interests of Food Services are closely aligned with the interests of unitholders. Now I will go through our financial results for the third quarter of 2021 as compared to the third quarter of 2020. The news release issued earlier today outlines most of these financial results of the Fund, while the interim unaudited financial statements and MD&A will be released in the coming days. The same-store sales growth of 16.8% for the third quarter of 2021 was largely fueled by the lifting of COVID-19 related public health restrictions across Canada, which led to increased guest counts and a reduction in the number of A&W restaurants that were temporarily closed or were not able to offer dine-in services. As at September 12th, 2021, only two restaurants remain temporarily closed, and as of today, only one of those restaurants remains temporarily closed and is expected to reopen when permitted to do so. Royalty income for Q3 2021 was CAD 12.3 million, based on gross sales reported by restaurants in the royalty pool of CAD 409 million, compared to royalty income of CAD 10.2 million and gross sales of CAD 341 million for Q3 2020. Year-to-date royalty income for 2021 was CAD 32.1 million, based on gross sales reported by restaurants in the royalty pool of CAD 1.1 billion, compared to royalty income of CAD 27.1 million and gross sales of CAD 9 million for the comparable period in 2020. The 20% increase in royalty income and gross sales for the quarter, and 19% increase year-to-date, is driven by the increase in same-store sales and the additional net 23 new restaurants added to the royalty pool on January 5th, 2021. The five additional days in the year-to-date period for fiscal 2021 also contributed to the year-to-date increase in gross sales and royalty income. Of significant interest to unitholders is the amount of distributable cash that the fund has generated to pay distributions to unitholders and dividends to Food Services, and the payout ratio. Distributable cash generated in the third quarter of 2021 was CAD 9.5 million, compared to CAD 8.2 million in the third quarter of 2020. Distributable cash generated in the 2021 year-to-date period was CAD 23.9 million, compared to CAD 20.6 million in the comparable period in 2020. The CAD 3.3 million year-to-date increase in distributable cash was a result of an increase of CAD 5.1 million in the royalty income and CAD 126,000 decrease in G&A expenses, partially offset by a CAD 1.6 million increase in the current income tax provision, excluding the refundable income tax, and a CAD 301,000 increase in net interest expense. The payout ratio for the third quarter of 2021 was 77.5%, compared to 60.6% for the same quarter of 2020. The year-to-date payout ratio for 2021 was 93.6%, compared to 62.6% for the comparable period in 2020. Three monthly distributions totaling CAD 0.435 per unit were declared in the third quarter of 2021, compared to three monthly distributions totaling CAD 0.30 per unit in the third quarter of 2020. Eight monthly distributions totaling CAD 1.75 on 100 per unit were declared in the 2021 year-to-date period, compared to five monthly distributions totaling CAD 0.618 per unit for the comparable period in 2020. No monthly distributions were declared in the second quarter of 2020, as the trustees had temporarily suspended monthly distributions due to COVID-19. Total distributions declared and accrued per equivalent unit year-to-date were CAD 1.17 for 2021, compared to 69.5% for the comparable period in 2020. The current monthly distribution rate of CAD 0.15 per unit translates to an annualized distribution of CAD 1.80 per unit. Due to the performance by restaurants in the royalty pool, the monthly distribution to unitholders will increase from CAD 0.15 per unit to CAD 0.1550 per unit, beginning with the October distribution, which is payable on November 30th, 2021. This new distribution rate translates into a go-forward annualized distribution rate of CAD 1.86 per unit, an increase of 3.3% from the prior level. The cumulative surplus of distributable cash on reserve at the end of Q3 2021 was CAD 10.6 million, compared to a cumulative surplus of distributable cash on reserve of CAD 9 million at the beginning of the year. I am also pleased to report that on September 10th of this year, Trade Marks renewed and extended its credit facility with HSBC Bank Canada for an additional five years on terms and conditions substantially consistent with those of the previous credit facility. Now, I will turn things over to Susan. Thank you, Kelly. The actions that were required in both 2020 and 2021 in response to COVID-19 have impacted the A&W restaurant operations across Canada, in particular for those restaurants located on urban street fronts and in shopping centers. Since the second quarter of 2020, when adverse COVID-19 impacts on A&W were at their peak, the impact of COVID-19 on same-store sales has reduced. There does, however, continue to be uncertainty related to COVID-19 and its impact on our business. It's possible that the number of restaurants partially or temporarily closed increases again as the situation evolves in the next year, or other restrictions or requirements are introduced affecting operations, guest counts, or sales. Our objective is to ensure that as many as possible of A&W's 1,019 restaurants are able to emerge from this period of uncertainty in financial condition that enables them to compete effectively and to grow their businesses. We do believe that the food service industry, and more particularly, the quick service restaurant segment of the industry, will recover from the impact of COVID-19. However, the timing and the strength of the recovery cannot yet be predicted with any degree of certainty. During the pandemic to date, various levels of government have offered a number of important financial programs which have helped support individual restaurant businesses, including A&W franchisees. However, most of those programs are now winding down. The health and safety of A&W's customers and our restaurant team members remains a top priority. We believe that Food Services' mission to become number one with millennial burger lovers, chosen and trusted for truly good food and the convenience they crave, will help us to continue to rebound from the impacts of COVID-19. Strategic initiatives, including repositioning and differentiating the A&W brand through the use of natural ingredients, along with continued new restaurant growth and delivering an industry-leading guest experience, have all contributed to A&W's strong appeal and the trust it has built with Canadian consumers over many, many years. These strengths will be key to delivering strong results as the food service industry resumes growth. To update you on our progress in opening new restaurants, as of September 12th, 2021, Food Services had opened 20 new restaurants across the country in 2021, five of which opened in the third quarter. A&W's brand positioning is strong. The growth of new locations, along with industry-leading innovation, a safe and stable supply chain, and continued efforts to consistently deliver great-tasting food and a better guest experience, are all expected to contribute to building loyalty and enhancing performance over the long term. Food Services is committed to the long-term health and success of its franchise network and the fund. I would also like to take this opportunity to thank everyone that took part in A&W's annual Burgers to Beat MS Day on August 19th. Proud to say we raised CAD 1.4 million for the MS Society together, so thank you for that, and thank you for your attention. We would now be happy to answer your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Once again, everyone, to ask a question, please press star one on your telephone keypad. As an additional reminder, if you'd like to ask a question, please press star one on your telephone keypad. Mr. Alexander, please go ahead with your question. Hi. I just wonder whether labor shortages are affecting your sales in any parts of the country in general. Yeah, that's a great question. Thanks for asking that. We certainly are experiencing and hearing a lot about labor shortages. We're fortunate at A&W that we have had a historically good ability to recruit great people and retain great people. At the moment, lots of economic disruption and pressures are creating, I think, shortages in large parts of the industry that affect not only our A&W restaurants in some parts of the country, but as well, our suppliers are certainly feeling some of the same impacts. I'd say that it's something that we're managing well. We're happy with how our operators are managing it, sharing ideas, and so on. Certainly, it's a factor that is out there and that we need to be conscious of as we make plans going forward. Does that answer your question? Yeah. You're not having to face any many franchises cutting back hours or anything like that? No, I'd say that we've been very committed to maintaining our consistency and availability. Opening hours are extremely important in our business because people come to us to save time. We're really focused on keeping our opening hours and making sure that we're available when and where people need us. Sounds good. Okay. Thank you. As a reminder, if you'd like to ask a question, press star one on your telephone keypad. Again, that is star one for a question. All right, it appears we currently do not have any further questions in the queue. Thank you. Well, thanks to everyone. If there's no more questions, I will just close by thanking you for attending our call today. We do look forward to updating you on our results after the fourth quarter of 2021, which seems to be approaching faster than I would've believed. In the meantime, if anyone does have questions that weren't answered on our call today, please feel free to call either Kelly Blankstein or myself at 604-988-2141. Thank you. This does conclude today's call. We do thank you for your participation. You may now disconnect. Thank you.