Good afternoon, ladies and gentlemen, Welcome to the A&W Revenue Royalties Income Fund Q4 2022 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded today, Wednesday, 1 March 2023. I would now like to turn the conference over to Susan Senecal, CEO. Please go ahead. Thanks very much. Good afternoon, everyone, and thank you for taking the time to attend our call today. I am Susan Senecal. I'm President, excuse me, and CEO of A&W Food Services of Canada Inc., and the CEO of the A&W Revenue Royalties Income Fund. With me on the call today are Kelly Blankstein, who's the Chief Financial Officer of A&W Food Services and the fund, as well as Agatha Tymke, who's the Director of Finance. Today, we're presenting the fund's Q4 results for the year ended 31 December 2022. I'm very pleased to report that A&W achieved royalty pool same-store sales growth of 4.3% in the Q4 as compared to the Q4 of 2021, which brought the annual royalty pool same-store sales growth to 7.4% for the year. As a result of the performance by the A&W Restaurants in the Royalty Pool, the fund's distribution rate was increased from CAD 0.155 per unit to CAD 0.16 per unit, beginning with the October distribution, which was paid out on November 30, 2022. The distributions declared by the fund in 2022 increased by 7.8% as compared with 2021. The new distribution rate translates into a go-forward annualized distribution rate of CAD 1.92 per unit, which is an increase of 3.2% from the prior level of CAD 1.86 per unit, and it's a new high watermark for the fund. I'll turn things over to Kelly, who will touch on the fund's structure and go through the financial results for the quarter. Kelly. Good afternoon, everyone, and thank you, Susan. Of course, before we can tell you more about our results, I need to read you the following comment on forward-looking information. Certain statements in this presentation may be forward-looking in nature. These include statements with respect to the recovery of the food service industry and the ability of food services to rebound from the impacts of COVID-19, the food service industry resuming growth, timing for releasing the annual audited financial statements and MD&A of the Fund, 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 as planned, 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 and, except as required by applicable securities laws, will not be updated if management's beliefs, estimations, or opinions or other factors should change. I'm going to quickly touch on the Fund's structure and then go through the financial results. After that, Susan will provide an update on A&W Restaurants and some of A&W's key corporate developments. We'll of course, be happy to answer any of your questions at the end of our call. The Fund 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. In prior calls, we've spent a bit of time providing a more comprehensive description of the Fund structure. For those of you who are not familiar with that Fund structure, please do refer to the About the Fund section of the A&W Revenue Royalties Income Fund website. We won't be covering that here today. I want to go through our financial results for the Q4 of 2022 as compared to the Q4 of 2021. The news release issued earlier today summarizes the financial results of the Fund and the annual audited financial statement, and that document, plus the MD&A, will be released in the coming days. royalty pool same-store sales growth is a function of changes in guest counts and check size, both of which are impacted by sales mix and menu price changes. The Q4 2022 royalty pool same-store sales growth of 4.3% was a product of an increase in both guest counts and average check size. The growth in average check size was partly attributable to menu prices, which have modestly increased in response to industry-wide inflation on goods, services, and labor. Royalty income for the Q4 of 2022 was CAD 16.2 million based on gross sales reported by restaurants in the Royalty Pool of CAD 541 million, compared to royalty income of CAD 15 million and gross sales reported by A&W Restaurants in the Royalty Pool of CAD 499 million for the Q4 of 2021. Annual royalty income for 2022 was CAD 52.2 million based on gross sales reported by restaurants in the Royalty Pool of CAD 1.7 billion, compared to royalty income of CAD 47 million and gross sales reported by A&W Restaurants in the Royalty Pool of CAD 1.6 billion in 2021. This 8.4% increase in royalty income for the quarter and 10.8% increase for the year was driven by royalty pool same-store sales growth and the gross sales from the 21 net new restaurants added to the Royalty Pool on 5 January 2022. The increase in royalty income for the quarter was also by impact of there being one additional day in the Q4 of 2022 as compared to the Q4 of 2021. Royalty Pool same-store sales growth is of course, based on an equal number of days in the quarter and the year. Of significant interest to unitholders is the amount of distributable cash that the fund has generated to pay distributions and the payout ratio. Distributable cash generated in the Q4 of 2022 was CAD 12.6 million, compared to CAD 12.4 million in the Q4 of 2021. Distributable cash generated in the year was CAD 38.6 million, compared to CAD 36.3 million in 2021. The CAD 2.3 million increase in distributable cash generated in the year was attributable to CAD 5.1 million increase in royalty income, partially offset by CAD 3.2 million increase in the current income tax expense. The increase in the current tax expense in 2022 is largely driven by a timing difference related to when income from the partnership is captured in Trade Marks' taxable income. Four monthly distributions totaling CAD 0.635 per unit were declared in Q4 2022, compared to four monthly distributions totaling CAD 0.615 per unit, and one special distribution of CAD 0.05 per unit declared in Q4 2021. 12 monthly distributions totaling CAD 1.875 per unit were declared in 2022, compared to 12 monthly distributions totaling CAD 1.69 per unit and one special distribution of CAD 0.05 per unit in 2021. The current monthly distribution rate of 16% per unit translates into an annualized distribution of CAD 1.92 per unit. As Susan mentioned, due to the performance by restaurants in the royalty pool, the monthly distribution rate was increased from CAD 0.155 per unit to 16% per unit in the Q4 of 2022. This began with the October distribution, which was paid on 30 November 2022. The new distribution rate translates into a go-forward annualized distribution rate of CAD 1.92 per unit. That's an increase of 3.2% from the prior year and the prior level of CAD 1.86 per unit. We're pleased to announce that that is the highest, most positive point on the fund ever with the distribution rate. I now want to turn that over to discussing the payout ratio, which is another key metric to unitholders. The fund's long-term objective is to maintain an annual payout ratio at or below 100%. The fund strives to provide unitholders with regular monthly distributions. As a result of seasonality of sales in the A&W restaurants and the timing of current income taxes, the quarterly payout ratio can fluctuate. The payout ratio for the Q4 of 2022 was 90.3%, compared to 81.5% for the Q4 of 2021. The annual payout ratio for 2022 was 96.6%, compared to 92.3% in 2021. With that, I'll now turn things back over to Susan. Thanks, Kelly. Since March 2020, the COVID-19 pandemic has of course adversely impacted A&W restaurant operations across Canada, in particular those restaurants located on urban street fronts and in shopping centers. Restrictions on the operations of A&W restaurants in response to COVID-19 continue to impact system sales at A&W Restaurants in early 2022, particularly in the Q1. By the year-end, through the efforts of our franchisees, all concepts and regions had demonstrated recovery and growth over 2021. To help better understand where A&W is along the road to recovery from the impacts of COVID-19, we've measured same-store sales growth in 2022 over 2019, with 2019 being the most recent pre-COVID comparable year. The fund achieved royalty pool same-store sales growth of +6.5% in 2022. The 6.5% royalty pool same-store sales growth over 2019 has been led by sales growth from 2019- 2022 in A&W Restaurants with drive-thru. Based on recent results in the food service industry, Food Services believes that the QSR segment of the industry is recovering from the impacts of COVID-19. The success of the A&W brand and individual franchised A&W Restaurants is paramount to the long-term success of the overall A&W system and in turn to the fund. Both Food Services and its franchisees have worked diligently to develop and implement plans and programs to mitigate the effects of the COVID-19 pandemic. Food Services' objective is to ensure that A&W's restaurants are able to safely operate and have the ability to emerge from this period of uncertainty in a financial condition that enables them to compete effectively and to grow their businesses. Food Services believes that its mission to become number one with millennial burger lovers, chosen and trusted for truly good food and the convenience they crave, will help it to continue to rebound from the impacts of COVID-19 and better position it to withstand other risks, such as those associated with current economic conditions. A&W's brand positioning remains strong, and growth of new locations, industry-leading innovation and a safe and stable supply chain, along with 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. Food Services has continued to grow new A&W Restaurants, particularly in the key Ontario and Quebec markets. 23 new A&W Restaurants opened in 2022, bringing the total number of A&W Restaurants in Canada to 1,046. Nine of these restaurants were opened during the Q4 of 2022, and an additional nine restaurants were under construction as at 31 December 2022. During the Q2 of 2022, Food Services announced that it had signed a country agreement with Pret A Manger, which gives Food Services the exclusive right to use the Pret brand in Canada for a two-year pilot, during which Food Services will introduce the Pret brand within A&W Restaurants in select markets in Canada. If the trial phase is successful, Food Services will have the exclusive right to expand the Pret brand across Canada pursuant to an agreed development plan. As of 31 December 2022, five A&W locations, three in Vancouver and two in Toronto, were offering Pret products in their restaurants. The royalty payable to the fund applies to Pret products sold within A&W Restaurants to the extent that such restaurants are in the Royalty Pool. During the Q3, on August 18, A&W celebrated its 14th annual Burgers to Beat MS Day and raised more than CAD 1.8 million for the MS Society, a result that we're all very proud of. I want to thank you for your attention and say that we'd now be happy to answer your questions. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. If you would like to ask a question, please press star followed by the number one on your telephone keypad. If your question has been answered and you would like to withdraw from the queue, please press star followed by the number two. If you are using a speakerphone, please lift the handset before entering any keys. Once again, ladies and gentlemen, if you do have a question, please press star one now. Ms. Senecal, there are no questions from the phone lines. I will turn the conference back to you. Thanks very much, and thanks to all of you for attending our call today. We do look forward to updating you on our results after the next quarter. In the meantime, if anyone does have questions that were not answered on our call today, please feel free to call either Kelly Blankstein or myself at area code 604, 988, 21, 41. Thanks again. Ladies and gentlemen, this does conclude your conference call for this afternoon. We would like to thank everyone for participating and ask you to please disconnect your lines.