Good day, and welcome to the A&W Revenue Royalties Income Fund Q1 2022 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. Thanks, Lillian. Hello, everyone. Good afternoon, and thanks for taking the time to attend our phone 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 are Kelly Blankstein, who is the Chief Financial Officer of A&W Food Services and the fund, and Lisa Marzocco, who is the Director of Finance. Today, we're presenting the fund's results for the Q1, which ended on March 21st, 2022. I'm pleased to report that A&W has started off the year in a strong way with the fund achieving royalty pool same store sales growth of 11.5% in the Q1 The unwavering commitment and loyalty from A&W's guests, franchisees, employees, and suppliers continue to yield positive results for A&W, notwithstanding the challenges that businesses across Canada continue to be faced with. Now I'll turn things over to Kelly Blankstein, who will review the fund's structure and go through the financial results for the quarter. Great. Thank you, Susan. Maybe just one small correction. This is the quarter ending March 27th, 2022. 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 Food Services expectation that the food service industry, and more particularly, the QSR segment, will recover from the impacts of COVID-19. Food Services' belief that its mission and strategic initiatives will help it to continue to rebound from the impact of COVID-19, statements regarding the food service industry resuming growth, timing for releasing the 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 risks 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, international conflict, 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. Now, I wanted to spend a few moments reviewing the fund's structure, and then we'll go through the financial results for the quarter. After that, Susan will provide an update on the impact that COVID-19 has had and continues to have on the A&W restaurants, and we'll of course be 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 want to 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 trademarks used in Canada. These trademarks 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 trademarks to A&W Food Services. In return for the use of the trademarks, 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, and secondly, by adding new restaurants to the royalty 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 less any restaurants which have permanently closed. On January 5, 2022, during this current quarter, the royalty pool was increased from 994 restaurants to 1,015 restaurants. Another important aspect of the fund is that Food Services owns the equivalent of 26% 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 Trademarks, 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'll turn to go through our financial results for the Q1 of 2022 as compared to theQ1 of 2021. The news release issued earlier today summarizes those financial results of the fund, and the interim unaudited financial statements and MD&A will be released in the coming days. 11.5% royalty pool same-store sales growth in the quarter was primarily driven by there being fewer public health restrictions related to COVID-19 in place across Canada during theQ1` of 2022 as compared to the Q1 of 2021. In Q1 2021, pardon me, there were a number of A&W restaurants that were temporarily closed or were not able to offer dine-in services due to restrictions. There were no temporary closures of A&W restaurants due to COVID-19 in Q1 of 2022, however. Many A&W restaurants were still required to operate with reduced operating hours and capacity limits on dine-in guests for all or a portion of this quarter. Royalty income for the Q1 of 2022 was CAD 10.6 million, based on gross sales reported by restaurants in the royalty pool of CAD 353 million, compared to royalty income of CAD 9.3 million and gross sales reported by A&W restaurants in the royalty pool of CAD 311 million for the Q1 of 2021. The 13.5% increase in royalty income for the quarter is attributable to the 11.5% royalty pool same store sales growth and the gross sales from the 21 net new restaurants added to the royalty pool on January 5 of 2022. The increase in royalty income for the quarter was partially offset by there being one less day in the Q1 of 2022 as compared to theQ1 of 2021. Royalty pool same-store sales growth is based on an equal number of days in the quarter. Of significant interest to unit holders is the amount of distributable cash the fund has generated to pay distributions and the payout ratio. Distributable cash generated in theQ1 of 2022 was CAD 6 million, compared to CAD 6.5 million in the Q1 of 2021. The CAD 500,000 decrease in distributable cash generated can be attributed to a CAD 1.7 million increase in the current tax expense, partially offset by a CAD 1.3 million increase in royalty income. The increase in the current tax expense is largely driven by a timing difference related to when income from the partnership is captured in Trade Marks' taxable income. Two monthly distributions totaling CAD 0.31 per unit were declared in the Q1 of 2022, compared to two monthly distributions totaling CAD 0.235 per unit in the Q1 of 2021. The current monthly distribution rate of CAD 0.155 per unit translates to an annualized distribution rate of CAD 1.86 per unit. The payout ratio for the Q1 of 2022 was 145%, compared to 111.5% for the Q1 of 2021. The fund's long-term objective is to maintain an annual payout ratio at or below 100%. However, the fund strives to provide unit holders with regular monthly distributions. As a result of seasonality of sales in A&W restaurants and the timing of current income taxes, the quarterly payout ratio can fluctuate. The payout ratio of 145% for the Q1 of 2022 is higher than the trailing four-quarter payout ratio of 92.5%, due primarily to these impacts of timing, including current income taxes. Now I wanna turn things back over to Susan. Thanks, Kelly. Since March 2020, COVID-19 has adversely impacted A&W restaurant operations across Canada, particularly for those restaurants located on urban street fronts and in shopping centers. However, since the Q2 of 2020, when COVID-19 impacts on A&W were at their peak, the impact of COVID-19 on royalty pool same-store sales growth has steadily declined. The easing of restrictions has brought many Canadians back to their offices and into shopping centers, which has helped grow sales across all of A&W's concept types, including shopping center and urban in 2022. As Kelly mentioned, there are no temporary closures of A&W restaurants due to the COVID-19 restrictions in Q1 2022, but many A&W restaurants were still required to operate with reduced operating hours and capacity limits on dine-in guests for all or a portion of the quarter. There continues to be uncertainty related to COVID-19 and its impact on our business. It's possible that there will be restaurants that are required to temporarily close, or that other restrictions or requirements are introduced, affecting operations, guest count, and/or sales. Our objective is to ensure that A&W restaurants are able to safely operate, and that they have the ability to emerge from this period of uncertainty in a financial condition that enables them to compete effectively and grow their businesses. A&W Food Services and its franchisees have worked together throughout the pandemic on initiatives to help accelerate this sales recovery. Key initiatives include promotional activity, strengthening and expanding partnerships with third-party delivery service providers, increasing the speed of service for drive-through, and innovating to serve the increasing number of guests on the A&W mobile app. We believe that the food service industry, and more particularly the quick service restaurant segment of the industry, will recover from the impacts of COVID-19, but the timing and the strength of the recovery cannot yet be predicted with any degree of certainty. Various levels of government have offered a number of important financial programs throughout the pandemic, which has helped support individual restaurant businesses, including A&W franchisees. However, many of those programs have now ceased. The health and safety of A&W customers and restaurant team members remains of top priority. We believe that A&W 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 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, 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 years. These strengths will be key to delivering strong results as the food service industry resumes growth. A&W Food Services opened four new restaurants across the country in the Q1 of 2022, bringing the total number of A&W restaurants in Canada to 1,031 as of March 27, 2022. A&W's brand positioning remains strong. 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 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. Thank you very much for your attention, and 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 are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question. We'll pause for just a moment to allow everyone an opportunity to signal for questions. Again, if you'd like to ask a question, please press star one. Ms. Senecal, there are no questions in the queue at this time. Perfect. Well, thanks, Lillian, and thanks to each of you for attending our call today. We look forward to updating you on our results after our Q2 of 2022. In the meantime, if anyone has questions that weren't answered on our call today, please do feel free to call either Kelly Blankstein or myself at 604-988-2141. Thank you. That concludes today's call. Thank you for your participation. You may now disconnect. Thanks so much.