Hello, this is the conference call operator. Thank you for standing by. Welcome to Boston Pizza's third quarter 2024 conference call. As a reminder, all participants are on listen-only mode, and the conference is being recorded on November 7th, 2024. After the presentation, there will be a question-and-answer session. Participants on the call may also pose questions via email to Boston Pizza's Investor Relations Department at investorrelations@bostonpizza.com. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your telephone. At this time, I'd 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 2024 third quarter 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 third 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 and its Boston Pizza restaurants in Canada. BPI pays royalty and distribution income to the Fund based on franchise revenue 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 sedarplus.ca. Before I turn the call over to Jordan Holm, President of BPI, I'd 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's 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 reverse forward-looking information to reflect new events or circumstances. And with that, I will now turn the call over to Jordan. Jordan? Thank you, Michael, and welcome everyone to Boston Pizza's third quarter investor conference call. Today, I'll be discussing our third quarter results and share a brief outlook. Michael will then summarize our key financial highlights, and as usual, we'll leave time at the end of today's call for your questions. Boston Pizza's third quarter sales remained stable, with total franchise sales in line with previous quarters in 2024. Although the current economic conditions remain challenging, Boston Pizza was able to mitigate these issues with effective promotions. the Fund posted franchise sales from restaurants in the royalty pool of CAD 238.6 million for the quarter and CAD 697.4 million year-to-date, representing decreases of 0.6% for the quarter and 0.1% year-to-date versus the same periods one year ago. Same restaurant sales was negative 0.6% for the quarter and positive 0.1% year-to-date. Same Restaurant Sales for the quarter was principally due to macroeconomic challenges faced by the full-service restaurant industry. Year-to-date, SRS was primarily driven by flat Franchise Sales when compared to the same period in 2023. From a marketing standpoint, we kicked off the third quarter of 2024 with a summer patio campaign, spotlighting our latest food and drink innovations. Through a combination of billboard and digital media advertising, Boston Pizza invited Canadians nationwide to experience the inviting atmosphere, delicious food, and refreshing drinks on our patios. As the season shifted, we introduced a fall-inspired menu alongside a football-themed menu, offering indulgent new items tailored to both fall and football fans alike. Both promotions resonated well with our guests. In late third quarter, our popular Boston Pizza Kids Cards promotion returned, allowing families to receive five free kids' meals with a $5 donation to the Boston Pizza Foundation. This effective campaign generated over CAD 1 million for the foundation, an over six% increase compared to 2023. We closed the quarter with a successful Kids Eat Free promotion in September. In terms of restaurant development, no new restaurants were opened during the third quarter. One was closed, and another eight completed full renovations during the quarter. Year-to-date, two restaurants have been opened, four have been closed, and 18 have undergone renovations. We have several exciting initiatives planned for the fourth quarter of 2024 to boost sales and attract more guests, which I'll cover shortly. But first, let's hear from Michael about the Fund 's financial performance. Michael? Thank you, Jordan. So the Fund posted royalty income of CAD 9.5 million for the quarter and CAD 27.9 million year-to-date compared to CAD 9.6 million and CAD 27.9 million respectively for the same periods one year ago. The Fund posted distribution income of CAD 3.1 million for the quarter and CAD 9.2 million year-to-date compared to CAD 3.2 million and CAD 9.2 million respectively for 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 238.6 million for the quarter and CAD 697.4 million year-to-date. For the same periods in 2023, royalty and distribution income were based on the royalty pool of 377 Boston Pizza restaurants reporting franchise sales of CAD 240.1 million and CAD 698.0 million respectively. The Fund's net and comprehensive income was CAD 9.4 million for the quarter compared to CAD 4.9 million for the third quarter of 2023. The CAD 4.5 million increase in the Fund 's net and comprehensive income for the quarter compared to the third quarter of 2023 was primarily due to a CAD 6.8 million increase in fair value gain, partially offset by a CAD 2.2 million increase in deferred income tax expense and a CAD 0.1 million decrease in royalty and distribution income. The Fund's net and comprehensive income was CAD 25.3 million year-to-date compared to CAD 24.3 million year-to-date in 2023. The CAD 1 million increase in the Fund 's net and comprehensive income year-to-date compared to the same period in prior year was primarily due to a CAD 3.3 million increase in fair value gain, partially offset by a CAD 1.8 million increase in deferred income tax expense, a CAD 0.3 million increase in net interest expense, and a CAD 0.2 million increase in administrative expenses. The Fund's cash flows generated from operating activities for the quarter were CAD 10 million compared to CAD 9.7 million in the third quarter of 2023. The increase of CAD 0.3 million was primarily due to an increase in changes in working capital, a CAD 0.3 million, and a decrease in income taxes paid of CAD 0.1 million, partially offset by a decrease in royalty and distribution income of CAD 0.1 million. Cash flows generated from operating activities year-to-date was CAD 28.7 million compared to CAD 28.6 million in the same period in 2023. The nominal increase of CAD 0.1 million was primarily due to an increase in changes in working capital of CAD 0.2 million and a nominal decrease in income taxes paid, partially offset by an increase in administrative expenses of CAD 0.2 million. While net and comprehensive income or loss and cash flows from operating activities, both of those things are 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, for example, contains non-cash items that do not affect the Fund's cash flow, whereas cash flow from operating activities is not inclusive of all of the Fund 's required cash outflows and is therefore not indicative of the cash available for distribution to unit holders. Non-cash items include 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 distributions to unit holders. The Fund generated distributable cash of CAD 8.1 million for the quarter compared to CAD 8.3 million for the same period in 2023. The decrease in distributable cash of CAD 0.2 million, or 1.8%, was primarily due to higher Class B Unit entitlement of CAD 0.5 million and decreased income taxes paid of CAD 0.1 million, partially offset by an increase in cash flows generated from operating activities of CAD 0.3 million and lower interest paid on debt of CAD 0.1 million. The Fund generated distributable cash of CAD 22.9 million year-to-date compared to CAD 23.3 million for the same period in 2023. The decrease in distributable cash of CAD 0.4 million, or 1.6%, was primarily due to higher Class B Unit entitlement of CAD 0.6 million, partially offset by lower interest paid on debt of CAD 0.2 million. The Fund generated distributable cash per unit of CAD 0.3814 for the quarter and CAD 1.077 year-to-date compared to CAD 0.3874 and CAD 1.0864 respectively for the same periods in 2023. The decrease in distributable cash per unit of CAD 0.06, or 1.6%, for the quarter and CAD 0.09, or 0.8%, year-to-date 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 88.9% compared to 82.9% in the third quarter of 2023. The decrease in the Fund 's payout ratio for the quarter was due to distributions increasing by CAD 0.4 million, or 5.3%, and distributable cash decreasing by CAD 0.2 million, or 1.8%. Year-to-date, the Fund 's payout ratio was 93.8% compared to 87.3% year-to-date in prior year. The increase in the Fund 's payout ratio year-to-date was due to distributions paid increasing by CAD 1.2 million, or 5.8%, and distributable cash decreasing by CAD 0.4 million, or 1.6%. On a trailing 12-month basis, the Fund 's payout ratio was 93.6% as of September 30th, 2024. 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. On November the 6th, 2024, the trustees of the Fund approved a cash distribution for the period of October 1st, 2024, to October 31st, 2024, of CAD 11.30 per unit, which will be paid on November 29th, 2024, to unit holders of record at the close of business on November 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. And with that, I will turn the call back over to Jordan for more on the outlook. Jordan. Thank you, Michael. As we wrap up 2024, we're excited about several initiatives at Boston Pizza. We kicked off the fourth quarter with our CAD 15 lunch menu, offering guests a main dish, a side dish, and a drink, all for just CAD 15. With the NHL season in full swing, we launched our Hockey Night in Canada partnership, supported by extensive TV, digital, and social media coverage, along with in-restaurant promotions at participating Boston Pizza locations nationwide. This participation, or sorry, this partnership will run through the entire NHL regular season, offering guests a unique hockey viewing experience and the chance to win great prizes through a predictive trivia game with every Molson beer purchase. Additionally, we're continuing our football-themed menu on game days, where guests have the opportunity to win exciting prizes. In addition, our 2024 holiday campaign launched this week, showcasing a celebration of new favorites and innovative pasta dishes. The holiday menu features mouthwatering options like Braised Beef Mac and Cheese, Smoky Bacon and Sweet Potato Ravioli, Spicy Shrimp Fettuccine, and Cranberry Brie Dip, and the return of our popular holiday drinks, Winter Berry Sangria and Cranberry Kringle. Complementing our holiday menu and Hockey Night in Canada partnership is our annual gift card incentive program. Guests who purchase CAD 50 or more in gift cards will receive a CAD 10 promotional card redeemable from January to March 2025. Although inflation and interest rates have continued to decline, BPI's management remains cautious as the restaurant industry nationwide continues to face macroeconomic challenges. However, franchise sales levels have held steady through the third quarter, aligning with prior periods and showcasing the resilience of our business. We are proud of the dedication of our franchisees and our teams. BPI's management continues to adopt and implement strategies to effectively mitigate these challenges and to maintain positive sales levels in 2024. With that, I'd like to turn it back to the operator to begin the question and answer session. Yes, thank you. We'll reopen 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 we do not get to during the call will be answered via email immediately following the end of the investor conference call, and the first question comes from Megan Bergen with Acumen Capital Partners. Hi there, this is Megan on the line for Nick. I had a question about your same store sales growth. It It was negative in the quarter. I know you mentioned more macroeconomic conditions, but do you have any further details, like was it decreased traffic or smaller checks? Any color on that would be appreciated. Yeah, thanks, Megan. So it is a traffic challenge, and that's been the case really coming out of COVID and having to take higher menu prices strategically at times throughout the year on different menu items and regional menu groups wherever possible to pass along the rising input costs that we've seen in a lot of areas, including food and beverage items. So the average check is increased by the menu price increases, but it does have an effect on visitation and spend. So we will see guests adapting their budgets because their core expense items in a household have gone up substantially. They pivot in their discretionary spending, including things like restaurants and meals outside the home. So to answer your question about same restaurant sales, it's a slightly higher average guest check, mainly driven by pricing and a slightly lower visitation trend. Some improvement there, certainly, but that's the challenge, is the number of people coming into the restaurant. Okay, great. Thank you. Another question is, do you have any comments on the pipeline for new stores? Pipeline for new stores? So to recap, this year we've opened two locations, and we have two under construction right now that we expect to finish before the end of the year. So four new restaurant openings for this year. We don't provide a forecast for 2025, but just given the length of a project timeline, it may be somewhere in the neighborhood of two years from initial discussions to the grand opening of a new Boston Pizza, just given all that has to go on with securing the site, applying for permitting for construction to be completed, and then the training of the staff, and then the opening. So we're pretty clear on what our 2025 opportunities are, but we don't provide guidance specifically because what we've seen in the past is that sometimes the permitting gets delayed, sometimes the real estate doesn't come through the way that we think it will. But we're pleased with the four openings this year. We only had one last year, and it had been a little while during COVID when we were post-COVID where we weren't able to open brand new restaurants at Boston Pizza. But we were pleased with the number of four that we'll complete this year, and we want to continue that new restaurant momentum into 2025. Okay, thank you. My final question is more open-ended, but were there any trends in the quarter that were worth noting? Any trends in the quarter that were worth noting? I mean, there was a lot for us to be pleased with. We like, obviously, we like the results to be stronger, but some of the promotional activity, and we highlighted some during the call today, whether it was another season of celebrating summer in Canada, summer at Boston Pizza, showcasing the patio, and we've seen a lot of investment, not just in full restaurant renovations, and I mentioned the number that have been completed so far this year and the number we expect to complete by the end of the year, which is a great number to see. Those are 25-30 restaurants that are undergoing full restaurant renovations. That means exterior paint and signage, interior fabrics, furniture, artwork. They really do look substantially refreshed in the eyes of the guest, which is really important. But beyond that, we've also seen patio investment specifically, whether it's part of a major renovation or just on its own. Well over 100 Boston Pizza restaurants coming out of COVID have taken the opportunity to really build out, whether it's the patio surround, the heating, the landscaping, the tables, the music systems. They've really done a great job. So patio in the summer was a big push for us. Kids Eat Free, the September season, with BP Kids Cards being part of that and raising CAD 1 million for the Boston Pizza Foundation. That back-to-school timeframe and the busy family segment, which is so core for Boston Pizza and has been for so many years, was strong. And then really just moving into the fall, the sports season, the holidays, gift cards. I touched on a lot of it during the call, but it really helped us to maintain the stable franchise sales levels nationally to see some outperformance in individual regions or restaurants, so we felt good about that in terms of overall trends, and maybe I'll just pause and see if Michael has anything to add just overall for the quarter. Yeah, thanks, Jordan. I think that covers it for the quarter in terms of major trends. So I think we had, yeah, lots of good tailwinds to push us into the next quarter. Thanks, Megan. Okay, thank you. Thank you. Thank you. And this concludes our question and answer session. I would like to turn the conference back over to Jordan Holm for any closing comments. Thank you, operator. Since there are no further questions, I'd like to thank everyone for taking the time to join us today and invite you to celebrate the holiday season at your local Boston Pizza. We look forward to speaking with you all again at our fourth quarter conference call in February 2025. Thanks, everyone. Thank you. Thanks. Bye-bye. Thank you. And this brings us to the end of today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.