Hello, this is the Chorus Call Conference Operator. Thank you for standing by. Welcome to Boston Pizza's second quarter conference call. As a reminder, all participants are in listen only mode, and the conference is being recorded today, August 5, 2022. After the presentation, there will be a question and answer session. Participants on the call may also pose their questions via email to Boston Pizza's investor relations department at investorrelations@bostonpizza.com. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Michael Harbinson, Chief Financial Officer. Please go ahead. Thank you, and welcome to the call. Today we'll be discussing the 2022 second quarter results for Boston Pizza Royalties Income Fund, or the Fund, and for Boston Pizza International, or BPI. For complete details on our financial results, please see our second quarter materials filed earlier today on SEDAR or visit the Fund's website at bpincomefund.com. Should you require additional information after the call, you can reach us via the investor relations phone number that's listed in our press release. The Fund is a limited purpose, open-ended trust established under the laws of British Columbia to acquire, indirectly, certain trademarks and trade names used by BPI in its Boston Pizza restaurants in Canada. BPI pays royalty and distribution income to the Fund based on franchise revenues of royalty pool restaurants. For a complete description of the Fund and its business, please see the annual information form dated February ninth, 2022, which was filed on sedar.com. Before I turn the call over to Jordan Holm, President of BPI, I would like to note that certain information in the following discussion may constitute forward-looking information. For a more complete definition of forward-looking information and the associated risks, please refer to the Fund's management discussion and analysis issued earlier today. Forward-looking information is provided as of the date of this call, and except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. With that, I will now turn the call over to Jordan. Jordan? Thank you, Michael, and welcome everyone to Boston Pizza's second quarter investor conference call. Today I'll be discussing our second quarter results and also share a brief outlook. Michael will summarize our key financial highlights, and as usual, we will leave time for your questions at the end of today's call. We were pleased to see our sales performance improve during the second quarter compared to the same period one year ago. In fact, the second quarter generated our strongest sales results since the start of the pandemic. We were pleased to see our guests excited to come back to our restaurants, and our sales performance exceeded pre-pandemic levels in the quarter. We also continued to safely operate the dining rooms, sports bars, and patios of Boston Pizza restaurants across Canada during this phase of the COVID-19 pandemic. Turning to our financial results, the Fund posted Franchise Sales from restaurants in the royalty pool of CAD 219.4 million for the quarter and CAD 398.0 million year to date, representing an increase of 62.7% and 50.8%, respectively, versus the same periods one year ago. Same-Restaurant Sales was +64.9% for the quarter and +52.3% year to date. Positive results for the quarter and year to date were principally due to increases in restaurant guest traffic, mainly due to the easing and elimination of pandemic-related dining restrictions. We are pleased that our sales results have supported an increase to the Fund's distribution rate, which Michael will elaborate on further, later in the call. COVID-19 first began to adversely affect Boston Pizza restaurants in March 2020. As a result, the Fund believes it's useful to report additional sales metrics that compare sales in 2022 to sales in 2019. Comparing to 2019 allows investors to gauge Boston Pizza's current sales levels against sales levels on a pre-pandemic basis. If SRS on a franchise sales basis were calculated by comparing to the same period in 2019, SRS would be + 4.6% for the quarter and - 2.8% year to date. SRS for July 2022 was approximately 6.5% when compared to the same period in 2021, and approximately 8.3% when compared to the same period in 2019. Total Franchise Sales and the resulting royalty and distribution income for July 2022 increased by approximately 6.1% compared to July 2021, and approximately 4.6% compared to July 2019. From a marketing standpoint, we began the second quarter of 2022 with a specially priced burger and beer promotion featuring a pint and a burger for CAD 17.99. Also in the second quarter, we launched our summer patio campaign, then introduced new food and drink menu innovations, and both promotions have been exceptionally well received by our guests. Turning to restaurant development, Boston Pizza opened no new restaurants in the quarter and did not close permanently any Boston Pizza restaurants in the second quarter. BPI continues to focus on the safety of our guests and restaurant staff, serving our communities with takeout and delivery and on-premise dining as permitted, and helping our franchisees to effectively manage through the ensuing phase of the pandemic. I'll now pass it over to Michael for a review of the Fund's financial performance. Michael? Thank you, Jordan. The fund posted royalty income of CAD 8.8 million for the quarter and CAD 15.9 million year to date, compared to CAD 5.4 million and CAD 10.6 million, respectively, for the same periods one year ago. The fund posted distribution income of CAD 2.9 million for the quarter and CAD 5.3 million year to date, compared to CAD 1.8 million and CAD 3.5 million, respectively, the same periods one year ago. Royalty and distribution income for the quarter and year to date were based on 383 Boston Pizza restaurants in the royalty pool that reported franchise sales of CAD 219.4 million for the quarter and CAD 398 million year to date. For the same periods in 2021, royalty and distribution income were based on the royalty pool of 387 Boston Pizza restaurants, reporting Franchise Sales of CAD 134.8 million for the second quarter in 2021 and CAD 263.8 million year to date in 2021. The fund's net and comprehensive income was CAD 1.8 million for the quarter compared to CAD 7.7 million for the second quarter of 2021. The CAD 6 million decrease in the fund's net and comprehensive income for the period, compared to the second quarter of 2021, was primarily due to an increase in fair value loss of CAD 10.4 million and an increase in interest expense on the Class B units of CAD 0.1 million, all partially offset by an increase in royalty and distribution income of CAD 4.5 million and a decrease in income tax expense of CAD 0.2 million. The fund's net and comprehensive income was CAD 14.7 million on a year-to-date basis, compared to CAD 19.3 million through year-to-date in 2021. The CAD 4.6 million decrease in the fund's net and comprehensive income was due to a decrease in fair value gain of CAD 9.7 million, an increase in income tax expense of CAD 1.7 million, and an increase in interest expense, excuse me, on Class B units of CAD 0.3 million, all partially offset by an increase in royalty and distribution income of CAD 7.1 million. In this, the fund's cash flow generated from operating activities was CAD 9.1 million for the period, compared to CAD 6.4 million for the second quarter of 2021. The increase of CAD 2.7 million was due to an increase of royalty and distribution income of CAD 4.5 million, partially offset by a decrease in changes in working capital of CAD 0.8 million and an increase in income taxes paid of CAD 0.9 million. The fund's cash flows generated from operating activities was CAD 15.8 million year to date, compared to CAD 12.4 million for the same period in 2021. The increase of CAD 3.4 million was due to an increase of royalty and distribution income of CAD 7.1 million, partially offset by a decrease in changes in working capital of CAD 2.1 million and an increase in income taxes paid of CAD 1.5 million. While net and comprehensive income or loss and cash flows from operating activities are both measures under International Financial Reporting Standards, or IFRS, the fund is of the view that net income or loss and cash flows from operating activities do not provide the most meaningful measurement of the fund's ability to pay distributions. Net income contains non-cash items that do not affect the fund's cash flow, whereas cash flow from operating activities is non-inclusive of all the fund's required cash outflows and therefore is not indicative of cash available for distributions to unitholders. Non-cash items include the fair value adjustments on the investment in Boston Pizza Canada Limited Partnership, the Class B unit liability, interest rate swaps, and changes in deferred income taxes. Consequently, the fund reports the non-IFRS metrics of distributable cash and payout ratio to provide investors with, in the fund's opinion, more meaningful information regarding the fund's ability to pay distribution to unitholders. The fund generated distributable cash of CAD 6.2 million for the period, compared to CAD 4 million for the second quarter of 2021. The increase in distributable cash of CAD 2.2 million or 53.4% was primarily due to an increase in cash flow generated from operating activities of CAD 2.7 million, partially offset by increased BPI Class B unit entitlement of CAD 0.4 million and increased SIFT tax on units of CAD 0.2 million. The fund generated distributable cash of CAD 10.9 million year to date, compared to CAD 7.7 million for the same period in 2021. The increase in distributable cash of CAD 3.2 million or 41.4% was primarily due to an increase in cash flow generated from operating activities of CAD 3.4 million and a decrease in repayments of long-term debt of CAD 0.6 million, partially offset by increased BPI Class B unit entitlement of CAD 0.6 million and increased SIFT tax on units of CAD 0.2 million. The fund generated distributable cash per unit of CAD 0.287 for the period, compared to CAD 0.187 per period for the second quarter of 2021. The increase in distributable cash per unit for the period of CAD 0.10 or 53.5% was primarily due to the increase in distributable cash as previously described. The fund generated Distributable Cash per unit of CAD 0.505 year to date, compared to CAD 0.357 per unit for the same period in 2021. The increase in Distributable Cash per unit year to date of CAD 0.148 or 41.5% was primarily due to the increase in Distributable Cash as previously described. The fund's Payout Ratio for the period was 88.9% compared to 104.3% in the second quarter of 2021. The decrease in the fund's Payout Ratio for the period was due to Distributable Cash increasing by CAD 2.2 million or 53.4%, partially offset by distributions paid increasing by CAD 1.3 million or 30.8%. The fund's payout ratio year-to-date was 100%, 100.9%, rather, compared to 165.1% year-to-date in 2021. The decrease in the fund's payout ratio year-to-date was due to Distributable Cash increasing by CAD 3.2 million or 41.4%, and distributions paid decreasing by CAD 1.7 million or 13.6%. Payout Ratio is calculated by dividing the amount of distributions paid during the applicable period by the Distributable Cash for that period. Accordingly, the Payout Ratio for year-to-date in 2021 factors in the special distribution of CAD 0.20 per unit that was paid on January 29th, 2021, even though the cash generated to fund that special distribution was generated during 2020. If the special distribution was excluded in the calculation of payout ratio for year-to-date 2021, the payout ratio would be 109.1%. The fund's payout ratio is typically higher in the first and fourth quarters compared to the second and third quarters, since Boston Pizza restaurants generally experience higher franchise sales levels during the summer months when restaurants open their patios and benefit from increased tourist traffic. The effects of COVID-19 may have materially affected the fund's payout ratio. On a trailing twelve-month basis, the fund's payout ratio was 87.5% as at June 30, 2022. On August 4, 2022, the trustees of the fund approved a cash distribution for the period of July 1, 2022 to July 31, 2022 of CAD 0.10 per unit for July 2022. This is an increase of CAD 0.015 per unit or 17.6% from the previous monthly rate of CAD 0.085 per unit. On an annualized basis, the new monthly distribution rate equates to CAD 1.20 per unit compared to CAD 1.02 per unit for the previous monthly distribution rate. The July 2022 distribution will be paid on August 31st, 2022 to unitholders of record at the close of business on August 21st, 2022. In deciding to increase monthly cash distributions from CAD 0.085 per unit to CAD 0.10 per unit, the trustees of the fund considered, among other factors, the recent financial performance of the fund, Boston Pizza International and Boston Pizza Restaurants in the fund's royalty pool, as well as the fund's cash position and debt repayment obligations and internal financial projections for the fund, as well as Boston Pizza Restaurants and the fund's royalty pool for the remainder of 2022 and beyond. The trustees' objective in setting a monthly distribution amount is that it be sustainable. The trustees will continue to closely monitor the fund's available cash balances given the continued volatility and economic uncertainty caused by COVID-19. While COVID-19 persists, the trustees expect that Franchise Sales and Same-Restaurant Sales and the resulting royalty and distribution income, along with the Distributable Cash available for distribution to unitholders, will continue to be adversely affected. With that, I'll turn the call back over to Jordan for more on the outlook. Jordan? Thank you, Michael. We continue to be extremely pleased with the efforts of the Boston Pizza team and our franchisees during these challenging times. During the third quarter of 2022, we are continuing our summer patio campaign, which highlights new food and drink innovations, and we'll also launch our fall-themed menu, which will feature a selection of new indulgent items just in time for the fall season. Pardon me. Our popular BP Kids Card promotion will also return towards the end of the third quarter. This promotion is always a favorite with families, where for a CAD 5 donation to the Boston Pizza Foundation, they receive a card for five free kids meals at future Boston Pizza visits. BPI management continues to monitor the COVID-19 situation and modify the operating procedures of Boston Pizza restaurants to ensure the safety of our guests and our staff. Our top priority is to responsibly and safely operate the dining rooms, sports bars, and patios of Boston Pizza restaurants across Canada. We will continue to maximize our takeout and delivery business while also adapting other areas of our business to responsibly address the challenges and opportunities presented by COVID-19. With that, I'd like to begin the question and answer session. Operator? Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star then one on their touch-tone phone, or send a question via email to investorrelations@bostonpizza.com. Please note that those questions we do not get during the call will be answered via email immediately following the end of the investor conference call. The first question is from Nick Corcoran with Acumen Capital. Please go ahead. Good morning, and congrats on a strong quarter. Good morning. Thank you, Nick. Morning, Nick. Just looking at the network, thinking about kind of the broader macro factors, have there been any supply chain or labor issues that might have impacted the results in the quarter? Yeah, both, I think, industry-wide and in fact, probably economy-wide, those are the two kind of headwind factors affecting a number of businesses across Canada, a number of different industries, and certainly Boston Pizza is among those, both in supply chain disruption. You know, our suppliers have been through many of the same things that the restaurants have been through in terms of COVID restrictions, different operating procedures. You know, some of them completely had to close for periods of time. And that recovery process is, it has been bumpy. But you know, we're fortunate we have a really strong supplier network. We've been in business, as you may know, almost 60 years and significant purchasing power. We feel like we've been able to navigate the supply chain challenges, but nonetheless, they, you know, there are factors in that area. I would say even perhaps more impactful in the quarter in terms of a headwind would be labor. Again, certainly not specific to Boston Pizza or to the restaurant industry. There is a shortage of employees and we're constantly looking for new ways to bring people in to our kitchens in particular, but also as servers, hosts, managers, and that can have an impact on restaurant capacity and operating hours. I would say in terms of both of the supply chain and the labor issue, the trend is positive, meaning that those issues are having less and less impact as the recovery is underway. It is a restaurant by restaurant experience, certainly on the labor side. Yeah, to your point, did they have a headwind impact in Q2? Yes. Will that continue? Yes. It is improving and we're doing everything we can to mitigate both of those factors. That's helpful. Maybe thinking about the takeout and delivery volumes, how are they compared to pre-pandemic levels as people move back to more in-restaurant dining? Yeah. Maybe I'll start on this one, Nick, and then turn it over to Michael. Just for recap, when COVID first affected our restaurants and we closed nationally all our dining rooms and bars in advance of being required to, by you know, regional health requirements, we saw an immediate uptick, obviously, in the takeout and delivery part of our business. We doubled the sales volume. Going into the pandemic, takeout and delivery accounted for about 18% of our sales. We were able to take that dollar volume and double it, in the days when our restaurants were on-premises was closed, and it was just takeout and delivery. Since we've been able to open up the on-premise business regionally and locally as allowed under the various, you know, health restrictions, we have held on to that lift. I believe right now we're trending in sort of that 40%-50% higher in total takeout delivery sales than where we were heading into the pandemic in March of 2020. Michael, do you wanna add any color there? Well, maybe just to reinforce what you said. Yes, in the worst period of the pandemic, we doubled the volume of our takeout and delivery compared to pre-pandemic. Then, we haven't held on to that doubling. As Jordan said, we're currently trending about kind of 40%-50% higher than pre-pandemic levels. Yeah, we're happy with that outcome. It appears to us that, you know, some of what we've built up with takeout and delivery in terms of that business might stick with us, you know, more permanently into the future. That's an encouraging sign for us. When we think of the same restaurant sales growth compared to just pre-pandemic, how much of that lift do you think is from takeout and delivery? Yeah, I mean, it is a significant part of our business and it was previously. I mean, we had built over 50 years a good, very strong takeout and delivery business. We have invested in it in two ways. The first is we put a new e-commerce platform in January of this year, which helps our order volume and the guest experience as they go through the online platform for bostonpizza.com or the MyBP app. We've also invested in partnerships with the delivery service providers where they operate in places where we have Boston Pizza restaurants, and both of those have added to the, you know, the volume, the availability, the sales that get generated through takeout and delivery. I mean, your specific question about how much of the SRS lift could be attributed to the gains in takeout and delivery versus pre-pandemic, I don't have that breakout in front of me. It certainly is a contributor. You can just tell by the volume if we're up, you know, if we're up 40% or 50% over pre-pandemic levels in takeout and delivery sales, that's a strong indication that that is contributing to the overall strength of same-restaurant sales versus 2019. I don't have an exact kind of it accounts for a third of the lift or half. Michael, I'm not sure if you wanna expand any more. No, I think that's right in terms of it's hard to kinda parse out how much of the growth we've been seeing can be attributed to takeout and delivery, but certainly a significant portion of it. It was always a significant portion of Boston Pizza's restaurant pre-pandemic, where we were citing that the 18% out of the total sales were, pre-pandemic, coming from takeout and delivery, and we've grown that and sustained that. Yeah, in terms of how much of the lift today is coming from takeout and delivery, I think without sharing any specifics, it's fair to say a significant portion of our positive results are being driven by the off-premise side of our business. That's fair. Moving to the restaurant count, I think the number was flat sequentially. Were there any openings or closings after quarter end, and what's the pipeline look for new stores? We haven't announced anything subsequent to the quarter, I believe, Michael, unless there was something in the MD&A on subsequent events. You know, maybe I'll comment on the pipeline. We obviously have slowed down our development during the COVID period. I think that's just been the natural reaction to the headwinds facing the industry, the uncertainty around openings and closings, the availability of staff in the construction trades, for example, to do build-outs for us. We did have a new opening, I think it was in the summer of 2020, but since then, things have been relatively quiet. We have a robust pipeline, not just of, you know, of real estate and sites that we've identified across the country, but also with franchisees, either our own franchisees looking to expand their Boston Pizza portfolio and open new locations in areas where they perhaps already have one or two or more, but also new franchisees. I think that the COVID business disruption has been significant, and a lot of people are looking at what they might like to do moving forward, including owning a small business and maybe be a franchisee of Boston Pizza. We have new applicants, and we're sourcing both, again, the real estate and the sites and then the individuals to invest and operate those locations. We feel positive about, you know, the pipeline for new restaurant development heading into 2023. We don't have anything under construction right now for 2022, but we do expect, you know, to ramp back up to new development in the next year. Great. Thanks. I'll just confirm, Nick, that there were no openings or closures during this quarter, nor subsequent to this quarter. Okay, that's great, color. Again, thanks again for taking my questions. Thanks, Nick. Thank you, Nick. There are currently no more questions from the telephone lines. Okay. Thank you, operator. As there are no further questions, I'd like to thank everyone for taking the time to listen in. We are pleased to be welcoming back more of our guests to our sports bars, restaurants and patios while continuing our strong takeout and delivery sales momentum. We look forward to speaking with you all again on our third quarter conference call in November of this year. Take care, and thank you all. Thank you.