Good afternoon, ladies and gentlemen, and welcome to the A&W Revenue Royalties Income Fund Q4 2023 Financial Results Conference Call. At this time, all lines are in the 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 from the phone, please press star zero for the operator. Also note that the call is being recorded on Wednesday, February 28th, 2024. I would like to turn the conference over to Susan Senecal. Please go ahead. Thanks, Sylvie, and good afternoon, everyone. Thanks for taking the time to attend our call today. I'm Susan Senecal. I'm president and CEO of A&W Food Services of Canada 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 Agatha Tymk, who is the director of finance. Today we're presenting the fund's results for the fourth quarter and year ended December 31st, 2023. I'm pleased to report that A&W achieved royalty pool same-store sales growth of 2.1% in the fourth quarter as compared to the fourth quarter of 2022, bringing the annual royalty pool same-store sales growth to 2.7% for the year. Now I'll turn things over to Kelly, who will touch on the fund's structure and go through the financial results for the last quarter. Excellent. 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 statements with respect to the recovery of the food service industry and the food service industry resuming growth, timing for releasing the interim unaudited 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 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, estimates, or opinions, or other factors should change. So now I want to speak a little bit to 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 will be happy to answer any questions at the end of our call. The fund is a top-line fund, meaning the distributable cash available to make distributions to unit holders is based on the sales of the restaurants in the royalty pool, with only minimal operating expenses associated with operating the fund. For a more comprehensive description of the fund's structure, please refer to the About the Fund section on the A&W Revenue Royalties Income Fund website. Next, I'll go through our financial results for the fourth quarter of 2023 as compared to the fourth quarter of 2022. The annual audited financial statements and MD&A were released on SEDAR+ this morning, and the news release issued today summarizes the selected financial results of the fund. The royalty pool same-store sales growth in both the quarter and year-to-date period was primarily driven by growth in average check size, which was mainly attributable to modest increases in response to industry-wide inflation on goods, services, and labor, a rebound in sales at shopping center and urban locations, and innovative new menu items such as the A&W Brew Bar. Royalty income for the fourth quarter of 2023 was CAD 17 million based on gross sales reported by restaurants in the Royalty Pool of CAD 568.2 million compared to royalty income of CAD 16.2 million and gross sales reported by A&W restaurants in the Royalty Pool of CAD 540.6 million for the fourth quarter of 2022. Annual royalty income for 2023 was CAD 55 million based on gross sales reported by restaurants in the Royalty Pool of CAD 1.83 billion compared to royalty income of CAD 52.2 million and gross sales reported by A&W restaurants in the Royalty Pool of CAD 1.74 billion in 2022. The 5.1% increase in royalty income for the quarter and 5.3% increase for the year was driven by the Royalty Pool same-store sales growth and the gross sales from the 22 net new restaurants added to the Royalty Pool on January 5th, 2023. The increase in royalty income for the quarter was also impacted by there being one additional day in the fourth quarter of 2023 as compared to the fourth quarter of 2022. Royalty Pool Same-Store Sales Growth is based on an equal number of days in the quarter and the year. So of significant interest to unit holders is, of course, the amount of Distributable Cash that the Fund has generated to pay distributions and the Payout Ratio. Distributable Cash generated in the fourth quarter of 2023 was CAD 13.3 million compared to CAD 12.6 million in the fourth quarter of 2022. Distributable Cash generated in the full year 2023 was CAD 42.6 million compared to CAD 38.6 million in the comparable period in 2022. This CAD 4 million increase in Distributable Cash was attributable to the CAD 2.7 million increase in royalty income and a CAD 0.9 million decrease in term loan and other interest. Four monthly distributions totaling CAD 0.64 per unit were declared in the fourth quarter of 2023 compared to four monthly distributions totaling CAD 0.635 per unit in the fourth quarter of 2022. 12 monthly distributions totaling CAD 1.92 per unit were declared in 2023 compared to 12 monthly distributions totaling CAD 1.875 per unit in 2022. The current monthly distribution rate of CAD 0.16 per unit translates to an annualized distribution rate of CAD 1.92 per unit. So just turning now to the payout ratio, which is a key metric for unit holders. 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, and as a result of seasonality of sales in A&W restaurants, the timing of income taxes, the current and quarterly annual payout ratios can fluctuate. The Payout Ratio for the fourth quarter of 2023 was 89.9% compared to 90.3% for the fourth quarter of 2022, and the annual Payout Ratio for 2023 was 91.8% compared to 96.6% in 2022. With that, I'll turn it back over to Susan. Thanks, Kelly. Food Services believes that its new mission, together to excite Canada's most avid burger lovers wherever they are with the best-tasting burgers they crave, earning even more of their visits and making A&W restaurants even more successful, will help it continue to grow and strengthen its positioning. 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 continue to contribute to building loyalty and enhancing performance over the long term. Food Services has continued to grow new A&W restaurants, with 19 new A&W restaurants opened in 2023, bringing the total number of A&W restaurants in Canada to 1,054. nine of these restaurants were opened during the fourth quarter of 2023, and an additional 11 restaurants were under construction as of December 31st, 2023. Thank you very much for your attention, and we would now be happy to answer your questions. Thank you. Ladies and gentlemen from the phone, if you do have any questions, please press star one on your keypad. At this time, we have no questions from the phone lines. Thank you, Sylvie, and thanks to everyone listening in for attending our call today. We do look forward to updating you on our results after the next quarter. In the meantime, if anyone has questions that were not answered on our call today, please feel free to call either Kelly Blankstein or myself at area code 604-988-2141. Thank you. Thank you. Ladies and gentlemen, this does conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.