Hello, this is the conference call operator. Thank you for standing by. Welcome to Boston Pizza's fourth quarter conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded on February 14th, 2025. After the presentation, there will be a question-and-answer session. Participants on the call may also post 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. Today, we'll be discussing the 2024 fourth quarter results for Boston Pizza Royalties Income Fund, or the Fund, and for Boston Pizza International, or BPI. For complete details on our results, please see our fourth quarter materials filed earlier today on SEDAR+, or visit the Fund 's website at bpincomefund.com. Should you request information after the call, you can reach us via the investor relations phone number that's listed in our press release. T he 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 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, 2025, 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'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 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 fourth quarter investor conference call. Today, I'll be discussing our fourth quarter and full year 2024 results, and I'll share a brief outlook. Michael will summarize our key financial highlights, and as usual, we'll leave time at the end for your questions. In the fourth quarter, Boston Pizza delivered its strongest performance of the year in terms of year-over-year growth, capping off the highest year for total franchise sales and the highest fourth quarter sales record there as well. Effective promotions were instrumental in Boston Pizza overcoming the macroeconomic challenges that we faced earlier in the quarters of the year. The Fund posted Franchise Sales from restaurants in the Royalty Pool of CAD 234.2 million for the fourth quarter and CAD 931.7 million for the year, representing increases of 2.9% for the fourth quarter and 0.6% for the year versus the same periods one year ago. Same Restaurant Sales was 3.4% for the fourth quarter and 0.9% for the year. SRS for the fourth quarter was principally due to menu price increases, and for the year, SRS was principally due to menu price increases partially offset by macroeconomic challenges faced by the full-service restaurant industry. From a marketing perspective, we kicked off the fourth quarter with the introduction of our $15 Lunch Menu, offering guests a main dish, a side, and a drink of their choice for just $15. Additionally, we launched our Hockey Night in Canada partnership backed by extensive TV, digital, and social media coverage, as well as in-restaurant promotion at participating Boston Pizza locations nationwide. This partnership runs through the NHL regular season, providing guests with a unique hockey viewing experience and the opportunity to win fantastic prizes through a predictive trivia game with every Molson beverage purchase. We also continued to delight guests with our football-themed menu on game days, offering exciting prizes to enhance their experience. To cap off the year, we unveiled our 2024 holiday campaign, featuring a celebration of new favorites and innovative pasta dishes. Complementing the holiday menu and Hockey Night in Canada partnership was our annual gift card incentive program, where guests who purchased CAD 50 or more in gift cards received a CAD 10 promotional card redeemable at Boston Pizza between January and March 2025. Turning to restaurant development, two new restaurants opened and another nine were renovated during the fourth quarter. For the year, four restaurants were open, four closed, and 27 have undergone renovations. We have an array of exciting initiatives lined up for the first quarter of 2025 designed to drive sales and attract more guests. I'll share the details with you shortly after we hear from Michael about the Fund's financial performance. Michael. Thank you, Jordan. The Fund posted royalty income, excuse me, of CAD 9.4 million for the fourth quarter and CAD 37.3 million for the year, compared to CAD 9.1 million and CAD 37 million respectively for the same periods one year ago. The Fund posted distribution income of CAD 3.1 million for the fourth quarter and CAD 12.2 million for the year, compared to CAD 3 million and CAD 12.2 million respectively for the same periods one year ago. Royalty and distribution income for the fourth quarter and year were based on 372 Boston Pizza restaurants in the royalty pool that reported franchise sales of CAD 234.2 million for the fourth quarter and CAD 931.7 million for the year. 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 227.7 million and CAD 925.7 million respectively. The Fund's net and comprehensive income was CAD 6.6 million for the fourth quarter, compared to CAD 5.2 million for the fourth quarter of 2023. The CAD 1.4 million increase in the Fund's net and comprehensive income for the fourth quarter, compared to the same period in 2023, was primarily due to a CAD 1.3 million decrease in fair value loss, a CAD 0.3 million increase in royalty and distribution income, and a CAD 0.2 million decrease in deferred income tax expense, partially offset by a CAD 0.4 million increase in net interest expense and a CAD 0.1 million increase in current income tax expense. The Fund 's net and comprehensive income was CAD 31.9 million for the year, compared to CAD 29.6 million in 2023. The CAD 2.3 million increase in the Fund's net and comprehensive income for the year, compared to 2023, was primarily due to a CAD 4.6 million increase in fair value gain and a CAD 0.3 million increase in royalty and distribution income, partially offset by a CAD 1.7 million increase in deferred income tax expense, and a CAD 0.6 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 fourth quarter was CAD 9.4 million, compared to CAD 9.3 million in the fourth quarter of 2023. The increase of CAD 0.1 million was primarily due to an increase in royalty and distribution income of CAD 0.3 million, partially offset by a decrease in changes in working capital of CAD 0.1 million, and an increase in income tax paid of CAD 0.1 million. Cash flows generated from operating activities for the year was CAD 38.1 million, compared to CAD 37.9 million in 2023. The increase of CAD 0.2 million was primarily due to an increase in royalty and distribution income of CAD 0.3 million, and an increase in changes in working capital of CAD 0.2 million, partially offset by an increase in administrative expenses of CAD 0.2 million, and an increase in income taxes paid of CAD 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 cash 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 of the Fund's required cash inflows, and therefore is not indicative of 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 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 7.5 million for the fourth quarter, compared to CAD 7.4 million for the same period in 2023. The increase in Distributable Cash of CAD 0.1 million, or 1.5%, was primarily due to an increase in cash flows generated from operating activities of CAD 0.1 million. The Fund generated Distributable Cash of CAD 30.4 million for the year, compared to CAD 30.7 million in 2023. The decrease in Distributable Cash of CAD 0.3 million, or 0.9%, was primarily due to higher cost of Unit Entitlement of CAD 0.6 million, partially offset by an increase in cash flows generated from operating activities of CAD 0.2 million, and lower interest paid on debt of CAD 0.1 million. The Fund generated Distributable Cash per unit of CAD 0.351 for the fourth quarter and CAD 1.429 for the year, compared to CAD 0.346 and CAD 1.432 respectively for the same periods in 2023. The decrease in Distributable Cash per unit of CAD 0.05, or 1.4%, for the fourth quarter was primarily due to the increase in Distributable Cash discussed earlier. For the year, the decrease in distributable cash of CAD 0.03, or 0.2%, was primarily due to the decrease in distributable cash discussed earlier, partially offset by fewer units outstanding compared to the same period 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 fourth quarter was 118.4%, compared to 92.7% in the fourth quarter of 2023. The increase in the Fund's payout ratio for the fourth quarter was due to distributions paid increasing by CAD 2.1 million, or 29.6%, as a result of two distribution increases in 2024 and a special distribution increase paid in 2024, partially offset by distributable cash increasing by CAD 0.1 million, or 1.5%. For the year, the Fund's payout ratio was 99.9%, compared to 88.6% in 2023. The increase in the Fund's payout ratio for the year was due to distributions paid increasing by CAD 3.2 million, or 11.8%, as a result of the two distribution increases in 2024, the special cash distribution paid in 2024, and distributable cash decreasing by CAD 0.3 million, or 0.9%. The Fund's payout ratio fluctuates quarter to quarter, depending upon the amount of distributions paid during the quarter and the amount of distributable cash generated during that quarter. As Jordan highlighted earlier, the fourth quarter, Boston Pizza International achieved its strongest performance in the year in terms of year-over-year growth, resulting in the highest year for total franchise sales, enabling the Fund to increase its monthly distribution rate to CAD 0.11 per unit and issue a special distribution of CAD 0.07. Both payments were made on December 31st, 2024. The new monthly distribution rate represents a CAD 0.002 increase per unit, or 1.8%, compared to the previous rate of CAD 0.113 per unit. On an annualized basis, this equates to CAD 1.38 per unit, up from CAD 1.356 per unit under the prior period. This marks the second distribution increase in 2024, following the adjustment from CAD 0.107 per unit to CAD 0.113 per unit that took effect with the January 2024 distribution. On February 11th, 2025, the trustees of the Fund approved a cash distribution for the period of January 1st, 2025, to January 31st, 2025, of CAD 0.115 per unit, which will be paid on February 28th, 2025, to unitholders of record at the close of business on February 21st, 2025. The trustees' objective in setting monthly distribution amounts is that they 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. We're excited to start 2025 with a lineup of guest-favorite campaigns. Boston Pizza launched its first quarter with the Pasta Tuesday all-month-long promotion in January, giving guests the chance to enjoy pastas every day of the week, starting at just CAD 11.99, with gourmet pastas available for CAD 15.99. This promotion was a perfect pairing with the winter lineup of sporting events as we continue our partnerships with Hockey Night in Canada throughout the full regular season. To celebrate the NFL playoff season, we've introduced an exciting NFL Pepsi promotion, offering guests special pricing on six-packs and the chance to win exclusive NFL prizes, including a trip to the Super Bowl, and today, of course, is a big day for Boston Pizza as we celebrate one of our favorite traditions, Valentine's Day, with heart-shaped pizzas for sale at every Boston Pizza location. For every heart-shaped pizza sold, CAD 1 will be donated to support local charities in your communities. As we enter 2025, we remain vigilant in monitoring the evolving trade landscape, its potential impact on Boston Pizza restaurants in Canada, and adapting the business accordingly. We're encouraged by the momentum in our business, and we remain focused on enhancing guest experiences, supporting our franchisees, and driving sustainable long-term growth through innovation and operational excellence. With that, I'd like to begin the question and answer period. 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 we do not get to during the call will be answered via email immediately following the end of the investor conference call. The first question comes from Nick Corcoran with Acumen Capital. Please go ahead. Hey, guys. Congrats on the strong quarter and full year. Thanks, Nick. Just a few questions for me. The first, you said in your prepared remarks that the SRS in the quarter was largely driven by menu price increases. Can you give any indication of guest traffic compared to last year, both for the quarter and for the year? Thanks, Nick. So we don't publish guest traffic numbers as part of our public financial release. It obviously is a major focus, but it does rely on individual entry at the restaurant level. And so it's difficult for internal controls reasons to track visitation of individual guests and individual Boston Pizza restaurants. That said, internally, we do have a metric based on the number of transactions per restaurant, which is a proxy for guest visitation. And we were pleased to see that tick up in the fourth quarter. The reason that pricing is predominantly responsible for the SRS both in the quarter and the year is simply that we're coming to, through a period, or we hopefully finished a period of the hyperinflation that followed the COVID period. Like so many restaurants, retailers, and all kinds of businesses, we had to pass on some of that input inflation, cost inflation for our restaurants on our menu to guests. We're pleased to see that tapering back down to, I'll call it, historical levels or common levels of year-over-year inflation, which means our menu price should return to average growth rates in line with CPI or input cost inflation year-over-year. We'll be able to have less reliance on menu price increases and more focus on driving guest counts and serving more guests across the country. That's helpful. And with the GST holiday, have you seen any uptick in traffic from that? We have. And maybe I'll let Michael kind of get into this, but it's been in place since the middle of December, and it will end tomorrow. We're thankful as a business and as an industry to have government recognize the difficult challenges that small businesses and restaurants in particular have been through, again, through the COVID period and then the following two years of economic headwinds and hyperinflation. And that was a welcome recognition by alleviating consumers of the taxes on restaurant meals and a number of items in our restaurants for a period of two months. We did see. It's hard to, as you can imagine, to determine why people have been coming in since December 14th and over this two-month period, but we certainly do credit some of the visitation and spend to the fact that people are saving the tax at this point. Michael, did you want to add anything in that respect? Yeah, thanks, Jordan. Just all I would do is just reinforce the points that you made. So we can't say anything, obviously, too forward-looking, but the last two weeks in December, the GST impact certainly was positive, and it was measurable. And so we were encouraged by that. And I guess what I'd add as well is it's a non-recurring event. So as nice as it is to see a positive impact from the GST not getting charged, that will come to an end at some point. That's helpful. And you mentioned there were 27 stores renovated in 2024. Do you have a target for 2025? We do. Our construction and design teams work with franchisees across the country. As you know, Nick, based on your background, that Boston Pizza Franchise Agreement includes a renovation clause, which requires franchisees to fully renovate their locations every seven years. At 372 locations today, we have a number that have been renovated, 27, as you mentioned, in 2024. And I believe the number for 2023 was 18. And that increasing trend of renovations being completed is expected to continue next year, I mean, this year, rather, 2025. So we want to be higher than 27 renovations that were completed in 2024. Again, we don't provide forward-looking guidance on renovations, but just enough to say that one-seventh of the chain should be undergoing a renovation every year. We've got a little bit of catch-up work to do still from the delays of COVID. But nonetheless, we're excited to see renovations increasing. It's a really good sign for the confidence of the franchisees making that investment, upgrading their locations. And certainly, the before and after experience for the guests is quite powerful. And we've had a number of renovations that were overdue and then substantially changed the look and feel, the exterior, the signage, all the interior decor, fabrics, paint. And then the AV packages are becoming a larger and larger part of that upgrade. So I would just say we'll be north of 30 renovations would be my early estimate for renovations this year. Of course, it is always subject to availability of materials that are used in those construction projects, permitting, and just the project time that it takes to complete those. But again, we're on an upward trend with renovations, and we do see that as a positive sign, not just for the business, but for the guests as well. That's helpful, and maybe one last question for me, just with the Trump administration and talk of tariffs from the U.S., how much of your products do you source from the U.S.? So obviously, this has been a huge question for us over the last several weeks and even months, going back to the early comments about the potential of tariffs, both with product coming from the United States and then potentially counter-tariffs, product going into Canada, or vice versa. So the short answer is that Boston Pizza is obviously a Canadian company started in Edmonton in 1961. We've always been 100% Canadian-owned. We have local franchisees across the country. All but one of our 372 locations are owned by local franchisees across the country. Our sourcing mirrors that kind of Canadian route. So we source for our inputs, food and beverage items, overwhelmingly from Canadian partners, Canadian suppliers from within Canada. There are a few categories which we're unable to source from within Canada, and those would be things like fresh produce. In the winter, it's difficult to grow tomatoes and avocados in Canada, as you can imagine. And also some liquor SKUs, so some things like California wines or Kentucky bourbons. And we've heard a lot about this in the media recently about how those could be affected. Our food service team is working extremely closely with our supplier partners across the country to understand what our exposure is there and to take corrective actions in the event that the tariffs do come into effect. The much larger concern, not just for Boston Pizza, but for all of the Canadian economy, is really the macroeconomic impacts and what that does to consumer spending, employment. When you hear about big industries in Canada, like automotive, energy, agriculture, being hit substantially by these, we've obviously been through the last five years with the pandemic, again, followed by the hyperinflation period where we saw substantial macroeconomic disruption that affects consumer spending, consumer confidence, and we know that discretionary spending affects restaurants, full-service restaurants like Boston Pizza, so that's the bigger concern for us, not necessarily the sourcing piece, although that is something we're spending time on, but because we source almost entirely from within Canada for our food and beverage items that fuel the Boston Pizza supply chain and system, that's not the immediate or the largest, rather, impact that we foresee with the tariffs, but we're hoping that cooler heads prevail. We're pleased that the government is taking action to raise awareness of how damaging this can be on both sides of the border. We're hoping that cooler heads prevail and we can avoid all these damaging effects to our economy and to our businesses. Thanks. That's all from me. I'll pass the line. Thanks, Nick. Thanks, Nick. This concludes the question and answer session. I would like to turn the conference back over to Jordan Holm for any closing remarks. Please go ahead. All right. Thank you very much, operators. Since there are no further questions, I want to thank all of you for joining us today, and as we close out 2024 and kick off 2025, on behalf of everyone at Boston Pizza International, we want to express our deepest gratitude to our loyal guests. Thank you for your unwavering support to our dedicated staff and franchisees. We appreciate your hard work and passion, and to our business partners, we value your collaboration, and to the incredible communities we are honored to serve, thank you for welcoming us into your lives. You are an essential part of the Boston Pizza family. We wish you all a great, happy Valentine's Day and invite you to celebrate with a heart-shaped pizza at your local Boston Pizza, where CAD 1 from every pizza sold today will go to a charity that supports causes in your community. So we look forward to reconnecting with all of you during our first quarter conference call in May 2025. Thank you all, and have a wonderful day. This brings to an end today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.