Hello, this is the corporate conference call operator. Thank you for standing by. Welcome to Boston Pizza's Q2 2024 conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded on August 2nd, 2024. After the presentation, there will be an opportunity to ask questions. 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, then 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, everyone. So today we'll be discussing the 2024 Q2 results for both 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 Q2 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 listed in our press release. The fund is a limited purpose, open-ended trust established under the laws of British Columbia. Excuse me. To acquire indirectly certain trademarks and trade names used by BPI and 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 the 13th, 2024, which was filed on SEDAR+.ca. 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. And with that, I'll now turn the call over to Jordan. Jordan. Jordan. Thank you, Michael, and welcome everyone to Boston Pizza's Q2 investor conference call. Today I'll be discussing our Q2 results, and we'll share a brief outlook. Michael will summarize our key financial highlights, and as usual, we'll leave time at the end of the call for your questions. Boston Pizza is pleased to announce positive Q2 sales despite high interest rates and inflation having created difficulties for the restaurant industry. The fund posted Franchise Sales from restaurants in the Royalty Pool of CAD 236.8 million for the quarter and CAD 458.8 million year to date, representing an increase of 1.3% and 0.2% respectively versus the same periods one year ago. Same Restaurant Sales was 1.7% for the quarter and 0.4% year to date. SRS for the quarter was principally due to menu price increases. Year to date, Same Restaurant Sales was principally due to menu price increases partially offset by macroeconomic challenges faced by the full-service restaurant industry that negatively impacted guest traffic. From a marketing perspective, we began the Q2 of 2024 with a dynamic playoff promotion during the hockey and basketball playoffs. This initiative featured a variety of new shareable menu items and innovative cocktails supported by TV and digital media advertising centered on Boston Pizza's Team Up for the Win campaign. Our efforts enhanced every aspect of the Boston Pizza Sports Bar experience, ensuring maximum enjoyment for guests. The presence of a Canadian team in contention leading up to the final round of the hockey playoffs boosted sales toward the end of the quarter. Additionally, the launch of an updated main menu in May featuring several new items garnered positive feedback from our guests. Turning to restaurant development, 1 restaurant opened, no restaurants closed, and 3 restaurants were renovated during the quarter. Year to date, 2 restaurants have opened, 3 restaurants have closed, and 10 restaurants have been completed full renovations. We have some exciting initiatives lined up to enhance the sales and increase guest traffic in the Q3 of 2024, which I'll discuss shortly. But first, I'll hand the call back to Michael for a review of the fund's financial performance. Michael. Thank you, Jordan. The Fund posted royalty income of CAD 9.5 million for the quarter and CAD 18.4 million year to date compared to CAD 9.3 million and CAD 18.3 million respectively for the same periods one year ago. The Fund posted distribution income of CAD 3.1 million for the quarter and CAD 6 million year to date, which is a nominal increase from the same periods one year ago. Royalty and distribution income for the quarter and year to date were based on 372 Boston Pizza restaurants in the royalty pool that reported franchise sales of CAD 236.8 million for the quarter and CAD 458.8 million year to date. For the same periods in 2023, royalty and distribution income were based on royalty pool restaurants of 377 reporting franchise sales of CAD 233.7 million and CAD 457.9 million respectively. The Fund's net and comprehensive income was CAD 7.5 million for the quarter compared to CAD 12.8 million for the Q2 of 2023. The CAD 5.3 million decrease in the Fund's net and comprehensive income for the quarter compared to the Q2 of 2023 was primarily due to a CAD 6 million decrease in fair value gain, an increase in net interest expense of CAD 0.2 million, and an increase in administrative expenses of CAD 0.1 million, all partially offset by a CAD 0.8 million decrease in deferred income tax expense and an increase in royalty and distribution income of CAD 0.2 million. The Fund's net and comprehensive income was CAD 15.9 million year to date compared to CAD 19.5 million year to date in 2023. A CAD 3.6 million decrease in the fund's net and comprehensive income year to date compared to the same period in 2023 was primarily due to a CAD 3.6 million decrease in fair value gain, an increase in net interest expense of CAD 0.3 million, and an increase of administrative expenses of CAD 0.1 million, partially offset by a CAD 0.4 million decrease in deferred income tax expense. The fund's cash flows generated from operating activities for the quarter was CAD 9.6 million compared to CAD 9.8 million in the Q2 of 2023. The decrease of CAD 0.2 million was primarily due to a decrease in working capital of CAD 0.3 million and an increase in administrative expenses of CAD 0.1 million, partially offset by the increase in royalty and distribution income of CAD 0.2 million and a decrease in income taxes paid of CAD 0.1 million. Cash flows generated from operating activities year to date was $18.7 million compared to $19 million in the same period in 2023. The decrease of $0.3 million was primarily due to a decrease in working capital of $0.1 million, an increase in administrative expenses of $0.1 million, and an increase in income taxes paid of $0.1 million. While net and comprehensive income or loss and cash flows from operating activities are both measures under IFRS accounting 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 not inclusive of all the fund's required cash outflows and therefore is not indicative of cash available for distribution to unit holders. 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 unit holders. The fund generated Distributable Cash of CAD 7.5 million for the quarter compared to CAD 7.9 million for the same period in 2023. The decrease in distributable cash of CAD 0.4 million, or 4.5%, was primarily due to decreased cash flows generated from operating activities of CAD 0.2 million, increased Class B unit entitlement of CAD 0.1 million, and decreased income taxes paid of CAD 0.1 million. The fund generated distributable cash of CAD 14.8 million year to date compared to CAD 15 million for the same period in 2023. The decrease in distributable cash of CAD 0.2 million, or 1.5%, was primarily due to decreased cash flows generated from operating activities of CAD 0.3 million and increased Class B unit entitlement of CAD 0.1 million, partially offset by lower interest paid on debt of CAD 0.1 million and increased income taxes paid of CAD 0.1 million. The fund generated distributable cash per unit of CAD 0.352 for the quarter and CAD 0.696 year to date compared to CAD 0.365 and CAD 0.699 respectively for the same periods in 2023. The decrease in Distributable Cash per unit of $0.033, or 3.6% for the quarter, and $0.03 or 0.4 percentage points on a year-to-date basis was primarily due to the decrease in Distributable Cash outlined above, partially offset by fewer units outstanding compared to the same periods in 2023 due to the Fund's Normal Course Issuer Bid that was in effect from June 20th, 2023, to June 19th, 2024. The Fund's Payout Ratio for the quarter was 96.2% compared to 88% in the Q2 of 2023. The increase in the Fund's Payout Ratio for the quarter was due to Distributable Cash decreasing by $0.4 million, or 4.5%, and distributions paid increasing by $0.3 million or 4.4%. Year-to-date, the Fund's Payout Ratio was 96.5% compared to 89.7% year-to-date in 2023. The increase in the fund's payout ratio year to date was due to distributions paid increasing by CAD 0.8 million, or 6%, and distributable cash decreasing by CAD 0.2 million, or 1.5%. On a trailing 12-month basis, the fund's payout ratio was 91.9% as of June 30th, 2024. The fund's payout ratio is typically higher in the first and Q4s compared to the second and Q3s 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. On August the 1st, 2024, the trustees of the fund approved the cash distribution for the period of July 1st, 2024, to July 31st, 2024, of CAD 11.30 per unit, which will be paid on August 30th, 2024, to unit holders of record at the close of business on August 21st, 2024. 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 fluctuating economic outlook. With that, I will turn the call back over to Jordan for more on the outlook. Jordan. Thank you, Michael. In 2024, Boston Pizza is celebrating its remarkable 60th anniversary, marking six decades of culinary innovations, warm hospitality, and unforgettable dining experiences. From our humble beginnings with just one location in Edmonton in 1964 to becoming a beloved institution with over 370 locations today in 10 provinces and two territories, Boston Pizza has been a gathering place for communities across Canada for 60 years. To commemorate this special occasion, during the Q2 of 2024, Boston Pizza launched an exciting summer patio campaign, inviting Canadians nationwide to join our 60th anniversary celebrations. Guests have been enjoying new food and drink innovations, including our exclusive Fan Fave Diamond Ale, created to commemorate this remarkable milestone for Boston Pizza. This campaign is promoted through billboard and digital media advertising, highlighting the delectable food, drinks, and anniversary festivities and the vibrant atmosphere of the Boston Pizza patio. As we transition to the fall, we'll introduce a football-themed menu featuring a selection of indulgent new items, perfectly timed for the start of football season. Additionally, our popular Kids Card promotion will return towards the end of the Q3. For a $5 donation to the Boston Pizza Foundation, families will receive a card for five free kids' meals, making it a perennial favorite. Amid high interest rates and rising input costs affecting much of the restaurant industry, BPI's management remains vigilant. Despite these hurdles, we achieved solid franchise sales in the Q2, highlighting the resilience of our business. We are proud of the dedication shown by our franchisees and their teams. BPI's management continues to adapt and implement strategies to effectively mitigate these challenges to maintain positive sales levels in 2024. 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 the question via email to investorrelations@bostonpizza.com. Please note those questions that do not get answered during the call will be answered via email immediately following the end of the investor conference call. Our first questioner comes from Nick Corcoran with Acumen. Please go ahead. Hey, Jordan. I have a couple of questions for me. The first is just on guest traffic. Can you maybe comment on the trend you saw through the quarter and into Q3? Yeah, absolutely, Nick. Thank you for the question. So obviously, guest traffic has been a big focus for us. We have, through the hyperinflation period that followed COVID and the rising input costs related to that inflation for our restaurants, we have had to put through carefully managed menu price increases on our biannual cycle. So menu price increases have been a factor in contributing to the top-line sales of the restaurants, but we know that the longer-term sustainable metric is guest visitation. We were pleased to see in the Q2 of 2024 that we were seeing more guests coming into the restaurants. Of course, we had a particularly favorable NHL playoff run for our restaurants in that we had four of the seven Canadian teams in the playoffs to begin with. We had three game sevens involving Canadian teams: the Leafs Bruins, the Canucks, the Oilers, and then the Oilers in the Stanley Cup Final game seven. So there were certainly some big attractions in the sporting world, particularly hockey, that led to some big nights, not just in Alberta with the Oilers, but across the country. So that was a contributor to more people coming in. And so that was a positive aspect of the sales results for the Q2 of 2024. That's helpful. And then have you seen a normalization of the guest traffic after quarter end, just to say NHL playoffs finished? Yeah. I mean, we're still pushing hard. You heard some comments about patio. The patio business for us has grown in the last few years coming out of COVID, where people wanted to sit outside. And we've invested heavily across the country in patio upgrades, patio expansion, and the marketing of the patio experience at Boston Pizza. So that's an area of growth for us. It's still a day-to-day challenge to attract people in. There's always lots of competition. And the balance between hospitality and convenience when people are choosing their food service options continues to be something that we work to give people a good reason to come into our bars, to come into our restaurants. And I would say that we're pleased with the Q2 sales performance, and we want to continue that into the Q3. Great. And then maybe moving on to the new restaurants. Where was the restaurant that was opened? We've opened two so far this year. One was in Markham, Ontario, just north of Toronto. The second one that opened in June in the Q2 was in Sarnia, also in Ontario. Were those conventional footprints or were they refurbishments of previous restaurants? They were a mix of both. So one is a brand new build, and the other is a refurbishment of existing restaurant. But interestingly, both locations are part of hotel developments. So it is considered a non-traditional site for a Boston Pizza location to be inside a hotel venue. But we're finding that non-traditional, whether it's in airports or in recreation facilities or in hotels in these cases, are good opportunities for us to adapt to different footprint and either convert an existing location into a Boston Pizza or work on a new build to be part of a hotel development as well as serving the surrounding community. Great. And then just last question for me. What's the pipeline for new restaurants through the end of the year? We've got a couple underway right now. We never know quite whether the permitting and construction will get us those finished this year or whether they'll roll in. We had one open in early January of this year that we thought we might have as a 2023 opening. We're hoping to get two more finished, which would give us four for the year. Again, it is a timing issue in terms of construction. Then we're already very much actively looking at the pipeline for new Boston Pizza restaurants for 2025, making sure that we have the right real estate and agreements there and franchisees, whether they're existing franchisees expanding to add new restaurants to their portfolios or whether it's new investors coming in as new franchise owners. We're always looking for underserviced markets to bring Boston Pizza, particularly to some of those smaller underserviced Canadian markets that we've been so successful in developing over the last 60 years. That's good. Colorado pipeline. Thanks. Thanks, Nick. Thanks, Nick. Once again, if you have a question, please press star and then one. This concludes our question and answer session. I would like to turn the conference back over to Jordan Holm for any closing remarks. All right. Thank you, Operator. If there are no further questions, I'd like to thank everyone for taking the time to listen in and invite you all to join us in celebrating our 60th anniversary at your local Boston Pizza. We look forward to speaking with you all again at our Q3 conference call in November. Thanks, everyone. Thank you. This brings an end to today's conference call. You may now disconnect your lines. Thank you for participating and have a pleasant.